Blockchain Tech Will Transform Major Industries Within 10 Years: Gartner Hype Cycle Survey

The blockchain technology is certainly bringing a revolution to the financial world. What some people don’t know, however, is that several other industries are bound to be affected as well. Gartner, a giant of the information technology area, has recently affirmed that the blockchain will change most industries within 10 years.

These remarks were made on a press release that talked about its newest research: 2019 Hype Cycle. The report tries to explain how the blockchain is changing business all over the world.

According to David Furlonger, the vice president of research at Gartner, 60% of all CIOs in the survey expected to adopt the technology despite not knowing what impact it will have. However, the lack of governance is still one of the main issues that are still preventing them from achieving the potential of the technology.

18% of all the banking-related companies plan to adopt the blockchain within the 12 next months or already have done it. Other 15% plan to do it within the next two years.

Furlonger affirmed that the financial industry is already adopting the technology at quite a quick pace. However, other non-financial industries are still needing more efforts before they can be able to use the technology properly as well.

To Gartner, the key to the success of the blockchain is tokenization and decentralization. Several industries could decentralize by adopting this kind of technology and see real business value from these decisions. The authors of the study believe that only a few industries do not benefit from the technology and that the market will grow 42% annually until 2024.

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Author: Gabriel Machado

Sberbank Bank Buys $15M In Debt In Pilot From Trafigura Trading Giant Using Hyperledger’s Fabric

Sberbank, known as the largest banking institution in Russia, recently used blockchain technology to buy around $15 million USD worth of debt in accounts receivable from Trafigura, a commodity trader based in Singapore.

This transaction was made using the technology of Hyperledger Fabric platform. The announcement was made this week by the bank and a spokesperson confirmed that this tech provides several advantages for companies that want to trade internationally.

With the private collections feature of the technology, the company was able to keep a part of the data confidential between some of the participants. The system use smart contracts written with a Scala programming language and the Aurelia framework. SberCloud, the cloud solution of the bank, was also used at the time.

According to Alexander Vedyakhin, the deputy chairman of the Russian bank, the blockchain technology was very helpful in making the document flow considerably more efficient than it was before. Something that could take up to a day to do before is now done in an hour.

He also confirmed that the pilot project was very useful because all the steps were fully recorded, so the process could be followed and reviewed all along the way.

This is yet another example of how blockchain has been useful for the financial market. The spokesperson of the bank confirmed that this technology represents an ongoing evolution in the market and that more advanced solutions are set to be used soon.

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Author: Gabriel Machado

Blockchain Startup Partners With Oil Consortium For The Management Of WasteWater

Blockchain technology is being implemented by many companies in the oil and energy sector. The new-age technology is close to achieving mainstream adoption as more use cases are developed.

A consortium of oil firms has engaged a blockchain startup to create a system for the management of water that is used in the extraction of oil. The system will be used in North Dakota’s Bakker oil fields. The companies that form the consortium include Chevron, Exxon Mobil, and Royal Dutch Shell. The blockchain system will bring increased efficiency to the management of wastewater from oil fields, and help these oil companies to conduct their business better.

Blockchain Firm Awarded Contract to Manage Oil Water

A blockchain startup was awarded the contract to run the blockchain water handling technology. Data Gumbo received the contract from the Offshore Operators Committee (OOC) Oil and Gas Blockchain Consortium on the 10th of September. The pilot program will be used at the oil fields in North Dakota.

One of the companies that is a part of the consortium, Equinor, said that they expect to save over 25% in costs related to the disposal of saltwater. Saving this amount of money will enable the companies to direct it towards other activities which will ultimately benefit the industry.

Data Gumbo will run an automated payment system using their blockchain network. The startup will also use the GumboNet platform for the management and synchronization of data about the wastewater. Having this data on one platform will allow the oil industry as a whole to make better decisions and achieve new levels of efficiency.

According to the EPA, over 2 billion gallons of liquid byproducts from the oil and energy sector come into the United States daily. These fluids come into the country through about 180,000 wells, and it is these fluids that will be managed by Data Gumbo’s System.

Data Gumbo and the Consortium

Data Gumbo has developed a technology for the management of supply chain and payment systems in the oil industry. According to Andrew Bruce, the startup’s CEO, streamlining the various processes in the oil sector will reduce all costs by over 30%.

The Oil and Gas Blockchain Consortium was formed in March and it is tasked with looking at the different proofs of concepts for blockchain networks in the industry. The consortium is the first of its kind in the United States and it will give the American oil industry a huge boost.

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Author: Ali Raza

Mobius Capital Investor: If It’s Man-Made, Blockchain Can Be Broken Into And Its Risky

Renowned investor, Mark Mobius, has poked holes on blockchain technology saying that it can be broken into. According to Mobius any technology developed by an individual has its weaknesses and the notion that blockchain cannot be hacked is just a lie and if the technology is broken into, it can lead to a major crisis in the world.

Speaking to CNBC’s “Squawk Box ” the pioneer founder of Mobius Capital Partners said that the massive support for cryptocurrencies depend on the faith that people have with the internet as well as cryptos.

Mobius explained that blockchain is a high-risk situation and soon people will start realizing how bad it can be to the global economy. He added that it would be better if cryptos were backed by gold. He stated:

“If there is a cryptocurrency that is really backed by gold and there is a meaningful agreement and some kind of modern thing of this connection, then this could be quite interesting.”

Majority of renowned investors have raised their concerns about cryptocurrencies saying they will soon collapse. Recently Warren Buffet compared Bitcoin and cryptos to rat poison saying that he can never invest in Bitcoin. Similarly, Bill Gates has also voiced his opposition in Bitcoin and cryptos saying that the bubble will soon burst.

Many government authorities and agencies have also been raising their concerns about cryptos especially after Facebook announced its plans to enter the market through its Libra project.

Despite the bashing, the crypto space has in the last few months registered tremendous growth with Bitcoin registering a rallying run of about 200% since January to trade above the $10,000 mark.

Do you think big investors will be proven wrong with time after cryptos are adopted for mainstream transactions? Let us know in the comments section.

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Author: Joseph Kibe

Tron & Bittorrent-based BLive Now being Internally Tested

  • The world’s first live streaming platform using blockchain technology goes in the testing phase
  • BLive is a multifunction audio and video tool with instant messaging & live streaming
  • Public beta expected to be launched on Sept. 20

The peer-to-peer streaming protocol, BitTorrent began internally testing BLive, boasted to be the world’s first live streaming platform using blockchain technology, the company announced on Sept. 4.

BitTorrent protocol is the largest decentralized protocol with over 1 billion users. Last year in July, Tron acquired the P2P downloading network.

Based on Tron and BitTorrent protocols, BLive is a multifunction audio and video tool that integrates instant messaging, live streaming among other features.

“With more than 100 million monthly active BitTorrent users, BLive can tap consumers who want to seamlessly combine entertainment with cross-border payments to content creators.”

In currently ongoing internal testing, BLive users will experience audio and video live streaming including payment systems, users relationship, account system, top user charts, and gifting systems.

The platform is working to redefine the way how each participant operates and cooperate with each other in an organic vital ecosystem.

“By combining a constant audio/video output with a token economy, BLive delivers great value to the live-streaming industry by allowing content creators to take a larger share of profits than other live-streaming platforms.”

Investors, consumers, and content creators will be close-knit in the tokenized system of BLive in what  the company says will be a

“brand new way.”

Now, that the system is being integrally tested, this month itself, that is Sept. 20, BitTorrent will release the public beta of BLive to gather user feedback.

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Author: Bitcoin Exchange Guide News Team

Huobi’s New Blockchain Phone, Acute Angel, To Be Launched Next Week

A handful of companies has already started to experiment in a world in which the blockchain technology is used together with smartphones in the so-called blockchain phones. Now, however, Huobi, together with Whole Network, is set to make a great step that will possibly change this industry.

The company has recently announced that its new low-cost blockchain phone Acute Angle is set to be launched next week. The phone will cost only $515 USD. Not the cheapest price ever, obviously, but far less than the $1,000 that most of its competitors are charging.

According to reports, companies such as Sirin Labs have devised other blockchain phones before, but most of them were out of most people’s reach.

This new product will be launched in Asia next week. China will receive it in Q4 2019 and the Western markets are not set to see the launch so soon, as there is no date set for it yet.

The CEO of Huobi, Livio Weng, affirmed that blockchain phones will be a part of the future. According to him, this is a promising area for technology and innovations will help it. 5G technology, for instance, is still being implemented, but it will change radically how people use the internet and will affect phones.

Acute Angles will have several features focused on crypto products that will come on the phone, so people will not even have to install them. For instance, it will have its own crypto wallet and a cold wallet plugin.

If this is a successful enterprise, these companies will have an edge in the competition to dominate the blockchain phone market, which is expected to be a big industry in the future.

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Author: Gabriel Machado

FIS Global And Boeing Join Hedera Hashgraph’s Governing Council

Many big-name companies are moving into partnerships with blockchain-based firms as the new age technology grows in application and popularity by the day. Many industries consider blockchain technology as the basis for their future operations and ways of doing business.

Hedera Hashgraph is one blockchain company that is attracting the attention of some big-name firms from various industries. Hedera provides a blockchain-based public network for enterprises. The decentralized public network allows any user to create their own cyberspace through which they can perform transactions, create smart contracts, and create a file system among a host of other applications. Each enterprise can create personalized cyberspace through Hedera Hashgraph

Big-name Brands Come on Board

The public network is run by a governing council that is comprised of companies from several different industries. Each of these companies come on board and provide expertise from their field of practice, and this gives Hedera a wide range of applications that it could accommodate.

On the 29th of August, 2019, Hedera announced that FIS Global would be joining the public network’s governing council. The American financial giant becomes the 9th addition to Hedera’s 39 member governing council.

After the announcement of FIS Global’s joining of Hedera’s governing council came that of Boeing. The world’s largest aircraft manufacturer has also joined the blockchain firm’s governing body, becoming the 10th addition to the body.

Some of the other companies that are already on the council include Tata Communications (India), IBM (US), Deutsche Telekom (Germany) and Nomura Holdings (Japan), among other companies on the council. These council members are from different industries and different countries across the world.

Leemon Baird, chief scientist, co-founder and inventor of Hashgraph’s algorithm said that they aim to make sure that the initial members of the council are from different industries and different countries to ensure that there is diversity on the body.

Hedera Hashgraph

The blockchain startup says that have developed a distributed ledger technology which can be used to facilitate micropayments, support smart contracts, and promote the distribution of file storage. Companies that have a private network can connect to Hedera’s public decentralized network and make use of the transaction processing system provided on it. At the network’s launch, Hedera said that their network could process up to 10,000 transactions per second and the file services can take up to 10 transactions per second.

All the council members will be in charge of a node on the Hashgraph network, and they will be responsible for running that node. When the network’s open access is launched in September, each one of the council members will be able to use Hedera Consensus Service, which gives the members access to the public network’s transaction ordering system.

Hedera Token Sale

Hedera plans on distributing its HBAR roles over the course of 15 years. As it stands, the blockchain company has raised $124 million in three rounds of fundraising. Hedera employed a simple agreement for future tokens (SAFT) framework for the three rounds of token sales that have been executed to date.

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Author: Ali Raza

Blockchain Tech May Be Used By The FDA for Drug Recalls and Medical Product Reviews

The U. S. Food and Drug Administration (FDA) has recently announced that it may use blockchain technology in the future. According to the organization, this technology could be used to improve medical product reviews and recalls.

Amy Abernethy, deputy commissioner of the institution, has affirmed that the main goal of the organization with the technology to modernize the way that healthcare is able to communicate with other important agencies.

According to her, the organization will use blockchain, artificial intelligence (AI) and APIs to create a fully interoperable system that will handle the way that information is shared and medicine is reviewed.

Abernethy affirmed that this will make the agency much more agile and efficient and that new traceability solutions will certainly allow it to crosscheck information better and to guarantee that the quality of data will be solid.

With blockchain technology, a system in which information is sent quickly and can receive feedback in real-time may be possible. The whole process of approving a medicine will become quite faster this way and less paperwork will be needed as blockchain is an immutable ledger that can easily store all the information.

Another way in which technology can be used is to improve the quality of medical surveillance and to determine when to recall medicine. The system will let recalls happen faster and with fewer problems, it was affirmed. Also, medicine will possibly become more targeted and individual with the aid of these solutions.

The new system is expected to be launched in around a month or two, according to the deputy commissioner.

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Author: Gabriel Machado

Miller Lite and Vatom Labs Start Partnership to Create New Customer Engagement Experience

A technology company called Vatom Labs has recently started a partnership with the Miller Lite brewery in order to create a new customer engagement experience for their products. The beer brand is set to use the blockchain technology to improve its newest customer engagement experience.

The experience is Great Taste Trivia, which is a game that people can play on their smartphones to answer 12 trivia questions about beer and gain a prize. The prize is a $5 USD beer from Miller Lite, which is only gained if the person answers all the questions correctly.

Vatom Labs’ role in the partnership is the creation of a blockchain system that will help to authenticate the competitors. The system will be used in order to prevent exploits and to reward the players. This way, it is ensured that they will receive their prizes and no one will be able to cheat and play twice.

Another important part of the partnership is that the SmartMedia technology created by Vatom Labs will be used to track the engagement on the platform and provide valuable information to the brewery.

The game, which is being called a form of “edutainment”, mixing entertainment and education, will award the first 10,000 people to beat it. After the person wins, the money will be sent immediately to the person’s Paypal account (so they can use it to buy other things instead of beer if they want to).

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Author: Gabriel Machado

IBM And Indian Telecom Firm Tata to Become Part of Hedera Hashgraph’s Governing Body

Technology giant IBM and the Indian telecom company Tata Communications have recently announced that they would be a part of the Hedera Hashgraph, a blockchain network that was created for enterprises.

The blockchain network has affirmed that the presence of these two companies is set to decentralize even more control of the company. At the moment, the company has 31 of its 39 seats for the governing council still open.

Mance Harmon, CEO of Hedera Hashgraph, affirmed that the governance model of the company ensures that no company can consolidate power alone. This is usually done via a checks and balances system that prevents one company from getting all the power alone.

Hedera was created in order to facilitate payments using the blockchain technology and to support smart contracts and file storage. The company was able to raise $124 million USD so far via future token agreements.

The code of the company is fully open for viewing, but it is patented, meaning that it is not open source, only transparent.

According to IBM, one of the most interesting aspects of the network is how private networks can be used to interact with public networks. The Hedera Consensus Service, for instance, can be used to connect public networks such as the Ethereum blockchain with private ones such as Hyperledger Fabric.

Because of this, IBM is certain that this new technology can be used in order to make its own offerings more effective and well-connected to the rest of the blockchain world.

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Author: Gabriel Machado