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Smart Contracts Now imagine this same scenario, but with smart contracts—applications that replicate and execute all the provisions of a standard legal agreement and its associated terms and conditions. When the ship arrives, the cotton is unloaded, and the buyer scans a barcode on each pallet as it passes inspection. As soon as those scans are complete, the data they generate is uploaded to a blockchain, triggering a series of events including filing the customs declarations, paying any necessary duties, transferring ownership from the seller to the buyer, and transferring payments from the buyer to the seller and the carrier. If all conditions of the contracts bargained for exchange are met, the entire process can take about 10 minutes or less. The latter scenario is already a reality. Although the concept of smart contracts has been around for decades, it’s only thanks to the advent of blockchain—which creates immutable records of each transaction shared by multiple parties—that

Blockchain already is an integral and vital tool upon which—and with which—new, innovative solutions are being created, and the Survey shows confidence amongst respondents that blockchain solutions will gain even greater traction within the global business community over the next 12 to 24 months. Blockchain is a disruptive technology. In fact, it undermines old ways and habits of tracing (or not tracing) the exchanges carried out within a process, ensuring transparency and being able to allow the information to remain unalterable." It is not like many people think of new technology, given that after the first implementations related to cryptocurrencies and therefore to the famous bitcoins, applications in the world have spread and are now important and easily accessible even by small and medium-sized enterprises. What is the link between Blockchain and Sustainability? The link is undoubtedly strong and in some cases quite evident. Having a mechanism that allows transactions

Blockchain– The technology of trust . Blockchain applications have the potential to change the way we transact, interact with the government, and verify the authenticity of goods, ranging from land to vegetables. It combines the power of the internet with the security of advanced cryptography to provide a faster, safer way to verify key information and establish trust. Originally devised for the digital currency, the tech community is now finding other potential uses for the technology. Blockchain, at heart, is a record of transactions. These transactions can be any movement of money, goods, secure data, or assignment of a government ID number.   Key Characteristics of Blockchain Applications Consensus – All participants in blockchain must agree on a single data value to prove the transaction to be valid. Provenance – Participants of blockchain know the origin of the asset and how its ownership has changed over time. Immutability – No participant, even not the administrator of

1. What is Blockchain? Blockchain is a database that is managed on a peer-to-peer network of computers, which are referred to as nodes. It can also be described as a distributed ledger: a decentralized way to chronologically document transactions. Each participant in the network has access to the entire blockchain and its history. When a transaction is recorded, the accounts of all the participants are updated with the information. 2. How Blockchain works? If two parties agree to a transaction, this information is broadcast to the computers (nodes) of the peer-to-peer network, where it is then validated. Once the transaction has been verified, it is added to a block together with other transactions. This block is then hashed. Every block contains a reference to the hash of the block that came before it. This guarantees the position of the block in the chain and ensures that it cannot be tampered with. The new block is then permanently added to the blockchain and distributed to al

The Bitcoin Network mainly uses hashes in combination with digital signatures to protect the integrity of the data owing through the blockchain, using public-key cryptography. Hashes are furthermore used in the context of the consensus protocol “Proof-of-Work.” Bitcoin uses public-key cryptography, and more especially, elliptic-curve cryptography. Please note that alternative blockchains might use alternative cryptography to the ones described below. Some blockchains, for example, use more privacy-preserving cryptography, such as “Zcash” (zero-knowledge proofs) and “Monero” (Ring Signatures). The Bitcoin community itself is currently looking into alternative cryptographic signature schemes that are more privacy-preserving and more scalable, for example with “Mimblewimble.” While these alternative algorithms are interesting and important from a privacy perspective, and in some cases also a scalability perspective, it is beyond the scope of this book to deep-dive into these algorithms.

What is a blockchain? The blockchain in technology circles is viewed as a permanent, immutable distributed ledger to record all transactions of value. What makes the blockchain unique from other data storage technologies is the lack of centralization, no individual or entity has overall control over the blockchain, rather it is governed by nodes. Each node involved in a transaction, whether as a direct participant or verifier will have access to the ledger across multiple machines. This allows for decentralization and for control to be shared across the network, instilling trust into the transaction ecosystem. All transactions which are appended to the blockchain are first verified by members also known as miners. This approach is unique and removes intermediaries from the transaction, theoretically creating an efficient and effective transfer of goods and services while minimizing cost. In simplistic terms, when a transaction is created (which is also known as a block), the miners w

Blockchain isn't a household buzzword, like the cloud or the Internet of Things. It's not an innovation that you can see or touch as easily as a smartphone or a package from Amazon. But in a world where anyone can edit a Wikipedia entry; there is a big question on credibility & security of the data. Blockchain is the answer to a question we've been asking since the dawn of the internet age: How can we collectively trust what happens online? Every year we run more of our lives—more core functions of our governments, economies, and societies—on the internet. We do our banking online. We shop online. We log into apps and services that make up our digital space and send information back and forth. Think of blockchain as a historical fabric underneath recording everything that happens—every digital transaction; exchange of value, goods, and services; or private data—exactly as it occurs. Then the chain stitches that data into encrypted blocks that can never be modified and

Originally created as the ultra-transparent ledger system for Bitcoin to operate on, blockchain has long been associated with cryptocurrency, but the technology's transparency and security have seen growing adoption in several areas, much of which can be traced back to the development of the Ethereum blockchain. In late 2013, Russian-Canadian developer Vitalik Buterin published a white paper that proposed a platform combining traditional blockchain functionality with one key difference: the execution of computer code. Thus, the Ethereum Project was born. Ethereum is a decentralized, open-source, and distributed computing platform that enables the creation of smart contracts and decentralized applications, also known as DApps.   Ethereum blockchain lets developers create sophisticated programs that can communicate with one another on the blockchain. Tokens Ethereum programmers can create tokens to represent any kind of digital asset, track its ownership, and execute its functi

When talking about sustainability the general public often thinks about environmental sustainability only. However, sustainability researchers and activists have a much broader definition: Sustainability is defined as meeting the needs of the present without compromising the ability of future generations to meet their needs. While this is a simple and therefore appealing definition, the devil is in the details. For instance, it is rather hard to know the needs of future generations — as we often struggle to understand even our own needs. What is quite clear by now is that such an approach, aiming at a good livelihood for all, has to consider both: natural systems as well as human systems and think them together. Today, we still struggle to meet even the basic needs of many people of our present generations. While on the other side those who are already well off, live lifestyles that more often than not are depleting and destroying nature and natural systems at an unprecedented

For many, ‘virtual’ currencies such as Bitcoin, it remains a mystery primarily associated with online criminals, despite no longer being far removed from the monetary system and transactions. This article is intended to serve as a primer, rather than one of our more usual technical analyses: Cryptocurrencies continue to play a key role in many areas of cyber-crime being used for everything from online marketplace transactions to ransomware demands. However, with several legitimate organizations ranging from the Bank of England to EY also taking interest in cryptocurrencies and the technologies behind them, it’s worth being informed.   Virtual currencies Virtual currency is a type of unregulated digital currency that is only available in electronic form. It is stored and transacted only through designated software, mobile or computer applications, or through dedicated digital wallets, and the transactions occur over the internet through secure, dedicated networks. Virtual currency i

Volvo uses blockchain technology for sustainable battery production. Therefore, Volvo Cars are the first car manufacturers to commit itself to the highest level of transparency and guarantee that the raw materials for the battery, production, and recycling are sustainable. The sustainable production of high-voltage batteries is one of the greatest challenges for manufacturers of electric vehicles. Volvo only uses lithium-ion batteries in its electrified models which last the entire life of the car. Maximum transparency through blockchain technology Sustainability begins with the extraction of rare raw materials, such as cobalt, which are needed for lithium-ion batteries. Volvo Cars are doing pioneering work here and are striving for maximum transparency as the world’s first automobile manufacturer. Thanks to blockchain technology, the origin of the raw materials can be traced back to the origin. In this way, Volvo Cars ensures that only sustainable and certified raw materials ar

By allowing digital information to be distributed but not copied, blockchain technology created the backbone of a new type of internet. Originally devised for the digital currency, Bitcoin blockchain, (Buy Bitcoin) the tech community has now found other potential uses for the technology. In this guide, we are going to explain to you what the blockchain technology is, and what its properties are what make it so unique. What Is Blockchain? A blockchain is, in the simplest of terms, a time-stamped series of immutable records of data that is managed by a cluster of computers not owned by any single entity. Each of these blocks of data (i.e. block) is secured and bound to each other using cryptographic principles. So, what is so special about it, and why are we saying that it has industry-disrupting capabilities? The blockchain network has no central authority — it is the very definition of a democratized system. Since it is a shared and immutable ledger, the information in it is

Whilethe concept of Bitcoin may be new to some people, this well-known cryptocurrency has been around for more than a decade. Bitcoin is one of many digital currencies that have become fairly common holdings among tech-savvy households. Proponents of cryptocurrencies argue that digital currencies are easier and safer, and come with better privacy than traditional currencies. Because of its limited supply, Bitcoin has shown up on some people’s radar as an investment opportunity as well. However, it should be noted that cryptocurrencies are still risky investments. If you understand the risks and you’re ready to move forward, the following best Bitcoin wallets can serve as good options for storing your bitcoins. Cold storage (or offline wallets) is one of the safest methods for holding bitcoin, as these wallets are not accessible via the Internet. Hardware wallets are potentially even safer, although users face the risk of losing access to their tokens if they misplace or forget t

Over the last fifty years or so, supply chain management gradually evolved into one of the most elaborate industries in existence. This, however, should not come off as too surprising – after all, as supply chains became more global and demand for most products went through the roof, the surge in supply chain complexity was an inevitable side effect. The problem is that, while expectations and business models have transformed, the technologies employed in supply chains did not keep up with the times. Instead, they haven’t changed one bit, which gave birth to a notoriously inefficient sector too prone to hedging money. Fortunately, the rise of blockchain technologies promises to provide solutions that could bring severely needed improvements to the most problematic fronts of current supply chains. By integrating sourcing, procurement, manufacturing, distribution, and logistics into a single cohesive system, blockchain could completely revolutionize how supply chains operate. Once