In early 2017 and throughout 2018, innovation and blockchain development took a backseat to speculation due to multiple factors including the emergence of Institutional Finance and ICOs.
Because of companies like J.P. Morgan, big banks (BOA and HSBC), and the top 10 ICOs putting money into blockchain technology. By doing this, various companies were able to manipulate the market by hedging their bets to protect themselves. Tether and Bitfinance are such examples.
For the year of 2019, let’s take a look at some accumulating facts about some companies implementing and contributing to the blockchain industry. We can examine where this technological phenomenon is heading, without speculation.
Walmart plans on implementing the blockchain next year, so it can track its vegetables easier. The last two years it has been doing a test run with IBM’s blockchain, and there are claims these operations turned out well. Using traceability, their vegetable tracker can find bacteria-infected products in a matter of seconds instead of days. At least this is what they claim.
Food fraud is estimated to cost Walmart more than $10-15 billion a year. Food waste and freshness also cost the company approximately 29 billion annually, and they can be reduced drastically. Walmart has asked the group’s farmers, suppliers and logistics firms to collectively run on blockchain by next September. These numbers and facts can be verified in the Panel Discussion below in the video provided.
Vice President of The Food Chain at Walmart, briefly explains their Decentralized Distributed Shared Food System. Most of these ideas can be found in a 15-minute video that you can watch by clicking this link.
The store is facing a lack of transparency in the food system, and it is one of the biggest problems WalMart has in the food industry. He talks about how there are over 50,000 food choices, among other various topics verified in the video.
As a solution for smart contracts, which integrates and enhances Ethereum’s POS and Bitcoin’s best qualities, Qtum moves forward in the blockchain industry.
The x86 virtual machine recently released by Qtum offers any language for developers to code in. By default encoding, segwit opens up the Lightning Network offering up interoperability.
In 2019, QtumX (which derives from Qtum) will launch in order to enable corporations’ access to smart contract automation optimization. This welcomes the mainstream into blockchain technology.
Amazon recently integrated with Qtum, allowing developers and AWS users to create and propel smart contracts via AMI (Amazon Machine Image) in an effective and cost-efficient way.
Medibloc (QRC20) may just be the most revolutionizing, reliable and safe open-source project for healthcare. It is running decentralized data on the Qtum platform.
Massachusetts General Hospital, Harvard’s largest teaching hospital, is running a three-year pilot program using Medibloc now. This project offers health care professionals and patients more security concerning privacy, while maintaining ownership over patient records. It also grants patients access to their own personal data.
With that being said, Medibloc allows easy transparency and exchange of data for all interested research for organizations, medical institutions, pharmaceutical companies, and insurers.
Caspian is fueled by Tora platform, and Kenetic blockchain is in use now. The project has recently partnered with Coinbase. Because of its user-friendly interface, it is mass-adoption is highly desirable. Caspian institutional users are capable of controlling and building their funds with easy to use tools.
All major exchanges can be complemented by their blockchain technology. Users have rebalancing tools and asset allocation at their fingertips. It holds trades, assets, and exchanges all in one portfolio. The user can execute orders with 25 well-known exchanges including Coinbase, Poloniex, and BitMex to name a few.
CEO Robert Dyke stated:
“Our goal at Caspian has always been to make it is as frictionless as possible for professional traders and investors to trade and manage portfolios of cryptocurrencies in order to drive exponential growth in this market and we’re delighted that Coinbase shares this vision.”
Caspian makes it easy by storing all your exchanges, trades, and assets in one place for institutional investors.
Zilliqa is a blockchain whose public platform is looking forward to competing with Ethereum. As compared to Vitalik Buterin’s creation, it offers lower fees and faster transactions. It is competitive thanks to its capability to do 2,828 transactions per second.
Sharding is a method used by Zilliqa to overcome scalability issues. It implies breaking down databases and making them smaller, quicker and more manageable pieces that we call data shards. The information on the database is broken into fractions, containing small bits that are worthless individually, but extremely valuable as a whole. For this purpose, these data shards are capable of being put back together. They are also stored in multiple servers.
Zilliqa only uses POW powered by eco-friendly/miners, and this system offers great security for users of smart contracts.
2019 has many up and coming exciting changes in store for blockchain technology. There are many strong projects in development such as EOS, Cardano, Digibyte and Hyperledger, that are finding ways to innovate and inspire.
The above is to be considered opinion and not investment advice in any way, as an unbiased media, no one interferes with the Editorial content of CryptoInsider.com, writers have freedom to choose their own direction, members of Crypto Insider do not participate in trades based on content.
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