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Smart Contracts A smart contract is a self-executing contract with the terms of the agreement between buyer and seller being directly written into lines of code. The code and the agreements contained therein exist across a distributed, decentralized blockchain network. The code controls the execution, and transactions are trackable and irreversible. Smart contracts permit trusted transactions and agreements to be carried out among disparate, anonymous parties without the need for a central authority, legal system, or external enforcement mechanism. While blockchain technology has come to be thought of primarily as the foundation for bitcoin​, it has evolved far beyond underpinning the virtual currency. Understanding tokens and smart contracts For example, an insurance company could use smart contracts to automate the release of claim money based on events such as large-scale floods, hurricanes, or droughts. Or, once a cargo shipment reaches a port of entry and IoT sensors ins...

As consumers, regulators, and other stakeholders demand to know the origin of products on the market, producers, distributors, and retailers struggle to provide it. In today’s global supply chain, goods pass through numerous intermediaries from origin to consumer, leaving data spread across multiple systems in different formats. Piecing together the full product journey to ascertain authenticity and safety can be difficult, if not altogether impossible. Sure, there are digital track-and-trace systems in place, but this information, too, is centrally held by a single stakeholder—and it can be costly to implement and maintain. Blockchain technology offers a solution to product tracing’s complexities by storing each leg of the journey on an immutable distributed ledger. With appropriate permissions in place, real-time visibility becomes systemic, enabling not only live track-and-trace but also numerous opportunities for increased efficiency. Product visibility that supports the circul...

Today’s consumers have become increasingly discriminating about the food products they consume. Consumers want to be certain they’re making healthy eating choices for themselves and their families. Regulators, for their part, are rightly concerned about the increasing incidence of product adulteration in the food supply and the time it takes to identify the source of outbreaks and respond effectively. What’s needed is trustworthy end-to-end transparency along the food supply chain, not only to authenticate the origin of products but also ensure that they are properly handled at every stage of the source-to-fork process.  The three Ts of food: supply chain security and authenticity There are three basic elements to any solution to the problems of maintaining a healthy food supply chain:  1.    Transparency:  Transparency helps foster trust that food origin and quality are what brands claim them to be and enables real-time collaboration among all partners, a...

  How Blockchain Help Solve Societal Problems Our world runs on data. Every transaction we make requires verification and is often performed by a centralized body. Such a system results in a power imbalance of approvers vs. the approved, thereby limiting participation and collaboration. When you look at the verification of any transaction, it generally involves a simple check based on the most recent data. For example, a money transfer from party A to B involves a check of the current account balance of A and the authentication that party A indeed wants to transfer the specified amount to party B. This type of transaction also involves identity verification of Party A and B. All these steps in the fund transfer can be automated with the help of a technology that provides secured democratization of data with the programmability of transaction logic. Blockchain is that technology. The sale of fraudulent goods, costly finance fees for transactions, and data breaches have the most ...

As consumers, regulators, and other stakeholders demand to know the origin of products on the market, producers, distributors, and retailers struggle to provide it. In today’s global supply chain, goods pass through numerous intermediaries from origin to consumer, leaving data spread across multiple systems in different formats. Piecing together the full product journey to ascertain authenticity and safety can be difficult, if not altogether impossible. Sure, there are digital track-and-trace systems in place, but this information, too, is centrally held by a single stakeholder—and it can be costly to implement and maintain. Blockchaintechnology offers a solution to product tracing’s complexities by storing each leg of the journey on an immutable distributed ledger. With appropriate permissions in place, real-time visibility becomes systemic, enabling not only live track-and-trace but also numerous opportunities for increased efficiency. Product visibility that supports the circul...

What is Blockchain? Blockchain is a list of records called blocks that store data publicly and in chronological order. The information is encrypted using cryptography to ensure that the privacy of the user is not compromised and data cannot be altered. Information on a Blockchain network is not controlled by a centralized authority, unlike modern financial institutions. The participants of the network maintain the data, and they hold the democratic authority to approve any transaction which can happen on a Blockchain network. Therefore, a typical Blockchain network is a public Blockchain. As long as you have access to the network, you have access to the data within the Blockchain. If you are a participant in the Blockchain network, you will have the same copy of the ledger, which all other participants have. Even if one node or data on one particular participant's computer gets corrupted, the other participants will be alerted immediately, and they can rectify it as soon as p...

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 ...

It seems that most newbies assume that prices will go up no matter what, hoping to jump on the bandwagon of extreme price hikes. While in the long run, that could still be possible, in the short run Bitcoin is subject to extreme price volatilities. The danger is that if you don’t understand what moves and shakes the Bitcoin network, you might end up panic selling at some point because you didn’t get your facts straight in time. in this post we will cover: Bitcoin Investment Tips Investing in Bitcoin or any other cryptocurrency requires a little bit of research. You don’t need to fully understand the technology behind BTC. You do however need to understand how the community and the economy around the blockchain works. Look back at Bitcoin’s history and understand what sparked previous price volatilities. As a rule of thumb: Do not invest money you cannot afford to lose in something you don’t understand! Never store your funds on an online exchange, except for short t...

For grocery operations, logistics represents a major portion of product cost. Given the industry’s small margins and high volume, any savings can add significantly to a company’s bottom line. But logistics is a highly complex system that has evolved from a linear process to what Deloitte calls the “ digital supply network ,” a dynamic web capable of adapting to shifting supply and demand scenarios for maximum efficiency and value.  This is the second blog post in a two part series where we interview Nikhil Vadgama, a Research Fellow of the University Centre London Centre for Blockchain Technologies (CBT.)  Part one of this series was titled "How Blockchain Can Transform Consumer Products." Blockchain, particularly when paired with Internet of Things (IoT) technology, seems to be an ideal solution to the challenges that can hinder food supply chains with waste and delay. Here are just a few ways in which these technologies can work in tandem to transform the food supply chai...

Digital currency is a form of currency that is available only in digital or electronic form, and not in physical form. It is also called digital money, electronic money, electronic currency, or cyber cash. Understanding Digital Currency Digital currencies are intangible and can only be owned and transacted in by using computers or electronic wallets connected to the Internet or the designated networks. In contrast, physical currencies, like banknotes and minted coins, are tangible and transactions are possible only by their holders who have their physical ownership. Like any standard fiat currency, digital currencies can be used to purchase goods as well as to pay for services, though they can also find restricted use among certain online communities, like gaming sites, gambling portals, or social networks. Digital currencies have all intrinsic properties like physical currency, and they allow for instantaneous transactions that can be seamlessly executed for making payments ac...

As consumers, regulators, and other stakeholders demand to know the origin of products on the market, producers, distributors, and retailers struggle to provide it. In today’s global supply chain, goods pass through numerous intermediaries from origin to consumer, leaving data spread across multiple systems in different formats. Piecing together the full product journey to ascertain authenticity and safety can be difficult. Sure, there are digital track-and-trace systems in place, but this information, too, is centrally held by a single stakeholder—and it can be costly to implement and maintain. Blockchain technology offers a solution to product tracing’s complexities by storing each leg of the journey on an immutable distributed ledger. With appropriate permissions in place, real-time visibility becomes systemic, enabling not only live track-and-trace but also numerous opportunities for increased efficiency. Exposing counterfeit goods with blockchain technology The circular econ...

 “Hyperledger is an open-sourced community of communities to benefit an ecosystem of Hyperledger based solution providers and users focused on blockchain-related use cases that will work across a variety of industrial sectors. “ – Brian Behlendorf, Executive Director of Hyperledger.  Before I tell you what Hyperledger is, let me tell you what Hyperledger isn’t. Because with so many blockchain platforms around the IT industry today, it’s really easy to get confused. So, to begin with, Hyperledger is not: A cryptocurrency A blockchain A company What is Hyperledger? Hyperledger is an umbrella project, under the Linux Foundation. NodeJs, Alljoyn, Dronecode are some example projects that have adopted the “Linux Way”, i.e. to weave a community of developers who work on open source projects thus maintaining a cycle where a  piece of code is constantly getting modified and redistributed. The ethos of Hyperledger is that the world will have multiple p...