Category Archives: Decentralized future

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Samsung Investing in Blockchain Shipping Technologies

Samsung is joining a number of other companies in exploring the idea of using blockchain logistics to streamline global supply chains. It is reported that the tech giant has already begun developing a distributed ledger system to monitor international shipments.

Recently, IBM has teamed up with Danish shipping giant Maersk and India’s JM Baxi, in order to digitalize their import and export process with blockchain.

Energy is one of the most frequently traded resources and the implementation of a more efficient system has captivated market leaders. BP was testing a gas trading platform, while E.ON and Enel, have also experimented with similar energy trading platforms.

Sinochem, one of China’s main oil companies, used blockchain to monitor and store data on a shipment of gasoline to Singapore.

Issues surrounding current logistics

The top 20 exporters of containerized cargo transport a total of around  127.6 million fully-loaded TEUs (twenty-foot equivalent unit) globally a year. Countries with a higher level of human intervention can take up to 11 days to process logistics. OECD countries have managed to reduce this to about 9 hours but the process is still prone to human error.

Fraudulent goods are worth USD 1.4 trillion globally and tax avoidance continues to be an issue. Not only does this affect profits but health depending on the type of product and its use. There is a growing concern among consumers about imitations and problems with verifying the authenticity of a product.

Documentation can be held up or lost by middlemen, resulting in perishable goods being stuck in transit. This can end up costing up to a fifth of the total transportation costs as well as the price of the goods.

Benefits of blockchain logistics

Blockchain is set to help shippers, ports, customs offices and many other parties in the global supply chain by replacing paperwork with irrefutable digital records.

Blockchain could provide proof of provenance for goods by tracking them globally from the manufactures. Import details, fees, and taxes could all be programmed into smart contracts that release payments automatically once the conditions where met. Customers will see an improvement in services as the overall speed of the processes increase.  Tracking will include improved shipment data with timestamps and data being instantly accessible through a ledger.

Blockchain will benefit logistics by providing enhanced security and vendor management, as well as preventing the loss of goods.

 

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Blockchain For the Future, A Brave New World

The future of all technology is in sight, the blockchain revolution, artificial intelligence and quantum computing. Anybody watching this space knows that it is growing at an exponential rate. The boundaries of technology are being pushed on a daily basis. Token generation events are going live on a regular basis. What is it about these technologies that catches the eye of the everyday user? Is it decentralization, transparency, anonymity or is it all just a big bubble that’s about to burst?

A Decentralized Future

An immutable fact about blockchain is that it is entirely transparent, with nearly all blockchain projects being open source, enabling any developer to modify or add sections of code to the project. Altering logged data throughout a blockchain is virtually impossible. Everything is traceable, with countless amounts of eyes prying on the space at any one time. It gives complete trust back to the everyday user.

Some projects look to enhance anonymity, not entirely possible with a blockchain open ledger. Although an address is linked to one person, that person’s identity remains unknown, except with sophisticated blockchain forensics following the transaction trail. A variety of blockchain projects have opted to have multiple ledgers, public and private ledger options. Could this be a defiance of the point of decentralized and transparent space?

“Privacy is not something that I’m merely entitled to, it’s an absolute prerequisite.”

Marlon Brando –

Specific modern-day problems arise with complete anonymity and a lot could be said for being able to transfer a large number of funds from point A to point B without transparency. Does society need to establish a firm base on the moral standing of this matter? After all, nobody wants to see blockchain technology fund terrorism, money laundering or trafficking.

Secrecy is the linchpin of abuse of power… its enabling force. Transparency is the only real antidote.  

Glenn Greenwald –

Decentralization plays an integral part of blockchain technology, with no central data hub in use. The blockchain uses predetermined variables to manage each transaction. The blockchain runs these through nodes (people’s computers) which are all connected via the internet. Eliminating the central data hub could, of course, cause mayhem for central banks and big tech giants if this technology is to see global adoption.

Quantum Problems

Will artificial intelligence and quantum computing help restore order, will they enable a new era of blockchain technology? Or will quantum computing render blockchain technology completely useless? There is already a quantum computing blockchain project in the works. Who knows what will come with quantum resistance, and whether it will enable or disable.

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