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Why supply chains need blockchain and how Bitcoin DApps can help

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Why supply chains need blockchain and how Bitcoin DApps can help
Source: Temco

In the supermarket on any given day, you’d usually expect to find an array of fresh fruit and vegetables, some of which are available all year round regardless of the growing season. We’ve become used to seeing strawberries, melons, and tomatoes on shelves irrespective of the local temperatures. In today’s connected world, these goods are simply imported from wherever they happen to be growing, by means of global supply chains.

Supply chain management can make or break a company, particularly if the goods are perishable. One survey estimated that 79% of companies with high-performing supply chains achieve above-average revenue growth in their industry. On the other hand, if supply chain management is done badly, it can be costly.

Currently, some reports suggest that only 6% of companies have full visibility over their stock inventory and its location, at any given moment in time. For example, during the e-Coli outbreak in the US earlier this year, Walmart was forced to clear its shelves of all Romaine lettuces, just to be sure.

How Blockchain Benefits Supply Chains

Walmart has now implemented a blockchain-based solution that means it can quickly pinpoint the exact farm or truck used to source the goods. Blockchain allows each product to be tagged and tracked along each step of its journey throughout the supply chain, to the end consumer.

Because blockchains are untamperable, this provides a more secure record of data than existing centralized supply chain platforms. Although Walmart is currently in the early stages of implementation, the company believes it will achieve considerable cost savings as a result.

The Walmart blockchain system has attracted some criticism from within the blockchain community. As it was developed with IBM using a permissioned ledger, some have argued that it misses the critical benefits of trustlessness and security offered by a genuinely decentralized blockchain solution. These criticisms are somewhat valid. If Walmart controls the ledger, it doesn’t need any decentralized group of nodes to validate the transactions, and neither does it become any more resilient to attack than a centralized database.

One of the concerns of big businesses in using decentralized public blockchains is often a lack of security. Ironically, Bitcoin is the most secure and stable blockchain in existence. While it’s true that Bitcoins have been stolen, this is because of exchange security weaknesses, not an inherent weakness of Bitcoin itself.

Until recently, a further limitation is that the Bitcoin blockchain is coded to be Turing-incomplete. This means it wasn’t previously possible to build decentralized applications on it like with Ethereum using its Turing-complete Solidity programming language.

However, this has now changed. The RSK main net is now live, opening up new possibilities for developing dApps on the RSK Bitcoin side chain. DApps developed using RSK benefit from participating in the world’s oldest, biggest, and most resilient network.

First Movers

Temco is one of the first movers to take advantage of the RSK main net. The company is developing a supply chain solution powered by the RSK blockchain. The Temco solution allows SMEs access to the same kind of sophisticated blockchain-based tracking software as Walmart.

However, because Temco runs on the Bitcoin network, it also offers all the benefits of security and resilience provided by a truly decentralized network. Where data is private, it will be cryptographically hashed and accessible only to authorized users.

In addition to supply chain tracking software for standard items, Temco provides IoT integration for temperature tracking perishable goods that need to be kept in cold storage. Alongside, a data and analytics engine will give the users insights regarding their supply chain processes, enabling continuous improvement for ongoing efficiencies. Customers will access their supply chain data using a simple, clean interface as part of the Temco smartphone app.

Temco opted to run its technology on RSK because the blockchain offers high transaction speed, low transaction costs, and high scalability – all of which mean it lends itself well to the complexity and volume of supply chain processes. Although the Bitcoin network has come under fire for being too slow leading to higher transaction fees, RSK is able to process 100 transactions per second, which is comparable to the PayPal network.

Gaining Traction

Although RSK is still in the early stages of its main net launch, the project has been gaining some impressive credentials. The RSK Federation comprises partners well-known in the crypto space, including Bitmain and Jaxx to name a few. The InterAmerican Development Bank recently announced that RSK is a confirmed member of the LAC-Chain Alliance which has formed to promote the use of blockchain across countries in Latin America and the Caribbean.

RSK has also previously partnered with Wings Foundation, which is a decentralized platform for creating and managing decentralized autonomous organizations [DAOs]. This means that in principle, any group of people or entities can form a DAO using the Bitcoin ecosystem, in the same way that’s currently possible using Ethereum.

The Decentralized Evolution of Supply Chains

While big-name companies like Walmart are now starting to realize the power of blockchain in the supply chain, Temco now has the potential to bring this to a far larger group of smaller companies and enterprises that would otherwise be unable to access this kind of emerging technology.

By utilizing the power of the Bitcoin ecosystem, together with secure smart contracts, Temco is demonstrating that RSK has comparable capabilities to Ethereum. It’s likely that we will soon see others follow suit in building new use cases for blockchain using the Bitcoin network.



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Guest Post

Vid App Lets Users and Influencers Monetize Personal Videos

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Vid App Lets Users and Influencers Monetize Personal Videos
Source: Twitter

We’re visual creatures. That’s why we’re captivated by films and shows that have great storytelling. According to reports from Insivia and Cisco, mobile video consumption doubles every year, and by 2021, videos will comprise 82% of internet traffic.

One venture believes it’s possible to make money from our personal video collection through tokenized rewards.

According to Jag Singh, CEO, and co-founder of the Los Angeles, California, based startup:

Vid is a social app that empowers users to create beautiful videos, control their data, and monetize their memories. We use artificial intelligence [AI] to generate memories from a user’s video feed. These are then organized into an interactive calendar. The resulting video journal can be edited with a patented editing tool before users publish their captured memory.”

Privacy and Protecting Data

Publishing personal journals on public platforms is tricky. But Singh says Vid places a premium on privacy.

“We use zero-knowledge encryption as well as blockchain tech to give users complete control of their data. It also gives them opportunities to monetize their videos with brands—without interference from us or anyone else.”

Bad data practices [e.g. Experian hack] and harvesting user data without consent [e.g. Facebook] have led to regulatory actions such as GDPR [“General Data Protection Regulation”]. Vid’s solution is to encrypt data and let people select what data to make available. Moreover, the app lets users connect directly with brands that might be interested in their video journals or creative talent.

Singh added:

“Users who opt-in to generate video memories in conjunction with an advertiser will receive 100% of the advertising revenue,” whose app can be found at. “No cut is taken by Vid or any third-party ad marketplace.”

So what are the implications of a 24/7 connected world?

People now view one billion hours of YouTube videos each day. There are several large platforms that are capitalizing on viewing trends. With this massive shift, influencers and brands have much to gain: Audiences retain 95% of a message when delivered in video format compared to just 10% when reading in the text, according to Insivia.

Opportunity for Users and Influencers

Vid’s CEO launched the venture in December 2016. He says the app is a unique opportunity to offer a superior, privacy-protected social experience to a massive crowd.

According to Singh:

“We launched a test version in early 2018 and added more than 30,000 users within a month. We were trending up the social media application rankings before taking the app offline again for further development. No marketing dollars were spent on the test launch. It was purely organic.”

The firm has boarded more than 50 top Influencers across social channels to support the app’s public release. The Influencers have more than 250 million followers, and they know they can increase their revenue from brands by using Vid. The app has a swipe-up ad model where ad revenue flows directly to the Influencers.

The app’s target audience is younger generations [Millennials and Generation Z] since they prefer short-form video content.

The Process

“We poured more than $1.5 million of our own funds into product development and have been working on the platform since the end of 2016, we have filed seven patents for the technology underpinning our platform.”

The team consists of Jag and Josh Singh, and now includes computer scientists, engineers, financial experts, marketers, and business development professionals. Maciej Dziedziela, another co-founder, is Chief Technology Officer. He has a background working in major enterprise firms.

Before Vid, Jag and Josh launched and exited a company that grew to nearly $30 million in annual revenue over four years.

Singh also detailed about:

“Contrary to the pump-and-dump ICO and IEO models of most cryptocurrency and blockchain platforms, we have opted for a five-year rollout of the Vid native token. The details of our tokenomics can be found in our whitepaper, which is accessible from our main website.”

The Vid token pre-sale is scheduled for launch on June 14, 2019, and will conclude on August 9. There is no soft cap, and the presale hard cap is $60 million. There will be no airdrops. Smart contracts are audited by Certik.

For further details contact here.

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