On March 6, 2016, a small drone belonging to the open-source software company Drone Employee lifted into the Russian sky, traveling across an open field of white snow. Drone flight is relatively unremarkable today, but this particular drone wasn’t controlled by anyone. Brought to life by a predetermined agreement, or “smart contract,” running on the Ethereum blockchain, the drone’s engines powered on and it lifted itself into the air, taking a flight path dictated—only and exclusively—by code. The smart contract controlled the drone’s trajectory, without the need for a middleman with a remote to manage the device. Once started, the code governing the drone could not be stopped. If the smart contract had directed the drone to fly into a building or to head straight for a person, there would be no way for anyone to change its direction or stop the flight without physically disabling the drone or modifying the blockchain.
Blockchain technology should be considered the most disruptive technology invention of the fourth industrial revolution. The world has never seen a technology as powerful as blockchain technology and it could potentially impact all sectors of the economy complete will transforming it through top notch efficiency.Recently, blockchain technology has been employed in different sectors of the industry ranging from the financial services sector, to the energy sector, from logistics to supply chain management, from the health sector to the gaming industry, and is even being used in online gambling.However, the sector it is aiming to transform, and hopes to have the highest impact on day to day consumer and seller activities, is the e-commerce industry. The e-commerce industry has arguably changed the way we shop and live, which to many people has basically become one in the same.The convenience, affordability, and vast array of products offered by e-commerce platforms shows some of the benefits of the e-commerce industry, but with the growth of the industry (a global online retail market that is expected to surpass $4.5 billion by 2020), large e-commerce companies like Amazon, Alibaba, EBay and a large group of other companies which account for over 50% of that market valuation, the problems associated with e-commerce are beginning to emerge.
Payments and technology company MasterCard Inc. has filed a patent to use a public blockchain system for payment card verification. It has also won a patent for a system of itinerary bidding based on a blockchain network.According to US Patent and Trademark Office or USPTO filing, the patent application – Method And System For Payment Card Verification Via Blockchain- is for a public blockchain-assisted conveyance and retrieval of payment processes to verify and secure users’ information.In the filing, MasterCard noted that the wireless transmission of payment credentials can be subject to intercept. The company noted that many consumers may feel unsafe to utilize more convenient methods of conveying payment details, instead opting for more secure methods that require additional time and actions to be performed by the consumer.
Swiss entrepreneurs face on average a six-week-long, paper-heavy process to legally register their business entity with the government. This doesn’t jibe with a generalized sense of Swiss perfection. Even though the World Economic Forum’s Global Competitiveness Report identifies Switzerland as the world’s most competitive economy for the eighth year in a row, it simultaneously pegs the country as bureaucratic. Of the 138 countries surveyed, Switzerland’s business incorporation process is the 54th-easiest to navigate and the 56th-fastest to complete. A demonstration of blockchain technology by a company called Proxeus significantly moved the goalposts on Switzerland’s six-week process, registering a valid legal entity (“Drakkensberg AG”) with the complicated government in one hour and 37 minutes.
HSBC has completed the world’s first commercially viable trade-finance transaction using blockchain, opening the door to mass adoption of the technology in the $9tn market for trade finance.
The UK-based bank said the blockchain trade, which processed a letter of credit for US food and agricultural group Cargill, had shown the platform was ready to be commercially adopted across the industry.
The introduction of blockchain, which underlies cryptocurrencies such as bitcoin, is expected to shake up the centuries-old trade-finance industry, reducing the numerous documents and several days of processing needed for a single transaction to a paperless task that can be completed in hours.
Nuggets CEO and founder, Alastair Johnson, said: “We are delighted to announce a collaborative partnership with Storiqa. It’s a great business with the same mission as us – to make e-commerce work better for retailers and customers alike.Our technologies complement each other perfectly, and we look forward to working together.”
Storiqa’s multi-currency wallet allows fast and safe transactions in both its own STQ tokens, other major crypto currencies, and in traditional currencies. Payments are dramatically accelerated (often from months to minutes), and transaction fees minimised. Its self-sustaining STQ token economy provides higher cash-back to buyers, while sellers get access to preferential platform features.
The Global Blockchain market is expected to grow at a CAGR of 42.8% (2017-2022), resulting in a global revenue of USD 13.96 billion by 2022. Blockchain technology is being used increasingly in the Banking Financial Services and Insurance (BFSI) segment for financial transactions and cross-border payments. The Blockchain Technology market is further classified into three main types based on its user’s accessibilities Public Blockchain Technology, Private Blockchain Technology and Mixed Blockchain Technology. Public Blockchain technology rules the roost.
After four years at the helm of Messenger, David Marcus will be leaving the team to lead a small group of Facebook employees to explore what blockchain technologies can do for the social media giant.
In a post on Facebook, Marcus noted that he would be “starting from scratch” in these efforts surrounding blockchain tech. His departure from Messenger comes alongside a major organizational restructuring up top at Facebook that saw the roles shift of many key executives at Facebook.
Marcus is notably on the board of directors at the cryptocurrency exchange Coinbase, so this won’t be his first foray into blockchain. Marcus will be joined by Instagram’s Kevin Weil in this new endeavor, Recode reports.
Large institutional financial organizations are continuously exploring and embracing blockchain technology.
Details of a patent filing by JPMorgan Chase & Co. was published by the U.S. Patents and Trademark Office on Thursday, which was originally filed by the bank in October of last year and lists how the leading investment bank plans to utilize the distributed-ledger-based system. It plans to use the system to record payments sent from one bank to another using a peer-to-peer network. The filing goes on to explain the abstract as follows:
Information Minister Joseph Mucheru, the man who the team will report to, says that, among other uses, blockchain could help organise land records stored by the government, which are a constant source of frustration for people who want to buy, sell or verify information about land.
Possessing a title deed in Kenya does not necessarily guarantee ownership because fraudsters in cahoots with land officials have been known to change land records.
In fact, to buttress their land ownership claims beyond having a certificate, many Kenyans paint “This Land Is Not For Sale” on their property to warn off potential land grabbers.