Blockchain Weekly

Blockchain Weekly Tech Edition

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Texas Is Planning To Become A Leader In Using Blockchain And Crypto

The state of Texas in the United States is reportedly gearing up and aiming to establish itself in the position of a leader when it comes to the use and application of the globally popular technology of Blockchain. In addition to that, the state is also aiming to become a leader in the crypto asset mining sector after the recent crackdown on crypto mining in China made headlines around the world.

According to a report which was published by Forbes on the 2nd of October, Lee Bratcher, who is a former Captain of the United States Army and also the Honorable Founder and the President of the Blockchain Council in Texas, is going to host the Texas Blockchain Summit, on Friday, October 8, 2021. This is basically a one-day event, where several luminaries from the world of crypto will be assembling together to discuss the essential issues regarding the latest advancements and developments in the world of digital assets. 

These luminaries include famous personalities such as Senator Cynthia Lummis from Wyoming, Senator John Cornyn from Texas, Senator Ted Cruz also from Texas, and Nic Carter, who is the Co-Founder of Coin Metrics. 

The Texas Blockchain Council is actually a popular non-profit industry association, and it is an amalgamation of individuals, entities, and companies that are engaged in a large variety of industries that are linked to Blockchain technology. According to a host of social media posts on Twitter by some of the participants, it is pretty evident that they are willing to make sure that the state of Texas ends up as the jurisdiction of choice for every innovative endeavor related to Blockchain.

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HOW BLOCKCHAIN TECHNOLOGY CAN PREVENT FRAUD

Fraud in any organization or company isn’t a problem that should be ignored. In addition to being costly, it can decrease employee morale and create an unstable business environment as well as undermine business and consumer relationships.

According to a study by the Association of Certified Fraud Examiners, the typical organization loses five percent of revenues to fraud each year.

Unfortunately, fraud in a business can go undetected for a long time and is often hard to uncover.

Blockchain can be used to fight and prevent fraud in a business network.

One of the major components that determines the value of blockchain is its ability to share data in a fast and very secured way without any one entity having to take responsibility for safeguarding the data.

Enhanced security is a leading benefit of blockchain technology.

The enhanced security offered by blockchain stems from how the technology actually works: Blockchain creates an unalterable record of transactions with end-to-end encryption, which shuts out fraud and unauthorized activities. Additionally, data on the blockchain is stored across a network of computers, making it nearly impossible to hack (unlike conventional computer systems that stores data together in servers). Furthermore, blockchain can address private concerns better than traditional computer systems by anonymizing data and requiring permissions to limit access.

Transactions recorded on blockchain are immutable because they cannot be deleted or changed. Before a “block” of transactions can be appended to the blockchain, network participants must agree the transaction is valid through a process called consensus.

According to Casey Evans, blockchain expert and professor of finance and accounting at American University’s Kogod School of Business, blockchain technology can help fraud detection because it enables the sharing of information in real-time and all participants in a blockchain have visibility over transactions.

There are several methods fraudsters use to conceal their criminal activities, including altering or deleting information in a company’s accounting systems, changing electronic or paper documents and creating fraudulent files. Using a shared digital ledger can help reduce fraud because it increases the visibility and transparency of the transactions made throughout a supply chain and between members of a business network. Participants can see the history and transfer of assets, so fraudulent transactions are easier to identify. Plus, to tamper with the transaction records on a blockchain, an individual or group of individuals in collusion would have to control a majority of the system.

Another beautiful attribute of blockchain technology that aid it in preventing fraud is the fact that blockchain can be permissioned.

Although, not all blockchain can be permissioned. However, permissioned networks can be great for fraud prevention because they restrict who is allowed to participate and in what capacity. Members of a permissioned network must be invited and validated before they can contribute.

Controlling access and identity management are key in a permissioned network. With Hyperledger Fabric, a blockchain implementation framework hosted by the Linux Foundation, participants are issued cryptographic membership cards to represent their identity. This makes it extremely hard for fraudulent activities to take place.

Application of blockchain technology can help make business networks less susceptible to fraud.

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Is Blockchain the answer to the misery of the entertainment and media industry?

When we talk about Blockchain, we generally do not associate it with media and entertainment. This is because the term blockchain has been closely associated with the advent of Bitcoin. Prior to that people did not really know much about technology.

However, Blockchain has plenty of real-world practical applications owing to the level of security, immutability, and transparency it provides the users – Cryptocurrencies are just a fraction of them. In today’s world, where information is of such high value, we need technologies like that of Blockchain to help secure and protect that information and keep them from falling into the wrong hands. Not just that, Blockchain has the ability to enhance workflow by multiple times. 

Blockchain stores data in cryptographic forms. The data stored on a blockchain does not stay under a single entity but rather owing to the decentralized nature of the technology, the data is stored on every system across the network of that particular blockchain. As the creators themselves store the data, the blockchain allows them to actually own that data. This is due to the decentralized aspect of the blockchain. 

Blockchain is also helpful in fostering trust and a sense of security among complete strangers.

Every transaction recorded on a blockchain is locked with a cryptographic key called a hash and copies of the data are distributed to every member on that blockchain with their own unique hash keys. Therefore there are no possible means to hack the system. This is why the technology is transparent and trustworthy. 

Challenges for content creators in media and entertainment

Presently the global entertainment and media industry are facing some challenges which can be solved with the help of the transparency and security that the blockchain technology provides. 

Content creators including musicians, artists, game developers and others working in similar creative professions often find their Intellectual Property Rights being infringed and their hard work being copied, duplicated and sold without their consent. There are several peer to peer (P2P) sites that facilitate such online piracy and it becomes extremely difficult for content creators to keep a track of who is accessing their work through illegal and unethical means.

Most of the time the creators find themselves dealing with a lot of intermediaries or individuals acting as the middle men through whom they get access to a wider section of the audience or even in order to get their Intellectual property protection rights. Moreover the Digital Management Rights software that are provided to the content creators are not capable enough to resist hacking attempts.

Moreover these intermediaries levy numerous charges for giving the artists more access to online platforms and other platforms as such. The post pandemic world has seen a large chunk of the audience shift to online streaming platforms and hence the artists and content creators also try to access their target audience online. But these intermediaries often charge unlawful amounts which result in revenue losses for the artists. This revenue stream is the only way the artists make money and the traditional system of going through monopolistic intermediaries is proving to be detrimental for the growth of any content creator.

How can Blockchain solve the problem?

  1. The idea of blockchain technology is such that it enables content creators to upload theirs.1 content directly to the platform themselves and also track the distribution pattern and handle customer payments directly. Moreover, there is permanent security and protection provided by the immutable technology that blockchain offers.
  2. There is no place for intermediaries on a blockchain. As a result the hassle of paying an intermediary is completely eliminated and bypassed and the content creator can easily focus on creating quality content and manage his/her production costs properly. They can also reach the customers directly and collect the payments from them directly too, while all the movements will be tracked and recorded, barring all chances of an error or a mishap. The revenue share of the creator will increase while their intellectual property rights will also be safely guarded.
  3. The use of ‘Smart Contracts’ will improve the speed, accuracy, and functionality of the overall process of executing a transaction. Clear terms of the agreement can be defined and well-executed among involved entities. It will also help to maintain a track of the content, whenever they are used, and for what purpose. There is an additional level of transparency working here which eliminates the possibility of a dispute arising later at some point.
  4. The use of Blockchain is pretty cost-effective than other methods of administering the entire process. Content such as articles, graphic arts, etc can be sold on a per-user basis and the entire process can be automated. This will help save software and administrative expenses.

To conclude, Blockchain technology can be extremely useful for the media and entertainment industry as it not only provides safety and security for the content created but also saves extra costs by eliminating unnecessary intermediaries and other administrative expenses. Blockchain technology can help the artists maintain control over their own revenue stream and operate more independently, productively, and that too in a completely hassle-free manner.

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Top US-Based Companies Using Blockchain Technology

If you are wondering which top US-based companies are leveraging Blockchain Technology, you have landed on the right page. 

Table of Contents 

  • Overview 
  • List of Few Top Companies Using Blockchain
  • Concluding Lines 

Overview 

Gone are the days when Blockchain was associated with cryptocurrencies like Bitcoin and Ethereum. Today, technology has its implications across various domains such as Finance, supply chain, healthcare, logistics, identity management, and others, due to which industries are welcoming it with open arms. Due to its ability to offer complete decentralization, transparency, immutability, and security, tech giants and even startups are adopting and implementing Blockchain for their efficient operations.

Here we have curated a list of few US-based companies that are leveraging Blockchain technology for improving the future.

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List of Few Top Companies Using Blockchain

Here we are enlisting top companies and organizations that are leading the pack to adopt Blockchain technology for their operating needs and to speed up business processes, increase transparency and potentially save billions of dollars, creating waves in the industry.

Chronicled

Chronicled is a Blockchain-based company that aims to build trust & automation between participating parties. With its blockchain-powered MediLedger Network, it intends to bridge the gap between trading partners. Its completely decentralized ecosystem helps industries, including pharmaceuticals, commodities, and others, to track-and-trace every move their shipment takes. It ensures complete privacy by allowing total control over your data and who you share it with without involving third-party intermediaries. The best part is that it provides secure peer-to-peer messaging that automates direct transactions between trading partners.

CoinBase 

Coinbase is a San Francisco based company that offers the easiest place to buy and sell your cryptocurrency portfolio. It is a digital portfolio that has numerous features such as recurring buys and vault protection that make it the best place for trading. Moreover, it helps you create your cryptocurrency portfolio as well. The platform claims to offer secure storage by storing the majority of the digital assets in secure offline storage and ensures that cryptocurrency stored is protected by an insurance policy. Whether you want to trade Bitcoin, Ethereum, Litcoin, or Bitcoin Cash, this is a one-stop platform for trading crypto-assets. 

High Fidelity

High Fidelity is a Blockchain-based company that aims at building a next-generation virtual world. Built on Blockchain technology, it is an open-source platform for developing virtual environments. It allows users to hang out with other VR users virtually and purchase accessories for their avatars and even attend events. Whether you just want to try it, create your own virtual environment, or enrich your own app, it allows users to explore High Fidelity’s Spatial Audio, one core component (it’s like hearing sounds from different directions). High Fidelity’s blockchain-based Digital Asset Registry (DAR) gives each object a unique fingerprint and provides a decentralized, publicly auditable ledger of transactions to stimulate commerce and safeguard the content from fraud.

TraDove 

TraDove is a platform that offers business-to-business (B2B)Blockchain payment solutions. It allows business buyers and sellers to meet, connect, and trade all across the globe and helps in eradicating unaligned buying & selling processes, lack of communication & transparency, and deals with other challenges. In short, we can say that it is a public social network that enables both the participating parties to come together and exchange their goods online.

If you are finding it difficult to discover new markets, this platform will help you find many and allow trade using its payment solution, based on Blockchain and eliminate the complexity associated with international transactions.

IBM 

IBM is a US-based multinational technology company known for producing and selling computer hardware, middleware, and software. International Business Machines Corporation (IBM) also provides hosting and consulting services. IBM, founded in 1911, and its headquarters is located in Armonk, New York.  IBM was the first among the big companies to start investing in Blockchain technology. To begin with, the Digital Health Pass application of IBM helps the enterprises in verifying their COVID-19 Test and temperature results. This application works on blockchain technology using IMB blockchain and Hyperledger Fabric. IMB’s Digital Health Pass has helped so many companies, individuals, and customers like stadium operators, they all can choose their own criteria whether a person was vaccinated. The IBM blockchain technology allows each participant to connect and share with the network. Also, it has network transparency among the customers. IBM has come a long way towards bringing blockchain technology into the system and this has proven major benefits to the user enterprise. Most large companies are getting together to promote blockchain technology as it creates a trust and transparent network for connecting to the partners and sharing the data across the secured network. 

Concluding Lines 

Blockchain started with a mission to move Bitcoin as a cryptocurrency from one point to the other. But since then, it is widely used by tech giants and organizations to monitor and move any number of assets all across the globe as easily as sending an email.  

We hope the list mentioned above will help you in providing deep insights into Blockchain technology and the best possible options for your business basis. 

If you want to gain an in-depth understanding of Blockchain technology and become a Certified Blockchain Developer, get enrolled in Blockchain Council.

To get instant updates about Blockchain Technology and to learn more about online Blockchain Certifications, check out Blockchain Council.  

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