Editors note: The opinions expressed in this commentary are the authors alone. Kenyon Briggs is an attorney at Husch Blackwell in Kansas City. This op-ed is part of a limited series on blockchain sponsored by Husch Blackwell.

What is blockchain technology?

Technically precise definitions found on Google define it as a distributed, decentralized, public ledger. But, what does that mean?

In its most basic and general form, simply think of blockchain technology as a new method of securely storing and processing data. At its core, blockchain technology is simply a new ledger technology that can store information.

Kenyon Briggs, Husch Blackwell

Ledgers have been used throughout history to track and organize information. Think back to the years when hotels used guest ledgers to track overnight stays. Accountants used to track all of a companys bookkeeping entries in physical books.

Speed forward a few years and ledger software like Microsoft Excel, Google Sheets, and QuickBooks, allows companies across the globe to easily organize and share vast amounts of information. Blockchain is simply a new ledger technology that can organize and store information, but in a much more secure way.

Blockchains ability to organize and store vast quantities of information has the potential to solve real world problems.For example, prescription drug recalls are often imprecise, and it is difficult to spot exactly where in the manufacturing and distribution chain something went wrong.

In response to this problem, IBM, the Food and Drug Administration, KPMG, Merck, and Walmart announced a collaboration to use blockchain technology to better track each drug along the manufacturing and distribution chain. The collaboration hopes to save lives and reduce waste by being able to more accurately recall defective prescription drugs.

With that understanding in mind, it is important to explain how blockchain technology works at a high level (interested readers can dive deeperhere). Blockchain technology gets its name from the chain of information stored in blocks all strung together.

Lets say you want to add and store new information on a blockchain. Before new information can be added to the chain of information (i.e., the blockchain), that information is often validated by members of the blockchain, which is also referred to as obtaining a consensus.

These members are referred to as nodes, wherein a node is a distinct computer that stores a copy of the blockchain. For most public blockchains, nodes are extremely powerful computers. In addition, larger blockchain networks may comprise tens-of-thousands of nodes spread out across the globe.

After the information to be added to the blockchain is validated, that information is packaged into an encrypted block, timestamped, and published onto the end of the blockchain with its own unique, encrypted serial number (called a hash function). Every time a new block is added to the end of the blockchain, all of the previous blocks serial numbers are embedded into the code of the new block. This is referred to as chaining blocks together.

The superior security that blockchain enthusiasts tout comes from the combination of chaining blocks together in a time-stamped manner and the decentralized nature of the system as the data is stored on multiple nodes across the network. Decentralized just means that a copy of the blockchain is stored in multiple locations and not on one centralized computer server.

The architecture of a blockchain ledger system would require a potential hacker to hack each node and change each nodes individual copy of the blockchain rather than simply hack into one server and modify the centralized copy.

In summary, blockchain technology is a new type of ledger for electronically storing data that bears resemblance to other ledger software and organizes similar types of information.

Without diving much deeper into the technical side, the key difference between blockchain technology and other types of ledger software lies in themethodby which information is added to the ledger and how entries of the ledger are chained together in a time-fixed relationship. A majority of nodes/computers on the blockchain network must validate, encrypt, and chain all of the information together, which results in an incredibly secure set of information that all parties with access can trust to be accurate.

Trust can then be put in the method and authenticity of the data in the ledger due to the inherent architecture and validation mechanisms of a blockchain, rather than placing trust in individuals to enter the information correctly.

Kenyon Briggsis an attorney in Husch Blackwell LLPs Kansas City office.

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Blockchain Basics: It's more than a tech buzzword, but how does it actually work? - Startland News

Two representatives of Rhode Islands General Assembly introduced a bill on Wednesday, March 11 called the Rhode Island Economic Growth Blockchain Act. The bill was introduced by Representatives David Place and Blake Filippi. In the initial text of the bill, the legislation calls for the importance of developing Rhode Islands economy, ensuring its regulations are friendly to blockchain innovators, and a comprehensive regulatory technology sandbox.

The state of Rhode Island understands that to compete in the twenty-first century economy, Rhode Island must offer one of the best business environments in the United States for blockchain and technology innovators, and should offer a comprehensive regulatory technology sandbox for these innovators to develop the next generation of digital products and services in Rhode Island.

The bill lays out four main priorities: (1) an economic growth blockchain act; (2) setting regulations for the sale of hemp; (3) regulating virtual and digital assets; and (4) establishing depository banks for these purposes.

Conceptual shiny business blockchain chain with binary numbers on cryptocurrency illustration ... [+] background.

The bill establishes a blockchain technology advisory council and the development of a blockchain filing system. It also addresses the use of blockchain technology for track and trace of heavily regulated products such as hemp. Additionally, the bill calls for the formation of a Financial Sandbox and a Special Purpose Sandbox. The Financial Sandbox looks to create an innovative space for blockchain entrepreneurs while being afforded some space from running afoul of state regulations. With the Special Purpose Sandbox, the bill aims at creating a new type of financial institution called a Special Purpose Depository Institution, which will provide service to blockchain technology firms that face challenges in receiving services from traditional banks.

With many states in the U.S. continuing to view how blockchain technology can be used as a way to future-proof a mission that can capture the growth of new technologies and the landscape of new economies, bills such as these will likely continue. As the bill is very similar to how the state of Wyoming has established a very friendly blockchain space, the hopes for Rhode Island with this technology are ambitious.

This is not the states first exploration into how blockchain technology can help the state of Rhode Island. Last year, Rhode Island put out a Request For Proposals asking for blockchain proofs of concept from industry. For more detail on the bill language, see below:

RHODE ISLAND ECONOMIC GROWTH BLOCKCHAIN ACT

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Legislation In Rhode Island Bets On Blockchain Growth To Drive Economic Policy - Forbes

Last week, I testified before the House Small Business Committeeon the benefits of blockchain. I was self-conscious about the knock on blockchain that comes from backers of full-blown cryptocurrency systems: If you trust each other to run a permissioned blockchain together, why not just agree on running a plain vanilla database?

Having gone through the exercise of writing and delivering my testimony, I am more confident than ever that blockchains the blockchain data structure combined with peer-to-peer block production have salutary consequences in terms of both data security and power distribution. This is so even when theyre not fueled and secured by a cryptocurrency.

Its easy to get too technical or too high-toned with complex technologies such as blockchain or cryptocurrency. Members of Congress have practical matters in mind, filtered up from constituents and directed to them by advocates and the media. They are interested in data security, for example, and what to do about Big Tech. On both scores blockchain has something to offer.

As to security, simplicity is a friend. Complexity increases vulnerabilities, the attack surface that exposes a technical system to threats. Once you get past the cryptographic concepts, blockchain is really pretty simple. It locks data reflecting events and transactions into a time-series record that cannot be altered or back-dated a ledger.

Blockchain has a further security virtue in its peer-to-peer method for creating new blocks, or ledger pages. The peer-to-peer process exposes the software rules for creating blocks and blockchains to a lot more eyeballs, as well as the data itself. That means that flaws in the software and shenanigans with the data are more susceptible to discovery. Foresighted wrongdoers recognize that this makes self-serving code and attempts to corrupt data more risky.

The comparison is not apples to apples, but in closed systems many of which affect our privacy and financial security we dont even know what the data is, much less how well its protected. Im not part of a chorus lamenting the lapses of Big Tech, many though there are. Blockchain systems may offer alternatives to many functions that are now proprietary or governmental. Such systems may be much more secure.

Chairwoman Nydia Velzquez (D-NY) may not be so sanguine about Big Tech. In heropening statementat the hearing, she said, [M]uch of the power of the Internet is concentrated in a few multi-billion-dollar companies such as Facebook, Google, and Amazon, who gather large amounts of data on consumers and dominate marketplaces.

Power is an undertheorized concept in social science (beyond international relations), and I think there is vastly more power out there than what these companies have amassed. Butmy written testimonydealt with the power arrangements that exist in data systems. Those arrangements can create advantages for larger players, which blockchain systems can help dissipate. As I described in my testimony:

Large companies have the resources and heft to set data standards for their industries. These standards may advantage these large businesses. And, of course, they have access to more data about markets, products, customers, and so on. Blockchains can bring large communities together to create data commonsunowned, non-proprietary stores of data. Blockchain projects are more likely to have data structures that serve all use cases, and blockchains may give small businesses access to data they did not have previously. This would give them opportunities to deploy advanced analytics and make other uses of data that are now reserved to only bigger businesses now.

Indefatigabletech-business commentator Mike Masnick wrote a piece last year entitled Protocols, not Platforms, in which he argued that a return to protocol-based competition would help solve problems with social media content. It would do that, and more. Blockchain, of course, is a protocol that can be endlessly configured, including for uses thatopen homogeneous marketsto diversification and specialization.

Ive tried to make the case here that blockchain is good, even without a cryptocurrency powering and securing them. Even centralized blockchain projects can be better than standard database set-ups. The perspective of many blockchain doubters, no doubt, is the world-conquering pretensions of cryptocurrency-backed systems like Bitcoin and the others. They risk making the perfect the enemy of the good. While we continue waiting for the perfect to materialize, I look forward to what good may come from blockchain.

This article by Jim Harper first appeared on March 11.

Image:The exchange rates and logos of Bitcoin (BTH), Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) are seen on the display of a cryptocurrency ATM ofblockchainpayment service provider Vaerdex at the headquarters of Swiss Falcon Private Bank in Zurich, Switzerland May 29, 2019. REUTERS/Arnd Wiegmann

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Can Blockchain Bring Down Big Tech? That's What I Told Congress - The National Interest

In my previous article, I discussed how blockchain helps create legally enforceable trust across organizations. By providing a distributed digital signature capability, enterprise blockchains like Hyperledger Fabric give us a strong foundation to build on.

However, this impressive technology is involved and, depending on the use case, could be a perfect fit or overkill. FIDO devices that are being adopted for user authentication can also be used to digitally sign business transactions, providing a low-cost and easy-to-deploy alternative. Lets explore in more detail how such solutions might look.

Business View

Lets consider a large company that's conducting business electronically with a smaller vendor. The company, let's call it ABC, is designated as a holder of records for mutually signed digital transactions. Based on the nature of the business, the risk of company ABC deleting the records and claiming that no agreement was ever reached is considered immaterial, but both companies want to ensure that the details of the agreed-upon transactions cannot be disputed.

Technical View

First, a quick background on FIDO. The goal of FIDO is to eliminate passwords by introducing new authentication technology based on biometrics and/or special hardware tokens. It may come as a surprise that most of us already have FIDO-enabled devices. Every Android 7.0+ or iOS 13.3 phone, Windows 10 or Mac OS computer is a FIDO-enabled device. Most FIDO hardware tokens cost less than $50. The Chrome, Edge, Firefox, and Safari browsers already have built-in support for FIDO through WebAuthn standard. As such, its easy for software vendors to add support for FIDO devices, and its a low-cost option for organizations to enable their users to use FIDO devices.

While there is a lot of information online about FIDO as authentication technology, we are going to focus on a less-known capability of FIDO devices to digitally sign any information we want in our case, business transactions.

FIDO devices can generate a virtually unlimited number of private/public key pairs that can be used for various purposes. Private keys never leave the FIDO device, and public keys are shared with the target application (e.g., an ERP system). A typical authentication use case involves an application sending a user browser a random string (challenge), asking a user to sign it using the private key within a FIDO device. The application can then verify the signature by using the public key stored for that user. If the signature is valid, it proves that a user is in a possession of the originally registered FIDO device and, in the case of biometric-based devices, the FIDO device successfully verified the biometrics (e.g., fingerprints on a phone).

However, we can easily modify the above flow and replace a random challenge with the data we want to digitally sign from our business transaction. More specifically, we can follow the same overall approach as used in blockchain ledgers: Combine all the business data we need to sign using JSON, XML or any other format. Generate a hash of that business data, and then send that hash to a FIDO device to be digitally signed. We can then store our business data along with a hash and its digital signature, thus creating our own digital ledger.

Almost done, but its important not to lose track of our final objective: creating trust by making transactions legally enforceable. We can now verify that the transaction was signed by a user with a given FIDO device, but if the dispute goes to court, then we need to undeniably tie it to the organization that a user belongs to (i.e., prove that the company agreed to both this user and this particular FIDO device being used for signing transactions on behalf of the company).

This can be done by creating a file with a user public key and a statement authorizing the user to use it on behalf of his company. After being signed with a corporate certificate the file can be uploaded into an ERP system to prove that a public key is tied to the users company. This is a one-time registration process that each user has to go through.

Lets review how the process would look from an end user perspective:

One-Time Registration

A user representing a vendor is set up in company ABC's ERP system with FIDO authentication. To make it more specific, lets say a user is using a Windows 10 laptop with facial recognition.

The system generates a file (could be a PDF, CSR, etc.) that includes the users public key.

A user signs the file with their company (vendor) certificate. This can be done in more than one way. For example, a user may already have a company-issued certificate and use Adobe UI to sign a PDF file. Alternatively, a user may forward the file to legal or the IT team for a signature.

A user uploads a signed file into the ERP.

Day-To-Day Use

A user logs in into the ERP, picks a transaction and clicks on the "sign" or "approve" button.

Windows 10 confirms the users identity through facial recognition and digitally signs a transaction.

Company ABCs ERP stores a transaction with a digital signature.

Dispute perspective

In case of a legal dispute, company ABC, as an agreed holder of records, has to produce a transaction along with both parties digital signatures. A transaction is digitally tied to a user with a given FIDO key, and that FIDO key is digitally tied to the vendors corporate certificate, thus creating a digital chain directly from the business transaction to the vendor company.

Summary

We've already seen software vendors (Oracle and Amazon, for example) expand their solutions to offer new blockchain-like alternatives with the aim of building trust for stored data. However, any lightweight alternative to blockchain sacrifices on some aspects of trust. Its important to fully understand the level of trust required in a given business scenario and then pick a technology that does it in the most economical way.

Excerpt from:

Blockchain And The Future of ERP (Part 2): FIDO Devices As A Lightweight Alternative To Blockchain - Forbes

Science Applications International Corp. (SAIC) announced a collaborative pilot program with The Goodyear Tire & Rubber Company to take steps toward using blockchain technology to secure supply chain transactions.

Blockchain is a cybersecurity technology based on distributed ledgers that enhance security, traceability and immutability. It utilizes safe, encrypted platforms to distribute shared ledgers between supply chain participants to securely record transactions and data. SAIC has worked closely with Microsoft to leverage the strength of Microsoft Azure Blockchain services.

The pilot plans to use industry-standard formatting for digital transactions, as well as smart contracts, or computer transactions, that are securely added to the blockchain. Blockchain participants would then be able to track and view data to analyze supply chain activity, further aiding customers in making informed buying decisions.

For about a decade, SAIC has been the prime contractor supporting the Tire Successor Initiative and Global Tires Program. The Global Tire Program (GTP) is a Performance Based Logistics (PBL) requirements contract for the total supply chain management of tires for the US Air Force, Army, Coast Guard, Marine Corps, Navy, and Foreign Military Sales (FMS).

The GTP contract has a potential performance period of 10 years and is the successor to the Tire Successor Initiative (TSI) contract. As a part of these programs, valued at more than $900 million each, SAIC has delivered more than 1.5 million tires.

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SAIC pilots program with Goodyear using blockchain - Green Car Congress

Peter Noble

In his third article on the emergence of data rich disrupters in the meat industry, former Australian Meat Processor Corporation executive chair Peter Noble delves into opportunities blockchain technology is now presenting for Australias red meat industry.

(If you missed the earlier articles in this series you can read part one here and part two here)

HOW do we prepare for this new blockchain marketplace and what uses can the industry put to blockchain?

Its claim to be a safe and trusted marketplace must certainly be relevant to the red meat industry.

Lets have a look at some use cases that are relevant to the industry.

But first what has the wine industry done recently?

In vino veritas has always been my maxim but after a number of high-profile fraud cases where investors have been duped into buying fake wine, the maxim of in vino duplicitas might be more apt.

Trust in fine wine markets has never been lower, but the introduction of blockchain has brought hope.

A London-based blockchain technology firm has teamed up with a wine fraud specialist to create a permanent digital representation of a bottle of wine on blockchain, using more than 90 data points, high resolution photographs combined with ownership and storage records. This creates a trustworthy provenance upon which investors can rely.

This has been a welcomed introduction to the fine wine market.

I am aware of many endeavours to establish a blockchain type solution to many of the issues that exist in the red meat supply chain.

Industry needs to continue to monitor these developments and it is for me the trust aspect of a blockchain solution that is particularly intriguing.

Similarly, the concept of peer to peer payments which created the concept of a trust environment within a community is particularly appealing to me.

The regulatory oversight and costs become open and transparent in a blockchain environment and could very well result in rendering administrative costs and regulatory oversight unnecessary.

Regulatory burden was another key material risk called out in the AMPC sustainability report 2016.

Blockchainautomatestrust.Blockchainhas become a technology on which to build tools that automatetrust. In a collaborative economy, that means trusting enterprises not based on reputation or brand but based on the immutability ofblockchain. The cost oftrustis high, and we incur risk each time we cannot completelytrustour business

So, what use cases might be relevant in the red meat processing industry? There are many that come to mind, but a few stand out for me:

Power has been identified by all manufacturers as a significant burden. Theres a growing degree of certainty that blockchain willtransform the energy system. But the question ishow.

Design for the installation of a 2300 panel solar array on the roof of Sydney value-adding company, Andrews Meats

Blockchain or not, the grid is fast changing from the old system of analogue, fossil-fuelled, centralized generation and transmission to a new paradigm defined by a high percentage of renewables, especially solar and wind, and customer-sited smart technologies, such as rooftop solar, battery energy storage, electric vehicles, smart thermostats and more.

Imagine if a Processor Power Grid was established by the processing plants throughout Australia as an early adopter of this future power grid.

Power costs are a significant cost input into the processing plant and there are quite a number of isolated projects presently being undertaken by larger plants in the area of solar, wind or biogas processes. These projects are focused on a plant by plant basis and significant industry and government funds have been used to develop them. To be sustainable into the future power costs need to be addressed on a wider basis and the economic clout of the largest trade exposed manufacturing industry could be tested.

The processors could take the lead in establishing such a community power grid with the installation of solar panels, batteries, small wind turbines, large biomass plants all connected by devises which monitored the status of the grid; all within the local community. Using these IoT devices, the energy needs and demands can be analysed since everything can be measured from solar and wind power generation, forecasting, normal power loads, grid power availability and pricing and this Blockchain could be used to trade power between consumers without the utility company even knowing.

Our processor power grid could distribute power with the blockchain as the facilitator just like blockchain is the facilitator for Bitcoin.

Such a grid would force the grid owners to upgrade the transmission lines to cater for power production at the extremities and allow the home generation of power by staff and suppliers to access the grid: something akin to CopperString 2.0 but much larger.

The Energy Market Operator has noted on a number of occasions the urgent need to beef (sorry for the pun) up the power system to deal different threats across the system. The operator went on to say that the transmission grid requires more interconnections, as well as more storage, demand response and different types of responses.

Why wouldnt the Processor Power Grid find a home in this market?

Transport costs have been identified as another significant cost to the red meat industry and it probably ripe for some consideration.

No doubt there are many transport use cases in practice or under-development, but I thought I would raise a couple of thoughts about how such a use case could be completed with substantial efficiencies released to the industry. I am sure this will be one area of deep consideration by the new meat company, Wholefoods/Amazon which are masters at supply chain efficiencies.

The protocol layer of the blockchain will support a broad and large number of IoT devices which will be the big contributor to the network. The value chain is replete with devices that record and measure most things, such as, weights, temperature, moisture, distance, transit times and availability of load spaces, etc.

Like in the US where 90% of trucking companies have fewer than six trucks, there is a constant struggle in Australia with matching shippers (demand) with carriers (supply).

Another use which bears thinking about is the tracking of grain shipments around Australia during the drought.

When the drought breaks there is an expectation there will be a huge outbreak of weeds all over the country and what better way to deal with this crisis than through a blockchain application.

Weeds cost Australian Agriculture over $4 billion a year and so a massive expansion of weeds in an uncontrolled manner would add to that cost dramatically.

It might also be very useful to monitor the imported grains as they make their way around the country.

An ABC headline in November last surprised me somewhat. Much of the Australian Beef sold in China is not Australian or beef. Could a cleverly constructed Blockchain provide a solution to this significant problem?

Use cases in a paragraph are a bit problematic, but just imagine a Blockchain which:

The blockchain history allows for easy identification of discrepancies (inventory loss, diversions and substitutions, etc. unauthorised geographic sales, e.g., parallel imports are quickly identified. Banks, trade financiers, shippers, intermediaries and customs are on the same blockchain for easy of interaction and exchange of information. All products will have a blockchain label assured through the use of an anti-counterfeiting label.

With this is place it will be easy to see with any relevant institution how much Australian meat is received and how much Australian meat is sent.

So, as IBM states, blockchain is a team game. It needs to run alongside a symphony of other technologies, such as, AI, nanotechnology and IoT backed by a close working relationship with relevant industry players.

If substantial benefits can be shown such a blockchain could be built.

But such an endeavour would need a motto that would bind the team.

It was not in the wines of Languedoc where I found the motto but the lighter wines of Provence, a Rose nonetheless from Chene Bleu with the motto:

Non mihi, non tibi sed nobis

Continued here:

Meat and blockchain is a team game - Beef Central

For once, U.S. lawmakers had an informative conversation about blockchain technology without posturing.

It was a sharp contrast from past Capitol Hill proceedings, when lawmakers took their entire allotted time to compare Libra to terrorist attacks or ask pointed questions about how Silicon Valley is biased toward one partisan slant or another. Rather, the small-business hearing saw only detailed questions about the legal or practical implications of blockchain and distributed ledger technology.

The specific question at hand was how small businesses might be able to use blockchain technology for data storage or fundraising. Ranking member Steve Chabot (R-Ohio) asked if blockchain has any areas which need to be worked out prior to mass adoption. Protocol Labs Marvin Ammori answered that user interfaces are probably the key holdup. Rep. Sharice Davids (D-Kan.) asked how blockchain can protect personal information and records. PopComms Dawn Dickson said an individual can more selectively grant access using blockchain.

Chairwoman Nydia Velazquez (D-N.Y.) opened the hearing by saying that while cryptocurrencies are the obvious use case people associate with blockchain, it is not the only one.

Much of the power of the internet is concentrated in a few multi-billion dollar companies such as Facebook, Google and Amazon, she said. Blockchain technology can help small businesses compete on a more level playing field.

The witnesses likewise focused on practical applications.

Blockchain is not a silver bullet, but it can solve problems that small businesses face, said Dickson, whose company provides software services to retailers.

Dickson told CoinDesk after the hearing she felt it was a positive experience, noting that she had been invited to testify as the operator of a small business.

Perianne Boring, who leads the Chamber of Digital Commerce trade group, said the hearing was a step forward in relations between Congress and stakeholders in the private sector.

The next step is to create incentives for cooperation between companies that access and develop blockchain applications and government agencies focused on helping small businesses innovate and grow, she said.

Jim Harper, a fellow at the American Enterprise Institute, described the hearing as another advance in Congresss push to better understand cryptocurrency and blockchain.

Agencies and committees are thinking through the details, he said.

Taxation is probably the largest regulatory issue that needs to be tackled, however, Harper said. The Internal Revenue Service has not published much guidance around taxing crypto, particularly cryptocurrencies being used for spending.

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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This Is What a Productive Congressional Blockchain Hearing Looks Like - CoinDesk - Coindesk

Blockchain is one of the most wanted technologies by society to deliver the data with the proper association and increase the attention of the work. Data is important for every work. It must handle properly with the application requirement. Hence by using the favorable technology will help to engage the performance of the business and maintain the goal of the organization that is developed. Make sure to know the concept of the blockchain as it helps a lot to improve the working ethics of data flow. This blog will help to describe the function of blockchain with the application font.

Asset Management

Managing the data is important to the business. It helps to access the fundamentals of the goals. Hence to provide the functionality of the company must try to engage the work with blockchain. It focuses on the data movement with proper tracking options. By using a decentralized pattern will help to maintain the material with the useful and recognized solution. Using those circumstances will gain a lot of attention to improve the work strategy and build the majority of the solution with the proper agenda. Try to focus on required data technologies such as artificial intelligence. It increases its popularity and improving the result of the business.

Insurance

Most of the users of insurance might forget their insurance process with the date. Hence to avoid those hustles and creating the platform for the business section can make use of blockchain to eliminate the insurance problem. Most companies are looking to interfere with this technology with their services. By adopting this service with machine learning will help to find the root as the moving expenditure is getting to increase the sales. Make sure to identify the requirement of data with proper allotment as it offers a wide option to increase the attention of the business and improve the company possibility with proper maintenance.

Payments

You might now experience the digital wallet. It is widely used by the society to increase the availability of funds and ease the transaction. Most of the companies are looking to invest the amount on the blockchain is to help the payment structure to get refined and polish the transaction rate with low crime. By using blockchain for the transaction of payment will be associated with the economy rate. Most of the countrys economy rate will get easy to manage as the transaction has been applied under the blockchain process. Hence make sure that you know the importance of the payment rules before using the transaction under the blockchain.

Unconventional Money Lenders

Money lending might need or urgent to any of the work. Hence approaching the technique with proper technology might offer a better solution. Blockchain is one of the most pretending applications used by many of the users in the future. By adopting the blockchain technology to transact the amount and lend the money will be a benefit for the company to associate with the applications. Make sure to know the database has been used or imported as per the requirement. By using the proper database will help to define the application part and increase the attention of the user or the money lender to improve their work.

Smartphone

Most of the society applications are run through the mobile or smartphone. Hence by using the application of any requirement through mobile devices will be effective to use and apply. Adapting suitable techniques to increase the information and the usage will be effective. Hence using a smartphone for the blockchain application will create a huge result in terms of managing the requirement of the management. You might notice that blockchain is going to use by users with high traffic. Most of the app development companies are developing the app for the blockchain purpose as the location might improve the weight of the work.

Internet Of Things

You have been in the world of the internet. The Internet is the business for every application in the future. Technologies like artificial intelligence, blockchain are most predominantly working on the platform for the future. Hence by adopting suitable technologies to integrate with some other technology might help to engage the work and increase the efficiency of the business. By adopting the internet of things and blockchain will help to afford the work with suitable skills as it helps to obey the work as the user is looking for. Hence using IOT in the future with blockchain will be highly welcomed by the society to access the application easily.

Smart Appliances

Smart appliances are all integrated with the latest technologies such as AI, Blockchain, and the Internet of things. By combining these three ladders to the application will hit the work to get engage and improve work efficiency. Most of the applications would develop for the usage of the demand is created. Hence by approaching the requirement of the business with suitable skills will allow the work to improve the results. Hence by using the required fundamentals to the application will help to increase the attention of the management. Make sure to avoid the usage of data that threatens your applications. Try to use the application of blockchain as it helps the transaction rate to hold the result with power usage.

Supply Chain Sensors

The supply chain is one of the most important requirements of the usage part. By increasing the work with proper methods will help to manage the work and increase the attention of the customer. Many times there might be some sought of the problem that has been arising due to the discomfort of the design hence by approaching suitable platforms to build the application can choose to build their supply chain work with effective usage. One of the most required applications is the blockchain from the supply chain. By integrating the supply chain with the blockchain will help a lot to manage the work.

Identification

Every government and non-government organizations are following the rule to submit the documents for the work. Hence by using the blockchain technique document of the user can record in the network as the improvement can be done with a suitable part.

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How Blockchain Can Help The Society Applications? - HostReview.com

As world stocks and trade plummet amid the coronavirus crisis, crypto took the hardest hit last week when it dropped to its lowest since March 2019. Despite the destructive week almost bringing everything coming to a standstill, a glimmer of hope remains as nations now adapt to new ways of working, trading, and doing things.

Last week saw bitcoin price drop to $3,600 overnight, marking Bitcoins biggest daily drop in the last seven years. Over $1 billion worth of longs wasliquidatedon March 12, causing one of the most intense long squeezes in the crypto markets recent history.A large portion of the daily cryptocurrency exchange market volume comes from futures trading platforms like BitMEX, OKEx, Binance Futures and FTX. This suggests that the majority of traders in the cryptocurrency market are trading major cryptocurrencies with borrowed capital.

SEE ALSO:Bitcoin was the Best Investment of the Decade, Says Bank of America Securities Report

In line with the increasing number of industry events beingdelayedor canceled in response to the coronavirus outbreak, last week, it was announced that ConsenSys will not be hosting a conference in New York this year. Consensus, a major global cryptocurrency and blockchain-focused event, is yet another industry conference that has had to change its plans due to intensifying coronavirus fears.However, that doesnt mean that Consensus 2020, the industry-leading event, will not happen. The event will now be a completely virtual experience, allowing attendees from all over the globe to join the event online at no charge.

Last week, theItalian Red Cross announced that it is raising donations in Bitcoin and other cryptocurrencies to fight the countrys coronavirus pandemic.Proceeds from thecampaignwill reportedly be used to set up a second-level advanced medical post for pre-triage of COVID-19 cases in the country, and it is expected to reach a goal of 10,000 to buy the necessary medical equipment for the infrastructure.

Last week,Standard Chartered became the first bank to join TradeLens, the globalblockchainshipping platform created byIBMandMaersk saying it has thepotential to promote the sustainability agenda of many stakeholders in international trade. As a participant institution, Standard Chartered will now be able to validate the authenticity of shipments in real-time using documents securely exchanged between networked entities. TradeLens 150+ members include international port and terminal operators, ocean carriers and intermodal providers, customs authorities, freight forwarders,logisticsfirms, government authorities and cargo owners.

Last week, the Bank of England (BoE) released a57-page reportexamining how CBDCs could be introduced to existing markets, performing as both a store of value and used in everyday transactions. BoE is seriously weighing the pros and cons of issuing a central bank digital currency (CBDC) denominated in pounds sterling. Britains central bank recognized that a digital pound could be destabilizing for the current banking system. However, a digital currency could utilize the latest FinTech and make transactions easier and faster for consumers. The report, titled Central Bank Digital Currency March 2020: Opportunities, Challenges and Design follows discussions by government officials as they explore shifting to a digital economy.

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WORLD NEWS: Last Week in Blockchain and Crypto - bitcoinke.io

Samsung's enterprise technology arm is building a blockchain-based settlements solution for merchants and banks.

The Korea Herald reported Wednesday that Samsung SDS had signed a memorandum of understanding with Israeli fintech solutions provider Credorax to develop the solution, aimed to create efficiencies by automatically logging payments data on bank records and ledgers.

The product, which hasn't yet been named publicly, will work on Samsung SDS' Nexledger Universal platform, the proprietary blockchain first unveiled in 2017. Work processes will be automated using AI technology from Brity Works, another Samsung SDS company.

Hong Won-pyo, Samsung SDS president and chief executive, said to local media the agreement with Credorax, which has already provided solutions to companies across the European Union and broader economic area, will enable the Korean tech company to gain a foothold in the region's payments sector.

"Together with Credorax, which specializes in payments solutions, Samsung SDS will try to expand its business in the European sectors that seek digital transformation,"he said.

Credorax did not immediately respond to requests for comment.

Samsung SDS changed its articles of association in February to include e-finance as one of its main business areas. SDS' value grew by $3.7 billion in 2019, an above-average growth rate for the broader tech sector. Speaking to the Korea Herald, Chief Strategy Officer Im Soo-hyun attributed the company's good fortunes to successful inroads into AI and blockchain technology.

In November 2019, Samsung SDS announced it would enhance privacy on Nexledger through a partnership with Israeli-based QEDIT to integrate zero-knowledge proofs into the platform. A medical-claims processing system built on top of the Nexledger platform, launched at the end of last year.

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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Samsung is Working on a Blockchain-Based Payments Solution for Banks and Merchants - CoinDesk - CoinDesk

Who knows whats responsible for the current bull run? It could be the upcoming halving, it could be the Chicago Mercantile Exchanges debut of institutional-grade crypto-backed options, or it could even be the coronavirus. Whatever the reasons, it seems safe to say that the crypto winter is well and truly behind us. If this trend continues, it will only be a matter of time before we begin to see a fresh wave of adopters, eager to capitalize on the growth of crypto as it blooms into a new season.

Its fair to say that the crypto scene has evolved significantly since the last big boom at the end of 2017. At that time, Binance was still in startup mode, there were far fewer ways to onramp from fiat, and liquidity was a significant challenge. These days, its a different story. Newcomers to cryptocurrencies have many more points of entry, and the influx of institutional and pro traders means that most of the top-ranking coins enjoy high liquidity.

Unfortunately, we havent seen the same rapid evolution from a technological standpoint. If we look at the cryptocurrency rankings from December 2017, the month that Bitcoin (BTC) hit its all-time high, the top-ranking coins are approximately the same ones today as they were then.

There have been some incremental developments. Bitcoin is now handling the same transaction volume as it did at the peak of the 2017 bubble, but without the eye-watering $50+ fees that transactions were incurring at the time. However, it still lacks the fundamentals in terms of speed and scalability to become an everyday medium of exchange.

Related: The Burst of the Bitcoin Bubble: An Autopsy

Back in 2017, Ethereum (ETH) was the second-ranking coin and most popular smart contract development platform, both of which still stand true today. Unfortunately, Ethereums scalability challenges of 2017 also remain today. The most famous incident illustrating the platforms lack of capacity was CryptoKitties.

Related: Blockchain's Scaling Problem, Explained

At the height of the crypto boom in December 2017, the craze for digital cats increased Ethereums transaction volume sixfold, causing network congestion and rising transaction fees for all users. The incident even proved significant enough to make mainstream media headlines.

Now, Ethereum faces similar issues due to stablecoin transaction volumes. Tether (USDT) is now the most traded cryptocurrency by volume, outpacing even Bitcoin. Tether started wrapping its tokens i.e., issuing USDT based on Ethereum in early 2018, and has been increasing the amount issued over time. In July 2019, the transaction volume of ETH-based USDT overtook that of USDT for the first time. By September, there were over four and a half times as many ETH-based USDT transactions as USDT.

Related: Wrapped Crypto Tokens, Explained

As with CryptoKitties, the sharp increase in Ethereum-based USDTs transaction volume led to network congestion and rising transaction fees. One estimate calculated that Tether transactions alone were attracting $21,000 in transaction fees per day, with all users seeing a 152% increase in gas prices compared to three months prior.

Nobody knows whether or not Bitcoin and Ethereum will continue to dominate the blockchain space in the future. The long-promised ETH 2.0 upgrade could still be years away. However, Ethereum remains a focal point for developers due to its buzzing ecosystem of decentralized applications, or DApps, which provide a vast amount of value to the crypto and blockchain communities.

So, at least in the short term, we need a remedy for these scalability challenges. EOS, Tron and other blockchains claim to have found this remedy in the form of delegated proof-of-stake. The problem with dPoS is that it solves scalability at the expense of decentralization, and in turn, the security of the network.

Related: The History and Evolution of Proof of Stake

This is where interoperable bridges come in. There are many blockchains that are faster than Ethereum and Bitcoin but dont have the same user numbers, making them less desirable as a development platform. However, bridges enable developers on Ethereum or other, slower blockchains to tap into the speed and processing capacity of their faster cousins.

A bridge allows any token from one blockchain to pass into another blockchain for processing. A burn-and-mint protocol keeps the token supply constant across both networks, meaning the token could cross the bridge multiple times without any impact on circulating supply.

Nodes supervise the bridge traffic in a similar way to proof-of-work miners. Bridge transactions are usually grouped into blocks, validated by nodes, and sent to each blockchain to keep records of token movements. The nodes are incentivized for their participation with rewards.

Related: Blockchain Interoperability, Explained

Assuming the two blockchains involved in a bridge are decentralized, scalability doesnt need to come with the cost of centralization. Furthermore, the solution works to the benefit of all network participants. If USDT transactions were processed via an interoperable bridge with a high-speed blockchain, USDT users would benefit from far faster processing and lower fees both important to active traders, which make up a large proportion of USDT users.

This would free up processing capacity and reduce fees on the Ethereum network, making it a more desirable place for developers and users. DApp developers could also use the bridge to give their users the same super-fast, low-fee experience. Nodes would also have a new opportunity for revenue by participating as bridge transaction validators, which aligns with the hardware and validation activities theyre already undertaking.

Perhaps the best part is that none of these benefits come at the expense of damaging the existing Ethereum ecosystem. While the long-awaited upgrade may still materialize and enable a faster and more scalable version of Ethereum, bridges provide a much-needed workaround in the meantime without any tradeoffs.

Blockchain interoperability is still in its infancy. Wanchain were the first to launch a bridge between Bitcoin and Ethereum in 2018, but it hasnt yet gained widespread adoption. The Syscoin Bridge followed in January of this year, bringing its high throughput Z-DAG architecture to Ethereum. Most recently, RSK announced it had launched a bridge that also operates between Bitcoin and Ethereum.

History tells us that each time the crypto markets enter a sustained bull run, the general public sits up and takes notice, leading to increased awareness and adoption of blockchain. Thanks to interoperable bridges, the next wave of crypto adopters have the opportunity to enjoy a user experience that doesnt involve all the teething problems their predecessors endured.

The views, thoughts and opinions expressed here are the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Jagdeep (Jag) Sidhu is the lead core developer and co-founder of the Syscoin platform. As an expert in blockchain technology, Jag also specializes in machine learning, artificial intelligence, client/server development and distributed systems, with nearly 20 years of software development experience. Jag holds a bachelor of technology in computer science from the British Columbia Institute of Technology with a major in AI and digital image processing and a minor in client/server computing.

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Readying the Blockchain Industry for the Next Wave of Adoption - Cointelegraph

For the past decade, blockchain, Bitcoin (BTC) and other cryptocurrencies have disrupted everything they have touched including banking, hedge funds, law enforcement, health care and real estate to name a few. Blockchain technology and cryptocurrencies are set to revolutionize many industries, yet this is only the beginning.

However, despite the overall enthusiasm and excitement around cryptocurrencies and blockchain technologys capacity to revolutionize the world as we know it, many of the worlds richest men have expressed mixed opinions.

For instance, some billionaires, like Warren Buffett, are known to be staunch Bitcoin critics while others, like Tim Draper, are avid supporters. In 2018, for instance, Buffett predicted that Bitcoin, in particular, will have a bad ending.

On the other hand, billionaire investors like Tim Draper, Michael Novogratz and David Marcus have maintained a bullish stance on cryptocurrencies and blockchain technology. Here is Forbess list of the worlds wealthiest individuals and their opinions on cryptocurrencies and blockchain technology.

Jeff Bezos is the worlds richest man with a net worth of $130 billion according to the 2019 Forbes list. The founder of Amazon, the e-commerce colossus, has been rumored countless times to have invested in Bitcoin. Plus, Binance CEO Changpeng Zhao has been quoted saying that he expects Bezoss online retail giant to be the catalyst for the next Bitcoin bull run.

However, none of the rumors have been confirmed, and Amazon has denied any plans to accept Bitcoin or any other crypto on its platform. The only blockchain-positive development associated with Jeff Bezos is amazons cloud computing arm 2018 partnership with a blockchain startup called Kaleido.

With a net worth that exceeds $100 billion, Bill Gates has featured among the worlds richest for quite some time. Although Gates had earlier shown enthusiasm for Bitcoin in 2014, where he told Bloomberg in an interview that Bitcoin was better than any currency, he has since retracted his remarks, noting that the anonymity of digital currencies is not good for transactions.

Furthermore, during a 2018 interview with CNBC, Gates said: Bitcoin and ICOs are completely speculative. However, like most critics, he added that blockchain, the underlying technology behind most cryptocurrencies, has its merits.

Buffett is a longtime critic of Bitcoin and cryptocurrencies. Before the 2018 Berkshire Hathaway annual shareholders meeting, the longtime investor called Bitcoin a mirage that is probably rat poison squared and not a currency.

However, in a recent interview, Tron CEO Justin Sun outlines that Buffett was very open to new technologies. This came after Sun had a charity lunch with the Oracle of Omaha just a month ago, during which the young CEO tried to explain cryptos potential to Buffett.

Even though Buffett went as far as accepting Ton (TRX) from Sun, Buffett maintained that he does not own any crypto and reiterated that he will never own crypto since it has zero value.

With a business empire that spans over 70 brands including Sephora and Louis Vuitton, Bernard Arnault has featured among the worlds richest since 1985 when he bought Christian Dior. Since then, his luxury brands have grown, posting record sales especially in 2018 according to Forbes.

Although there are no official comments of Arnault about Bitcoin or blockchain technology, reports show that the billionaire teamed up with Microsoft Azure and ConsenSys last year to develop a blockchain platform that will track products produced by LVMH.

Other blockchain and crypto-related reports about Arnault include one, in which he rejected involvement in setting up a Belgian crypto trading company called Abesix Belgique.

Larry Ellison, the co-founder of Oracle, is worth over $50 billion and is listed as the worlds seventh-richest richest man. He is one of the few billionaires who have been vocal about Bitcoin and issued positive remarks about the merits of blockchain technology.

In a 2017 article by Business Insider, Ellison is quoted saying that blockchains are often thought of in the context of Bitcoin and other cryptocurrencies: But increasingly, companies outside of finance are using blockchain technology to replace long-held authentication practices in law, real estate and shipping.

After Facebooks debacle with the launch of its stablecoin cryptocurrency called Libra, a lot of people have expressed concern that if all of Facebooks users adopted Libra as a currency, most of the worlds fiat currencies would be compromised.

However, while onlookers are concerned about the threat Libra would bring to local currencies including Bitcoin, Zuckerberg maintains that when we do things that are going to be very sensitive for society, we want to have a period where we can go out and talk about them and consult with people and get feedback and work through the issues before rolling them out.

Since 2018, Zuckerberg has held a positive stance particularly toward blockchain technology, saying: The technology powering Bitcoin could help improve Facebook in the future.

Apart from being listed among the top ten richest people in the world, Michael Bloomberg is currently running for as a presidential candidate for the Democratic Party in the 2020 United States presidential elections. Unlike other high ranking politicians, such as the U.S. President Donald Trump, who expressed negative opinions about Bitcoin and Facebooks Libra last year, Bloomberg has shown a somewhat positive view on crypto and blockchain technology.

Bloomberg is quoted saying: Cryptocurrencies have become an asset class worth hundreds of billions of dollars, yet regulatory oversight remains fragmented and undeveloped. He also added: For all the promise of the blockchain, Bitcoin and initial coin offerings, theres also plenty of hype, fraud and criminal activity.

With reports of surging popularity in the polls, Bloombergs policies on financial reforms are in the spotlight. The former New York mayor recognized cryptocurrencies as an asset class and has included policies in his campaign that will protect consumers from crypto-related fraud and clarify the responsibilities of crypto regulators with a framework to define initial coin offerings.

Ray Dalio, the founder of Bridgewater Associates, has recently spoken in an interview with CNBC where he echoed concerns about the state of the global economy as have many Bitcoin investors and supporters, saying: Were in a spot in monetary policy where you can no longer stimulate the same way you did before.

However, instead of advising those who are concerned about a coming global economic downturn to turn to Bitcoin, Dalio believes that gold is a much better safe haven than Bitcoin. In Dalios opinion: There are two purposes of money: a medium of exchange and a store-hold of wealth. And Bitcoin is not effective in either of those cases now.

In the interview, Dalio pointed out that Bitcoin is still too volatile to sufficiently act as a proper store of value.

Recently, Elon musk has been in the spotlight for his cryptic tweets about Bitcoin. However, the CEO and founder of Tesla finally revealed that he is "neither here nor there on Bitcoin. Although Musk sees the value of Bitcoin, he believes that it is mostly used to perform illegal transactions:

This sort of gets the crypto people angry, but there are transactions that are not within the balance of the law.

He further added that although he sees crypto as an effective replacement for cash, he did not see it as a primary replacement. Granted, Musk does not fully endorse cryptocurrencies, however, he admits that there is a change coming to the financial industry and that banks need to watch out.

According to a 2018 article by Bloomberg, Jack Ma issued a warning over cryptocurrencies, declaring Bitcoin to be a potential bubble. The founder of the giant e-commerce Company Alibaba and chairman of Ant Financial, a Chinese-based financial conglomerate, has revealed in the past that he pays special attention to Bitcoin and blockchain technology especially toward their capacity to establish a cashless society.

Even recently, during the 20th annual China Association of Science and Technology, Ma maintained his stance on Bitcoin being a possible bubble and pointed out blockchain as the key that opens a treasure of chest of effective new technological tools.

Mike Novogratz, CEO and founder of crypto merchant bank Galaxy Digital Holdings and the former manager of the Fortress Investment Group, correctly predicted that Bitcoin would hit the $10,000 mark by the end of 2017.

Popularly known as Novo, the unlikely crypto hero has maintained that: Bitcoin is going to be the digital gold. According to Novogratz, Bitcoin is the only one of the coins out there that gets to be a legal pyramid scheme. Just like gold is.

To put his money where his mouth is, it is reported that Novogratz has invested about 30% of his fortune in cryptocurrencies. Despite making a huge loss on Bitcoins historic plunge in 2018 where his Galaxy digital Holdings reportedly lost $136 million, Novogratz remains undeterred.

He is quoted by Bloomberg saying that despite the frustration of investors losing money, the company has a business that can break even and that they have plenty of cash to run the business for a long time. Recently, the billionaire reiterated that he is even more bullish on BTC despite Bitcoins price struggle with volatility.

In September 2019, venture capitalist Tim Draper doubled down on his previous prediction of Bitcoin hitting $250,000 by 2022 when he added that those predictions were conservative.

Draper has maintained a bullish stance on Bitcoin since June 2014 when he bought Bitcoin that had been seized and auctioned off by the U.S. Marshals service. The total amount of the Bitcoin he owned at the time was estimated to be worth $19 million.

Recently, Draper spoke to CNBC where he revealed that six months ago, he pulled his wealth out of public stock markets to hold more of it in his Bitcoin portfolio. In regards to the worldwide stock market plummeting due to coronavirus concerns, Draper revealed that his exposure was limited.

After Bitcoins price surge in 2017, Tyler and Cameron became the first Bitcoin billionaires. The two brothers and founders of Gemini, a crypto exchange, claim to own about 1% of the total Bitcoin in circulation.

Despite the seeming bad blood between the twins and Facebooks founder, Mark Zuckerberg, the Winklevoss twins have revealed in interviews that they believe Facebooks Libra is positive news for the crypto space. Furthermore, according to a CNBC report, last year, the twins talked with Mark Zuckerberg before Facebooks announcement of its Libra stablecoin. Currently, the Winklevoss brothers are counted among the worlds top Bitcoin millionaires.

Bill Harris, the former CEO and co-founder of PayPal, is known for being one of the harshest Bitcoin critics. In an article he wrote in 2018, the former CEO of PayPal called Bitcoin a scam, adding that its a colossal pump-and-dump scheme, the likes of which the world has never seen.

During an interview with CNBC, Harris explained his position by pointing out that there is no relation between value and usefulness in the Bitcoin and crypto space. However, like most critics, Harris agrees that blockchain technology has terrific applications.

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What Do the Richest Men in the World Think of Crypto and Blockchain? - Cointelegraph

A UK tech company recently announced a blockchain ecosystem for farmers in Haiti, bringing clarity to the supply chain while bolstering sales.

Agriledger, a blockchain outfit based in the UK, was responsible for building this new ecosystem. Their goal was ensuring that farmers receive adequate pay for their crops, a Feb. 28 post from Spring Wise stated.

The solution being delivered to Haiti in the fresh fruit value chain is the blueprint for a number of target markets locally and globally, a representative from Agriledger told Cointelegraph.

The approach is to create trade and financial opportunities for farmers but then to all types of producers. The goal is to allow them to retain ownership of their products much longer in the value chain.

Agriledgers blockchain-based solution assigns farmers enrolled in the system with a digital ID number. With this ID, farmers become part of the digital supply chain.

Agriledger additionally allows these Haitian farmers to tokenize their products, granting them greater access to peer-to-peer dealings.

Agriledgers blockchain underpinnings have allowed for a far more transparent solution than what has previously existed in the region. Parties can now trust the validity of data they interact with, which smooths the process of acquiring loans and other financial services for the participating farmers.

The ecosystem also touts digital wallets and payments, bolstering the additional benefits of convenience and speed.

Looking toward the future, Agriledger aims to build a software-as-a-service (SaaS) platform in which suppliers and retailers can interact.

The customer will have a window into the provenance of the product and its journey of quality, and, should the retailer allow, a view of the financial distribution of the individual product and its beneficiaries, the representative said of the system.

Supply chain management continues to grow as a hot use case for Blockchain technology. Just a few weeks ago, Avril Group, an agro-industrial partnership specializing in nutrition, started using IBMs Food Trust blockchain network for its supply chain.

UPDATE March 3, 22:30 UTC: This article has been updated with information Cointelegraph received from Agriledger after initial publication.

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UK Startup Puts Haitian Farmers and Their Crops On the Blockchain - Cointelegraph

Auburn University RFID Lab Partners with GS1 US and Industry to Explore the Use of RFID and Blockchain to Improve Supply Chain Efficiency

AUBURN, Ala. and EWING, N.J., March 4, 2020 /PRNewswire/ --The Auburn University RFID Lab, in collaboration with GS1 US, completed a proof-of-concept that demonstrates the effectiveness of blockchain and radio frequency identification (RFID) technologies to improve serialized data sharing in the retail industry. Participating companies included: Nike, PVH Corp., Herman Kay, Macy's, Kohl's, Mojix, Avery Dennison, SML, IBM and Collaboration, LLC. The complete findings are available in a new white paper titled "Chain Integration Project (CHIP) Proof of Concept."

The researchers examined the exchange of serialized product data between paired brands and retailers. The findings confirmed that a blockchain network was capable of sharing item-level data encoded in RFID tags between the participants. According to the white paper, the automation of serialized product data exchange using blockchain can potentially eliminate the need for human audits and counting, increasing the productivity and efficiency of the retail supply chain. As documented in Project Zipper, a 2018 Auburn University RFID Lab study and a precursor to CHIP, the presence of serialized data in the supply chain has grown rapidly as more brands adopt RFID tags and infrastructure to collect information on individual items owing through their facilities. However, industry stakeholders reported poor item-level visibility due to a lack of data sharing. CHIP provides evidence that blockchain technology, in combination with a GS1 data-sharing standard called EPCIS (Electronic Product Code Information Services), allows partners totransmit data more directly and efficiently, while maintaining ownership of their data.

"CHIP is truly groundbreaking because it provides a vision into the future of information exchange in retail," said Justin Patton, director, the Auburn University RFID Lab. "By exploring the intersection of RFID and blockchain technology, we've taken an important step in our mission to help rid the retail supply chain of costly errors and inefficiencies caused by outdated processes and legacy systems."

"More widespread data sharing can unite the retail supply chain, however, blockchain technology is only as useful as the data that is shared by industry stakeholders," said Angela Fernandez, vice president of community engagement, GS1 US. "Now that CHIP has confirmed the viability of using EPCIS to communicate serialized item data across the supply chain, adhering to a GS1 Standards-based framework is more important than ever."

Later this year, the Auburn University RFID Lab will launch a follow-up pilot study, focusing on the financial implications of data exchange automation. Participants and researchers will more specifically test how a blockchain-based, serialized data solution can help eliminate claims and chargebacks that occur between brands and retailers.

For more information about CHIP, please visit https://rfid.auburn.edu/. To learn more about the role of GS1 Standards to support blockchain implementations, please visit http://www.gs1us.org/blockchain.

About the Auburn University RFID LabThe Auburn University RFID Lab focuses on the business value of RFID and other sensor identification technologies. Founded in 2005, the Lab works to bridge the gap between industry and academia. The Lab is uniquely partnered with most of the leaders driving RFID adoption across retail and aviation with projects from Delta Airlines, Walmart, JC Penney, Bloomingdale's, Boeing and many others. Additionally, the Lab maintains educational touring facilities and hosts over 1,000 visitors per year to learn about the technology and test for feasibility in various environments. Finally, the lab houses the ARC program, which is the most widely used program for validating RFID tag performance and quality globally. For more information, visit https://rfid.auburn.edu.

About GS1 US GS1 US, a member of GS1 global, is a not-for-profit information standards organization that facilitates industry collaboration to help improve supply chain visibility and efficiency through the use of GS1 Standards, the most widely used supply chain standards system in the world. Nearly 300,000 businesses in 25 industries rely on GS1 US for trading partner collaboration that optimizes their supply chains, drives cost performance and revenue growth, while also enabling regulatory compliance. They achieve these benefits through solutions based on GS1 global unique numbering and identification systems, barcodes, Electronic Product Code (EPC)-based RFID, data synchronization and electronic information exchange. GS1 US also manages the United Nations Standard Products and Services Code (UNSPSC).

For more information, please visit http://www.gs1us.org.

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New Research Confirms Blockchain's Effectiveness for Improved Data Sharing in the Retail Industry - Yahoo Finance

The United Nations logo is seen at the United Nations Headquarters in New York (Photo by Angela ... [+] Weiss / AFP) (Photo by ANGELA WEISS/AFP via Getty Images)

Recently, the United Nations was recognised for its use of blockchain technology in Forbes secondBlockchain 50 List. The 75-year-old organization, which has an important role to play in global humanitarian efforts, has been looking to leverage the emerging technology in several areas.

From assisting in the fight against climate change to disbursing funds to Syrian refugees using blockchain-verified iris scans instead of ID cards, the UN has looked to advance its cause with the help of a technology that is still finding its niche.

The idea of blockchain for good is not a foreign one, as the technology has such far-reaching disruptive potential that it has often been aimed at charitable exercises and situations where good can be achieved, or at least featured, through this new technology.

The UN, at the top rung of global efforts to further humanitarian causes, has proven its willingness to get on board with blockchain technology to be a more effective force. In fact, United Nations secretary-general Antnio Guterres hassaidthe intergovernmental giant needs to embrace blockchain.

It has become apparent that we currently sit on the precipice of a new industrial revolution that will be predicated on the advancement of new and currently emerging technologies. Artificial intelligence, Internet of Things, blockchain and others are all finding their feet in this new digital age.

For blockchain especially, it is being spread across many different sectors, with its impact being heavily felt, and sought, in the financial sector thanks to the cryptocurrency side of things. However, enterprises have also started recognizing the potential for the technology to bolster business, and the UN is not letting this slide by them either.

For the United Nations to deliver better on our mandate in the digital age, we need to embrace technologies like blockchain that can help accelerate the achievement of Sustainable Development Goals,saidGuterres in the statement provided exclusively toForbes.

For the UN, its focus is on achieving the Sustainable Development Goals (SDGs). First set in 2015, the 17 SDGs, including ending poverty and responsibly producing and consuming goods, are expected to be completed in the 2030s.

There are five blockchain projects in the United Nations Innovation Network set up to facilitate inter-agency cooperation. For example, the United Nations International Telecommunications Union and Food and Agriculture Organization have partnered to track pig supply chains in Papua New Guinea; the United Nations Capital Development Fund is exploring blockchain for remittances in Nepal; and the United Nations Development Programme is using blockchain to track the cocoa supply chain in Ecuador. But there are also other areas of blockchain usage.

The United Nations International Childrens Education Fund is also looking to the power of blockchain to bolster its work, but it is honing in on the other side of things cryptocurrencies.

The Unicef Crypto Fund, a prototype that lets the agency accept bitcoin and ether donations and invest them directly into blockchain startups, waslaunchedin October of last year and immediately had uptake from the cryptocurrency community as a donation of 1 Bitcoin and 10,000 Ether came from from the Switzerland-based Ethereum Foundation.

And again, this move from UNICEF is not just to try and profit from the volatile and exciting Bitcoin investing market, but rather than attempt to keep up with the digital age.

We dont see the Crypto Fund so much as being crypto,saidChristina Lomazzo, head of blockchain for UNICEF. What we really see it as is being ready for a digital future. Were going to need to be ready to deal with digital assets whether that be Bitcoin or Ether or some other government-backed digital currency. It could be any of those, but this is really helping us build up the muscles to understand how to live or how to on-board digital assets.

And, even though there is an entrance into cryptocurrency for the UN in this instance, those at the Ethereum Foundation, have also pointed out the benefits of being on the blockchain.

The Unicef Crypto Fund provides an amazing opportunity for us to work collaboratively with Unicef teams around the world,saidAya Miyaguchi, executive director of the Ethereum Foundation, which will be providing technical support to Unicef and its blockchain portfolio as part of the investment. Unicef has a network of 190 offices across the world that brings to the Ethereum ecosystem the ability to work with leading minds in regions that could benefit the most from Ethereum technology.

Of course, all of this work being done with blockchain currently is still very much experimental and quite theoretical. The potential has been seen, but there is still a long way to realize the goals or to even feel the direct impact that blockchain can have in humanitarian cases.

However, one use case that has come to the fore is the use of blockchain-verified iris scans for Syrian Refugees.

Syrian refugees in Jordans Azraq camp are now receiving aid, and paying for their food through a retina scan that is recorded on the blockchain, rather than through ID cards which come with their own issues.

We feel this is a starting point,saidWFPs director of innovation, Robert Opp. There are a number of potential uses of blockchain that could dramatically change the way we reach people in terms of our efficiency, effectiveness and security.

Misappropriation of funds is an issue across the whole humanitarian sector, so its little wonder that other agencies are also studying blockchain, said Yoshiyuki Yamamoto, special adviser for blockchain at the U.N. Office for Project Services (UNOPS).

In 2012, former Secretary General Ban Ki-moon said 30 percent of all U.N. development assistance was lost to corruption.

If we dont know where 30 percent of the money is, thats a big concern for everyone, said Yamamoto.

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Blockchain For Good: How The United Nations Is Looking To Leverage Technology - Forbes

Can a Superhero Inspired Game Solve the Climate Crisis?

I sit down with ecopreneur Alfie Rustom to learn about his plans to motivate superhero fans to restore climate through gaming. Bioman's Forest Garden is a farming simulation game that empowers players to take constructive action against climate change; in both digital and real realities.

What is Bioman?

Bioman is a new visionary superhero franchise that explores what it means to be human in the 21st century. It evolves our understanding of our relationship with nature and technology. The eponymous novel was unleashed on Earth Day 2018 and was listed by the publishing industry's gold standard, Kirkus Reviews, as one of the best books of 2018. You can think of it as Avatar meets Spiderman.

Why does the world need another superhero?

The world doesn't need just another superhero, the world needs a cadre of superheroes that are aligned with a purpose beyond the box office. A purpose-driven superhero franchise with global reach could help mobilize a global population currently in danger of being paralyzed by eco-anxiety.

Tell us more about eco-anxiety, and how gaming can help?

According to the U.N., we now have less than 11 years to prevent catastrophic climate change. And, as extreme weather events start sweeping across the globe, worry about the climate crisis is affecting more and more people. Today, 70% of Americans are "worried" about climate change and 51% feel "helpless." With no framework for treatment, eco-anxiety is fanning the flames of our global mental health crisis.

What if a game could be designed that transforms feelings of learned helplessness around climate change into feelings of hope. And gives us the strength to take on the challenge of solving climate change.

We saw a hint of this story potential with James Camerons eco-myth, Avatar. Where we were given a view of what life connected with nature could look like. I struggle to think of any other media franchise that is doing this.

Sounds great, but what kind of game can alleviate eco-anxiety?

I see eco-anxiety as a form of learned helplessness. Psychologists know that we can transform learned helplessness through setting and achieving goals. This provides a sense of control over outcomes especially as players begin to meet those goals on a consistent basis.

Games are perfect for this first step. With gaming being the fastest growing media platform in the world, we can reach the greatest number of people. And games, unlike standard two-hour movies, can be played for years with new content being delivered continuously.

Specifically, in Bioman's Forest Garden you are a climate refugee in a camp on the edge of a forest devastated by industrialization and climate change. The player has to use robots and drones to transform the dying forest into a biodiverse and bountiful forest garden.

Based on principles of sustainable agroecology the game teaches players how to plant and nurture forest gardens. Players then harvest the plants to craft food, medicine and other goods that are in short supply in the camp.

In addition, we will generate real-world impact through our partnership with Tree Nation. The partnership will allow players to plant real trees through the game and monitor the CO2 offset. CO2 leaderboards will gamify tree-planting.

Finally, the game is social and designed to get players to collaborate in the game to tackle the worst effects of climate change. We also will offer an opportunity for our players to come together in the real world to volunteer in urban gardening/farming projects.

How will you use blockchain?

Blockchain will serve as a ledger that maintains ownership of non-fungible tokens (NFTs). These tokens are attached to individual digital assets within a game. This allows digital collectible items to be bought and traded with clear provenance of the asset. This eliminates the risk of fraud and provides the potential for digital assets to be used interchangeably between games.

Cryptokitties was the ground-breaking blockchain game that allowed people to buy digital cats breeding them to create more unique and rare cats. Cryptokitties showed the possibilities of how these assets can be used across games, creating an ecosystem of independent developers building new experiences on top of it. According to some estimates, the game had 1.5 million users who were responsible for $40 million worth of transactions on its platform. Individual cryptokitties have sold for more than $300,000 a piece.

In comparison, in games like Fortnite, players spend money on digital assets like cosmetic skins, dance moves, etc. that they dont own. And, if the game shuts down then they will lose all their investment in the game assets. NFTs eliminate platform risk.

Where are you now?

The game is in pre-production and Im partnering with one of the top mobile free-to-play game designers in the world. He designed FarmVille and is passionate about permaculture and sustainable farming. Farmville generated 700 million installs and over a billion dollars in revenue. With that player base and those revenues, we can generate a significant impact.

The movie adaptation of the critically acclaimed novel is in the final stages of development. The former chief creative of DC comics consulted on the script and the film is slated for release on Earth Day 2022.

See more at http://www.defendnature.com

Excerpt from:

The New Superheros: Theyll Use Gaming And Blockchain To Solve Climate - Forbes

Updated: May 25, 2018:

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Original post:

Can the Blockchain Address the Vulnerabilities that Lurk Alongside the Potential of 5G? - JD Supra

Emerging technologies such as blockchain and cryptocurrencies are compelling subjects for Alex Tapscott. The author, public speaker and venture capital investors new book Financial Services Revolution, How Blockchain is Transforming Money, Markets and Banking, was co-authored with his father Don Tapscott. The Star spoke to the younger Tapscott recently about uses for blockchain, security concerns and possibility of the Bank of Canada introducing a digital loonie.

Can you explain what blockchain is?

Simply put, blockchain is the most important computer science innovation in a generation and its ushering in a new era for the internet an internet of value. You see, when you use the internet to send information youre sending a copy and retaining an original (think email). That works for information but not money, financial assets or anything that requires scarcity. So we still rely on middlemen. After all, when I send you money you need to know I dont still have a copy. Historically weve needed an intermediary to establish trust. Blockchain solves this problem. For the first time in human history we have a digital medium for value that will enable individuals to transact and store value in virtually every kind of asset peer to peer in a private, secure and trustless way without the need for middlemen like banks.

What are the most promising uses of blockchain?

Blockchain will do for capital and assets what the internet did for newspapers, film, and TV. It will force us to rethink the deep structure and workings of many industries, starting with finance.

In this next shift, not only could the U.S. dollar be displaced by a synthetic alternative or a Chinese crypto-yuan, but virtually every marketplace from securities like stocks and bonds, to insurance, accounting, audit and venture capital, as well as new assets like our identities, never before owned and monetized as assets by individuals will be made virtually unrecognizable.

Do you think Facebooks proposed currency Libra will materialize?

When Facebook announced its plan to create digital money called Libra, incumbents immediately pushed back. Even though Facebook has marketed Libra mainly as a way to bank the unbanked a noble cause, to be sure it wants to deploy this coin across its platform, for use in all forms of commerce online and off, which would position Facebook as a powerful new player in the global financial system. It could change how, where, and with whom billions of people spend and save, borrow and loan, and otherwise finance and insure their lives and livelihoods and current legislators, regulators, and masters of the universe are having none of it. This is a watershed moment. Facebook is one of the largest landlords of our digital economy, and its actions are far-reaching.

YOU MIGHT BE INTERESTED IN...

First, Facebook is placing itself in the crosshairs of lawmakers and regulators as they wrestle for control over finance, money, and influence among citizen users. Second, by wading into the massive, complex world of financial services, Facebook is pitting itself against big banks as well as bit tech. Does anyone expect Jeff Bezos to allow Libra on Amazon, without launching an alternative? Finally, Libra, like bitcoin, could forever alter the traditional role of fiat money in the global economy. Just as cellular technology allowed billions to leapfrog land lines, Libras blockchain-based platform has the potential to leapfrog the traditional banking infrastructure of today.

In Financial Services Revolution, theres much discussion of international transfer of funds being deliberately and unnecessarily slow. How hard will it be for existing financial institutions to be convinced to give up their profit margins on these?

With paradigm shifts, leaders of the old are often last to embrace the new, if they survive to embrace it at all. So why did Blockbuster not create Netflix, and why did Sears not create Amazon? One reason is the innovators dilemma, where disrupters of old paradigms have trouble disrupting themselves. But leaders of todays banking giants need to understand that theyre standing on a burning platform where the risk of taking a leap into the unknown is actually lower than the risk of staying put because eventually that platform will be engulfed and collapse.

Do recent major hacks on digital currencies that use blockchain, including Ethereum Classic last year, pose a confidence problem?

Blockchains are highly secure but they are not unhackable. If I say theyre unhackable Ill surely get hacked tomorrow! However, large established blockchains such as bitcoin, Hyperledger and even Ethereum have proven highly resilient to attack. Certainly they are far more secure than traditional methods for storing data, which have proven very vulnerable think Equifax, Target or the Democratic National Committee.

YOU MIGHT BE INTERESTED IN...

Do you think there will ever be a digital loonie, as the Bank of Canada recently speculated?

Yes. In fact the Bank of Canada has said if commercial currency initiatives like Facebooks Libra become more popular they will have no choice but to launch them. They shouldnt wait for someone else to do it first. This is a once-in-a-generation opportunity for our central bank to show leadership in digital transformation.

Processing speed is important in financial transactions but Blockchain-based transactions are slow. Will this be problematic?

Not all blockchains are created equal. While its true that bitcoin is a heck of a lot slower than other payment systems like Visa or Mastercard, numerous new blockchains are stepping up to address these bottlenecks. The most promising one is Cosmos which allows different blockchains to interoperate, radically improving their scalability. (By the way, I should disclose that Im an investor in Cosmos.)

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Does the amount of energy usage required for mining bitcoin and other currencies using blockchain technology concern you?

For bitcoin it is a valid concern, though I would point out that according to a recent study 74 per cent of bitcoin mining is powered by renewable energy. However, we shouldnt view this as some reason blockchain or cryptocurrencies are a bad idea, but rather as an implementation challenge to be overcome. We have a once-in-a-lifetime opportunity to harness a radically powerful new technology to transform the economy as we know it and usher in a financial industry that is more resilient, private, efficient and secure.

This interview has been edited for length and clarity.

View post:

A digital loonie may be on the way and thanks to blockchain, money will never be the same again - Toronto Star

In 2020, many of the world's most influential business executives and policymakers are aware of blockchain's potential to turn the global economy around. But there was a time when it was not discussed in the same sentence as Bitcoin.

Ilija Acimovic

The practicality of blockchain has been gaining tremendous publicity. Let us dig into the mainstream adoption of this revolutionary technology.

Along with other forms of distributed ledger technology, blockchain could become the global decentralised source of trust. More and more thought leaders are getting convinced of its prowess to minimise business uncertainty and boost profit due to several reasons.

In 2018, $673bn was the estimated annual savings obtained through digital trade in the Asia Pacific region alone. On a global scale, the decrease in overhead could elevate the competitiveness of any businesses, especially those operating in the least developed nations, for going paperless could slash up to 30% of trading costs.

All records on a blockchain network are time-stamped. To be clear, such pieces of information are not completely tamperproof. But any fraudsters would fail against an entire army of fact-checkers with no vested interest other than maintaining data legitimacy.

Moreover, any blockchain-driven supply chains can make it easier to identify compromised items. The ability to retrace the journey of goods (from the source to the market) at a glance could prevent unnecessary product recalls and avoid similar problems from recurring.

Admittedly, not all companies must embrace this disruptive innovation. But at least 55 industries have found value in it. In fact, many of them have already tested different use cases for blockchain.

Facebook has announced its intention to establish a blockchain-powered P2P network using its own stablecoin called Libra. Considering the enormous social and financial clout of the company in many countries, Facebook could challenge the influence of central banks if the Libra ecosystem sees the light of day.

The potential of this decentralised distributed ledger to improve centralised management was not lost on many of the most loaded brands on the planet.

For instance, Amazon now offers tools to businesses that wish to climb on the blockchain bandwagon while Ant Financial has developed its own proprietary tech for many things, including tracking the countless goods changing hands on an Alibaba marketplace.

Read this article:

#BlockchainAfrica: The impact of blockchain on the global economy - Bizcommunity.com

Written by Dave Nyczepir Mar 2, 2020 | FEDSCOOP

Customs and Border Protection recently completed an interoperable blockchain proof of concept to prevent the theft of intellectual property rights, the agency announced Friday.

Blockchains function as tamper-evident, digital ledgers implemented in a distributed fashion, and in this case the technology allows CBP to protect sensitive information on U.S. imports.

Personally identifiable information and trade secrets can be transmitted between the agency, manufacturers, retailers, rights holders, and importers via encrypted keys on a single platform.

We strongly believe blockchain will help the United States maintain a competitive edge in the worldwide competition to grow stronger, better, and more reliable ways of protecting our country from illegal imports and exports, a CBP spokesperson told FedScoop.

CBP completed its first-ever test of the technology in September 2018 within the North American and Central American free trade agreements proving multiple blockchain programs could integrate seamlessly. Since then, the agency has explored additional use cases with a total of seven unnamed companies.

No real products were tracked, companies instead submitting fictitious transactions during piloting. But using a single access point in the blockchain, CBP was able to connect data to products and licenses correctly necessitating fewer physical examinations.

The companiescommunicated with CBP and other transaction participants using unique blockchains, regardless of their software. That way new trade partners can be added to the interoperable system quickly without blockchains needing to be rebuilt, which saves everyone involved money.

The Department of Homeland Security Science & Technology Directorate funded the pilot run by the Office of Trade as part of its blockchain portfolio.

This pilot represents great potential for marrying new technology with our traditional trade mission: to protect the U.S. economy, said Brenda Smith, executive assistant commissioner of the Office of Trade, in a statement.

While many in government are eager to try blockchain to solve complex issues, many also resist that urger, worried that the technology doesnt fit well in the government context. FedScoop reported last year about what it is about blockchain in government that irks many people.

Link:

CBP successfully tested an 'interoperable' blockchain system for protecting intellectual property - FedScoop