This article was originally published on American Express
Successful company leaders in the 21st century fear becoming obsolete. High-profile examples┬áfrom the past 30 years┬ádrive those fears. As an industry, video rental stores are perhaps the most famous example: People once thought these chains too big to fail, but the industry didnÔÇÖt foresee mail-order rentals and video streaming services as serious competitors to retail business. As a result, brick-and-mortar video retailers have faced a cascade of setbacks that led to bankruptcy for at least one former giant.
Today, blockchain is the technology thatÔÇÖs changing business as we know it. While many companies fear obsolescence, their apprehension about embracing change and emerging technologies may make that fear a self-fulfilling prophecy. We are on the brink of the next technological transformationÔÇönow is the time to┬áembrace change┬áand safeguard your business.
Fear of change is far more damaging than the fear of becoming obsolete. Although film and photography companies were quicker than video rental services to join the digital revolution, for example, some companiesÔÇÖ business models struggled to adapt fast enough to thrive in a digital world. Though prominent brands havenÔÇÖt all disappeared, some have filed bankruptcy and shifted focus to providing services to corporate markets.
Failures like these havenÔÇÖt just stoked fear for todayÔÇÖs companies, but theyÔÇÖve also sparked the realization that companies need to be more open to adopting emerging technologies. In a┬á2018 survey conducted by PwC,┬á84% of 600 executives┬áfrom 15 territories say their companies are involved with blockchain to some degree.
As the world embraces blockchain as an immutable data source and identity management system, consumers will start demanding that all companies provide the same┬áprivacy-based data systems. Blockchain is built to meet that demand, and a companyÔÇÖs decision to build a network now or join one later is crucial to its long-term ability to be a leader in the new market.
If youÔÇÖve hesitated to adopt blockchain, youÔÇÖre not alone. Every business leader has his or her own unique concerns, but the following reservations are the most common.
As online video streaming was 15 years ago, blockchain is still an emerging technology. It will go through many iterations as itÔÇÖs tested against market vulnerabilities. According to a 2019 Gartner report, up to┬á90% of current implementations┬áwill have to be replaced within 18 months to keep up with those iterations.
ItÔÇÖs true that early blockchain platforms had to converge and mature before they could be adopted enterprise-wide. Today, however, leading enterprise platforms are in a good state for prototyping business cases and evaluating revenue models with the launch of minimally viable blockchain ecosystems. If companies have realistic expectations about what blockchain can offer them in time, they shouldnÔÇÖt be apprehensive about making blockchain part of their strategies now.
Because blockchainÔÇÖs greatest value lies in bringing entire supply chains together, the technology works best when itÔÇÖs applied across a large consortium of businesses. For companies that arenÔÇÖt part of or at the head of such a consortium, blockchain technology might seem like a luxury without much benefit.
However, there are many use cases for which blockchain is bringing tremendous value to ecosystems of all sizes. For example, several companies now┬áuse IBMÔÇÖs blockchain┬áto streamline the procurement of contingent labor to reduce overhead in labor management. Such benefits are huge for smaller business networks.
You may see blockchainÔÇÖs immediate benefits yet doubt its long-term potential. But blockchain isnÔÇÖt just a new solution to integrate into existing systems. ItÔÇÖs a platform that reduces fundamental data-sharing costs, automates mundane tasks, manages smart contracts and makes room for new┬árevenue-boosting business models.
As the world embraces blockchain as an immutable data source and identity management system, consumers will start demanding that all companies provide the same privacy-based data systems.
Once a blockchain network is populated with members, those new models can be operated on top of it, with early adopters guiding that operation. Many project managers have difficulty visualizing this in the beginning, but a strategic consultant can help companies create a road map for planning and governing the growing network.
One of the biggest reservations that companies have about adopting blockchain is that doing so will require an entirely new way of thinking. Current enterprise resource planning systems may restrict data within company firewalls, while blockchain requires a more open-minded approach. This kind of enterprise-wide cultural shift can take time.
However, the time investment is worth it. In some systems, entities throughout the blockchain ecosystem can submit queries about consumersÔÇÖ and other businessesÔÇÖ digital IDs to authenticate transactions. Once companies adopt it, they can substantially┬áreduce the time and money┬áthey spend on record keeping and authentication procedures while facilitating adherence to regulatory requirements.
Those who hesitate to adopt blockchain may miss out on becoming network builders and reaping the benefits that come with leading a consortium. They may be left scrambling to join an already thriving network once doing so becomes absolutely necessary.
This article was originally published on┬á´╗┐Forbes.
IBM is turning to their blockchain networks to strengthen their supply chain.  IBM Food Trust, TradeLens and Trust Your Supplier are being leveraged during the COVID-19 pandemic to source with trusted suppliers, purchase quality goods, and ensure on time delivery of goods.
This article was originally published at Linkedin´╗┐
The Covid-19 pandemic has caught the entire world by surprise causing widespread destruction in the public health care apparatus including sickness and death, disruption of the economy and the global supply chain, and the everyday way of life of the common individual. No one would have imagined that hand sanitizers and masks would become an essential items to stock at home or carrying vast supplies of face masks and ventilators at hospitals. It also revealed that reliance on one single country as the intermediary and sole source for all the supply chain needs can bring entire companies to a standstill.
The disruption in supply chain has given rise to fraudulent enterprises dumping fake products into the market, price gouging of basic essential items and creating an artificial shortage of groceries, food and essential commodities. A bustling and vibrant economy like the United States has been brought to its knees in a span of a few weeks with soaring unemployment at over 6 million and a government bailout in trillions of dollars.
Not all is bad as the pandemic has had some positive side effects too. The air quality across the globe has improved. Beijing has seen clear blue skies after many years, residents of Jalandhar in India were given incredible views of the Himalayan Dhauladhar range not seen in many decades, the importance of sanitary habits and keeping the environment clean has been realized by many populations and the honking of vehicles has dimmed to give one the melody of chirping music.
I have been watching all the daily White House briefings, plenty of news, thousands of WhatsApp forwards, and reading many articles about the crisis. The focus of this blog is on what are the possible post-Covid-19 impacts and the role of technology, including how Chainyard is contributing. With every crisis, there is new opportunity as many have written. Ali.com, JD.com, Uber, Venmo, Netflix, Airbnb, Groupon have all been born during down turns.
In my opinion a few key technology areas that include Blockchain, AI/ML, Hybrid Mobile Apps and IoT will play a significant role in shaping the post pandemic decade. As the economy readies to reopen, we are already seeing some changes. For example, Emirates is requiring passengers to have blood tests as a requirement, while some governments are contemplating proof-of-immunization to go back to work or get entry into public facilities.
Let us briefly explore how technology is or will play a role in future.
The blockchain provides key capabilities such as
Several solutions that leverage self-sovereign digital identity, track and trace, and supply chain are already in development or existing solutions are being modified. Chainyard, IBM, Evernym, VitalHub, Emerge, Nym, Public Health Blockchain Consortium, Hyperchain, SpreadLoveNotCorona, Mediledger are few of the companies that are engaged in blockchain based solutions. These include anything from contact tracing, distribution of donations, securing individual privacy and traceability of pharmaceutical products in the supply chain. Self-sovereign identity will play a key role where individuals will be responsible for managing their identity and claims, and providing proofs to substantiate them.
AI is being used to sift through various past research on molecular compounds and their past behavior to identify potential cures. AI and chat-bots assist the public by answering questions about the Covid-19 testing and treatments, providing insights and making recommendations. They can be effectively utilized in tele-medicine, remote diagnostics, research on new cures and predicting future outbreaks and their mitigation.
AI has been successfully exploited to identify patterns in the spread and predict the impact of the Covid-19 virus by combining publicly available data, government and other private sources, social, hospital and GIS information. Many companies are offering dashboards and insights. Notable ones I have been following are Johns Hopkins, University of Virginia and SAS.
Claim-8, a company I got to know that has gone further by overlaying Covid-19 analytics including additional data generated by existing super-clusters of computation to develop indices and derivative products that generate human actionable outcomes to provide supply chain insights in addition to Covid-19 related dashboard information. MiPasa, an initiative kicked off by Hacera along with IBM and Oracle is aggregating data on a global scale from various sources to provide insights that enable a swift and more precise early detection of Covid-19 carriers and infection hot spots.
IoT devices can work in concert with Blockchain, AI and mobile technology to deliver a connected experience on a trust platform. I would not be surprised if the security scanners at airports such as magnetometers and x-rays are augmented to include healthcare sensors like digital infrared thermometers,  or the enhanced fingerprint kiosks to additionally measure body temperature, conduct instant blood tests and perform contact analysis. Connected digital infrared thermometers combined with AI could provide visualizations about hot spots or emerging outbreaks and provide alerts to hospitals and patients. Ramco Systems has announced a solution that combines bio-metrics and temperature sensors. Sensors combining facial recognition, clock time and temperature are used to enable employee access to the workplace via the security doors.
Theseus from Emerge and Claim-8 from NewBureau are both working on supply chain solutions that track, trace, and optimize the global movement of goods to prevent fraud and counterfeiting. They combine QR tags, RFID, and smart sensors to achieve complete and near-real time visibility into shipments from manufacturer to final destination. Smart contracts validate data from sensors on cargo as the freight moves to detect violations of geo-fence, altitude, tilt, light exposure, acceleration, force, temperature etc. and send notifications about the shipment.
Wearable technology┬ásuch as those from┬áOura┬áor┬áCloudMinds┬áare being tested to understand the individualÔÇÖs health and connect them to healthcare providers and other services. Robots have been deployed to sanitize public spaces, prepare and deliver ┬áfood and monitor social distancing.
Drones┬áhave been able to conduct aerial surveys, deliver food and medicines, sanitize large areas and gather information to support analytics. Kazakhstan is using┬áTerra Drone┬ádrones to patrol the capital city during the Covid-19 lockdown. According to a number of sources,┬áDraganfly┬áis working with healthcare data services firms and researchers across to deploy drones in Australia and the US. The proposed ÔÇ£pandemicÔÇØ drone would be able to fly over people and identify their temperature and respiratory conditions, helping to limit infections.
People carrying digital wallets on their mobile phones to store credentials such as immunization records and virus testing results will become a norm. Quantum Materials Corp (QMC) has a blockchain based QDX HealthID for transparency in disease testing and immunization from infectious diseases. Combining tags using nano-particles which emit different colors when illuminated by light, they authenticate the the individual, the test administrator and test kit, and the immunization record. Chainyard, ProCredEx from HashedHealth, Evernym and many others are testing similar credentialing solutions.
If we were to categorize the areas of impact and what changes can be expected post pandemic era, it will probably look as below.
A specialized blockchain company, providing┬áHyperledger Fabric┬áand┬áEthereum┬ábased solutions to several Fortune 500 enterprises and our flagship solution ÔÇ£Trust Your SupplierÔÇØ has already started transforming the way enterprises manage their procurement process. TYS is a joint venture between Chainyard and┬áIBM.
In order to jump in and get involved with the Covid-19 crisis, the first thing we did was to help Miracle, a Volunteer Non-Profit Organization, extend a disaster management solution we had built earlier to have features that enable individuals to register for a Covid-19 test in the app at any of the registered centers within a certain radius to their location. The disaster management solution brought together volunteer organizations, volunteers, resource providers, distribution centers and donations together on a common platform to have efficient communication and distribution of services and goods. Obviously, there are so many families needing supplies such as soap, hand sanitizers, toilet paper etc. and with the lock-downs in place, it is indeed difficult to shop around.
In addition, we are testing another solution based on the Self Sovereign Identity and verifiable credentials protocol to issue or verify claims by individuals about their health. This can enable a number business and public facilities to allow individuals to work or enter public places. Users can simply present a QR Code of their claim that can be scanned by a Relying party to verify the claim and enable services.
Lastly, we are working on a solution that enables ÔÇ£Rapid Covid ResponseÔÇØ along with our partners, leveraging our┬áTYS technology┬áthat has been in production for quite some months now.
Over the past several years, enterprise blockchain for business has seen noticeable attention from organizations outside of the cryptocurrency community. Gartner predicts that the business value added by blockchain will surge to exceed $3.1 trillion by 2030. In a recent Gartner Press Release nearly 40% of those surveyed globally have blockchain solutions in production. The benefits of blockchain continue to intensify the interest in enterprise blockchain for business. Savvy business owners can earn a share of the fortunes associated with these trends by following our top six enterprise blockchain adoption guiding principles.
People are learning that blockchain is changing the rules, and they need to get involved. As the technology matures, the blockchain platforms are becoming more reliable with improved security, privacy, and scalability. However, there are still more growing pains to overcome. To help address difficulties with communication and interoperability, InterWork Alliance was recently launched by an impressive group of organizations to standardize the interchange of tokenized value across use cases and networks. The establishment of decentralized governance is another challenge for enterprise blockchain consortiums, which are experimenting with various models to address the problem. Furthermore, laws throughout the world impacting blockchain deployments are inconsistent and in flux. According to the World Economic Forum, regulatory changes represent by far the most significant hurdle for blockchain innovators, as these changes are forcing early adopters to rework their implementations.
Experienced blockchain consulting companies, such as Chainyard, have successfully navigated through the complex journey of blockchain for business adoption and have deployed several solutions into production providing blockchain benefits to dozens of clients. Trust Your Supplier from IBM and Chainyard is one such example; It provides a trusted digital passport for suppliers to work with buyers in the network. The network already has more than two dozen Fortune 500 companies as buyers, numerous verifiers, many business networks providers, and thousands of suppliers.
To avoid the need for redesigning their blockchain solutions, and to overcome the numerous challenges and realize the benefits of blockchain, enterprise blockchain for business adopters can follow these top six guiding principles: 
It is highly anticipated that blockchain technology will be a part of most businesses in the next five years. Some pioneering companies will be leaders, creating their own networks, and starting consortiums. Many more will be followers. Enterprises cannot afford to ignore this shift in business models due to distributed ledger technology. There is a myriad of decisions required of enterprises to navigate the fast-changing technology, and leveraging these guiding principles will facilitate a smooth journey.
To learn more about ChainyardÔÇÖs consulting services and executive workshops, email ÔÇô [email protected].
This article was originally published on Forbes
The USPS is turning to their blockchain to strengthen democracy in the United States. Blockchain is being evaluated by the United States Postal Service as demonstrated by a recently published patent application with the United States Patent and Trademark Office that claims a combination of the security of the blockchain and the mail service can provide a reliable voting system.
Exciting news from The Linux Foundation and Hyperledger with the announcement of the openIDL project. This open source project is a collaboration of some of the largest insurance companies to streamline regulatory reporting. Chainyard is proud to be a member of the project and looks forward to contributing to this effort that will improve data, enable insurers and regulators to operate more efficiently, and enable them to make better decisions.
openIDL (open Insurance Data Link) is an open blockchain network that streamlines regulatory reporting and provides new insights for insurers, while enhancing timeliness, accuracy, and value for regulators. openIDL is the first open blockchain platform that enables the efficient, secure, and permissioned-based collection and sharing of statistical data.
Read more about openIDL in the Press Release.
Did you hear about the 10-second video clip that sold forÔÇ»$6.6 millionÔÇ»despite being free to watch on YouTube? This is just one of many examples of asset tokenization, a trend attracting huge sums of money, attention, and optimism surrounding the future of capital management and creation.┬á
Tokenization involves linking an asset ÔÇö a piece of art, a baseball card, a commercial property, anything of value ÔÇö to a digital asset represented as a token. The token can then be bought, sold, or logically divided into pieces (i.e., fractionalized).┬á
Blockchain makes the entire process work by tokenizing the asset (representing the asset as a token on the blockchain, thus embedding ownership, rights, and other property within the system). Tokenization takes something of value and makes it simpler to buy and sell since the transfer can be automated through a smart contract. Yes, itÔÇÖs┬áreally that┬ábasic.┬á
ItÔÇÖs also worth noting that blockchain is used to administer the underlying details of tokenization to facilitate business and create trust in these transactions. This might be a novel concept, and it might rely onÔÇ»blockchain use casesÔÇ»that feel too technical and inaccessible. But┬áin reality, asset┬átokenization is something anyone can take advantage of, whether theyÔÇÖre an owner or investor.┬á
Forward-thinking companies are already using tokenization, and in the process, theyÔÇÖre positioning themselves at the head of the pack to earn an oversized share of the opportunity.┬á
Tokenization as a Startup Strategy 
Asset tokenization will factor into more and more business strategies, especially with startups driving innovation across industries. After all, young companies have a mandate to innovate: disrupt industries, raise capital, and operate lean. To that end, tokenization can assist across the board. 
For one, asset tokenization will give rise to entirely new business models that will let investors put up small stakes of ownership in larger assets (such as art, commercial properties, sports cards, precious metals, cars, or industrial machines), which helps level the playing field for smaller investors across the world. 
A resulting wave of new startups will challenge our assumptions in every industry as they experiment with ways to tokenize assets and employ new business models. Likewise, tokens will also streamline how companies raise capital to fuel growth. Historically, funding has moved slowly because of due diligence, paperwork, and investor uncertainty. 
When blockchain is backing up the exchange of private equity, though, the details surrounding deals are completely secure, transparent, and automated. It accelerates raises by issuing security tokens and eliminating the middleman. With private equity (as with all other assets), turning items into asset tokens makes it simpler than ever to exchange value among trusted parties ÔÇö increasing the liquidity of the underlying assets.┬á
Companies can also rethink how theyÔÇ»allocateÔÇ»capital when tokens are an option. For example, if a company needed an excavator, it could purchase tokens to own a percentage of the equipment and pay rent to use it whenever necessary. As an owner, the company would then earn back some of its excavation expenditures through rent money, making this option more economical and flexible than buying or leasing equipment and improving cash flow.┬á
For startups trying to make the most of limited resources, tokens truly maximize the value of every asset and investment. 
Is Tokenization Right for You? 
ThereÔÇÖs a lot to love when it comes to tokenized assets, but that doesnÔÇÖt mean all assets should become tokens or that all investments should go toward tokens. Keep these considerations in mind before diving in:┬á
ItÔÇÖs tempting to say that asset tokenization changes everything. However, itÔÇÖs more accurate to say it changes very little but improves upon a lot. Imagine if assets could be transacted automatically ÔÇö without delay, confusion, or unnecessary friction ÔÇö with a global reach. ThatÔÇÖs the future that asset tokenization offers, and everyone should be excited about the possibilities.┬á
If youÔÇÖre ready toÔÇ»map outÔÇ»your own asset tokenization framework,ÔÇ»reach out to the experts at┬áChainyard┬á
Blockchain and IoT work better together ÔÇö and theyÔÇÖre poised to fix some of the biggest problems facing companies in the era of digital transformation.
BlockchainÔÇÖs Potential for Easing IoT Adoption
Last year, companies were expected to spend more than┬á$1 trillion┬áon digital transformation for the first time, following a roughly 18% increase in spending from 2018 to 2019. We can expect that upward trajectory to continue increasing sharply in coming years as well. A new generation of technology is here, and weÔÇÖre quickly approaching a point where┬áeveryone┬áneeds a┬ádigital transformation strategy┬áto avoid being left behind.
ItÔÇÖs safe to put IoT devices high on the list of technologies companies should be investing in, as these internet-connected devices play a huge role in a digital transformation strategy. Why? Because they bring the analog online, whether itÔÇÖs critical industrial equipment or medical devices. If digital transformation strives to create a seamless digital link between everything, IoT provides ever-important inputs to ensure transparency throughout.
To put this into perspective, consider an airport. ItÔÇÖs filled with high-tech devices: passport scanners, X-rays, magnetometers, fingerprint kiosks, and (during pandemics) infrared thermometers. Each of these devices is individually important, but only by working together can they effectively secure an airport. IoT makes that possible by linking each device into a broader security platform that can quickly identify and respond to threats ÔÇö whether thatÔÇÖs a virus outbreak, mounting security concern, or something completely different.
IoT adoption might be crucial for a digital transformation strategy, but itÔÇÖs not the only crucial element. In fact, without blockchain, there are legitimate questions about whether IoT can live up to its potential.
How Blockchain Safeguards IoT
A recent┬áGartner survey┬ádemonstrated that most companies adopting IoT are alsoadopting blockchain. This led one Gartner vice president to comment that ÔÇ£the integration of IoT and blockchain networks is a sweet spot for digital transformation and innovation.ÔÇØ Apparently so, given that the same survey showed 86% of blockchain adopters are using the technologies together in projects designed around their complementary strengths.
The strength of IoT is to extract data from far-flung devices and link these devices into information networks, but trust and security must also be considered. Connected devices are vulnerable to all manner of cyber attacks, and because they have few if any built-in security protections, theyÔÇÖre easy targets.
There are two main avenues nefarious actors will take when trying to gain access through IoT devices. First, hackers will often hijack these tools to participate in distributed denial-of-service (or DDoS) attacks where they bombard a server. Because IoT devices are relatively easy to commandeer, theyÔÇÖre generally easy to ensnare in DDoS attacks. Second, IoT devices create large amounts of data and network activity, and due to high volumes of both, itÔÇÖs difficult to pinpoint, stop, or assess attacks. Security concerns related to IoT have held back its large-scale adoption, and for good reason: Imagine what would happen if airport security devices came under attack.
This is where blockchain comes in. Savvy companies are pairing their connected devices with blockchain because it offers a uniquely applicable way to address IoTÔÇÖs privacy and security concerns. There are a few reasons for this: Blockchain is a decentralized database that has no single owner, and the data within can only be added to (not changed). In essence, it becomes an immutable and transparent record. The extensive use of cryptography makes blockchain databases even more private and secure from outside threats. At the same time, consistent logic applied within the blockchain creates trust between the participants.
So how would blockchain and IoT work together? One use case for blockchain might involve quelling fraud and counterfeiting. Blockchains could be loaded with detailed product information for each legitimate product produced by manufacturers. Customers in stores could then scan a product tag to authenticate whether it came directly from the brand manufacturer. At purchase, that buyer could also be cryptographically logged into the blockchain to complete the chain of ownership
Thanks to blockchain and IoT, brands could make a real dent in the rising number of counterfeit goods flooding the market. They could also transform their relationship with customers, given that they have a detailed transaction history for every product sold. This is just one example of how blockchain is used in business, but it illustrates why blockchain and IoT work better together ÔÇö and how theyÔÇÖre poised to fix some of the biggest problems facing companies in the era of digital transformation.
The business value of blockchain is too significant for businesses to ignore ÔÇö and if you havenÔÇÖt already, itÔÇÖs time to┬áconsider a framework. When youÔÇÖre ready to discuss how blockchain fits into your own digital transformation strategy,┬ácontact Chainyard.
Understanding Digital Transformation and BlockchainÔÇÖs Applications
Digital transformation was already a hot topic before 2020.
When the COVID-19 pandemic hit and companies depended on technology to adapt, digital transformation took on even more importance. It went from being an abstract idea or long-term goal to something that companies needed to make major strides toward immediately. Many months later, the transformation plan (or transformation itself) should be well underway.
So what should this plan include? That depends on the digital transformation strategy a company adopts. Each one will mix and match different hardware, software, cloud, and tech-driven capabilities to serve its own business interests. In most cases, though, digital transformation will involve a panoply of emergent technologies that have, in large part, either come online or reached maturity just in the 21st century: Advanced robotics, artificial intelligence, internet-connected devices, 3D printing, 5G wireless, and autonomous vehicles are some of the best-known examples.
Global spending on technologies and processes related to digital transformation topped┬á$1 trillion in 2020┬áafter growing nearly 18% in 2019. Spending has been and will be robust now that so many solutions that looked promising in the past are becoming commercially viable on a large scale. Also driving digital transformation is the never-ending need to improve operational efficiency ÔÇö something the latest generation of technology excels at. Finally, the fact that early adopters have proven the value of tech like AI or IoT makes holdouts willing to try new things.
Companies serious about using digital transformation to their advantage should consider blockchainÔÇÖs use cases. Although itÔÇÖs not as flashy as other technologies (such as an autonomous robot), blockchain applications have the potential to transform industries more than any other solution. In doing so, they could also help companies that currently lag behind the competition and struggle to gain market share leap ahead of others. This highlights the extent to which digital transformation driven by blockchain isnÔÇÖt just a tech initiative ÔÇö itÔÇÖs at the core of the business model and strategy.
Blockchain technology has applications in almost any business, but there are certain environments where a shared ledger is particularly advantageous.┬áSome startups┬áare building forward-thinking products and services around blockchain applications, often using┬átokenization, decentralized finance, and identity. Other more mature companies are discovering enterprise use cases for blockchain that help organizations become more efficient, productive, agile, or insightful.Given what blockchain applications can and will do, itÔÇÖs no surprise that a majority of respondents to a Deloitte survey (55%) consider blockchain a top priority. More surprising is that 83% of respondents worried their company would lose competitive advantage if it┬ádidnÔÇÖt┬áadopt blockchain. The case for this technology is compelling, especially in the era of digital transformation. The lingering question for many organizations is how to make use of this technology for real-world applications, and the remainder of this post provides some guidance.
Blockchain Use Cases
Blockchain ledgers come in many forms and accomplish countless objectives. In fact, their flexibility explains why questions still linger about what, exactly, blockchain does. Below, we map out a few blockchain use cases that illustrate the deep impact it can and will have on adopters.
Digitizing Asset Management
Companies like IBM own countless hardware and software assets that power offices around the world. However, tracking these assets across global supply chains and through their entire life cycle (from manufacturing to deployment and finally to disposal) represents a seemingly insurmountable challenge that countless producers in technology and other industries struggle with.
However, tracking and managing them at scale throughout their entire life cycle is no longer a distant possibility ÔÇö itÔÇÖs now a reality. And with the advent of blockchain asset management tools, itÔÇÖs not even particularly challenging.
So how does all of this work?
Put simply, every asset receives an entry in the blockchain ledger thatÔÇÖs updated whenever the asset moves elsewhere. The ledger becomes a single source of truth for everything relevant to asset management, whether thatÔÇÖs an itemÔÇÖs location, condition, or destination. Supply chain partners also contribute to these decentralized blockchain ledgers, as it improves their own product management efforts.
In general, digital transformation strives to improve efficiency by using tech to eliminate friction points and information deficits. When it comes to asset management, blockchain applications accomplish exactly that by integrating everything and everyone in one place. Those applications rely on four primary components ÔÇö a shared ledger, peer consensus,┬ásmart contracts, and privacy ÔÇö to create an automatic paper trail behind assets that everyone trusts.
IBM is┬áalready experimenting┬áwith blockchainÔÇÖs applications in supply chain management ÔÇö as will many others. As the supply chain undergoes digital transformation, anticipate blockchains (and the expectation to participate in them) to become the standard.
Streamlining Payments and Invoicing´╗┐
We live in a world of electronic payments, but a startling 80% of companies still pay invoices with paper checks. Of course, an analog payment process slows things down for all involved and leads to more errors along the way. Still, old habits die hard, and many companies still feel more confident dealing with paper checks than they do relying on the various digital B2B payment tools available to them.
A blockchain ledger could finally push things in the other direction. With a shared ledger, two sets of payment records condense into one: Eliminating the back-and-forth part of the payment process with blockchain helped one company reduce its invoice rejection rate from 9% to 0.5%, for example.
In another instance, global bank HSBC leveraged the efficiency of blockchain ledgers to process upwards of 3 million foreign exchange transactions in one year. A vast accounts payable and receivable industry exists to handle payments, and blockchain could support, supplement, or replace much of the work that accounting departments handle, all while improving the results. ThatÔÇÖs exactly what digital transformation strives to do.
In addition to automating the core mechanics of the payments process, blockchain ledgers can keep the process itself from breaking down. For example, when a shipment arrives incomplete, incorrect, or damaged, blockchain can quickly┬áamend the invoice┬áin a way that both parties agree upon. The involved parties donÔÇÖt spend weeks or months resolving a payment dispute ÔÇö because a blockchain ledger does the same thing instantly (and largely automatically). Given how perfectly suited blockchain is for digital B2B payments, digital transformation around payments appears to be just around the corner.
Improving Supply Chain Management´╗┐
Global supply chains create as many issues and inefficiencies as they solve. Relying on hundreds or thousands of partners and suppliers located around the world leads to frequent breakdowns in a supply chain thatÔÇÖs supposed to run like clockwork. Blockchain technology prevents supply chain issues in many cases and minimizes damage when it canÔÇÖt. In the same way that itÔÇÖs the ideal solution for a vast, complex payment system, blockchainÔÇÖs supply chain management promises to turn persistent supply chain issues into rarities.
It does so by eliminating the paperwork thatÔÇÖs still common in┬ásupply chain management. Instead of stakeholders scribbling down figures, soliciting signatures, and shuffling around documents, everything happens inside a shared ledger. Using blockchain for supply chain transparency yields such excellent results that the participants share (and trust) the same information instead of keeping independent records multiple times over. Disputes, delays, and defective products have fewer consequences and a faster path to resolution when a blockchain ledger is embedded into the core of the process.
On a wider scale, producers that can harness blockchain in their supply chain management have a powerful forecasting and fulfillment tool at their disposal. Shared information between suppliers, producers, and purchasers leads to better demand forecasts. Likewise, it streamlines logistics: All partners know what arrived when and where, as well as the condition itÔÇÖs in.The need for privacy and security have always been obstacles in a global supply chain that runs on partnerships and predictability. Blockchain technology bridges that gap by making important nonsensitive information visible but immutable, all while keeping sensitive data private. ItÔÇÖs almost like having an independent auditor who tracks everything happening in the supply chain objectively, automatically, and without stopping. In this way, stakeholders get a transparent view of whatÔÇÖs going on and can align their efforts for shared benefit.
How to Implement Blockchain Into Your Digital Strategy
Like any other process change,implementing blockchain in supply chains, payments, or any other aspect of operations takes a clear strategy. Advantageous as blockchain might be, a tool is only as strong as the person using it and the purpose itÔÇÖs carrying out.┬áBlockchain adoption┬ácould be the highlight of digital transformation ÔÇö but without proper planning, it risks under delivering. With that in mind, consider these points in your blockchain implementation quest:
Three examples of areas where blockchain is an obvious choice for consideration are:
There are also some areas where blockchain isnÔÇÖt a good fit. Two examples include:
Act Boldly With Blockchain
ItÔÇÖs hard to overstate the potential of blockchain. After all, itÔÇÖs something with the potential to improve sweeping aspects of operations while creating opportunities to revolutionize the business model and strategy from the core of the organization outward. If the digital transformation road map is about turning companies into something totally new and definitively better, blockchain can make a significant impact.
ItÔÇÖs no wonder why┬áGartner┬áthinks blockchain will create over $176 billion in business value by 2025 before skyrocketing to $3.1 trillion by 2030. And the blockchain use cases outlined above are hardly the only areas where distributed ledgers will elevate expectations; areas such as compliance, cybersecurity, and data-sharing will improve as┬áwell, to name just a few. Given what blockchain can do, itÔÇÖs easy to see why itÔÇÖs a critical component of any robust digital transformation framework.
Early adopters will reap the rewards of blockchain sooner and see them multiply over time. Holdouts wonÔÇÖt just miss the benefits of blockchain ÔÇö theyÔÇÖll also inhibit their own digital transformation efforts in many cases. Put yourself at the front of the pack by leveraging blockchain technologies early and to the fullest extent possible.
Want to learn more about ensuring a viable, realistic, and rewarding blockchain implementation within your own organization? Download our free whitepaper to get started.
The goal of this new editor is to make adding rich content to WordPress simple and enjoyable. This whole post is composed of pieces of contentÔÇösomewhat similar to LEGO bricksÔÇöthat you can move around and interact with. Move your cursor around and you’ll notice the different blocks light up with outlines and arrows. Press the arrows to reposition blocks quickly, without fearing about losing things in the process of copying and pasting.
What you are reading now is a text block, the most basic block of all. The text block has its own controls to be moved freely around the post…
… like this one, which is right aligned.
Headings are separate blocks as well, which helps with the outline and organization of your content.
Handling images and media with the utmost care is a primary focus of the new editor. Hopefully, you’ll find aspects of adding captions or going full-width with your pictures much easier and robust than before.
Try selecting and removing or editing the caption, now you don’t have to be careful about selecting the image or other text by mistake and ruining the presentation.
Imagine everything that WordPress can do is available to you quickly and in the same place on the interface. No need to figure out HTML tags, classes, or remember complicated shortcode syntax. That’s the spirit behind the inserterÔÇöthe (+) button you’ll see around the editorÔÇöwhich allows you to browse all available content blocks and add them into your post. Plugins and themes are able to register their own, opening up all sort of possibilities for rich editing and publishing.
Go give it a try, you may discover things WordPress can already add into your posts that you didn’t know about. Here’s a short list of what you can currently find there:
A huge benefit of blocks is that you can edit them in place and manipulate your content directly. Instead of having fields for editing things like the source of a quote, or the text of a button, you can directly change the content. Try editing the following quote:
The editor will endeavour to create a new page and post building experience that makes writing rich posts effortless, and has ÔÇ£blocksÔÇØ to make it easy what today might take shortcodes, custom HTML, or ÔÇ£mystery meatÔÇØ embed discovery.
Matt Mullenweg, 2017
The information corresponding to the source of the quote is a separate text field, similar to captions under images, so the structure of the quote is protected even if you select, modify, or remove the source. It’s always easy to add it back.
Blocks can be anything you need. For instance, you may want to add a subdued quote as part of the composition of your text, or you may prefer to display a giant stylized one. All of these options are available in the inserter.
You can change the amount of columns in your galleries by dragging a slider in the block inspector in the sidebar.
If you combine the new wide and full-wide alignments with galleries, you can create a very media rich layout, very quickly:
Sure, the full-wide image can be pretty big. But sometimes the image is worth it.
The above is a gallery with just two images. It’s an easier way to create visually appealing layouts, without having to deal with floats. You can also easily convert the gallery back to individual images again, by using the block switcher.
Any block can opt into these alignments. The embed block has them also, and is responsive out of the box:
You can build any block you like, static or dynamic, decorative or plain. Here’s a pullquote block:
Code is Poetry
The WordPress community
If you want to learn more about how to build additional blocks, or if you are interested in helping with the project, head over to the GitHub repository.
Thanks for testing Gutenberg!
