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Blockchain Technology for industries. Explained.

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Blockchain Technology is not only applicable for the cryptocurrencies, but it is also used for a number of other industries as well.

Elucidating the use cases of the Blockchain Technology.

Introduction

The Blockchain Technology was first invented and applied by the founder of the world’s first most successful cryptocurrency, Satoshi Nakamoto, he founded Bitcoin and the underlying technology to keep a track of all the transactions. Through Blockchain Distributed Ledger Technology along with the Cryptographic principles, the chain of all the transactional information which is also known as Blockchain is made completely authentic, as a consensus is reached to, by all the members of the network, hence even tampering of the data is avoided.

 

Advantages

The Blockchain Technology is highly efficient and robust, in the way that it eliminates the middlemen which, in this case, were all the banks and Centralised Financial Institutions. Basically, Blockchain Technology can be implemented in any field where there are intermediaries to carry out some task. As the whole process is transparent if implemented through Blockchain Technology, there is no need for a third party in case of disputes as everything is self-evident and open to transparency.

Most of the newbies in the cryptocurrency domain, confuse themselves that the Blockchain Technology is only applicable for the cryptocurrencies, but it is our key duty to enlighten everyone that the Blockchain Technology is also used for a number of other industries as well. Let’s decipher it below.

Blockchain in the electoral process

The traditional electoral process is not at all free from the illicit activities of corruption and bribery. In extreme cases, it is even witnessed that the electronic voting machine gets tampered and results are manipulated. If the Blockchain technology is applied to the electoral process, then the whole process becomes transparent without the need of any intermediary election committee.

The citizens can cast their vote through a mobile-based application powered by Blockchain Technology where each and every vote of the user is recorded on an immutable public Blockchain, distributed and visible to everyone. In this way, as the record is distributed among everyone, no tampering is possible. This methodology, being completely online and software-based, is real-time and instant, hence the overall expenditure and time are highly reduced. A better democracy is made possible through this process.

Blockchain in Supply Chain Management

The transportation, as well as the shipping industry, deals with a lot of lags, due to the cumbersome paperwork at each level of product shipment. If all the data related to the product along with its complete description is entered into an immutable record and distributed with every authority, related to the transportation of the product at each level, then the whole process can be simplified.

As the Technology is online and in real time, the products can even be tracked in the real time as it changes hands through the authorities. The verification of all the shipment details of the product along with the authority is self-authentic as a Blockchain Technology itself is authentic, due to its distributed nature. Hence, the time taken for the paper works by the customs and duties is avoided.

Blockchain in HR industry

The most challenging task for an HR manager is the verification of the authenticity of the data provided on the resume by a specific applicant. Verification of each and every attribute of an applicant is highly time-consuming, and which can effectively be reduced by the Blockchain Technology. Assuming that the whole process of hiring a candidate is Blockchain powered, all the organizations like the School, College, University, previous Companies along with a number of other people too like friends, the members of the family, HR manager are a part of an HR Blockchain Network (say). Since each and every information related to a particular candidate is verified by his friends, family, along with the respective institution itself, the authenticity and trust can be maintained easily, where the HR manager need not explicitly verify it again.

The manager can just view details on the Blockchain which is distributed among each of its participants. This automation can boost the productivity of everyone by huge margins. It is noteworthy that this Blockchain Technology implementation could effectively remove eliminate the fraudsters. In the case of multinational companies, a personal Blockchain could be developed for the transfer of salaries to its employees in the form of coins, which would indirectly cut all the transactional costs of the fiat world.

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Adoption: Courts in France adopt blockchain technology

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The NCC or National Council of Clerks of France have finally tested a blockchain technology-based solution for the courts of the country.

The NCC or National Council of Clerks of France recently made an announcement that they have finally tested a blockchain technology-based solution for the courts and are now prepared to launch it throughout France. The National Council of Clerks is a representation of the clerks of the corporate and commercial registry in around a hundred thirty-hour workplaces in France. The workplaces depend upon one another for sharing important data.

 

The goal of NCC France

The NCC is determined to streamline and position the latest information technology that capitulates something that is known as ‘the single version of the truth’. The data tracks an organization’s growth, dissolution, change of location etc. The sharing of data amongst each other was earlier a big challenge for the NCC.

 

The project based on blockchain technology had an aim of rapid cycle times and precision of information. In the pilot phase of the project, the National Council of Clerks in France was able to lessen the timing of registry operation involving a lot of days to just one day.

 

According to the president of France National Council of Clerks, Sophie Jonval, the project based on blockchain technology is an outcome of the partnership with IBM. IBM who is already an expert in blockchain technology and cryptography has been serving as a technological partner.

 

According to the NCC, the project shall be rolled out in the 1st half of 2019 and the project shall ensure a transparent and improved dynamics of the interactions between the clerks.

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HSBC Bank Looking to Expand Blockchain Platform Voltron in South Korea

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HSBC, the largest bank in Europe is searching for banks in South Korea for launching Voltron, it's blockchain platform as reported by the Korean Times.

HSBC, the largest bank in Europe is searching for banks in South Korea for launching Voltron, it’s blockchain platform as reported by the Korean Times.

 

HSBC Voltron:

The Voltron platform delivers a more quick method to process and settle invoices using by using permissioned blockchain technology. The permissioned blockchain stops the transactional data from being shared with everyone but instead, the data is shared with only consented users. The platform decreases the time that is usually required for the total process.

 

According to Joshua Kroeker, the innovation director of HSBC, the platform would mostly impact the process timing. Thus the transparency which comes with blockchain, as well as the rapid flow, would help the banks in managing their working capital as well as their cash flows. Kroeker reached out to the banks in South Korea to partner with their blockchain platform i.e. Voltron for the letters of credit.

 

HSBC’s blockchain platform was initiated in 2018 and is currently partnered with seven banks namely Standard Chartered, Bangkok Bank, BNP Paribas, ING, CTBC Holding, SEB, and NatWest. The platform is still in its pilot stage however, it shall soon be launched commercially.

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World’s biggest Blockchain ETF on London Stock Exchange

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The world's biggest blockchain ETF is scheduled to be launched by Invesco on the London Stock Exchange by Invesco, a large investment management company.

Cryptocurrency enthusiasts around the world have been curiously waiting for a bitcoin ETF to be approved by the SEC or any other potential government in the world. However, before a bitcoin ETF, the world’s biggest blockchain ETF is scheduled to be launched by Invesco on the London Stock Exchange. Invesco is a large investment management company that has more than $800 billion in assets under management.

 

World’s biggest Blockchain ETF

At the launch, the Blockchain ETF will invest in a portfolio of forty-eight companies including the CME Group, a US exchange which had earlier launched bitcoin futures on the exchange and Taiwan Semiconductor Manufacturing, a company that supplies crypto mining machines. Other companies are those that have an exposer to the blockchain technology.

 

The Blockchain ETF will be based on a proprietary scoring system made by Elwwod Asset Management LLP. According to Bin Ren, the chief executive officer at Elwood, the blockchain goes past cryptocurrencies. He mentioned that although blockchain technology is mostly being used by financial companies, it will be implemented in a vast range of industries soon.

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