Beyond Bitcoin: 5 Real World Benefits of Blockchain Technology 7069

blockchain technology

In 2017, there was a massive rise in the value and price of Bitcoin, a digital currency based on blockchain technology. However, the sentiment suddenly turned sour in 2018 and now people are beginning to question the true value of blockchain. The problem is that blockchain is often misunderstood, preventing quicker adoption by companies.

Let’s clear this up for once and all.

Simply put, Bitcoin is not blockchain. More accurately, Bitcoin runs on blockchain technology. If Bitcoin is a computer program, then blockchain is the operating system on which Bitcoin runs.

Before we dive into the business benefits of blockchain, we need to first understand what it is, and what types of blockchains are available.

What Is Blockchain Technology?

Blockchain is a distributed ledger technology containing permanent and tamper-proof records. Its defining characteristics is that it is decentralized, permanent, and requires consensus to validate transactions. With low trust levels in our societies, blockchain is an emergent technology that aims to restore trust when doing business with others.

block chain

Imagine a spreadsheet to which many people have access. Instead of storing this spreadsheet on a single and centralised server, access to this spreadsheet is distributed—or decentralized—as each person has a copy of the same spreadsheet. If a person wants to update a spreadsheet entry, every other person with the same copy must reach consensus and approve this update. This is done automatically without any middle intermediaries.

The problem with centralized data storage or with using third parties is that there’s nothing stopping these intermediaries from behaving maliciously. A company running a centralized server could tamper with the stored data. An intermediary might play favorites or get corrupted by opportunists. It’s no wonder many have issues trusting other parties when doing business.

Blockchain solves this problem by tamper-proofing all records, eliminating single points of failure, and removing the need for intermediaries. People could do business with each other using smart contracts on the blockchain. A smart contract is a digital contract that automatically executes once pre-agreed conditions have been met.

Data exchange on the blockchain involves digital currency transactions, legal agreements, or valuable information between two or more parties. Instead of a single authority, blockchain uses a peer-to-peer network of computers (or nodes) to verify transactions using consensus mechanisms such as Proof-of-Work (PoW), Proof-of-Stake (PoS), or a hybrid of the two. The purpose of these consensus mechanisms is to prevent tampering and to ensure that all nodes are in sync.

There are several subtypes of blockchain:

  • Public
  • Private
  • Consortium

Each has their pros and cons, with the consortium blockchain incorporating the best features of both public and private blockchains.

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Nabeel Keblawi
Nabeel Keblawi is a blockchain writer who creates quality articles, case studies, white papers, and other marketing content for companies in technical industries. With expertise in blockchain, IoT, AI, energy, and software development, he has a knack for breaking down complex concepts into easily digestible language for lay people.

Inside LG’s Blockchain and Cryptocurrency Ambitions 1041

lg blockchain

At this moment in time, most of the world’s biggest tech corporations are actively studying blockchain technology, and its implications upon future products and services. LG, the South Korean IT giant is no different, granted that recent reports point towards future blockchain expansion initiatives.

LG announces a blockchain-based food tracking solution

With this in mind, a subsidiary of the conglomerate, LG CNS, recently announced that it will soon introduce food distribution support on top of its Monachain blockchain project. The project, which is the result of a partnership between LG and SayIT, serves the purpose of tracking food that is served on South Korean school cafeterias.

As such, the blockchain-based project will allow for a transparent tracking and fulltime access to details like food production, distribution, processing, acquisition and consumption. It is expected that this will lead to better management of food distributed throughout cafeterias, while also increasing its quality and bringing overall cost savings.

To facilitate this project, collaboration with local governments will be necessary. A full-scale implantation will likely allow for an improvement in student health, since food can be tracked and distributed according to its nutritional values, while taking student needs into account.

LG files patent for crypto-inclusive wallet  

Apart from the food tracking blockchain service, LG has also recently filed a trademark application with the United States Patent and Trademark Office, for an electronic wallet that features cryptocurrency support.

So far, reports indicate that the electronic wallet will include an array of features, including payment settlement services, transaction authorization, digital payments, financing services, digital money issuance, cryptocurrency wallet, and a blockchain-based desktop software platform. It is also believed that LG will integrate artificial intelligence (AI) within this wallet, yet it is not yet known how. Since it is only a patent, it will likely take a while before LG builds it into an actual customer service.

The main purpose of this wallet has not yet been unveiled, but it is always nice to see top-level corporations supporting the digital currency revolution. At this time, LG has not issued any additional comments regarding its food tracking service, and electronic wallet patent.

ICON (ICX) – Whatever Happened to The Korean Ethereum? 6733

icon icx

Bitcoiner since $59BittBurger, gives us his take on the current status of the South Korean ICON project. This post is primarily about a solid uptick in community involvement, decentralized marketing, and the token side of things. For the last year and a half we had a pretty uninvolved community, while the company continued to work under the hood to build something huge.

A lot is happening right now. I feel like nobody knows about it.

It’s Happening

A lot is happening right now. I feel like nobody knows about it. It just started. Most of it. So your patience will be appreciated. But I’ve never seen so much proactivity in this project on the token-side of things before.

new larger office

  • AMBASSADOR PROGRAM: Over the last handful of weeks, the Ambassador program has begun. This program incentivizes the creation of content to promote ICON across social media and the internet. Several Ambassadors have already put out multiple articles that are getting ranked across Google and Medium, bringing attention to the project.

  • ICONSENSUS P-REPS: The number of ICONSENSUS P-REP candidates has surpassed 40 (there will only be 22 voted in) and ICON is beginning a strong marketing push to attract more teams this month, with the goal of reaching 100. Check out the candidate interviews here.

  • EXPOSURE: Some of these P-REP teams which including RHIZOMEICONation, and Ubik have already begun cranking out content, started YouTube video channels, and scrambling to get ICON on podcasts.

  • PODCASTS: Speaking of Podcasts, several investors have begun reaching out to their contacts at several different podcast and YouTube influencers. The goal is to get ICON team members on for an interview, to talk about the project and get the ICON name in front of tens of thousands of faces (or ears). Ricky and others at ICON have been excited to make themselves available for this, which makes all of us extremely grateful. I will be working to get someone on my friend Chico Crypto‘s YouTube channel soon, and a handful of podcasts are already underway for scheduling.

  • EXCHANGES: This past week, a group formed within the Telegram channel to focus entirely on reaching out to as many new exchanges as possible, and getting ICON listed on them. A Trello has been set up, and we’ve already begun making headway on this incredibly important goal.

  • BINANCE USA LISTING: With the advent of Binance USA, both the ICON team and everyone involved are aggressively pursuing assurance that ICX will be listed on the new exchange for US investors.

  • COINBASE LISTING: The same is being done for ICX being in the next couple rounds of newly added coins on Coinbase. I’ve spoken to team members at ICON who have assured me they’ve been following up on this regularly. Please download their app > Sign in > Click “View all Assets” > Then scroll down and click “Follow” on ICON. This is an important metric for Coinbase to decide what gets added next.

  • HIRING PR COMPANY: Two days ago I managed to connect Ricky Dodds (ICONS Head of Institutional Markets in their San Francisco office) to a close friend of mine who runs the PR company which took Genesis mining from nothing to a $2 Billion valuation, and got them on that 60 minutes episode a few weeks ago about Bitcoin. The mining segment in Iceland was thanks to him. Intro email was sent and the two of them have been connected to see if they’re a good fit.

  • HIRING PR COMPANY: Today, I connected Ricky to another company who runs a significantly larger Crypto-focused PR and marketing company. These guys were responsible for some of the biggest successes in Crypto, including Ethereum, NEO, Maidsafe, Qtum, Bancor, Lisk, and Augur. They also managed scaling campaigns for DASH, Ripple, Bittrex, and Kraken. They were excited as they personally know 4 of the 8 advisors listed on the ICON website, and they have an office in Seoul, South Korea in addition to Santa Monica, NYC, Las Vegas, Toronto, and San Francisco. To say I am excited to see the emails flying around today between Ricky and their team would be an understatement.

  • STAKING! 15% Staking is coming in 43 days. The ramifications of this can not be overstated. Aside from the completely speculative “claim” from some that their whale groups will stop suppressing the price at that time (which would be great, if it’s true), I expect nearly everyone to be staking their coins, completely drying up the order book and causing massive upward price pressure come September.

  • INCENTIVE PROGRAMS: I was happy to hear from a team member that several very specific plans are being put in place, after observing countless incentive programs by other projects that have resulted in price gains. The ICON team has realized the importance of creating incentive, interest, anticipation, and excitement for this token, and they’re taking steps to make it a reality for ICX.

icon partnerships

My point in writing this: A LOT is coming in the next 8 to 12 weeks. All of this is centered around recovering and catapulting the price as high as it can possibly go. ICON is seeking out the all-stars in this industry with incredibly resumes, and asking the experts for direction and input.

All of the marketing and promotion has just barely begun. Everything is at ground zero. But its finally happening. All the things we’ve been hoping for, for a year and a half.

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