The Wall Street Journal has stated that Blockchain as a "distributed ledger technology" is a "trusted way to track the ownership of assets without the need for a central authority, which could speed up transactions and cut costs while lowering the chance of fraud." The graphic shows a distributed ledger technology as can be deployed using Blockchain technology.
Samsung is considering shifting to a blockchain-based system to keep track of its product shipments around the world. According to Bloomberg, the head of blockchain at the company, Song Kwang-woo, said that it could slash shipping costs to the tune of 20 percent. Blockchain is the technology behind cryptocurrencies, but the ledger system can have widely applicable uses. Within shipping, the blockchain method of recording, verifying and sharing transactions could reduce the amount of time it takes to trade paperwork and to arrange scheduling with port authorities. The key here for consumers is that the electronics giant's switch to blockchain for shipping could decrease the amount of time between when a product launches and when it arrives in stores or at a consumer's front door.
Just as HTC is gearing up for the launch of its next flagship smartphone come May 23rd, today it made a surprising announcement: it's also making a blockchain phone dubbed "Exodus" on the side. There aren't any specifics about this privacy-focused Android device just yet, but it will feature a universal wallet supporting Bitcoin, Ethereum, Dfinity, Lightning Networks plus other cryptocurrency protocols. The company is aiming to "double and triple the number of nodes of Ethereum and Bitcoin" through its Exodus units, while delivering decentralized applications (DApp) to more consumers. The Exodus project is led by HTC's newly appointed Decentralized Chief Officer Phil Chen, who is best known for starting the VR project that eventually became the Vive. "I want to see a world where the end consumers can truly own their data (browsing history, identity, assets, wallets, emails, messaging, etc) without the need for central authorities," Chen wrote in a blog post.
When you hear the word "blockchain," you probably think of Bitcoin, the virtual currency that has gone up exponentially in value over the past few years. But while blockchain technology is best known for its use in virtual payments and other financial applications, other uses are rapidly being developed across every sector of the economy, and the fashion industry is already beginning to discover its possibilities. As enthusiasm for its uses in the fashion industry for everything from inventory management to brand protection grows among early adopters, it's also worth pointing out certain pitfalls that come with employing blockchain, which is still largely untested and unregulated. In simplest terms, a blockchain is a shared database or digital ledger that automatically updates information across an entire network, without the need for a central intermediary. When a user enters information in the ledger, that entry becomes linked to every other entry, or "block," and every other copy of the ledger is automatically synchronized via the Internet.
The change has been brewing for some time now. A bit of personal history, I have been in the hosted communications and wireless sector for nearly 20 years. Let me tell you, 20 years ago if I had told you that your company's PBX system would be replaced entirely by VoIP you would have laughed. VoIP at the time was still highly unreliable and run in a mostly unregulated market by small communications companies -- oddly familiar to blockchain and cryptocurrency when you think of it. More impressive is the advancement of wireless devices, I remember when the first phone barring a camera on the front was launched. Let me tell you, not only did consumers not understand why this was done, no one understood this was the beginning of a massive launch and shift from cell phones as commodities to necessities.