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.

Trade.io Halts Trading Amidst Market Slow Down

Michael LaVere
  • Trade.io is halting all trading activity for an undetermined period of time. 
  • The exchange cites unfavorable market conditions and rising infrastructure costs as contributing to the decision. 

Cryptoasset trading platform Trade.io has announced a halt to its trading activities amidst the market slow down, while claiming that the suspension will only be transient. 

On Oct. 22, Trade.io announced a complete suspension of trading on its platform, citing low volume and activity in the crypto markets.  The announcement reassured investors that the suspension would only be temporary, 

Trade.io is not going out of business. The crypto exchange will be archived securely and pending the financial opportunity will be reopened at a future date.

In addition to unfavorable market conditions, Trade.io said there was pressure from massive marketing budgets and increased infrastructure costs. They also called out the abundance of scam projects in cryptocurrency resulting from the lack of regulation, including exchanges posting artificially inflated volumes. 

The announcement continued, 

This is purely a profit and loss decision. Despite the success of our re-launch, it has become clear to us that in current market conditions the exchange is a long way from turning a profit. Profits (and losses) directly affect the LP payouts.

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