7 Major Blockchain Use Cases Explained by an Expert

  • Mark van Rijmenam, a best-selling author and blockchain blogger, has pointed out seven major use cases for enterprise distributed ledger technology (DLT).
  • Rijmenam wrote that Maersk, BP, Shell, UPS, and other giant multinational firms are currently working on developing blockchain-based systems to help streamline their business processes.

Mark van Rijmenam, an experienced speaker on topics related to artificial intelligence (AI), big data, and distributed ledger technology (DLT), recently published a blog post that mentions seven use cases for enterprise blockchains.

1. TradeLens

The A.P. Moller–Maersk Group, a Denmark-based conglomerate focusing on transport, logistics, and energy sectors, developed its first blockchain proof-of-concept in March of 2017, Rijmenam noted. 

While working in collaboration with the Dutch customs department and US Homeland Security, Maersk explored different ways to remotely access cargo data in order to expedite routine customs procedures.

TradeLens, a blockchain-based global supply chain platform developed by Maersk and IBM, has now grown to include 92 different entities - 20 of which are large ports and several customs authorities, Rijmenam wrote.

Notably, the TradeLens platform has now managed 154 million shipping events and is reportedly expanding at 1 million shipping events every 24 hours. As explained by Rijmenam, who is a Phd candidate at the University of Technology, Sydney, each participant on the TradeLens network operates their own node.

This type of blockchain-enabled supply chain management system “enables participants to cut out as many as five middlemen per transaction”, Rijmenam noted. 

2. British Airways

Another use case for blockchain, developed by British Airways, is for tracking and recording flight arrival and departure information. Key findings from British Airways’ pilot program were that permissioned blockchains require proper governance, and they must adhere to industry standards such as adopting adequate security measures.

As explained by Rijmenam in his blog, “the performance, resilience and scalability of a private blockchain can be a useful tool to improve the air transport industry.”

3. UPS

Other large organizations like UPS are working on a pilot that utilizes DLT to autonomously route shipments via several logistic services - while also completing transactions between stakeholders in a quick and cost-effective manner.

4. Walmart

As covered by CryptoGlobe, giant multinational retail corporation, Walmart, recently announced that by September 2019, all its food item suppliers would be required to upload data to IBM’s proprietary blockchain-based Food Trust platform. The main goal of this initiative is ensure food safety, as Rijmenam also mentioned in his blog.

5. BP And Shell

The co-author of ‘Blockchain: Transforming Your Business and Our World' further noted that giant oil companies such as Shell and British Petroleum (BP) are working together to develop a DLT-based platform for trading commodities.

As most companies aim to achieve by using blockchain, BP and Shell are looking to “reduce the administrative burden” of managing the oil trading process while also “making transactions immutable, verifiable and traceable”, Rijmenam wrote.

6. TravelPort

TravelPort, a UK-based and New York Stock Exchange (NYSE) listed provider of distribution and payment solutions for the travel industry, has partnered with IBM “to more efficiently manage the different tours and activities offered through cruise ports or large hotel chains.”

7. Save The Children

At present, a charity called “Save the Children” is also working on a proof-of-concept for a blockchain-powered “humanitarian passport” which could potentially allow the organization to perform quick background checks on volunteers before deploying them - instead of using the traditional system that currently takes a very long time.

New Public Blockchain Hedera Hashgraph Launches with 26 Dapps

Michael LaVere
  • Hedera Hashgraph launches open access to its mainnet blockchain with 26 dApps. 
  • Network will support 10,000 transactions per second, in addition to smart contracts and file services. 

The Hedera Hashgraph team has announced the successful launch of its public blockchain mainnet on Sept. 16, which includes 26 decentralized applications. 

Hedera Launches Public Mainnet

According to the release, Hedera Hashgraph is now open to the general public after months of being in a closed beta network for select developers.

Hedera claims to be have a faster consensus algorithm than the blockchain used by Ethereum and Bitcoin, capable of supporting 10,000 transactions per second. The open-access mainnet also allows users to operate smart contract and files services, with the team planning to increase the network’s speed “methodically throughout the remainder of 2019.”

Heredera’s Hashgraph achieves this transaction throughput thanks to a unique feature called gossip, which sees nodes within its network share information – gossip - on transactions, and subsequently gossip on gossip to record each event on the network and create a hashgraph of information.

The network reportedly achieves consensus and is secure by a virtual voting process, where the hashgraph technology uses nodes to ensure Byzantine fault tolerance. Hedera further has a Consensus Service under development that will be made available to the public later in the year. 

Mance Harmon, co-founder and CEO of Hedera Hashgraph, said, 

We are thrilled that, through open access, dozens of decentralized applications are now live and running on the mainnet, along with mirror nodes and other parts of the ecosystem designed to expand Hedera’s reach and adoption.

Hedera uses “council members” to run nodes and maintain the decentralization of the blockchain. The 39 council members, which include IBM and Boeing, also govern changes to the software. 

The enterprise-focused network has earlier this week seen its cryptocurrency, HBAR, get listed on leading cryptocurrency trading platform OKEx as three new trading pairs – HBAR/BTC, HBAR/USDT, and HBAR/USDK were added.

In a press release Andy Cheung, OKEx’s Head of Operations, stated:

Hedera and OKEx share the same goal of building a trusted, safe, and fair digital future for everyone through developing a neutral, open-access infrastructure. With such a powerful, enterprise-grade ledger technology, we believe it is a big step forward in mainstream adoption of decentralization. We are excited to support the Hedera platform and continue to lead this industry forward.

To celebrate listing HBAR, the cryptocurrency exchange launched a 500,000 token giveaway that will see holders and market makers who create maker orders on OKEx have a chance to win a share of the HBAR tokens being given away.

The first 5,000 traders to trade a HBAR trading pair, OKEx’s announcement reads, are also entitled to a share of 150,000 of the half a million HBAR being given away, in proportion to the volumes they trade.

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