Blockchain for dummies

Blockchain has been spoken and written about across industry press and the broader media for the past two years. This innovation is painted as some …

Blockchain has been spoken and written about across industry press and the broader media for the past two years. This innovation is painted as some sort of future technology set to change the way industry manages itself, transacts and tracks product. If the general coverage is to be believed, blockchain is a panacea for anything we choose to apply it to. Like most things touted as a solution, the truth is less promising – so where does the value of blockchain lie? In this article, we explore what blockchain really is and how it can be used to best advantage in the food industry.

What is blockchain?

Blockchain is a technology that in one sense is not unlike a conventional database from a more traditional system. It stores information. This information is what all parties in the system agree it to store. The difference is, blockchain stores its data and records in a solution that is distributed and encrypted securely and provides transparency to all participants in the blockchain.

It’s perhaps easiest to think of blockchain as a way of keeping track of a transaction. This transaction may be financial, but it could just as easily be a transaction involving data point, product shipments, services, emails or other communications, documents, certificates, accreditations or just about anything that could be stored as data.

As is typically the case when the media develops an infatuation with a new piece of technology, blockchain is generally poorly understood. Often described as a distributed ledger, blockchain uses multiple redundant copies of the ledger, each hosted by a participant in the network or supply chain to ensure security. If a copy of the data with one of the participants is compromised (hacked/manipulated), that copy of the ledger is overruled by its peers (the other copies). In this way the system remains secure and can be trusted by all.

Trust through transparency

Frequently blockchain is described as a “trust-based” system. In truth, when digging a little deeper, it is clear the technology’s successes originate where the blockchain can generate value in markets where there is a lack of trust. When implemented well, blockchain allows people to trust other parties by providing visibility into the actions of the other party. This means participants don’t have to trust what each other say they’re doing, or have done, but can trust when the outcomes can be seen in the system.

Unfamiliarity and deceptive behaviour in transactions or interactions in businesses breeds distrust. If, however a business can see that other parties are performing as required, then distrust is mitigated and supply chains can move quickly as decisions can be made with confidence.

A true blockchain system ensures all participants in the system have the same data. This data is a snapshot in real-time of the status of the system (goods, finances, approvals etc.). Not only is there a snapshot, but everyone in the system has a copy of the truth and knows it is valid and has not been compromised by someone in the system attempting to deceive the other parties.

This means a party in the supply chain who is responsible for a step knows when they perform their action (e.g. approve the goods for export) and update the system, every other party in the system knows this has been completed and by who. Visibility through the system places the onus on the next party to perform their own subsequent responsibilities and this sequential visibility drives the behaviours in the supply chain all parties want to see.

A lot of the examples held up as case studies for how blockchain will change industry often lack some of the characteristics that make blockchain valuable. These are more likely technical proofs of concept for blockchain and not true examples. A little online research shows it’s clear that for blockchain to really create value it needs to be applied to the right kind of problem. A helpful checklist can be used to determine if blockchain could be an appropriate solution.

Do the requirements of the ecosystem considering blockchain have each of these?

• Is there a need for shared common database?

• Are there multiple parties involved (usually from different entities)?

• Do the parties involved have conflicting incentives and/or are not trusted?

• Are the rules governing participants uniform?

• Is there a need for an objective immutable log?

• Do the rules governing transactions change infrequently?

There are many examples, around the globe of industries or value chains adopting or trialling the use of a blockchain solution. When we look at these it is clear that they do not always meet the threshold of the list above. Whether the use of blockchain was essential for a system or not, often the adoption is being driven by technology players like Oracle, SAP and IBM.

Who is using it?

One of the most high profile and relevant blockchain projects is from Walmart. Walmart and IBM have partnered on a food safety blockchain solution. Walmart announced in September 2018 that it will require all suppliers of leafy green vegetables to upload their data to the blockchain solution by September 2019.

Walmart mandating that its suppliers comply with Global Food Safety Initiative (GFSI), and that this data be stored in a blockchain system, does not improve food traceability beyond that of a conventional database-backed solution.

Blockchain is not omnipresent and cannot magically watch product from the farm to the plate. Like any data storage system, blockchain needs inputs. It needs humans to interact with the platform. In this case, Walmart is introducing an onboarding system that allows people to interact with the blockchain solution. This onboarding unifies the ways in which people keep track of product in the supply chain. This unified data input is the real challenge Walmart’s blockchain implementation is overcoming. The way it tracks the data once it gets into the system is irrelevant, its achievement is putting the information onto a computer. In truth, Walmart’s market force enabled the company to make compliance with its systems and the collection and input of data mandatory, but this could have been supported through a traditional database system.

Why blockchain?

Walmart is driving early adoption of a technology that will drive better performance across its supply chains. It starts with food safety, but through the partnership with IBM, and its learnings from this program, it will drive compliance and visibility across thousands of supply chains in the years ahead. These supply chain tools based on the blockchain will be the sort of supply chain that Walmart believe will be the future of its business.

What does it mean for industry?

The amount of hype around blockchain is yet to be matched by the scale of investment or the proliferation of systems. Although this means blockchain is not ready for wide adoption yet, there are enough indicators to show that its right around the corner. The biggest technology names are on board and working with government, finance, defence and the large corporations to bring about massive change to how we track, transact and manage our supply chains and monetary systems. There may be another 10 years of time to maturity of industry blockchain systems, or maybe only another two years, but it seems the value blockchain creates will make a significant contribution to the markets that adopt it. This means blockchain running part of our value systems is only a matter of time.

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Why blockchain has caught the fancy of IIT-B

IIT-B, thus, became one of the 17 universities across the world to benefit from the $50-million Ripple fund for its global University Blockchain Research …

On 4 June 2018, the Indian Institute of Technology, Bombay (IIT-B), signed an agreement with US-based Ripple Labs Inc., to create a centre of excellence to support academic research, technical development and innovation in blockchain, cryptocurrency and digital payments.

IIT-B, thus, became one of the 17 universities across the world to benefit from the $50-million Ripple fund for its global University Blockchain Research Initiative (UBRI). “The idea is to create the next generation of students and entrepreneurs,” says Navin Gupta, managing director, South Asia and MENA (Middle East and North Africa), Ripple.

The partnership is expected to enable IIT-B’s faculty and students with opportunities for research and technology development in blockchain and cryptocurrency, which could add value to the global blockchain ecosystem, as well as industries such as fintech, professor Devang V. Khakhar, director, IIT-B, had said after signing the agreement.

While Ripple will provide a grant, strategic guidance and technical resources, IIT-B already has a centre of excellence on blockchain that aims to understand prevalent blockchain platforms and exploring their potential in terms of improved automation, efficiency, transparency, security and privacy in payments, healthcare, agriculture and in smart cities—steps that are expected to give a boost to Digital India initiatives.

IIT-B, according to an unidentified person in a 6 February report in Factor Daily (bit.ly/2E4PRec), is already piloting a blockchain solution christened “IndiaChain”, with some Delhi University colleges, under the aegis of NITI Aayog.

Further, joint research with IIT-B on using blockchain to reduce the cost of remittance coming into India, for instance, “can save the country billions of dollars”, notes Gupta. Moreover, since as part of UBRI, Ripple has tied up with other global universities too, Gupta believes all these universities could ideally collaborate with each other on blockchain and, eventually, “solve problems in other countries too”. Blockchain is no longer a technology that is just about powering cryptocurrencies like bitcoin and ether. A distributed digital ledger technology (DLT), it is being used by manufacturing companies to improve their supply chains; by healthcare and electricity companies; and by the financial sector to make transactions more transparent.

Blockchain is “pulling us into a new era of openness, decentralization and global inclusion”, states a June 2017 paper by the World Economic Forum (WEF). Large banking, financial services and insurance firms, manufacturing firms and governments across the world are already testing blockchain proofs of concept.

For instance, NITI Aayog and Oracle plan to start a drug supply-chain blockchain ledger, which is meant to help fight counterfeit drugs in the country. The Telangana state Information Technology, Electronics and Communication department have partnered with IT services provider Tech Mahindra to launch India’s first Blockchain District in Telangana.

“BankChain”, launched in India in February 2017, to explore and build blockchain-based solutions, has 37 members with representations from 28 Indian banks, including the State Bank of India, ICICI Bank, Kotak Mahindra Bank, HDFC Bank and Yes Bank. Globally, for instance, the World Bank mandated the Commonwealth Bank of Australia to arrange the world’s first blockchain bond—the Kangaroo bond.

But public blockchains still lack the transaction speed of, say, a Mastercard or Visa. Hence, most pilots are being done with private (permissioned as opposed to open ones like bitcoin) blockchains to speed up transactions. That said, the decentralized “Lightning Network”, which is in its infancy, is expected to match the transaction speeds of debit and credit cards. “Blockchain is good for specific use cases,” acknowledges Gupta. He concludes, though, that “even as scale and transaction speeds will be achieved soon, building an ecosystem is far more important”.

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Mobility Open Blockchain Initiatives First European Conference To Be Hosted By BMW

The Mobility Open Blockchain Initiative (MOBI) was launched by 30 members less than a year ago. The thirty founding members include major car …

The Mobility Open Blockchain Initiative (MOBI) was launched by 30 members less than a year ago. The thirty founding members include major car manufacturers like BMW, General Motors, Ford and Renault, among others and companies in other industries, like Hyperledger, Bosch, Blockchain at Berkeley, IBM and IOTA.

Blockchain Technology In The Automotive Industry

BMW has already made the news by partnering with a London-based tech start-up, to employ the blockchain technology to aid it in making sure only clean (ethical) cobalt gets into his engines. Meanwhile, Toyota – in partnership with MIT’s Media Lab and a group of partners – is independently looking at how the blockchain technology can aid it in exploring an important new wave in the automobile industry, the autonomous driving vehicle.

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BMW is also piloting a blockchain platform to track mileage in leased vehicles through its startup innovation program via the VerifyCar app. This is being done in partnership with blockchain technology startup DOVU.

Members of MOBI will meet in Munich at IBM’s IT center to share progress made by individual researchers thereby fast-tracking the development and deployment of such technologies across the industry.

This conference will be the beginning of what is hoped to be a fruitful coming together of companies who work in different spaces in an effort to speed up this process of tech implementation in the automotive industry in a manner which will benefit every company involved and also the consumers of the products of these various industries as well.

The blockchain is an important technology to explore as automobile companies aim to reinvent themselves by expanding into more fields, becoming more than just car manufacturers in essence. There are very huge areas where the blockchain can be effectively used in the vast – and ever expanding – automotive industry, beginning with the sourcing of materials, to keeping track of materials used in manufacturing, all the way to ride-sharing reward programs.

The automotive industry is one industry that is always on the cutting edge, driven by competition and consumer demands. It, therefore, makes sense that the likes of BMW, GM, Ford and all these giants of the automotive space are not afraid to open themselves up to the potential of the blockchain in order to boost their enterprises.

Cars – like pretty much every other product out there – have shifted (or are shifting) from being purely industrial endeavors to highly technical ones and for that reason, it would be absurd, even suicidal for any of them to close their eyes to technologies like the blockchain, AI, IoT and more. The relevance of the automotive industry in the future, in fact, depends on these technologies, every car company is trying to transition and incorporate these technologies into its enterprise to enhance efficiency, productivity, and consumer satisfaction, while at the same time cutting costs.

It’s a partnership that looks good on paper and should bear much fruit for the participants in the many years to come. Much to the benefit of the consumers of these industries and the companies themselves.

Blockchain technology is finding many use cases in the automobile industry. Do you think the benefits to the consumers will be as much as the benefit to corporations? Share your comments below.

Global Blockchain in Financial Services Market 2019-2025 Enhancing Growth Worldwide with Top …

How Blockchain In Financial Services Market Flourishing Its Growth & Demand Worldwide During The Forecast Period 2019-2025 By Top Companies.

How Blockchain In Financial Services Market Flourishing Its Growth & Demand Worldwide During The Forecast Period 2019-2025 By Top Companies

This press release was orginally distributed by SBWire

Houston, TX — (SBWIRE) — 02/16/2019 — With “Blockchain In Financial Services”, financial institutions can create a direct link between each other, avoiding inter-bank links. Blockchain is a digital ledger technology (DLT), which focuses on storage transactions of any kind in a shared platform. Trade finance is considered one of the greatest useful applications of “Blockchain Technology In Financial Services” sector. Blockchain provides a very high level of safety and security when exchanging data, information and costs.

“Global Blockchain In Financial Services Market Research Report” has been explored on the basis of type of product, application, and geography. This report studies Blockchain Technology for players, countries, product types and angles of the final industry, and financial market conditions and forecasts for global and major regions. Report also analyzes key emerging trends and their impact on current and future development. The structure of the business sector, synopses and challenges affecting the market across the world are also a part of this wide-ranging analysis.

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Top Key Players operating in the Global Blockchain In Financial Services Market such as IBM, Accenture, Microsoft, Deloitte, AlphaPoint, Digital Asset, ConsenSys, EquiChain, Infosys, R3CEV

Global demand for Blockchain In Financial Services is growing and the market is anticipated to increase in the near future. Key factors driving the growth of the market such as Blockchain could significantly improve payment transparency, efficiency, trust and security as well as reduce costs. Blockchain’s ability to provide a new form of distributed database or ledger can be applied to a wide range of applications in the financial services sector. Blockchain Technology can be used to register and trade in unregistered growth businesses.

By Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa)- Industry Trends and Forecast to 2025. The regional delivery of the Blockchain In Financial Services Market, which allows readers to plan an expansion of their business. Changes in the US might affect the growth trend of Blockchain Technology in finance. Report helps in providing people more proactive controller over their data. The regional deviation of market comprises data with regard to sales, market share, revenue, growth rate.

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The Blockchain In Financial Services Market report analyzes the worldwide market status, competition landscape, market share, evolution rate, future trends, market drivers, opportunities and challenges, sales channels, distributors and Porter’s Five Forces Analysis. Analytical the market data also includes a complete overview of the modest scenario and regulatory framework of the global market.

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Blockchain for Enterprise Applications Market to Witness Huge Growth by 2025: Barclays …

The Global Blockchain for Enterprise Applications Market Report offers energetic visions to conclude and study market size, market hopes, and …

This press release was orginally distributed by SBWire

Edison, NJ — (SBWIRE) — 02/16/2019 — A new business intelligence report released by HTF MI with title “Global Blockchain for Enterprise Applications Market Size, Status and Forecast 2019-2025” has abilities to raise as the most significant market worldwide as it has remained playing a remarkable role in establishing progressive impacts on the universal economy. The Global Blockchain for Enterprise Applications Market Report offers energetic visions to conclude and study market size, market hopes, and competitive surroundings. The research is derived through primary and secondary statistics sources and it comprises both qualitative and quantitative detailing. Some of the key players profiled in the study are Barclays, BigchainDB, Block Array, ConsenSys, Digital Asset Holdings, Ericsson, Ethereum, Everledger, Evernym, Factom, Filament, Guardtime, Hewlett Packard Enterprise, IBM, Mavenir Systems, Microsoft, Mobivity & Omega Grid.

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Market Overview of Global Blockchain for Enterprise Applications

If you are involved in the Global Blockchain for Enterprise Applications industry or aim to be, then this study will provide you inclusive point of view. It’s vital you keep your market knowledge up to date segmented by Applications [Large Company Enterprises & Middle and Small Enterprises], Product Types [, Public Blockchains, Private Blockchains & Semi-Private or Hybrid Blockchains] and major players. If you have a different set of players/manufacturers according to geography or needs regional or country segmented reports we can provide customization according to your requirement.

This study mainly helps understand which market segments or Region or Country they should focus in coming years to channelize their efforts and investments to maximize growth and profitability. The report presents the market competitive landscape and a consistent in depth analysis of the major vendor/key players in the market.

Furthermore, the years considered for the study are as follows:

Historical year – 2013-2017

Base year – 2018

Forecast period** – 2018 to 2023 [** unless otherwise stated]

**Moreover, it will also include the opportunities available in micro markets for stakeholders to invest, detailed analysis of competitive landscape and product services of key players.

The titled segments and sub-section of the market are illuminated below:

The Study Explore the Product Types of Blockchain for Enterprise Applications Market: , Public Blockchains, Private Blockchains & Semi-Private or Hybrid Blockchains

Key Applications/end-users of Global Blockchain for Enterprise ApplicationsMarket: Large Company Enterprises & Middle and Small Enterprises

Top Players in the Market are: Barclays, BigchainDB, Block Array, ConsenSys, Digital Asset Holdings, Ericsson, Ethereum, Everledger, Evernym, Factom, Filament, Guardtime, Hewlett Packard Enterprise, IBM, Mavenir Systems, Microsoft, Mobivity & Omega Grid

Region Included are: United States, Europe, China, Japan, Southeast Asia, India & Central & South America

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Important Features that are under offering & key highlights of the report:

– Detailed overview of Blockchain for Enterprise Applications market

– Changing market dynamics of the industry

– In-depth market segmentation by Type, Application etc

– Historical, current and projected market size in terms of volume and value

– Recent industry trends and developments

– Competitive landscape of Blockchain for Enterprise Applications market

– Strategies of key players and product offerings

– Potential and niche segments/regions exhibiting promising growth

– A neutral perspective towards Blockchain for Enterprise Applications market performance

– Must-have information for market players to sustain and enhance their market footprint

Read Detailed Index of full Research Study at @ https://www.htfmarketreport.com/reports/1555090-global-blockchain-for-enterprise-applications-market

Major Highlights of TOC:

Chapter One: Global Blockchain for Enterprise Applications Market Industry Overview

1.1 Blockchain for Enterprise Applications Industry

1.1.1 Overview

1.1.2 Products of Major Companies

1.2 Blockchain for Enterprise Applications Market Segment

1.2.1 Industry Chain

1.2.2 Consumer Distribution

1.3 Price & Cost Overview

Chapter Two: Global Blockchain for Enterprise Applications Market Demand

2.1 Segment Overview

2.1.1 APPLICATION 1

2.1.2 APPLICATION 2

2.1.3 Other

2.2 Global Blockchain for Enterprise Applications Market Size by Demand

2.3 Global Blockchain for Enterprise Applications Market Forecast by Demand

Chapter Three: Global Blockchain for Enterprise Applications Market by Type

3.1 By Type

3.1.1 TYPE 1

3.1.2 TYPE 2

3.2 Blockchain for Enterprise Applications Market Size by Type

3.3 Blockchain for Enterprise Applications Market Forecast by Type

Chapter Four: Major Region of Blockchain for Enterprise Applications Market

4.1 Global Blockchain for Enterprise Applications Sales

4.2 Global Blockchain for Enterprise Applications Revenue & market share

Chapter Five: Major Companies List

Chapter Six: Conclusion

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Key questions answered

– Who are the Leading key players and what are their Key Business plans in the Global Blockchain for Enterprise Applications market?

– What are the key concerns of the five forces analysis of the Global Blockchain for Enterprise Applications market?

– What are different prospects and threats faced by the dealers in the Global Blockchain for Enterprise Applications market?

– What are the strengths and weaknesses of the key vendors?

Thanks for reading this article; you can also get individual chapter wise section or region wise report version like North America, Europe or Asia.

For more information on this press release visit: http://www.sbwire.com/press-releases/blockchain-for-enterprise-applications-market-to-witness-huge-growth-by-2025-barclays-bigchaindb-block-array-consensys-digital-asset-holdings-1148726.htm

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