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Blockchain technology has the ability to transform the retail and consumer goods value chain. The blockchain’s ability to track and trace products and record transactions and contracts will lead to widespread adoption in these two sectors in the next five years, with those companies which fail to leverage this new technology risking falling behind. This is according to a report by Deloitte which cites changing consumer demands as a key reason for both industries to turn to blockchain technology. In its report titled “New Tech on the Block”, Deloitte also revealed that it is developing its own blockchain solutions to help address challengesPowered by WPeMatico
AP Moller-Maersk, the Danish shipping conglomerate, has launched the first-ever blockchain platform for marine insurance. Known as Insurwave, the platform aims to leverage the blockchain to revolutionize the management of risk in the industry as well as interactions between stakeholders. The platform was built on R3’s Corda blockchain and, as reported by Seatrade Maritime News, it is in commercial operation at consulting firm Willis Towers Watson, insurance companies XL Catlin and MS Amlin, and Maersk itself. Alleviating Inefficiencies Maersk has been trialing the platform and will continue to use it for marine hull insurance after a successful pilot. Insurwave is expectedPowered by WPeMatico
South Korean electronics giant LG has announced that it’s launched its own blockchain service, Monachain. The service was launched through the company’s information technology service unit, LG CNS. According to The Korea Times, the service is aimed at capitalizing on the lucrative emerging field of blockchain-based services especially in the fields of telecommunications, manufacturing and finance. Championing The Decentralized Economy Monachain will offer various decentralized services, one of which will be a digital authentication and certification service. For this, it will use an all-new type of identifier known as the decentralized identifier (DID) for verifiable, self-sovereign digital identity. The DID systemPowered by WPeMatico
The Eastman Kodak Co. will conduct a token sale for its long-awaited KODAKCoin beginning May 21. The sale will target accredited investors and aims to raise $50 million for the development of a blockchain platform. The New York-based company has already held a presale in which it raised $10 million from investors. The KODAKCoin will be the native digital asset for KODAKOne, a blockchain platform that aims to empower photographers by giving them greater control over image rights management. KODAKOne was developed by Wenn Digital, a Venice, California-based company in which Kodak has a minority ownership. Complying With Regulations Kodak’s ICO, which had beenPowered by WPeMatico
Three months after banning cryptocurrency ads from all its platforms, Facebook is launching a blockchain research and development initiative. With fellow tech giants Oracle and Microsoft already deeply invested in the research and development of blockchain technology, Facebook has joined the bandwagon, and it’s looking to the current head of Messenger, David Marcus, to lead the initiative. The team will include other high-ranking executives from Facebook and its subsidiary, Instagram, according to people privy to the matter. Marcus has been at the helm of Facebook’s messaging app since 2014 and has led it from a relatively new product to one ofPowered by WPeMatico
Blockchain technology has been touted as the solution to many of the challenges facing most industries today. From insurance and real estate to content distribution and supply chain management, the potential of blockchains to revolutionize business is great. However, contrary to popular opinion, only 1% of chief information officers in a recent Gartner poll indicated that they’re currently making use of blockchain technology in their organizations. The poll, which included 3,138 CIOs, revealed a worrying reality of low enterprise implementation and people’s apprehension towards the new technology. The Numbers Are Worrying The survey, which was released on May 3, revealed that only 8% ofPowered by WPeMatico