Just like blockchain is being seen to revolutionize various industries in the next few years, global freight or international shipping industry is not exempted from the great revolution. Being a continuation of our blockchain discussion on TheBlockchainAcademy, this post presents the potential blockchain solutions to be used and exploited by global freight industry in the coming years.
A number of businesses around the globe are making grounds to deploy blockchain to shape their shipping industry practices and exploit the potential it brings in terms of cost saving transparency and speed for the global fright transactions. Let’s take the very recent case of Marine Transport International, a leading freight forwarder based in the United States and the United Kingdom. The company has recently announced the deployment of the first public blockchain solution in the world, in the global freight industry. The official release of the company states that the business is using...
The Blockchain Academy is ever ready to provide in-depth information to the bitcoin enthusiasts and blockchain users belonging to different industries, all over the world. In this post, I have decided to discuss the ever popular idea of smart contracts, which is in the limelight since the emergence of revolutionizing yet controversial technology of blockchain.
So, what are people discussing about when they discuss about the smart contracts? In the context of the blockchain technology and cryptocurrency, the smart contracts are:
· Pre-written logic (computer code)
· Saved and replicated on the distributed storage media (For instance, a blockchain)
· Run or executed by the computer network (generally the same ones operating the blockchain)
· Can lead to...
In many of my posts, we have greatly discussed the blockchain systems potential for a number of industries. We also discussed factors like cost, privacy, data quality and an elimination of the need of third party trusted intermediaries. In this post, which is a continuation in a blockchain article series on www.TheBlockchainAcademy.com, we will focus the factor of scalability both for private and public blockchain systems.
Since last year, the idea of private blockchains is rising whenever there is a discussion regarding blockchain technology. Essentially, rather than having an uncontrolled and fully public state machine and network secured by the cryptocurrencies, it is also quite possible to develop a system where access is more strictly controlled, with rights to change or even read the blockchain state limited to a few users, while maintaining a number of partial guarantees of decentralization and authenticity that is provided by blockchain. These systems are the major...