HSBC is leaning more heavily on blockchain-based tools to handle the fiddly processes behind foreign-exchange trades, suggesting banks are finding solid applications for a technology used in cryptocurrencies, which have been under pressure since valuations tumbled last year.

The London-headquartered bank, a heavy-hitter in forex dealing, has processed more than 3m FX transactions worth $250bn using blockchain technology in the past year, it said on Monday. That represents a tiny sliver of its overall currencies business, but still offers a rare example of a blockchain-based product that has proven its worth in wholesale finance.

Settlement provider CLS — an industry utility that ensures each side of currencies trades gets paid — launched a so-called distributed-ledger technology platform in November last year with Goldman Sachs and Morgan Stanley. But after an initial flurry of hype surrounding the potential for the technology, most DLT-focused start-ups have yet to come up with a product, stymied by concerns over speed and security.

Still, a number of projects are in testing mode. DTCC, a post-trade market infrastructure provider, moved its DLT project aimed at credit derivatives reporting to a trial phase in November last year. In the same month Spanish bank BBVA and two partners completed a syndicated loan on blockchain technology.

The HSBC project, known as “FX Everywhere”, has been used to co-ordinate payments across HSBC’s internal balance sheets using a shared ledger for a year. During that period it has handled more than 150,000 payments — netted down from 3m transactions — automating previously manual processes and reducing the bank’s reliance on external technology providers.

“HSBC . . . conduct[s] thousands of foreign exchange transactions within the bank, across multiple balance sheets, in dozens of countries,” said Richard Bibbey, acting global head of currencies at HSBC. “FX Everywhere uses distributed ledger technology to drastically increase the efficiency of these internal flows.”

Multiple executives at the bank can simultaneously use the system to view trades from execution to settlement, reducing the risks of discrepancy and delay, the bank said. The platform has reduced HSBC’s spending with CLS, the bank added.

HSBC now plans to make its platform available to clients, particularly companies that manage a number of treasury centres and cross-border payments.

*This post is credited to The Financial Times

Blockchain technology has been challenging norms and pushing boundaries since its inception, and 2018 was no different. We saw a selection of projects on bleeding-edge frontiers, unlocking ideas that didn’t previously exist and actions that simply weren’t possible before.

This struck me personally. When I got into the space, I was not only fascinated by the technological challenges, but also ideologically drawn to these big ideas of transformative change. This wasn’t merely a subfield of computer science, but a generational movement.

Throughout all of this, however, it’s crucial to step back and also consider the wider implications of what we’re building. More and more we’re asking, who can really benefit from these technologies? Who are we building this future for? And more often than not, these potential user groups come from all walks of life.

This makes sense. This space is driven by an ethos to enable individuals to take actions they weren’t able to before, to allow for global governance based freedoms and financial autonomy, to build in choices where there may have only been a single, monopolistic option

We are still so early in this process of understanding the best ways to deploy these technologies to positively affect different groups. The thing is, we’ll never get there if we build in silos.

If we want this technology to make up our financial and governance based futures, it is crucial that those building these technologies are representative of the global, diverse population which they are to serve.

Recognizing the problem

However, the diversity gap in tech is widespread. And that doesn’t exclude this space. It’s important to recognize this and to take tangible steps towards closing the gap.

Consistent reminders to take actionable measures are important. Take this as another – what can you do in your community or workplace to break down barriers, to educate, to foster growth?

Going a step further, a vast majority of the population doesn’t understand blockchain technology.

Now, we’re still early, but if this technology is to reach a place where it can be impactful on this scale, it’s crucial to bring more people in and to build real understanding. And this isn’t just technologists, it’s necessary for lawyers, designers, economists, policymakers and more to be well informed and deeply engaged.

The cool thing about this space, though, is that because it’s still in its infancy, we have the opportunity to set a precedent right now, to build in diversity and inclusion as a priority and value from the very beginning. And there are people doing amazing work while also actively prioritizing these values.

But we still have a ways to go. We can do better. We can set a different set of norms if we consciously make an effort.

A firmer resolve

A key blocker on both fronts is the high barrier to entry. Sometimes we want to abstract away “the blockchain,” but if we want global participation in governance processes and contribution to projects, it’s necessary to build bridges and welcome members with open arms.

In order to reduce barriers, we can prioritize beginner friendly resources, use helpful abstractions and clear communication, consciously document our open-source projects in an understandable manner, collaborate to discuss standards, and more.

It starts with building a culture, in workplaces, that fosters mentorship and education. We can think about where we make decisions and discuss issues. If we want people to participate, are they even aware? If so, how can we bring them in? Passively hoping populations who aren’t contributing will somehow join in won’t work.

We need to make it easy, reach out, and be encouraging and welcoming. We need to collaborate and share what we’re doing in our workplaces and communities to empower others and hopefully inspire more people to do the same.

Just as important as laying the foundations for the next generation of these technologies, are the people laying these foundations. Let’s keep the conversation going. Let’s take action.

*This post is credited to Coindesk

The elephant in the room is the viability and sustainability of blockchain technology. Cryptocurrency mining, for instance, requires specialized rigs that consume electricity. In certain estimates, at the time of writing, the bitcoin network’s energy consumption came in at 41 globally if it was a country. This means the bitcoin blockchain consumes more energy than Switzerland and Czech Republic.

Most of the energy consumption is related to mining. The security and integrity assurance come from cryptographic primitives that combine with the restriction related to the block’s structure (number of leading zeros for the generated hash). This is articulated as the proof of work. The difficulty associated with the evidence of work increases over time based on the consensus framework of the network. This impacts only the public blockchain, as private blockchains can function with low proof of work requirement.

There are potentially three paths forward. The first is to keep the difficulty level for the block generation constant. Unfortunately, this might not resolve the energy consumption problem. Why? Generating the block to be appended to the blockchain is not a linear search problem; it is more like a lottery. You might get it in a first hash generation or might not get it even after millions of hash generations.

The second options floated around is increasing the computational power. It is correct that the computational power increase of Graphical Processing Units (GPUs) have grown faster than Moore’s Law. Furthermore, an argument can be made, and it has some weight in its rationality, that the improved GPUs will consume less energy than their previous versions. This is true, and it might in the future be used as a potential path to reduce the energy requirements of the blockchain network. However, it is still an open-ended question, and we do not have a solution to this problem now. In the future, faster and energy-efficient GPUs might solve the energy cost problem.

The third option is that potentially new algorithms can be devised that might generate the desired blocks quickly. Similar to the hardware design and improvement options, this option is not possible today. Again what lies in the future might be different than what we are expecting or predicting today.

A question may come to readers mind: why do I have to concern myself with the energy cost? Miners make money if the price of mining is less than their expenses including energy cost. So, from an economic point of view, they will be part of the blockchain network where they can make more money. If mining becomes costly, miners might leave the blockchain network. Furthermore, these costs translate back to any service that is going to be reliant on the blockchain network. As discussed before, to push information on to blockchain, the organization has to pay GAS charges. Lower the GAS charges, and it will be less attractive to the miners. By contrast, raising the GAS charges might make it potentially impractical for the respective service to rely on blockchain technology.

It’s important to keep in mind that the previously listed figures of energy consumption were only for the bitcoin network. A futuristic and exciting idea for many in the technology sector is the capability for all services, whether online or offline, to move to the blockchain. This idea requires enormous energy resources, and the cost of these resources usage has to be incurred by someone, probably the service provider. To discern whether blockchain is hype or revolutionary technology, the answer to this does not lie in the technological constructs and what it can and cannot do. Instead it lies in basic economics, that is to say, figuring out whether deploying a service on blockchain make economic sense or not. In this article, we did not discuss in detail the impact of blockchain technology on the environment due to their substantial energy requirements which is related but out of scope topic for this article.

Challenges and Potential Future

Two of the major problems of current blockchain and smart contract technologies are the following:

  • Lack of language richness: The language support provided to describe smart contracts is not as feature-rich as standard web or desktop languages. This limitation imposes design issues where complex multi-party protocols have to be designed. For such situations, schemes have to go out of the smart contract scope, run the multi-party protocols and then return with the results. This is not ideal as designers end up building two systems – one running on blockchain and one off. Therefore, the language has to improve on its features so that all application semantics remain within the blockchain network.
  • Lack of distributed execution: For the execution of smart contracts, designers either rely on client-side execution or off-blockchain server-side execution. There is limited-to-no support for peer-to-peer network side execution (within blockchain network). This limitation introduces potential weaknesses as some of the security, authentication and privacy-related execution tasks have to go out of the blockchain network – a situation less ideal in any respect. A potential path forward could be to design the blockchain network in a manner that supports block mining and distributed computing together.

Both of the above are not only technical but economic challenges. There needs to be not only a technical framework to resolve them but also a business model to make them attractive to miners and the technical support blockchain community.

Blockchain as technology has its potential. It is in its early days; the real value of blockchain can neither be understood or predicted at this current state. A number of organizations are including blockchain technology to complement their existing services, but to understand what benefit blockchain brings to both the organization and consumers is not always clear. For organizations exploring whether to integrate blockchain technology or not, they have to find a clear key benefit of doing so that is rationale in technological, economic and business processes. Look into what competitive advantage you gain from blockchain technology. If you have a clear and measurable advantage – invest. Otherwise, wait and let the field mature.

*This post is credited to Tripwire

After the Great Crypto Bull Run of 2017 and the monumental crash of 2018, blockchain technology won’t make as much noise in 2019. But it will become more useful.

In 2017, blockchain technology was a revolution that was supposed to disrupt the global financial system. In 2018, it was a disappointment. In 2019, it will start to become mundane.

Some cryptocurrencies are down more than 90% from their peak in late 2017, but the technology underlying them is by no means out. Although still new to many people, blockchains are a decade in the making (with precursor technologies that are even older), and the crypto world has recovered from massive (in percentage terms) price declines before. Many of the developers who flooded into the space in 2017 are still working in it; innovative-sounding projects are still alive and even close to bearing fruit. And several big corporations plan to launch major blockchain-based projects in 2019.

Here are three reasons why 2019 will be the year that blockchain technology finally becomes normal.

Big plans from Walmart—and Wall Street

Walmart has been testing a private blockchain system for years as a food supply tracker. It says it will start using the system next year and has instructed its suppliers of leafy greens to join by September.

Meanwhile, on the cryptocurrency side, Intercontinental Exchange (ICE), the owner of the New York Stock Exchange and one of the most influential players on Wall Street, plans to launch its own digital asset exchange in early 2019. And Fidelity Investments recently created a new company called Fidelity Digital Assets.

The main thing Fidelity brings to the table is a so-called custody service for crypto-assets. Cryptocurrency enthusiasts have argued that big investors like hedge funds, family offices, and sovereign wealth funds are itching to put billions of dollars into digital assets but can’t because there isn’t enough regulator-approved infrastructure.

In the US, for example, big investment funds are required to store their clients’ assets in individual accounts with banks or other entities—“custodians”—that can protect them from theft or fraud. Securely storing crypto-assets is a technical challenge, however, since unlike transactions made with conventional money, blockchain transactions can’t be undone if they turn out to have been fraudulent.  Fidelity, whose solution involves a variety of sophisticated security measures, has called this “the most pressing unanswered question” for institutions. In recent weeks, however, it’s become clear that the lack of infrastructure is not the only big thing keeping them away. Fidelity and ICE still seem committed even as other major Wall Street firms hesitate. But this is crypto, and things can change fast.

Smart contracts: finally good for something in the real world

Smart contracts are bits of code that execute an agreement between two parties—for instance, a flight insurance policy that automatically pays out if your flight gets canceled. In principle, they would eliminate the need for all sorts of costly intermediaries. The idea has been around since the 1990s, and Ethereum was devised in 2013 specifically as a blockchain that could run smart contracts.

However, for that automated flight insurance policy to work, it would need a trustworthy source of real-time flight data—an “oracle,” in industry parlance. Otherwise, what’s to stop hackers from feeding it fraudulent flight delays and claiming payouts? The lack of reliable oracle technology has limited the use of smart contracts thus far.

Now that technology is improving. A startup called Chainlink recently teamed with academic researchers at Cornell to create what it calls the first “provably secure, decentralized oracle network.” Its oracles use cryptography and a type of secure hardware called a trusted enclave to securely feed data to smart contracts on the blockchain.

One practical use of smart contracts that might appear in 2019 is in legal technology. Chainlink has partnered with a project called OpenLaw, which is developing simple smart-contract-based legal agreements (for example, an agreement between a worker and a company). And OpenLaw has partnered with Rocket Lawyer, a popular online service that lets users create their own legal documents.

The idea behind the collaboration, according to Rocket Lawyer’s CEO, Charley Moore, is to use smart contracts to track the rights and obligations in legal agreements (like a freelance contract) on the blockchain and, once the contract’s conditions have been met, automate payments using cryptocurrency. Moore says the plan is to launch sometime in 2019 and that the system should be easy to use, even for people who aren’t familiar with cryptocurrency.

Rocket Lawyer isn’t alone. A startup called Monax recently launched a private beta phase for a similar-sounding platform for blockchain-based legal agreements that runs on a new smart-contract platform called the Agreements Network. And a startup called Clause says it is working with LegalZoom to create smart contract-based legal services.

State-backed digital currencies

Though Venezuela’s oil-backed national cryptocurrency, the petro, appears to have beeneither a scam or a flop, at least 15 countries’ central banks are taking a serious look at launching national digital currencies. Even if none are issued this year, expect the discussion about them to heat up in 2019 as cash use continues to decline around the world and new payment technologies, including cryptocurrencies, improve.

The International Monetary Fund’s head, Christine Lagarde, examined the case for central-bank-backed digital currencies in a recent speech. State-backed digital money, she argued, could reach more people, and offer better security, privacy, and consumer protection, than private cryptocurrencies or commercial payment technologies.

A digital form of banknotes guaranteed by governments? In many ways, it’s the opposite of the revolution the original cryptocurrency pioneers envisaged. But revolutions don’t always unfold the way the revolutionaries had in mind.

*This post is credited to Technology Review

NEW YORK: After all the hype, blockchain is due for a breakthrough in 2019. Banks and companies are gradually applying versions of the distributed-ledger technology associated with bitcoin to tasks like settlement.

Demonstrating blockchain’s utility, though, will say little about the value of cryptocurrencies themselves.

The technology’s potential for recording and sharing data instantly and securely has captured the imagination of the corporate and financial sector as well as anti-establishment libertarians.

The latter dream of money that is free from the grasp of banks or governments, while the former hope to replace ageing back-office technology, increase efficiency and cut costs. Yet a decade after blockchain’s basics were laid down by the elusive Satoshi Nakamoto, no killer app has emerged.

That is set to change. Banks and exchanges have deep pockets, and their development of permissioned blockchain systems — limited to members of a defined group — avoid the heavy energy use, capacity constraints and governance problems that have plagued bitcoin and upstart platforms like electro optical systems.

So far these efforts have proved the effectiveness of blockchain for uses like securities settlement or one-off transactions like the A$110 million (RM319.03 million) bond the World Bank issued through a distributed ledger in August.

In October, the Depository Trust & Clearing Corp, the biggest US processor of securities trades, said testing showed blockchain technology could handle the American equity market’s peak daily volume of over 100 million trades.

In early 2019, Luxembourg banks are expected to start using software from start-up Cambridge Blockchain to manage know-your-customer regulatory compliance.

Digital Asset Holdings, the venture until recently run by former JPMorgan derivatives boss Blythe Masters, is getting ready to test its blockchain technology at the Australian Stock Exchange with the aim of replacing its clearing and settlement systems by 2021.

More such projects are in the pipeline.

Now that the boom in initial coin offerings, which raised some US$20 billion (RM82.6 billion) in two years, has largely turned to bust amid plunging cryptocurrency values and a crackdown by watchdogs, venture-capital firms may also channel capital more effectively into less flashy but more useful ideas.

Bitcoin’s worth has plunged from a peak of nearly US$20,000 in late 2017 to under US$4,000 a year later: The original virtual currency and its imitators may never reliably become digital gold. But blockchain applications that people can put to good use would be a beneficial by-product. —Reuters

*This post is credited to The Edge Markets

While you have plenty of tools to protect your personal information, your data is arguably in as much danger as it’s ever been. It’s not that you don’t take precautions (although many Americans don’t), it’s that your personal information is stored in so many places – some of which you can’t control.

“The challenge with identity theft in today’s day and age is we are an online culture,” says Adam Carroll, Founder and Chief Education Officer of National Financial Educators. “I think most Americans would be astonished to know how many places actually have their credit account and checking account numbers.”

Consider the Equifax data breach. Almost 148 million people were affected by a breach of their personal information at a company that many had no direct contact with – yet, without a credit file at Equifax and other credit reporting agencies, those people could not get credit at all.

The credit system lacks transparency from a consumer point of view. Many Americans know that their credit history is compiled by credit reporting agencies, which in turn send information to lenders seeking risk assessment – but not many Americans know that lenders see a different version of their credit histories than the snapshots they receive. Different credit scoring systems distill the same set of information into ratings specifically for risk factors in different industries.

Lenders get a comprehensive view of your credit history that may contain costly errors. According to a 2013 investigation by 60 Minutes, almost 20% of Americans had some form of error on their credit report, resulting in a lower credit score in 10% of those cases.

As a consumer, you only receive credit reports on request, or you pay for regular access or monitoring of that report. Lenders have the upper hand over consumers when it comes to credit information and transparency.

A recent Forbes article suggests that blockchain technology – the basic principle behind Bitcoin and other cryptocurrencies – may be used to give consumers greater control of their own credit profile. Blockchains have no central authority, instead recording secure transactions throughout a large network.

Theoretically, a blockchain-style technology could allow you to securely compile all the elements of your credit history and submit them to potential creditors yourself. Identity theft would be reduced because there is no centralized database to hack – thieves would either have to hack one account at a time or invent a new way to circumvent the blockchain.

A blockchain concept may work well outside the traditional banking system, to help the approximately two billion people around the world who are “unbanked” – lacking a traditional bank account or access to one. Blockchain enterprises like Blockchain for Social Impact and BanQu are already working on ways to provide this underserved group with access to credit.

Moeda takes a similar blockchain-based approach toward entrepreneurs who are underserved by traditional financial outlets. They hope to apply blockchain technology to streamline the financing process and eliminate hurdles that stifle smaller and/or riskier enterprises from accessing necessary funds.

Blockchain technology may be the key to giving consumers power over their credit history in the future – but the key word is “future”.

For now, your best methods of controlling and protecting your credit history are old-school common sense. Use anti-virus software and strong passwords to protect your data at home, use only secure and encrypted transfer methods, limit the exposure of your personal data – and keep a close eye on your credit accounts and credit report to minimize the damage if a hacker does steal your information.

If you would like to monitor your credit to prevent identity theft and see your credit reports and scores, check out our free Identity Protector.

*This post is credited to Money Tips

Ever since the emergence of blockchain technology, a lot of use cases have been discovered. Of all the benefits using blockchain presents to businesses, transparency and trust are the most common. Blockchain helps keep the supply chain of businesses transparent and free of third party manipulation. Still, the adoption of this technology has been slow. Why is this so?
An article published recently talked about how CIOs across various companies feel about blockchain technology. According to most of them, there is too much hype surrounding blockchain technology and this is clouding the fact that the technology still needs to mature. Most of these executives do not think the cost of implementing blockchain technology is worth the rewards near-term. Some said they do not believe the technology has significant advantages to business enterprises.
About Blockchain Technology
Blockchain technology is a distributed digital ledger that securely stores data across multiple systems and enables peer-to-peer transactions. It creates a trustworthy source of truth thus eliminating the need for intermediaries during transactions. The kind of verification provided by the technology creates a paradigm shift in how we establish trust. It has far reaching implications.
One of the challenges facing the industry now is lack of implementation. The technology is igniting interest in many places but the pace of interest growth isn’t the same as the pace of implementation. In India, for example, there has been an increased interest in blockchain technology but there hasn’t been any tangible development in terms of business shifts.
Notwithstanding, some executives believe that 2019 will be the year for mainstream adoption of blockchain technology. Some senior executives at United Airlines said blockchain technology is going to reach mass adoption next year. This shows that there is a lot of potential in the industry that is yet to be tapped.
Applying Blockchain Technology In The Energy, Automotive And Finance Industries
The fact that some executives are not positive about the growth in the industry doesn’t mean it will not grow. There are still many advantages of blockchain technology that are yet to be exploited. In 2019, companies will explore these aspects. For example, blockchain has a strong application in the energy industry. Saiterm, a Dutch power company is making plans to disrupt the heating market globally with an Ethereum based system. Spring, allows users to get coins back as credit when excess energy is generated.
Salvatore Morale had this to say about the technology:
“We, believe that Spring provides homeowners with a great opportunity to reduce the amount they spend on energy while also protecting the environment. The use of pellet boilers, gas and oil have led to an increase in greenhouse emissions over time. Thanks to infrared technology, future homeowners will be able to work and live in maximum comfort while reducing global warming.”
There are also many applications of blockchain technology in the automotive industry. According to the IBM Institute for Oxford Economics and Business Value, 62% of the executives in the automotive industry believe that blockchain is going to have a disruptive effect in the industry in the next two years.
*This post is credited to Smartereum

ING Group, the Dutch multinational banking and financial services corporation is bullish on blockchain technology and the innovations it presents to trade and commodity finance.

The group is focusing on and looking forward to blockchain-based initiatives across several sectors including energy, crude oil, soybeans, metals and mining in 2019.

They have been exploring distributed ledger technology (DLT) on their Easy Trading Connect (ETC) platform since 2017 and found that the innovations led by blockchain are far superior to centralized models.

ING highlighted these findings regarding powerhouse programs such as Komgo and Vakt via twitter:

ING Bets on Vakt not Bakkt

As you may already know, the blockchain and cryptosphere has been overly excited about potential Bitcoin ETFs and the launch of Bakkt, a physically settled Bitcoin futures exchange from the Intercontinental Exchange (ICE).

While these impending developments are worth getting excited about, ING has their eyes on other innovative blockchain initiatives surrounding trade and commodity finance. One such initiative is Vakt.

Vakt is a post trade management platform with a vision to digitize the global commodities trading industry by offering a secure and trusted ecosystem powered by blockchain. The platform has the potential to revolutionize the commodities trading market by transforming the trade life cycle and streamlining transactions.

The Vakt platform gets its backing from major energy consortiums, high profile independent traders and top tier banks. Vakt also has strategic alliances with Deloitte and Softworks and by the end of the year, they will link the platform to Komgo for commodity trade finance.

As per the company’s announcement of the launch:

Though the initial launch is limited to trade specifically in BFOET crude oil contracts, VAKT’s ambition is to extend the platform to all physically traded energy commodities. The company is building its roadmap in response to industry need but has US crude oil pipelines and Northern Europe refined product barges slated for launch in early 2019.

Other Blockchain Initiatives

ING’s program director for blockchain innovation in trade and commodity finance, Arnoud Star Busmann, said a collaboration with heavyweight leaders in the industry sector have formed an Ethereum-based blockchain for real-time settlement of physical energy transactions.

A report on the experimental trading technology said:

The experiment showed that the average time for a bank to complete its role in a transaction went from about three hours to just 25 minutes. For traders, efficiency went up by a third, with user experience evaluations far higher than expected. As the prototype uses blockchain technology and is designed for paperless trade, the risks throughout the process have also been reduced.

This Ethereum-based platform mentioned in the above quote was used in the agriculture industry in a pilot test moving soybeans from the US to China.

ING is also exploring supply chain traceability for metals and mining. The innovations and use cases for blockchain technology are endless and blockchain initiatives are really being put to the test.

Conclusion

ING is at the forefront of the blockchain revolution and is focusing on many blockchain initiatives going into 2019. Things like Bakkt and Bitcoin ETFs don’t even scratch the surface to what’s going on in the space.

Going into 2019 the blockchain and cryptocurrency industry has a lot to look forward to as businesses, governments, and individuals become comfortable with the innovations of blockchain tech and cryptocurrencies.

*This post is credited to Invest in Blockchain

The first and most dominant application of blockchain technology is cryptocurrency. However, this isn’t the only application of the technology. Blockchain technology can be used as an organizational tool. Even if it is still in its early stages, many organizations and people are already exploring the possible benefits of the technology. Recently, a survey conducted in the IBM Institute for Oxford Economics and Business Value showed that 62% of executives in the automotive industry believe that blockchain technology will have a disruptive effect in the automotive industry in the next few years.
Blockchain Technology In The Automotive Industry
While the research showed that there are many opportunities presented by blockchain technology, it also stated that just a small percentage of suppliers and OEMs are ready to apply blockchain technology. Very few of them have an accurate understanding of blockchain solutions in the commercial sector.
Companies like Tesla and other emerging electric software-laden companies have proven that the automobile industry is ready for disruptive innovation. While the common disruptions are in the manufacturing of vehicles, the blockchain technology has made some other behind the scene disruption possible in the automotive industry.
In the automotive industry, blockchain technology can be applied in things like mobility, supply chain and finance. It can be used to track part distribution and aftersales. Dirk Wollschlaeger, Ben Stanley, and Matthew Jones the authors of the study stated:
“Right now, part traceability during the lifecycle of a vehicle is limited. This is why it’s easy to add counterfeit parts to the mix. Some service centers use counterfeit parts. By implementing blockchain technology, we will solve many of the issues surrounding recalls, consumer safety and fake products.”
The report continued:
“Blockchain technology can also improve operational efficiencies in areas like authentication access, financial transactions between parties involved, loyalty, and customer experience. Blockchain will change the way business is done for the better.”
According to the report, 54% of executives in the industry expect that new business models are going to influence investments in blockchain technology. 51% of suppliers and 39% of OEMs only had little knowledge of blockchain organizational strategies. Even at this, it is too early to start counting successes. The authors continued:
“Many of the executives who participated in the study do not have a general understanding of a functional organizational blockchain strategies.”
Another aspect of the development of blockchain technology is skill. The study showed that there is a shortage of skills in the industry. About 42% of suppliers and 37% of OEMs said that shortage of skill is one of the factors that have hindered the adoption of blockchain technology. The more blockchain technology gets applied in different industries, the greater the need for skilled individuals will be. These skilled individuals will be responsible for putting the technology in motion.
During a recent study, LinkedIn estimated that blockchain jobs are the fastest growing jobs in the world over the past 5 years. It showed that there has been a 33x growth in the need for positions related to blockchain technology, machine learning and artificial intelligence. Skills related to Ethereum, blockchain, cryptocurrency, solidity, Node.js, etc. Professionals and executives who intend to build on blockchain will need to deal with many of the concerns before they can enjoy the benefits of blockchain technology.
*This post is credited to Smartereum

The advent of the internet has shaken the media industry from roots. Back to the time when media industry was reigning over us and we all had to rush to our DVD rental stores. Video streaming industries put rental giants to shame. Yet our needs were not fully met and we still all face a lot of issues for e.g., Netflix is thinking of adding ads to generate revenue.

So, I say DOWN WITH THESE VIDEO STREAMING INDUSTRIES!

I say we shift to blockchains now to answer our problems regarding centralization, transactions costs, etc. The blockchain empowers you to become creators and distributors on their own. This community is growing and attracting more and more people.

As more people flock towards online streaming sites, there is a significant downfall in cable channel viewership. And we don’t blame them because it is far convenient than most traditional ways. With apps like Netflix and Hulu, who have a share of their issues, blockchain video streaming seems to be the most viable option currently.
One thing we all know is that its far more secure, the decentralized security protocol system prevents content from being stolen, pirated and redistributed. In fact, they run on an open ledger so there are no secrets, resulting in the highest level of accountability.

So, who runs the show?

Centralized servers have glaring faults; the content is stored and distributed on central servers making the transaction costs high. Another disadvantage is that whatever content the company chooses to put in front of you, you can only stick to that. *scrolls through useless movies selection on Netflix*

The best part is that ANYONE can create a blockchain platform and decide to create a video streaming blockchain. People can buy tokens, like a movie ticket, to be a part of it. But they are at highly discounted prices because decentralization cuts the middleman; distributors and creators are free to transact business directly with viewers. One such example is Flixxo, it offers decentralized content sharing at discounted prices. Another such blockchain that aims to disrupt the entertainment economy and become a universal digital currency used by all platforms is, Slate SLX.

Calling out my indie cult members because this is surely a treat. It is so hard to find torrents and links to obscure indie movies because they almost never make it to the mainstream market and great movies go unrecognized because they don’t appeal to the wider audience. They are never played on the cinemas and we’re stuck waiting for them to be released on DVD AND THEN on the torrents.

Apart from entertainment, this can solve a lot of piracy issues. Since everything is stored on a blockchain, its easier to keep it safe and from being stolen. If video streaming could be less costly and more accessible then no one would feel the need to steal movies to view.

This could be great news for the film industry because it means that companies can now get in contact with the audience directly, without spending loads of money on distribution. One blockchain and you’re set to go.

Though this has branched out with as much speed as cryptocurrencies and trading, it still needs recognition in the wider audience and we’re all set to bring it to the wider range of public. If you want a sneak peek of how cool this really is, then make sure to watch the video down below.

*This post is credited to Block Publisher