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#Blockchain

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.

#Blockchain

Can France become the Blockchain Nation?

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French MPs have recently put our a proposal trying to make France become the Blockchain Nation. This is a raft of 20 different proposals.

French MPs have recently put our a proposal trying to make France become the Blockchain Nation. This is a raft of 20 different proposals all aimed at trying to make France the number 1 Blockchain Nation specifically citing that they do not want to miss the train on this like they did the internet.

MPs in France are proposing to have a 500 million euro investment fund in order to stimulate the blockchain industry in France. They are focusing on trying to get public institutions to get into blockchain. The proposals include the Central Bank of France issuing their own cryptocurrency and providing subsidies for cryptocurrency miners.

Recently we did have legislation coming out of France that they want to make it much easier to have ICOs in France. They are aiming to attract teams from all over the world o come to France and have their ICOs.

 

Writers thoughts:

The central bank of different nations are planning to issue their own crypto assets but it recreates the problem that we are trying to solve with cryptocurrencies.

Giving subsidies to cryptocurrency miners is not actually good for the crypto community as the mining industry should remain competitive. The government of different nations should not be giving them preferential energy rates especially in France where it is mostly a nuclear-powered nation.

Setting up a legal framework for ICOs is exactly what is needed in terms of regulation.

Along with all of this, there is also a formal taxation policy which is coming up in France and all of this coming together is quite awesome. This is regulatory clarity and this is what a lot of companies and institutions are desperately asking for. This is the main reason why more and more companies are moving to nations such as Malta, Japan, and Switzerland as they have regulatory certainty. France which is one of the world’s biggest economies is hopping on board with the new proposals, the recent announcements about ICOs, taxation, tobacco shops to sell bitcoin from next year and recently setting up something called the ‘Mediterranean Seven’ which includes Spain, Portugal, Cyprus, Italy and Greece led by France with the mission to improve education in usage of blockchain technology in industries such as healthcare, transport, land, company registry, shipping and much more.

 

What are your thoughts on the above? Tell us in the comments section below.

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#Blockchain

Blockchain and Oil Industry: IBM partners with ABNOC

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IBM is teaming up with the Abu Dhabi National Oil Company to create a blockchain supply chain system. The blockchain solution is currently in pilot phase.

IBM is teaming up with the Abu Dhabi National Oil Company or ABNOC to create a blockchain supply chain system. The blockchain solution is currently only in its pilot phase but this is no small announcement for ADNOC as ADNOC has a daily output of about 3 million barrels of oil in 10.5 billion cubic feet of natural gas. ADNOC’s digital unit manager had the following to say about the blockchain pilot:

“Blockchain is a game changer. It will substantially reduce our operating costs by eliminating time-consuming and labor-intensive processes. It will strengthen the marketing and trading of our products and create long-term sustainable value.”

 

Blockchain for Oil

The blockchain solution will also enable the ability to track every molecule of oil and its value from well to the customer. Also reducing the time to execute transactions between ADNOC’s operating companies and increase operational efficiencies and provide even greater transparency to the industry. The blockchain solution will surely increase the revenue for ADNOC and it may increase the efficiency of delivery and hopefully reduce waste.

The oil industry is currently attempting to extract a little bit more wealth before the renewable revolution takes place. But even though we have a boom in renewables, the infrastructure is lacking in many places globally and oil is here to stay with us at least for some time in the coming future. This is the first oil blockchain solution which will surely attract more oil blockchain solutions in the coming future.

 

The third industrial revolution will surely be not an oil-based revolution. The renewable revolution will basically be unstoppable. What do you think about the future of blockchain and oil industry? Tell us in the comments section below.

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#Bitcoin

CoinMarketCap is now on Telegram and very community-driven

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CoinMarketCap, a platform that has been serving the cryptocurrency community since 2013, now has an official Telegram group to educate the community

CoinMarketCap, a platform that has been serving the cryptocurrency community since 2013, now has an official Telegram group to educate the community about latest happenings in the world of cryptocurrency & blockchain with market updates, relevant news, and educational content.

 

CoinMarketCap

CoinMarketCap is the most used websites amongst the crypto enthusiasts, having a great user experience. The platform provides a comprehensive breakdown of the current price of more than 2000 cryptocurrencies in the market. The price is calculated by averaging the prices of top cryptocurrency exchanges weighted by volume. CoinMarketCap offers essential data such as historical price charts, coin information, ranking, the market capitalization of each cryptocurrency, circulating supply along with the 24-hour volume for the millions of cryptocurrency enthusiasts.

 

CoinMarketCap for Traders

CoinMarketCap is also an excellent tool for traders for viewing the hourly, 24 hours or 7-day percentage change of a particular coin. The information on the platform is updated in real time. CoinMarketCap fetches real-time data from top cryptocurrency exchanges and ranks the top 100 exchanges for traders to choose from and decide which one is the best suitable for them. In summary, CoinMarketCap can be called a solution for all cryptocurrency related data that anyone needs for investing, trading or understanding cryptocurrencies. CoinMarketCap now offers a pro API plan which provides more robust data endpoints for subscribers.

 

CoinMarketCap Community Group

CoinMarketCap has recently announced the launch of their official Telegram group which aims at connecting the entire crypto community with market updates, relevant news, and educational content. It’s also a great space to bond, share and learn about crypto related topics with the peers in the community.

 

How do you join the group?

To join, simply download Telegram Messenger onto your mobile phone or desktop.

Telegram Messenger also works on the web: https://web.telegram.org. Once you have successfully registered on Telegram, you can search “CoinMarketCap Community” in the search bar. Users can also click on the following link to join the group instantly: https://t.me/CoinMarketCap

 

CoinMarketCap Chat Bot

CoinMarketCap also has an interactive chatbot: @CoinMarketCapBot which will allow you to have an interactive experience through choosing your own adventure on market updates, latest cryptocurrency news, and educational content.

This is a great new way of receiving quick updates in the crypto market. The whole thing only takes a few minutes and the interaction with its sassy bot is not only informative but also quite entertaining!

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