Blockchain technology changes how parties exchange value, and it has practical, efficient, secure benefits for practically every type of industry. This short blog describes its basic benefits in easy-to-understand language.
Accenture recently surveyed aerospace and defense executives on emerging technologies they are considering or adopting. They tended to regard blockchain as one of the top emerging technologies that can support greater industry growth and efficiency on many levels. This series of info pieces from Accenture includes a cool interactive blockchain game to demonstrate its potential in commercial aviation.
Chamber of Digital Commerce and U.S. Department of Commerce Lead the First Blockchain Certified Trade Mission to the United Arab Emirates
The U.S. Government blockchain trade mission was a week-long event in the United Arab Emirates, custom curated by the Chamber of Digital Commerce with support from the Department of Commerce and the Embassy of the UAE. The trade mission included a series of private meetings, briefings and engagements with government officials and UAE-based businesses to promote the growth of U.S. business and blockchain in the UAE.
The Trump administration is showing a keen interest in blockchain as a technology with the potential to streamline U.S. government operations.
Blockchain technology has immense potential to streamline business transactions and processes, but the technology isn’t devoid of limitations, according to Pramod Achanta, partner, financial services blockchain practice leader at IBM North America. Achanta spoke with SearchCIO at the recent Fusion CEO-CIO Symposium, produced by WTN Media. In this video, Achanta enumerates the myths, benefits and challenges associated with implementing blockchain technology. He also offers pointers on how to find the right use cases for the evolving technology and explains how blockchain can complement cybersecurity.
Medici Ventures, the blockchain technology arm of online retailer Overstock.com, has added bitcoin consumer financial service platform Ripio to its portfolio of strategic blockchain-focused investments through participation in Ripio’s Series A financing. In addition to Medici Ventures’ equity position, the blockchain-focused subsidiary of Overstock.com will take an observer’s seat in Ripio’s board of directors meetings.
Big Wall Street companies are using a complicated technology called blockchain to further increase the already lightning-fast speed of international finance. But it’s not just the upper crust of high finance who can benefit from this new technology.
Most simply, a blockchain is an inexpensive and transparent way to record transactions. People who don’t know each other – and therefore may not trust each other – can securely exchange money without fear of fraud or theft. Major aid agencies, nonprofits and startup companies are working to extend blockchain systems across the developing world to help poor people around the world get easier access to banks for loans or to protect their savings.
Blockchain networks tend to support principles, like open access and permissionless use, that should be familiar to proponents of the early internet. To protect this vision from political pressure and regulatory interference, blockchain networks rely on a decentralized infrastructure that can’t be controlled by any one person or group. Unlike political regulation, blockchain governance is not emergent from the community. Rather, it is ex ante, encoded in the protocols and processes as an integral part of the original network architecture. To be a part of a community supporting a blockchain is to accept the rules of the network as they were originally established.
Most of the world’s largest banks and financial institutions have already allocated billions of dollars to the development of Blockchain technology. The question remains, will Blockchain technology revolutionize the finance and legal industries in the same way the Internet changed the media industry, once and for all?
Whether you see Bitcoin as the key to a free, utopian form of economy, or as a regulation-free mystery of the digital age, it has, to this point, thrived outside of the standard rules that dictate how finance traditionally functions. Blockchain, the technology that has enabled Bitcoin to remain a maverick of the fintech industry, exists on fundamental security systems that make traditional regulators unnecessary. But blockchain, and by extension Bitcoin, may not live outside of the reach of financial regulators for much longer.