LG, the “Life’s Good” company that makes televisions, smartphones and other electronic appliances, is getting in on the blockchain boom. Through its LG CNS subsidiary, it has created a blockchain-powered service that provides logistics capabilities for finance, communication and manufacturing firms. The platform, called Monachain, also provides a digital wallet that allows users to conduct financial operations.
Monachain’s main focus is to be a digital authentication system, followed by a cryptocurrency and a digital chain management tool. It has developed a new identification system, a decentralized identifier, enabling personal identification as well as online smart device payments. LG CNS is currently working on securing agreements with a number of banks to expand its cryptocurrency offering to a larger customer base.
In a statement, an LG representative said the Monachain “can help business owners boost productivity as the company provides a digital supply chain management system that enables suppliers to manage the entire production processing efficiently.” Indeed, blockchain technology has already shown to provide huge benefits to logistics and supply chain operations. The results have been documented extensively, creating greater efficiency and customer safety.
By Gertrude Chavez- Dreyfuss, Reuters May 10, 2018
Wenn Digital, the developer of an image protection blockchain platform licensed by Eastman Kodak Co, said on Thursday it intends to raise up to $50 million in a combined public and private token offering.
Wenn Digital has created the blockchain-based system, called KODAKOne, which seeks to protect the copyright of images or photographs registered on the platform. Kodak has a minority stake in Wenn Digital, according to Wenn.
Kodak shares shot up in early January to as high as $13.25 when it announced its deal with Wenn Digital, falling after the token offering was delayed. The stock closed at $5.45 on Wednesday.
Cryptocurrencies are getting a lot of attention, but finance is only one of many applications of the blockchain technology behind it.
Blockchain technology is poised to revolutionise almost everything from supply chains (including illegal fishing and human rights abuses), insurance and health.
It is flourishing in an open-source environment, which raises the question whether our current intellectual property laws are fit for purpose to foster innovation.
Intellectual property law’s incentive theory
Intellectual property laws, such as patents and copyright, are premised on the incentive theory. To incentivise people to create, they are given, in effect, a monopoly (with some exceptions) on their creations and can go to court and stop others from free-riding on their work.
The digital world has made the tension between innovators and free riders even more acute. In the pre-digital era, copying a book incurred considerable costs for the copier. Now, given that digital files can be copied indefinitely for near zero cost, one could argue that we need even stronger IP laws to prevent rampant and unfair copying.
An eon or two ago, Eastman Kodak was a bleeding-edge technology company. It hired the smartest engineers and put them to work racking up patents, pioneering new chemical processes and building a globe-spanning camera and film business that, at its peak, employed 145,000 people.
But the digital photo age passed Kodak by, and today, the Rochester, N.Y., company exists mostly in the past tense. Many of the patents have been sold, buildings have been rented out or demolished, and the company has continued to shrink since it filed for bankruptcy in 2012.
Now, the 130-year-old company is trying an unlikely sort of comeback — one built by betting on cryptocurrency. It’s a bold gamble that has excited some investors, perplexed others and raised questions about whether Kodak was wading into dubious business deals in search of growth.
This month, Kodak lent its name to a digital currency called KodakCoin, which is billed as “a photo-centric cryptocurrency to empower photographers and agencies to take greater control in image rights management.” The basic idea behind KodakCoin is to use the blockchain to help photographers manage their collections by creating permanent, immutable records of ownership. The company also struck a licensing deal for a Bitcoin-mining computer called the Kodak KashMiner, which allows users to generate their own cryptocurrency.
The ever-increasing popularity of blockchain began with cryptocurrencies like bitcoin, but has since surpassed the worlds of finance and banking. With a slew of new businesses and applications built on the technology, these industries now represent the first wave of a mass decentralization that will soon impact the whole world. Blockchain helps distribute the cost of running a platform to its various participants, but rewards them for it in equal measure.
This decentralized model is already relevant for blockchain-based solutions such as cloud storage, payment processing, and cybersecurity. Soon, however, the technology will play a key role in the content distribution arena.
To many, this is a better deal than the old ways, which saw control and profits stay in the hands of content hosting companies rather than the content creators themselves. Blockchain can significantly disrupt this imbalanced status quo, and seeks to put the power back in the hands those who create and consume content.
Blockchain is quickly becoming a buzzword in daily conversation, largely due to the popularity of cryptocurrencies like bitcoin, but also because of the innovations being built with the technology. As entrepreneurs and developers move to adopt blockchain, its potential to disrupt businesses far and wide becomes increasingly obvious. Blockchain technology uses the power of an encrypted, organized network of computers to run all kinds of processes. Industries like data storage, banking, cybersecurity, supply chain management and crowdfunding are some of the first to be affected, but these may just be the first dominoes to wobble.
Is blockchain a threat to Netflix and other streaming competitors like Hulu? The answer first requires a look at Netflix, and then how blockchain might interrupt the company’s wildly successful model. (See also: Is a Netflix Debt Bubble Coming?)
More at: Does Blockchain Technology Pose a Threat to Netflix? – Investopedia