16 Blockchain Disruptions (Infographic)

Blockchain technology is claimed to be according to blockchain proponents to be one of the most impactfull discoveries in the recent history. It is promised to have a massive potential to change how we handle online transactions. Despite some skeptics, the majority of experts agree that blockchain has the potential to disrupt the banking and financial industry, and many other ones! To put it simply, blockchain enables decentralized transactions across a P2P network. There are applications where those propertied can be very useful, but there are many cases where blockchain migh not be the best solution even though it is hyped to be solution for very many application (remember to ask Do you need a blockchain? often).

This 16 Blockchain Disruptions (Infographic) by bitfortune.net tries to help you understand how the blockchain technology can and will improve 16 different industries, from music to government.

Infographic by bitfortune.net

1,206 Comments

  1. Tomi Engdahl says:

    Blockchain: Not just for cryptocurrency
    There’s a lot more to blockchain than Bitcoin.
    https://opensource.com/article/18/3/blockchain-not-just-cryptocurrency?sc_cid=7016000000127ECAAY

    Reply
  2. Tomi Engdahl says:

    Early uses of blockchain will barely be visible, says Hyperledger’s Brian Behlendorf
    https://techcrunch.com/2018/07/06/early-uses-of-blockchain-will-barely-be-visible/?utm_source=tcfbpage&sr_share=facebook

    The blockchain revolution is coming, but you might not see it. That’s the view of Brian Behlendorf, executive director of the Linux Foundation’s Hyperledger Project.

    much of the innovation that the introduction of blockchains are primed to happen behind this the scenes unbeknownst to most.

    “For a lot of consumers, you’re not going to realize when the bank or a web form at a government website or when you go to LinkedIn and start seeing green check marks against people’s claims that they attended this university — which are all behind-the-scenes that will likely involve blockchain,” Behlendorf told interviewer John Biggs.

    “This is a revolution in storage and networking and consumers.”

    the area of online identity is particularly ripe for change. Rather than relying on central systems such as Facebook or Twitter to hold information, blockchain solutions can potentially store information more securely and with more utility thanks to self-sovereign ID systems.

    we want to see companies building services on top of this

    Reply
  3. Tomi Engdahl says:

    Coinbase gets approval from U.S. regulators to start listing tokenized securities
    https://techcrunch.com/2018/07/16/coinbase-reportedly-gets-approval-from-u-s-regulators-to-start-listing-tokenized-securities/?utm_source=tcfbpage&sr_share=facebook

    Coinbase shared big news Monday that federal regulators are allowing the popular cryptocurrency exchange to proceed with plans to sell cryptocurrency tokens that are deemed securities.

    Last month, Coinbase acquired Keystone Capital, a California-based FINRA-registered broker-dealer that operates as an alternative trading system.

    Reply
  4. Tomi Engdahl says:

    Bitcoin mining uses so much electricity that 1 city could curtail facility’s power during heat waves
    http://action.news/newstempcb.php?article=/news/business/hut8-medicine-hat-bitcoin-mining-1.4834027

    Reply
  5. Tomi Engdahl says:

    Bitcoinin sähkönkulutus on ongelma, joka ratkeaa
    https://bittiraha.fi/content/bitcoinin-sähkönkulutus-ongelma-joka-ratkeaa-0

    Bitcoin kulutti viime vuonna noin 32 terawattituntia. Tämä on enemmän kuin yli 150 maan koko vuoden sähkönkulutus. Yhtä siirtoa kohden jaettuna sähkönkulutus vastaa noin 9 amerikkalaistalouden päivässä käyttämäänsä sähköä. Jos siirtojen energiakustannukset lasketaan tällä tavalla, ei ole vaikea nähdä, miksi Bitcoinin käyttämä energiamäärä tuntuu monien mielestä kohtuuttomalta.

    https://www.google.com/amp/s/www.independent.co.uk/life-style/gadgets-and-tech/news/bitcoin-mining-energy-use-electricity-cryptocurrency-a8353981.html%3famp

    Reply
  6. Tomi Engdahl says:

    Blockchain: 11 ways to get smarter
    https://enterprisersproject.com/article/2019/1/blockchain-11-ways-get-smarter?sc_cid=7016000000127ECAAY

    Want to keep learning about blockchain? Experts share their favorite blockchain resources, from books to podcasts

    Reply
  7. Tomi Engdahl says:

    Josh Constine / TechCrunch:
    Audius, a SoundCloud alternative built on the blockchain, has launched its music streaming service with songs hosted on independent operators to avoid takedowns
    https://techcrunch.com/2019/09/24/audius-music/

    The secret sauce is that Audius isn’t just a web and mobile site, it’s an open-source protocol built on the blockchain, not that users need to be versed in cryptocurrency or do anything special to sign up. Audius doesn’t actually host the music, but decentralizes it across independently operated nodes, which it believes will protect it from lawsuits and record label pressure. It’s distributing its own crypto tokens to incentivize artists that join early, as well as the node operators, with the insinuation that these might rise in value if the service grows popular.

    Reply
  8. Tomi Engdahl says:

    Brian Armstrong / The Coinbase Blog:
    Crypto in 2010s: Bitcoin survived and became the best performing asset of the decade, exchanges captured most of the value, crypto became a regulated industry

    What happened in crypto over the last decade
    https://blog.coinbase.com/what-happened-in-crypto-over-the-last-decade-ee6a2552d630

    Reply
  9. Tomi Engdahl says:

    Let the good times roll for Android malware.

    Coinbase Card Users Can Now Make Crypto-Backed Payments With Google Pay
    Mar 17, 2020 at 14.35 UTC
    https://www.coindesk.com/coinbase-card-users-can-now-make-crypto-backed-payments-with-google-pay

    Google Pay users can now make payments with cryptocurrencies, thanks to a tie-up with Coinbase’s debit card offering.

    Reply
  10. Tomi Engdahl says:

    Joshua Mapperson / Cointelegraph:
    1M South Koreans, about 3% of the population, have opted for a blockchain-based digital driver’s license since the program’s launch this past May

    One Million South Koreans Now Have Blockchain Drivers Licenses
    https://cointelegraph.com/news/one-million-south-koreans-now-have-blockchain-drivers-licenses

    The program was only launched in May but already one million South Koreans have opted for a blockchain based license.

    One million South Koreans have foregone their physical drivers license in favour of a blockchain-powered digital alternative used in conjunction with the PASS smartphone app.

    This represents more than 3% of the entire driving population in South Korea, which sat at 32.6 million licensed drivers in 2019 according to Statista. This is the first authorized digital identification card to be used throughout South Korea and received approval by the nation’s Ministry of Science and ICT in September 2019.

    The project was launched in May by the National Police Agency in partnership with the Korea Road Traffic Authority, and the country’s three major telecommunication providers: SK, KT and LG U+. By last month, 27 of South Korea’s driver’s license testing centres were using the PASS app to renew and reissue digital drivers licenses.

    The legally recognised ID solution can also be used for identification and proof-of-age requirements, such as at convenience stores and retail chains selling cigarettes and alcohol. Users show their licence via a barcode or QR code on the app. Non-Korean residents receiving English versions of the licenses.

    Reply
  11. Tomi Engdahl says:

    Swiss Region To Take Cryptocurrency For Tax Payments In 2021
    https://news.slashdot.org/story/20/09/03/1949237/swiss-region-to-take-cryptocurrency-for-tax-payments-in-2021?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+Slashdot%2Fslashdot%2Fto+%28%28Title%29Slashdot+%28rdf%29%29

    A Swiss region that has billed itself as a hub for high-tech finance said Thursday that it plans to accept cryptocurrencies Bitcoin and Ether for tax payments starting next year. ABC News reports:
    Switzerland’s Zug canton joins its eponymous main city and several Swiss towns in agreeing to take tax payments in cryptocurrency. Zug is thought to be the first region in the rich Alpine country to make the decision. The canton, which bills itself as home to “Crypto Valley,” said it would accept taxes from companies or individuals of up to 100,000 Swiss francs (about $110,000) paid in Bitcoin or Ether as of February.

    Swiss region to take cryptocurrency for tax payments in 2021
    https://abcnews.go.com/International/wireStory/swiss-region-cryptocurrency-tax-payments-2021-72792429
    A Swiss region that has billed itself as a hub for high-tech finance says it plans to accept cryptocurrencies Bitcoin and Ether for tax payments starting next year

    Reply
  12. Tomi Engdahl says:

    Liam Frost / Decrypt:
    DappRadar: Ethereum’s transaction volume skyrocketed to $119.5B in Q3 2020, growing nearly 1,200% from Q2, while DeFi apps accounted for 99% of that volume — Transaction volume on the Ethereum blockchain reached $119.5 billion in Q3 2020, surging by nearly 1,200% compared to the previous quarter …

    Ethereum Dapp Volumes Hit $120 Billion in Third Quarter
    https://decrypt.co/43736/ethereum-dapp-volumes-hit-120-billion-in-third-quarter

    Ethereum’s decentralized finance (DeFi) applications amounted to 99% of the blockchain’s transaction volume in Q3 2020.

    Reply
  13. Tomi Engdahl says:

    Olga Kharif / Bloomberg:
    “DeFi” replaces “blockchain” as the must-have crypto moniker, leading to rebranding efforts as Tron, EOS, and other project say they are part of DeFi movement

    ‘DeFi’ Replaces ‘Blockchain’ as the Must-Have Crypto Moniker
    https://www.bloomberg.com/news/articles/2020-10-13/-defi-replaces-blockchain-as-the-must-have-crypto-moniker

    Remember when Long Island Ice Tea Corp. sent its shares soaring by reinventing itself as a crypto company before crashing and burning? Well, it’s happening again in the digital-asset sphere, but instead of adding “blockchain” to a name, DeFi is the moniker of choice.

    DeFi, or decentralized finance, has become part of more and more company promotions this year. Nucleus Vision, a data-sourcing project started in 2014 to provide consumer insights to retailers, recently announced that it’s “DeFi for Retail Purchase Loans.” Tao Network, which has been around since 2015, now states it’s “building DeFi of entertainment.” Tron, an operating system active for at least three years, just issued its own DeFi coin.

    In many cases, the rebranding efforts are prompting a surge in token prices not seen since the peak of the Bitcoin bubble in late 2017.

    “Crypto rebranding has been going on as long as there has been crypto, and since DeFi has been hot for about the last 18 months, a lot of crypto have been emphasizing their DeFi aspects,” said Aaron Brown, a crypto investor who writes for Bloomberg Opinion. “It’s not hard, since DeFi is not always defined rigorously, and most crypto is decentralized and most has some financial aspect, so it’s not hard to rebrand.”

    Reply
  14. Tomi Engdahl says:

    Why is the ECB eyeing a ‘digital euro’?
    https://finance.yahoo.com/news/why-ecb-eyeing-digital-euro-044006794.html

    A digital euro would complement, not replace cash
    The European Central Bank will on Monday launch a public consultation and start experiments to help it decide whether to create a “digital euro” for the 19-nation currency club.

    The move comes as the pandemic accelerates a shift away from cash, and as policymakers nervously eye the rise of private cryptocurrencies like Bitcoin.

    Reply
  15. Tomi Engdahl says:

    Hugh Son / CNBC:
    JPMorgan says its digital token JPM Coin is now live for commercial use, as the bank launches new business unit Onyx for its blockchain and crypto efforts

    JPMorgan creates new unit for blockchain projects, says the technology is close to making money
    https://www.cnbc.com/2020/10/27/jpmorgan-creates-new-unit-for-blockchain-projects-as-it-says-the-technology-is-close-to-making-money.html

    JPMorgan Chase said its digital currency, JPM Coin, is being used commercially for the first time this week by a large technology client to send payments around the world.
    That development, along with other behind-the-scene moves, persuaded JPMorgan to create a new business to house its blockchain and digital currency efforts called Onyx, said Takis Georgakopoulos, the bank’s global head of wholesale payments.
    The unit has more than 100 dedicated staffers, he said.

    Reply
  16. Tomi Engdahl says:

    China moves to legalise digital yuan and ban competitors with new draft law
    https://www.scmp.com/economy/china-economy/article/3107119/china-moves-legalise-digital-yuan-and-ban-competitors-new?utm_source=Facebook&utm_medium=share_widget&utm_campaign=3107119

    People’s Bank of China stipulates for the first time that the digital yuan will be allowed to circulate and be converted like physical currency
    Head of central bank’s digital currency research institute admits potential problems with digital yuan, but says they reinforce need for central bank oversight

    Reply
  17. Tomi Engdahl says:

    U.S. Feds Seized Nearly $1 Billion in Bitcoin from Wallet Linked to Silk Road
    Speculation kicked off after someone moved the huge sum on Tuesday, and now we know who it was: the U.S. government.
    https://www.vice.com/en/article/akdgz8/us-feds-seize-1-billion-in-bitcoin-from-wallet-linked-to-silk-road

    Reply
  18. Tomi Engdahl says:

    Why 2021 Is Set To Be Even Bigger For Bitcoin
    http://on.forbes.com/6186HOsaC

    Bitcoin is coming to the end of one of the biggest years in its short history.

    The bitcoin price has surged through 2020, reclaiming its 2017 all-time highs after finding support from Wall Street and some of the world’s biggest investors.

    Now, with the bitcoin and cryptocurrency community looking forward to a slew of developments in 2021—including the much-anticipated launch of Facebook’s bitcoin-inspired cryptocurrency and potentially industry-defining U.S. cryptocurrency regulations—Wall Street giant Wells Fargo WFC has said it expects to be “discussing the digital asset space more” next year.

    Reply
  19. Tomi Engdahl says:

    SEC says third-largest cryptocurrency was sold all wrong
    Currency or security?
    https://www.theverge.com/2020/12/22/22196064/ripple-sec-cryptocurrency-security-currency-xrp

    Ripple, its former CEO and founder Christian Larsen, and its current CEO Bradley Garlinghouse are being sued by the US Securities and Exchange Commission. The SEC says that they raised more than $1.3 billion through an unregistered securities offering.

    The suit claims that Ripple violated securities laws by selling XRP, which The Wall Street Journal calls “the third-largest cryptocurrency by market value,” over a seven-year period starting in 2013. According to the complaint, the “illegal securities offering” created an information asymmetry that let Larsen and Garlinghouse sell XRP to investors who only knew what Larsen and Garlinghouse chose to tell them.

    At the heart of the suit is a basic question about XRP: is it a security or a currency? According to the SEC’s suit, it’s a security, and so Ripple didn’t provide its investors with the proper information they needed to assess any potential risk.

    According to Garlinghouse, it’s a virtual currency, which means the SEC has nothing to do with it. The SEC has previously ruled that bitcoin and Ethereum are currencies. Also, the Justice Department treated XRP as a currency in 2015, when Ripple settled a suit over its business.

    But XRP differs from bitcoin and Ethereum in an important way. For those two cryptocurrencies, new coins are created through a “mining” process, which is ongoing. Ripple started XRP by creating 100 billion units all at once. Ripple owns about 6.4 billion XRP, and Garlinghouse and Larsen also own a good chunk of it. Another 48 billion XRP are held in reserve, for periodic sales. This difference may be why the SEC is claiming XRP is a security, not a currency.

    The SEC has won similar suits against Block.one and Kik in the past, saying that the initial coin offerings these startups offered were actually securities. But those cases were different

    Reply
  20. Tomi Engdahl says:

    Bitcoin Climbs Above $33,000 For The First Time Ever
    https://www.forbes.com/sites/tommybeer/2021/01/02/bitcoin-climbs-above-33000-for-the-first-time-ever/?utm_campaign=forbes&utm_source=facebook&utm_medium=social&utm_term=Gordie

    Bitcoin, the world’s largest cryptocurrency, soared past the $30,000 mark Saturday morning for the first time in its history and climbed as high as $33,000, before slipping back below $32,000 by late Saturday afternoon, as the digital asset continues on an extraordinary upward ascension.

    Bitcoin traded at around $10,000 in early September of 2020 and didn’t surpass the $20,000 threshold until just three weeks ago, on Dec. 16. 

    It advanced nearly 50% in the month of December alone and gained almost another 9% on Saturday.

    Bitcoin’s capitalization is above $570 billion.

    Chief Critic: 

    “History has a warning for people buying at the new all-time-high,” financial author Glen Goodman told Forbes via email last month. “While I’m optimistic about the long-term prospects for bitcoin, four years ago we had a very similar situation with bitcoin breaking new ground, but just two weeks later its price plummeted by more than a third.”

    Reply
  21. Tomi Engdahl says:

    Crypto Market Erases $200 Billion In Market Value In 24 Hours; Regulator Warns Investors Could ‘Lose All Their Money’
    https://www.google.com/amp/s/www.forbes.com/sites/jonathanponciano/2021/01/11/crypto-market-erases-200-billion-in-market-value-in-24-hours-regulator-warns-investors-could-lose-all-their-money/amp/

    After a more than 100% surge over the past month, the cryptocurrency market is taking a massive hit Monday as regulators and other experts sound the alarm on bitcoin’s booming rally, but not everyone’s convinced the bearishness is warranted.

    Reply
  22. Tomi Engdahl says:

    Cryptos lose ground as bitcoin falls 23%, ether 29% in last 24 hours
    https://techcrunch.com/2021/01/11/cryptos-lose-ground-as-bitcoin-falls-23-ether-29-in-last-24-hours/?tpcc=ECFB2021

    After rallying to record-setting prices, recapturing the attention of the public and becoming once-again the topic du jour, cryptocurrencies are losing ground today.

    Bitcoin, the best-known cryptocurrency, peaked at more than $41,000 apiece on January 8. Today after shedding a little over 23% in the last 24 hours, one bitcoin is now worth around $31,800.

    Similarly, ether, the token associated with the Ethereum blockchain, peaked at a little over $1,300 on January 10. Today, after losing an even sharper 29% in the last 24 hours, ether tokens are worth around $960 apiece.

    Reply
  23. Tomi Engdahl says:

    Bitcoin has been legitimized by Interest from public companies and institutional investors, and more investors view it as an effective way to hedge.

    3 reasons why bitcoin has doubled in less than a month — and why experts think it won’t repeat its 2017 crash
    https://trib.al/xWK2elY

    Bitcoin has more than doubled in less than a month, leaving analysts and investors stunned and concerned about a possible market bubble.

    In many ways the token’s rally in recent months is crucially different than the surge seen three years ago, as buyers now range from casual day traders to fund managers handling billions of dollars in assets.

    Easy monetary conditions and trillions of dollars in fiscal stimulus have led some investors to view the token as a new inflation hedge.

    Detailed below are the factors driving bitcoin higher, and why experts don’t think the cryptocurrency will crash as it did in 2017.

    Reply
  24. Tomi Engdahl says:

    Ether’s Market Value Surges $20 Billion In One Day While Bitcoin Prices Slow–Here’s Why
    https://www.forbes.com/sites/jonathanponciano/2021/01/19/ether-market-value-surges-20-billion-while-bitcoin-prices-slowheres-why/?utm_campaign=forbes&utm_source=facebook&utm_medium=social&utm_term=Gordie

    Ether, the world’s second-largest cryptocurrency, is flirting with new highs Tuesday thanks to booming institutional adoption as its larger rival, bitcoin, struggles to pare back massive losses.

    Reply
  25. Tomi Engdahl says:

    Bible quotation found in Bitcoin block number 666,666
    A Biblical message was unearthed in block number 666,666 of the Bitcoin blockchain: “Do not be overcome by evil…”
    https://cointelegraph.com/news/bible-quotation-found-in-bitcoin-block-number-666-666

    Reply
  26. Tomi Engdahl says:

    Bitcoin Losses Near $200 Billion As JPMorgan Warns It’s The ‘Least Reliable’ Dollar Hedge
    https://www.forbes.com/sites/jonathanponciano/2021/01/21/bitcoin-losses-near-200-billion-as-jpmorgan-warns-its-the-least-reliable-dollar-hedge/?utm_campaign=forbes&utm_source=facebook&utm_medium=social&utm_term=Gordie

    The price of bitcoin is tanking nearly 10% Thursday, tacking on to massive losses as bearish calls from regulators and analysts heighten after a huge surge fueled by still-booming institutional adoption.

    Reply
  27. Tomi Engdahl says:

    ‘What we are seeing is a historical power shift from the elite to retail investors – and this is just the beginning,’ says CEO of cryptocurrency exchange.

    Dogecoin: GameStop frenzy takes crypto market over $1 trillion as Reddit stock investors switch to bitcoin rival
    https://www.independent.co.uk/life-style/gadgets-and-tech/dogecoin-price-stock-buy-gamestop-reddit-bitcoin-b1794695.html?utm_content=Echobox&utm_medium=Social&utm_source=Facebook#Echobox=1611932315

    Reply
  28. Tomi Engdahl says:

    The surge brought the total market capitalisation of all cryptocurrencies to $1.07 trillion on Friday, which is greater than the combined value of payment giants PayPal, Mastercard and Visa.
    https://www.independent.co.uk/life-style/gadgets-and-tech/dogecoin-price-stock-buy-gamestop-reddit-bitcoin-b1794695.html?utm_content=Echobox&utm_medium=Social&utm_source=Facebook#Echobox=1611932315

    Reply
  29. Tomi Engdahl says:

    Pharma’s Blockchain Trials: Novartis, Merck Test The Tech Popularized By Bitcoin
    https://www.forbes.com/sites/katiejennings/2021/02/02/pharmas-blockchain-trials-novartis-merck-test-the-tech-popularized-by-bitcoin/?sh=4888bb077e86&utm_source=FBPAGE&utm_medium=social&utm_content=4457326145&utm_campaign=sprinklrForbesMainFB

    The pharmaceutical industry has a paper problem. Every single box of medicine must include a paper insert with dosing instructions and technical information that can measure several feet long. Some patients read it over, some patients stash it in a drawer, while others just dump it in the trash. These pesky printouts can cause a massive headache for the entire drug supply chain if they are outdated or incorrect and result in a recall.

    Novartis, one of the world’s largest pharmaceutical companies, thought it might have a solution: blockchain, the technology first popularized by bitcoin, which lets groups move value without the need for middlemen. Because blockchain requires networks moving value, the Basel, Switzerland-based company wasn’t prepared to go at it alone.

    “Blockchain is a team sport,”

    The first application for the PharmaLedger project is to provide patients with electronic medical leaflets, which are digitized versions of the paper inserts legally required by health authorities with important medical information. There is currently no way to get immediate changes to patients due to the complexity of the supply chain, but the hope is blockchain could eventually provide secure updates in near real-time.

    While blockchain is popularly associated with cryptocurrencies, like bitcoin and ethereum, pharmaceutical companies are banding together to explore its use as a more secure enterprise solution allowing different entities to communicate without revealing confidential information.

    With PharmaLedger, a patient will be able to download an app and scan a 2D matrix on the outside of the drug package. Similar to a QR code, the data matrix is a collection of black and white dots that encodes information , including the serial number. The scan recognizes the manufacturer and then sends a request for the most up-to-date digital leaflet for that particular drug.

    It’s imperative the manufacturer can prove through the blockchain ledger that the patient received the correct product information. “The leaflet has to be the right one, especially when you think about little details like one milligram or one gram,”

    But the patient also needs to feel secure that their personal health information is going to stay private. This is another key benefit to using blockchain, which uses random identifiers so patients don’t need to worry that the app is somehow recording what medicine they’re taking or what disease they have.

    There is also a business benefit, though Novartis and Merck declined to estimate the savings that could be generated through blockchain. Not having to print paper leaflets could speed up packaging lines and could also reduce the number of recalls. Over the past five years, packaging or insert issues have accounted for 13% of all pharma recalls

    With two-years of funding left, the PharmaLedger group will continue to add new capabilities, such as anti-counterfeiting checks. The next step is to work on governance with regional and national health authorities in order to rollout the app in pilot markets. The technology will be available to any interested companies, no matter how big or how small. “It doesn’t cost any money—no software licenses, no maintenance costs,” says Fritz. “People don’t have to put up a big investment in order to adapt it and install it.”

    We could provide a secure, distributed, decentralized architecture that nobody owned, but allowed for all relevant parties to participate in.
    Craig Kennedy, Merck

    Securing The U.S. Supply Chain
    While the European consortium is anticipating a future industry need, pharmaceutical companies operating in the United States are staring down a fast-approaching November 2023 deadline where blockchain could come into play. The Drug Supply Chain Security Act, passed in 2013, is a federal quest to stamp out the black market and counterfeit medicines trade.

    It’s hard to quantify the size of the counterfeit drug market, since it operates outside normal channels, but a 2020 report from the Pacific Research Institute estimated global sales between $200 billion to $431 billion annually. The act included requirements for manufacturers, wholesalers, repackagers and dispensers to be able to track and identify drugs throughout the supply chain.

    Merck teamed up with Walmart, IBM and accounting giant KPMG as part of a U.S. Food and Drug Administration pilot program to put blockchain to the test. “The reason we chose blockchain is because we could provide a secure, distributed, decentralized architecture that nobody owned, but allowed for all relevant parties to participate in,”

    It doesn’t have an intermediary who can get in the way of transparent flow of information up and down the supply chain.” The track and trace system in the U.S. needs to allow for a range of disparate corporate systems to be able to talk to each other without revealing any sensitive information.

    Being able to identify all of the steps a drug has taken on its journey from the manufacturer to a pharmacy or doctor’s office is also important for building patient trust, especially in markets with high rates of counterfeit activity. Merck has already deployed a pilot in Hong Kong

    In Hong Kong, patients and pharmacists can use a phone app to scan the Gardasil package and get “the full history of its movement from the point of import into the distribution chain for the market,” says Kennedy. This reduces opportunities for counterfeiters, while simultaneously increasing patient confidence, he adds. Merck is hoping to roll out the solution in other markets.

    Tracking Drugs Inside Hospitals
    For some medicines, the journey doesn’t stop when it gets to the pharmacy, particularly inside large health systems. The last stretch from a hospital pharmacy to a patient can include many interim steps and handlers, especially when it comes to complex biologics, which have different storage and handling requirements than a standard single molecule pill.

    Innovations in personalized medicine have led to high-cost, life-saving drugs to treat rare diseases.

    next project, dubbed BRUINchain after UCLA’s mascot, was instead focused on tracking high-value commercially available medicines from the loading dock to the patient. Health systems receive huge shipments of medicines, and they first want to be able to verify that these pricey but life-saving drugs are genuine. At the same time, pharma companies don’t want to have to disclose all of the serial numbers for these medications.

    BRUINchain is a secure way for hospitals and pharma companies to talk to each other without having to reveal confidential information, in what’s known as a machine-to-machine interaction. UCLA scans the drug when it arrives and sends a verification request to Biogen for the particular serial number. Both parties participate in the authentication of the user and the routing. After receiving confirmation from Biogen, the package is scanned by each individual who handles the vial from the loading dock to the pharmacy to a refrigerator, creating a reliable chain of ownership. Healthcare providers can use an app to check the medicine’s movement and current location. “The typical vial of Spinraza was examined by UCLA professionals 99 times during the course of its week,” says Ben Taylor, CEO of LedgerDomain. “They’re constantly checking these things.”

    Similar to bitcoin, which provides a reliable chain of ownership for the cryptocurrency, each of these supply chain solutions, whether it be in transit or inside a hospital pharmacy, provides all of the organizations involved with a secure way to collect data about the movement and verification of precious cargo.

    Reply
  30. Tomi Engdahl says:

    Technological adoption is never a linear progression, but in producing the Forbes #Blockchain50 for the third consecutive year we are starting to identify some interesting trends and tell-tale signs of the development of the technology made popular by bitcoin.

    Forbes Blockchain 50 – Inside The Class Of 2021
    https://www.forbes.com/sites/stevenehrlich/2021/02/02/forbes-blockchain-50inside-the-class-of-2021/?sh=121b560a5080&utm_source=FBPAGE&utm_medium=social&utm_content=4457340937&utm_campaign=sprinklrForbesMainFB

    Reply
  31. Tomi Engdahl says:

    Forbes Blockchain 50 Of 2021: Cashing In On Bitcoin Mania
    https://www.forbes.com/sites/michaeldelcastillo/2021/02/02/forbes-blockchain-50-corporate-america-cashes-in-on-bitcoin-mania/?sh=767e536e6e01&utm_source=FBPAGE&utm_medium=social&utm_content=4457646425&utm_campaign=sprinklrForbesMainFB

    Up 300% in 2020, Bitcoin is suddenly getting respect in the C-suite. Here’s how PayPal, Square and the 48 other big companies on Forbes’ third annual Blockchain 50 are outpacing their competition using Bitcoin and the underlying blockchain.

    Reply
  32. Tomi Engdahl says:

    China looks to take its digital currency global
    https://www.axios.com/china-central-bank-digital-currency-global-3268579f-bc4b-4a0e-82d8-004a1cd633e2.html?utm_campaign=organic&utm_medium=socialshare&utm_source=facebook

    China appears to have taken another major step in its quest to move the world away from the dollar and position itself as a major power in the world’s financial markets.

    What happened: China’s central bank has set up a partnership with SWIFT, the global system for cross-border payments, through its digital currency research institute and clearing center.

    Why it matters: The move has sparked “speculation over the central bank’s pursuit of promoting the global use of its digital currency,” China’s state-operated Global Times wrote on Thursday.

    Reply
  33. Tomi Engdahl says:

    Tesla buys $1.5B in bitcoin, may accept the cryptocurrency as payment in the future
    https://techcrunch.com/2021/02/08/tesla-buys-1-5b-in-bitcoin-may-accept-the-cryptocurrency-as-payment-in-the-future/?tpcc=ECFB2021

    Today in an SEC filing, Tesla disclosed that it has acquired $1.5 billion in bitcoin, the popular cryptocurrency. Moreover, the company noted that it may also accept bitcoin in the future as a form of payment for its cars, though it did allow that there is some regulatory uncertainty around that effort.

    As the news broke, the price of bitcoin instantly rose by around 7% to more than $40,000 per coin.

    Reply
  34. Tomi Engdahl says:

    Laptop mining is the latest victim of the cryptocraze, but is it even financially viable? Here’s the math.

    Laptop Mining Farms Are the Latest Craze, Here’s the Math Behind the Madness
    Nothing is sacred when it comes to mining
    https://www.tomshardware.com/news/rtx-3060-laptop-mining-farms?utm_campaign=socialflow&utm_content=tomsguide&utm_medium=social&utm_source=facebook.com

    What do you do when you want to mine Ethereum and can’t buy any of the best graphics cards? For some users, the latest solution is to turn to laptop mining. We were skeptical the first time we heard people were using laptops to mine in bulk, but Weibo user BTCer has posted multiple images and even a video (as reposted by @harukaze5719 below) indicating this is the real deal. But given that these new farms use pricey laptops, how long would it take to break even, or turn a profit?

    Current estimates for Ethereum mining indicate each laptop would generate around $6.50 per day, with power costs of approximately $0.20. Given the volatile nature of cryptocurrencies, that can go up or down quite quickly. But, at the present rate, it would still take 220 days to break even. And that’s not accounting for costs related to rental space, racks, cooling fans, hardware replacement, and other requirements.

    In other words, the long-term prospects of such an approach look questionable at best.

    Reply
  35. Tomi Engdahl says:

    Bitcoin now uses more electricity than Argentina
    https://cbeci.org/cbeci/comparisons

    Reply
  36. Tomi Engdahl says:

    Mastercard Will Let Merchants Accept Payments in Crypto This Year
    https://www.coindesk.com/mastercard-accepts-crypto-payments

    The payments giant plans to support digital currency transactions directly on network.

    According to a source familiar with the matter, the functionality will see Mastercard customers’ digital currency payments settled in crypto at participating merchants, a first for the financial giant. The company has not yet disclosed which digital currencies it intends to support, or where.

    The details shed new light on CEO Michael Miebach’s Q4 pledge to integrate digital currency payments “directly on our network”

    Reply
  37. Tomi Engdahl says:

    Why Mastercard is bringing crypto onto its network
    https://www.mastercard.com/news/perspectives/2021/why-mastercard-is-bringing-crypto-onto-our-network/

    Whatever your opinions on cryptocurrencies — from a dyed-in-wool fanatic to utter skeptic — the fact remains that these digital assets are becoming a more important part of the payments world.

    We are seeing this fact play out on the Mastercard network, with people using cards to buy crypto assets, especially during Bitcoin’s recent surge in value. We are also seeing users increasingly take advantage of crypto cards to access these assets and convert them to traditional currencies for spending.

    We are preparing right now for the future of crypto and payments, announcing that this year Mastercard will start supporting select cryptocurrencies directly on our network. This is a big change that will require a lot of work.

    Our philosophy on cryptocurrencies is straightforward: It’s about choice. Mastercard isn’t here to recommend you start using cryptocurrencies. But we are here to enable customers, merchants and businesses to move digital value – traditional or crypto – however they want. It should be your choice, it’s your money.

    Doing this work will create a lot more possibilities for shoppers and merchants, allowing them to transact in an entirely new form of payment. This change may open merchants up to new customers who are already flocking to digital assets, and help sellers build loyalty with existing customers who want this additional option.

    Reply
  38. Tomi Engdahl says:

    North Korean Hackers Accused Of ‘Biggest Cryptocurrency Theft Of 2020’—Their Heists Are Now Worth $1.75 Billion
    https://www.forbes.com/sites/thomasbrewster/2021/02/09/north-korean-hackers-accused-of-biggest-cryptocurrency-theft-of-2020-their-heists-are-now-worth-175-billion/?sh=1f4bd3695b0b&utm_source=FBPAGE&utm_medium=social&utm_content=4482143151&utm_campaign=sprinklrForbesMainFB

    A North Korean hacker crew called Lazarus Group has been accused of carrying out a heist on cryptocurrency exchange KuCoin, dubbed the biggest cryptocurrency theft of last year at $275 million worth of virtual money. That figure represented half of all cryptocurrency stolen in 2020, according to cryptocurrency tracker and law enforcement contractor Chainalysis, which exclusively revealed its attribution of the huge attack to Forbes ahead of the release of its own research report on Tuesday.

    Reply
  39. Tomi Engdahl says:

    ‘Big Short’ investor Michael Burry calls Tesla’s $1.5 billion bet on Bitcoin a distraction — and says Dogecoin’s record price signals a massive bubble
    https://trib.al/29yJAcQ

    Reply
  40. Tomi Engdahl says:

    Bitcoin has a carbon footprint comparable to that of New Zealand, producing 36.95 megatons of CO2 annually, according to Digiconomist. The cryptocurrency consumes more electricity than the entire annual energy consumption of the Netherlands, Cambridge University researchers say.

    Bitcoin’s wild ride renews worries about its massive carbon footprint
    https://www.cnbc.com/2021/02/05/bitcoin-btc-surge-renews-worries-about-its-massive-carbon-footprint.html

    Reply

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