A Quick Recap of Top 6 Blockchain News of The Month
In the past few decades, blockchain technology has evolved into one of the most promising tools for speed, security, transparency, and decentralization. A lot of industries, from healthcare to banking and finance, education, agriculture, and real estate, among other sectors has started adjusting to this so-called disruptive technology.
Further, governments such as the Telangana state government and Kerala are also using blockchain for verifying records, smart contracts, and proving the authenticity of documents and people.
Another thing that grabbed the attention this week in the blockchain is the energy segment. A recent report said that the blockchain in the energy market was valued at $518.6 Mn in 2018 and is bound to grow at a compound annual growth rate of 54.09% during the estimated period from 2018 to 2024.
In a report titled “Global Blockchain in Energy,” it stated that the market is expected to reach $6.29 Bn by 2024, as reported by BIS Research.
Moreover, the growth is said to be fueled by the increasing integration of renewable energy sources, combined with increasing demand for decentralized power generation. In other words, blockchain technology can be used to create an energy exchange platform that enables secure peer-to-peer (P2P) trading of power within communities, thereby bringing in efficiency and sustainability into the energy distribution. Most prominently, this technology has the potential to minimize theft, power losses, and meet the energy supply-demand seamlessly.
In India, SWAYAM has recently included a crypto and blockchain course. Delightedly, the course is free for Indian citizens. The course is named ‘Introduction to Blockchain Technology and Applications,’ and it commences from February 24, 2020, for eight weeks, where the Indian Institute of Technology Kanpur professor Sandeep Shukla will teach the course.
Telangana Government To Eliminate Fake Drugs With Blockchain Technology
Telangana is the pioneer in promoting blockchain in India. While the blockchain technology is still originating in the country; the state of Telangana is already executing it in various ways. Lately, at the inaugural function of the global blockchain standards conference at MCR HRD Insitute, the government of Telangana on November 18 announced that it would aim at vehicle life-cycle management and deal with fake drugs and medicines.
‘Jayesh Ranjan,’ the I.T. principal secretary of the government of Telangana, affirmed that about 92% of the blockchain-based products are in the ‘proof of concept stage’ and only 8% of the products are being used. Telangana is the top state using blockchain in registration, education, B2B energy trading, and small loans. Concerning blockchain projects, the state stands in the 4th position.
Relief from Fake Report Cards, Thanks To Blockchain
In an attempt to combat fraudulent academic certificates, the Indian state of Telangana is adopting blockchain technology for academic certificates from JNTUH (Jawaharlal Nehru Technology University Hyderabad). The decision came to picture after the U.S. embassy reached out to the government officials concerning the increasing number of visa applications with fake certificates. The project is assumed to be operational next month, where the blockchain-based system will be primarily rolled out for software-engineering graduates at JNTUH.
Tackling the Mobile Ad Fraud With Blockchain Technology
A new report on November 18 claimed that the Idea leads the mobile ad fraud in Asia. 62% of marketers are spending nearly 20% of their advertising funds on ad fraud. It’s quite evident that the industry lacks transparency. Blockchain can solve the problem here by introducing transparency in the mobile marketing ecosystem.
Nestle, Carrefour Use Blockchain Technology For Infant Nutrition Care
‘Nestle’ currently announced a partnership with France-based supermarket giant ‘Carrefour’ to build a blockchain platform that aims at infant nutrition products to enhance consumer buying experience in terms of transparency and product quality.
Nestle and Carrefour are members of the ‘IBM Food Trust Platform.’ They have worked on blockchain together in France, where they have used this technology on other products as well. Earlier this year, Nestle allied with a blockchain company named ‘OpenSC’ to help bring more significant provenance to the SCM.
It is the 1st food company in the world to pilot instigating transparency and open blockchain technology. The first pilot included tracing milk from farms and producers in New Zealand to the warehouses and company’s factories in the Middle East region.
Blockchain To Eliminate Child Labor In Cosmetic SCM
The cosmetics logistics needs transparency and visibility into operations of all the stakeholders included in the ecosystem. The raw material ‘mica’ used in the manufacturing of cosmetics products is sourced from India, which is the largest producer of mica across the world. Around 25% of the global mica production comes from the states of Bihar and Jharkhand.
Dejectedly, the sourcing of mica from these states includes forced child labor. Every month, around 10-20 kids die in crumpled mica tunnels, as reported by ‘The Bachpan Bachao Andolan,’ an organization that protests against child labor.
SOMO and Terre des Hommes also predicted that nearly 20K children work in the mica mines, and 90% of such businesses are illegal. It is here that blockchain technology is supposed to save these children’s life. It is said to bring in transparency into the entire SCM, where the stakeholder gets the visibility into operations, where everything is transparent and tracked.
Lamborghini Uses Blockchain Technology For Car Authentication
Salesforce declared that it has allied with Italian car brand Automobili Lamborghini to provide blockchain-powered car authentication for its vintage cars.
Earlier, the company used to piece together the entire history of each car to assure the authenticity of its luxury vehicles is proper, a dull procedure costly for Lamborghini, and frustrating for the clients. To eliminate this, the company decided to leverage technology, notably blockchain, as it brings in trust and transparency into the complete process.
The company is delighted to partner with an iconic brand such as Lamborghini, which is eager to innovate and revolutionize the vintage car market with cutting-edge technology like blockchain said, Adam Caplan, SVP of emerging technology at Salesforce.