An article published late last week by the World Economic Forum (WEF) highlighted three key emerging applications for blockchain: (1) product provenance and traceability, (2) streamlining global supply chain operations, and (3) anti-corruption and humanitarian operations. In Wyoming, according to a report published the same day as the WEF article, a blockchain initiative for the food supply chain, BeefChain, became the first blockchain company to receive certification from the U.S. Department of Agriculture (USDA) as a Process Verified Program. BeefChain uses the Ethereum blockchain to track data related to cattle, such as verifying source and age, and that the cattle have not been treated with hormones. According to a press release published this week, Gartner predicts that by 2025, 20% of the top 10 global grocers by revenue will be using blockchain for food safety and traceability.
According to a recent report, a major multinational electronics company recently launched Nexledger Universal, an updated version of its enterprise blockchain platform. Nexledger provides a standard API applicable to multiple blockchain protocols and is available for use through a major global cloud service provider. In another recent announcement, a Big Four accounting and consulting firm launched a "smart contract testing and security service for the public Ethereum blockchain" that will become available to the public later this year. Also this week, a new blockchain-based digital identity network, Verified.Me, has become available in Canada for customers of select financial institutions that are participating in an early adopter program. The service seeks to improve the efficiency and security of the sharing and verification of customer onboarding information.
Initiatives aimed at promoting government support for the blockchain industry continue. In Quebec, Canada, regulators recently released new rules to make additional energy resources available to cryptocurrency miners selected for a new program. In the U.S., newly available data on lobbying activities indicates that more than half of the 80 firms that reported lobbying on fintech issues listed blockchain and cryptocurrencies among their concerns, with total spending on fintech lobbying reaching approximately $42 million in the first quarter of 2019.
For more information, please refer to the following links:
- 3 ways blockchain can revolutionize global supply chains
- BeefChain Receives First USDA Certification For A Blockchain Company
- Gartner Predicts 20% of Top Global Grocers Will Use Blockchain for Food Safety and Traceability by 2025
- Samsung SDS launches Nexledger Universal, the next version of enterprise blockchain platform
- EY Launches Smart Contract Testing Service As The Tech Comes of Age
- SecureKey and Initial Network Participants Accomplish Key Milestone in Bringing Digital Identity Network to Market
- Quebec Keeps Electricity Cheap for Crypto Miners Under New Rules
- Firms lobbying on fintech spent more than $42 million in first quarter
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