As many as 15 European countries have been affected by the Dutch egg contamination, as well as others around the world. The Food Standard Authority (FSA)’s investigation is currently working hard to remove all contaminated products from UK supermarkets. Initially thought to have affected 21,000 eggs, this figure has now ballooned to over 700,000.
The grocery supply chain is broad and complex, characterised by many players frequently holding potentially inefficient, manual records. As a result, it is often extremely difficult to map the paths of goods, and supermarkets have a hard task on their hands to unearth the foods and products that are tainted from the infected Dutch eggs.
However, blockchain could provide the solution for future scenarios. It is already being used by food suppliers and retailers to prove authenticity and increase consumers’ trust in their brand. But it can also be used to provide complete transparency across a product’s end-to-end supply chain journey. Not only will this help prevent the spread of contaminated goods, but it can also cut down food fraud which is estimated to be worth $40 billion.
More at: Blockchain could have solved Dutch egg supply chain worries – Information Age
We are living in an exponentially expanding trust gap. — Richie Etwaru
Blockchain will disrupt every industry. Blockchain is a disruptive technology because of it’s ability to digitize, decentralize, secure and incentivize the validation of transactions. A wide swath of industries are evaluating blockchain to determine what strategic differentiation can exist for their businesses by leverage Blockchain. Here is high level overview of what is Blockchain, and what is it used for via MIT Technology Review.
“Blockchain, also known as distributed ledger technologies, show significant promise in addressing the trust and transparency required for a digital world. Opportunities exist to rethink cooperation and control governance, financial control, flow of wealth, the trust gap, and transforming transparency of organizations. Consequently, society faces a unique opportunity with blockchain to transform how we engage with each other.” — Ray Wang
To learn more about the importance of Blockchain and its disruptive nature, Ray Wang and I invited a Blockchain expert author, who believes that every company will be disrupted by a trusted version of itself, and one of the first chief digital officers of a multi-billion dollar publicly traded company to speak about the importance of distributed ledgers and the future of trusted companies to our weekly show DisrupTV.
More at: Blockchain: Every Company is at Risk of Being Disrupted by a Trusted Version of Itself – HuffPost
If the U.S. Department of Defense were an economy unto itself, it would be the 20th largest in the world. Like any other advanced modern economy, it is deeply integrated with the entire globe, its supply chains often stretching into countries with whom the United States has adversarial relations.
The open manner with which U.S. national security enterprises bid for goods and services can be exploited by U.S. adversaries seeking to inject counterfeit or malicious components into sensitive electronic hardware. The unprecedented challenge of policing the vast and complex supply chains for such hardware will require radical innovation in technology and governance to ensure that the rules-based system of international trade that the U.S. has long championed is not degraded into a chaotic arena of unrestricted economic warfare.
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The complexity and scale of the transactions that comprise U.S. sensitive supply chains create a kind of informational fog in which adversaries can hide. However, if the information associated with each such transaction can be projected onto a timely and granular digital dataspace, the U.S. can harness the power of modern machine learning methods to identify suspicious activities within its supply chains at scale. Although there are many technologies with which this dataspace can be constructed, we believe the blockchain has, even in its nascence, demonstrated that it has the economy, security, and power that make it the ideal technology for this purpose.
More at: Expelling Digital Demons from U.S. Sensitive Supply Chains – The Cipher Brief
Even though most people don’t even know what they are, Bitcoins increased in value from about $570 to over $4,300 — an astounding 750% — in just the last year. Because of this huge return, more people are becoming interested in possibly owning some Bitcoins hoping to make a fast fortune. That would be very risky.
More at: A Bitcoin Is Worth $4,000–Why You Probably Should Not Own One – Forbes Leadership #CuttingEdge
I contend that blockchain technology is going to disrupt many businesses and industries and the legal profession just might be next. Although there are many appealing characteristics of blockchain technology for lawyers, perhaps the best one of all is that it can secure information in an immutable and transparent ledger. Blockchain technology is on pace to revolutionize the legal industry and many predict it will become as ubiquitous as the internet is today.
What is blockchain technology?
Blockchain is a comprehensive, up-to-date (real-time) ledger of anything that can be recorded from financial transactions to ownership of physical assets stored in a distributed, peer-to-peer fashion. Every record is encrypted and time stamped. Only users can edit the part of the blockchain that they “own” and they gain access to the file only because they have a private key that allows them to. It also ensures that everyone’s copy of the distributed blockchain is kept in sync.
There are many different blockchains—public and private—and they allow anyone to send value anywhere in the world where the blockchain file can be accessed.
Blockchain technology has solid and effective security and has been described as “hackproof.” Unfortunately, nothing really is fully hackproof, but blockchain technology is more secure than our current technology and should reduce the risk of breaches.
How blockchain will impact the legal profession
Even though widescale adoption hasn’t happened yet, there are proof-of-concept projects taking place in nearly every industry. Law firms need to know about this technology so they can be poised to guide and serve clients within the new blockchain reality in addition to altering their law firms to address the new blockchain reality.
Source: Practical Examples Of How Blockchains Will Be Used In Legal Firms – Forbes Tech #BigData
The current bull market is outrageous. Long-dead altcoins are being pumped to 10,000% gains, ICOs are raising hundreds of millions of dollars, and the talk over on /r/ethtrader is dominated by folks with lambos. In the midst of it all, Bitcoin has gradually increased its price, from just over $1000 at the beginning of the year to $4250 at press time.
Many are calling this market a bubble, saying that everything that goes up must come down eventually. They are likely correct this time. But there is reason to believe that digital currency is beginning to reach mainstream acceptance.
Regulators haven’t figured it out
Regulatory uncertainty is arguably the biggest obstacle to the mass adoption of digital currencies. While tales of “Bitcoin bans” have gradually faded over the years, and governments are looking more favorably upon digital currency, it still has a long way to go. The biggest regulatory obstacles are tax policy, anti-money laundering (AML) laws, and securities regulators.
Recently the U.S. Securities and Exchange Commission (SEC) issued a report condemning many ICOs as violating securities laws. This has resulted in Bitfinex ceasing all trade of ERC20 (ICO) tokens and suspending service to U.S. users.
Despite this, most regulators do seem to hold generally favorable views, or are at least willing to adopt a wait-and-see approach. Japan and South Korea both officially legalized digital currency in recent months, which has proven to be quite a boon to the markets. A large percentage of exchange volume has been coming from both those countries recently, fueling the current bull run.
More at: Mainstream Acceptance of Bitcoin is Almost Certain, But We’re Not There Yet – The Cointelegraph
OPINION | A new race — a crypto-race — is on.
A few months ago, Russia created what could turn out to be its second “Sputnik,” although most of the world took little notice.
A Russian scientific institution successfully tested a blockchain technology platform that can theoretically withstand a hack from a quantum computer. Quantum computing machines use subatomic particles to process data a million times quicker than regular computers, but they do not exist today outside experimental laboratories. Most experts agree that it will be a few decades before quantum computers are commercially deployed. But when they are, the encryption we all rely on to to protect Internet servers, passwords, and email and messaging traffic may become obsolete.
So, creating a digital platform that is quantum hack-proof is a huge cryptographic leap forward. It is a sign of Russia’s intent to position itself strategically as a global leader in blockchain technology. But it also is of great national security significance to the United States, on two fronts. One, it shows Russia’s potential espionage advantage by advancing in cryptographic methods to secure data in ways that the U.S.government is neglecting. And, two, it signals that Russia may be able to withstand America’s economic sanctions tools in the future.
More at: Blockchain technology may give Russia its next Sputnik moment – TheHill