Category: Blockchain

Although probably best known for being the underlying framework behind cryptocurrency, NFTs, and VR metaverses, blockchain technology has seen increased adoption across a variety of industries in recent years. One sector, in particular, is finding the decentralized digital distributed ledger model of blockchain especially useful, that being supply chain management.

A recent report titled “Global Blockchain Market in Supply Chain Industry 2023-2027”, released by ResearchAndMarkets.com, analyzes the current state of blockchain in the supply chain industry and makes some exciting projections.

According to the report, the value of the blockchain market in the supply chain sector is forecast to grow by $4936.05 million during the 2023-2027 period, with a compound annual growth rate (CAGR) of 52.21% over these five years.

The State of the Market

The 120-page document offers a thorough analysis of the market’s size, current trends, and growth drivers as well as a discussion of the challenges that still need to be solved. Around 25 vendors are analyzed by the report, which takes a global view and covers the market in North America, Europe, APAC, South America, Africa, and the Middle East.

Supply chain blockchains are used by a variety of companies, with Amazon, Accenture, Deloitte, Huawei, IBM, Tencent, and Microsoft being among the businesses covered in the report.

Why Blockchain?

Blockchain brings the advantages of automation, transparency, and security to overcome current supply chain challenges such as cargo thefts, complex and demanding delivery schedules, and the fast growth of the e-commerce sector.

With the growth of blockchain-as-a-service as an option for companies, more businesses are turning to third parties to manage blockchain solutions to meet their supply chain and logistics needs. This, as well as new opportunities offered by quantum computing and blockchain analytics, appears to be driving the demand for blockchain services in this market.

To read the original article, click here.

Ethereum, the world’s second-largest cryptocurrency by market cap, has an exciting future ahead in 2023. The underlying technology behind Ethereum has demonstrated long-term potential and proven to be resilient to market volatility. Let’s take a look at why investors and traders are betting on Ethereum this year.

Ethereum and Ether

For clarity, Ethereum refers to the Ethereum network, a global decentralized software platform that facilitates the creation of blockchain-based software applications known as dApps, which form the basis for some of the most interesting applications of blockchain, such as smart contracts and DeFi. It’s these blockchain tools that are making inroads in industries such as finance, logistics, supply chain management, NFTs and digital collectibles, and so on.

Ethereum can also be used to refer to what is more properly called Ether, the digital currency that is earned and spent on the Ethereum network to keep it running and reward users. Ether is what is more interesting to traders as a speculative asset. It has historically seen huge increases in value, rising from $1.35 in 2015 to $4444.53 in 2021. The price of Ether did fall along with Bitcoin during the extended crypto winter of 2022, dropping to under $1200 at the end of last year. However, the crypto market is picking up in the new year, and Ether has already surged to over $1500 at the time of writing.

The Ethereum Merge and Proof Of Stake

There’s a reason why Ethereum has seen so much interest from investors. Unlike Bitcoin, Ethereum is actively being developed and improved to offer more value. The latest significant update was called The Merge and rolled out toward the end of 2022. It increased the speed and lowered the cost of transactions on the network by upgrading from a proof-of-work consensus model to a proof-of-stake method. This also cut down energy consumption on the network by 99%.
Innovations like this are what give Ethereum its potential to overtake Bitcoin in 2023. Whenever a company commissions new blockchain software development, there’s a good chance that it will be based on Ethereum, making it more popular for developers, investors, and traders.

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Application of blockchain technology is spreading across industries and creating a demand for blockchain professionals. In fact, Statista reports that spending on blockchain technology is expected to reach 15.9 billion by 2023. While the most commonly known use of blockchain is cryptocurrencies, there are many other real world applications.

Sending Transactions Across Borders

Sending payments across borders is both costly and timely due to the need to have third parties acting as intermediaries. Blockchain technology eliminates the need for third parties making cross-border transactions faster and more cost-effective.

Combating Digital Ad Fraud

Each year, businesses lose billions of dollars on digital ad fraud due to bots clicking on ads instead of humans. Blockchain technology can help businesses save money by providing more transparency and tracing clicks back to their origin.

Secure Voting

Many countries like the US and India have reported cases of rigged electronic voting machines (EVM) which have raised concerns about voter fraud and shaken trust in EVMs. The immutability aspect of blockchain technology can create a digital voting system that is safe, secure, and trustworthy.

Data Security

As more and more of our personal data is stored online, users want to know that their information is safe from cybersecurity threats. Blockchain technology is inherently highly secure due to its use of cryptography and decentralization infrastructure.

Streamlining the Supply Chain

The supply chain is a highly complex system that currently involves many third-party vendors. Blockchain technology can help to streamline the supply chain, reduce the need for third parties, and track products efficiently and accurately.

IoT

Blockchain technology can help support and scale the adoption of the Internet of things (IoT) by storing large amounts of data in a decentralized and safe environment. It can also be used to update software, deal with errors, and follow best energy practices.

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Ethereum is known for being a pioneer in smart contracts and the Ethereum Virtual Machine (EVM) remains popular among Web3 developers. Perhaps less well known is that EVM is not bound to Ethereum and is currently being deployed on other blockchains. Here are three predictions for what is next for EVM in 2023.

Increased Specialization

Smart contract developers prefer the EVM as evidenced by the multiplication of decentralized apps or dApps. Many of these dApps are on other different EVMs, however, they are simply forks. While the forks often serve a purpose, like cheaper transaction costs on one blockchain versus another, it is overall costly in time and resources to maintain these multichain deployments. That’s why in the future it is likely that applications will consolidate and focus on interoperability with other ecosystems.

Along with this consolidation, there will be an increase in specialization in different EVMs to attract specific types of applications. Known as application-specific EVMs, their purpose is to cater to specific classes of applications like DeFi and infrastructure. In other words, there will be space for EVMs with specialized functionality.

A Focus on Interoperability and Composability

While Vitalik Buterin vision for Ethereum is a multi-rollup ecosystem, there will be many EVM blockchains that are independent but interoperable. Many, like Evmos, will develop their own specific extended EVM functionalities.

This growing collection of EVMS will be most valuable when they are completely composabe, allowing dApps on one chain to interact with dApps on other chains.

Rise of Ethermint

As developers create new EVM blockchains they will need to find solutions for launching their products as quickly and easily as possible. They are likely to converge on Ethermint, an open-source EVM library maintained and developed by Evmos. Ethermin is attractive because it combines the EVM and Cosmos software development kit (SDK). In other words, blockchains made with Ethermint are interoperable with Cosmos modules.

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When most people hear about blockchain, their minds immediately turn to cryptocurrency, and more specifically bitcoin. But while blockchain does form the basis of all cryptocurrencies and cryptocurrency exchanges, it actually has many more use cases. Blockchain is essentially a decentralized electronic ledger, and this kind of tool is being adopted by a wide range of industries, from finance to gaming to supply chain management and more.

Blockchain’s big potential for disruption lies in its decentralized, trustless nature. Essentially, it facilitates automated data management between peers without the need for a central authority to authorize or verify records (e.g., transactions, but also inventory, contracts, and so on) on the blockchain. At the same time, all the nodes on the blockchain must verify the ledger to make it permanent, which protects against fraudulent activity. This non-hierarchical structure can open a radically different way of doing things.

Here are a few ways blockchain is disrupting several industries:

Banking and Finance

Cryptocurrency is a new form of financial instrument, but blockchain itself is changing the way we do banking, even using traditional fiat money. Smart contracts, which are self-executing programs on the blockchain, can carry out financial activities (financial transfers, payments for labor, loans, etc.) in a trustless and near-instantaneous way, cutting down on the long delays and onerous fees that we associate with the banking system. JP Morgan Chase is already using smart contracts to make trading and auditing more efficient. Financial institutions are also experimenting with publicly accessible blockchains, which could usher in a new era of financial transparency.

Healthcare

Data and supply chain management are the main uses of blockchain in healthcare. A unified blockchain record of health data can be kept up to date and quickly accessed by medical professionals, patients, and insurance companies for greater accuracy and efficiency. The same goes for supply chains of medical equipment, drugs, and other items, the management of which can be greatly streamlined using a blockchain ledger.

Software Development

Not only can you hire software developers to create a blockchain platform for you, but they can also be paid via smart contracts and cryptocurrencies, making the collaboration more efficient, especially if it involves offshore, nearshore, or other cross-border payments.

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Blockchain, the cryptographically-secure digital ledger technology has escaped the limitations of the cryptocurrency market and found use cases in a variety of industries, including finance, supply chain management, entertainment, real estate, and more. Because of this, many companies are rushing to start blockchain projects, hoping that the technology will give them an edge over their competitors. This is certainly possible, but not all blockchain projects are successful. In this article, we’ll take a look at why some blockchain projects fail and how to avoid common pitfalls.

Common Reasons for Failure in Blockchain Projects

Let’s assume that you have found a reputable blockchain development services company to supply the development team for your organization’s product, and you want to make sure the project goes as smoothly as possible. Here are the most common issues that can cause problems down the line:

Unclear Vision

Before you get somewhere, you have to be able to visualize where you are going. This holds true for any project, tech-related or otherwise. Most blockchain projects run into difficulties because the client fails to clearly communicate their vision for the product. In the initial meetings with the development team, you should define the project’s:

• Scope
• Objectives
• Intended users

It is helpful to clearly state what problem your blockchain product will solve for users: people will not adopt a product that does not make life easier for them. When discussing the technical specifications of the project with the development team, cover what kind of infrastructure your company will need to smoothly run a blockchain at the intended scale, and listen to feedback from blockchain experts about this—the computing requirements may surprise you, but the blockchain can be planned from the beginning to be as energy-efficient as possible.

Blockchain is Not Right For Your Industry

Blockchain may be the hot tech trend right now, but is it really the solution for your business? Don’t throw resources into mindless trend-chasing. Instead, assess your business needs and think about whether blockchain will meaningfully transform things for you in a positive way—what problem is it solving? Broadly speaking, blockchain is useful for:

• Securely managing huge amounts of data
• Transparent collaboration and verification

If you don’t need either of these things, then carefully consider what blockchain will add to your business model and consult with blockchain experts on whether it is right for your needs.

Integration Issues

A business does not run entirely on the blockchain, so, when building an enterprise blockchain app, consider what else the blockchain needs to work with. A common pain point is the failure to integrate the blockchain with legacy IT systems in your company. Inform the development team what other tech products you use and discuss how the blockchain should interact with them.

Insufficient Investment

Budgeting is an important part of any project, and it is easy to underestimate the costs. A digital ledger is complex and needs sufficient infrastructure around it to function properly. Also, while it is a good idea to plan flexibility into the project from the start, scaling up the project to meet market demands can also result in corresponding costs. It is advisable to set aside some funds that can be injected into the project if it needs to be quickly upscaled.

Choosing the Wrong Blockchain Platform

There are a variety of blockchain platforms on the market, and not all are created equal. It’s important to research which one will be right for your needs before starting the project. Think about:

• Consensus method: proof-of-work, proof-of-stake, or a hybrid model?
• Sustainability
• Scalability
• Transaction speed and costs
• Smart contract capabilities

Factor these aspects of the blockchain into your decision-making.

Inexperienced Blockchain Engineers

You may consider various compromises to save money on your project, but do not hire inexperienced blockchain developers! Previous high-profile projects have suffered from hackers exploiting vulnerabilities in the code (notably, The DAO in 2016, which lost millions of ETH). Only by doing due diligence and making sure to contract experienced, senior-level developers with specific experience in blockchain can you minimize this kind of risk. When shopping around for blockchain developers, check:

• The company’s portfolio – which blockchain projects have they worked on before?
• Feedback and reviews from previous clients
• Experience in developing for your industry

Before You Start Your Blockchain Project

To avoid the common pitfalls detailed above, it helps to consult an experienced blockchain development company and discuss your idea for a blockchain product. Raise issues of feasibility, scale, and costs. A reputable company will have something to say and be able to address all the above concerns if they are raised in advance.

AccelOne’s expert nearshore development team has a proven track record of delivering successful blockchain solutions on time and within budget. To find out how we can help your company meet its business needs with great software, contact us online or call 800.863.6814.

There are many use cases for blockchain technology. Still, the main inroads of this digital ledger framework have been in the finance sector, including the use of digital assets (e.g., cryptocurrency) and smart contracts. A recent report on the role of digital assets in the wider economy in 2022 discusses the state of adoption and regulation of digital assets in the US. Here are just a few of the relevant insights:

• The final Crypto-Asset Reporting Framework (CARF), a document that outlines a system for the automatic exchange of information regarding digital assets between countries, was released by the Organization for Economic Cooperation and Development (OECD).
• The White House released its “framework for responsible development of digital assets” in response to President Biden’s executive order to outline clear guidelines surrounding cryptocurrencies. It includes regulations targeted at the illegal use of cryptocurrency to skirt financial legislation.
• The Securities and Exchange Commission (SEC) is reportedly investigating whether the NFTs created and sold by Yuga Labs (of Bored Ape Yacht Club, Cryptopunks, and Apecoin fame) qualify as securities, and are thus subject to controls by the regulator. The SEC has been recently criticized by the senate for being insufficiently clear on digital asset regulation, although the agency insists that crypto markets fall under its purview.
• The US Treasury has requested public feedback on the risks of digital assets, including money laundering and potential terrorist funding.
• Meta (formerly Facebook) is being questioned by senators regarding their actions taken to prevent cryptocurrency scams. The senators referenced data held by the Federal Trade Commission (FTC) which stated that 67 percent of reported scam victims have been targeted on one of Meta’s platforms.
• Regulation of virtual currencies also proceeds on the state level. In September, the governor of California vetoed a cryptocurrency licensing bill so as to consider feedback from his investigations into how to establish a clear regulatory environment for Web3 companies. Missouri recently updated its money laundering laws to include cryptocurrency, and Louisiana has adopted new rules for digital asset firms.

Developments in crypto regulation are accompanied by an increase in legal action against various bad actors, including money launderers and fraudsters, which are detailed in the full report.

To read the original article, click here.

In the modern digital economy, software dominates every industry, with all kinds of businesses dependent on software products and online services to drive sales, engage their customers, and handle their internal operations. A business can create its own proprietary software by hiring a custom software development company to build a bespoke system, but ultimately, the network effect means that some integration with the big tech giants—Alphabet (Google), Apple, Meta, and Microsoft—is inevitable.

This situation gives just a few companies, centered around a small number of decision-makers, outsized power over society, politics, and the economy. For example, many companies find success by developing a successful mobile app but would be hard-pressed to reach an audience unless it’s through the Google Play Store or iOS App Store. Google, Amazon, and Microsoft also dominate the cloud hosting market, effectively being able to cripple the online functionality of smaller businesses that depend on them for cloud services. Through their terms of service, these large corporations can effectively restrict freedom of speech and innovation on the Internet, and also engage in anti-competitive practices, making it difficult or prohibitively expensive for independent projects to operate.

However, there is an emerging tech trend that challenges this tendency toward monopoly: blockchain technology.

A New System Build On Nodes

Bitcoin, the most famous example of the blockchain, has no central authority. Instead, transactions are validated by every member of the network, called a ‘node’. No node is superior to another, each keeps a record of the data and a majority must agree for the record to be altered. In a similar way, an Internet structured around decentralized nodes would be a radically democratic, anti-hierarchical system, in which the level of dominance currently enjoyed by Amazon and co. would be impossible.

This reimagining of the Internet is often referred to as Web3 and has the potential to take power away from big tech and back into the hands of users and developers. It faces several challenges—notably, how to make running one’s own node as convenient as using the services currently offered by the tech giants—but with many believers behind it, and many companies tired of having to play by big tech’s rules, it paints an appealing vision for the future.

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The online gambling, or iGaming industry, covers everything from online casinos to slots apps, poker tournaments, sports betting, and more. Generally speaking, this lucrative sector always tries to keep up with emerging technological and financial trends, whether that’s taking inspiration from video games, releasing slick, user-friendly mobile apps, or integrating the latest digital payment systems.

The latest trend to hit the online gambling scene is cryptocurrency, the popularity of which has exploded in recent years. To meet user demand for crypto transactions, many online casinos and iGaming companies are rushing to accept digital currency payments and implement appropriate security measures to handle them.

These are just a few advantages that cryptocurrency offers to iGaming companies:

• Anonymity. Privacy is important for many users of online gambling platforms. Gambling as a pastime is stigmatized in many societies, so individuals may prefer to remain anonymous. Transactions with Bitcoin and other cryptocurrencies are anonymized by default, and much more private than using credit cards, making them ideal for privacy-conscious gamblers.
• Speed. Because it does not have to rely on financial institutions acting as intermediaries, cryptocurrency transactions can be much faster than, say, bank transfers, which may take several business days to clear. This is especially the case with international transfers. But a gambler’s cryptocurrency wallet can be credited almost instantly, leading to greater user satisfaction.
• Security. A Bitcoin casino, for example, is a more difficult target for hackers than a traditional online casino, because digital wallet addresses do not contain identifying credentials or enable any third party to affect the transaction between sender and receiver. Thus, it is not possible to gain access to user accounts if cryptocurrency is used.
• Better Rewards. The betting company or casino will pay less or no taxes on crypto gains, increasing their margins and even gaining a valuable investment asset in the process. Thus, it can offer better bonuses and payouts to the end users to drive customer retention and engagement.

In addition to simply accepting cryptocurrency transactions, some iGaming businesses are investing in blockchain development to build their own digital asset platforms, allowing them to make the most of this technology. In all cases, one should be mindful of the responsible gambling laws in the countries where they operate.

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