HANGZHOU, China--(BUSINESS WIRE)--Ant Financial Services Group (Ant Group), an innovative technology provider, today announced a cooperative effort with Intel to make it much easier and cost-effective for SMEs to lease IT equipment, leveraging the application of blockchain technology to strengthen transparency and build a system of trust.

Using proprietary blockchain technology, the partnership aims to empower the IT equipment leasing industry while accelerating the digital transformation of SMEs, many of which have seen their capital flows and supply chains disrupted amid the COVID-19 pandemic.

This partnership draws from Ant Group and Intels complementary strengths to bolster transparency and efficacy among IT leasing vendors, enabling them to serve more SMEs and help them grow their businesses with improved efficiency and lowered cost.

Ant Blockchain, Ant Groups proprietary productivity blockchain platform, can help all parties in the entire IT rental and leasing process to build trust with each other. Intels cloud device management technology helps leasing vendors to check the use status of the authorized hardware device using Intels CPU. Increasing the level of trust and transparency among all parties in the leasing process enables financial institutions, such as insurance companies and SME loan providers, to swiftly make informed decisions about businesses, giving SMEs greater flexibility to expand their operations.

We are excited to partner with Intel as we continue to help millions of SMEs transform their businesses and operations, said Geoff Jiang, Vice President of Ant Group. Blockchain technology can play a pivotal role in building a solid system of trust among multiple parties and bringing more value to consumers, vendors, and the communities they operate in.

Yali Liang, Vice President of Sales, Marketing and Communications Group of Intel, said, "With Ant Blockchain, we can help SMEs reduce fixed costs and alleviate pressure from IT equipment maintenance, which will accelerate the digital transformation of SMEs through IT rental industry."

Zugeliang, a Hangzhou-based IT equipment leasing platform, used Ant Blockchain to increase the level of trust among all parties involved in its leasing processes in 2019. Since then, the platform has seen a six-fold increase in the number of orders and a 200% improvement in the rate of timely payments.

About Ant Group

Ant Group is dedicated to using technology to bring the world equal opportunities. Our technologies, including blockchain, artificial intelligence, security, Internet of Things and computing empower us and our ecosystem partners to serve the unbanked and underbanked, bringing more secure, transparent, cost-effective and inclusive financial services to individuals and small and micro-sized businesses worldwide.

Ant Group has formed international partnerships with global strategic partners to serve local users in those markets, and we serve Chinese travelers overseas by connecting Alipay with online and offline merchants. Brands under Ant Group include Alipay, Ant Fortune, MYbank, and WorldFirst.

About Ant Blockchain

Ant Blockchain is the largest productivity blockchain platform in China with the ability to process and support one billion user accounts and one billion transactions every day. It has topped the global ranking for blockchain patent applications for the past three consecutive years.1

__________________1 Based on research conducted by IPRDaily (2019, 2018, and 2017, in Chinese).

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Ant Group and Intel Form Partnership to Make IT Leasing More Accessible to SMEs Through Blockchain Technology - Business Wire

CALGARY, Alberta--(BUSINESS WIRE)--Calgary-based blockchain developer GuildOne Inc. (GuildOne) and Vancouver-based Beatdapp Software Inc. (Beatdapp) are pleased to announce a three-year exclusive agreement to manage digital rights related to streaming media services in India and Japan using blockchain technologies.

Beatdapp tracks every music stream in real-time to create an immutable record secured by its proprietary blockchain, helping labels and artists identify missing music royalties. GuildOne acts on behalf of digital rights holders, such as artists, labels and producers, to identify when their digital assets have been streamed, calculate the royalties that are associated with those assets and execute the royalty transaction, ensuring all parties get paid what they are owed.

Under the terms of this agreement, GuildOne will use Beatdapps services, along with information provided by rights holders to identify entitlements owed to those rights holders, ensuring that they receive accurate royalty payouts. GuildOne will then use its patent-pending ConTracks smart contract technology on R3s Corda blockchain platform to execute the royalty payments.

James Graham, CEO of GuildOne, states that This is a transformative event for the streaming industry, bringing together two leaders in the blockchain space to meet the needs of artists, labels and other rights holders."

Variety reports that streaming media accounted for US$11.1 billion globally in 2019, nearly 80 percent of music sales, with that market share expected to increase in coming years. Goldman Sachs estimates that world-wide streaming music royalties will exceed US$34 billion by 2030. Currently, however, up to 15 percent of streaming play count reports are incorrect, leading to billions of dollars in unpaid royalties.

Beatdapp's technology ensures that labels and artists invoice correctly from the outset, and allows DSPs avoid costly, time consuming audits, said Andrew Batey Co-CEO of Beatdapp. To partner with a leading expert in the payment space to ensure our verified usage reports yield faster, more accurate payouts to artists and labels is a great outcome for everyone involved. After a year of hard work behind the scenes, were delighted that day has come!

We are excited to work with the team at Beatdapp and have mutual respect for each other's technology, said GuildOne co-founder and CTO Barry Kreiser. We are particularly looking forward to applying our ConTracks smart contract engine to the burgeoning music royalty market.

About Beatdapp: Beatdapp is a blockchain-enabled tracking technology that helps rights holders accurately track play counts for invoicing and collecting royalties, without disclosing the personally identifying information of streamers. For streaming services, they help identify streaming fraud, reduce audit costs, reduce the reporting burden for product teams, and help verify publishing market share for payouts in emerging markets.

http://www.beatdapp.com

About GuildOne: GuildOne is a pioneering technology company providing advanced data solutions and business intelligence to organizations to enhance their business performance. In 2018, GuildOne conducted the worlds first blockchain oil and gas royalty transaction on Energy Block Exchange (EBX), its energy blockchain business network built on R3s Corda platform. It has since launched ConTracks, its patent-pending smart contract engine, and developed new use cases across industries, including oil and gas, and entertainment.

http://www.guild1.com

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GuildOne and Beatdapp Agree to Three-Year Blockchain Technology Partnership to Transform Music Streaming Royalty Payouts in India and Japan - Business...

Modern-day supply chains are managed at a global scale, and continue to become increasingly complex. ST has published a whitepaper on how to build smarter end-to-end supply chains.

As the internalisation of flows and operations continues, the need for smarter end-to-end supply chain networks has never been so crucial. The ability to track product flows, share accurate information and data amongst stakeholders and integrate wide product portfolios is essential to supply chain leaders.

One way that supply chain complexity can be eliminated is by combining blockchain technology with RFID/NFC solutions. Near Field Communication (NFC) technology is a contactless solution based on a radio frequency field, designed to exchange data between two devices through a simple touch gesture. Radio-Frequency Identification (RFID) uses electromagnetic fields to identify and track tags attached to objects.

Combining the two of these with blockchain solutions can lead to flows with increased transparency, more security and automated administrative operations through the use of smart contracts. NFC technology provides a safe connection to data about product origin, certifications, and the journey through the supply chain. These insights provide key benefits to all stakeholders, from suppliers through to consumers.

As Internet of Things (IoT) technologies, such as blockchain, become increasingly prominent in the supply chain, smarter networks assisted by digital and physical infrastructures are cropping up more and more. These networks contain objects that are capable of communicating and collaborating without human intervention.

Stakeholders abilities in supply chain management can shift from decision support to decision delegation through this increasing level of intelligence. Blockchain technology stands to be a true game-changer within the industry, with the capacity to enable predictive capabilities and improved tracing and tracking.

The authenticity and quality of physical assets can be verified by blockchain technology with a cost-efficient, two-party-only concept, therefore creating reliable, end-to-end visibility. This then helps build both company success and customer satisfaction, focusing on the four pillars, security, transparency, trust and speed.

IoT technology is bringing in more and more connected devices every day. Gartner estimated that there were 8.4bn IoT devices in 2017, and expects that figure to exceed 500bn by 2030. The digital pairing of NDC/RFID-enabled devices and blockchain solutions creates a reliable, concrete and permanent channel that users can collect, communicate and aggregate data from.

Supply chain entropy will be mitigated by the combined technologies, whilst visibility and transparency are significantly enhanced.

Learn more about the benefits of pairing NFC/RFID technology with blockchain here.

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Combining Blockchain With NFC/RFID Technologies For Smarter Supply Chains - Supply Chain Digital - The Procurement & Supply Chain Platform

Australias Power Ledger, a blockchain-based renewable energy trader, has announced a partnership with Thai Digital Energy Development (TDED) to create a blockchain-based digital energy business developing peer-to-peer (P2P) energy trading and environmental commodity trading solutions in Thailand.

Thai Digital Energy Development is a joint venture between the Thai governments PEA ENCOM International, which is a subsidiary of Provincial Electricity Authority (PEA), and BCPG Public Company Limited (BCPG), a Thailand-based company engaged in the production and sale of renewable energy.

According to the companys statement, the new partnership will expand Power Ledgers foothold in Thailand, which aims to generate 25% of its electricity from renewable energy sources by 2037.

Blockchain technology, a by-product of the cryptocurrency rush, is slowly being adopted across industries to promote operational and transactional transparency, thanks to its democratized and decentralized nature.Blockchain is an open, distributed ledger that can record transactions between two parties efficiently. Blockchain-based technology has been gaining increasing popularity in numerous business segments around the globe, including solar.

Blockchain-enabled transactive energy solutions, including peer-to-peer energy trading, virtual power projects, as well as renewable energy certificates. Carbon credits trading will be the key to establishing economically viable renewable energy markets. Our partnership with TDED will allow us to accelerate our efforts to promote distributed digital energy markets in Thailand, said Dr. Jemma Green, the co-founder of Power Ledger.

According to the company, one of the first projects that will be in focus will be on energy and carbon management at the 12 MW smart campus at Chiang Mai University in Thailands north.

Bundit Sapianchai, the president of BCPG and TDED, said that Power Ledger is among the very first pioneers to apply blockchain technology in peer-to-peer energy trading and trading renewable energy certificates (RECs).

Such expertise in the state-of-the-art technology will help materialize TDEDs goal in the development of digital energy products and services, as well as making clean energy more accessible to people, Sapianchai added.

Power Ledger has been working with BCPG in Thailand since 2018, when it launched a P2P energy trading trial in Bangkok across the T77 precinct, the company noted.

Further, the company added that Power Ledgers TraceX REC trading capabilities would be deployed in Thailand this year. It will provide a marketplace for renewable energy certificates and carbon credits trading between generators and buyers.

Last year, BSES Rajdhani Power Limited (BRPL) partnered with Power Ledger to launch trials for a peer-to-peer energy trading platform. The idea was to enable participants easier and cheaper access to renewable energy and for solar installation owners to monetize power, which would otherwise be wasted.

Previously, it wasreportedthat Singapores SP Group, an energy utility group, launched one of the worlds first blockchain-powered renewable energy certificate marketplaces at the Association of Southeast Asian Nations (ASEAN) Energy Business Forum.

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Power Ledger to Help Thailand Increase Digital Renewable Business Through Blockchain - Mercom India

With the ongoing pandemic, there is an expected rise in demand for blockchain as cybersecurity becomes vital. With people shifting their entire business to digital, this technology will soar as per the prediction that India will have the highest number of blockchain adoptions by 2023. To get a better perspective on how blockchain is developed, here are 5 tools that have been used persistently in 2020 for development.

2020 recorded that most companies have been using a BaaS model since having a full-fledged blockchain solution developed did not seem practical. For companies that are low on budget or lack of technical expertise, this form of service suits them best. Cloud infrastructure can be easily integrated with blockchain functions and apps to keep it operational. Microsoft Azure, SAP, and AWS are some of the companies that provide Blockchain as a service.

Popularly called a browser extension, Metamask is a wallet that connects the ethereum blockchain with the browser such as Firefox or Google Chrome. It has the ability to interact with different Ethereum test networks which can be useful for blockchain developers. The platform will let you other ERC-20 assets along with Ether on your browser.

The whole aim of a Truffle is to make the job of a developer much easier. It is a testing framework that comes with binary management, contract compilation, linking, and deployment. Adding to this, it also helps a developer perform custom builds by providing configurable pipeline.

The entire purpose of this tool is to give converted, readable scripts for Ethereum Virtual Machine. Solidity command line is written in C++ which needs to be converted to JavaScript so that the EVM can understand it. This tool can be used for compiling offline as well.

Like every other technology, blockchain development too needs to be tested. A Blockchain testnet gives you the freedom to test your dApps to see if they are functioning correctly. Since blockchains are unique, you need to find the right testnet for your solution before you make it live. By doing this, you will save a lot of costs and complaints since the bugs and errors in the code will show up.

Wrapping up

Blockchain is a relatively new concept and developers can spend time experimenting with it. One thing that is certain is that it is here to stay as it is ideal for security reasons as well as creating an entirely new horizon for finance management. You can delve deeper into the basics of blockchain here.

If you have an interesting article / experience / case study to share, please get in touch with us at [emailprotected]

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5 Most-used Blockchain Tools In 2020 For Blockchain Development - Express Computer

The token economy just gained an organized structure for collaborating with world leaders.

The World Economic Forum revealed its Presidio Principles on Friday, a blockchain bill of rights, according to the nonprofit focused on fostering diplomacy and international business partnerships. The document includes signatories from the Government of Colombia, Deloitte Consulting LLP, ConsenSys, Electric Coin Company, CoinShares and the United Nations World Food Program, just to name a few.

We supported the creation of the Presidio Principles as well as guidelines and design principles for public institutions because we wanted to ensure that progress can continue rapidly and responsibly, ensuring that basic characteristics like security and data privacy are secured for our citizens, Victor Munoz, Colombias presidential advisor on economic affairs and digital transformation, said in a press statement.

The principles include a users right to manage consent of data stored in third-party systems, port data between interoperable systems and revoke consent for future data collection.

Ethereum co-founder Joe Lubin encouraged crypto startups to become signatories and join the WEFs open dialogue. In a press statement, he said he hopes all builders of Ethereum-based projects and across the blockchain landscape will sign on to demonstrate their commitment to the users of their systems and applications.

Indeed, Aya Miyaguchi of the Ethereum Foundation was involved. Greg Medcraft of the Organisation for Economic Co-operation and Development (OECD) and Delia Ferreira Rubio of Transparency International also contributed to the project.

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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Colombia, Deloitte, ConsenSys Sign On to WEF's 'Blockchain Bill of Rights' - CoinDesk - CoinDesk

Today TE-FOOD said it has partnered with GE Aviation for blockchain solutions. TE-FOOD is a track and trace company that, to date, has focused on the food sector. It has blockchain food traceability deals with some big names, including French retailerAuchan, Swiss retailerMigros,Vinamilkand others. GE Aviation confirmed the alliance on LinkedIn.

Last year GE Aviations Digital Group revealed it was starting to useblockchain to track the ancestry of partsused in aircraft engines as part of its TRUEngine offering. In terms of scale, GE has 64,000 engines installed in commercial and military aircraft.PwC estimates blockchaincould cut maintenance and repair costs globally by around 5% or $3.5 billion. Those savings will be sorely needed as the sector struggles to recover from the impact of COVID-19.

Historically the lineage of a part was tracked using paper and more recently, it involved tracing the history through multiple ERP systems. At the time, GE Aviations David Havera, said: Blockchain drives up to 50 percent higher residual value for used spares material, a faster resale process, easy portability and improved productivity for asset transfers.

TE-FOOD said its food traceability solution is being adapted to enable the tracking of both documents and events by aviation OEMs, the maintenance, repair and overhaul (MRO) network, as well as airlines and lessors.

Asked how it relates to TRUEngine, a TE-FOOD spokesperson told Ledger Insights: the current offering builds on the experience GE Aviation gained with TRUEngine, combined with TE-FOODs experience in the food traceability and digital identification/verification of physical assets.

If you step back, there is a reasonable amount of overlap between the two supply chains. For example, with food there are inspections, as there are quality inspections for aero parts, and both have logistics. But the repair and overhaul process is quite different, although it may be a matter of attaching documents to the blockchain.

The blockchain solution will enable supply chain participants to connect information and sign and verify documents digitally. For a complete lineage, historical paper records can be integrated, and by using blockchain all the data is stored in a secure and reliable manner. Apart from having all the data organized, it can also be aggregated for reports.

Both TE-FOOD and GE Aviation have used Ethereum to date. In GE Aviations case, it has been an enterprise blockchain version, whereas TE-FOOD sometimes uses the public blockchain. Apart from TE-FOODs product traceability framework, GE Aviation will also used TE-FOODs BlockSeal signature and document verification solution.

Using blockchain to track aircraft parts through the maintenance, repair and overhaul process can bring significant efficiencies as others have recognized.Honeywelllaunched an online parts portal leveraging blockchain and Boeing recently added $1 billion of inventory to the store.

Four months ago, industry body SITA launched theMRO Blockchain Allianceto track, trace and record aircraft parts.

Six months ago,Rolls Royceran a Blockchain Innovation Challenge in Singapore focused on aircraft engine maintenance. And one of the first to look at the sector wasThales and Accentureback in 2018.

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GE Aviation expands blockchain efforts, partners with food developer - Ledger Insights

Blockchain technology has become synonymous with privacy and security, but those very characteristics have been put to the test over the past decade. With historical roots embedded in cryptography, many blockchain and cryptocurrency projects purport to offer unbridled security and privacy measures. The industry is split between public blockchain platforms like Bitcoin and private or permissioned blockchains focused on enterprise use.

Cointelegraph has previously explored the ins and outs of privacy concerns around blockchain technology, but the security of these systems is a major consideration on its own. In the years since Bitcoins (BTC) inception, a multitude of cryptocurrencies has been created, along with numerous blockchain projects in the private and public sphere.

The sheer number of working parts and industry participants means that vulnerabilities have been identified and exploited over the years. This is despite the best efforts of those involved to create the most secure blockchains, cryptocurrencies and exchanges.

This article will shine a spotlight on public blockchains and cryptocurrencies like Bitcoin, permissioned blockchains that offer enterprise solutions to mainstream corporate companies as well as privacy coins to delve into the different considerations of their perceived and actual levels of security.

Given that the use of cryptocurrencies primarily began with individual users and adoption by bigger entities such as financial institutions has been slow, a major concern is the security of blockchain or cryptocurrencies being used by individuals. In order to get an understanding of what makes these systems secure, Cointelegraph reached out to blockchain and cryptocurrency analysis firm CipherTrace.

John Jefferies, who is the companys chief financial analyst, identified and separated the different categories that are needed to fully understand the level of security of an open blockchain or cryptocurrency like Bitcoin:

There are three levels of security to consider: personal, platform and technology. Blockchains provide the technology layer, but the average user must trust the security of the particular wallet or exchange they are using. A well-validated, open-source blockchain built using known, trusted encryption, such as the Bitcoin blockchain, provides the level of security to assure the average user that their transaction data has not been tampered with.

When asked whether open blockchain systems have provided trusted security and privacy to users, Jefferies outlined two key elements of Bitcoins system that answered long-standing problems plaguing earlier digital currency projects. First of all, the Blockchain technology proved to be a major advancement, as it solved the double-spend issue in peer-to-peer transactions.

Another vital protocol that ensured security was the basis of Bitcoins consensus protocol, as Jefferies explained, the blockchain technology also deals with the Byzantine Generals Problem, where a messenger sharing information between generals can deliver false information. However, if all parties receive information that is verified by the majority, the corrupt messengers will be discovered. While these two elements provide robust security to the overall Bitcoin system, Jefferies makes a clear distinction between the security of the protocol and the privacy afforded to users:

It is a common misconception that Bitcoin was designed to be anonymous, but in actuality, the Bitcoin blockchain is pseudonymous, meaning transactions are publicly visible yet the individual users associated with transactions are not. Satoshis white paper only discusses privacy in two paragraphs. If privacy was the goal, it would have been designed differently.

Cointelegraph also reached out to Stanford University Ph.D. student Florian Tramr, who recently managed to discover vulnerabilities in privacy coins Monero (XMR) and Zcash (ZEC). A remote side-channel assault would enable an attacker to recover a users IP addresses, thereby destroying any semblance of anonymity and privacy of the users in a transaction.

Tramr weighed in on the level of security that open blockchain networks, like Bitcoin, offered the average user. He highlighted in a comment to Cointelegraph that Bitcoins consensus protocol has proved its efficacy on its own, but the development of numerous third-party applications, like exchanges, has added a number of vulnerabilities to the overall ecosystem:

The general idea of consensus via proof-of-work definitely seems to be standing the test of time in terms of security at least, not so much in terms of scalability. [...] On the security side, weve seen countless examples of vulnerabilities in smart contracts, wallets, exchanges, etc. From the privacy side, there have also been many studies showing that cryptocurrency transactions are relatively easy to trace and de-anonymize, even in systems, such as Monero and Zcash mostly because actually achieving good privacy requires a lot of extra care on the users side.

Private, or permissioned, blockchains have become a go-to solution for big companies and corporates that are looking for distributed ledger solutions for various business challenges. It goes without saying that bigger conglomerates will take no chances when it comes to security and so they turn to permissioned blockchains that are tailor-made and managed by specialist tech companies.

Prime examples are Microsoft Azure Blockchain Service and IBMs Blockchain platform, which is powered by the Linux foundations Hyperledger Fabric. Microsoft Azure Blockchain Service performs a similar function, allowing users to build and operate blockchain networks that scale. IBM Blockchain is aimed at large businesses and corporations and has a variety of existing blockchain platforms that companies can join. Clients can also build and launch their own platforms that can be programmed to carry out specific functions.

Related: Leveraging Hyperledger Fabric Enterprise Blockchain Unleashes Viable Solutions

When asked if permissioned blockchains are more secure than open networks, CipherTraces Jefferies offered an argument suggesting that these platforms arent inherently more secure:

No, they are simply attacked less because they do not move money and are not widely deployed. If anything, they could be more susceptible to hacks and security breaches because by nature of being permissioned, private blockchains are more centralized.

Tramrs take was similar to that of Jefferies about how permissioned blockchains would contrast the security of open blockchains:

The threat model is certainly different. Yet, some issues, such as smart-contract bugs, key management, etc., would also be a problem in a permissioned or private system.

While companies may turn to permissioned blockchains to operate closed-off ledger systems and other financial tasks, at the other end of the spectrum, there are privacy coins that aim to offer complete anonymity to users. Considering Tramrs research into perceived privacy and security offered by privacy coins, he insisted that assessing the actual degree of privacy and anonymity offered is not a clear-cut conversation:

On the one hand, Zcash and Monero use some fairly advanced and very recent developments in cryptography to offer, in principle, high degrees of privacy and anonymity for transactions. On the other hand, cryptography is only one part of a large distributed system implemented by these projects. And measuring privacy, or the lack thereof, at a systems level is very hard. There can be subtle implementation bugs and a variety of usage patterns or side-channel leaks that might reveal much more than the cryptography intends.

A key takeaway is that security concerns in the blockchain and cryptocurrency space transcend individual systems. One cannot label a single platform or cryptocurrency as insecure due to the fact that there are numerous systems that plug into one another. Tramr offered a comparison between traditional financial systems and the emergence of blockchain-based cryptocurrencies where no system is unhackable and that security concerns also come down to usability issues:

You shouldnt have to be an expert to use these cryptocurrencies in the most secure way possible. At the same time, striving for an unhackable system is not necessarily the right goal. If you look at the banking system for instance, things are clearly not unhackable. People get their credit cards and account logins stolen all the time; banks get hacked; theres a lot of fraud; and most of this gets handled by the legal framework and insurance. A similar framework for seamlessly and gracefully handling security breaches and losses in the cryptocurrency space doesnt exist yet.

In the decade following Bitcoins creation and the emergence of numerous altcoins, blockchain platforms, cryptocurrency exchanges and a multitude of other projects have sprung up. This inevitably included teething problems and hacks; fraud and security breaches were rife, particularly among cryptocurrency exchanges.

Meanwhile, technologists and developers have begun leveraging blockchain technology and cryptography to build secure and robust systems. The exploration of the capabilities continues today, and Jefferies believes that the technology will continue to drive the development of more secure systems across a wide range of industries:

Yes, there has been a lot of experimentation looking for use cases where blockchain provides benefits beyond traditional technology. [...] We are seeing companies and countries pursuing digital currencies because of the enhanced efficiency and control enabled by digitalization. In the next 10 years, every major economy will have their own Central Bank Digital Currency.

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Making Blockchain Safe and Secure, a Balancing Act That Never Ends - Cointelegraph

Its widely believed that blockchain technology can do for transactions what the internet did for information. But what actually is it?

Simply put, blockchain is a shared ledger, used to record transactions, track assets, improve visibility and build trust in supply chain networks around the world. Immutable records mean no participant in a network can change information once it has been recorded, meaning errors must be reversed instead of covered up.

To help supply chain leaders learn the benefits and better implement blockchain technology into their operations, IBM Blockchain has published Blockchain for Dummies. The third edition of the publication, readers can download it for free to grasp basic fundamentals, understand how blockchain truly works, see it in action with use cases, and understand the steps to implementing it.

Smart contracts are also a key benefit of blockchain technology. These rules are stored on the chain and automatically executed, meaning conditions for corporate bond transfers, terms for travel insurance to be paid and much more can be defined quickly, and with great ease.

Not only does blockchain improve visibility, but it also helps build trust. With the food supply chain as an example, the technology can trace when, where and how produce has been grown, picked, shipped and processed around the world. This shared record of the truth is a significant boost to efficiency, transparency and confidence.

Blockchain networks can be public, private, permissioned, or built by a consortium. Public networks, such as Bitcoin, allow anyone to participate in and join, whilst private ones are controlled by an organisation. Private networks are still decentralised networks, however.

Permissioned blockchains are generally set up by organisations who have built private systems, enabling restrictions on participants. Consortium-built chains can be shared between organisations, ideal for business where shared responsibility is required.

Learn more about blockchain from IBM here.

SEE ALSO:

For more information on procurement, supply chain and logistics topics - please take a look at the latest edition ofSupply Chain Digital magazine.

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IBM Blockchain: What Is Blockchain Technology? - Supply Chain Digital - The Procurement & Supply Chain Platform

According to the UK Governments Office for Science, 80% of world-wide trade is carried by maritime transport. UK ports handle 5% of total world maritime trade. A new change is coming to this integral part of the British economy

We are at a new era. Digital information, computer coding and new technological infrastructure are the new drivers of the future world. It is inevitable that these drivers will innovate and change the shipping industry. Many of the commercial contracts in the world may become smart contracts coded by computers. The application of blockchain technology is particularly beneficial in digitising smart shipping.

Blockchain and smart contracts

What are distributed ledgers?

Distributive ledger technology consists of a distributed database, a ledger, shared among participants in a network. The ledger is simply a digital file system which grows and becomes larger with every transaction. Rather than having a single database held in one place, identical copies of the ledger based on mathematical algorithms are held on multiple computers in the network, creating a circle of trust. All network participants have a full copy of the ledger for full transparency.

What is a blockchain?

Blockchain is a specific form of organised distributive ledger technology. All transactions in the network are linked in a sequence of blocks. The blocks can be closed, locked and new blocks can be added to the chain through digital coded transactions. The blocks are stored and recorded in a sequential manner with fixed, specified numbers.

Blockchain algorithms can add subsequent blocks using public and private key cryptography. It is a self-governing system where cryptography verifies information in permanent blocks of data. This is therefore a secure process of verification of transactions, which records the timing of the transaction and ensures that only the intended recipients get access to the information.

What is a smart contract?

Blockchain is capable of moving digital assets. For example, in cryptocurrency, the asset is a digital coin. However, blockchain can be used to allow you to move any asset that can be represented with a digital token for example, registration of land, intellectual property rights or contractual obligations. You can also attach rights to it and put in place coded protections while moving the asset. The rights operate automatically through coding. This is how you create a smart contract. A smart contract is a programmed code which is made out of a network of blockchains containing data.

Advantages of using the distributive ledger technology in the shipping industry

Speed & lower costs

Handling trade on paper and manual handling of documents, even when sent by email, fax or post, slows down logistics and facilitation of trade. Blockchain technology enables the automatic operation of a maritime smart contract, with events triggering actions that would otherwise require manual intervention or processing. Digitisation of the paperwork exchange process is a cost effective mechanism, which will provide savings in transaction costs.

This means that you will not need to take any decisions in relation to the smart contract because the decisions will be taken automatically. The automation will enforce conditions coded into transactions, e.g. enabling a conditional payment in relation to the shipment. This reduces the scope for individual mistakes, removes the role of intermediaries and can improve operational efficiency of port and terminal operators.

Privacy

Blockchain is a distributive ledger technology which means that every party to a shipment has access to their information and a secure audit trail of all shipments. The peer-to-peer network has secure interactions thanks to cryptography. The users identities are safely protected by crypto-programming and permission-based sharing. Each party has the right to protect sensitive information, such as customer data.

Reliability

The blockchain-based tracking system is more accurate because it enables all members of the platform to see the ledger at the same time, and have access to secured data in real time. This means that the port authority, carriers and freight forwarders can improve their logistics by viewing the whole progress of the shipment.

Security & Immutability

All records are individually encrypted. All nodes, which are comparable to small servers, contain a copy of this record. Any validated record in a blockchain is irreversible and cannot be changed. The documents exchanged in real-time on the blockchain cannot be altered, which reduces the risk of fraud. For example, a Bill of Lading is exchanged between participants in the network, whose rights are coded. Each transaction is encrypted using a key which links relevant participants. This reduces the risk of an unidentified number of copies of a Bill of Lading circulating between parties. This Bill of Lading cannot be misrepresented to avoid import taxes.

Key players

These benefits of distributive ledger technology have not been unnoticed. In 2017, Maersk and IBM developed the supply chain called TradeLens, which is run on blockchain. Some of the largest carriers, port operators, for example the Port of Rotterdam, and industry actors in the global shipping supply chain have joined this digital shipping network. In March 2020, Standard Chartered joint TradeLens as the first banking and financial services institution, which demonstrates confidence in this blockchain-enabled digital container logistics platform.

IBM stated that TradeLens platform will reduce the cost and complexity of trading. IBM and Maersk want the blockchain technology to manage and track the paper trail of millions of containers in the world. It is a neutral platform, accessible to all stakeholders, which moves the technology and the shipping industry forward by cooperative data-sharing.

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Blockchain in the shipping industry - the rise of Smart Shipping - Lexology

Blockchain technology has been predicted to take off for some time now, but governments seeking to reboot their economies again could be the catalyst for adoption.

Multiple predictions have been made in recent weeks about how much blockchain investment will take off in the years to come.

Earlier this month, Forbes Business Insights predicted the market would be $21bn by 2025. Considering the market was only $US1.64bn in 2017, this level of growth would equate to a 38.4 per cent compounded annual rate.

This followed on from a similar prediction last month made by American analytics firm CB Insights. It thinks spending will surpass $US16bn by 2023 and has practically limitless potential in 58 industries.

To date blockchain has been more hype than reality with it having very little impact on peoples daily lives.

But signs in recent days point to a brighter future for blockchain, with lawmakers starting to seriously consider its potential as an economic growth opportunity.

One of the more notable pushes towards blockchain adoption is in China, where currently the National Peoples Congress (NPC), the top legislative body, is holding its annual meeting.

A Beijing News report over the weekend suggested deputy to the NPC, Jieqing Tan, would propose setting up a special fund for blockchain industry development.

Such a fund would support the development and growth of blockchain enterprises and cultivate a new generation of unicorns.

While Tan may be just one lawmaker, the embracing of blockchain has made its way higher in Chinas ranks.Last year, President Xi Jinping made multiple statements in support of blockchain technology.

The news excited the industry in China, and globally, at the time, but China has since been preoccupied with the virus and its economic impact.

Meanwhile, in the US last week one of the most conservative Republican representatives, Brett Guthrie, introduced an Advancing Blockchain Act into the House of Representatives.

He said the act would promote the use of blockchain in the economy.

The ongoing coronavirus pandemic has made it clear that we need to maintain American leadership in technology, Guthrie said.

America is a nation of innovation and enterprise and we need to keep it that way. We cannot let China beat us.

But its not just the worlds two most powerful nations where blockchain advocacy has reached law-makers. Japanese officials are looking into blockchain technologies too.

Senator Otokita Shun, a member of Tokyo Nippon Ishins Financial Affair Committee, said digital assets would become more important for the economy in the future.

In a tweet on Saturday he said the Diet (Japanese parliament) would call for improvements to tax and regulations that hindered innovation.

Probably the most noticeable use of blockchain that would impact peoples daily lives would be as the basis for a proposed immunity certificate or passport.

This document would certify the holder either cannot be infected by COVID-19 or is at lower risk. This would potentially give governments confidence to re-open their borders to tourists and business travellers again.

Three firms in Europe Guardtime, SICPA and OpenHealth are working on such a project.

A finished product would contain peoples COVID-19 test results and consequently help governments monitor the populations state of immunity. Patients would only need a smartphone or computer to sign up.

The companies hope it will be adopted en-masse by European lawmakers.

They claim that the data will be secure and impossible to falsify, a critical element in the continent with the worlds strictest data protection laws.

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Blockchain expected to explode when lawmakers finally embrace it as an economic growth solution - Stockhead

Blockchain is one of the fastest-growing technology in the market, and a large number of banking, insurance, and tech giants have been deploying numerous blockchain solutions. In 2019, blockchain professionals were at the top of the list of most in-demand jobs, as per LinkedIn.

Numerous financial institutions, startups and traditional enterprise are already either using or experimenting with the technology with great success. The crypto ecosystem had been flourishing in countries such as Singapore, for example, helping it become new-age banking services, and pushing decentralised innovation in the financial sector.

Because the technology is still very new, people who dont have a technical background or coding skills can make a career by understanding the field in detail, and finding an area where they can contribute. If you are a developer, you need to understand the basics of blockchain.

Start by reading the bitcoin white paper to understand where it all started and what concepts such as consensus mechanisms, mining, rewards systems, game theory, and decentralisation mean. Understanding Ethereum comes after that as it is used in a variety of decentralised applications.

While some companies work solely on the Ethereum technology stack or other public protocols, other companies are working on private blockchains, and so there are many different kinds of protocols.

If you are interested in working in the crypto space, then you can focus on learning programming related to open blockchain protocols like Ethereum and learn niche languages known as Solidity, a contract-oriented, high-level language for implementing smart contracts.

Even Python would work in blockchain as Ethereum will soon be launching programs and smart contracts written in Vyper (a Pythonic language). Learning smart contacts is important, knowing the basic principles of data structure, algorithms, and familiarity with the development processes is key to success.

If you want to go and work for financial firms, most of them rely on private blockchains, i.e. the access to the blockchain is controlled by the company, and the data isnt open. Here, the most important skill is learning Hyperledger Fabric, an open-source development platform led by the Linux Foundation.

There are many other blockchain solutions available from companies such as Oracle, IBM and Salesforce offering blockchain-as-a-service tools and leveraging modern programming languages. Choosing a platform will need significant research and a clear understanding of the use case, specific to a particular industry. All enterprise blockchain solutions have their own training modules provided by vendors, which programmers can learn.

There are highly valuable positions open for the blockchain industry when it comes to the software side for designing networks, and building decentralised applications and smart contracts. This includes positions such as blockchain network architect, blockchain engineer, blockchain developer, blockchain UI/UX designers, blockchain network security analyst, blockchain project manager, etc.

Through all of these job roles, professionals can make anywhere between $80,000- 150,000 on the global talent market. Salaries in the domestic market would be considerably less though as the Indian blockchain industry is almost non-existent, and only a handful of startups and enterprise POCs exist.

While learning software is one of the most important routes of building a career in blockchain, there are other ways as well. As a startup, you can develop a new protocol for file storage or exchange of data using blockchain. There are many such startups which came up in the last 3-4 years, raising funds via crowdsourcing, aka ICOs.

This includes business development, marketing, and content related positions. With the crypto ecosystem coming to life, we see multiple projects offered ICOs and hired a bunch of business executives and marketing professionals.

Blockchain advisors can help companies find problems which can be solved with blockchain technology. Due to their acumen in both business and technology, they can combine those two to find niche implementations of distributed ledgers. If you are a business person without technical skills, you can start with the basic understanding of fundamental blockchain concepts such as distributed computing, consensus protocols, tokenomics, cryptography, crowdfunding, etc.

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Choosing Blockchain As A Career: What Are The Options? - Analytics India Magazine

In an exclusive interview with Cointelegraph, renowned cryptographer Jean-Jacques Quisquater discusses building the internets first blockchain in the 1990s and being cited in the Bitcoin Whitepaper.

In 1989, Quisquater began working on transitioning media from analog to digital systems for Philips Research Lab in Brussels, where he had been working for 19 years.

The goal was to take a current (analog) situation in real life, and find out how to handle it in digital systems, said Quisquater.

We did that for analog signatures, time, location ... and we discovered many problems, some still to be solved correctly, but we took special care for time (we called it timestamping).

After investigating concrete situations in which timestamping is crucial, the research lab had a series of very positive meetings with Belgian notaries during the same year.

Quisquater stated that the research lab produced a system in which the digital signatures of notaries are used to timestamp documents that are communicated across a distributed network and stored on a database:

We imagined, together with the notaries, a system where notaries could convert documents into a digital version (pdf was not there at that time), put a digital signature on it, and send it to a trusted central authority of the notaries (in Belgium, we call it l'Ordre des Notaires, a central location). At the time there were some digital communications between notaries using modems (forget internet).

The next problem was what to do at the central location, said Quisquater. We then imagined using cryptographic hash functions in order to register in a secure way to receive messages without any possibility of changing it with the digital signature of the central authority (ordre des notaires).

And one day I discovered that it was possible to use that without the use of such signatures if the whole file (chain) is public for all notaries. The concept of (block)chain was created!

However, Quisquater noted that the lab also experienced escalating financial difficulties, leading to its closure at the end of June 1991.

Quisquater then began working for the Belgian university UCLouvain, in a very bad position where he was paid the lowest possible salary for a professor, and only worked half-hours.

However, in 1996, he received a grant alongside Bart Preneel of KULeuven university to work on a project called Timesec.

The idea was to introduce standards at the [International Organization for Standardization] ISO and [Internet Engineering Task Force] IETF levels about secure digital time in order to get a more secure tool as [Network Time Protocol] NTP, said Quisquater

The cryptographer recounts papers written by Scott Stornetta and Quisquaters long-time friend Stuart Haber offering ground-breaking insights into the use of hash functions for timestamping at the time papers that are also cited in the Bitcoin Whitepaper.

After receiving the grant, Quisquater began to work on implementing the first blockchain on the emerging internet alongside Haber:

The first blockchain, by Stuart, was using NYTimes to publish hash values (surety.com). It still exists. We used blocks (the real idea of Merkle) chaining with 2 secure hash functions (in case one is broken) and a secure pseudo-random generator.

Quisquater recounts that the IETF was not really interested in our ideas (too complicated), but ISO was able to publish a working draft and then an ISO standard about blockchains [that] was continued till very recently.

Five papers were written about the project, including Design of a secure timestamping service with minimal trust requirements the second reference listed in the Bitcoin Whitepaper.

Haber and Quisquaters system did not involve any form of mining.

Last week, EAL7-security certified hardware wallet manufacturer Ngrave announced the appointment of Quisquater as an advisor ahead of the launch of their flagship Zero wallet.

Quisquater stated that he will advise the company on how to secure a chip, a physical object, and how to make sure that a cryptographic algorithm is the right one, in addition to general rules to handle security.

Ngrave co-founder and CEO, Ruben Merre, told Cointelegraph that the Ngraves founders first met Quisquater in October 2018, leading to collaboration on crypto security.

It was apparent that Quisquater shared the same vision as the Ngrave team, said Merre, recounting that when they next met in person, the Ngrave team explained their newly invented key generation process, and Quisquater told the team he had the exact same thing in mind.

The first half of 2020, interactions became more frequent and eventually Quisquater also became formally involved, Merre added.

Quisquater has also advised 12 blockchain startups, four initial coin offerings (ICOs), and has given at least 25 talks on the subject of blockchain over the past three years.

Link:

Legendary Cryptographer on Building the First Blockchain in The '90s - Cointelegraph

Over the years, Fisher Phillips has covered the proliferation of blockchain technology extensively. From streamlining the hiring process to its ability to enforce workplace policies, the benefits are numerous. This is particularly true for employers grappling with how to securely store employee health information in a post-pandemic workplace (more on that in a minute). If you have no idea what Im talking about, or kind of know what Im talking about, but still dont quite get it, lets begin by answering that initial question: what is blockchain?

Blockchain Is More than Bitcoin

Many of you have likely heard of the cryptocurrency, Bitcoin. Blockchain is the technology that makes Bitcoin possible. At its core, Blockchain is a chain of records that can be added to, but not modified. It is a decentralized database that stores a ledger of assets and transactions across a peer-to-peer network, while using its network to authenticate transactions. Authentic transactions are then cryptographically secured and stored in blocks of data, which in turn are cryptographically linked and secured. A network of users, collectively adhering to a set of pre-agreed rules, carry out this cryptographic validation. This provides integrity to the system, ensuring only one single correct version of events is stored, which cannot be changed subsequently without the agreement of a majority of nodes. Nodes can be any type of device, but are most often computers, laptops, or large servers.

Once on a blockchain, data is unalterable; you can only add data, you cannot remove it. By locking the data cryptographically and replicating it on all computers across the network, blockchain makes tampering with data virtually impossible. This allows any blockchain user with proper access to view the data, track its history, and know that it can be trusted.

Blockchains Fight Against the Coronavirus

This theme of trust has propelled blockchain into the coronavirus discussion. The ability to aggregate droves of data in a secure, immutable ledger has many healthcare experts looking for ways to bring blockchains utility to the frontlines of the battle. The Department of Electrical and Computer Engineering at Villanova University for, example, is currently developing a platform to contain COVID-19 by utilizing blockchain, Artificial Intelligence (AI), and Internet-of-Things (IoT) technologies to help medical facilities track coronavirus cases on a global scale. The system will utilize blockchain to share coronavirus test results among medical facilities on a trusted infrastructure. IoT and AI are used to survey public spaces where large gatherings occur and push out alerts over the blockchain when such gatherings are deemed high-risk. These alerts will assist healthcare providers in making informed decisions about how to properly allocate the dwindling supply of medical staff and equipment. The need for such platforms is immediate, as more and more state governors identify contact tracing as a critical aspect of being able to safely reopen the economy.

Blockchain can also be a game-changer across a broad spectrum of companies as employees slowly return to work from country-wide stay-at-home orders. Many companies are now taking temperatures and conducting coronavirus tests onsite before allowing employees to enter the workplace. Collecting such information on virtually every employee puts HR departments at risk of being exploited and, as more companies are confronted with data breaches, it is critical that safeguards be put into place to prevent fraud and maintain security. In the face of rising cybersecurity crime, blockchain is being lauded as a solution. Since records stored on the blockchain are decentralized, theres no single place where hackers can access and manipulate data. Additionally, access to the blockchain is limited and controlled and even those with access cannot arbitrarily make changes to the record. This type of safeguard limits both internal fraud and external hacks of sensitive employee records.

Conclusion

Blockchain can come across as a hyper-technical and somewhat nebulous concept. The benefits, however, are not. A more secure, immutable system of storing data is a concept we can all get behind. Blockchains utility in the workplace will extend far beyond the frontlines of the coronavirus.

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The Fight Against The Coronavirus Finds An Unlikely Ally In Blockchain - JD Supra

Everyone has heard the term Bitcoin, especially when its price hit $20,000 per coin in late 2017. Despite this, Ive found that few people know what the word blockchain means. The blockchain is the distributed ledger that cryptocurrencies run on. Without the blockchain, the entire cryptocurrency market would not exist.

The blockchain was created by a pseudo-anonymous individual going by the name of Satoshi Nakamoto. Satoshis innovation that powers cryptocurrencies is known as the blockchain. It is a ledger of transactions that is distributed on computers all over the world. The ledger automatically updates with every transaction and can be viewed by anyone at any time. Essentially, the entirety of the network reaches a consensus on each of the transactions, thereby preventing false transactions from being added to the ledger. Specialized computer hardware, called miners, carries out the process of verifying and adding transactions to the blockchain ledger. The miners are rewarded in cryptocurrency for carrying out these transactions.

As the CEO of a blockchain mining company that develops mining software and hardware, Id like to talk about how the blockchain works and where the industry may be heading.

The blockchain has been described as the biggest innovation since the internet. Billions of dollars have been invested into projects that are building technology on the blockchain. The most successful application of this technology to date has been in the use of cryptocurrencies such as Bitcoin. (Full disclosure: My company holds Bitcoin, Ethereum, XRP and other cryptocurrencies.) Cryptocurrency is special because it provides the anonymity of physical cash without the need to be controlled by a central authority, such as a bank.

E-gold was introduced in 1996 and became the first successful digital currency system. Due to a lack of trust over the internet, we needed centralized authorities, such as banks, through which to route our monetary transactions. Cryptocurrency, through the blockchain ledger, created something like digital cash. It is anonymous, nontraceable, instant and decentralized. Cryptocurrencies allow us to transfer value without a centralized authority. Thus, the blockchain is often considered to be a solution to something known as the Byzantine Generals problem.

Because we cant trust everyone over the internet, the internet has filled up with a massive number of third parties. The function of these parties is to store and verify our information. Facebook, Google, PayPal and Amazon are examples of third parties that have monetized our data. Unfortunately, the storage of our data by one central authority does have its disadvantages. The central authority becomes a target for hacks and misuse of customer data. Cambridge Analytica, which involved Facebook user data being used to manipulate the electoral process, is an infamous example of this.

Despite the positives of the blockchain, it currently comes with limitations. Maintaining the ledger takes a lot of work, and the machines that carry out this process consume a lot of electricity. Recent data has estimated that the power consumed by the Bitcoin network surpasses the power consumption of some countries. Furthermore, Bitcoin carries out less than a dozen transactions per second, while Visas system can do 65,000 transactions per second. Its important to note that there are other cryptocurrencies that do not have these limitations. XRP, a coin from the company Ripple, can purportedly do 1,500 transactions per second at a negligible power cost. So, although there are other promising coins, Bitcoin is still the most widely known in the market, perhaps because it was the blockchains first trial run.

Just as golds value comes from what people perceive it to be worth, cryptocurrency value stems from the same principle. In 2010, one Bitcoin was worth six cents; at the time of writing this article, one Bitcoin is worth over $8,000. The billions invested into blockchain projects are an indication that people are optimistic the blockchain can revolutionize more than just money.

Entrepreneurs looking to break into the blockchain space should remember, however, that there are many poor applications of this technology. Ive seen companies using the blockchain simply because they see so much hype around it. In many cases, a centralized database is a better way of storing data. So, when considering the use of blockchain for your company or for a specific project, it would be wise to thoroughly assess it to make sure theres a genuine need for the technology. You can find countless online courses on the topic to learn more.

No one truly knows what decentralized applications will come out of the blockchain sector, but its a space to watch over the coming years.

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What Is The Blockchain And Why Does It Matter? - Forbes

Blockchain = Bitcoin

Blockchain may have gained huge momentum in the marketplace, but people are still confused about the terminology. They still see blockchain as a synonym for bitcoin and often use the terms interchangeably.

A result of which is that whenever they think about what blockchain for business means, they think in the extent of cryptocurrencies.

There is no excuse for losing out on the immense business opportunities that the technology can offer you, simply because you are living under a rock. Today, we will be discussing the different ways blockchain can make a huge difference in your businesses processes in this article.

But first, lets take a look into the challenges faced by traditional business models.

In the traditional business model, every process functions as silos. People belonging to one process are unfamiliar with the information gathered, analyzed, and employed by those belonging to another process. This autonomous nature of processing of businesses is resulting in lower transparency and trustability among all.

As stated earlier, all the processes act as different entities in a business operation. Because of this, teams often end up searching, gathering, and analyzing the same data to make decisions.

Besides, the teams have to rely upon different third-party intermediaries for proper functioning of their business processes, which in turn, makes processes time-consuming and cumbersome.

This is again one of the business problems solved by the technology.

Another challenge that has been mitigated with the advent of Blockchain business models is that of payment barriers.

Because of availability of different currencies across the globe and the involvement of multiple parties into the proces, payment transfer often ends up being more complex, time-taking, and costlier.

The traditional business ecosystem data and stakeholders are not prepared for the far intelligent and constantly growing hacking world. This makes information reach only a few steps behind the leak and hack.

In the traditional business model, all the processes are performed manually. Besides, various third parties are involved in every process, which not solely demand an additional amount of money and time, but also charge heavily for their services. This, altogether, results in a stagnant rise in the cost associated with a particular task.

Now that we are acquainted with the issues startups and established companies are facing with the conventional model, lets see what differences come forth with the involvement of blockchain for business processes.

The foremost application of blockchain in the business world is Smart contracts.

As you can depict from its name, Smart contracts are a kind of self-executing contract where all the terms and conditions from both parties are written in the form of codes. These codes are then stored on a decentralized blockchain network, making them immutable.

So, whenever the codes written are fulfilled, the associated conditions are executed. And in case any of the parties overrules the conditions, the services/products are returned back to the other party.

This way, the use of smart contracts encourages businesses to execute legal actions without involving any attorney, government officials, or other fee-charging middlemen to settle down disputes.

The collaboration of blockchain and digital payments is also one of the obvious applications of decentralized blockchain networks. By removing the involvement of third parties and associated documents like billing statements and invoices, blockchain has also eased the cash flow in the startups and establishments.

Let me explain this with an example.

Suppose, you run a medical organization. By harnessing the power of blockchain, you can claim to a patients insurance provider if both are on the same platform. Wondering how? While being in the same blockchain network, the insurance company will be familiar with the number of times a patient visited your medical organization along with an access to all the payment details. This will create a transparent environment and enable the company to respond to your claim immediately. At the same time, patients also get a comprehensive detail about the co-payment even before leaving your office.

When talking about the role of Blockchain in Supply Chain, the technology enables SMEs to track their products/services throughout the process right from manufacturing to transportation, and delivery at the consumer end. It introduces the power of transparency and immutability into the process, making it possible for the companies to combat counterfeiting, delays in product delivery, as well as robust security in the process.

The role of blockchain in the recruitment process of the business world is also becoming more evident.

The technology prevents candidates from using photoshop or other such tools to build fake yet impressive documents. This also aids organizations with saving time required for verifying all the documents and hiring the potential candidate. A consequence of which is that companies are putting their best efforts in connecting with the reputed blockchain development companies and hunting different applications for blockchain in their business.

When focusing on the blockchain impact on business economy, the technology also improves marketing campaigns.

Blockchain empowers marketers to keep a real-time track of client information and customer behavior, which helps them to create effective campaigns and derive higher ROI.

Whats more, the technology enables the team to authenticate the traffic from the real world, which later helps to relish higher outcomes from every single penny invested in the process.

One of the top ways blockchain can improve your business is by introducing robust security measures in the environment.

The technology comes with the power of decentralization and transparency which encourages users on the network to store and verify some or all of the information stored in the network. Also, the blockchain network comes with higher complexity and security considerations which lower down the risk of cyber attacks.

In addition to this, the concept of blockchain for digital identity facilitates users with the functionality to protect and maintain their identity and see how they can access their information and use it for any purpose.

Last but not least, Blockchain technology also opens new doors for engaging a wider target audience.

The integration of blockchain and customer engagement bring forth various opportunities and advantages. This includes empowering users to take control of their personal information, adds the power of transparency to the business model, foster quick transactions, as well as ensure entrepreneurs and marketers in identifying loyal customers and building trust.

While these benefits of blockchain technology for business would have made you inclined towards the idea of investing in blockchain development, it is advisable to determine its future first. So, lets have a quick glance at the future of blockchain.

When talking about the future of Blockchain technology, it has unparalleled potential to introduce new ideas and concepts into the existence, alongwith integrating to the existing ones and make a great sense of everything prevailing in the market.

The technology, just like Silicon Valley, comes with the promises that are confined only to the imagination and efforts of the entrepreneurs and application developers existing/entering this field. That implies that the role of blockchain business applications depends utterly on how much we harness its potential in our business economy. Something related to which various predictions have already been made, including

1. As per a PWC report, 77% of the financial institutions are anticipated to embrace blockchain technology as a core part of their in-production system or process by the end of 2020.

2. A report by Gartner forecasts that blockchain technology will generate an annual business value of around USD 3 Trillion by the year 2030. This clearly demonstrates that 10%-20% of the global economic infrastructure will be governed by blockchain-based systems by the same year.

3. Another prediction by Gartner is that by the end of 2020, the banking sector will attain 1 Bn dollars of business value with the use of blockchain-powered cryptocurrencies.

4. By collaborating with the Internet of Things (IoT), blockchain is also expected to emerge as the Blockchain of Things and make a market of USD 3,021 Mn by 2024.

5. 55% of healthcare apps will be using blockchain for commercial deployment by the year 2025.

6. Blockchain is also emerging as the perfect answer to the fight against Coronavirus by offering real-time tracking information, data immutability, and transparency across distributed decentralized ledgers.

7. Also, the business and IT services will mark 70% of all the blockchain spending in the future.

With this attended to, lets not make you wait any longer and take a quick look at how to implement blockchain in business processes of your startup/established brand.

When it comes to upgrading your existing business by harnessing the power of blockchain or starting a new startup, it is always recommended to contact the best blockchain development company. This is so because the technology is still in its novice state and can bring forth various hidden challenges and barriers that could be difficult to tackle without prior experience. Implying, it can be nearly impossible to look into the importance of blockchain in businesses without support of the experts. So, do not overlook this fact. Contact the experts and make the best use of blockchain for business growth.

Sudeep Srivastav

CEO, Appinventiv

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7 Ways to Embrace Blockchain for Business Transformation - Appinventiv

The story of blockchain market adoption closely resembles the path taken by other disruptive technologies: an initial industry explores what is possible, others give form and substance to what is plausible, and the marketplace helps define what is practical. Its no longer a question of whether the technology will workit does work. Whats at play now is how each industry will tailor blockchain adoption to meet its needs.

Linda Pawczuk is the global consulting blockchain and digital assets leader and a principal at Deloitte Consulting LLP.

Collective sentiment about blockchain is on the rise, along with meaningful implementations in the public and private sectors. At the same time, a new era of maturity is setting inone in which organizations proceed with greater intention and seriousness as they tackle the challenges that come with adopting disruptive technologies.

Some of these challenges are rooted in the development of blockchain and distributed ledger technology: processing speed and scale, interoperability, and tech stack maturity, among others. Because of their technical nature, these challenges are likely more recognizable and understood within a context like blockchain that is inherently technical. And while not entirely resolved yet, progress is being made.

As blockchain and digital asset adoption increase, new and different kinds of challenges are coming into focuschallenges that underscore the operational implications that follow from market adoption. We categorize these new market challenges as the following:

Early tech-heavy focus. Its understandable that the early focus of an emerging technology like blockchain should be on development more than the pressing market challenges that impact longer-term adoption. But a tech-heavy early focus may make it harder to resolve other market challenges that impede lasting adoption and make them more pressing as the technology matures.

As blockchain and digital asset adoption increase, new challenges are coming into focuschallenges that underscore the operational implications that follow from market adoption.

Multi-party models. Any discussion of market challenges within the context of blockchain should also include multi-party business models. By its very nature, blockchain represents a multi-party solution transforming a process that was linear, siloed, and point-to-point into a distributed peer-to-peer form of governance. Blockchain democratizes information and access to it.

Despite their many potential benefitsincluding cost savings, sharing of risks, and removing friction from years of inefficient processespeer-to-peer models often take longer to deliver return on investment. They require a new way to share information and create value and evoke an array of issues to overcome, from data ownership and privacy to governance to financing to civil/criminal liabilities and beyond. This is true even in a vertical supply chain ecosystem, where interests are more naturally aligned, similar to the industry-focused platforms developed by IBM.

A horizontal multi-party business model presents its own kind of market challengewhat some may consider an unnatural coming together of potential competitors for a common purpose. This isnt always easy, even when the larger network effects and other strategic benefits are understood by participants. For one thing, some organizations are more efficient and strategic than others. And few organizations want to risk the competitive advantage and brand equity they took years in building.

The Blue Cross Blue Shield Association, along with a coalition of Blue Cross Blue Shield companies, are looking to use blockchain technology. Shahzad Shah, executive director and chief enterprise architect of Blue Cross Blue Shield Association, views the governance structure as the critical factor to resolving the coopetition paradox. Since it is unlikely that all coalition members will have complete alignment at all times, the ability to rally around a common way of working and decision-making is at the foundation of our coalition. We didnt begin by building the technology; we began by unifying our goals and how we will operate and make decisions. This collaborative approach to a multi-party operating model helps to build trust and facilitates the data sharing required to transform the provider data process.

Regulatory clarity. For blockchainand other disruptive technologiesone challenge is finding the right balance between innovation in blockchain and the regulatory policies that will govern it. Regulation is necessary and can be a force for good. It provides a much-needed ordering effect on the marketplace as a new technology achieves mainstream adoption. But when its not aligned with innovation as it is occurring, it could slow adoption.

Blockchain is being applied in highly regulated industries like financial services, life sciences, and pharma, among others, which could be adding to the tension. Establishing regulations on privacy, anti-money laundering (AML), know your customer (KYC), economic sanctions, material provenance, tax reporting, data security, and many others, to accommodate the tactical application of blockchain technology in an operational setting presents a substantial hurdle to overcome. This is also important since the long-term implications may not yet be fully understood by regulatory authorities, and the applications of blockchain are continually evolving.

We didnt begin by building the technology; we began by unifying our goals and how we will operate and make decisions.

Terri Cobb, IBM alliance lead at Deloitte Consulting LLP, pointed out that companies may one day need to prove theyre taking the necessary measures to secure data in their possession. IBMs LinuxONE servers have a way to do that using pervasive encryption. Pervasive encryption protects blockchain data whether its in flight or at rest. This is a highly secure way to control data on the mainframe and when it goes to another system. Its also yet another example of how blockchain is influencing how business gets done.

Geographic variability. With blockchain premised on a multi-party and often cross-border architecture, different geographies are taking distinct positions on the status of blockchain and digital assets. This can mean challenges in cross-border blockchain adoption, even without regard to regulatory issues, and render the kinds of global initiatives blockchain promises tougher to realize.

To help mitigate the perception of risks, some jurisdictions took an early and, at times, strong regulatory stand with respect to cryptocurrencies and digital assets. Others implemented regulations that encourage development of this technology, rather than focusing on problem management.

Beyond cryptocurrencies and digital assets, different jurisdictions have varying regulations with direct impact on cross-border blockchain models even if blockchain isnt the focus. For example, the General Data Protection Regulation that governs data protection and privacy within the European Union states a right to be forgotten that enables EU citizens to request their personal data be erased from network storage repositoriesa provision that may be incompatible with the immutable character of digital ledger technology.

Regulatory views on cloud adoption, national open standards on application programming interfaces, cybersecurity requirements, and health information, among others, all vary from country to country, too. A homogeneous cross-border blockchain platform may struggle to comply with these regulations under different regimes.

Even within a given country, especially if the country is sufficiently large and government is stratified, we may see variability in regulatory positions. Take the USsome states have introduced blockchain-related legislation and some have not, with the effects of legislation being highly uneven. At the federal level, there appears to be no greater measure of cohesiveness. For example, there is no single voice about the treatment of cryptocurrencies: The Internal Revenue Service treats cryptocurrencies as property, while other federal agencies such as the Commodity Futures Trading Commission and the Securities and Exchange Commission apply an evaluative approach in determining the status of a particular cryptocurrency and which of the two agencies has proper jurisdiction.

It is said that regulation follows innovation and sometimes labors to keep up. Blockchain is no exception. The quest for regulatory clarity may yield a more realistic and practical set of global guiding principles and industry standards that individual jurisdictions may choose to adopt.

Theres some evidence that this is already happening. For example, the Financial Action Task Force, an intergovernmental organization established to combat money laundering, recently issued a set of recommendations that detail regulatory guidelines on virtual currencies, including cryptocurrencies and cryptocurrency exchanges intended for adoption by its member jurisdictions.

Third-party guidance. Lack of regulatory harmony may lead to confused and possibly incorrect interpretations of requirements and inadvertent noncompliance. As more information is recorded on blockchains, professional services guidance is critical in rendering correct judgments about operative regulations. And, of course, the challenge becomes even more pressing when the blockchain model crosses borders.

How can an auditor, for example, use regulatory requirements to test and certify that a procedure is compliant if the requirements are unclear?

We see blockchain as one technology that might solve some of our business challenges and the challenges our customers face, but the question is Why blockchain?

The challenge that confronts professional services guidance in a blockchain-driven world goes beyond just regulatory clarity. It extends to a complete understanding of how the underlying transaction operationally works within the context of the blockchain technology. Did the technology change the transaction in any way simply because it took place on a blockchain? How do you test for AML/KYC compliance within the construct of this new digital world? These and other questions will likely drive auditors to develop a deeper understanding of blockchain technology and represent a substantial market challenge.

These are just a few of the market challenges that confront the wider adoption of blockchain todayand theyre now receiving the kind of focused energy that purely technical challenges enjoyed in years past. This evolution is a mark of maturity that often signals the wider adoption of disruptive technologies and the kind of adoption were seeing today within the context of blockchain.

As Sumeet Bhatia, head of innovation at Zurich Insurance NA, explains, We see blockchain as one technology that might solve some of our business challenges and the challenges our customers face, but the question is Why blockchain? Blockchain adoption should not be a solution looking for a problem, but the other way around. At Zurich, as we turn to an innovation mindset to find solutions, we start with the problem statements, then develop appropriate use cases. Recently, we started in multi-party data sharing and reconciliation in the group captive renewal process, which today is very manual and paper-based. While this is a very basic use case, early results point to wider adoption of blockchain solutions within Zurich Insurance, driving meaningful ROI.

As blockchain finds its way into organizations strategic plans, new challenges will emerge requiring multidisciplinary perspectives. But just as the applications of blockchain become more nuanced and familiar, so, too, should the market challenges. This is what happens as a technology moves from early stage experimentation to production and, finally, to production at scale.

Deloitte Consulting LLP would like to thank Jonathan Holdowsky, Tim Davis, and Alexi Von Keszycki for their contributions to this piece.

For more information, visit http://www.deloitte.com/us/blockchain.

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Blockchains next frontier: Shaping the business model - MIT Technology Review

NEW YORK, NY - MARCH 12: A pedestrian wearing a face mask walks by the New York Stock Exchange ... [+] (NYSE) on March 12, 2020 in New York City. (Photo by Liao Pan/China News Service via Getty Images)

Overstock.com will pay the first-of-its-kind digital voting series A-1 preferred stock (OSTKO) dividend on May 19.How the market will trade and value the security remains to be seen; no one has a crystal ball.But OSTKO, a DTC eligible security, is a baby step toward using distributed ledger technology to measure share ownership.A baby step for blockchain adoption in the financial market that could help the average investor understand what they buy better than traditional markets do now.

OSTKO will trade on tZERO's Alternative Trading System (ATS) only and not multiple exchanges. Shareholders as of record date April 27, 2020, will receive the dividend, which will be distributed on a 1:10 basis in shares of OSTKO on May 19, 2020.

Shares of OSTKO are publicly traded.As with any regulated security, the usual stock transfer agent systems will track shares, nothing new.OSTKO will also be measured on tZEROS's blockchain platform.This means that existing systems will be used simultaneously with tZERO's ATS token trading innovation.This dividend is a blockchain first for tracking share ownership.

This sounds like a baby step in the halls of blockchain hype.Will it change the way we understand equity to be valued or traded in the U.S.?Probably not, at least not yet.But it does highlight a shortcoming in how traditional securities are valued and puts into question who owns a company's stock.

In the U.S., stock transfer agents and security custodians manage transaction changes in equity issuance, clearance, and settlement keeping a record of who owns what company. The Bank of New York Mellon and State Street are two of the largest custodians. However, there are other custodians and many more transfer agents.The possibility of different ownership interpretations exists and applies to both public and private transactions.Transfer agent's information is not always consistent. One famous example from 2017 is the fallout from the Dole Foods Buyout, which resulted in a $115.7 million settlement because of conflicts in shareholder records. To understand who owns a company, from individuals to institutions, insiders and outsiders, you need to understand a company's stock registry.The accuracy of ownership, blockchain's promise of transparency, is Overstock's big idea.

This kind of tracking system could improve fiduciary requirements when tracking closely held companies, as in the case of employee stock ownership plans.Antitrust and buyout lawsuits could also be streamlined because of this level of ownership accuracy.

Overstock has been an early adopter of blockchain technology.Through Overstock's subsidiary, Medici Ventures, it is clear that they have a vested interest in supporting their fledgling start-ups like tZERO, Grain Chain, Voatz, Symbiont, and a variety of others.This may raise questions about Overtsock's motivations in allowing OSTKO to be single exchange security, trading only on ATS's platform.Keeping in mind that trading any security represents risk and potential loss, buyers and sellers of Overstock will speculate of the benefits of OSTKO value.This doesn't change the fact that OSTKO also represents a blockchain innovation that highlights a real problem in the industry the public should know more about.

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Does The Way We Track Stock Ownership Cost Us Money? Overstocks Digital Dividend Uses Blockchain To Prove A Point. - Forbes

FalconX raised an inflation-adjusted equivalent to Facebook's 2005 Series A, Bakkt has unveiled $600 million in total insurance cover and Andressen Horowitz anticipates another age of growth.

Crypto trading platform FalconX closed a mult-imillion dollar seed funding round led by Accel, a venture capital firm that took a gamble by investing early in Facebook. Looking at these two raises separated by 15 years is revealing. Adjusting Facebook's 2005 Series A to today's terms brings it to around $17 million, or the amount FalconX was just handed.

You're readingBlockchain Bites, the daily roundup of the most pivotal stories in blockchain and crypto news, and why they're significant. You can subscribe to this and all of CoinDesk'snewsletters here.

Unlike Facebook, FalconX doesn't seem interested in mass adoption. The firm told CoinDesk it has no plans to expand its services to retail investors.

Top Shelf

Not SmilingGrin, the privacy-centric project that garnered outsized interest in investments in 2019, is showing little signs of life.Its price has dropped 20% year to date, while the networks hash power and mining difficulty have experienced nine consecutive months of decline.Grin launched during an altcoin bear market, said grin developer David Burkett. That the price has so far only moved downward is a very similar movement to many coins launched at the same time.

Bakkt's BackingBakkt has onboarded more than 70 clients for its custody services and given them the option to tap more than$600 million in insurance coverageoverall, the company announced Monday. The company has also completed two audits into its financial reporting and customer data protection controls by KPMG and PwC, respectively.

FalconX's Facebook-level RaiseFalconX, a cryptocurrency trading platform, announced it has raised a total of$17 million in a round led by Accel,with backing from Coinbase Ventures, Fenbushi Capital and Land Avon Ventures. The platform claims 100 customers as well as an AI-powered trading solution programmed to eliminate artificially inflated prices. CoinDesks Paddy Baker puts the raise in perspective by detailing Facebooks $12.7 million Series A led by Accel in 2005. Inflation means Facebook's raise would now be worth the same as FalconX's; then again, a pre-seed is two or three raises behind a Series A, he said.

Cyclic ThinkingBy monitoring10 years of data including from subreddits and Github analysts at Andreessen Horowitzhave found that crypto boom cycles progress in roughly five phases. 1) The price of bitcoin and other crypto assets goes up, 2) leading to new interest and social media activity, 3) leading to more people getting involved, contributing new ideas and code, 4) leading to projects and startups getting created, 5) leading to product launches that inspire more people, eventually culminating in the next cycle. With the launch of a new$515 million crypto fund,the venture firm looks bullish on the next cycle of development.

Testing DEXSynthetix is putting over$40,000 in crypto on the lineto entice users to try out the faster beta of its decentralized exchange (DEX). The test aims to solve the painful trade-off between network speed and security that affects DEXs, hinting at a future where these platforms can scale.

Crypto Long & ShortMining derivatives are a signal of cryptos growing sophistication, CoinDesks Noelle Acheson puts forward in the latestCrypto Long & Shortnewsletter, following up on derivatives exchange FTX recent launch of what they are calling hashrate futures, based on bitcoins difficulty level. This particular instrument may or may not take off. Its significance is more that it could trigger a new wave of financial innovation that supports the growth and increasing sophistication of the bitcoin mining industry, which is struggling to adjust to reduced revenue and tougher competition, she writes.

Derivative RaisesCrypto derivatives platforms have brought in $552 million of institutional-focused capital since 2014,The Blockreports. The majority of the fresh capital was raised by two deals involving Bakkt.

Spill the tBTCA tokenized version aiming to bring Bitcoin onto Ethereum has closed down after two days, its developer Matt Luongo said. Named tBTC, the project is pausing deposits for 10 days, and its creators are helping users withdraw funds. A post-mortem, and possible resurrection, will come from Luongo once the smart contract is empty, he tweeted. (Decrypt)

Market Intel

First MoverBitcoin trading volumes are averaging their highest levels since last July, according to Arcane Research, while the number of open bitcoin futures contracts on the CME exchange is rocketing.Such enthusiasm contrasts markedly with the dour outlook of Federal Reserve Chair Jerome Powell and the declining returns on the benchmark S&P 500(down 11% year to date). For bitcoiners, the pessimism on the economy was just another reason to be bullish, since it means the Fed is likely to inject more money into the markets, strengthening the case for buying the cryptocurrency as an inflation hedge, CoinDesks First Mover team said in todays newsletter. Get it inyour inbox!

Key LevelBitcoin's attempt to scale $10,000 looks to have stalled again. This is thethird rejection to cross the psychologically importantlevel since May 1. Dropping to $9,450 during European trading hours, the currency is trading around $9,600 at time of writing, representing a 145% increase since March lows.

Hash Rates SpinningAlong with prices, Bitcoins hash rate has steadily climbed over the weekend, following a post-halving dip. On Sunday the hash rate hit highs of 107 exahashes per second, recovering from a drop to 87 on Thursday, the lowest since December. (Decrypt)

The Breakdown, Money Reimagined

Is bitcoin the answer for a global monetary system not longer served by the dollar standard? Episode 3 ofThe Breakdown: Money Reimaginedexaminesbitcoin and permissionless stablecoins- both of which are forcing the global monetary system to examine deeply ingrained beliefs.

The Breakdown: Money Reimaginedis a podcast crossover micro series exploring the battle for the future of money in the context of a post COVID-19 world. The four-part podcast features over a dozen voices includingConsensus: Distributedspeakers Niall Ferguson, Nic Carter and Michael Casey. New episodes air Fridays on the CoinDesk Podcast Network.Subscribe here.

Who Won #CryptoTwitter?

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Blockchain Bites: a16z's Cyclic Crypto Thinking and Grin's Grim Outlook - CoinDesk - CoinDesk

Bitcoin (CCC:BTC) is certainly the best-known cryptocurrency and the largest by market cap, but that doesnt necessarily make it the best choice.

Source: Shutterstock

The cryptocurrency market has become an exciting topic among many investors. Starting around 2017, cryptocurrency returns made the headlines in many countries as participants wondered which would be the best cryptocurrency to own in the long run.

Nowadays, many investors are nervous about broader equity markets future over the next several years. Central banks are using various tools to provide liquidity in the markets.

We hear about national debt levels piling up and interest levels going down to record low levels. Therefore a large number of investors are looking at cryptocurrencies and wondering if a similar overzealousness may once again manifest in 2020 or beyond?

If you also believe that these payment platforms may have a potential run-up in price in the near future, then you may want to do further research on which cryptocurrency should be on your radar screen. A basic internet search will list thousands of cryptocurrencies.

Lets take a closer look.

As Bitcoin remains the poster-child for the industry, many investors still feel it is possibly the best cryptocurrency to own.

Each investor would need in-depth research to decide what may be best for their portfolio. However, today Id like to discuss how the BTC price moves in more detail. Bitcoin was invented in 2009 by an anonymous founder (or group of founders) using the pseudonym Satoshi Nakamoto.

In the 2010s consumers increasingly began to appreciate that cryptocurrencies could enable users to exchange virtual payments for goods and services. The fact that they do not require a central trusted authority (such as a government) has contributed to the allure.

Every time I look at a Bitcoin price chart, I immediately notice continuous peaks and troughs as well as choppiness. In other words, soon after it looks like its ready to make new highs, the price plummets.

For example, in 2017, the price soared from under $1,000 to nearly $20,000. But it then fell below $7,000. By November 2018, it was below $4,000. Then in June 2019, Bitcoin was over $10,000.

Yet in early January 2020, Bitcoin was back around $7,000. As broader stock markets began falling in February, Bitcoin hovered around $9,000. By mid-March, it dropped to the $5,000 level.

As global stock indices and individual share prices began recovering from their multi-year lows seen at the end of March, the Bitcoin price also began an ascent. On 8 May, it was shy of $10,000. Then the next few days proved extremely volatile as the cryptocurrency went through its third halving on May 11. On that day, the price went briefly below $8,300.

InvestorPlacesJosh Enomoto has recently written in detail about Bitcoins halving. He highlights that Very roughly, halving correlates to a reverse stock split or share buybacks.

On 18 May, as I write, the price is hovering around $9,600.

However, there are several alternatives to bitcoin that many investors watch. For example, you may want to do due diligence on Ether and Ripple, two of the large market cap cryptocurrencies. However, please note that due to the volatility of this market, their capitalizations change frequently and often by large amounts. And each currency has a slightly different make-up.

Ether (CCC:ETH), is the cryptocurrency of the Ethereum network, which was launched in 2015 as a programmable blockchain.

Ethereums website highlights that, Like other blockchains, Ethereum has a native cryptocurrency called Ether (ETH). ETH is digital money. If youve heard of Bitcoin, ETH has many of the same features. It is purely digital, and can be sent to anyone anywhere in the world instantly. The supply of ETH isnt controlled by any government or company it is decentralized, and it is scarce.

From humble beginnings in early 2016 around $2.5, the ETH price almost hit $1,100 in Jan. 2018. Now, it is hovering at around $210.

Ripple (CCC:XRP) was also one of the best-performing cryptocurrencies of 2017. It still has one of the highest market caps. Its website describes XRP as, a digital asset built for payments. It is the native digital asset on the XRP Ledgeran open-source, permissionless and decentralized blockchain technology that can settle transactions in 3-5 seconds.

XRPs best days were also in 2017 and early Jan. 2018, when it reached an all-time high of $2.7751. Now, it is hovering at around $0.1997.

Amid such wild price swings, the debate over the value and the future of many cryptocurrencies rumbles on. Yet everyone agrees on how volatile the industry is. And that choppiness may make these cryptocurrencies a day traders dream and a long-term investors nightmare.

Investing the hard-earned cash (that you may want to grow for retirement years) in the highly volatile cryptocurrency market may not necessarily be for everyone, but you may still want to keep abreast of the developments in the industry as well as in the technology behind cryptocurrencies.

There may be a way to have the best of both worlds through both owning a cryptocurrency and potentially buying blockchain-relevant shares. Cryptocurrencies are based on blockchain technology, which can be described as a digital ledger, acting like a spreadsheet.

In the future, blockchain applications are likely to have an increased impact on agriculture, asset management, insurance, healthcare, retail, and supply chain management, to name a few areas.

Therefore for retail investors, companies that work with blockchain technology may also be appropriate businesses to do due diligence on. Their shares may potentially be worthy additions to long-term portfolios.

For example, theEnergy Web Foundation is working with energy giants, including BP(NYSE:BP) and Royal Dutch Shell(NYSE:RDS.A), to explore how blockchain technology can be used in the energy sector.

Several big pharma and biotechnology companies, such as AbbVie(NYSE:ABBV), Pfizer(NYSE:PFE) andGlaxoSmithKline (NYSE:GSK), have been collaborating to promote and cut the cost of drug discovery through increased use of blockchains.

Some global banks and financial institutions, including JPMorgan Chase(NYSE:JPM), HSBC Holdings(NYSE:HSBC) and Visa (NYSE:V), are researching the potential use of blockchain-based banking solutions.

Grocery stores and food manufacturers, such as Walmart(NYSE:WMT)and Unilever(NYSE:UN), are exploring how blockchain could help them keep track of food in the supply chain.

Put another way, I expect to hear the word blockchain more often in the near future. And Many public and private companies will likely to embrace this new technology.

The cryptocurrency market has evolved at an unprecedented speed since Bitcoin came into existence in 2009. Until then, gold was the only real option when it came to fiat-currency alternatives. Gold is not printed by any central bank. It also has intrinsic value. Blockchain technology behind cryptocurrencies has added a new dimension to non-fiat currencies.

Cryptocurrency went mainstream in 2017 as the price of bitcoin, the most popular cryptocurrency skyrocketed. Since then many see BTC as the best cryptocurrency to own.

Billionaire investor Paul Tudor Jones regards bitcoin as a top bet for a hedge against post-pandemic inflation. If you agree with him as well as other analysts that the post-coronavirus world may be good for the price of cryptocurrencies, then you may want to include Bitcoin or a basket of cryptocurrencies in your portfolio, too.

TezcanGecgilhas worked in investment management for over two decades in the U.S. and U.K. In addition to formal higher education in the field, shehasalso completed all 3 levels of the Chartered Market Technician (CMT) examination. Her passion is for options trading based on technical analysis of fundamentally strong companies. She especially enjoys setting up weekly covered calls for income generation.As of this writing, Tezcan Gecgil did not hold a position in any of the aforementioned securities.

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Bitcoin the Best Cryptocurrency, but There Are Safer Blockchain Buys - InvestorPlace