5 Broken Systems that the Blockchain can Fix 0 322

blockchain

5We’ve all heard the expression “if it ain’t broke, don’t fix it.” But lately that seems to apply less and less to many of our existing systems. From banking and education, to advertising and politics; wide scale reparations are needed. But how do we go about fixing these defective models? Enter the blockchain.

What’s been labeled the most revolutionary technology since the internet, many of us are still struggling to understand how it works, let alone get our heads around how far reaching its implications may be.

But just like AOL and email were to the internet, cryptocurrency is just the first in one of blockchain’s many uses. “Blockchain has legitimate potential to change the world,” wrote Drew Prindle at Digital Trends, and it seems, he could be right. Here are at least five broken systems that the blockchain can potentially fix.

The Supply Chain

The supply chain is full of gaping cracks and black holes industrywide. Product markups, missing merchandise, currency conversions, inaccurate recording keeping, or failure to comply with agreed-upon terms can all be fixed with blockchain technology. As a public ledger available to all, updating in real time without human interaction, there’s no longer the opportunity for occurances to go undocumented or unaccounted for.

By operating with an “if/then” logic, (if you provide 100 kilos of bananas, then I will transfer X funds into your account), smart contracts can enforce the terms without human interaction or manipulation. Once a transaction is made it is irreversible. Not only does blockchain have the potential to wipe out corruption and increase accountability, it can cut out the middlemen, making for cheaper products for the end user.

Cybersecurity

There have been plenty of headlines about hacking scandals and fraud. Research by Ernst & Young found that some 10 percent of all ICO funding had been stolen. The problem is not with the technology itself, however, but with the secondary software built to store cryptocurrency, including wallets, exchanges, and custodial services.

Andrew Hinkes, adjunct professor at NYU Law School and practicing attorney with a focus on blockchain, explains, “Generally speaking, blockchains create an audit trail of all activity by its participants, which simplifies access control and monitoring.

Blockchains can also be used for hardware and software version control and sourcing, which can simplify version control and updating issues. Using a public blockchain with proof of work consensus can remove the foibles of human mistake or manipulation.”

Online Advertising

Most of us hate advertising online. In fact, some 40 percent of all Millennials use adblockers when surfing the net. But beyond annoying pop-ups, the severity of the problem in the advertising industry is starting to come to light. A German court recently ruled that Facebook’s use of personal data and privacy settings was illegal. The Center for Humane Technology has been established in an attempt to protect people’s privacy and curb their tech addition.

Using the blockchain could soon put an end to these problems, as it democratizes data due to its transparency and decentralization. No one company is able to own or sell your personal data anymore. This means that not only are people allowed to manage their own data but they can monetize it as well, thanks to blockchain’s ability to record micro fragments and create new value opportunities.

Monetization of even the smallest amounts of data becomes possible, from the number of steps you’re taking daily recorded in your Fitbit, to how many times you click a certain ad. More and more companies are allowing consumers to authorize their data use, and monetize it by dealing directly with the companies who want to buy it. Advertisers get the data they need and consumers are rewarded for it, while having control over who uses it and how.

The Underbanked

The financial system has many problems, beyond high transaction fees, conversion rates, and transfer delays, many people are not being granted access. Larry Boyer, Certified Business Economist and President of Success Rockets comments, “One of the most promising uses for pure currencies is to help people who don’t have access to the traditional banking system. In the US, that is the rural and urban poor and developing countries.”

The unbanked can also engage in global commerce thanks to cryptocurrency. Currently, for example, it’s not profitable for the traditional banking system to service customers below a certain threshold. But with cryptocurrency, a poor farmer in Kenya or Colombia can prove creditworthiness by having the cryptocurrency in their wallet. This will open up the entire market for companies and allow more and more people access to goods and services.

Elections

We may never know what really happened in the 2016 elections, but with accusations of fraud being hurled from one side to the other, imagine if we could put an end to voter fraud once and for all? And in developing countries where rigged elections and violent protests are often par for the course, blockchain’s immutability can guarantee clean elections.

Companies like Follow My Vote make sure that all votes are permanent and impossible to tamper with. Thanks to the decentralization of the blockchain, it would be practically impossible for hackers to break in and skew the results. Since every block in the chain is linked, they would need to simultaneously change the entire blockchain, a virtually impossible feat.

The blockchain is set to revolutionize many areas of our lives for the better. And if we can put it to good use fixing just one broken system in our society, we’ll be on the right path to making amends for our current failings.

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Christina is a technology and business communicator who has worked with high profile ICOs and blockchain influencers to break industry news.

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ContentBox Launches on Chinese Exchange Huobi 0 144

ContentBox is utilizing the blockchain in hopes of disrupting the digital content industry.

Relevant content should be easy to find in this technologically-enabled era. However, competition has created white noise that can be hard to penetrate for both creators and content-seekers.

Take podcasts. When we go to Apple Podcasts, Spotify, Soundcloud or any other number of apps and search our favorite topics from a phone, tablet or laptop, we expect to find the most relevant results. But, due to convoluted distribution schemes and multiple different platforms, that’s not always the case. What happens, for example, when a podcast isn’t featured on your device’s native app store or podcast app? Or, perhaps it’s only available in the language of the non-English speaking foreign country you may be traveling in (which you might not happen to speak). At this point, it becomes a matter of scarcity: do you risk settling for a diminished digital experience, or worse, diminishing the quality of your trip?

Renee Wang was working in Japan when she realized there were no podcasting platforms that supported multiple languages on the market. She had to download podcasts to MP3 files and piecemeal them into one.  Recognizing the gap, she decided to build a solution.

CastBox was Born

Renee and her co-founder Alex He built CastBox, a discovery app hailed “the Netflix of podcasts,” and an all-in-one solution to the problem with having to hunt down disparate podcast channels, apps, and stations to find the podcasts you want. Replete with foreign language and multi-platform support, as well as personalized recommendation features, CastBox is essentially a blockchain-enabled podcast aggregator that not only allows individuals to discover new podcasts tailored to their interests, but also allows users to see what others are listening to on the app, and personalize their podcast recommendation and search preferences. One of the greatest ways CastBox adds value to users’ podcast experience is through its in-audio search feature: the app transcribes and indexes audio files and then allows users to search for them based off of just one sentence or body of text within it, after which CastBox then shows their search result, in addition to giving contextualized recommendations to similar podcasts.

On July 17, CastBox Launched ContentBox

As Wang and He discovered, the creative landscape for digital content creators is wide and deep, leading to significant and often insurmountable competition. Unfortunately, the profit potential for such creatives is bleak, as a result. In a market where distribution channels take the lion’s share of content creators’ revenues, the blockchain is poised to rebalance the model in the artist’s favor. And that’s where ContentBox comes in.

On July 17th, CastBox launched ContentBox on Huobi Global. The platform is an open-source blockchain infrastructure for creators, a token-based ecosystem comprised of a shared user and content pool along with a unified payment solution. As a decentralized content ecosystem, ContentBox gives users, creators, and companies alike the ability to integrate into it, opening up content channels, monetization, and multi-platform mobilization.

Boasting 18 million users, 3 billion BOX released, and 750 million BOX circulating as of July, ContentBox is now working on scaling its adoption of BOX Passport, a cross-platform identity and attribution gateway; BOX Payout, a borderless and secure payment transaction network; and BOX Unpack, a turn-key content management solution for publishers, to provide even more monetization opportunities for artists and creators.

ContentBox is allowing users to deposit and buy BOX both on its platform as well as on Huobi, which now also accepts BOX deposits, as well as BOX/ETH and BOX/BTC trades on its platform. ContentBox aims to decentralize the digital content industry and tackle its biggest pain points—creator monetization, user incentives, and content ownership—through a unified payout system, a shared content pool, and a shared user pool. ContentBox is the latest and most wide-ranging effort to combat abuses towards artists in the digital production industries, where platforms take the lion’s share of creators’ profits in exchange for distribution rights. ContentBox allows artists to bypass distribution platforms and access users directly, maximizing their profit potential. The release gives creators crypto-incentives for featuring their podcasts on the platform in the form of BOX tokens, which can be traded for ETH and BTC on Huobi Global.

With the release of ContentBox, CastBox further moves to disrupt the digital content production industry with an antagonistic business model that gives value back to creators instead of profiting off of them. There is major support for this: ContentBox is backed by Nirvana Capital, Node Capital, BlockVC, LinkVC, ICONIZ, JRR, and Fenbushi Capital founder Bo Shen. Further, that ContentBox was listed on Huobi at all is validation: only 0.0001% of all crypto projects are listed on this particular exchange. Yet, to definitively change the industry, CastBox will need to reach mass markets to scale platform adoption and reach mass profitability for podcasters using ContentBox, as well as attract key influencers away from top digital content distribution platforms and onto its own. If it can do this, ContentBox could allow CastBox to compete with the top market-dominating podcast apps globally. Keep your eyes open for more news on this continuing development.

Editorial note: this article was updated to correct a typographical error. We previously reported there were 750 billion BOX circulating as of July — that number was updated to reflect the accurate figure: 750 “million.”


What do you think about blockchain vs. tradition digital content distribution platforms? Could these really disrupt today’s digital content industry? Post in the comments below to tell us your opinions!

 

DiscoveryIoT – Introducing the World’s First Blockless DAG IoT Network 0 111

[Birkirkara, Malta, August 12] Looking to disrupt a trillion dollar market, Discovery is setting up an IoT network targeting supply chain businesses. Discovery is set to revolutionize the traditional supply chain network through its innovative solution by bringing together blockchain technology, AI and IoT. The core of the Discovery network is comprised of three layers, the Cliot IoT tag, the user community and the data analytics/Artificial Intelligence engine.  

Cliot is a groundbreaking innovation being carried out at the smallest scale.  It is an IoT tag that utilizes backscatter technology to absorb surrounding electromagnetic waves (Cellular) to power itself up. Being developed at a cost as low as $0.10 per tag, Cliot lends itself to be a highly scalable solution for tracking everyday products. Cliot is being developed to communicate with devices within 30m range. In addition, it can also house a variety of sensors like temperature sensor, accelerometer etc., depending on various purposes.

The user community is a community of smartphone users that have the Discovery application installed on their phones. These smartphones act as nodes in the network with which Cliot communicates and transmits data over WiFi or Bluetooth. The communication automatically takes place without the active involvement of any user once the phone is in Cliot’s vicinity. Once the data is transmitted to the phones, the data is then transferred to the central server via the phone’s cellular network.  

Data analytics forms the third layer wherein the data received from the Cliot is processed using edge computing at the smartphones and sent to the cloud to capture useful insights about the processes in the supply chain. These insights ultimately help in strategizing businesses as well as in maintaining the quality of the products in supply chain. There is also an AI engine built into this layer, to give meaningful and predictive information to clients about their supply chain.

The Utility of Discovery Network

Streamlining supply chain provides businesses an opportunity to improve revenues as well as reduce waste, without having to suffer great amount of revenue loss through stock-outs, stock-obsolescence, untimely delivery, poor product quality, etc. Therefore, in the developed economies where retail is organized, Discovery’s solution provides optimization of businesses by giving access to deep insights from the sales data the network gathers. However, Discovery’s solution has the biggest disruptive potential in the developing economies in Asia and Africa where retail is highly disorganized. It’s almost impossible for clients to access retail data in such markets and the businesses often suffer from issues like stock-outs. Discovery’s network, therefore, has a scope to be a massively successful solution in these markets and its utility can be summarized below:

Low-cost tracking

With the Cliot tag priced at $0.10 and tracking cost as low as $0.04 per product per month, Discovery’s solution is inexpensive compared to the existing solutions available. Being cost effective, the solution can be massively adopted for daily products.

Real-time visibility

Discovery’s solution enables clients to get real-time insight into their stocks and supply chain management. This insight would provide an effective decision-making tool for forming successful business strategies.  

Artificial intelligence

The third layer that forms the Discovery network incorporates AI which enhances the network’s capability by providing clients with predictable and actionable information. This predictive capability can help clients avoid issues like stock-outs while the AI gets smarter as more information is added to Discovery database.

Custom analytics report

The data analytics layer of Discovery can provide clients with customized reports of their sales data according to the unique requirement of each brand.

Customer and retailer relations

As retailers do not receive any direct incentive in sharing sales data, they are likely not motivated to do so. In addition, it is not possible to know the retailer performance without having access to the sales data. With Discovery’s solution, companies do not have to deal with retailers as the products tagged with Cliot transmit relevant data.

Besides the utility that Discovery network allows for clients, the user community who facilitates the network’s expansion is also benefited in the following ways:

Instant rewards

The community members who lend their data to the Discovery’s network are rewarded on a daily basis without any delay.

Passive Income

The network is built such that community members are not required to be actively involved in the data collection from Cliot. The Discovery application only needs to be run in the background which can automatically pair up with Cliot tag as the user is in its vicinity.

Guaranteed security

The data collected through Discovery network is de-granularized and individually identifiable information is not shared, thus ensuring highest level of privacy and security.

Control over the data limit

Discovery provides users an option to configure the data limit according to user preferences in the application and it also allows them to set geographical limitations.

If you would like more information about this topic, please contact Selvam VMS through selvam.vms (at the rate) discoveryiot.com .

Source: Esthan, a tech PR Firm, and an Official PR partner of DiscoveryIoT

Contact: Sharon Pradhan
Phone: 905-728-5982
Email: sharon@esthan.com

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