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After it emerged in 2008, the technology behind the world’s most popular crypto-currency, Bitcoin, took to court on the sidelines, attracting attention mostly from startups and the financial services sector. However, it has only recently started to receive a lot of attention as companies are slowly realizing that it can be valuable for many other things besides tracking fees.

Simply put, a blockchain is a distributed ledger that organizes transactions into blocks. Each block is chained to its first, using sophisticated mathematics, until the first transaction. Entries are permanent, transparent, and searchable, enabling community members to view transaction histories in their entirety. Each update consists of a new “block”, added at the end of the “chain”-a structure that makes it difficult for anyone to change records at a later stage. The ledger allows information to be recorded and shared between large groups of unrelated companies and all members must collectively validate any updates – which is in everyone’s interest.

To date, a lot of attention and money has been spent on financial application for technology. However, a similarly promising test case exists in global supply chain relationships, whose complexity and diversity of interests impose the exact types of challenges this technology seeks to address.

A simple application of the blockchain paradigm in the supply chain can register the transfer of items in the ledger, because the transactions identify the parties involved, as well as the price, date, location, quality and condition of the product and anything else. information that may be relevant to supply chain management. The cryptography -based and unchanging nature of transactions make it almost impossible to compromise the ledger.

Today, many startups and corporations are deploying the blockchain to reinvent their global supply chain and run their businesses more efficiently:

1. For Maersk, the world’s largest shipping company, the challenge is not to keep track of the familiar rectangular shipping containers that sail the world aboard cargo ships. Instead, it revolves around mountains of papers attached to each container. A container may require stamps and approval from up to 30 parties, including customs, tax officials and health authorities, spanning 200 or more interactions. While containers can be loaded onto a ship in minutes, a container can be left in port for days because a piece of paper is lost, while the contents are damaged. The cost of moving and tracking all of these papers is usually equal to the cost of physically moving the container around the world. The system is also rife with fraud because the valuable bill of lading can be altered, or copied, allowing criminals to siphon items or circulate counterfeit products, leading to billions of dollars in fraud. sea ​​every year.

Last summer, Maersk sought cooperation from customs authorities, freight forwarders and producers filling containers. It has begun running initial trials of a new digital shipping ledger with these partners, for shipping routes between Rotterdam and Newark. After signing a document, customs authorities can immediately upload a copy of it, with a digital signature, to everyone involved – including Maersk itself and other government authorities – it appears to be complete. If there are disputes later, everyone can go back on the record and be confident that no one is changing it in the meantime. The cryptography involved also makes it difficult for virtual signatures to be forged.

The second test traced all paperwork related to a container of flowers moved from the Port of Mombasa, in Kenya, to Rotterdam, in the Netherlands. While both trials went well, Maersk followed suit by tracking containers with pineapples from Colombia, and mandarin oranges from California.

2. Like most retailers, Wal-Mart, struggles to identify and eliminate food that needs to be remembered. If a customer is ill, it can take several weeks to identify the product, shipment and seller. To address this, it was announced last year that it would begin using the blockchain to record and log the origin of products – important data from a receipt, including suppliers, details of how and where the food was grown. and who is examining it. The database extends the information from the pallet to the individual package.

It provides the ability to instantly find out where a dirty product is coming from in minutes versus days, as well as capture other important attributes to make an informed decision about how to clean it. flow of food.

Wal -Mart, has already completed two pilot programs – the transfer of pork from Chinese farms to Chinese stores, and the production from Latin America to the United States – and is now confident that a finished version can be installed for several years.

3. BHP relies on vendors at almost every stage of the mining process, contracting with geologists and shipping companies to collect samples and conduct analyzes that drive business decisions involving multiple parties. distributed throughout the continent. Vendors typically track rock and liquid samples and analyze using emails and spreadsheets. The missing file can cause huge and costly headaches because the samples can help the company decide where to drill new wells.

BHP’s solution, which started this year, is to use the blockchain to record the movements of wellbore rock and fluid samples and better ensure real-time data is generated during delivery. Decentralized file storage, multi-party data access and immutability as well as easy access are all aspects that can improve its supply chain.

BHP now requires its vendors to use an app to collect live data-with a dashboard and options on what to do to master their respective jobs. A technician taking a specimen can include data such as time of collection, a lab researcher can add reports, and everything is immediately visible to everyone with access. No more missing samples or messy messages. While some process elements are similar, the new system is expected to drive internal efficiency while allowing BHP to work more effectively with its peers.

Currently, in most early deployments, blockchain runs similar to today’s systems in companies – often older databases or spreadsheets such as Microsoft’s Excel. The hardest part is creating new business models. Deploying blockchain enterprise-wide means that companies often have to scrap their business processes and start from scratch. An effort not for the faint of heart.

Technology giants are exploring the blockchain and Facebook will not be left behind. The company has reportedly hired one of its senior engineers, Evan Cheng, as Director of Engineering for the new blockchain division.

Strengthen the blockchain division

In May, Facebook Messenger chief David Marcus, announced he would leave the post to help the company explore the uses of blockchain technology.

“I put together a small group to find out how to best use Blockchain across Facebook, starting from the left,” Marcus announced via a post on his Facebook page. It came months after Facebook CEO Mark Zuckerberg announced that he had already begun exploring the possible use of cryptocurrencies for Facebook. Blockchain is the underlying technology behind the cryptocurrencies Bitcoin is famous for.

Joining Marcus today is another senior engineer at Facebook.

Get serious about the blockchain

Now that one of its senior engineers has moved into the blockchain division, the social networking giant looks more serious than ever. Evan Cheng’s LinkedIn profile supports his move as he became Director of Engineering for Blockchain recently. Previously, Cheng was known as the head of Programming Languages ​​& Runtimes for Facebook. He has been in office for three years.

Prior to that, Cheng was with Apple and worked as Senior Manager for Low Level Tools. He also has experience in back engineering and compilation technology. Cheng’s track record shows him tweeting about the blockchain. In addition, he previously served as divisor to several blockchain startups/projects such as ChainLink and Zilliqa.

“That means [Cheng’s promotion] not just an exploration project, “TechCrunch quoted a source who monitors the blockchain space. According to the same source, Cheng’s placement in the blockchain division means the project is important because he knows a thing or two about scalability and performance.

In the first quarter of 2018, Facebook had more than 2 billion monthly active users worldwide, making it a likely target of security threats for the large amount of valuable information it currently holds. In recent news, the company has been implicated in various data breach scandals where data from 87 million Facebook users was collected and used in political campaigns. Despite this, the number of monthly users still increased by 13 percent compared to the first quarter of 2017. Seeing the significant impact of social media on society today, it is time for Facebook and similar social networking sites to find ways to protect their users from unscrupulous manipulation.

Facebook’s move to explore the blockchain could be one of the steps to address these problems. With a decentralized and unalterable blockchain design, it is ideal for streamlining processes as well as strengthening security for data management in many industries.

One of the most lucrative industries for blockchain technology is trade finance. Many of the world’s largest banks take the time to research and develop them.

Thanks to a consortium of 71 global financial leaders, R3CEV, much has been discovered about the potential use of blockchain technology.

Since 2016, R3 has implemented several pilot runs in the market to complete their research. They will continue to develop these strategies until they are ready to fully enter the market.

So, what are some of their potential uses? Here is the future of trade finance for blockchain technology companies.

Real-Time Status and Condition Monitoring

One of the members of R3, the CBA, is a leading contributor to blockchain technology research. Currently, they are going through 3 different blockchain usage analysis projects.

They are conducting a trial run on exporters who ship cotton. A humidity monitor is placed inside the canister, which is connected to IoT and GPS.

This monitor allows consumers to track their shipments with real-time status. Also, they will be able to evaluate the condition of their product as it passes.

Other national blockchain technology companies are running pilots, similar to this study. In Singapore, Hellosent conducted similar tests. However, they studied the import of French wine.

Remove the Unpaid Settlement

A growing issue for grain farmers is a financial loss due to trade insolvencies. An estimated $ 50 million was lost in 2014 due to this activity.

It takes about 4-6 weeks for a farmer to receive payment for their freight. That said, there is often a conflict between farmers and buyers due to payment complications (failure to pay the correct amount, late payment, etc.).

The Australian startup, Full Profile, is managing things in their own hands.

Their blockchain platform allows farmers to now receive automatic payment for the delivery of grains. This will greatly reduce the risk of disputes between farmers and buyers.

If the Full Profile application is fully applicable in a local setting, they will expand into external trade.

Digitize

The use of blockchain technology can also be beneficial in reducing financial loss and risk. With further development, it will be able to digitize sales and legal arrangements.

Trade finance is an unusable industry, relying heavily on settlements and contracts. Currently, most of these agreements are handled in the traditional way: paper copies.

Blockchain technology will eliminate the need for this paper -based system. This ultimately reduces the risk of financial loss because documents are often lost, mismanaged, or damaged.

Electronic documentation can be tracked more efficiently. Also, it cuts down on the need for a third-party verification system.

Interested in Learning More About Blockchain Technology Company?

Blockchain technology creates transparency in financial transactions between buyers and sellers. From the moment an order is placed until payment is made, the blockchain is able to simplify the trading process.

Are you looking to jump into the world of international trade? You are in the right place. Nice to know your thoughts and comments.

Despite the popular conviction that blockchain technology is only designed to make cryptocurrency transactions and earn bitcoins, the blockchain continues to make its way into many areas of life: social media, gaming, healthcare, real estate, and etc. The technology seeks to improve work efficiency, cut costs for businesses and improve the customer experience.

Blockchain can be defined as a digitalized database and it belongs to digital ledger technology (DLT), which means there is no central data store or administrative functionality. Why is this an advantage for a business? Decentralization combined with transparency, gives each participant and opportunity to view all recorded data, ensure its security and track important information.

Here are the areas where the blockchain has already entered and proven that this technology is worth trusting.

Supply chain management, for example, is a major but weak part of the workflow of many companies. The parties involved in the process often do not interact directly with each other and still apply paper methods to collect and store information. Blockchain offers complete removal of papers: the flow of documents can be automated, digital certification is also used. Above all, every authorized member of the supply chain can track the product from the manufacturer to the consumer and prevent counterfeit distribution.

Many American marketing giants who have encountered food -borne illnesses and increased food memory, are implementing blockchain technology into their food supply chains. In the past, tracking a product took a minimum of 7 days, and nowadays the origin of a food can be identified in seconds.

Thus, blockchain solutions make the recall process faster, more efficient, and cost -effective. Meanwhile, customers are also experiencing blockchain adoption in their hypermarkets. At Walmart’s Chinese stores, for example, they can scan the QR code and get all the information about the product: from the farm location to the inspection certificates.

Healthcare is the field where blockchain-based solutions are establishing themselves as a more secure and transparent way to store electronic health records (EHR). Physicians and patients will receive permission to access the records and use them as needed. At the same time, blockchain solutions are driven by intelligent contracts that allow the protection of the privacy of EHR data. Health care equipment and clinical research data is encrypted, insurance can also be enforced and stored. Another case of use is prescription drugs and control of the equipment supply chain.

E-commerce is especially in need of blockchain technology. Once again, the supply chain is an important aspect here: monitoring items and managing supplies are always challenging tasks but the blockchain can help businesses manage their inventory more efficiently. Consumers who rely on their money and data in e-commerce organizations are concerned about data security and transparency but this issue can be addressed with the development of the blockchain. Even the slightest change in transaction is obvious in a blockchain, and tracking who is at fault is no longer a problem. It is also possible to make crypto payments.

The next area actually has to do with cryptocurrency transactions. DeFi, short for decentralized finance, not only includes the simple transfer of assets, but also addresses more complex financial use cases. The implementation of the blockchain contributes to the mediation process and, thus, reduces the cost. All transactions are encrypted and non-modifiable, multi-step authentication mechanisms make the system difficult to access for unauthorized members. Among the recent innovations is the opportunity to resort to P2P lending services and digital banking.

Social media has the potential to be affected by the blockchain as well. With its global popularity and the ability to connect with people around the world, social media is still vulnerable to account hacking, identity leakage and copyright infringement. To resolve the issues, the blockchain offers author rights protection, digital identity verification and an impartial license.

Real estate, eGovernance, the gaming industry and many more have joined the wave of blockchain adoption. If your business chooses innovation, entrust the implementation of the technology to one of the business blockchain companies that will create a DLT that will be proven in the future business for you. With blockchain, your business will change the rules of the game in your field.

Blockchain … It’s become ubiquitous: left, right, and center – we’ve heard about this technology everywhere. But it has earned its prominent merit: no one can cast doubt on the blockchain’s multifunctional performance, dexterity, and flexibility.

Now many blockchain application development companies are coming to their services and surely there are many experts in the market. If you have already decided to try and endorse the blockchain yourself, you need to consider a number of factors. The Internet is plentiful in a variety of sources and you will find many tips on how to choose the best blockchain app development company.

We decided to compile for you a list of the most relevant tips, which will reduce the pain of selection. Here we go!

1. Choose a blockchain development company that offers consulting services. Often, companies like this are very knowledgeable in blockchain technology and provide you with all -inclusive, detailed, expert reports. They will let you know how you can benefit from implementing blockchain in your business. In addition, blockchain consulting companies are always on the latest trends and can advise you on using the latest solutions.

2. Take a closer look at their website. Identify the company’s portfolio: the projects they deliver (their complexity, industry, technology stack, etc.). It is also advisable to pay attention to clients ’reviews. They often point out what makes the team unique among others, how quickly they deliver the project, what approach they use, and overall impression of the development and management processes. In addition, to get more details about the company’s professional competence, you can contact their clients directly to get their feedback.

3. Don’t be cheap. Sure, development costs are significant and it’s OK if you want to consider the financial aspects. However, don’t look for the cheapest development service because you may be in a state of complete disappointment. It is better to fix the project budget at the beginning.

4. Find a dedicated group. Sometimes you may be a little confused, frustrated, or even frustrated if you need to remind the team about the goals of your project or point out some mistakes that aren’t corrected and keep repeating. Let’s agree that you don’t need these misunderstandings. So find a company that will give you a dedicated team.

A dedicated team will simply work on your project, deliver it on time, provide you with all necessary updates, and arrange daily/weekly virtual meetings.

1. Make sure the company provides support services. You should know that blockchain app development is not enough. It is a well-known phenomenon that all apps require ongoing support even after the deployment process is complete. Consider support services such as cloud hosting, live technical support, and bug fixing. A team of experienced developers will do their best to free your business from unnecessary trouble in the future.

So, I do. Next time when thinking about which blockchain application development company to choose, don’t forget the tips.

Wishing you the best of luck!