Yezune Choi Founder
Blockchain: The Next Big Thing after Internet
Thenatureoftechnologyisthatitkeepsupdatingtowardsbetter.Everynowandthen,thereis
aninnovationthatchangesthecourseoftheconcernedindustryandtotallydisruptsthe market.Blockchainisonesuchinnovationwhichhasbeendroppedrightinthecenterofthe systemandhasdisruptedeveryindustrywiththerippleeffects.Thenewtechnologyisgaining popularityduetothevariousfeaturesitaddstobusinesses.Whilesomeseektransparency,othersget assistanceinadecentralizedapproach.
However,BlockchainrolledonyearsafteritsinceptionwhenSatoshiNakamoto,ananonymous entity,introducedBitcoin,apeertopeerelectroniccashsystem.AndnowBlockchainisknownto revolutionizebankingandfinanceaseffectivelyastheinternethastransformedmedia.Majorplayers intheindustryareacceptingthetechnologyopenhandedlyandinvestingextensivelyinthisnew modelofbanking.
Although,Bankingisnottheonlyindustrythatblockchainhasdisrupted.Cybersecurityisa vulnerableindustryanddemandscontinuousupdatesduetotheconstantthreatofsecuritybreach. Withthehelpofblockchaintechnology,thedataisverifiedandsecuredusingcryptography This makesthedataresistanttounauthorizedchanges.Supplychainmanagementisanotherexampleof howusefulblockchaintechnologycouldbe.Ithelpsenterprisestodocumentallthetransectionsina permanentdecentralizedrecord,whichenablesenterprisestosavetimeaswellascost,andenhance labourefficiency
InternetofthingsandBlockchainaremovingaheadinthesamedirectionandwithasame speed.Thismakesthemcomplimentarytoeachother.Blockchainenablesfastercommunication betweenvarioussystemsbyeliminatingtheneedforcentralizedlocationtohandle communication,whicheventuallyleadstobetteroptimizationofoverallIoTexperience.
BlockchainTechnologyhasturnedouttobeaboonforcountlessotherindustries.However,this wouldn’thavebeenthecasewithouttheproactiveapproachandproperimplementationof technologybythecompaniesleadingtheblockchainindustry.Hence,inordertoappreciatethe constantandconstructiveeffortsofsomeoftheinnovativeblockchaincompanies,Insights Successhasshortlisted"The10MostDisruptiveBlockchainSolutionProviders,2018".
FeaturingasourCoverStoryisBOScoin,aself-evolvingcryptocurrencyplatformforPublic Financing.ItcombinesProjectFinancing,themostlibertarianconcept,withthreealternative solutionsthatincludescreditcreationthroughparticipation,democraticimpactinvestments,and commonizationofcertainassets,toformanewPublicFinancingconcepttopowerabetter capitalism.Thecompanyalsooffersincentiveschemeandissuanceplanswhichaimtowards creatingvalueforthecoin,whiledeterringthecentralizationofpower.
Alongsidethis,themagazinealsoincludesEverex,afinancialtechnologycompanythat providesblockchain-poweredsolutionstofinancialinstitutionsandtheircustomers;Loyyal,a companythatisreinventinghowcustomerincentivesarecreated,rewarded,andmanaged;and SALT,acompanywhichoffersasmarterwaytoleverageblockchainassets—ingeniously bridgingcryptocurrencywithtraditionalfinance.
Also,makesuretoflipthrougharticles,writtenbyourin-houseeditorialteamaswellasCXO standpointsofnotableindustrypersonalitiestohaveabrieftasteofthesector.
Let’s start reading!
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BOScoin:
Reaching the New Heights of a Cryptocurrency Framework
“ BOScoin: A Self-Evolving Blockchain Platform for Public Financing
“
Yezune Choi Founder
Story
Intoday’sdigitalworld,ithasbeen observedmostofthefinancial tradesfrequentlyfacefraudsand scamswhilecarryingatrade.The evolutionofBlockchainTechnologyis settingupabenchmarkinthefinance sectorbyofferingtransparency, innovationandacompletedisruption incarryingfinancialtrades.Many cryptocurrencyplatformsare leveragingtheircontributionin securingfinancialtransactions.Oneof themisBOScoin,auniqueplatform aimingtoovercomethetechnicaland operationalissuesinherentinmany cryptocurrencies.
BOScoinisaself-evolving cryptocurrencyplatformforPublic Financing.ItcombinesProject Financing,themostlibertarian concept,withthreealternative solutionsthatincludescreditcreation throughparticipation,democratic impactinvestments,and commonizationofcertainassets,to formanewPublicFinancingconcept topowerabettercapitalism.The companyoffersincentiveschemeand issuanceplanswhichaimtowards creatingvalueforthecoin,while deterringthecentralizationofpower. Additionally,itsModifiedFederated ByzantineAgreementalgorithmisan innovativesolutionthatallowsforlow latencytransactionswhilebeingmore energyefficient.
ASovereignEcosystem
Inordertosolvetheproblemof fragmentedcreditcreationsystems, BOScoinproposepublicfinancing,a wayforindividualswhouseandtrade
“
realcredittomakecollectivedecisions throughitsDApp-ICOstrategy
Ratherthanbeingdictatedbyacentral bankorgovernment,theBOScoin communitycreatesitsowncredit system.Unlikeothercryptocurrency platforms,BOScoinofferPF,andtends tointroduceasovereigntygovernance systemcalledtheCongressNetwork.
Incapitalism,theinstitutionalized financialsystemholdsmostcapitaland asupremedecision-makingpower
Mostmembersofthesystem compliantlyfollowthedecisionsmade bythesystemleaders.Through CongressNetwork,thecompanycan bestowdecision-makingpowerstoits participants.ThisBOScoincommunity canpropose,review,andvoteonnew tokenissuancethroughtheCongress Network.Insteadofconcentratingon anelitegroupsandgivingmostofthe powertothem,thenetworkstrivesto createfinancialsovereigntyforthe overallcommune.Thecommunity memberscanregulatethesize,volume, andbasepriceofissuance,aswellas thetermsofitsallocationand distributionthroughaTrustContract. Realeconomicassetsacquiredthrough theissuanceofBOScoinswillbe returnedtothecommunityas commons,andthusPFremains “public”.
AnArdentBlockchainTechnologist
BOScoinisheadedbyYezuneChoi, Founder.Yezuneisatopexpertin blockchaintechnology.Hehas resourcefulexperienceover20yearsin softwareengineering.Yezunehas developedandoperatedalocal
cryptocurrencybasedonLitecoin beforejoiningBlockchainOS. Hisgoalistocomplementandimprove thecurrentSmartContractsin blockchaintoprovidewhatitcalls TrustContractsthatcanbeusedin real-worldbusinessapplications,and hehasdevotedtohimselfforthe completedevelopmentofblockchain technologyforlastfiveyears.
PropoundingDisruptiveSolutions
BOScoinhasproposedanewsolution tosolvethehighfinancialcommission problemofProjectFinancingwiththe threealternativesincluding,credit creationthroughparticipation,global financeutilizingcollectiveintelligence andthecommonizationofassets.This specificimplementationof’Public Financing’isknownasReverseICO PartnerProgram(RIPP).
RIPPisfinancedbyBOSNet,the mainnetforpublicfinancingbasedon blockchain.Itistargetingreverse-ICO firmsthatarealreadyoperationalwith theirownbusinessmodels,andlooking foradditionalfinancingthrough blockchainbasedICOsorPublic Financing.ThepartnersofBOScoin canconductbusinessquickly,without theneedforextensivetechnological investmentsintotheblockchain. Furthermore,raisingpost-ICOcapital onBOSNetthroughPublicFinancing isdrasticallycheaperthanusingthe traditionalfinancialsystemwithits highfeeswhichmakesitmorereliable thantraditionalproviders.
Inaddition,BOScoinlaunchedthe ARIST(AdvancedResearchInstitute
We aim to issue a total of 5.0 billion coins over the next 128 years. “
BOScoin aims to overcome the technical and operational issues inherent in many cryptocurrencies.
“ “
forSocialTrust),aresearchinstitutethatwillengineerand verifyplatformreliability,scalability,andprivacyonthe BOScoinmainnet.BOScoinhassetoutaclearvisionforits future,namelyanevolutionofProjectFinancinginto PublicFinancingforabettercapitalism,usingcredit creationthroughparticipation,impactinvestmentbased onvoting,andcommonizationofcertainrealworld assets.Ittakesontheroleofengineering,andverifying platformreliability,scalability,andprivacyinorderto accelerateadoptionandcommercialization.
StrivingtoBringOnePerson,OneVotePrinciple
A cryptocurrency can grow into community money, if justified by community consensus.
Thus,acryptocurrencymustensureastructure thatcanbereflectedbyamajorityofthe community.However,thevotingmethods, BOScoinCongressNetworkproposedinitsWhite Paper1.0,allowedthosewhoholdmanynodesand morewealthtohaveabiggerinfluenceon communitydecision-making.Tosolvethisproblem, BOSCoinisimplementingasystemofoneperson,one vote.Itis,however,impossibletointroducetheoneperson, onevoteprinciplewithoutrequiringidentificationwhichin turnjeopardizesprivacyandfreedomofexpression.This goesagainstthegeneralethosoftheblockchain.
DuringthecreationofWhitePaper1.0,thecompanywas unabletofindasolutiontothischallenge,andtheCongress Network’sdecision-makingprocessremainedunanswered. However,BOScoinreviewedthisproblemwithKoSAC (KoreanSentimentAnalysisCorpus)andlookedatthe possibilityofcreatingaformofCongressVotingusing homomorphicencryption.Thecompanythenannounceda developmentofafullyhomomorphicencryptionsolution forelectronicvoting,whichguaranteesboth,anonymity (secretballot)andequality.Italsoannouncedstrategic agreementtolaunchthefirstpublicfinancingprojectin Novemberwith"Energy7",anonline-to-offlineplatform
BOS team is striving to demonstrate PF’s ability to go beyond the limits of the existing crypto economy by doing a reasonably scaled pilot. “ “
thatisaninnovatorinthepetroleumdistributionindustry BOSCoinhasmarkeditsexcellencebycreatingsuch uniqueplatform.Inadditiontothesedevelopments, BOScoinisfocusedontechnologicaldevelopmentsand businesspartnershipsinordertomeetitsgoalsofpublicly launchingthemainnet.
ldevelopments?Ifitcannotbemaintained,whatarethe alternatives?BOSteamisaddressingthesequestions throughBOScoin.However,theDApp-ICOstrategyofthe currentcryptoeconomyislikelytoproducelargeand fragmentedcreditgenerationsystemsthatdonotsolvethe capitalistproblemthattheBOSteamintendstosolve.
AddressingCurrentCapitalist System
Thecurrentcapitalistsystem failsatdistributingwealth. Thisindicatesthatthe capitalistsystem’sexistenceis endangered,becauseit continuestobreakdownits ownconsumptionbased ecosystem.Whileskewed distributioncausesseveral marketfailures,technological developments,particularlyin informationtechnology, reducetheneedfor labor This,inturn lowersthelabor earningsand qualityoflabor
Thisarise questionslike, howcanthe capitalist systembe maintainedif workers cannot consumedue to consequent technologica
Thelimitationsofthecurrentcryptoeconomycanbe clearlyobservedwhichincludesslowprocessingspeed,an unsafesmartcontractdevelopmentenvironmentthatleads tofrequenthackingaccidents,softwarecodethatholds contractsillegibletothepublic,etc.However,thetechnical problemsofcryptocurrenciessuchaspricevolatilitydueto lackfrompredefinedlimitationsonvolume,fragmentation ofthemonetaryspacebyICOs,afragmentedcredit creationsystem,andcentralizationproblem,etc.are expectedtobesolvedintheforeseeablefuture.
Ifacryptoplatformcouldhaveacredit-generating mechanismthatissuperiortothecurrentfinancialcapitalist system,ifitmakesimpactinvestmentstocommonize assets,andifthevaluecreatedfromtheseassetswere distributedtothecommunity,whatwouldthatlooklike? ThisisthevisionthatenergizedBOScoin.Itsproposalis structuredaroundconvertingthisvisionintoreality
WalkingtowardstheVision
BOScoinintendstobeaglobalcommunitycryptocurrency andcirculatedasrealmoney Theexistingcryptocurrencies arenotasgoodatgeneratingcreditasfiatcurrencies.To overcomethis,BOScoinintendstointroduceacredit generationsystemcalledthePublicFinancing(PF)system, armedwithagovernancestructurecalledtheCongress Network,adeparturefromcurrentICOmodels.
Inaddition,therealeconomicassets(wealth)securedby thecreditcreatedthroughthePFwillberegardedas commonsanddistributedaccordingtoconsensus.BOScoin believesthatPFcansolvethefundamentalproblemofthe endoflaborincomecausedbycapitalandtechnology
CompanyName
Appii appii.io
Management
GaryMcKay CoFounder& ManagingDirector
aXpire axpire.io
GaryRMarkham ChiefExecutive
BlockchainConsulting blockchain-consulting.net
ZacharyFitzner CEO
BlockSafeTechnologies blocksafetech.com
GeorgeWaller CEO
BOScoin boscoin.io
CivicTechnologies civic.com
Everex everex.io
Loyyal loyyal.com
Monetha monetha.io
Brief
Appiiistheworld'sfirstblockchaincareerverificationplatform. ItisusingverifiedcredentialsandanIntelligentProfile™to maximisepotential.
aXpireisablockchaintechnologybasedspendmanagement softwarecompany,initiallysupportingassetmanagerswithin hedgefunds,privateequityfirmsandproperty&casualty insurancecompanies,globally.
BlockchainConsultingprovides indepthblockchainexpertise combinedwithitsknowledgeinfinanceandITproductlive cyclemanagement.
BlockSafeTechnologiesistheonlyUS-basedcompanythat securestheblockchainecosystemfromallangles:wallets, exchanges,andprivateblockchains.
YezuneChoi Founder BOScoinisaself-evolvingcryptocurrencyplatformforPublic Financing.
JonathanSmith CTO&Co-founder
AlexiLane CEOandCo-founder
GregorySimon Founder&CEO
CivicSecures&ProtectsIdentitiesandbelievesingiving businessesandindividualsthetoolstocontroland protectidentities.
Everexisafinancialtechnologycompanythatprovides blockchain-poweredsolutionstofinancialinstitutionsand theircustomers.
TheInternetofLoyalty.
Monethaiscreatingauniversal,transferable,immutabletrust andreputationsystemcombinedwithapaymentsolution. Decentralised,empoweredbytheEthereumblockchain.
BillSinclair
JustasPikelis Co-founder SALT saltlending.com
InterimPresident& CEO& ChiefTechnology
Officer
SALToffersasmarterwaytoleverageblockchain assets—ingeniouslybridgingcryptocurrencywith traditionalfinance.
Khai Lin Chua Co-founder
AbouttheAuthor
Khai Lin Chua, Co-founder and CFO, Fundnel.
Khai Lin is the co-founder and CFO of Fundnel, a private investment platform that offers unlisted securities in growth and pre-IPO stage companies across industries to a qualied network of investors. She co-founded Fundnel to make a difference to small and medium-sized enterprises that experience insufcient access to growth and expansion funding.
At Fundnel, she is primarily responsible for the company’s nancial and operational strategies, whilst providing foundation to a strong team of visionaries with her execution-driven work ethos. More than just a gatekeeper, she fulls the role of ‘leader-byexample’ with aplomb.
Khai Lin has signicant expertise in banking and private investments, having had more than ve years of experience working at JP Morgan, Citibank and CIMB-GK Securities. She graduated with top honours from University College London (UCL) with a Bachelor of Science (BSc) in Economics degree.
Out of the ofce, she is a passionate supporter of animal rights, clocking in hundreds of hours to marine mammal conservation and research projects.
Blockchain Smart Contracts? HowSmartare
Thedizzyingriseinthevaluationofbitcoinhascreatedsignificantbuzzinthefinancesector Whilemuchfocushas
centredaroundtheviabilityofbitcoininfinancialsystems,thetechnologythatundergirdsthecryptocurrencyis steadilygainingmainstreamacceptance.
Financeprofessionalswerequicktorecognisethepotentialofblockchaintechnologyinmakingupthevariousshortfalls ofthestatusquo.Today,we’vewitnessedtheemergenceofcountlessfintechstart-upsprovidingservicesthatleverageon blockchain,whilebanksarequicklyworkingtointegratethetechnologyintovariousaspectsofitsoperations.
Currentfinancialsystemsaroundtheworldhandlethroughputsamountingtotrillionsofdollarsonadailybasis,serving billionsofconsumersworldwide.Despiteitsimportance,ourglobalfinancialsystemissurprisinglyantiquated.
Manyprocessesrelyonlegacysystemscharacterisedbyhighvolumesofpaperworkandhumaninvolvement.Thisleads toadditionalcosts,timedelays,andincreasedriskintheformofhumanerrorandfraud.APWCstudyfoundaboggling 45%offinancialintermediariestohavebeenavictimofeconomiccrimeduringthesurveyperiod.
AkeyexamplewouldbetheconvolutedIPOprocess,wheretheinvolvementofmanythirdpartiesraisescostsintermsof bothmoneyandtime.Thispresentsbarrierstoentryformuchneededgrowthcapitalastheresourcecostisnotsomething everySMEcanafford.
SpearheadingtheBlockchainRevolution
Blockchain technology provides a way to structure data and information securely with a digital ledger Unlike conventional records, blockchain ledgers are not stored with any central authority, but across a network of computers viewablebythepublic,ensuringtransparencyandmakingitimpossibleforasinglepersontoamendinformation.
Amongstthemostpromisingandnovelusesofblockchainissmartcontracts,ausecasethatstandsoutasoneofthemost innovativesolutionsbuiltonblockchaintechnologywhichIforeseetofeaturestronglyintheindustryintheyearsahead.
SettingaNewStandardforFinancialAgreements
Inanutshell,smartcontractsareprogrammedcontractsthatautomaticallyexecuteasetofpre-definedactionswhenaset ofpre-determinedconditionsarefulfilled.
Being self-validated, self-monitored, and self-enforced, automation enabled by smart contracts has several immediate benefits,someofwhichareasfollows:
1)RiskManagement
Withsmartcontracting,theexecutionofanagreementistakenoutofthehandsofasingleparty,relyinginsteadondigital verification within a blockchain before an action is triggered.Any funds involved could be locked in escrow, and only releasedifpre-determinedconditionsaremet.Thishelpstofacilitatetrustbetweentheinvolvedpartiesbyremovingany concernsaboutenforceability.
2)Shortersettlementcycles,atlowercosts
In traditional contracts, many financial intermediaries can be involved in the settlement process once a contract is concluded.Necessaryliaisonbetweenthenumerousintermediariesservestolengthenthesettlementcycle,andaddsonto thetotalcost.
The decentralised nature of a smart contract reduces the number of intermediaries from the equation, vastly reducing monetarycostsandtimeinvolved.
3)FraudPrevention
Fraudisacommonprobleminthefinancialsector.Smartcontractscanreducethepotentialforfraudbyvirtueofhavingall financialmovementandtransactionsdigitallyrecordedonanimmutableblockchain,bringingtransparencytothetable. Digitalrecordsalsofacilitateeasierauditinganddetectionofsuspiciousbehavioursthatcouldindicatefraud.
Atangibleexampleofhowcontractscouldbenefitfromtheuseofsmartcontractingwouldbethatofcompaniesraising funds on the secondary market. In this instance, the use of smart contracts lowers the risk involved for both parties by shorteningthesettlementcycle.Thisreducesthechancesofanypartyexperiencingfinancialdistress,leavingthemunable toupholdtheircontractualobligations.Anotherupsideisthatthebusinessandinvestorbothgettheirfundsandsharesina shorterperiodoftime,allatalowercost.
TheFutureofSmartContractsinFinance
However,itisimportanttonotethatsmartcontractsarebynomeansamagicbullet.Thedigitalnatureofthesecontracts meanthatanyoversightinthetextofmayhavedetrimentaloutcomes,asthetermscannotbefreelyinterpretedunlikein traditional contracts, but only according to literal meaning. A cautionary example would be the Decentralised AutonomousOrganization(DAO)casewhichsawahackermakingoffwithUS$50mbyexploitingaloopholeintheterms ofthesmartcontract.
Whilethetechnologyhasadmittedlyyettoreachlevelsinvolvingcontractsofhighcomplexity,itsvariousbenefitshave thepotentialtorevolutionisethewaybusinessisconducted.Smartcontractscoulddefinitelybeusedininstanceswhere thescopeorcomplexityislimitedenough,suchassaleofsecuritiesorinsurancewhereconditionscanbeclearlydefined.
Thelarge-scaleadoptionofsmartcontractsacrossthefinancialsectorwouldlikelyrequireaneedforregulatoryoversight, which can jeopardise one of blockchain’s major selling points – autonomy from governments. It remains to be seen whetheracompromisecanbereached.
George Waller CEO
BlockSafe Technologies:
Blockchain Ecosystem Security Provider
ItwasconsideredthattheBlockchainwasan incorruptibledigitalledgerofeconomic transactionsthatcanbeprogrammedtorecord notjustfinancialtransactionsbutvirtuallyeverything ofvalue.Eventually,everytechnologyhasweak pointsandthat’sthereasontheBlockchainwas hacked.Therefore,toovercomeallthesecurity concerns,BlockSafeTechnologiesInc.(nowintheir Pre-STOfundingphase)cameupalongwithits innovativesolutions,forwhichInsightsSuccesshas chosentheorganizationinthelistof The Most Disruptive Blockchain Solution Providers
BlockSafeTechnologies,Inc.istakingthe leadinsecuringtheblockchainecosystemwith asuiteofpatentsolutionsthatprotectagainstan arrayofcybervulnerabilities.Itsproductsbringtrust totheblockchainecosystembymergingthe innovativecybersecuritysolutionswithblockchain technology
Thecryptoworldisbuiltonahighlysecured mathematicalmodelthatisimmature,fragileand vulnerabletocyber-attacksandsignificantfinancial loss.
To Make the World a Safer and Faster Place with our BlockChain Products. “ ”
Despitewidespreadperceptionthatthe privateblockchainissafe,thereare inherentvulnerabilities.BlockSafe addressesthesevulnerabilitiesand offerscomprehensivesolutions.
HurdlesandResolutions
Withhackersgoingafter cryptocurrencies,
theytypicallyusekey-logging,screenandclipboardcapture tostealwalletcredentialsandaltertransactions.Crypto Defender™solvesthisissueandstopsallthemalpractices mentionedabove.ThePrivateBlockchain’sarealsovery newandthereisnotargetedsolutionavailabletodayother thanBlockSafe’sBlockchainDefender™.Thisbuildsa greatopportunityforBlockSafeTechnologies.
CryptoDefender™providesradicalsecurityforcrypto walletsandcryptoexchangesthatcurrentlyarenotsecure:
Ÿ Thesamevulnerabilitiesplagueexchangesand individualsandhaveallowedcybertheftofmorethana billiondollars(e.g.,Coincheckhaslostcloseto$500 millionandBitGrailhaslostcloseto$170million).
Ÿ CryptoDefender™addressesthesevulnerabilitiesand offersacomprehensivesolution.
Ÿ CurrentlyinProduction.
ExchangeDefender™isamulti-factorauthentication productusedtoaddsecurityintouser’scryptoexchange:
Ÿ Providekeystrokeencryptionalongwithmulti-factor out-of-bandauthentication.
Ÿ AvailableQ42018
BlockchainDefender™isaholisticusermanagement platformthatofferstheindustry’smostcomprehensive featuresforuseraccesscontrolsandatransaction verificationlayerthatprotectsprivateblockchains.
Ÿ Despitecommonperception,blockchainscanbe compromised;thisisespeciallytrueduetothelackof multifactorauthentication,transactionverificationand policyenforcementtools.
Ÿ AvailableQ12020.
RedefiningLeadership
GeorgeWaller,CEOofBlockSafeTechnologies,isalso theExecutiveVicePresidentofStrikeForceTechnologies, Inc.,thecompanythatisresolvingBlockSafe’sapplication developmentandmaintenance.TheproductsofBlockSafe comefromStrikeForceandhave6patentscurrentlywhich arecurrentlyactive.TheCryptoDefender™andExchange Defender™utilizetheproductsandareprotectedwiththese patents.TheBlockchainDefender™patentpendingis ownedbyBlockSafe.TheothermembersoftheBlockSafe managementteam,RamPammarejuandMarkKay,arealso corporatemembersofStrikeForceTechnologies,Inc.and botharehavingatleast18yearsofcybersecurity experienceintechnology.Georgehasbeenwatchingthis spaceovertheyearsandsawtheopportunitytobringits productsintotheblockchainworldunderanothercompany mostlyformedbyStrikeForce.
ExperienceandAchievements
BlockSafestartedoutasaUtilitycompanyandtobuildan ICO.Georgehadawordwithmanylawyersandlearned thatthedirectiontostayintheUSisactuallytobecomea STO,notanICO.Soafterattendingmanyshowsand talkingtomanystronglawyers,BlockSafechanged,almost 7monthslatertobecomeaSTO.Therefore,BlockSafeis nowstrictlyanSTO,withastrongWhitePaper,just finishingitslastchangesandstartingtopushoutitsCyber Securityproducts.Theseproductsareverystrongandare readyforsaleinthemarketplacefortheWallets,Exchanges andBlockchains.TodayBlockSafebecomestheonly companythatprovidesCyberSecuritysolutionsfrom stoppingthehackersfrombeingsuccessfulinalargeway andgrowingcontinuously,whichlastyearwas(2017) $1.2Billionstolen.
AheadoftheCompetition
BlockSafe’ssolutionsareprotectedbysixpatentsandone pendingpatent.Therearenootherpatentedproductsonthe marketthatperformthewayBlockSafe’sdoes.Itprovides sereneprotectiontocryptocurrencyusersandtheemerging privateblockchainindustry.BlockSafe’sCryptoDefender™ andExchangeDefender™productswillbesoldtoCrypto WalletprovidersandCryptoExchangestoprotectthe20M digitalwalletsbeingutilizedtoday,unlikeanyother productsintheblockchainmarket.Organization’s BlockChainDefender™productwillprotectPrivate BlockchainswithOut-of-BandAuthentication,Transaction Verification,PolicyEnforcementandaRulesEngine.This iscurrentlya$336Mmarketgrowingatover60%annually.
FutureEndeavour
BlockSafeseesitselfasamajorCyberSecurityBlockchain companyandwithinafewyearspossiblysellingitselftoa largecompetitor.BlockSafeforeseessellingmillionsofthe productswhichwillgivethetokenholdersanicerevenue attributionstream.Itsgoalistoexpanditsexistence globally.
BLOCKCHAIN
The onset of a Digital Revolution
Origin of Blockchain
Don&AlexTapscott,theauthorsof‘Blockchain Revolution’statethat,“TheBlockchainisan incorruptibledigitalledgerofeconomic transactionsthatcanbeprogrammedtorecordnotjust financialtransactionsbutvirtuallyeverythingofvalue.”
Blockchainisanetworkthroughwhichonecanshare informationconfidentiallywithoutmakinganybackupon server.
ThebaseoftheBlockchaintechnologyismadeupofa ‘Node’.
NodecomesfromaLatinwordNodus,whichmeans‘Knot’ andwasrecordedfirstin1565-75.Nodeiseithera communicationpointoraredistributionpointusedfor receiving,creatingandtransmittinginformation.Nodemay alsobeaDataCommunicationEquipmentlikeabridge, modem,hub,etc.orDataTerminalEquipmentlikea computer,printer,etc.
Afullnodeisalistofeverytransactionandhaveevery blockeverbeencreatedwhileonotherhandalightnodeis apartiallistandhaveonlythoseblockswhichwerecreated inthepreceding month. Lightnodesarelinkedwithfull nodessothattheycanbeusedeffectively.Manycrypto currencyorganisationsareprovidinginformationabout settingupandrunningafullNode;youcandownloadthe latestcoreclientversionandfollowthestepstorun.These Nodescanberunonmultipleoperatingsystemstoo.
NodesinRelationtoBlockchain
Insimplewordswecansaythatanodeisacopyof Blockchainthatexistonacomputer Anyonecanmakea nodeofhis/herownandwillhaveacopyoffullBlockchain transactionofanycryptocurrency.Ittakesmorethan100 GBdatatostoreso,oneshouldhaveenoughmemoryto createandhandleit.
Thepurposeofnodesistopreservetheintegrityof Blockchain.Onlyonenodehasthecapabilitytopreserve thefullhistoryoftheBlockchainduetowhichthedata aboutcryptocurrencytransactionsissecuredfrompower failure,hacking,andsystematiccrash.
Despitethefactofonenode,onlyBlockchainbased ‘Bitcoin’cryptocurrencyhasalmost30,000nodesrunning anditismuchsaferforthesystem.Nodesmakeit impossibletoanybodytoerasethedataorshutdowna
Blockchain.Itispointlesstodeleteeverysinglecopyacross theworld.
Manypeopleacrosstheworldarerunningfullnodes becauseithelpstopreservetheBlockchainandtomake surethatthecryptocurrencyisrunninginacorrectway Itisnecessarytotheexistenceofnodesbecause,ifthe nodesaretamperedwith,thenabouttheinformationabout anytransactionandabouttheownerofthecryptocurrency andwhoownedwhatamountofcryptocurrency,willbe lost.So,withoutnodes,aBlockchaincannotfunction.
Blocks
ThereisonemoreimportantpartofaBlockchainwhichis termedas‘Blocks’.Blocksareusedtoorderfactsinanontrustednetwork.Insimpleterms,Blocksareagroupof factsandithasonlyasinglechaininthewholenetwork, andeachblockreferstothepreviousone.‘Mining’isthe processoflookingupblocksandthepeoplewhohandlethe Nodesarenamedas‘Miners’.Miningistooprofitableto techsavvypeopleanditisusedtorunfullnodesasapart ofminingsetup.But,whentwoblocksgetminedatthe sametime,thenextnodetomineablockwillhaveto chooseoneparent.Itshouldcreateonelongerbranch.Then furtherblockssystematicallyfavorlongerbranchesandthat removesshorterbranches.Thetwobranchesmaylivein parallelforsometime.Asotherblocksgetappendedtoone ofthetwobranches,theotherbranchwillbesmaller,and thereforebeabandoned.Thenetwork"chooses"onebranch andremovestheother
IanKhan,aTEDxSpeakerandanAuthor,statesaboutthe BlockchainTechnologythat,“Asrevolutionaryasitsounds, Blockchaintrulyisamechanismtobringeveryonetothe highestdegreeofaccountability.Nomoremissed transactions,humanormachineerrors,orevenanexchange thatwasnotdonewiththeconsentofthepartiesinvolved. Aboveanythingelse,themostcriticalareawhere Blockchainhelpsistoguaranteethevalidityofa transactionbyrecordingitnotonlyonamainregisterbuta connecteddistributedsystemofregisters,allofwhichare connectedthroughasecurevalidationmechanism.”
Anewlayeroffunctionalityhasbeencreatedontheweb withtheBlockchainTechnology.Peoplearedoing transactionsdirectlywitheachother Withthesecurity introducedbytheBlockchain,itseemslikeanewonline businessisonitstrackinthefieldoffinance.Theexpected globalsavingsareupto$6billionsperyearthrough BlockchainTechnologyasitholdsagreatpotentialto optimizesettlementsandclearings.
Omnichannel Agent and Customer Engagement Solutions
Simplify and personalize the customer experience, empower agents and achieve business success with one workspace for all channel interactions, application integrations, and CX reporting.
Dhruvil Sanghvi CEO & Co-founder
Internet of Things is present in every Product we use. How has IOT changed the lives of humans?
DAbout The Author
Dhruvil Sanghvi, CEO and Co-founder of LogiNext, youngest tech business head in Forbes India 30 under 30 (2017), started his journey post Carnegie Mellon University and effectively led LogiNext, the fastest growing logistics and eld workforce optimization SaaS enterprise, to the glory.
oesanyonerememberatimebeforethe Internet?Mostofushaveseenit,butit’shard torecreateitinourmind.Itonlyexistsin longtaleswhichwetelltheyoung,talesofyesteryears wherelifewasn’toccupiedbytechnology.Butwelove technology.AndthenextevolutionoftheInternet wouldmakethecurrenttimebecomeanother yesteryeartale.WhatisthisnextInternetevolution? It’stheInternetofThings.
WeknowthatInternetiswhereweaccessrelevantand non-relevantinformation;connectwithfriends,peers, companies,andcustomers;andutilizetoconductour dailybusinessandactivities.So,whatistheInternetof ThingsorIoT?IoTiswhenthedeviceswhichweuse toconnectandinteractwithInternettalktoeachother ‘Talk’isexchangedataamongthedeviceswithaview tofacilitatingbettersolutionsandfasterprocesses.
Now,yoursmartphonecanconnectto yourtelevisionandlaptopevenwhen theyaren’tinthesameroom.Youcan syncallyoursystemssothatany changedoneatoneplacewouldreflect everywhereelse.
“Whereto?”Self-drivingcars aroundthecorner!
ThetrueessenceofIoTcomesout whenitiscoupledwithmachine learning.Fastforwardintoaworldof automationwhereself-drivencars aren’tfiction.Thesysteminyourcar operatestheengine,thesensorsaround thevehicle,thebreaking,and everythingelse.Itconnectstothe cloud,observingthetrafficandweather patternsalongtherouteyouareabout totake.Itautoadjuststothepassing vehicles,allthewhileensuringthe safetyofitspassengers.’
Therehavebeensomeissueswiththis asacoupleofcrashesbeingreported. Thistechcan’tbeforcedlivedueto marketpressuresasthecostof mistakesistoohigh.Onceautonomous carsdohittheroads,theywouldhave tobeperfect.Butthisisn’tmorethana coupleofyearsaway.Fornow,let’s lookatsomethingthatisalready runningandshowinggreatresults.
‘Howdowegetthere?’Perfectroute optimizationishere!
Weareusedtohavingthebest productsandfastestservices.Tomake thishappen,peopleandgoodsmustbe constantonthemovesomewhereor theother.Beitfromthemanufacturers towarehousesordistributors, distributorstoretailers,ordirectlyto thecustomer’sdoor,therearealotof assetsconstantlymoving.’
Howisthislogisticsmovement managed,tracked,anddirected?
Technology,likethatofLogiNext, tracksvehiclesthroughGPSrightfrom thetimetheyareloadedtothepoint theyfinishtheirreplenishmentduties. Deliverypersonnelandfieldagents suchastechnicians,supervisors,sales folks,etc.aretrackedusingtheir smartphones.Theagentsuseourappto streamlinetheirdailyactivitiesand syncliveinformationgathered on-groundwiththeircompany’scentral system.
Thistechisnotjusttheneedofthe hour;it’swhatkeepingthe ever-expandingneedforcost-friendly logisticsmanagementincheck. Spiralinglogisticscostsarisingfrom increasedvolumemovementwitha growingdriverstorage.Eventhetrend ofsameday/nextdaydeliveriesmeans thatsomevehiclesareleft underutilized.
Sensorsandtrackers,backedbyabase machinelearningbasedsystem,can nowhelpmanagersoptimizethe capacitiesoftheirvehicles,assignthe rightloadtotherightdriver/delivery associate,andeventuallysetthebest routedevoidoftrafficandother bottleneckstoensureon-time deliveries.
Deliveryrouteplanningand optimization,hence,isnotjustcutting downcosts,butalsoincentivizing marketevolution.Companieslike AmazonandWalmartcanensurebetter customerservicewithtimelydeliveries andend-to-endordertracking.This helpscreatevalueforthecustomer,the company,andtheeconomy.
“What’sinthebox?”Automated warehousingstreamlinesit!
Withthedevelopmentofmachine learningbackedlogisticsoptimization, companiesareinvestinginlarge
distributioncentersorwarehouses. Somehigh-valuecompanieshave alreadypartautomatedtheoperations inthesecenters.Asmentionedearlier, thesheerincreaseinthevolumeof goodsmovednowadaysmeansthatthe leadtimeevenatwarehousesmustbe shortenedtotheminimum.
Iftheordermustreachacustomerina day,itcan’treallyspendabouthalfof thatatthecenteritself.Theentire sortingandallocationsystemis automated.Somecompanieshaveeven robotizedsomemundanefunctions withinthewarehouses.
“DoasISay”VoiceControlled LogisticsMovement
Wearewellawareofthelatestin virtualassistantssuchasAlexa,Siri, GoogleHome,etc.It’sahandywayto automateactivitiesaroundyourself. YoucanjustaskAlexatobookacab whileplayingyourfavoritesongs. Googlerecentlydemonstratedproper AIcapablebotswhichcouldevenhave impromptuconversationsandbook appointments.Theobviousextension ofthiscamewithvoice-controlled logisticsmanagement.Usingthesame easeofhouseholddirections,managers canautomatetheplanningofdelivery routes,dispatchshipments,tracking vehicles,etc.usingjusttheirvoice. Theycantalktothesystemanddoall ofthesethings.
Theideaissimple.IoTisgoingdeeper anddeeperintoourlives,notjusthow wehandleourphones,butalsohowwe handleourbusinesses.Aboveall,we mustrememberthatit’sonlyatool.It’s howweuseitthatwoulddefineour future.
Visakha Thongphetsavong Chief Marketing & Business Development Officer
Everex: Delivering Exemplary Financial Services
TheinceptionofBlockchainin2008can evidentlybeconsideredastechnological reformationinthefinancialindustry Cryptocurrency,distributed&transparentledger, smartcontracts,andanexponentialascendina myriadofitsapplicabilityhasbestowedimmortality uponBlockchaintechnology.
Foundedin2014,Everexisafinancialtechnology companythatprovidesblockchain-poweredsolutions tofinancialinstitutionsandtheircustomers.Its solutionenablescross-bordermoneytransfers,direct payments,price-stablecoinsthroughcrypto/fiat currencyexchangesandlendingovertheblockchain.
Everexceaselesslyinnovatesandtransformsthe currentfinanciallandscapeinordertoenable real-timetransactions,atultra-lowcost.This alsoaidsinbringingindividualsandSMEs intothenewglobaleconomypoweredbya distributedledgertechnology.Sendingmoney abroadhasnowbeenmadeeffortlessbyEverex’s blockchain-powerede-wallet,Everex.cash.
AnAll-EncompassingTechnologicalDisruption
Everexconductsbusinesswithinthreeniches,where notonlyotherbusinessescanbenefitfromthestrong blockchaintechnologyfundamentals,butend customerstoo.Theseareasoffunctioningareas follows:
Send money between countries seamlessly at ultra-low fees is now made possible. “ ”
1.Cross-bordermoneytransfersfor underservedpopulation(remittanceservices) byacceleratingaccesstofinancialservices forunderservedemergingmarket consumers.Forinstance,the organization’slatestpartnership withabankinMyanmarwill helpmigrantworkersto seamlesslysendmoney backhome.
2.TravelMoney,ForeignExchangeanddirectpayments withinstantcurrencyconversionontheblockchain: Withtouristindustrymarketintrillionsandgrowingevery year,EverexofferssignificantsavingsonFXratesand paymentprocessingfeesbyreducingdoubleFXconversion andlimitingsettlementtimetolessthanaminute.For example,EuropeanandChinesetouristswillbenefitby exchangingtheirrespectivenationalcurrenciestoThaibaht (eTHB)andpaydirectlytoThaimerchantswithEverex wallet.
3.Seamlessfiat-crypto-fiattransfersserveinstitutional/ individualtradersandinvestorsbyenablingboth,fiatandemoneydepositandwithdrawaloptionstoandfrom cryptocurrencyexchangesandOTCdesks.Everex’se-fiat currenciesareanetworkoffiat-backedcurrencieswhichare actuallyconnectedbytheEverex’spaymentnetworkover theblockchain.Currently,thecompanyisopeningamoney transfers/paymentscorridorbetweenEuropeandAsiafor bothcrypto-andnon-crypto-basedcustomers.
Thecompany’sowntoken,EVX,simplifiesthese transactionsandallowsusingittopayforfeesandother services.
Everex’sotherverypopularproductincludes Ethplorer (ethplorer.io)whichhas6millionvisitorseverymonthand isquitealeadingplatforminEthereumspace.Ethplorerisa cryptoanalyticstoolthatenablescryptotraderstogather accesstothecryptomarket.
ExpertisePersonified
VisakhaThongphetsavongisaformerAssociateInvestmentBankerfromCreditSuisse.Shequitbanking andco-foundedvariousFinTechstartupsbeforejoining AlexiLane,theCo-founderandCEOofEverexandhis blockchainventureforwhichsheistotallypassionate about.SheiscurrentlytheChiefMarketingandBusiness DevelopmentOfficeratEverex,andisleadingthe organization’sglobalmarketingactivitiesandbusiness developmentplan.
Visakha’sprofessionalbackgroundasaformertraderfor CreditSuisseandcryptotradingsince2013madehera valuableexecutivememberalongsideherothercolleagues, givenherstrongunderstandingofthecryptomarketandthe utilizationoftheblockchaintechnologywithintheFinTech space.Sheisalsooneoftheveryfewyoungwomen executivememberswithintheblockchainindustryhaving ledasuccessfultokensaleof$26mn.
Excellence,StepbyStep
EverexwasfoundedbyAlexiLaneandAleksandr Kakunov.Itstokensalefollowedacoupleofyearsago,
raising$26million,whichgavetheorganizationsufficient runwaystodevelopitsbusinesschannels.
“The lessons we learnt along the way were plenty but the most important one is that there has been a lack of knowledge and education about the blockchain and its advantages be it to the regulators or to the general public,” statesVisakha.
“We are more and more confident that the technology will be soon understood and deployed by a wider range of institutions. Central banks have started to look into the technology deeper and regulators have started to understand the benefits of such a technology. We strongly believe that a global adoption will happen sooner than what we initially expected,” Visakhaadds.
BeholdinganExponentialFuture
Everexwasinitiatedwithavisiontoprovideindividuals andbusinessesanidealandseamlesssolutiontomakerealtimepaymentsandcross-bordermoneytransferscostless, regardlessoftheavailabilityofabankaccount.The organizationhasjustsignedabankingpartnershipwitha commercialbankinMyanmar,whereitwillmakean impactontheglobal2billionunder-bankedpopulation whichhasnoorlimitedaccesstofinancialservices.
Followingthisstrategicpartnership,Everexwillfurther expandintonewregionsandcontinentsthatwillwidely benefitfromitscost-effectivesolution,andexplorethe cross-bordermoneytransferroute,asthecompanybelieves, thisiswhereitismakingabigdifference.Everexstarted withSouth-EastAsianmarkets,whichisahometosomeof thefastestgrowingeconomiesintheworld.Itisalso headquarteredinSingapore,withofficesinBangkok.The companyalsoplanstoexpanditssolutionsgloballyto EuropeandNorthAmerica. “We would ideally like to be the go-to name for Blockchain-powered financial solution for individuals and SMEs across the globe and become the most admired FinTech powerhouse, making an impact to emerging countries’ economy,” Visakhaexpresses.
UponEverex’slatestpartnershipannouncementwithShwe Bank,UTheinZaw,ExecutiveViceChairman,says: “Myanmar people working in Thailand are foreign currency earners of our country, and their hard-earned money is at risk when they send it home via informal channels. Shwe Bank and Everex have partnered to offer faster, less expensive and, most importantly, safer money transfers using Everex’s digital remittance platform. I look forward to working with Everex and expect this technology to greatly improve financial inclusion for Myanmar migrant workers.”
Smarter Energy Grids
Humanbeingshavealwayslookeduptonatureand madeeffortstolearnfromitsbasicprinciples. Sonarswereinspiredbydolphins,lightbulbsby fireflies,suctioncupsbyoctopusandrobotsitselfto replicatehumanbeings.Onesuchinstancethathasbeen enthusedbymicroorganismsisdistributedledger technology(DLT),widelyknownasblockchain.
“The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”
-Don&AlexTapscott.
Itrecordstransactionsbetweentwoclientswithoutany thirdpartyauthenticationwhichisanefficientprocesswhen itcomestostabledata.Blockchainprovidesdata managementwithoutthethreatofunauthorizedaccessor manipulations.Itisprovingtobeasolutionforfrequent problemsinvariousfields. Blockchaintechnologyhasthe capabilitytodisruptapproximatelyeveryindustryranging fromfinance,toeducationtopower
BlockchainTechnologyinSmarterGrids
Oneoftheareasintheenergyindustrywhereblockchain technologycandisruptthemarketissmartgrids.Lately, blockchainhasbeenwell-thought-outasoneofthe developingtechnologiesthatcanbeusedfordeveloping decentralizedgridtopologiesandrevisingthedistributed managementofenergybusinesses.Blockchaindatabaseis sharedbyallthenodesinthesystem.Anodeisanactive devicewhichcanbeconnectedtointernetandhasanIP address.Examplesofdevicesincludecomputers,tablets, phonesandevenprinters.Thejobofanodeistoupkeepthe networkbymaintainingacopyoftheblockchainand processtransactions.
BenefitsofBlockchaininSmarterGrids
Blockchaincanaidnumerousutilityindustryrequirements. Itcanactasafoundationstonewiththepossibilityof disruptingtheprevailingecosystem.Withthepromotionfor e-vehiclesandindividualsshiftingtoelectriccars,supply anddemandofenergyneedstokeeppace.Hereblockchain comesinthescenariowithitspeer-to-peerinterconnectivity andsharing.Thisbalancesthedemandfromseveral foundationsandmakesthegridsmarterbydirecting sharing.
Astherearesmallandcompactsmartgrids,consumerswith thehelpofblockchaincansimplytradeenergywithone anotherthussavingtimeandearningafewdollars.Inthe powerindustry,blockchaintechnologycanensurea5D Impact:decentralization,digitization,democratization, distributionandderegulation.
SmartMeters
Smartmetersareusedtorecordelectricalusage.These metersenableustomonitorourelectricalconsumption morepreciselywhichwillhelpconsumersmakebetter energychoices.Throughblockchain,clientscandirectlyget theamountspentwhicheradicatesmiddlemanthussaving money.Thiscreatesamoreresilientnetworkforgadgetsto runon. Smartmeterscanalsoprovideaccuratedatatothe providerwithoutneedingadirectlinktothemeterof particularusers.
Withthehelpofblockchain,producersofsmartgridsdo nothavetoinvestahumongousamount.Heretheproducers getpaidinstantly,whichleadstolesscapitalexpenditure. Besidesthis,blockchaincanplayaseriousroleinadjusting powerflowsthroughtheamalgamationandoptimizationof localgridsmeasuredbythepublicorconsortiummodes.It canaidinthemaintenanceofpermanentrecordsby servicers,givingaflawlessviewofaparticularobjector partofinfrastructureatanygiventime.Thisinformation canberetrievedeasilyasthestructureisbuiltonashared platform,whileretainingtheauthenticityoftherecord.
WhilethepossiblebenefitsoftheSmartGridareusually discussedintermsofrenewableenergygoals,economics andnationalsecurity,ithasthepotentialtohelpsave moneybymanagingyourelectricityusageandchoosingthe besttimestopurchaseelectricity.Consumerscansaveeven morebygeneratingtheirpowerwiththehelpofblockchain. Lately,duetothespeedygrowthinthedeploymentof DEPsthesmartgridorganizationproblemscannolonger beproficientlyaddressedusingcentralizedapproaches, thus,thenecessityforvisionarydecentralized methodologiesandarchitecturesiswidelyrecognized.
Itisassessedthattheblockchaintechnologywilladd another$3.1trillionby2030.Lately,duetothespeedy growthinthedeploymentofDEPsthesmartgrid organizationproblemscannolongerbeproficiently addressedusingcentralizedapproaches,thus,thenecessity forvisionarydecentralizedmethodologiesandarchitectures iswidelyrecognized.
Lastly,blockchaintechnologymayeventuallyfast-trackthe evolutiontowhatthepowerindustrycallsa“distributed world.”Itisthesumofbothsmallandlargepowergenerationstructuresforcommunities,businessesand home.Toprosperincapitalizingthepotentialofdistributed generationandsupervisinglessforeseeableandmore capriciousrenewablepowersources,thetrade’s infrastructuremustfirstbecomemoreagileandless centralized.
Gregory Simon Founder & CEO
“
Loyyal: An Intensive Blockchain-Based Services Provider
InaninterviewwithInsightsSuccess,Gregory Simon,FounderandCEOofLoyyalshareshis experienceandgivesresourcefulinsights.In additiontothishehasalsonotedaboutLoyyal,its productsandmottooftheorganizationalongwith thefuturegoalsinrevolutionizingtheblockchain industry.
Belowarethehighlightsoftheinterviewconducted betweenGregoryandInsightsSuccess:
Giveabriefoverviewofthecompany,its solutionsandservices?
Loyyal,theInternetofLoyalty,isreinventing howcustomerincentivesarecreated,rewarded, andmanaged.Usingproprietaryblockchainand smartcontracttechnology,Loyyal’splatformbrings ahostofbenefitstoahighlyfragmentedindustryand offersbrandsaninnovativewaytounlockthe billionsofdollarsinvalueheldcaptiveinlegacy loyaltyprogramstoday.
The only limit is your imagination.
Ourlatestproductrelease,LoyyalProductSuite version1.0introducedahostofnewcustomer benefitswithfeaturesandcapabilitiesdelivering significantimprovementsintransaction performance,security,scalability,andnetwork resiliency ThisnewpackagingofLoyyal’s Blockchain-as-a-Serviceandsoftware componentsbringstogetherthecore LoyyalPlatformAPIs,the company’sproprietaryPrivate Channelsfunctionalityfor secure,privatetransaction sharingamongpartners, Loyyal’sProgram
ManagerandEventManagermodules,togetherwithNode hostingforacompletesolution.
Keyamongthemajorfeaturesintroducedinthenewly bundledLoyyalProductSuiteissupportforNode-to-Node sharingoftransactionsacrossLoyyal’snetwork.Withthis, loyaltyprogramoperatorsnowhavegreaterflexibilitythan everbeforeinprovidingMemberswitheasytransferof pointsormilesbetweenparticipatingprograms,allsecurely enabledviasmartcontracts.Thisdramaticallylowerscosts andimprovesprofitabilityforprogramoperatorsover existing,non-blockchainindustryalternatives.
LoyyalProductSuiteversion1.0goesfurtherinmeeting thedemandsofworld-classloyaltyprogramswithamulticloud,multi-peerarchitectureforenhanceddisaster recoveryanddataconcurrency Thisinsuresthegap-less availabilityoftransactiondatarequiredbytoday’s24x7 memberengagementviaaprogram’smobileandweb applications.Additionally,thosesameapplicationsrequirea blockchaincapableofthereliable,real-timeblocking maliciousorfraudulenttransactions,toguaranteethe accuracyoftheledgersharedbetweenprograms,partners, andmembers;whichonlytheLoyyalProduct.
Giveadetailedexplanationregardingthe Founder/CEO/Management’sinfluencetowardsthe industryandthecompany?
OurCEOandFounder,GregorySimon,isaCPAandhada successfulcareerinthefinanceindustrybeforefounding Loyyal.Hisaccountingexpertisecontributedgreatlytoour understandingofaloyaltyprogramasabalancesheet liabilityfortheprogramoperator.Thisallowsustoseethe challengesfromtheclients’perspectivebetterandtherefore offermoreeffectivesolutionswitharealmarketneed.
Describetheexperiences,achievementsorlessonslearnt thathaveshapedthejourneyofthecompany?
Overthefouryearswehavebeeninoperationwehave greatlyrefinedourproductfrominitiallyasacoalition rewardsprogramadministeredbyLoyyaltothecurrent productofofferingablockchainplatformforexisting programstooperate.Theearlyyearswerechallengingas generalknowledgeofblockchainwaslimited,ifitexisted atall.Asignificantportionofourtimewasinvestedinto educatingtheindustry Today,thatchallengehasimproved astheloyaltyandrewardsindustry,ingeneral,understand thebenefitsfromblockchainandthatitisthefutureofthe industry.
HowdoyoudiversifyBlockchainServicessothatitwill benefityourcustomers?
Weenableloyaltyprogramoperators,fromtravel& hospitality,creditcardrewards,retailprograms,andmore, toincreasememberengagementandgrowtheirnetworkof
partners,whilereducingintegrationandmanagementcosts, andacceleratingreconciliationandsettlement.Wealso expandcustomers’marketingcapabilities,simplifyingdata sharingamongpartnerswithnear-zeroITtimeandeffort, enablingcustomerstopersonalizeoffersandpromotions withnearreal-timeinsightsintomemberbehaviorsand interestswhilesharingdatawithpartnersmoresecurely thaneverbefore.OnLoyyal,customerscanalsogrow programprofitability,bybeingabletotracethetruevalue ofallloyaltycurrencythroughtheentireprogramlifecycle, andimproverevenuemanagementbyredeemingthemost profitablepoints/milesfirst.Weofferallthiswhileenabling loyaltyprogramoperatorstoretaincompletecontrolover theirbrands.
Consideringtherisingnumberofblockchainsolution providers,howdoesLoyyalstandoutfromits competitors?
Loyyalhasbeeninoperationforfouryearsnow,anddiffers primarilythroughourfocusspecificallyonloyaltyand incentivemanagement,asopposedtothenumberof blockchaingeneralistsinthemarkettoday Thishistory,and focus,havecombinedtogiveLoyyalatechnologicalR&D leadovertherestoftheindustry;oursoftwareplatform, andnetworkareinusetodayacrossindustries,including majorglobalairlines,andaleadinginternationalbank.Our strategicVARandsystemintegrationpartnersIBM, Deloitte,CapGemini,iNet,andReffindgiveusaglobal presence.Last,thoughhardlyleast,wehavemultiple internationalpatentsawardedandagrowingportfolioof additionalintellectualpropertypendingapproval.
WheredoesLoyyalseeitselfinthelongrunand/orwhat areitsfuturegoals?
Weexpecttoleadthegloballoyaltyandrewardsindustry towardsfullmigrationtoblockchaininthecomingyears. Wealsohaveplanstoexpandbeyondthetraditionalloyalty andrewardsindustryintogeneralincentivemanagement. Forexample,enablinghealthinsuranceprovidersto incentivizehealthybehaviorinreal-time,suchasmiles walked,check-insatagym,orspendatahealthfoodsstore, orenablingjurisdictionstoincentivizeitsconstituentsfor pro-socialbehavior
ABOUT THE AUTHOR
David Cahn is Global VP of Marketing for Elemica, the leading provider of a Digital Supply Network for process manufacturers.
David Cahn Global VP of Marketing
Elemica
CHALLENGES CHALLENGES & RISKS IN ADOPTING DIGITAL DISRUPTION DIGITAL DISRUPTION
Technologicalinnovationishappeningatafaster ratethaneverbefore,causingdigitaldisruptionsfor manybusinesses.Adigitaldisruptionisa transformationthatiscausedbyemergingdigital technologiesandbusinessmodels.Theseinnovativenew technologiesandmodelscanimpactthevalueofexisting productsandservicesofferedintheindustry,actually disruptingthecurrentmarketandcausingbusinessesto re-evaluatetheircompetitiveadvantage.
Ignoringdigitaldisruptionscanimpactbusinesses. RememberPolaroid?Thecompanyledthemarketwithits camerasthatcreatedinstantpictures.Yetin2001,the PolaroidCorporationfiledforfederalbankruptcyprotection becausethecompanyfailedtomakethesmoothtransition fromanalogtodigitalcameras.Thecorporationdecidedto betontheirpastinnovationsand,asaresult,lostto companieswhojumpedonthedigitalbandwagon.By keepingabreastofchangesindemand,businessescan followthetrendsandadjusttheirstrategiestoembrace thesechanges,whichwillhelpthemtothriveandgrow profits.
Today’sdigitaldisruptorsarecompanieslikeAmazonand Uber,whousetechnologiestooutmaneuverthe competitionandbuildgrowth.Disruptorscanbestartup companiesorlong-establishedbusinesses.Await-and-see attitudewillnotgiveabusinesssufficienttimetomakea comebackwhenthedisruptorbeginstodominatethe industry.
Companiesmustcontinuouslyreinventtheirbusinessusing digitaldisruptivetechnologyorwatchfromthesidelines whiletheylosemarketshare.Yet,manybusinessesstill strugglewithacceptance,andothersdon’tknowwhereto startthejourney
AcceptingDigitalDisruption
Digitaldisruptionisfueledbynextgenerationtechnology, suchasartificialintelligence,dataanalytics,theInternetof Thingsandsoftware-enabledplatformsthattieallthese technologiestogether.C-levelexecutivesunderstandthat anyindustrycanbeprofoundlyaffectedbydigital disruptionandnoonecanaffordtoignorethethreat.In otherwords,digitaldisruptionrewritestherulesof business.
Digitaldisruptionbeginswithacceptanceofdigital transformationusingdigitaltechnologieswithinoperations andecosystems.Today’stechnologyallowsallbusiness stakeholderstoshareasinglenetwork,connectingand collaboratingonsupplychainoperationsfromoneendof theenterprisetotheother.Eachtradingpartnerhasaccess toinformationgeneratedthroughthenetworkinorderto gainvisibilitytoallaspectsofproduction,procurement, transportationanddistribution.Withtheproperinformation, executivescanmakequalifieddecisionsthatdrive improvementsinthebusiness.
Acceptingdigitaldisruptionswithintheenterprisemeans thebusinessisnolongerworriedbythedisruptionand
insteadleveragesstrategicplanningandtechnologiesto drivethebusiness.Disruptionisacceptedintothecultureof theorganizationsoinnovationisaday-to-dayexperience. Insteadofconcern,thebusinesswillbebetterabletosense andrespondtochangesindemandanddisruptionsto mitigateanyrisk.
Oftenabusinesshastodecidewhethertorespondtothe digitaldisruptionornot.Whileitisnotconducivetoignore thedisruption,businessesmaynotalwayshavetorespond. Instead,thebusinesscancomplementthedisruptionby addingvaluetoit.Anexamplewouldbetocreate technologiesthataugmentthedisruption,suchassoftware (addedvalue)foraniPhone(disruptor).
BeginningaDigitalTransformationJourney
Tostartthejourney,managementneedstodesignastrategy fordigitaltransformationthatinvolvespeople,processes andpartners.Thestrategyshouldbebrokendowninto processstepsthatcontainmaterial,informationandpeople flow.Eachemployeeknowsthattheproductmovesfrom processAtoprocessBinaspecificquantity,ataspecific time,toaspecificlocation.Becauseofdigitaltechnologies, peoplehavevisibilityintowhatishappeningwitheach step,givingthemtheabilitytouncoverbottlenecksthatcan causedelaysorpoorproductquality.
Today’stechnologyallowsallstakeholderstoshareasingle network,connectingandcollaboratingonsupplychain activitiesfromoneendoftheenterprisetotheother.Each tradingpartnerhasaccesstoinformationgeneratedthrough thenetworkinordertogainvisibilitytoallaspectsof production,procurement,transportationanddistribution. Withtheproperinformation,executivescanmakequalified decisionsthatdriveimprovementsinthebusiness.
DigitalSupplyNetworks(DSN)arepartof adigital transformationjourney,providingatechnologyfoundation forimprovinginter-businessprocesses,expandingsupply chainrelationships,increasingrevenuesandreducing operatingcosts.DSNscreategreateropportunitiesby integratingsuppliers,customers,andlogisticsservice providersinvariouswaysdependingonthelevelofinterbusinessprocessesthatareperforming.
OnemethodistoconnectviaERP-to-ERPintegrationswith high-volumesuppliersandcustomerstostreamlineand automatesell-sideandbuy-sidetransactions.Asecond
techniqueisthroughsometypeofportalforordercapture andinvoicingforinter-businessautomation.Finally,some leadingDSNsprovideemailasasimpleonboardingmethod todigitizeaninter-businessprocesswithoutrequiring supplychainpartnerstohaveanyintegrationsoftware.
BenefitsofDigitalDisruptions
Digitaltransformationhelpscustomersknowwheretheir “stuff”isatalltimes,similartotheconveniencesderived frommobileapps,whereataxiisorderedandtheroute visualizedonthephonescreen.Emergingnext-genend-toendvisibilityapplicationsinconcertwithanetworkof interconnectedbuyers,suppliersandlogisticsprovidersare enablingcompaniestolowerworkingcapitalandoperating expenses,mitigateriskandimprovecustomersatisfaction bybreakingdownsiloswithintheorganization.Withdigital transformation,thesupplychainisnowacompletely integratedecosystemaccessiblebyallstakeholders.
Withend-to-endvisibilityasthekeydriverforaneffective supplychainimprovementstrategy,businessesmustrelyon buildingmorecollaborativerelationshipsacrosstheir networkoftradingpartners.Gainingend-to-endvisibility acrosstransportationprocessescandeliver6%ormorein transportationsavings,removetheequivalentof15people fromoperatingcostsbyimprovingproductivity,andreduce theCash-to-Cashcycleby4daysormore.
Digitalsystemsgatherdata,whichcanbeusedfor predictiveanalyticsandmachinelearningtocontinually improvetheorganization.Moreinformeddecisionscanbe madebymanagement.Disruptionsfromdigital technologiescanreshapemarketsandhelpwithlaunching newproductsorservicesforlesscost.
Withadigitaltransformationinthesupplychain,silos dissolveandeverypartoftheecosystemhasfullvisibility towhatishappeningfromend-to-end.Supplyanddemand signalscantravelthroughthenetworkuninhibited,alerting theappropriatepartiestolowlevelsofrawmaterialsor inventory,orseasonalspikesindemand.Becausetrading partnersgetthisinformationinrealtimethroughthedigital supplynetwork,theycanreactaccordingly.Digital disruptionsfromdigitaltransformationswillresultsinto hugegainsincustomersatisfaction,profitsandefficiencies.
Bill Sinclair Interim President and CEO and CTO
SALT:
BLeveraging Blockchain Technology to Optimize Lending Processes
lockchaintechnologyhasrevolutionized thewaywemaketransactionsonthe internet.Beitvaluableinformation, currencyoranyotherformofasset,blockchain technologyhelpsustomoveitfromoneplaceto anotherwithenhancedsecurityandease. Apparently,variousindustrieshaveshowninterest inadaptingthistechnology.Needlesstosay, blockchaintechnologycanbeapotentialtoolfor industriesthatareinvolvedinvaluable transactionslikebanksandNon-Banking FinancialCompanies(NBFCs).Many companieshavealreadystartedleveraging blockchaintechnologyandhaveintroduced all-newservicesinthefinancialsector.Oneof thesecompaniesisSALT.
One of the few companies that lends in fiat currency, SALT allows crypto holders to secure cash loans by collateralizing their blockchain assets. The company’s services also provide opportunity for exposure to this evolving digital asset class. “ ”
Foundedin2016inDenver,SALTissmartly leveragingblockchainassets.Throughits platform,SALTallowscryptocurrencyholdersto securecashloansbycollateralizingtheir blockchainassets.Simultaneously,itsservices provideopportunityforexposuretothisevolving digitalassetclass.SALTiscommittedto advancingaglobalblockchain-based ecosystem.Thecompanyhasamember baseofmorethan70,000andcurrently operatesgloballywitha commitmenttofurtherexpandits licensedlendingjurisdictions.
SALTcurrentlyoffers loanscollateralizedby
Bitcoin,Ethereum,andLitecointoitscustomersaround theworldwithagoalofexpandingitsplatformtoaccept additionaldigitalassetsascollateral.Thecompanyis alsocontinuingtobroadenitsproductofferingsbasedon customerneeds.
AddingValuetotheIndustries
SALTiscontributingnotonlytotheblockchainindustry buttothefinancialservicesindustryaswell.The companyseekstoadvancetheuseofblockchain technologyinmodernsociety,aswellasdemocratize loanaccessbyenablingcryptoholdersacrosstheworld tosecurehardcashloansthroughcollateralizationof theirdigitalassets.Throughthisapproach,italsoseeks tomaximizeflexibilityofloantermsforcustomersinall ofitslendableareas.
The“OneforALL”Leader
BillSinclairholdsthepositionsofInterimPresident andCEOandChiefTechnologyOfficeratSALTwhere heisresponsiblefordrivingthestrategicdirectionofthe company,facilitatingthedevelopmentofabest-in-class softwareplatform,andcreatinglong-termenterprise valueforshareholders.Withmorethan20yearsof experienceintechologyandsoftware,Billhasmanaged ITdepartmentsandsoftwaredevelopmentteamsaswell asexecutedonglobalstrategiesacrossindustries includingfinance,energy,andInternetofThings(IoT). Bill’sdomainexpertiseintheenergyindustryguideda priorventure,AgelioNetworksandthedevelopmentof MineralFile,apatentedSaaSplatformforrevenue trackingandlandmanagementintheoilandgas industry.Specifically,hebringsthreeareasofexpertise essentialtoSALT’ssuccess:experiencewithbuilding technologycompanies,astrongunderstandingofthe financialservicesindustry,andanatural,provenability toassemblesolid,high-performingteams.
StandingAheadwithitsDistinctiveFeatures
SALTisoneofthefewcompaniesthatlendsinfiat currency—somethingthatsetsitapartfromother industryplayers.Withaprimarygoalofservinglarge clients,SALT’soffering—liveportfoliovaluation, around-the-clockglobalsupport,arangeofcompetitive rates,flexibleloanterms,andaproprietarycustody solution—enablesittomeettheneedsofindividualsand businessesalike,makingittheidealloansolutionfora
widerangeofclients.Additionally,SALT’sproprietary technologyenablesittoconducttransactionsonthe blockchainand willhelpittoscalequicklyinthefuture.
OptimizingLendingwithBlockchain
Asblockchaintechnologyandcryptocurrencybecame morewidelyadopted,SALT’sfoundersrecognizeda holeinthemarketthattraditionalbanksandlenders couldnotfulfill.Withanunderstandingthatmanycrypto holderstreattheirdigitalassetsasahighlyvalued investment,itonlymadesensethatthereshouldbea wayfortheseholderstosecurealoanbycollateralizing them,justasatraditionallenderwillpermitborrowersto collateralizeahouseorcar.Nolongershouldcrypto holdershavetoselltheirassetstoaccesshardcash. Keepingthisinmind,SALTwasamongthefirstsetof companiestoofferblockchain-backedloansinfiat currency—anincredibleachievementthathasopenedup newopportunitiesforcryptoholdersacrosstheworld.As SALT’sbusinesscontinuestogrowandevolve,the companyisconstantlylearningfromitscustomers, respondingtotheirneedsandrequestsintheformof futureproductofferings.
AspiringLeadershipGoals
SALThasnumerousgoalsitisworkingtowardwiththe overarchingobjectivebeingtoprovideasmany blockchain-basedloanstoasmanyclientsaspossible, andtobeabletodosoinawaythatiseasyand transparenttoitslendingcommunity.Otherlong-term goalsincludeitscontinuedgrowthandexpansionof lendableareasincludingtheentireUnitedStates.Over time,SALTalsoseekstoincreasethevarietyof blockchainassetsthatcanbecollateralizedforloans,as wellasaddnewproductsforcryptoholdersfrombotha consumerandbusinessperspective.Ontheinvestment side,SALTiscontinuouslyinconversationswith investorstobringincapitalthatcanbelentouttomeet borrowerdemand.
The Universality of IoT Technology The Universality of IoT Technology
“
Thegratifying tool for companies to lead aheadIoT Technology” TheInternetofthings(IoT)isa revolutionarychangeformanysectorslike manufacturing,agriculture,retail,electronic,energyand healthcarewhichareprogressingtowardstheIoT phenomenontoconnectdigitally.Ithasplacedan opportunitytobuildunusualresultswhichincreasesa company’scompatibility.Enterprisesseeking developmentarefocusingontheuseofreal-timedata managementandIoTanalysis.Manyofthe companiesareadoptingthistechnologytoheighten theirpowerofconsumption.Companiesare mainlyconcentratingonIoTapplicationfrom “sensing”insteadof“doing”togrowits competitiveadvantages.Thiselementempowers organizationsbyallowingthemtotaketheIoT advantageandadoptamore‘innovative connectedapproach’.
InfrastructureManagement–Optimizationof Technology
Newapplicationsarenowenhancingtheirlevelof consumption.Likewise,manufacturingsectorisalso
whichlandisfertileorwhichoneisdryandpredict futurefields.
IoTTechnologyHelpstoOptimizeEnergy Consumption
ManufacturingTechniquesareGrowingwithIoT Technology
Inthemanufacturingsector,networkingandcontrolling havebeenusedwithIoTdevices.Itprovidesinformation aboutdataandoperationstability.Networkstatusandthe informationiscollectedinthesystembytrackingIoT device.Manufacturingcontrolprocessdeliver informationaboutindustryapplicationandsmart manufacturingdetailsreceivingformIoTdevice.IoT intelligentsystemenablessharinginformationabout productdemands,servicemanagement,supplychain networks,sensorsandcontrolsystemstogether.Small industriescanalsobeintegratedwithIoTtechnology thatenablesreal-timeoptimization,measurements, productioncompatibilityandsafetymanagement. However,intelligentsystemsaredeterminedasthe significanttechniquethatimpliesuserexperienceand systemsecuritywhichultimatelysavescosts.
IoTTechnologybringsInnovativeFarmingMethods
TheAgriculturesectorisoneoftheindustryto implementIoTtechnologyforstabilityandbetter performance.IoTtechnologyhasbecomeasignificant methodoffarming.Italsooffersdurabilityand functionalitytothewholeprocess.Thecombinationof wirelesssensorswithagriculturalappsandcloud platformsbenefitsingatheringdefiniteinformation relatingtoenvironmentalconditionslike,rainfall, temperature,humidity,windspeedetc.Farmersare gettingcompetentresultsoutofit,andareabletofind real-timeinformationeasily.Linkedwithfarmland,it improvesandautomatesfarmingtechniqueslikeweather information,takingdecisiononqualityandquantity,and minimizesriskandwaste.WithIoTTechfarmerscan findoutdetailedinformationoffarmandsimilarlyknow
IntegratedSensingandControlsystemhelpstooptimize energyconsumption.IoTdevicesareintegratedwith energyconsumptionsystemsinordertomaintain balancebetweenpowergenerationandenergyusage.IoT devicesoffertheopportunitytoremotelygather information.Itenablesadvancefunctionslikeremote controllingandchanginglightconditions.IoT Technologyworkforhome-basedenergysystemwhich providepowerrelatedinformation,energyconsumption andenergyusageathomes.IoTdevicessetgoalsto improveefficiency,reliabilityandsustainabilityofthe energysystem.
MonitoringEnvironmentthroughIoTTechnology
Environmentmonitoringapplicationhasbeeninvolved withsensorstoassistinformationaboutenvironment changesbyidentifyingwaterquantity,atmosphere,air pressureetc.Italsohasfocusonmonitoringmovements ofwildlifeandtheirhabitats.Devicesconnectedtothe internetalsoprovidestatisticsaboutearthquakeor tsunami-earlywarningsystems,andalsousedasan emergencysystem.IoTdeviceapplicationisusedto collectgeographicinformationandmajorlyinstructive information.Thisdevicealsousesstandardizedapproach tobringwirelesssensingtechniqueandgatherfinest information.
IoTTechnologyHelpstoSustainBuildingandHome Automation
Withcertainty,IoTdevicesareusedtomonitorand controlthemechanical,electricalandelectronicsystems. IoTdevicesareusedinvarioustypesofhome automationandbuildingautomationsystems.Control andsensoryapplicationsofferunifiedinformation.The integrationoftheinternetwithbuildingcreatesan energymanagementsystemwhichwillallowprominent energyefficiency.
TherehavebeenmanywaysforIoTtechnologyto expandcompatibilityinthedigitalworld,anditwillbe implementedineachsectortoworkasanimportanttool, toenhanceitsaffinity.Afterall, the IoT network makes technology more unified and satisfying, with its tools and applications and IoT will be a step ahead towards numerous opportunities gettingengrossedandachievingexcellencethroughIoT Techniques.Applicationsareliableformonitoringand controllingoperationsforurbanandruralmanufactures likebridges,farms,andrailwaytracks.Itisthekey featuresoftheapplicationswereIoTinfrastructureis alsousedformonitoringtheconstructionsafetyandrisk managementsystemandoperations.Thismajorfeature representsthemechanismofIoTapplicationwhich worksunderinfrastructuremanagement.BenefitsofIoT Technologyarecostreducing,timereducing,betterin quality,andincreaseproductivity.Ithelpstomakefast decisionsandsavemoneywithreal-timeanalysis.IoT deviceshelptogiveprominentresultsbymonitoringand controllingoperationsusedinallinfrastructurerelated area.
Impact of Blockchain technology in Logistics industry
Raghu Bala CEO
ABOUT THE AUTHOR:
Raghu Bala CEO, NetObjex Inc is based in Southern California. Raghu formerly worked with Yahoo, Infospace, PwC, and with 3 successful startup exits. He is a Wharton MBA in Finance, MS in Computer Science from RPI, Ex-Columbia University Adjunct Lecturer, published author and major conferences including IoT Congress, Google IO, and more. His Current focus areas are Decentralized computing, Distributed ledgers, IoT, and Cryptocurrencies respectively.
NetObjex Inc
TheLogisticsIndustryisakeysegmentinseveral worldeconomies,includingthatoftheUnited States.
UsingastudyfromATKearney,itaccountedforabout 7.5%ofGDPin2016. TheLogisticsindustryismadeupof severalsubsegmentsincluding:
Ÿ MotorCarrierse.g.JBHunt,OldDominion
Ÿ ParcelDeliverye.g.FedEx,UPS
Ÿ Raile.g.CSX,NorfolkSouthern
Ÿ ContainerShippinge.g.Maersk,Hapag-Lloyd
Ÿ AirFreighte.g.DHL,Martinair
Ÿ Pipelinecompaniese.g.Enbridge,KinderMorgan
Ÿ FreightForwarderse.g.Kuehne+Nagel,Sinotrans
Ÿ ThirdPartyLogisticse.g.CHRobinson,XPOLogistics
Ÿ WarehousingCompaniese.g.Ryder,Geodis
Manyoftheplayersintheabovelistbleedoverintothe othersegmentsandofferabroadproductmix. Technologyhascontinuedtobethecatalystforchangein theLogisticsindustry.Newbusinessmodelsarebeing constantlydevelopedanddrivingtheindustrytowardsa flexible,connected,optimizedsupplychain. Customer
expectationsalsocontinuetoevolvewithagreaterneedfor immediacy,convenienceandpersonalizationatthecore. AI,IoT,andBlockchaintechnologieshaveamajorroleto playinthisevolution.
Logistics,ingeneral,involvesaChainofCustodywhere goodschangehandsbetweenmultipleparties. Forinstance, aSellerinChinawishestoshipgoodstoaBuyerintheUS. Itisverylikelythatinthisscenariothegoodse.g.a Containerwillgothroughseveralintermediariese.g. truckingcompanies,shippingcompaniesbeforereaching thebuyer
Atpresent,mostofthisjourneyisfairlyopaqueinthatonce thegoodsleavethecustodyoftheSender,thereisverylittle insightastoitsstatusuntilitarrivesattheBuyer. When singlecompanieshandletheentireshipmente.g.FedEx, DHLetcthenthereisslightlymorevisibilitythrough mobilenotificationsandwebbasedtrackingviatracking numbers.Butwhenmultiplecarriersareinvolved,tracing andtrackingbecomesexponentiallymoredifficultandis notbeinghandledmosteffectivelyatpresent.
EnterBlockchaintotherescue. Blockchainisaformof
Source: NetObjex Inc
DistributedLedgertechnologymaybejustwhatthedoctororderedwhenitcomestoimprovingthetransparencyinthe Logisticsindustry. Blockchaintechnologyprovidesatransparent,tamperproof,andimmutableledger–threeproperties whichcouldhelpmitigateseveraloftheinefficienciesinLogistics.
BeforeweexamineBlockchainindetail,letusquicklylistsomeofthecommonissuesfacedinLogistics:
Ÿ Inefficiencye.g.goodsnotarrivingontime
Ÿ Losse.g.goodsperishingenrouteduetoimproperhandling
Ÿ Thefte.g.goodsbeingstolenduetolackofsecuritymeasures
Ÿ Counterfeitinge.g.goodsbeingreplacedwithcounterfeitgoods
Ÿ Fraude.g.documentfraudwheredocumentssuchasbillofladingaremodified
Withthiscontextinmind,letusstudyhowBlockchaincanhelpinLogistics. First,blockchaintechnologyisextremely usefulinecosystemsinvolvingmultipleplayerswhoworkwithoneanotherbuttheremaybetrustissues. TheLogistics ecosystemeasilyqualifiesinthisregard.Second,mostofwhatailstheecosystemisalackofaccountabilitywhichis broughtaboutbythelackoftransparency.Forinstance,inthechainofcustody,ifalltheecosystemparticipantshave theirowninformationsilos(eitherautomatedorotherwise),thenthereisalackofacommonsetoftruthsoracommon systemofrecord.Thisleadstoinefficiency,errors,andevenfraud.Third,compoundthisalreadymalignedecosystemby saddlingitcustomerrequirementssuchascoldchainshipmentswheretemperaturehastobemaintainedwithinspecific thresholdse.g.pharmaceuticalsorwine.
Inallthreecases,Blockchainisaperfectfit. First,ithelpsallecosystemparticipants’workoffofthesamedataby sharingdataacrosstrustboundariesbreakingdownthesilosoninformation.Second,whencoupledwithIoTtechnology forrealtimedataacquisition,blockchaincanbeusedforgovernanceandaccountabilityinChainofCustodysituations. Forinstance,inacoldchainshipment,onecaneasilyascertainwhichpartywasresponsibleforashippingcontainer whileintransitwhenthetemperaturegaugereadingwentoutsideofthepresetthresholds.
BlockchainpromisestobeagamechangingtechnologyandsomethingthatisaverygoodfitfortheLogisticsbusiness andallofitscomplexity
