The Benefits of Blockchain

And therein lies the issue—the need for blockchain is driven, not by a … For instance, if it’s just a distributed ledger you want to manage transactions, …

Although the business value promised by the technology makes it a tantalizing proposition for all businesses, leaders must avoid the trap of feeling the need for blockchain driven purely by the fear of missing out.

With so many potential use cases and proof-of-concept applications emerging every day, it is clear that blockchain is here to stay. Initially considered for a broad range of applications in finance and healthcare, the applicability of blockchain spilled into virtually every industry with continued innovation and research. The technology’s versatility and potential ubiquity are foreshadowed by the use of blockchain in agriculture, where it helps in fulfilling the most basic of our needs to sustain life while also reshaping the gaming industry, which satisfies our not-very-basic need of being entertained. Seeing how blockchain is rapidly garnering support and increased adoption, as a business owner or a technology leader in your organization, it is natural to feel compelled to, at the very least, be curious of the potential applications and benefits pertinent to your business and industry. However, although it is advisable to bet on a future powered by blockchain regardless of the function, company, or industry; some amount of caution is definitely warranted. Businesses must be circumspect of their motivation to implement blockchain as—just like with any other new revolutionary technology—business leaders feel the need for blockchain without even knowing where the technology can fit into the enterprise architecture. Haphazard investment in and implementation of blockchain can often lead to unsatisfactory results and even prove to be a risk and a liability for a business’s long-term sustenance. Hence, it is important to recognize how blockchain differs from traditional technologies, what unique benefits it offers when compared to them, and how to gauge the need for blockchain in your particular organization without having inflated (or deflated) expectations.

Avoiding the Blockchain Hype-Train Trap

The hype-train hasn’t lost steam both among the mainstream tech community as well as the business community, ever since the technology gained popularity around half a decade ago. Bitcoin—a real-world use case for blockchain—is still going strong, despite some ups and downs in the recent months. The subsistence of Bitcoin for around a decade and its increasing legitimization now has reinforced people’s faith in the technology. With the continuous exposure to news suggesting how revolutionary blockchain applications can be, business leaders can’t help but feel an almost compelling need for blockchain as they think that the technology, in some way, can make them more competitive. And therein lies the issue—the need for blockchain is driven, not by a problem, but by the technology itself and the hype surrounding it. Businesses think of blockchain as some kind of technological panacea, just by the association of which organizations can overturn their fortunes, which is expecting too much. This is not to say that blockchain is overrated or that it will never be able to attain the maturity to deliver the benefits that are being envisioned by blockchain evangelists. In fact, it holds the potential to, eventually, form a global platform to facilitate the efficient and transparent exchange of value and information, possibly revolutionizing the global economy. However, when it comes delivering business value in the short and intermediate term, it is key to realize that choosing the right areas to apply the technology is critical. Speculatively conducting blockchain projects without actually considering the business value that can be gained by using blockchain for any specific function is almost certain to end up with you getting less than ideal results. Instead, identifying all the different blockchain benefits and recognizing the benefits that are most pertinent to your business, i.e., connecting blockchain benefits to business outcomes, can ensure more successful blockchain implementations.

Identifying Blockchain Benefits

Blockchain is becoming increasingly synonymous with privacy and security. Hence, it is no surprise that a majority of organizations are considering blockchain as a tool to secure their data management systems. The data stored on the blockchain is secured through cryptographic hashing, making every entry uniquely identifiable, and accessible using a unique, highly secure key. Now, although security is a benefit that blockchain obviously brings to the table, it is not the only feature it offers. More than the security offered by blockchain, the technology brings other benefits like greater transparency into transactional processes, the immutability of stored data, traceability of entries, and decentralization of control. Any business owner or technology leader aiming to utilize blockchain for their business should consider which of thesebenefits of blockchainapplies specifically to your industry, to your business, or to your problem.

Evaluating the Need for Blockchain

The biggest mistakes that businesses make with blockchain is that they implement blockchain for functions where existing technologies or even new non-blockchain applications are more effective. As I mentioned above, blockchain isn’t some omnipotent technology that can really outperform others throes of the application. In fact, using blockchain for solving problems that other existing technologies that can do a better job can be suboptimal and expensive. For instance, if it’s just a distributed ledger you want to manage transactions, it might be more feasible and effective to use a modern database program to manage transactionsusing a distributed ledger. These solutions can offer you the same functionality without thescalability issue of blockchaingetting in the way. Just like it is important to know when blockchain isn’t the best option for a task, it is tantamount to know where only blockchain is the most effective and feasible solution. For instance, in industries where maintaining the authenticity of documents, data, or other files is vital, and can be monetized, blockchain-based solutions can be an ideal fit. Such applications can have value in the legal and financial industries, where accurate, untampered record-keeping is critical. Businesses must differentiate the areas where only blockchain can add valuefrom the myriad applications that other technologies can do better.

Implementing Blockchain Initiatives

While blockchain holds the most promise as a foundational technology for transactional systems consisting of multiple business entities, such systems cannot be realized until both its technical and regulatory hurdles are crossed. Meanwhile, it makes sense to plan and execute blockchain pilots to enable data governance, record-keeping, and transaction management within the purview of an organization, or at the most, that of a supply chain. For instance, blockchain can be used to increase the visibility across supply chains and record the movement of material and goods throughout the network. Smart contracts can be used to establish trustless payments systems between vendors and manufacturers to ensure streamlined and smoother transactions. Businesses in the financial services sector can use blockchain to set up peer-to-peer transaction and payments ecosystems, which they themselves can use to render their services in a more efficient manner. Regardless of the industry and application, it makes sense to first run a thorough cost-benefit analysis of not just blockchain, but all the alternative technologies to ascertain the need for blockchain.

Having identified the need for blockchain, businesses should invest in pilot projects to capitalize on blockchain benefits that would give a reasonable ROI in the short term. Looking for ambitious, unpredictable applications while the technology itself is immature can result in a negative return on investment, potentially killing any future blockchain projects. Thus, the focus should be on starting small-scale projects and gradually moving on to larger ones, building momentum and experience in the process. Ideally, taking a bimodal approach towards using blockchain, i.e., developing applications for use for obvious functions while simultaneously exploring large-scale, platform-based applications can benefit ambitious organizations with adequate resources.

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Hyperledger’s Indy identity protocol graduates to production mode

Today the Hyperledger Technical Steering Committee approved identity protocol Indy to graduate from incubation to active status. Most of …

Today the Hyperledger Technical Steering Committee approved identity protocol Indy to graduate from incubation to active status. Most of Hyperledger’s twelve projects are in incubation apart from the Fabric, Iroha and Sawtooth blockchain protocols.

Factors considered to become an active project include “code quality, security best practices, open source governance, and a diverse pool of contributors”.

Hyperledger Indy is the decentralized identity solution that aims to put the control of user data back in the hands of individuals, thereby safeguarding data from privacy breaches and hacking.

Private data is not stored on the Hyperledger Indy ledger. Instead, it uses blockchain to enable third parties to verify that private credentials are issued by trusted organizations. The code was contributed to Hyperledger by startup Evernym and the Indy technology underpins the public Sovrin network.

Sovrin’s first partner was CULedger, the credit union service organization which is also backed by numerous credit unions. CULeger’s MyCUID enables members to enjoy more secure alternatives to passwords such as voice and fingerprint login.

IBM is a big fan of Sovrin and is working on a Job-Creds employee credentialing research project with Sovrin, Workday and ATB Financial. And Canada’s British Columbia Government launched the Verifiable Organizations Network (VON) which enables data to be used for registrations, permits and licenses. Other “stewards” of the Sovrin network include Cisco, Deutsche Telekom, NEC and Swisscom.

Just three weeks ago Sovrin announced that the platform was open for any organization to begin issuing credentials.


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Blockchain Market In The Energy Sector-Research Technology Outlook 2019-2023

Also, Blox Labs Inc., in partnership with Sonoro Energy Ltd., has commenced development of PetroBLOX, a blockchain-based smart contract supply …
Blockchain Market In The Energy Sector
Blockchain Market In The Energy Sector

“The Blockchain Market In The Energy Sector Market Research Report 2018-2023”: Is a valuable source of insightful data for business strategists. It provides the industry overview with growth analysis and historical & futuristic cost, revenue, demand and supply data (as applicable). The research analysts provide an elaborate description of the value chain and its distributor analysis. This Market study provides comprehensive data which enhances the understanding, scope and application of this report.

Blockchain Market In The Energy Sector Market is expected to register a CAGR of over 50%, during the forecast period 2018 – 2023.

Companies Include are:AMAZON WEB SERVICES, INC., IBM CORPORATION, MICROSOFT CORPORATION, SAP SE, RIPPLE LABS INC., CAPGEMINI SE, CHAIN, INC., EARTHPORT PLC, BITFURY USA INC., BTL GROUP and ALPHAPOINT CORPORATION, amongst others.

The global energy market is estimated to be USD 8.9 trillion and is largely monopolized. By incorporating blockchain technology, the industry can move from its present centralized architecture to a more decentralized peer-to-peer energy trading market, thus allowing consumers to trade energy within a peer-to-peer market. Further, this also allows more transparency and security across the enterprise as well.

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There are a number of blockchain-based enterprises that are already working on tailored energy solutions. For instance, Electron, which is a UK startup and Power Ledger an Australian blockchain-based energy company are some of the firms that are working to implement the peer-to-peer energy trading market. Also, Blox Labs Inc., in partnership with Sonoro Energy Ltd., has commenced development of PetroBLOX, a blockchain-based smart contract supply chain management platform for the global oil and gas industry.

Key Developments in the Market

May 2018 – Amazon announced its partnership with Kaleido, a start-up company aimed at offering blockchain-as-a-service (BaaS) to its AWS business customers. This partnership is aimed at strengthening the companys position in the blockchain technology market.

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Smart Contracts to Witness the Fastest Growth

While the deployment of cryptocurrencies is an alternative to other digital payment systems, the use of smart contracts is far more sophisticated, such as bonds, mortgages, and property transactions and peer to peer trading among others. Smart contracts, can reduce labor costs, reduce manual and semi-automated processes, reduce capital costs through faster settlements, and reduce technology costs by decreasing dependency on redundant systems. It has the potential to enable company savings in the range of 30 – 60%. With the aim to streamline processes and the increasing adoption of automation across the energy sector has created opportunities for the deployment of smart contracts.

United Kingdom to Witness Fastest Growth in Europe

The blockchain market in UK is buoyed by government initiatives which includes the investment a total of EUR 19 million in projects which will result in new products or service in the fields of emerging and enabling technologies, including using distributed ledgers. Prior to this, Innovate UK was also funded with EUR 248,000 to a blockchain startup to develop a cross-border financial transaction tool. Further, with an increasing focus on deployment of smart grids and smart meters aimed at fulfilling the countrys 2020 goals, there has been a drive in the adoption of blockchain technology. For instance, Centrica, the United Kingdoms largest supplier of residential energy has partnered with LO3 Energy to initiate a pilot peer-to-peer renewable energy trading program to mitigate the impacts of renewable energy curtailment.

The report has 150 tables and figures browse the report description and TOC:

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Influence of the Blockchain Market In The Energy Sector market report:

-Comprehensive assessment of all opportunities and risk in the Blockchain Market In The Energy Sector market.

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-Conclusive study about the growth plot of Blockchain Market In The Energy Sector market for forthcoming years.

-In-depth understanding of market-particular drivers, constraints and major micro markets.

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World’s Largest Business Organization Embraces Blockchain

World’s Largest Business Organization Embraces Blockchain … the ICC Blockchain/DLT Alliance, a reference to distributed ledger technology similar …
International flags

The International Chamber of Commerce counts members from 130 countries among its ranks.Getty

From the embers of World War I emerged a new kind of organization, led by entrepreneurs, committed to ensuring the free flow of goods across the world’s war-ravaged borders.

The International Chamber of Commerce, whose mission is to streamline global business, is one of last vestiges of the League of Nations, founded in 1920 by U.S. President Woodrow Wilson to peacefully settle international disputes. By 1923, following the League’s lead, the ICC had established international courts to arbitrate business disputes, and in the aftermath of WW II, it represented global business interests at the Bretton Woods conference, which established the current monetary order.

“If goods are able to move across borders without the need to be accompanied by troops,” says John Denton, the ICC’s current secretary general, “there is a higher probability of peace and prosperity.” The Paris-based group, which represents 45 million businesses in more than 130 countries and brands itself the world’s largest business organization, is now making its boldest play in a generation.

With global borders hardening once again, this time behind border walls, broken unions and looming trade wars, Denton signed an agreement with the Singapore-based blockchain startup Perlin Net Group to explore how the technology, made popular by bitcoin for its ability to move value without banks, could help the ICC continue its mission to facilitate the free flow of goods.

“We can trace back the ICC interventions that made a big impact on the global economy in the 20th century,” says Denton, who was a fellow at the Australian Institute of International Affairs before being appointed secretary general of the ICC last year. “We think this might be one which we can look back on in 100 years and say the ICC shifted blockchain in a way that enabled the private sector to function more effectively in a sustainable way and actually create more opportunities for people.”

According to the terms of the agreement, part of which was shown to Forbes, the ICC and Perlin will create a new group, the ICC Blockchain/DLT Alliance, a reference to distributed ledger technology similar to the blockchain that powers bitcoin. The companies are exploring how Perlin’s blockchain platform, which has yet to publicly launch, could be used to shine a light on obscure supply chains and simplify cross-border trade finance.

As part of the agreement, the ICC will help Perlin recruit members to its nascent blockchain alliance, specifically by making introductions to the organization’s massive member pool, which in addition to most national chambers of commerce includes direct membership from companies like Amazon, Coca Cola, Fedex, McDonalds and PayPal. Also, as part of the agreement, Perlin will join the ICC as an official technology partner, offering free access to its blockchain platform during the early stages of the project.

Denton shared his plans with the ICC Banking Commission at its annual event in Beijing earlier this week, and the agreement, which was signed on March 20, will be formally announced at an ICC event in Singapore later today.

Unlike some early blockchain consortia, the ICC Blockchain/DLT Alliance already had projects under way when it was announced. According to the agreement, the ICC and Perlin will share the results of their first blockchain proof of concept, a collaboration with the fabric giant Asia Pacific Rayon (APR), in May at the Copenhagen Fashion Summit.

For that project, called “Follow Our Fibre,” APR is logging data in the blockchain at every level of its supply chain, from the trees that are harvested to the chemical treatments that turn them into the silk-like rayon substance through to the massive spools that are later sold to clothing producers.

“Globally, there is a dynamic shift in the textiles and fashion sectors calling for a more traceable and transparent supply chain,” says Cherie Tan, vice president of communications and sustainability at APR. “Follow Our Fibre will enable us to leverage powerful blockchain functionality to drive greater efficiencies.”

Other proofs of concept in the works that stand to benefit from the ICC partnership include a project with Mfused, a cannabis processor in Washington State that is using Perlin’s tech to prove the origin of its plants by recording every level of its supply chain, from when they are planted to when the cannabis is inhaled, in a shared, distributed ledger; a project with an unnamed tuna processor in Latin America; and a developing project in Africa to trace the origin of cobalt, which has a long history of being mined by unethical supply chain participants.

Assuming enough supply chains are unified on the Perlin blockchain, businesses could log digital representations of the commodities, called tokens, on the platform. This will enable the counterparties to trade directly, with bills of lading required to move freight and letters of credit, which are typically handled by banks, all tracked directly on the shared ledger.

“An interesting economic model is we could effectively launch governance around this,” says Denton. “If we’re able to tokenize this we could insert ourselves as the trusted intermediary, and there would probably be an admin charge, but not much.” A 2018 report by the ICC, the World Bank and others found that 90% of the world’s trade finance was being provided by 13 banks, something Denton thinks is evidence of a need to decentralize.

Perlin’s blockchain, like ethereum’s, is being designed to let users track and move all kinds of value and write distributed applications (dapps) that don’t rely on centralized processors. Also like ethereum, Perlin will have a native cryptocurrency, called perls, which are expected to be minted over the coming three months or so, depending on regulatory considerations.

While supply chain management is increasingly seen as ripe for disruption by blockchain, models like Perlin’s, which rely on tokens, have had difficulty gaining traction as regulators clamp down on what is required of such tokens. By contrast, models using permissioned blockchains, such as what IBM is doing with a number of industry-specific consortia, and what R3 and Hyperledger are doing more generally, are seeing broader interest.

Perlin founder Dorjee Sun positions the nascent ICC network as similar to competing consortia but for small and medium-size businesses. “This is a massive democratization effort of DLT, because now any company of the 45 million ICC members can give the benefits of DLT a try,” says Sun. “Not just massive companies that can afford IBM’s services.”

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Global Blockchain Distributed Ledger Market Size, Status and Forecast

Blockchain distributed ledger is a medium of exchange formed and stored electronically, using encryption methods to regulate the creation of financial …

Blockchain distributed ledger is a medium of exchange formed and stored electronically, using encryption methods to regulate the creation of financial units and to verify the transfer of funds. All the blockchain ledgers are created by private individuals, organizations, or firms. The blockchain distributed ledger market has evolved intermittently and at a significant rate during the past few years. The majority of blockchain distributed ledger market is currently focused on cryptocurrencies rather than a more diverse range of applications. Blockchain data is complete, consistent, timely, accurate, and widely available. Moreover, a third-party cannot interrupt transactions of cryptocurrencies, and thus there is no feasible way to implement a blockchain distributed ledger taxation system. Therefore, the global blockchain distributed ledger market is expected to witness moderate growth in the near future, owing to less transaction cost and reduced chance of thefts.

Table of Contents:

1 Report Overview

2 Executive Summary

3 Key Players

4 Breakdown Data by Type and Application

5 United States

6 Europe

7 China

8 Rest of World

9 International Players Profiles

10 Market Dynamics

11 Key Findings in This Report

12 Appendix

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