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As an emerging technology, Blockchain still has an uncertain future. Predictions are still both positive and negative about its potential. Blockchain is a digital, transactional ledger. It maintains identical copies of the same ledger across a series of computers within the same network. Blockchain can help deliver increased security, enhanced data recording, and faster processing to transform the future of finance. Blockchain works on a distributed ledger model that records every transaction and maintains the chronology and authenticity of that information on a secure global network designed to be tamper-proof. The technology allows transacting parties to interact seamlessly, eliminating recordkeeping activities across procure-to-pay, order-to-cash, and record-to-report processes. With this promise, blockchain has started to catch the imagination of finance and accounting executives with the possibility of transforming finance and accounting (F&A) operations similar to the w...

Permissioned Blockchains have several use cases in the consumer markets industries. Supply Chain Management is an obvious one. Blockchain can help in providing visibility across the supply chain. It can help with increasing efficiencies by automating transaction exchange in a distributed, secure manner as opposed to typical B2B transaction exchange today that are centrally orchestrated through exchanges, hubs, and value-added networks. Visibility is one thing but having full trust in the data you get from third-parties is critical, and blockchain enables that trust. People management is another area where blockchain can have a real impact. Today, there is an automated way to vet a candidate for a job. Every certification, degree that the candidate claims have to be verified with each institution that supposedly issued them. Similarly, the experience claimed on a resume requires manual verification with each company. If the individual candidates, educational institutions, hiring organ...

The convergence of consumer and industry concerns about the sustainability in the manufacturing and re-use of materials is spurring industries such as textiles, jewelry, and automotive to trace every step in the supply chain. With consumers increasingly asking for products that are produced ethically and sustainably, it’s a unique opportunity for blockchain firms to respond to this market dynamic. Blockchain is powering battery industry sustainability practices Not only does the high amount of energy required to power Blockchain result in relatively high direct energy costs, but because the energy is largely generated from fossil fuels, this could also result in a large carbon footprint. One example is the battery industry, where Everledger is one of 42 global organizations that have agreed on guiding principles to ensure sustainable practices. These companies make up what is known as the Global Battery Alliance. Ensuring the sustainabilit...

Blockchain  helps retailers to better track the origin of stock, give them better control over what they sell, and provide assurances for food safety, among other applications. Blockchain can also be useful for controlling supply chains as changes to data such as manufacturing dates and locations can be tracked. The consumer goods industry possibly has the most number of interactions between suppliers, manufacturers, and retailers. Blockchain-powered smart contracts can not only tie all the parties together but can also ensure all the parties are adhering to their end of the bargain. Controls can be built around smart contracts to ensure ethical sourcing and adherence to labor regulations. Blockchain can prove to be a very effective tool in preventing counterfeiting, a problem that plagues the electronics, luxury, and lifestyle industry segments through traceability at every point in the supply chain. A significant set of blockchain use cases centers on th...

The thought of Bitcoin as a way to change the way we vote was considered during the early days of the new technology. In 2012, computer scientists in Canada were looking to exploit the capabilities of Bitcoin as “a form of ‘carbon dating’ for digital information and something that would make electronic voting more secure.” Among the startups that followed in an attempt to build upon the blockchain infrastructure to create a secure voting system was a Virginia-based company called FollowMyVote. Adam Ernest, the company's CEO, stated that “there is a common misconception that voting cannot be done online in a secure way. However, the introduction of blockchain technology is changing the conversation.” Another company working on creating a platform that uses blockchain technology to replace or enhance the current voting methods used today is BitCongress, which released a White Paper on its approach. The company uses blockchain technology with a token-based system to control the vo...

Blockchainis 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. If you have been following banking, investing, or cryptocurrency over the last ten years, you may have heard the term “blockchain,” the record-keeping technology behind the Bitcoin network. What is Blockchain? Blockchain seems complicated, and it definitely can be, but its core concept is quite simple. A blockchain is a type of database. To be able to understand blockchain, it helps to first understand what a database actually is. A database is a collection of i...

Smart Contracts Smart contracts are self-executing contracts containing the terms and conditions of an agreement among peers. The terms and conditions of the agreement are written into code. The smart contract executes on the Ethereum Blockchain’s decentralized platform. The agreements facilitate the exchange of money, shares, property, or any asset. Now imagine a 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 contra...

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 impact on the underrepresented and economically...

A white paper (whitepaper) is an informational document, usually issued by a company or non-profit organization, to promote or highlight the features of a solution, product, or service. White papers are often written as sales and marketing documents used to entice or persuade potential customers to learn more about or purchase a particular product, service, technology, or methodology. White papers are designed to be used as a marketing tool before a sale, and not as a user manual or other technical document developed to provide support to the user after making a purchase. The Basics of a White Paper The purpose of a white paper is to promote a certain product, service, technology, or methodology, and to influence current and prospective customers' decisions. Many white papers are designed for B2B (business to business) marketing purposes, such as between a manufacturer and a wholesaler, or between a wholesaler and a retailer. The white paper is used to inform and persuade the...

A digital wallet (or e-wallet) is a software-based system that securely stores users' payment information and passwords for numerous payment methods. What is Blockchain Wallet and How Does It Work? A blockchain wallet is a cryptocurrency wallet that allows users to manage different kinds of cryptocurrencies—for example, Bitcoin or Ethereum. A blockchain wallet helps someone exchange funds easily. A cryptocurrency wallet stores private and public keys for a transaction. The wallet interacts with multiple Blockchains to validate a transaction, enabling users to purchase or sell one or multiple cryptocurrencies. For example: Someone sends you a Bitcoin or any other digital currency. When doing this, the sender is assigning you the ownership of that currency to the address of your Blockchain wallet. Now, for you to be able to spend those coins, the private key in your wallet must match the public key that the currency is assigned to. When both the ...

Decentralized applications (DApps) are digital applications or programs that exist and run on a blockchain or P2P network of computers instead of a single computer, and are outside the purview and control of a single authority.   DApps are the applications that run on a decentralized blockchain network. This network or platform is built on blockchain technology. Using this platform, developers build and publish DApps. The successful implementation of the DApps through a platform like Ethereum has resulted in the expansion and success of these apps in different spheres. DApps have the potential to become self-sustaining because they empower their stakeholders to invest in the development of the DApp. Various industries are making use of DApps in an innovative way; you can also get an innovative idea and initiate the DApps development that lets your business earn more profits. For example: Financialservice companies are leading the pack as one of the most heavily invested ind...