Author: Jacob Dunn

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Blockchain Financial Services

Pros and cons of blockchain: Do I even need one?

Writing the pros and cons on a blackboard.

Many blockchain enthusiasts push grand notions of how the technology will upend legacy industries, slash middlemen, and revolutionize the world as we know it. While this is arguably true, many fail to fully weigh the advantages and disadvantages of blockchain. There are a few limitations to consider.

Blockchain technology is beneficial in specific industries where people can’t trust one another, and where smart contracts will facilitate transactions between various actors. Real estate tokenization is one promising field. Supply chain management is another. Blockchain technology, however, may not be the answer to everything.

By design, one should use blockchain in order to establish trust through cryptography. Parties don’t have to trust each other or third parties in other words. But data consensus, so far at least, remains slow. Existing tech is far more efficient and cheaper to implement for many other features. If you’re in an industry where you can trust the parties involved, or where a trusted third party exists, look for other solutions.

Make no mistake, we at Espeo Blockchain strongly believe in the transformative properties of distributed ledger technology. Deciding whether blockchain will solve any meaningful business challenges is an essential part of what a blockchain advisor should do.

In this article, I’ll unpack what blockchains do well, and what they’re good at managing. But the main takeaway here is to carefully weigh the pros and cons of blockchain and decide if you really need one in your business, or not.

Cryptocurrency craze

At the height of the cryptocurrency craze in late 2017, investors flocked to any projects that claimed to employ blockchain. Poor understanding and blind optimism towards cryptocurrencies drove the market. Luckily, regulatory attention — and healthy skepticism in the market — have largely weeded these projects out. Many projects launched without consulting a blockchain advisor or a sound business plan. Nevertheless, some proponents still proclaim distributed ledger technology has all the answers.

That’s not to say that blockchain cannot address real business challenges, just that other technologies are likely a better fit. Many problems blockchain proponents say the technology will solve are still a long way off. Perhaps other solutions will improve your processes.

What are the advantages of blockchain?

Shashank Pettakar, editor of Data-Driven Investor writes “blockchain represents a significant advancement in data management. Its most prized feature is that it facilitates consensus within a trustless environment. Through an incentive system, a set of actors who have no reason to trust one another can [agree on the truth] before it is added to the chain.”

Thanks to its decentralized nature and distributed technology, blockchains remove any single point of failure in a network of devices. Looking at the benefits of blockchain, this is a huge plus. Designing the ledger as a peer-to-peer network with complete knowledge replication makes this possible. This also increases availability and enables any node to read the data accepted by the entire network.

For deeper dives into blockchain technology, here’s a list of blockchain books we’ve read and recommend.

Trustless consensus

Trustless consensus removes the need for trusted middlemen and spreads the burden of data management to individual devices, or nodes. Let’s say you want to invest in property, for example. A blockchain platform can seamlessly ensure that a seller holds the deed and that a buyer has secured financing. Currently, this process involves several intermediaries who do not share a common database and may not work together. In turn, this increases the time and cost of a property sale.

Companies that rely on several different actors who they might not trust may benefit from blockchain infrastructure.

Though a blockchain’s trustless consensus ensures the data is accurate, it tends to be slow. It only gets slower as a blockchain expands and adds more nodes. However, in case of such business models as the above-mentioned property example, this could work since smart contracts can automatically verify data through consensus.

One of the most frustrating blockchain limitations is the speed of transactions. Digital currencies aspire to replace fiat money and the grubby central banks that print it. Removing the intermediaries from the equation, believers claim, will democratize the system and allow individuals to transact directly without additional transaction fees.

A bankless world has yet to pan out, of course. Central databases, after all, are far faster at processing transactions. Any industry applications that require faster transactions should look elsewhere for solutions — for now. Any blockchain advisor worth his salt should divulge this fact.

Immutability – one of the biggest advantages of blockchain technology

In addition to verifying data, distributed ledgers also ensure that once written on the blockchain cannot be changed — also known as immutability. Blockchain Immutability is especially useful for managing contractual relationships or tracking transaction histories. However, this assumes that those who can write data onto a blockchain network are entering legitimate data in the first place. It’s also far from confidential, as anyone involved can see transactions.

Due to a blockchain’s immutability, users – contrary to conventional databases can only change information by adding new data to the existing log. This nature of blockchain guarantees that the database is complete and consistent and that all users can audit the data. Replicating a complete, globally ordered log of transactions across the network allows each node to derive a current state of processing which makes it possible to issue, verify, and accept transactions deemed accurate through consensus.

Consensus algorithms and full replication make sure malicious actors can’t write to the chain and spoil it. If everyone needs to save a transaction on their node, potential fraud gets denied. Of course, this assumes that all the users will use the network appropriately and not write frivolous or redundant transactions. If you can’t trust users to write data on the ledger, or if actors’ goals are not aligned, blockchain may help solve this. But if you can trust all the actors who can write to the chain and their goals are aligned, you don’t really need blockchain.

Decentralized, distributed

Almost as gimmicky as blockchain itself for some is the idea of decentralization. Blockchain-based applications remove any single point of failure by replicating all of the data on every single node in the network. Nevertheless, in some cases, traditional databases can do the same for far cheaper.

Trusted third parties can often deliver on the claims more efficiently than a blockchain. If you can’t trust a third party — or if one doesn’t exist, blockchain shows promising real-world use cases. In an environment where there is a trusted third party, blockchain advantages are currently dubious.

Pros and cons of blockchain

Looking beyond the blockchain technology pros and key benefits, there are some caveats. One of the main shortcomings in the current technology is, as I’ve mentioned, the transaction time. Verifying a transaction across the blockchain remains a relatively slow process — one that slows as blockchains expand and store more data. Sometimes, a simple database will do the job faster and cheaper.

Take Hyperledger Sawtooth for example. Transaction times can reach upwards of three seconds on average. It can also only handle about sixty transactions per second. Such delayed transaction latency makes any blockchain solutions cumbersome for industries that require rapid transactions like i.e. financial sector. The cost to commit a transaction also rises considerably as more data gets stored on a blockchain.

Blockchain use cases

Many cite international trade as one of a couple of industries with a solid argument for the blockchain network. In early 2018, shipping giant Maersk partnered with IBM, and launched a blockchain-enabled global supply chain management system called TradeLens. According to a company press release, the technology empowers diverse trading partners to establish “a single shared view of a transaction without compromising details, privacy or confidentiality.”

In theory, this is a good fit for blockchain. There is a web of shipping companies, port authorities, and customs agencies that must coordinate throughout the shipping process. In practice, however, Maersk still owns the intellectual property and will likely see the greatest share of the profits. Unsurprisingly, this limits its adoption among Maersk’s competitors.

While analyzing the potential use of blockchain – supply chain management should be a good fit for the technology. Some other use cases also work well. Complex systems can benefit from an auditable, unchangeable record of shipments that all parties involved can access. Needless time and resources go into exchanging data between separate databases. Falsified data is also common. Coordinating different companies’ records with customs authorities in each port improves an already complex mire of data. Transparency and traceability also increase efficiency in the global supply chain.

Supply chain companies store huge amounts of data and track this data in a space largely without trusted middlemen. Each port authority and customs authority operate on different databases. Shipping companies have to show a transfer of goods and prove it. When all parties see the same data and can verify shipment, receipt, and customs clearance, this cuts costs and streamlines the whole system. Admittedly, a more neutral platform will go a long way to increase adoption among competing companies.

When a database is more efficient

Meanwhile, blockchain-based solutions that aim to verify documents such as Learning Machine’s document verification tool may as well use existing technology. Users receive documents such as university diplomas or certificates which can be independently verified by another user without intermediaries. Currently, in order to verify a diploma or transcript, especially across borders, people have to send the document off for an apostille from an education ministry, or other central authority.

Developers claim it will eliminate forgeries and reduce bureaucracy — which may be true. However, developing a blockchain capability may needlessly add cost and complexity to a project. In situations where there is widespread fraud, a blockchain can help verify original copies. But where there isn’t, a centralized database is far more efficient. Universities and government ministries are fairly good at this already and may implement other technology to improve their processes. Tools that have been in place for decades, such as relational databases could address this for a fraction of the cost. Again, the dilemma is adoption among various institutions. A sober look at all the advantages and disadvantages of blockchain is necessary to decide if it’s addressing a real need. Here, a trusted blockchain advisor might offer invaluable insight.

Conclusion – pros of blockchain and its disadvantages

It’s important to weigh what makes blockchain useful and what are the weaknesses of blockchain in the context of your business. Consult a trusted blockchain advisor who will be frank about the technology’s limitations. An honest blockchain advisor will talk openly about the best applications. Blockchain is, after all, is a slow database. There may be faster, cheaper, more efficient solutions as I’ve mentioned. In short, don’t be seduced by the hype. That said, by design, key features include:

  • No single point of failure
  • Permanent, append-only log of transactions verified through consensus
  • Trustless consensus

If you can introduce a trusted third party, they can achieve the other guarantees using different technology. Trust is the main issue here. If you can’t trust an intermediary with data, blockchain independently verifies transactions. If you weigh the pros and cons of blockchain and you can’t trust all the parties involved — definitely consider the technology. You need to sit down with a good blockchain advisor and figure out if blockchain makes sense for what you’re trying to do, and whether you should embrace the revolution.


Would you like to learn more about blockchain-based solutions or are interested in implementing blockchain solutions in your company? We are a certified blockchain technology provider and are here to help you with powerful enterprise-permissioned blockchain apps. Contact us!

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Blockchain Finance Financial Services Supply Chain

8 no-nonsense use cases based on Hyperledger Fabric blockchain

The AR market continues to evolve, with most companies focused primarily on enterprise use cases that drive real-world gains for companies operating in a wide range of markets in retail

Spend any amount of time in the blockchain sector and you’ll find a flood of opinions for ways blockchain technology will be “a game-changer.” Where this goes wrong is that it’s light on how it will change the game exactly and why there’s a game at all. But with the right use cases, organizations can benefit from the efficiency and shared recordkeeping a distributed ledger or specifically Hyperledger Fabric can offer.

A private blockchain for business creates a common version of the truth, the so-called source of truth, that’s difficult to change and easy to audit. Using permissioned networks also limits network participants to ensure data is secure. For businesses, this means better collaboration, streamlining business processes, and more transparency among business partners.

Table of contents:
  1. Innovation cycle
  2. Financial settlement
  3. Enterprise blockchain for contract validation
  4. Invoice processing
  5. Blockchain as a tamper-proof audit trail
  6. Managing data access
  7. Tracking supply chain network and origin
  8. Commission management
  9. Time-sensitive distribution
  10. Internal secured marketplace
  11. Conclusion

Innovation cycle

Like any technology, it takes a while for the value to finally emerge. Take photography for example. Since the beginning, the point has always been the same. It captures a copy of the truth — however selective — and keeps it forever.

Just like blockchain, early photography was not user-friendly, not cheap, not fast, and not for the masses. The full potential of the technology cannot be released in real-time, but over years as it needs time. Think of early blockchain projects as photography circa 1860 technically limited, reserved for specialists, and complicated to use.

At the time, few grasped its full potential. Many critics objected because an existing medium — painting — captured moments just fine.

Photography’s business benefits are clear to us today in hindsight, though. The global medical imaging market — a spinoff of photography — was worth $25 billion in 2019 according to Markets and Markets report. If Instagram were a stand-alone company Bloomberg estimates it would be worth more than $100 billion.

Of course, the fundamental reason we still take pictures has not changed in nearly 200 years. What has changed is the tools, business opportunities, specific use cases, and major advances in usability. We’re still innovating with blockchain. That’s not to say that there are no benefits, rather breakthroughs unfold as companies invest in development.

Below you can find eight no-nonsense use cases for private blockchains.

Financial settlement

Among the first blockchain including Hyperledger use cases were those in the payments. Cryptocurrencies like Bitcoin, and Ethereum lend themselves well to cross-border and digital payment systems. The world’s most popular public blockchain, Bitcoin, has especially captured a competitive advantage for a niche market. Bitcoin, however, is more of a philosophical choice than practical financial technology. Other blockchain protocols offer better usability and scalability, especially at scale.

At Espeo Software we design enterprise blockchain applications i.e. we have designed a remittance service using the Stellar protocol as an example of a system that will allow the following financial transactions – transfer money quickly and cheaply across borders. Cryptocurrency enables real-time money transfers anywhere in the world. With cryptographic guarantees, blockchain technology facilitates peer-to-peer payments by making sure users can’t spend their tokens twice — double-spending is something other payment processors use financial institutions like banks and credit rating agencies to prevent.

This, of course, removes money transfer services from the transaction, significantly reducing operating costs to transfer money internationally. When end users can trust both contract counterparties it is good for the money and enables more trustworthy peer-to-peer asset transfers.

For internal settlements, though, i.e. Hyperledger Fabric offers a way to both manage and carry out payments between an organization’s branches or close partners. An open and transparent blockchain solution helps organizations to ensure trust and create a transparent record. Network participants can clearly see where transactions go and for what.

Enterprise blockchain for contract validation

Companies with many branches and partners can create an ecosystem with a private blockchain such as Hyperledger Fabric. When a contract expires, certain actions such as issuing an invoice or renewing the contract need to be taken. Currently, these actions are often carried out through manual or semi-automated processes. Companies have to integrate multiple systems and fight data siloing. Using the blockchain network you get one place to store all information consistently and transparently. Moreover, we can use blockchain smart contracts to trigger new automatic actions when the contracts expire. The smart contract’s behaviour can adjust to the asset type and treat different product or service delivery than inventory sales.

Contract validation features can combine with other features like invoices and internal payments. One of the biggest challenges with large companies is transparency and trust between parties. A private, permissioned blockchain together with traditional IT solutions can resolve these problems. While designing software for multiple entities, a consensus mechanism needs to be taken into consideration, as commonly used PoW will generate significant costs.

Invoice processing

Large organizations with global offices struggle with the complexity of invoice processing. Some branches within an organization still do it manually, which can get too complicated. Centralized record-keeping software also limits transparency and can cause chaos when organizations don’t share access to it.

Blockchain enterprise systems using i.e. Hyperledger fabric technology puts all the records a conglomerate produces in one place. Thanks to such a blockchain network none of the organizations can modify the records or add new records without the other participants seeing the change.

Blockchain as a tamper-proof audit trail

What blockchains do is clear — they record a tamper-proof audit trail and distribute a current copy to everyone who’s interested in seeing it. Whether that’s in a public blockchain like Ethereum or in a closed group like the Linux Foundation’s Hyperledger Fabric, the motivation is largely the same. Gather and keep reliable information for every asset type.

What isn’t as clear yet is why.

Die-hard proponents harp on how blockchain will fix the world’s problems. This is overly optimistic, of course. The one reason to use a blockchain is to establish an audit trail, especially if you can’t trust the other actors you’re working with. If you share data with people you trust or don’t share much data at all, don’t think about consensus mechanisms and smart b2b contracts, use a database. This has been our line from the beginning.

Whether you’re tracking invoices, managing referrals, checking a contract’s validity, settling internal payments, managing access to records or tracking supply, tamper-proof auditing matters, and can significantly reduce liability and overhead.

We’ve worked on several of these use-case puzzles in in-house proofs of concept enterprise-grade applications and in applications for our clients. To explore exactly how business blockchain technology and the Hyperledger Fabric network will grow existing businesses and spin off new industries, it’s often important to try to build out a proof of concept first.

Here’s an overview of some of our POC projects and some ways to apply blockchain platforms to business.

Managing data access

One of the many blockchains for business use cases is keeping track of records and who has access to them. In a proof-of-concept application, we’ve developed, our team created an app that manages medical record storage for patients and their doctors based on Hyperledger Fabric.

Patients use their private keys to access a patient portal and can grant and revoke access to doctors. In turn, doctors use their keys to enter a doctor’s portal where they can add records of procedures.

The system shows how the blockchain platform plays a role in securing patient data and can improve some inefficiencies in the current system especially, in the cost of securing medical data. The system’s built-in security allows patients, doctors, and administrators to seamlessly coordinate over the application.

Tracking supply chain network and origin

Another excellent use for a tamper-proof audit trail is in supply chain tracking. Blockchain for the supply chain is one of the areas where we believe in a big technological impact, naming the pharmaceutical supply chain as the starting point. In our supply chain POC, we explored the role of a blockchain-based platform in verifying digital interactions that allow checking if a product has been shipped from a valid source and that it travelled through the supply chain in the right conditions.

Counterfeiting and mishandled drugs account for billions of dollars of losses to Big Pharma each year. Ensuring that consumers get exactly what they’re paying for and verifying that it’s not harmful is the main benefit to this use case.

Additional use cases of blockchain for the supply chain sector are in food tracking. As with pharmaceuticals, a blockchain-based supply platform which is tracking food to its source can help regulators verify that fish, for example, was properly harvested and is the species the package claims. It can also help retailers contain outbreaks of foodborne illness by quickly pinpointing which farm your spinach came from and how it was transported.

Walmart together with IBM has already launched a Hyperledger-based application, FoodTrack, to audit the source of leafy greens in its stores accurately.

Blockchain logistics offer significant utility in handling complex supply chains efficiently.

stellar blockchain update diagram

Commission management

Just as Hyperledger permissioned blockchain projects can help with the efficient processing of invoices, they can also track commissions and clearly show a history of accepted work and the payments for it. This is especially useful for conglomerates that operate in multiple countries that struggle with managing commission or referral payments.

Whether a particular partner uses a different accounting system, provides low-quality data with many duplicates, or is purposefully misrepresenting commissions, an application using Hyperledger Fabric can help establish order.

Blockchain-based time-sensitive distribution

The pandemic has affected all organizations in various possible ways. But it has obviously impacted healthcare organizations most significantly. While science came with its own answers to the situation which began in 2019 – new challenges regarding that occurred as well.

Scientists created effective vaccines, but they have to be transported in very strict conditions and to the places where they will be used on time. Especially at the early stages of vaccination, each dose was close to being priceless and none of it could have been wasted. On the other hand, the rapid introduction of the product to the market and extremely high demand have also encouraged potential frauds and counterfeits.

All of those new issues were solved with blockchain implementation. Tech Mahindra has created an interesting system based on Hyperledger Fabric – VaccineLedger which was developed in cooperation with a startup funded by Unicef and Gavi. Thanks to it the monitoring and distribution of vaccines can operate smoothly using precise information on the logistics, temperature, current location, purchase orders and transport conditions. You can read more about it in Forbes.

Development of an internally secured marketplace

The pandemic has also extorted robust cooperation between healthcare equipment owners. Different entities required special inventory like respirators or oxygen supplies and coordinating these needs with minimal mismanagement is not easy. Medical institutions use different systems, but permanent e-mail and phone coordination is neither accurate nor time efficient. If you add some time that will be consumed by the repairs, operating the central procurement system and a need to care about the patients – the real problem arises.

In order to build a comprehensive, nationwide internal system dedicated to the healthcare industry Healthcare Quality Improvement Partnership has organized a dedicated think-tank. Using the report from the debate as a starting point at Espeo Blockchain we have organized a product specification workshop with one of our clients. As an effect, we have built a prototype with a blockchain framework in mind, planned interaction of different groups of users with the system and infrastructure of private blockchain with direct access for all participants with immutable records by design.

Conclusion of use cases for Hyperledger Fabric

I hope your takeaway from this article, is a better understanding of the fundamental feature of blockchain systems — tamper-proof auditing — and how it drives blockchain use cases. 

Shared recordkeeping, smart contracts, supply chain management, shared assets, provenance, and payments are particularly salient now with existing blockchain tech to build apps around. The flexibility of blockchain solutions supports many business use cases even sensitive ones. Other use cases will take more time to work out — especially considering usability for a general audience. Don’t let it discourage you, this is a normal and healthy part of any technological innovation.

As more businesses find valuable Hyperledger Fabric use cases, new ways to innovate will continue to emerge. Blockchain is here to stay, it is important to get education and training on the subject to make an honest assessment of what it is and what it isn’t vital to use it right. And we are here to provide you with every practical guidance you might need.

Do you consider any of the above use cases relevant to your business?

We are helping businesses with powerful enterprise blockchain applications based on Hyperledger fabric. Click here to contact us and one of our experts will get in touch with you.

Categories
Blockchain Supply Chain

Fighting food fraud: Blockchain in logistics and supply chain management

Packages are transported in high-tech Settings,online shopping,Concept of automatic logistics management.

As I browse through the supermarket, I often notice how much more retailers charge for sustainable products. But after spending time in the blockchain space, I have to question everything. How can I know that that wild salmon came from pristine waters? Is the ground beef as fresh as the label says? Is it beef at all?

Trust issues aside, logistics and supply chain management is notoriously complex — some argue opaque. Retailers are starting to test blockchain to track products and quickly react to outbreaks of food-borne illness. Consumers, as well as retailers, will benefit from greater transparency and trust blockchain logistics brings to the industry.

Fighting food fraud: Blockchain in logistics and supply chain management

Table of contents:

Blockchain logistics

Food fraud is a persistent problem in our globalized food supply. Unscrupulous suppliers sometimes pass off cheaper fish for more expensive varieties. Occasionally it’s a different species altogether. Meat adulteration can offend religious sensibilities, or worse, threaten public health. Despite heavy-handed labeling laws in places such as the European Union, food scandals, recalls, waste and fraudulent labeling still plague the food supply.

All this compliance and waste only drives up the cost for producers and consumers. Just as blockchain technology can establish a trail of transactions in real estate or in art provenance, it can also aid logistics and supply chain management companies in tracking items on their journies to the shelves.

Fishy business

Nowhere in the food supply is fraud more prevalent than in the fishing industry. A 2016 report from the Oceana Foundation claims that one in five of over 25,000 samples of fish tested were mislabeled. Passing cheaper fish off for more expensive ones is a particularly common practice. “Laundering” protected species from restricted waters is another prevalent industry abuse cited in the report.

These abuses hurt consumers and the industry as a whole. “It harms everyone in the supply chain who is playing by the rules,” wrote Kimberly Warner, author of the study and senior scientist with Oceana. “The person going through the effort to catch fish legally and label correctly is undercut by the fraudulent practices.” Distributed ledger technology could make it more difficult to cheat on labeling, adding more trust into the supply chain.

Cost of misbehavior

Blockchain logistics, of course, is unlikely to stop the illegal activity altogether. However, it might put pressure on companies involved to play by the rules. Marcin Rzetecki head of blockchain at Espeo admits that blockchain technology is not a magic bullet, but that it would be a better tool to keep all the actors honest. “When you have many companies in a supply chain,” he said, “and one of them tries to cheat, other members can check on their competitors.” Consequences for misbehaving could be a loss of access to lucrative markets. 

Retailers targeting a tech-savvy niche could charge premiums for blockchain-verified fish, for example. Rzetecki imagines QR codes on packaging that allow shoppers to see every step of the way. “Digital signatures of each company in the supply chain can provide a tamper-proof history. It’s much clearer from an end-user perspective. They have all the information in one place.”

Verifiably sustainable products could command a higher price just as wild-caught, free-range, fair trade, and similar premium products do today. In fact, an application with a blockchain back end may do more to infuse trust in these labels than murky industry groups and government bodies do already. Economic pressure from an informed public may force companies to clean up their acts.

Horsemeat Scandal

Switching out species on the label is not limited to fish, though. The 2013 horsemeat scandal in the European Union is one high-profile example. Despite strict labeling requirements in the bloc, dishonest producers snuck horsemeat and pork into products labeled as beef. Unsurprisingly, this sent shockwaves through the logistics and supply chain management industry as government regulators cracked down driving costs up for the entire industry.

Adulteration poses several risks to consumers, and retailers alike. In the horsemeat scandal, large retailers bore the brunt of the outrage that unfolded as the first point of consumer contact. Alienating consumers is just one of the many risks the adulteration scandal poses. Those with dietary restrictions, especially religious ones, may move to competitors who can verify the source of meat to trusted suppliers.

As with the fish example, blockchain technology may not end industry abuse, but it would provide a competitive advantage to attract conscious consumers.  It would also make the stakes much worse for actors who break the rules.

Blockchain could aid stakeholders in tracking the origin of products to find culprits much more quickly than they do currently. Part of what made the horsemeat scandal so scandalous was the time it took for regulators to track down the source. A blockchain logistics platform could have allowed health officials, retailers, and suppliers to find adulterated sources quickly, reducing costs and preventing massive waste.

Innovation in logistics and supply chain management

While blockchain logistics apps have yet to emerge for consumers, logistics and supply chain management tools for enterprises have. In mid-2018, American retail giant Walmart unveiled a blockchain-based platform designed to track the source of their fresh produce from farm to shelves. Food Trust, the company’s private blockchain logistics system aims to help the company and health officials pinpoint farms during an outbreak of food-borne illness. Instead of tracking individual databases of all the stakeholders involved, stakeholders already have all the distributed tracking data. This greatly reduces the turn around time for containing a crisis.

Food Trust cuts the time to trace the source of food from a week down to a little over two seconds. Food recalls, they hope, will be much smoother and targeted. This will save time and resources, reduce food waste, and drive competitive advantage. Walmart’s sheer size enables it to compel suppliers to join the program, or else. The company’s suppliers have until September 2019 to implement the Food Trust platform in its logistics and supply chain management. Other influential market players could also develop blockchain logistics systems to help them maintain market share.

Conclusion

Logistics and supply chain management is due for an overhaul. As globalization increases the complexity of the food supply chain, innovative technologies can help retailers keep track of suppliers, minimize crises, and remain competitive. Consumers also stand to benefit from a safer, more transparent food supply.
Gaining more accurate source information could attract conscious consumers, and keep the industry honest. Retail giants are already implementing blockchain technology in their logistics and supply chain management strategies. Market trends will only continue to drive innovation in blockchain logistics.
For more on designing and developing a blockchain application for supply chain tracking, call us for a free 15-minute consultation.

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Blockchain Financial Services Software

6 blockchain podcasts to get you through quarantine

Podcast concept. Microphone with voice recording wave. Future technology

What better way to get through self-isolation than binge listen to a bunch of blockchain podcasts? For many across the world, quarantine orders are keeping people holed up in their homes — myself included. If anything, it’s giving us all a lot of time to take stock, slow down — and for me at least — catch up on the latest news and opinions from cryptoland.

One of the best ways I learn about blockchain and cryptocurrency is through podcasts. Getting a range of views can offer a valuable glimpse into this rapidly-evolving industry. It’s also a great source of inspiration. Podcasting is a great medium for several reasons, but especially because you can listen in and do something else. Here’s my curated list of essential blockchain (and blockchain adjacent) podcasts to keep you company. 

By the time the virus passes, you’ll hopefully come away with a fresh look at the blockchain sphere from these influential podcasters. While researching this piece, I chose current and active blockchain podcasts as of March 2020. I also picked those that are not overtly promotional and those that strive for clarity. For an industry that claims transparency as a core value, it often isn’t. It can also be difficult to weed through conflicts of interest, but these podcasts come close in my view. Fresh, critical takes are essential as the blockchain industry evolves and these come close in my view. 

If you have others to recommend, let us know in the comments below!

Blockchain podcasts

Blockchain won’t save the world

First on the list is a podcast hosted by Anthony Day, blockchain partner at IBM. This is a great podcast to listen to to get a better understanding of enterprise applications of the technology. Several of the episodes offer a lucid look at network design and digital transformation by way of blockchain. While Day focuses on private, permission blockchains — and especially IBM projects — he does remain fairly neutral and balanced.

One of the underlying themes is that blockchain technology may not be the best technology to apply to a specific business case, and the show has leaders from the industry on to ground the technical talk in real business cases.

On the Brink

I would be remiss to include a podcast on private blockchains and not on public ones as well. On the Brink centers on public blockchains — especially Bitcoin and the implications this technology will have on the world. Matt Walsh and Nic Carter of Castle Island Ventures talk about the philosophy and ethics of public blockchains. The duo interview founders and developers and delve into larger conversations on how public blockchains will shape the future.

Unchained

Laura Shin hosts the unchained podcast, one of the best-known blockchain podcasts out there. Every week, Shin interviews startup founders and blockchain thought leaders. She goes in-depth on topics ranging from blockchain governance to privacy, to larger discussions about blockchain innovation.

Unconfirmed

Like Unchained, Unconfirmed is also hosted by Laura Shin. Unconfirmed, though focuses on news headlines and updates from the blockchain sphere. It’s a great weekly roundup of breaking news and punditry.

The Breakdown 

Host Nathaniel Whittmore streams this daily recap of news and opinion. His themes range from decentralized finance into cryptocurrency and blockchain adjacent topics such as central bank digital currencies. It’s a good barometer for the sentiment in the crypto community and a great place to learn about new topics.

The Bad Crypto Podcast

If you’re more interested in cryptocurrencies, The Bad Crypto Podcast is an approachable show where hosts Joel Comm and Travis Wright chat about blockchain and blockchain adjacent topics. It’s great for beginners and they offer interesting takes on some of the latest news in crypto.

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