Our EC3 (Empowered Collaborative Commerce Cloud) Platform bridges cutting-edge blockchain technology with current enterprise IT realities for seamless adoption of our solutions across a supply chain

Skuchain

From banking and secure communications to healthcare and ridesharing, blockchain technology will significantly affect our future. To comprehend how blockchain will transform the world, you must first comprehend how it operates. Have you ever purchased fair trade-labeled coffee or produce? How can you rely on this data? What about meeting someone through a dating website? How do you know they are the 35-year-old entrepreneur of a startup and wakeboarder they claim to be? Today's society is rife with ambiguity and trust difficulties, and for a good reason. To ensure that your purchase that your date is who they claim to be, you would need a system with high security where records are saved and facts are checked by several witnesses so that no one can scam the system. Blockchain Technology A blockchain is a distributed ledger that is transmitted among network nodes. As a database, a piece of blockchain information is stored in digital format electronically. In cryptocurrency systems such as Bitcoin, blockchains play a crucial role in maintaining a secure and decentralized ledger of transactions. A blockchain's innovation ensures the integrity and security of a data record and emits trust without the need for a 3rd party. The data structure is a significant distinction between a conventional database and a blockchain. A blockchain gathers data in groups called blocks, which contain information sets. Blocks have specific storage capacities and, when served, are closed and linked to the previous block, forming the blockchain, a data chain consisting of connected blocks. All new data that tracks the newly added block is gathered into a new block, which is then calculated to the chain once it is complete. A database typically organizes its data into tables, while a blockchain, as its name suggests, organizes its data into strings of blocks. When implemented decentralized, this data structure creates an inherently irreversible data timeline. When a block is filled, it becomes part of this timeline and is set in stone. A precise time stamp appears when a block is added to the chain. Cryptocurrency It acts as a medium of commerce, a reserve currency, and a unit of measurement. Although cryptocurrencies have no intrinsic worth, they are used to price other assets. Bitcoin is a cryptocurrency (payment method) but can also be viewed as a speculation commodity ( ). It was introduced in 2009 and is regarded as the first digital asset. Digital assets, commonly referred to as crypto assets, are digital representations of value enabled by encryption and blockchain. Their original goal was to act as a means of wealth transfer without the need for a bank or other trustworthy third party. Three primary crypto-assets (digital assets) categories are cryptocurrencies, crypto tokens, and commodities. Stable coins, cryptocurrencies linked to a stable currency like the U.S. dollar, are an emerging topic of study and may become a crucial component of decentralized finance ( ). how much it trading for DeFi How does Blockchain Technology Work? Here's how blockchain is often used to validate and record Cryptocurrency. An individual purchases Bitcoin or Ethereum. The transaction data is relayed over the decentralized network of Bitcoin nodes. Nodes authenticate transactions. After approval, the transaction is joined with other payments to form a block, adding to a continuously expanding chain of transactions. The finished block is encrypted, and the transaction record is immutable; it cannot be deleted from the blockchain. The blockchain of Bitcoin is public, so anyone with Bitcoin may examine the transaction record. Despite the difficulty of tracing the identity of an account, this record reveals which accounts are conducting transactions on the blockchain. Public blockchains also permit any user with sufficient computing power to participate as a node in authorizing and monitoring transactions onto the blockchain. However, not every blockchain is public. A blockchain can be built as a private ledger, allowing the owner to restrict who can make modifications or additions. The private blockchain, the pool of users, may be smaller, but participation is still decentralized. Private blockchains ensure the confidentiality of any data stored in the database using identical encryption techniques. The concept of a safe, decentralized permanent record of data has piqued the interest of various businesses and may offer solutions to several security challenges, record-keeping methods, and data ownership difficulties we now face. Businesses Benefits Blockchain's primary benefit is as a database for transaction records, but its benefits extend far beyond traditional databases. In addition to removing the chance of tampering by a malicious party, it provides the following business benefits: Blockchain reduces transaction durations from days to minutes. Due to the absence of central authority validation, transaction settlement is more expedient. Time savings: Transactions require less supervision. Participants can immediately swap items of value. Participants have access to a common ledger, which eliminates duplication of effort in the blockchain. Cost savings: The security aspects of blockchain prevent fraud, manipulation, and cybercrime. Security Concerns: The Future of Blockchain Technology and Applications Numerous companies from diverse sectors and domains have been drawn to this technology, and its potential future uses. In addition, Blockchain technology has been the subject of many studies as a sort of disruptive technology that has the potential to gain wider global recognition. Let's talk about the future of Blockchain technology in several industries. 1. Banking & Payments Blockchain makes it possible for anybody to trade money more quickly, efficiently, and securely, and many institutions are now implementing blockchain technology to enhance their transactions. 2. Blockchain and Cybersecurity Using powerful cryptography, Blockchain verifies and encrypts every data, making it resistant to unauthorized alterations and hacks. The vulnerability of centralized servers to data loss, corruption, human mistake, and hacking is high. Consider the numerous hacks in recent years at Target, Verizon, Deloitte, and Equifax. A decentralized, distributed blockchain architecture would make cloud data storage more secure and resistant to attacks. 3. Finance Industry Blockchain technology has fulfilled its promise and demonstrated consistency regarding the tracking of financial assets. After recognizing its benefits and potential, multiple financial institutions have invested in this technology. Due to its responsive ledger system, Blockchain can combat the flow and transactions of illicit funds. Governments are concerned about it as an option for implementing more efficient economic regulations. 4. Internet of Things Automobiles, buildings, alarm systems, and even kitchen appliances are now embedded with software, network connectivity, and sensors and are part of the (IoT). Because these gadgets work from a central point that manages communications, hackers can acquire access to your home or vehicle. According to Bitcoin and Ethereum expert Kamil Przeorski, Blockchain can overcome these fundamental security concerns because it decentralizes all information and data. This is becoming increasingly significant as IoT capabilities expand. Internet of Things 5. Blockchain in the Cloud There is a high risk of data cyberattacks, loss, or human error with centralized servers. Cloud storage can be made more safe, secure, and resistant to hacking, similar to its application in cybersecurity using blockchain technology. 6. Communications Integration Blockchains can facilitate more efficient, secure, and dependable automated communication. In some businesses, automated or digital communication based on pre-built algorithms is already widespread. Emails, system alerts, and call notifications are all examples. Matt Peterson, the co-founder of Jive Communications and an early adopter and Bitcoin miner, said that while a significant amount of communication is presently automated, it is typically non-critical and asynchronous. He stated, "Blockchains can alter the playing field to permit permitted, bi-directional conversations and transactions that occur more freely in an automated setting and establish an immutable communication record." This will significantly improve the security and dependability of our communications. 7. Digital Advertising Due to the difficulties associated with digital advertising, such as bot traffic, lack of transparency, inefficient payment models, domain fraud, etc., marketers and publishing companies have a difficult time because of bad players. Blockchain has been discovered to resolve such issues through its transparency and dependability. Utilizing this technology can improve the handling of transactions related to advertising. supply chain technology 8. Healthcare Wouldn't it be wonderful if doctors no longer had to "fax over referrals"? Why is it impossible to store our medical information in a central database? The concentration of such sensitive data makes it extremely vulnerable. Because hospitals collect so much sensitive patient information, a secure platform is vital. With the introduction of Blockchain, hospitals and other medical organizations might construct a centralized and secure database to store and distribute medical records with only approved physicians and patients. 9. Digital Currencies by Governments Bitcoin's value rose dramatically in 2017, unlike any other service or currency. Cryptocurrency is one of the most highly valued assets available on the market. Bitcoin's value is not determined by the fundamental concept of supply and demand. Even with the fixed limit of 21 million Bitcoins, the demand for Bitcoin will increase again. For this reason, governments are expected to generate their digital currencies and participate in the . This national digital currency is also the potential future application of Blockchain technology. market share Increasing Demand for Blockchain Experts According to experts at KPMG, the main reason for the sudden increase in demand for is that by 2020, many large enterprise projects will have reached a stage of maturity, transitioning from proofs of concept in 2017 to pilot projects in 2018 to production systems in 2019 and 2020. blockchain expert developers This technology's size and growth potential are undeniable, but is it important to your professional development? Should you contemplate a career as a blockchain developer? How will you profit personally if you master this technology? How challenging is it to master blockchain technology? There are two sorts of individuals interested in learning more about blockchain careers: Developers who wish to migrate into blockchain technology. People who are not yet developers are in the process of selecting a professional path in the technology industry. This essay is mostly concerned with the first group and how software developers and engineers can shift to the blockchain. We also cover the professional and personal changes you might anticipate from mastering fundamental blockchain development skills. However, before we get into the specifics, let's examine some fascinating data that will help you grasp the present situation of professions in blockchain technology. The Five Most Demanding Blockchain-Related Jobs of the Future Blockchain Developer For programmers and developers who want to break into a technical blockchain career, obtaining a blockchain apprenticeship with a startup or formed company can be a viable option. One of these life-altering tickets is sufficient. On the West Coast, many companies offer entry-level and internship positions paying between $15 and $30 per hour. Internship responsibilities can vary but may include: Concentrating heavily on private blockchains, we design and develop blockchain solutions. Creating and deploying software solutions for both the blockchain and Linux platforms. Developing pilot solutions for blockchain technologies Developing and conceptualizing use cases and proofs of concept NodeJS, Java, C++, Go RESTful, APIs, Truffle, React, Solidity, CSS, and HTML are some of the technical skills you should bring to the table. 2. Blockchain Quality Engineer A blockchain quality engineer ensures that everything functions and that the development environment maintain quality. This includes automation frameworks and tests, manual testing, and dashboard development. In addition to planning and delivering complex blockchain projects, they develop and maintain QA automated test standards. 3. Blockchain Project Manager Companies are willing to develop blockchain-based optimization solutions. Therefore, businesses must communicate their needs to a blockchain development firm capable of meeting their complex . To accomplish this, the company will require many project managers to manage and facilitate blockchain technology projects as the workload and clientele expand. You may want to consider a Master's or MBA in project management. business requirements A blockchain project manager will need to translate the company's requirements from standard English into technical and then back into standard English. When a business wants to bring blockchain technology in-house and adapt it to its existing technology platforms, the project manager is typically the first person contacted. The blockchain project manager is responsible for planning and overseeing the blockchain project's execution. For instance, a company called Provenance is developing a blockchain-based provenance record that provides supply chain transparency in the manufacturing and industrial sector. In addition, SKUChain is a new blockchain project that will enable the tracing and tracking of products throughout the supply chain. 4. Blockchain Designer There is always work available for designers, correct? As with any other industry, blockchain companies require designers to create mobile and web-based websites and user interfaces for non-technical to interact with the blockchain and its applications. Blockchain designers must have UI design expertise and be proficient in Sketch, PS, and Figma. 5. Blockchain Legal Advisor Increasing numbers of businesses are interested in blockchain technology. Likewise, the demand for legal services in the blockchain and space is growing. This year, numerous technology attorneys have reported receiving an increase in phone calls from potential customers seeking advice on structuring and regulating initial coin offerings (ICOs). In addition, they seek legal counsel on issues that may arise during the launch of their blockchain and financial technology projects. As more organizations adopt blockchain technologies, most will require legal counsel as they grow and evolve. digital asset A recent job posting for a blockchain attorney, for instance, sought an attorney who could design legal collaborations that would connect the crypto ecosystem to the existing financial structure, as well as support various merger & acquisition activities, including negotiating and drawing up legal agreements and conducting due diligence. Conclusion Without any further question, Blockchain technology’s advantages will soon entice businesses and organizations worldwide to spend more on it. It is still in its initial stages, but this, one of the new tech, will take a bit more time to build up traction and demand patience. However, the pros of Blockchain are hard to overlook, but the upcoming will benefit numerous businesses as the verification for every piece of data that moves in and via such Blockchain systems will be a preventive measure of many difficulties. tech trends Also published here

Blockchain Technology's Rise and its Foreseeable Impacts 

A supply chain is a network of people and businesses involved in creating and distributing a product or service. It includes everything from the extraction of raw materials to the end consumers who purchase the product or service. A basic supply chain system involves suppliers of materials, manufacturers who turn it into a commodity, the logistics companies that manage the transportation of the raw material and commodities, as well as the final retailers that sell goods to consumers. As supply chains have become global, the simple network of suppliers, manufacturers and retailers described above has developed into a complex environment where various products and materials move through multiple stages managed by different parties and geographically distinct processes. Thus, supply chain management involves integrating sourcing, procurement, manufacturing, distribution, and logistics into a cohesive system. This requires cooperation among a multitude of stakeholders and plays a critical role in the success of a business. However, today’s supply chains are inefficient, expensive, and inflexible when compared to new and innovative technologies that are impacting business around the world. The reason is that while economics and business have transformed globally, the technologies used in supply chain have stayed the same. In particular, e-commerce and the global uptake of hand-held devices have dramatically changed the way people shop. There is increasing demand for custom products, easy shopping experiences, and transparency about where goods come from. These demands pose challenges for current supply chains, which are complex, inefficient and struggle to provide data transparency over the entire flow (i.e. to track goods from raw material to end consumer). Benefits of Blockchain for the Supply Chain Some of these most urgent issues facing supply chains can be addressed through blockchain technology, as it provides novel ways to record, transmit, and share data. In essence, a blockchain is a unique database system created and maintained by participants in a decentralized network. It offers a secure and reliable architecture for conveying information and transactions (e.g. the exchange of data and assets among participants in a supply chain), which can be recorded digitally. As the distributed ledger is decentralized, each stakeholder maintains a copy, which prevents a single point of failure or data loss. This also means blockchains are highly resistant to altering or tampering. Such accurate and tamper-proof records secure data integrity and can be accessed to make regulatory compliance easier. Ultimately, blockchain can increase the efficiency and transparency of supply chains and positively impact everything from warehousing to delivery to payment. Below are some of the top blockchain projects that I have come across that have significant potential to improve global supply chains through advanced traceability, transparency, efficiency, and security. is the first platform in the supply chain industry to support simultaneous public and private blockchains. This means it can integrate with existing enterprise systems and even enable migration from other blockchains. Insolar is also the first to allow for amendable smart contracts. Traditional smart contracts are immutable, which is good in many ways but they do not suit the needs of business because they do not offer remedies similar to those available under traditional contracts. For example, under a traditional contract a business can engage in an “efficient breach,” i.e., knowingly breaching a contract and paying the resulting damages if it determines the cost to perform is greater than the damages it would owe. This option is not available under traditional smart contracts. Thus, amendable smart contracts are essential to business-ready blockchains because they reflect the reality of how contracting parties actually act. Insolar’s enabling of amendable and terminable smart contracts gives it an edge over the competition. The company is with Fortune 500 companies in the transportation industry about developing blockchain applications for their operations, and recently the , which brings together leaders in transportation, finance, and technology with the aim of building the first set of transportation industry-specific blockchain standards. Insolar also recently released a proof-of-concept video that illustrates how its supply chains could work. Insolar in talks joined Blockchain in Transport Alliance is a private blockchain network designed for business applications. Recently, it launched a (SIG) to facilitate technical and business-level conversations related to use cases for blockchain technology in supply chain management. Hyperledger’s architecture offers features such as distributed ledger frameworks and smart contract engines. These characteristics allow for a broad range of business applications, including supply chain. However, Hyperledger only uses private blockchain technology. This means it is less decentralized than a project like Insolar. It is also less versatile since it can’t interact with other chains and does not allow for amendable smart contracts. While Hyperledger supports large transactions it does not have long (more than a block time) transaction support. Hyperledger Fabric Special Interest Group is another private blockchain network designed specifically for business supply chains in international trade. Its platform provides tools for control in inventory procurement across all stakeholders. The platform combines blockchain technology with the internet of things (IoT) innovations such as radio-frequency identification (RFID). However, the fact Skuchain depends on a private blockchain and does not allow for amendable smart contracts means it lacks decentralization and some versatility. Similar to Hyperledger, it lacks the interoperability of a hybrid platform like Insolar. Skuchain Traceable and Immutable Records Blockchain data is immutable and digital signatures are required to confirm information ownership. If multiple companies work together they can use a blockchain system to record data about the location and ownership of their materials and products. This data is stored in the blockchain, which offers a full history of all items in the supply chain. Any member of the supply chain can see what is going on as materials move from company to company. These data records cannot be altered and are highly traceable. In the event of a defective product, the source of the problem can be identified more quickly, which improves the efficiency of product recalls and disruption resolution between stakeholders in the chain. Having a transparent and complete inventory of product flow helps businesses make better decisions. It gives stakeholders and customers more confidence in a product’s quality. The improved transparency is also a tool for fighting fraud and counterfeiting. Cost Savings There is a lot of waste created because of the inefficiencies of supply chains. This is especially prevalent in industries that have perishable goods, such as the food industry. The improved tracking and data transparency that blockchain offers can help business identify these wasteful inefficiencies so they can implement targeted cost-saving measures. The use of blockchain can also eliminate fees associated with funds passing into and out of various bank accounts and payment processors. Such fees cut into profit margins, so being able to take them out of the equation is significant. Interoperability One of the problems with current supply chain technology is not being able to integrate data across every partner in the process. In contrast, blockchains are built as distributed systems that maintain a unique and transparent data repository. Each party in the network contributes to adding new data and verifying their integrity. This means that all information stored on a blockchain is accessible to all parties involved in the network, so one company can easily verify information being broadcasted by another. Replacing Electronic Data Interchange Systems Many companies rely on Electronic Data Interchange (EDI) systems to send information to each other. However, this data goes out in timed batches rather than in real-time. Thus, if a shipment goes missing or pricing changes, other participants in the supply chain will only get this information after the next EDI batch goes out. With blockchain, however, the information is updated in real time and quickly distributed to all parties involved. Looking to the Future Several large players in the supply chain industry are already embracing blockchain-based distributed systems and setting up resources to encourage its use. For example, uses blockchain to keep track of the pork it sources from China, including where each piece of meat came from, where it was processed and stored, as well as its sell-by-date. Unilever, Nestle, Tyson and Dole also use blockchain for similar purposes. The world’s largest mining firm, , will use blockchain to track and record data throughout the mining process with its vendors. Diamond-giant also uses blockchain technology to track stones from when they are mined up to when they are sold to consumers. As time goes by, more global supply chain platforms will be leveraging blockchain technology to streamline the way they share information as products and materials move around. Walmart BHP Billiton De Beers Conclusion Blockchain technology is transforming business in lots of different ways, from production and processing to logistics and accountability. Supply chain management is one particularly important use case, as every stage in the process can be registered and verified to create transparent and immutable records. Therefore, the use of blockchain in supply chains has the potential to eliminate inefficiencies that are common in the traditional management models.

How Blockchain is Revolutionizing the Supply Chain Industry

There has been a resounding expectation by a lot of experts in the crypto community about the opportunities and gains that blockchain adoption could yield in the near future. In this post, we are going to take a look at what has changed so far in industries that have adopted it. Although it has disrupted nearly all , there are five of them where this process was the most successful by this date. These are supply chain management, healthcare, banking, voting systems, and cybersecurity. major industries Supply Chain Management Supply chain management for retail, logistics, and e-tail sectors has always appeared to be a more likely candidate for blockchain disruption from the get-go. This could be because of the many parties that are involved in the chain of supply — manufacturer, exporter, retailer, and the end user. Getting rid of the middlemen is one of the fundamental reasons why blockchain technology was invented. Due to the complexities of the trade, it is crucial that the parties involved can keep track of the freight, and blockchain provides a perfect solution for that. This technology allows them to keep a close track and manage the distribution channel. Moreover, due to the digital signatures, tampering with records or inaccurate labeling has been rendered nearly impossible. Currently, a number of startups are already using or offering blockchain solutions for supply chain management. These include Skuchain, Blockfreight, Clause, Maersk, Walmart, and IBM. Maersk, the world’s leading shipping company, has already adopted blockchain technology from IBM to track shipping containers. Walmart uses the same technology to track 1.1 million items’ journey from manufacturers to shelves. Healthcare Industry Medical records require safe storage, access-only security, and controlled sharing due to their sensitive nature. Guardtime, a cybersecurity company, uses blockchain technology to create a keyless entry system. . The country uses it to protect all of its patients’ medical records and appears to be the first to adopt a blockchain-based system in the health industry on a large scale. Estonia quickly adopted this system This has created lots of possibilities not just for Estonia but for many other countries across the globe to adopt blockchain in this sector. In the United States, Gem does the same thing. It partnered with CDC to experiment the use of blockchain technology to monitor infectious diseases. The main goal was to give patients control over their medical records and genomic data. Banking When the the blockchain disruptions first hit the banking industry, experts said that this was just the beginning. Guess what! They were correct. From a macro perspective, we can see why this was the case given that banks act as a critical transfer hub and storehouse of value. Blockchain’s secure, digitized, and tamper-proof ledger can serve the same function but with better efficiency and accuracy in information sharing for the entire financial service ecosystem. It would be interesting to note that some major banks around the world have swiftly moved to the blockchain-based way of transacting business. Some notable examples include the Royal Bank of Canada, Deutsche Bank, Swiss bank UBS, and UK-based Barclays. These are experimenting with blockchain as a way to expedite back office functions and settlement. According to experts, this adoption could eliminate the costs of the middleman by $20 billion. Startup R3 is already working with more than 80 consortia of banks, regulators, and technology partners. It wants to develop Corda — a blockchain platform that is designed to be the new operating system for financial markets. Voting Why blockchain adoption in voting? Elections in the past have always been marred with the lack of transparency and rigging, both of which have led to disgruntled voters. It is pivotal that elections are provided with reliable voter identification, record keeping, vote tracking, and tallying system. Blockchain seems to be a more capable candidate for such a task because it could serve as a foundational infrastructure for the vote casting, tracking, and counting. Therefore, it could potentially eliminate the need for vote recount by eliminating frauds. Typical examples of startups that are working towards achieving the blockchain voting system include Follow My Vote, Voatz, and Democracy Earth. In particular, Follow My Vote released the alpha version of its stake-weighted end-to-end blockchain voting solution. Cybersecurity and Cloud Infrastructure The traditional internet infrastructure has been privy to constant threat from hackers, especially when considering the Internet of Things. What’s more, there is a greater risk to the civil society due to the power plants and transportation systems being equipped with connected sensors. Luckily, the adoption of blockchain innovation could help avert such risks as seen with companies such as Xage Security. Xage Security adopted blockchain-based tamper-proof ledgers for safe and secure data sharing across industrial device networks. Wrapping Up The blockchain ledger can be made public, but what makes it a hack-proof solution is that it can send communication through advanced cryptographic technology. This ensures that data is intercepted in the interim. As a result, worldwide adoption of blockchain could eliminate the probability of hacking. In terms of development, the present state of the blockchain technology could be compared to where the internet was 20 years ago. According to the infographic below, with the rapid rate of adoption, it could bring about a major disruption sooner than projected. Hopefully, all companies will board the blockchain ride or face rejection. Infographic URL: https://bitfortune.net/blockchain-disruptions-infographic/

Blockchain: Disruptions And Opportunities

The hype surrounding Blockchains has exaggerated the realistic capabilities and applications of this new technology. This frenzy made it hard on businesses, developers, and investors to understand the practical limitations and to identify the right applications that are appropriate for or distributed ledger technology. Blockchain and from have recently published a peer-reviewed paper¹ that presents a structured methodology that can help determine the suitable technical solution to solve a particular application problem. In this blog post, we will go through this methodology and explain some examples applied in the paper. Karl Wüst Arthur Gervais ETH Zurich Technology Comparison Blockchains are append-only ledgers that basically persist (save) state. State can be transaction information, or program data, or hashed documents, etc. Basically, any information that needs to be persisted. Databases have been there for this task for decades. Moreover, Blockchains present a new class of technology used for state persistence — with additional features including digital signatures and tamper resistance. Let us revise the three main technologies: Databases First of all, (single, parallel, or distributed) have been used for decades to persist state and query data. Decades worth of research have been invested to optimize the different layers of query processing and state persistence. databases Naturally, they have the highest performance in terms of transaction throughput and query latency. However, all along, they have been designed to be centrally managed by a single authority. Hence, no consensus mechanism is required across different parties. Permissionless Blockchains Permissionless Blockchains are public ledgers (state) that are not managed by a centralized authority. That is, the ledger is distributed across a dynamic network of peers that can include illegitimate entities too. The brilliance of Satoshi, was to present a design that maintains on the distributed state in a dynamic and trustless network. This means that permissionless Blockchains can tolerate a (fraction of the) network with byzantine or untrusted behaviour. consensus , the tradeoff here is . In , the drastic performance hit is because of the POW protocol itself which by design is slow. In comparison to normal databases, in any permissionless Blockchain, Because no matter what, to maintain the consistency of the distributed state, there has to be communication between the different peers in the (geographically distributed) network. As everything comes with a price performance cost (throughput and latency) bitcoin a performance hit is inevitable. Permissioned Blockchains Permissioned Blockchains represent a hybrid design choice. In particular, they are not centralized to a single entity, yet they are authorized to a small set of preselected trusted peers that can write state. Since the database network is not scaled to a large number of public nodes, as in the case for permissionless Blockchains, its performance in terms of throughput and latency is much better. Nonetheless, its performance cannot compete with a centralized database. After looking at these different systems, it is easy to realize that there is no one-size-fits-all solution. Everything is a trade-off. Different applications have different requirements and hence different appropriate solutions. “Do you need a Blockchain?” Flowchart Flowchart for choosing the right technology¹. TTP represents Trusted Third Party and a writer is an instance that writes state to a database or Blockchain. This section describes a generic high-level flowchart presented in the paper to find the appropriate technology for your application. Note that a writer is an entity that writes state into the database or blockchain. If your application does not require state to be persisted, then obviously there is no need for a blockchain or any database. Similarly, if there is (of state), then than a regular database. On the contrary, a database would be more suitable as it is more efficient in terms of performance. one writer a blockchain does not provide any additional guarantees Otherwise, if there is more than one state-writer we take another route. The question then becomes, . If the application cannot rely on a single trusted entity we can further move forward to see if we still need a blockchain. it would be more efficient -in terms of performance- to rely on a centralized entity. is it sufficient to have a online TTP (Trusted Third Party), or in other words, does it need to be tamper-proof Otherwise, a blockchain is not required, The next question is . If they are not known as the case in a dynamic trustless network, e.g., the Internet, then a is the right way to go. “is the identity of all state-writers known?” permissionless blockchain Otherwise, if the identity is known, then the next question is , if it is a yes, , a database with shared write access is sufficient. Otherwise, if the writers do not trust each other, then the right technology to be used is a . “do the writers trust each other?” then again a blockchain is not needed anymore permissioned blockchain Finally, if it is a permissioned blockchain, depending on whether public verifiability is required, anyone is allowed to read the state (public permissioned blockchain) or the set of readers may also be restricted (private permissioned blockchain). Examples of Applications Lets walk through a bunch of examples here to understand what applications do make sense on blockchains and which don’t and why. Applications that DO NOT need a Blockchain Supply Chain Management Systems¹ This is indeed one of the applications that arise repeatedly in the space. Lets follow the flowchart to identify which technology suits it best. Supply Chain Management: An SCM certainly requires to store data. Multiple writers are involved, i.e. the different participants of the SCM that own a certain share of the final product. Continuing our methodology, a SCM could technically likely always use an online TTP. For example, acknowledged to only require a single source of trust, which would however remove the decentralized component of the blockchain, and thus be equivalent to a trusted central server. Skuchain If that is not possible, at least all writers will be known, which leaves us to choose between a permissioned or no blockchain. SCMs have the inherent problem of the interface between the digital and the physical world. A human, or some machine under the control of a single writer, typically is required to register that a certain good has arrived in a warehouse, and if, for example, its quality is appropriate. If there is no trust in the operation of these employees, then the whole supply chain is technically compromised as any data can be supplied by a malicious writer. If, on the other hand, all writers are trusted, because a regular database with shared write access can be used instead. a blockchain is not needed, Note that if through some technical means, the connection between the digital and physical world could be realized in a secure manner, then the previous reasoning might change. Many have suggested possible use cases for blockchain technology in the Internet of Things (IoT) in combination with smart contracts with the aim to provide autonomous systems that pay for resources that they consume and get paid for resources that they provide. As the system is inherently decentralized with entities that do not trust each other, using a blockchain seems natural. However, as with supply chain management, If computers supply values that were read from sensors to the blockchain, the blockchain does not guarantee the correctness of these values. If only automation is desired, a blockchain may not be necessary if a trusted party can be used instead. Internet of Things: the interface between the physical and the digital world poses a potential problem. Applications Suitable on the Blockchain : For financial applications, blockchain technology seems well suited in general, since parties are generally risk averse and do not want to rely on strong trust assumptions. Following our Interbank and International payments In Interbank payments we have multiple parties (the banks) that act as writers and who want to exchange value and transactions. So there is state to be persisted. The banks are the writers, and hence there is more than one writer. In the case of single currency systems, the central bank can operate as a TTP. Otherwise, there is another setting where the central bank does not want to act as a verifier for every transaction but only act as a certificate authority giving out licenses to banks to participate in the system. This means that all writers of the system are known and we can use a permissioned blockchain Similarly, the exchange of digital goods is likely to be feasible without a trusted dispute mediator and hence it is the perfectly suitable for blockchains, while the exchange of physical goods still requires a trusted third party in case of disputes. Trading and Fair Exchange Protocols: Similarly, E-Voting has properties that blockchains can help with. For example, on one hand, privacy is a main requirement as votes should be anonymous to prevent coercion. On the other hand, e-voting should provide some sort of public verifiability. Due to the requirements, it seems reasonable that blockchain technology can help to achieve these desired properties. E-Voting: Conclusion In contrast to conventional wisdom, Blockchains are not a solution for all technical problems. In fact, they are more appropriate for a class of applications that satisfy a set of requirements. Nonetheless, One should be really careful when being approached by enthusiastic developers and business owners who are strongly biased by the hype and who don’t really question the underlying technicals and necessities of their solutions. In particular, those that sacrifice performance in favour of decentralization and tamper-proof consistent state. many of the “promised” applications are currently still not applicable for the Blockchain, e.g., supply chain management. Until now, it seems that applications that deal with digital goods and services and that require trust are the most appropriate for blockchains. References: 1- Do you need a blockchain? _A blockchain is a digitized, decentralized, public ledger of all cryptocurrency transactions. Blockchain has been…_hackernoon.com Blockchain Explained by Experts - Hacker Noon If you like this post or if you have any further questions or suggestions, please reach out to me on or . Twitter LinkedIn Disclaimer: Information in this article is for educational purposes only and cannot be taken as investment advice.

To Blockchain or Not To Blockchain

World trade settlement will be revolutionized by blockchain technology. Virtual currencies like Bitcoin are only the earliest use cases of blockchain technology. Blockchain technology will soon find application in real-world supply supply chain management. The Supply Chain and Global Trade Ocean freight accounts for roughly 90% of goods traded globally. Surprisingly, ocean transportation is currently highly dependent on paperwork that has not been securely digitized. Shipping information usually travels through numerous companies and contractors, any one of which can cause a delay. A late approval or lost form can leave goods stuck at a checkpoint or port. The NYK Virgo is a container ship owned by the Barlett Marine Corp. A supply chain blockchain could boost transparency, trust, and predictability by allowing users to track where a shipment is at any given time. Since a blockchain is an immutable ledger, changes in possession and ownership of goods as they move from their producer to their point of retail could be entered into the ledger instantaneously and permanently. Because a blockchain is decentralized, it has no single point of failure. So, shipping, possession and ownership information could be better protected from tampering or hacks. Supply chain professionals can use blockchain technology to gather and use tracking data in dynamic new ways. For example, entries in a blockchain database could trigger other tasks such as the assignment of the next batch of goods arriving at a port to a certain dock or container area. Applying blockchain technology to instant settlement of transactions could also reduce friction in commercial financing, which underlies global trade and is currently an area from which many trade disputes arise. Additionally, dispute resolution rules could be agreed upon beforehand and applied instantly on the blockchain when necessary. A busy container terminal at a port. Smart Contracts Smart contracts are self-executing contracts that can be triggered by an external real-world event, the details of which are provided by a trusted oracle. Once a transaction is logged, smart contracts can instantly release payments held in escrow to a counterparty. Smart contracts, timestamped entries on to the blockchain, and digital payments could greatly reduce the time and costs associated with intermediary processing. Smart contracts can currently be built or deployed on certain blockchains, such as Ethereum. Current Blockchain Solutions for Supply Chain Management Factom, IBM and Skuchain are early movers in the application of blockchain technology to supply chain management. Factom’s proprietary documentation verification and authentication system can be used for logistics related documentation. IBM is partnering with Maersk to create a blockchain-based shipping supply chain firm. Skuchain helps buyers control their inventory procurement across partners. There are also several other notable efforts to apply blockchain technology to logistics. Hyperledger has used its Sawtooth distributed ledger technology to bring add traceability to supply chains in the seafood industry. Everledger’s blockchains trace the supply chains of diamonds and other ethically sourced bridal jewelry. (Everledger has also launched a bespoke blockchain for colored gemstones.) UPS and FedEx are privately testing blockchain-based logistics. The port of Los Angeles is the busiest container port in the United States, followed by the Port of Long Beach which it adjoins. Helping Sellers, Intermediaries, and Consumers The application of blockchain technology to supply chain management could reduce errors, delays, and fraud, improve inventory management, and identify and resolve issues faster. This will help sellers, intermediaries, and consumers. Sellers will be able to better track costs and capacity, better estimate delivery times for multiple routes, and make more intelligent decisions. Transport providers will be able to post details about available capacity and routes and reduce transport time and costs. Consumers will know where their products come from and will benefit from reduced costs and shipping times.

Blockchain Technology for Supply Chain Management

As I explained , the supply chain industry could greatly benefit from the applications of . With the aid of new technology, all players in the supply chain would be able to enhance their control over the inventory through improved visibility and traceability. Distributed ledger technology would, in turn, resolve problems of disclosure and accountability as the records of transactions become extremely difficult to tamper with. in my previous post blockchain technology There are many exciting projects currently working towards improving the supply chain management and logistics. Below you can find the Project Ecosystem Map of all the startups to date that are focused on this sector specifically and brief overviews of exactly what each startup is aiming to achieve. Finally, this post was inspired by the in-depth maps produced by ( ), (T ) and ( ) , all of which I highly recommend taking a look at. Josh Nussbaum Blockchain Project Ecosystem Lawrence Lundy-Bryan oken Ecosystem Map Jordan Odinsky Logistics Market Landscape , Ambrosus , Bext360 , Blockfreight , Blockverify , Everledger , Hijro , Modum.io , Monax , Open Trade Docs , OriginTrail , Provenance , (by Kouvala Innovation) Project SmartLog Skuchain , Sweetbridge , Tallysticks , T.Mining , Wave , Walton Quick disclaimer: Many of the projects in this post were not blockchain based at the start of their journey, but have later converted. More information regarding each startup can be found by following the link to their website, provided above. The ecosystem map is not an endorsement of any particular project. With blockchain technology evolving so quickly I may have missed some of the startups. Feel free to let me know about other projects, questions or feedback on Twitter 🔑 @ asafaryan_

Blockchain projects aiming to reinvent the Supply Chain: Landscape Map

2017 marked a significant time in blockchain history. It was the beginning of mainstream awareness and adoption of the technology. Since then, hundreds of billions of dollars have flowed into the development of blockchain, decentralized apps (dApps), and more. However, existing blockchain networks have some prevalent issues that hinder them from reaching their full potential. People have mostly been unable to harness the full potential of decentralized ledger technology due to the fact that these networks function in isolation. The lack of interoperability plagues both users and developers building on these infrastructures. What’s more, most traditional blockchains are complex to build on. While legacy blockchains like Ethereum, BSC, and others have been unable to fully adopt this cross-chain technology, there is hope. A new generation of blockchains has targeted solving this problem once and for all. And the answer lies within Cosmos and Tendermint. What makes Tendermint different? The engine is a blockchain technology that was created in 2014 and is used to duplicate and deploy blockchain solutions across systems in a safe and reliable manner. Jae Kwon, a blockchain software architect, and Ethan Buchman, a self-described “internet biophysicist”, came up with the idea. Tendermint The was developed to allow interfacing with both internal and external blockchains inside a network. At its core, Tendermint allows developers to design blockchain solutions with ease. It also helps bypass the time-consuming technical setup stages so they can concentrate on the application rather than building infrastructure. Tendermint engine Tendermint is made up of two main technical elements: an Application Blockchain Interface (ABCI) and a blockchain consensus mechanism. The consensus mechanism helps to ensure those equivalent transactions are logged on each system in the same order, even when the system is dispersed and adversarial. This means that records and information can be kept accurate across Tendermint-based blockchains. The Tendermint Consensus is reached through a Proof-of-Stake consensus algorithm. It is Byzantine Fault Tolerant (BFT), which means it can withstand the failure or malicious activity of up to a third of the network's validators while successfully replicating its state on all non-faulty devices. The Tendermint consensus algorithm's main contribution is a new termination method that makes it more efficient and easier to understand and apply, making it quicker and easier to develop with Tendermint. But what does this all have to do with Cosmos and Sifchain? Where does Cosmos fit in? was the first blockchain to use Tendermint’s BFT consensus mechanism with actual monetary value at stake. Cosmos' principal purpose is to address the industry's lack of interoperability. It achieves this by incorporating Tendermint into its infrastructure and development tools, resulting in a decentralized ecosystem of scalable and interconnected blockchains. Cosmos Cosmos uses a variety of made available through its platform to enable blockchain interoperability across its family of blockchains. The Cosmos software development kit (SDK) serves as the ecosystem's application layer (similar to Ethereum's EVM). This provides a strong base of infrastructure for developers to build off of instead of having to develop their own. proprietary and open-source solutions Furthermore, it launched the Inter-Blockchain Communication system (IBC), which allows IBC-enabled chains to seamlessly transport assets and communicate information between each other. This results in a smooth user experience for network participants. Different blockchains can execute their applications easily thanks to the Cosmos SDK. This frees up developers' time to focus on their apps rather than the protocols that keep networks running. Different blockchains can also use Cosmos to tap into the features of other platforms for a better user experience. The protocol operates as a framework that allows different, self-contained blockchains to communicate reliably and swiftly with one another. This allows Cosmos’s core chain to provide an average transaction time of approximately 7 seconds with gas fees averaging a penny. Sifchain - Expanding the Omni-chain is the premier Omni-chain decentralized exchange (DEX) on Cosmos. It allows users to access liquidity across several chains resulting in faster trades and lower fees. Sifchain Sifchain uses the IBC protocol to communicate with other Cosmos Network blockchains, including Juno, Osmosis, and Crypto.org. This allows users to import assets from other IBC-enabled chains. These assets can then be swapped, staked, or provided as liquidity using a DEX like Sifchain. What makes Sifchain such an innovative project is the fact that it offers EVM interoperability with its DEX and will be expanding it with its Omni-EVM (Cross Chain Virtual Machines) initiative. will enable and support assets to move freely from Ethereum, as well as ANY other EVM-compatible chain, to Sifchain and the rest of the Cosmos Ecosystem. Omni-EVM Another huge benefit of utilizing Sifchain is its speedy and low-cost transactions thanks to its use of the Cosmos SDK. It also includes features that other blockchains are still working on, such as its modular structure and connection to other networks. In addition to full IBC connectivity to the Cosmos Ecosystem, Sifchain constructed the first Ethereum to Cosmos bridge.  The Peggy Bridge has been operational for over a year, allowing ERC20 tokens from Ethereum to join the Cosmoverse and vice versa. The project stands out amongst others due to its thoughtful design and methodical development. Not only that, but the team behind Sifchain is composed of top talent alongside several established economists and blockchain veterans. This has allowed the team to design a scalable and robust platform with an eye for longevity and sustainability. Web3 The Way Forward Blockchain is so new and we’ve hardly scratched the surface of what it can do. While older iterations of this technology brought us to where we are now, they aren’t going to bring us any closer to fulfilling its full potential. In order to help this technology realize self-actualization, we need the help of new projects such as Tendermint, Cosmos, and Sifchain. Blockchains have with interoperability since the beginning, but that may soon be a problem of the past. With the Tendermint consensus mechanism and the Cosmos SDK, Sifchain gives DeFi users what they need: fast transactions at low costs across multiple chains. At the end of the day, innovation breeds more innovation and that is what will help Web3 reach its full potential. struggled

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