Blockchain technology allows for a distributed ledger of transactions and digital events that is shared among participants in a network. It allows transactions to be verified through consensus, recorded immutably on the blockchain, and provides a verifiable record of all transactions. The document discusses how blockchain works through public and private networks and provides examples of applications in supply chain management, the Internet of Things, tracking origins of goods, and smart contracts. It also covers challenges and opportunities of adopting blockchain technology.
This course covers in detail the technical principles & concepts behind blockchain. In addition, it seeks to provide you with the insights and deep understanding of the various components of blockchain technology, and enables you to determine for yourself how to best leverage and exploit blockchain for your project, organisation or start-up.
Link - https://www.experfy.com/training/courses/blockchain-technology-fundamentals
A general discussion on the benefits of the blockchain technology. How it creates trust and how this may be applied. We discuss the blockchain generally in terms of the byzantine generals problem, central v distributed and decentralised ledgers and the double spend problem.
It is the aim of this paper that those reading it should recognise the leapfrog potential of this technology. It is the biggest innovation since the internet.
Feel free to reach out and connect if you have any questions.
shane.ninai@gmail.com
Advantages and disadvantages of permissionless blockchainBlockchain Council
Blockchain Technology surfaced with the surge of cryptocurrency. Today you may find every business, and all the big industries are talking about using Blockchain. They want to make it a part of their mainstream business operations. On the surface, we know that blockchain is a distributed ledger technology. It works on the principle of decentralisation and peer-to-peer transactions. It means that Blockchain culminates the need of having intermediaries. Thus it saves cost and time both. It is the prime reason that many of the financial institutions and businesses are trying to use Blockchain for their benefit.Check out the full article here >>
https://bit.ly/2zRdAyS
This course covers in detail the technical principles & concepts behind blockchain. In addition, it seeks to provide you with the insights and deep understanding of the various components of blockchain technology, and enables you to determine for yourself how to best leverage and exploit blockchain for your project, organisation or start-up.
Link - https://www.experfy.com/training/courses/blockchain-technology-fundamentals
A general discussion on the benefits of the blockchain technology. How it creates trust and how this may be applied. We discuss the blockchain generally in terms of the byzantine generals problem, central v distributed and decentralised ledgers and the double spend problem.
It is the aim of this paper that those reading it should recognise the leapfrog potential of this technology. It is the biggest innovation since the internet.
Feel free to reach out and connect if you have any questions.
shane.ninai@gmail.com
Advantages and disadvantages of permissionless blockchainBlockchain Council
Blockchain Technology surfaced with the surge of cryptocurrency. Today you may find every business, and all the big industries are talking about using Blockchain. They want to make it a part of their mainstream business operations. On the surface, we know that blockchain is a distributed ledger technology. It works on the principle of decentralisation and peer-to-peer transactions. It means that Blockchain culminates the need of having intermediaries. Thus it saves cost and time both. It is the prime reason that many of the financial institutions and businesses are trying to use Blockchain for their benefit.Check out the full article here >>
https://bit.ly/2zRdAyS
Blockchain for Executives, Entrepreneurs and InvestorsFenbushi Capital
A brief summary of key issues that executives, entrepreneurs and investors across all industries should be aware of when considering blockchain.
First presented 8 June 2018 at the Longhash Incubator in Singapore.
In this case study, we are providing information about the Introduction of Blockchain Technology, Bitcoin and its environment setup, Ethereum coin, other cryptocurrencies, Bitcoin in education, and a case study of healthcare using blockchain.
Blockchain 101 talks about blockchain from a very basic perspective (non-technical). This presentation gives you an idea of what blockchain really is beyond cryptocurrency, different types of the blockchain, components of a blockchain, essentials of the blockchain, and myths about blockchain. this presentation also throws light on major applications of the blockchain , its advantages and limitations, major consortiums and startups in this space and the timeline of development. we also tried to include how a use case for blockchain can be identified and how startups need to go about building a blockchain product or services
This presentation was developed by Jithin Babu and Sakshi Manthanwar. Both of them are blockchain researchers and consultants.
For more info regarding presentation kindly contact
jithinbabu555@yahoo.com
From 7331 to legal : a selection of blockchain discussion topicsKoen Vingerhoets
During the Computational Law & Blockchain Festival (#clbfest19) of 2019/03/16, organised by the @LegalHackersBXL (@Tommy Vandepitte), I had the opportunity to address a room filled with legal people. Awesome!!
I started with a short business inspired explanation of #blockchain (oh - #hashing was there too), followed by a deeper dive in some specific topics. These topics are imho the elements requiring more legal input and as such a better understanding. Collaboration between your 7331 IT people and their legal colleagues benefits from a common view on the technology.
Project Bletchley is a vision for Microsoft to deliver Blockchain as a Service (BaaS) that is open and flexible for all platforms, partners and customers. In this session, we will start by giving you an intro into Blockchain technology, what it is, how and where it can be used and talk about various examples and real world scenarios that can be built with it.
Eris Industries - American Banker presentation deck. Preston Byrne
Eris Industries' deck (and a recording of the talk) describing our view of where the blockchain space is going in the next couple of years. Any questions, ping Preston directly.
Blockchain Technology and Its Application in LibrariesNabi Hasan
Background
Blockchain: Conceptual Understanding
What is Blockchain Technology?
The Three Pillars of Blockchain Technology
Why is Blockchain Popular?
What is Distributed Ledger?
Blockchain for Enterprise Application Developer
Possible Areas of Implimention of Blockchain Technology in Libraries
Blockchain Technology in Banking Services - A ReviewGokul Alex
My session for IIM Bengaluru for the Executive Leaders of Public Sector Banks in India about the principles, paradigms, platforms, protocols and potentials of Blockchain Technology in 2020.
Investment Interest in Blockchain
• Blockchain has the potential to reduce infrastructure
cost by up to $20 billion a year.
• P2P money Transfer across international borders -
segment worth $500 B.
• Anderseen Horowitz ( VC firm) has invested over USD
$100 million into Blockchain technology
• All time Public/VC investment into Blockchain startups -
$894 million.
• Over 4000 active fintech startups in the NY arena and
investment in the sector tripling last year to $12 billion.
Blockchain : A Catalyst for New Approaches in Insurance VIJAY MUTHU
Blockchain technology has a wide variety of use cases in insurance. This excellent PwC study shows the possible impacts
in the insurance value chain which blockchain can bring about.
Overview of blockchain technology and architectureEY
The adoption of blockchain technology continues to accelerate across a wide array of industries, yet many of our clients are confused about how to deploy these solutions within their environment. EY has developed a blockchain stack that fits within the existing enterprise infrastructure, project and system development life cycle approaches that are customized to the new technology, and development frameworks to streamline our deployment.
Blockchain for Executives, Entrepreneurs and InvestorsFenbushi Capital
A brief summary of key issues that executives, entrepreneurs and investors across all industries should be aware of when considering blockchain.
First presented 8 June 2018 at the Longhash Incubator in Singapore.
In this case study, we are providing information about the Introduction of Blockchain Technology, Bitcoin and its environment setup, Ethereum coin, other cryptocurrencies, Bitcoin in education, and a case study of healthcare using blockchain.
Blockchain 101 talks about blockchain from a very basic perspective (non-technical). This presentation gives you an idea of what blockchain really is beyond cryptocurrency, different types of the blockchain, components of a blockchain, essentials of the blockchain, and myths about blockchain. this presentation also throws light on major applications of the blockchain , its advantages and limitations, major consortiums and startups in this space and the timeline of development. we also tried to include how a use case for blockchain can be identified and how startups need to go about building a blockchain product or services
This presentation was developed by Jithin Babu and Sakshi Manthanwar. Both of them are blockchain researchers and consultants.
For more info regarding presentation kindly contact
jithinbabu555@yahoo.com
From 7331 to legal : a selection of blockchain discussion topicsKoen Vingerhoets
During the Computational Law & Blockchain Festival (#clbfest19) of 2019/03/16, organised by the @LegalHackersBXL (@Tommy Vandepitte), I had the opportunity to address a room filled with legal people. Awesome!!
I started with a short business inspired explanation of #blockchain (oh - #hashing was there too), followed by a deeper dive in some specific topics. These topics are imho the elements requiring more legal input and as such a better understanding. Collaboration between your 7331 IT people and their legal colleagues benefits from a common view on the technology.
Project Bletchley is a vision for Microsoft to deliver Blockchain as a Service (BaaS) that is open and flexible for all platforms, partners and customers. In this session, we will start by giving you an intro into Blockchain technology, what it is, how and where it can be used and talk about various examples and real world scenarios that can be built with it.
Eris Industries - American Banker presentation deck. Preston Byrne
Eris Industries' deck (and a recording of the talk) describing our view of where the blockchain space is going in the next couple of years. Any questions, ping Preston directly.
Blockchain Technology and Its Application in LibrariesNabi Hasan
Background
Blockchain: Conceptual Understanding
What is Blockchain Technology?
The Three Pillars of Blockchain Technology
Why is Blockchain Popular?
What is Distributed Ledger?
Blockchain for Enterprise Application Developer
Possible Areas of Implimention of Blockchain Technology in Libraries
Blockchain Technology in Banking Services - A ReviewGokul Alex
My session for IIM Bengaluru for the Executive Leaders of Public Sector Banks in India about the principles, paradigms, platforms, protocols and potentials of Blockchain Technology in 2020.
Investment Interest in Blockchain
• Blockchain has the potential to reduce infrastructure
cost by up to $20 billion a year.
• P2P money Transfer across international borders -
segment worth $500 B.
• Anderseen Horowitz ( VC firm) has invested over USD
$100 million into Blockchain technology
• All time Public/VC investment into Blockchain startups -
$894 million.
• Over 4000 active fintech startups in the NY arena and
investment in the sector tripling last year to $12 billion.
Blockchain : A Catalyst for New Approaches in Insurance VIJAY MUTHU
Blockchain technology has a wide variety of use cases in insurance. This excellent PwC study shows the possible impacts
in the insurance value chain which blockchain can bring about.
Overview of blockchain technology and architectureEY
The adoption of blockchain technology continues to accelerate across a wide array of industries, yet many of our clients are confused about how to deploy these solutions within their environment. EY has developed a blockchain stack that fits within the existing enterprise infrastructure, project and system development life cycle approaches that are customized to the new technology, and development frameworks to streamline our deployment.
27 MAJOR BLOCKCHAIN APPLICATIONS AND REAL-WORLD USES.pdfYunusAdam1
Blockchain applications now go well beyond money and bitcoin. Technology is having an impact across a wide spectrum of organizations, from contract enforcement to government efficiency, due to its ability to promote openness and justice while also saving corporations time and money. This approach offers a much broader variety of applications.
Many people focus on cryptocurrencies, their speculative value, and how they may be utilized to make – or lose – a lot of money quickly when it comes to blockchain. This, however, does not do justice to the blockchain's incredible technology. Current and future breakthroughs have the potential to alter many industries.
What Are The Features Of Blockchain Technology..pdfMavie Crypto
COMMENTS
Blockchain technology is quickly becoming one of the most talked-about topics in the tech world. But what is blockchain technology and what makes it so revolutionary
The ecosystem supporting blockchain technology has matured to the point where the rollout of multiple enterprise blockchain solutions is imminent. This is technology that cannot be ignored by any industry as it poses both a threat and an opportunity for organisations. This paper outlines the potential of blockchain technology.
Application of Blockchain Technologies in Digital ForensicsMahdi_Fahmideh
This lecture, from course CIS8708-Digital Forensics (Guide to Computer Forensics and Investigations), discusses the role of blockchain technologies in digital forensics investigation
Blockchain's Smart Contracts: Driving the Next Wave of Innovation Across Manu...Cognizant
By eliminating intermediaries and by enabling smart contracts with embedded, trusted business rules, blockchain offers extraordinary opportunities for manufacturing on every level of the supply chain. To profitably ride this wave of disruptive innovation, any stakeholder in the manufacturing value chain should be familiar with the basics and guidelines for proceeding.
Foreword
This paper is the result of a research project carried out by Labs
in EVRY Financial Services during the fall of 2015. The content of
this report is the result of a comprehensive study, featuring online
sources, literary works, as well as recordings of financial
conferences such as Consensus 2015 and Fintech Week 2015.
We aim to provide a comprehensive report detailing the
opportunities, challenges and key success factors for financial
institutions looking to leverage the opportunities presented by
blockchain technology.
We hope you enjoy this study and that it helps give you greater
understanding.
When consumer products get switched on, brands will be able to deploy new IoT-based applications and services throughout the full product lifecycle. But what role will blockchains play in this, and is the hype about its potential justified?
This white paper will show you which use cases are best suited to blockchains and how to assess whether a blockchain-based solution is really needed.
Blockchain technology and logistics managementJayakumar PP
Basic understanding of Blockchain Technology. Give special focus to the application of blockchain in Logistics Management and Supply chain. It covers the following topics
Introduction to the blockchain, The current situation in the logistics industry, The Blockchain technology - the paradigm shifter in logistics, Block Chian Technology - Explain technology aspects and features, Basics on Blockchain security, Blockchain capabilities and its advantages to the logistics industry, Value-added to the industry, Implementation challenges, Finally with the conclusion and one best practice with ship chain company.
All about Blockchain Technology and it's applications in Finance functionvinodavg
Blockchain technology is a vast, distributed ledger, operating on millions of devices, recording anything, with identical copies maintained on each of the network computers. When a new transaction or an edit to an existing transaction comes in, generally a majority of the nodes within a blockchain network must execute some algorithms and essentially evaluate and verify the history of the transaction that is proposed and come to a consensus that the history and signature is valid, then the new transaction is accepted into the ledger. If a majority of nodes do not concede to the addition or modification of the ledger entry, then it is denied and not added to the chain. All the members can review previous entries and record new transactions. These are then grouped into ‘blocks’, which then form part of a ‘chain’, thus leading to a ‘blockchain’
Similar to Supply Chain Management using Blockchain (20)
GDG Cloud Southlake #33: Boule & Rebala: Effective AppSec in SDLC using Deplo...James Anderson
Effective Application Security in Software Delivery lifecycle using Deployment Firewall and DBOM
The modern software delivery process (or the CI/CD process) includes many tools, distributed teams, open-source code, and cloud platforms. Constant focus on speed to release software to market, along with the traditional slow and manual security checks has caused gaps in continuous security as an important piece in the software supply chain. Today organizations feel more susceptible to external and internal cyber threats due to the vast attack surface in their applications supply chain and the lack of end-to-end governance and risk management.
The software team must secure its software delivery process to avoid vulnerability and security breaches. This needs to be achieved with existing tool chains and without extensive rework of the delivery processes. This talk will present strategies and techniques for providing visibility into the true risk of the existing vulnerabilities, preventing the introduction of security issues in the software, resolving vulnerabilities in production environments quickly, and capturing the deployment bill of materials (DBOM).
Speakers:
Bob Boule
Robert Boule is a technology enthusiast with PASSION for technology and making things work along with a knack for helping others understand how things work. He comes with around 20 years of solution engineering experience in application security, software continuous delivery, and SaaS platforms. He is known for his dynamic presentations in CI/CD and application security integrated in software delivery lifecycle.
Gopinath Rebala
Gopinath Rebala is the CTO of OpsMx, where he has overall responsibility for the machine learning and data processing architectures for Secure Software Delivery. Gopi also has a strong connection with our customers, leading design and architecture for strategic implementations. Gopi is a frequent speaker and well-known leader in continuous delivery and integrating security into software delivery.
Generating a custom Ruby SDK for your web service or Rails API using Smithyg2nightmarescribd
Have you ever wanted a Ruby client API to communicate with your web service? Smithy is a protocol-agnostic language for defining services and SDKs. Smithy Ruby is an implementation of Smithy that generates a Ruby SDK using a Smithy model. In this talk, we will explore Smithy and Smithy Ruby to learn how to generate custom feature-rich SDKs that can communicate with any web service, such as a Rails JSON API.
Elevating Tactical DDD Patterns Through Object CalisthenicsDorra BARTAGUIZ
After immersing yourself in the blue book and its red counterpart, attending DDD-focused conferences, and applying tactical patterns, you're left with a crucial question: How do I ensure my design is effective? Tactical patterns within Domain-Driven Design (DDD) serve as guiding principles for creating clear and manageable domain models. However, achieving success with these patterns requires additional guidance. Interestingly, we've observed that a set of constraints initially designed for training purposes remarkably aligns with effective pattern implementation, offering a more ‘mechanical’ approach. Let's explore together how Object Calisthenics can elevate the design of your tactical DDD patterns, offering concrete help for those venturing into DDD for the first time!
Software Delivery At the Speed of AI: Inflectra Invests In AI-Powered QualityInflectra
In this insightful webinar, Inflectra explores how artificial intelligence (AI) is transforming software development and testing. Discover how AI-powered tools are revolutionizing every stage of the software development lifecycle (SDLC), from design and prototyping to testing, deployment, and monitoring.
Learn about:
• The Future of Testing: How AI is shifting testing towards verification, analysis, and higher-level skills, while reducing repetitive tasks.
• Test Automation: How AI-powered test case generation, optimization, and self-healing tests are making testing more efficient and effective.
• Visual Testing: Explore the emerging capabilities of AI in visual testing and how it's set to revolutionize UI verification.
• Inflectra's AI Solutions: See demonstrations of Inflectra's cutting-edge AI tools like the ChatGPT plugin and Azure Open AI platform, designed to streamline your testing process.
Whether you're a developer, tester, or QA professional, this webinar will give you valuable insights into how AI is shaping the future of software delivery.
UiPath Test Automation using UiPath Test Suite series, part 3DianaGray10
Welcome to UiPath Test Automation using UiPath Test Suite series part 3. In this session, we will cover desktop automation along with UI automation.
Topics covered:
UI automation Introduction,
UI automation Sample
Desktop automation flow
Pradeep Chinnala, Senior Consultant Automation Developer @WonderBotz and UiPath MVP
Deepak Rai, Automation Practice Lead, Boundaryless Group and UiPath MVP
Neuro-symbolic is not enough, we need neuro-*semantic*Frank van Harmelen
Neuro-symbolic (NeSy) AI is on the rise. However, simply machine learning on just any symbolic structure is not sufficient to really harvest the gains of NeSy. These will only be gained when the symbolic structures have an actual semantics. I give an operational definition of semantics as “predictable inference”.
All of this illustrated with link prediction over knowledge graphs, but the argument is general.
LF Energy Webinar: Electrical Grid Modelling and Simulation Through PowSyBl -...DanBrown980551
Do you want to learn how to model and simulate an electrical network from scratch in under an hour?
Then welcome to this PowSyBl workshop, hosted by Rte, the French Transmission System Operator (TSO)!
During the webinar, you will discover the PowSyBl ecosystem as well as handle and study an electrical network through an interactive Python notebook.
PowSyBl is an open source project hosted by LF Energy, which offers a comprehensive set of features for electrical grid modelling and simulation. Among other advanced features, PowSyBl provides:
- A fully editable and extendable library for grid component modelling;
- Visualization tools to display your network;
- Grid simulation tools, such as power flows, security analyses (with or without remedial actions) and sensitivity analyses;
The framework is mostly written in Java, with a Python binding so that Python developers can access PowSyBl functionalities as well.
What you will learn during the webinar:
- For beginners: discover PowSyBl's functionalities through a quick general presentation and the notebook, without needing any expert coding skills;
- For advanced developers: master the skills to efficiently apply PowSyBl functionalities to your real-world scenarios.
The Art of the Pitch: WordPress Relationships and SalesLaura Byrne
Clients don’t know what they don’t know. What web solutions are right for them? How does WordPress come into the picture? How do you make sure you understand scope and timeline? What do you do if sometime changes?
All these questions and more will be explored as we talk about matching clients’ needs with what your agency offers without pulling teeth or pulling your hair out. Practical tips, and strategies for successful relationship building that leads to closing the deal.
Epistemic Interaction - tuning interfaces to provide information for AI supportAlan Dix
Paper presented at SYNERGY workshop at AVI 2024, Genoa, Italy. 3rd June 2024
https://alandix.com/academic/papers/synergy2024-epistemic/
As machine learning integrates deeper into human-computer interactions, the concept of epistemic interaction emerges, aiming to refine these interactions to enhance system adaptability. This approach encourages minor, intentional adjustments in user behaviour to enrich the data available for system learning. This paper introduces epistemic interaction within the context of human-system communication, illustrating how deliberate interaction design can improve system understanding and adaptation. Through concrete examples, we demonstrate the potential of epistemic interaction to significantly advance human-computer interaction by leveraging intuitive human communication strategies to inform system design and functionality, offering a novel pathway for enriching user-system engagements.
UiPath Test Automation using UiPath Test Suite series, part 4DianaGray10
Welcome to UiPath Test Automation using UiPath Test Suite series part 4. In this session, we will cover Test Manager overview along with SAP heatmap.
The UiPath Test Manager overview with SAP heatmap webinar offers a concise yet comprehensive exploration of the role of a Test Manager within SAP environments, coupled with the utilization of heatmaps for effective testing strategies.
Participants will gain insights into the responsibilities, challenges, and best practices associated with test management in SAP projects. Additionally, the webinar delves into the significance of heatmaps as a visual aid for identifying testing priorities, areas of risk, and resource allocation within SAP landscapes. Through this session, attendees can expect to enhance their understanding of test management principles while learning practical approaches to optimize testing processes in SAP environments using heatmap visualization techniques
What will you get from this session?
1. Insights into SAP testing best practices
2. Heatmap utilization for testing
3. Optimization of testing processes
4. Demo
Topics covered:
Execution from the test manager
Orchestrator execution result
Defect reporting
SAP heatmap example with demo
Speaker:
Deepak Rai, Automation Practice Lead, Boundaryless Group and UiPath MVP
DevOps and Testing slides at DASA ConnectKari Kakkonen
My and Rik Marselis slides at 30.5.2024 DASA Connect conference. We discuss about what is testing, then what is agile testing and finally what is Testing in DevOps. Finally we had lovely workshop with the participants trying to find out different ways to think about quality and testing in different parts of the DevOps infinity loop.
Dev Dives: Train smarter, not harder – active learning and UiPath LLMs for do...UiPathCommunity
💥 Speed, accuracy, and scaling – discover the superpowers of GenAI in action with UiPath Document Understanding and Communications Mining™:
See how to accelerate model training and optimize model performance with active learning
Learn about the latest enhancements to out-of-the-box document processing – with little to no training required
Get an exclusive demo of the new family of UiPath LLMs – GenAI models specialized for processing different types of documents and messages
This is a hands-on session specifically designed for automation developers and AI enthusiasts seeking to enhance their knowledge in leveraging the latest intelligent document processing capabilities offered by UiPath.
Speakers:
👨🏫 Andras Palfi, Senior Product Manager, UiPath
👩🏫 Lenka Dulovicova, Product Program Manager, UiPath
From Daily Decisions to Bottom Line: Connecting Product Work to Revenue by VP...
Supply Chain Management using Blockchain
1. G. H. Raisoni College of Engineering
Department of Computer Science and Engineering
Blockchain Technology
End Sem Exam
Session: 2018-19
Report on
Supply Chain Management using
Blockchain
2. 1
What is Block Chain Technology?
A blockchain is essentially a distributed database of records or public ledger of
all transactions or digital events that have been executed and shared among
participating parties. Each transaction in the public ledger is verified by
consensus of a majority of the participants in the system. And, once entered,
information can never be erased. The blockchain contains a certain and
verifiable record of every single transaction ever made. To use a basic analogy,
it is easy to steal a cookie from a cookie jar, kept in a secluded place than
stealing the cookie from a cookie jar kept in a marketplace, being observed by
thousands of people. In the report, it distinguishes between multiple types of
blockchains and explains the two biggest platforms, namely Bitcoin and
Ethereum. While introducing those two platforms we explain the most
important technology and algorithms used such as proof of work concept.
Some of the security issues and solutions are also covered. We conclude with
some concrete Ethereum based applications that demonstrate the usage of
blockchain technology beyond cryptocurrency and illustrate current
developments in this field.
4. 3
Private blockchains. Public blockchains.
1. Conversely, a ‘private’
blockchain network is where
the participants are known
and trusted: for example, an
industry group, or a group of
companies owned by an
umbrella company.
2. Many of the mechanisms
aren’t needed – or rather they
are replaced with legal
contracts.
3. This changes the technical
decisions as to which bricks
are used to build the solution.
Ledgers can be ‘public’ in two
senses:
1. Anyone, without permission
granted by another
authority, can write data
2. Anyone, without permission
granted by another
authority, can read data
Usually, when people talk about
public blockchains, they mean
anyone-can-write.
Blockchain Applications
Blockchain demonstrates the potential to be used in many different fields of financial and
non-financial.
5. 4
Financial institutions
and banks no longer see blockchain technology as a threat to traditional business
models. The world’s biggest banks are in fact looking for opportunities in this area by
doing research on innovative blockchain applications. In a recent interview, Rain Lohmus
of Estonia’s LHV bank told that they found Blockchain to be the most tested and secure
for some banking and finance-related applications.
Non-Financial applications
opportunities are also endless. We can envision putting proof of the existence of all legal
documents, health records, and royalty payments in the music industry, notary, private
securities and marriage licenses in the blockchain. By storing the fingerprint of the digital
asset instead of storing the digital asset itself, the anonymity or privacy objective can be
achieved.
Blockchain—Risks and Opportunities
Having rapidly outgrown its early roots in cryptocurrencies (such as bitcoin)
Blockchain now has the potential to:
● Simplify and enhance transparency in core business functions such as
supply chain management, auditing, tax, compliance and back-office
operations
● Rapidly increase the volume of automated transactions
● Help reduce fraud through enhanced identity management
However,while Blockchain has the potentialto revolutionize the way we do
business, boards must also consider some of the associated challenges with
the adoption of the technology such as:
6. 5
● Regulatoryand legal environments are still under development and as
such is open for interpretation
● Implementing and standardizing Blockchain requires significant
investment, including legacy system integrationand retraining of the
workforce where appropriate
● A lack of real-world enterprise testing and the rapid development of
Blockchain platforms make it difficult to stay ahead of the curve
Problems Identified
If blockchain technology allows us to more securely and transparently track
all types of transactions, imagine the possibilities it presents across the
supply chain.
7. 6
Every time a product changes hands, the transaction could be documented,
creating a permanent history of a product, from manufacture to sale. This
could dramatically reduce time delays, added costs, and human error that
plague transactions today.
This means that there is a need to develop a mechanism so that the entire
Bitcoin network can agree regarding the order of transactions, which is a
daunting task in a distributed system.
Solutions Provided
Blockchain-protected supply chain framework
► The product ledger will hold the key properties of components, quality, quantity and
custody at a given point in time. These attributes are stored in a secure infrastructure
and can be represented in consumer- facing applications. It will be readable and linked
from pre-existing data sets.
8. 7
► Every relevant participant also will be an interested party in performing a quality
assessment, auditing the network and getting verification from the relevant performing
party. Participants are producers, manufacturers, registrars, standards organizations,
customers, certifiers and auditors.
A blockchain solution provides:
► Brand value for products
► Decentralized, the technology-shared
architecture
► Establishment of mutual trustless trust
Impact:
► Incomprehensible network of
product trace
► Supply chain mass contamination of products
► Counterfeit parts in product inception
Blockchain can provide secure IoT digital marketplace
► Blockchain provides secure, machine-to-machine communication and distribution of
smartly produced data.
► Its decentralized server adds a layer of security to file storage and transfer,
determines roles and permissions, provides trustless peer-to-peer messaging, and
offers secure and distributed data sharing and healthy equipment coordination.
► It can facilitate tracking production, distribution and consumption, and automatically
detect problems to initiate a cost-effective response rapidly.
9. 8
Impact:
► Data gathered in IoT network is futile
► Centralized cloud infrastructure
► Manual tracking of production, distribution and consumption
A blockchain solution provides:
► Safe distribution of smartly produced data
► Secure transfer of financially sensitive information
► Automatic installation of service requests
Blockchain can provide information around the origin of
goods
► Blockchain provides an immutable, trusted and shared record of transaction data.
► With its verifiable and decentralized nature, retailers and manufacturers can track the
origin and location of a product at any point along the supply chain at any given time.
► Blockchain could eliminate the burden on one trusted centralized party when dealing
with multiple parties in multiple jurisdictions that are exchanging multiple physical
goods and multiple documents and settlements by decentralizing the authority.
Impact:
10. 9
► Lack of confidence in retailer
► Possibility for contamination
► Potential for mislabelling of goods
A blockchain solution provides:
► Reassurance to customers, particularly those with requirements, e.g., kosher and
halal
► Helps avoid public relations disasters
► Helps maintain status as an ethical retailer
This mathematical puzzle is not trivial to solve and the complexity of the
problem can be adjusted so that on average it takes ten minutes for a node
in the Bitcoin network to make a right guess and generate a block. There is
very small probability that more than one block will be generated in the
system at a given time. First node, to solve the problem, broadcasts the
block to rest of the network. Occasionally, however, more than one block
will be solved at the same time, leading to several possible branches.
However, the math of solving is very complicated and hence the blockchain
quickly stabilizes, meaning that every node is in agreement about the
ordering of blocks a few backs from the end of the chain. The nodes
11. 10
donating their computing resources to solve the puzzle and generate block
are called “miner” nodes” and are financially awarded for their efforts.
The network only accepts the longest blockchain as the valid one. Hence, it
is next to impossible for an attacker to introduce a fraudulent transaction
since it has not only to generate a block by solving a mathematical puzzle
but it has to at the same time mathematically race against the good nodes to
generate all subsequent blocks in order for it make other nodes accept its
transaction & block as the valid one. This job becomes even more difficult
since blocks in the blockchain are linked cryptographically together.
Market Competition
Blockchain technology is finding applications in both financial and non-
financial areas that traditionally relied on a third trusted online entity to
validate and safeguard online transactions of digital assets. There was
another application “Smart Contracts” that was invented in the year 1994 by
Nick Szabo. It was a great idea to automatically execute contracts between
12. 11
participating parties. However, it did not find usage until the notion of
cryptocurrencies or programmable payments came into existence. Now two
programs blockchain and the smart contract can work together to trigger
payments when a preprogrammed condition of a contractual agreement is
triggered. Smart Contracts are really the killer application of the
cryptocurrency world.
Smart contracts are contracts which are automatically enforced by computer
protocols. Using blockchain technology it has become much easier to
register, verify and execute Smart Contracts. Open source companies like
Ethereum and Codius are enabling Smart Contracts using blockchain
technology. Many companies which operate on bitcoin and blockchain
technologies are supporting Smart Contracts. Many cases where assets are
transferred only on meeting certain conditions which require Lawyers to
create a contract and Banks to provide Escrow service can be replaced by
Smart Contracts.
Ethereum has created a lot of excitement for its programmable platform
capabilities. Ethereum allows anyone to create their own cryptocurrency and
use that to execute, pay for smart contracts. Ethereum itself has its own
cryptocurrency (ether) which is used to pay for the services. Ethereum is
already powering a wide range of early applications in areas such as
Governance, autonomous banks, keyless access, crowdfunding, financial
derivatives trading and settlement using smart contracts.
13. 12
Conclusion
Much of the thought leadership regarding blockchains in financial services
has focused on the context of Western Europe and the US but little has
been explored within Asia. This is ironic given in the US, trust across state
lines is high and uniform; in Europe, the market is more closely aligned by
regulation. But Asia is still behind in terms of levels of trust enabling greater
economic activity. Asia’s geopolitical context is unique globally – the region
consists of loosely coupled countries who want to trade with each other, yet
levels of trust between countries are disparate, preventing the region from
realising its potential.
We believe that the most transformative blockchains will be those that can
work across geopolitical boundaries. Southeast Asia has the most potential
that can be unlocked with this technology, but we acknowledge that it may
also be the hardest blockchains to implement.
We now have the technology for trust. With political will, investment, and
industry collaboration, we believe that blockchains can improve the way
business is done in Southeast Asia and increase economic prosperity as a
result.