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Meeting Over Regulations Set Between Key Biden Staff And Blockchain Association

March 5, 2021 by Blockchain Consultants

The Blockchain Association stands as a crypto advocacy group based in the US, and has started to take part in the age-old practice of lobbying. In particular, it’s meeting up with various key figures within the Biden administration in order to advocate for more favorable regulations within the crypto space.

Crypto Lobbyists Doing Their Thing

Kristin Smith stands as the executive director of the Association, and gave a statement to Fox Business about the matter. In this statement, Smith highlighted that the Blockchain Association has already met with certain key figures within the Biden Administration, or are otherwise scheduled to meet them in the future.

These high-ranking officials of the White House include names like Wally Adeyemo, the former BlackRock executive, and Deputy Secretary nominee, as well as Janet Yellen, the Treasury Secretary. Alongside this, various representatives of the Treasury Department have been in talks with the Blockchain Association as well.

crypto

Trying To Fix Mainstream Crypto Image

The Association’s biggest aim with these talks, according to the public statement, is to have the Treasury Chief gain a greater understanding of the value of crypto. Smith cited a comment Yellen made in the past, declaring that the primary use case for crypto was illicit financing, and Smith states that it’s the Association’s top priority to change this view.

Yellen herself has seen quite a bit of dislike from the general crypto community. Granted, she didn’t really make that a difficult prospect after declaring that was an extremely inefficient means to conduct any type of transaction, declaring that it wasn’t used as a transaction mechanism all that much.

Using Tools Just For Governments

It should be noted that Yellen isn’t against Decentralized Ledger Technology (DLT), just the general decentralized cryptocurrencies. Yellen had repeatedly shown interest in the centralized use case for DLT. In this angle, Yellen declared it would be very beneficial for the Dollar, offering quicker and safer, not to mention cheaper, means of payment as opposed to fiat.

Adam Traidman stands as the CEO of the BRD crypto wallet. In his public statement, he highlighted how the crypto space at large is trying to work with the highest echelons in the Treasury command chain as possible. In a statement, he highlighted that many in the crypto space aren’t even bothered by compliance or regulations. However, he advocated for a less stringent regulation just for now to spur innovation and jumpstart mainstream adoption.

Meeting Over Regulations Set Between Key Biden Staff And Blockchain Association

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Filed Under: blockchain, cryptocurrency Tagged With: Adoption, Biden, blockchain, Business, ceo, chief, Compliance, crypto, Cryptocurrencies, cryptocurrency, data, decentralized, Director, DLT, executive, fiat, Janet Yellen, Ledger, Mainstream, Market, Regulation, Space, Technology, Trading, us, view, yellen

Unslashed Finance raises $2M for crypto insurance platform

March 4, 2021 by Blockchain Consultants

Unslashed Finance, a decentralized insurance protocol built on Ethereum, has raised $2 million to fund its tokenized insurance product, highlighting another positive use case for blockchain technology. 

The funding round, which was led by Lemniscap, P2P Capital and other investors, will aid Unslashed Finance in expanding its decentralized insurance protocol for crypto assets. The protocol works by connecting people willing to buy insurance for their assets and investors seeking to earn an uncorrelated yield.

Unslashed claims that its protocol enables “almost instant liquidity to insurance buyers and risk underwriters,” as well as constant collateralization. By tokenizing coverage, the platform allows the insured to pay as they go or simply offload the coverage if they no longer need it.

The insurance covers exchange and smart contract hacks, validator slashing, stablecoin pegs, oracle failures and other types of risks that traditional firms do not insure.

Since its initial private launch in February, Unslashed Finance has sold $400 million in insurance coverage and collected $90 million in capital deposits. Its clients include ParaSwap, Ethereum Lido Finance, Enzyme, Techemy Capital and others

“The growth was purely organic,” Marouane Hajji, founder and CEO of Unslashed, tells Cointelegraph. He explained that roughly one-third of the covered buyers are protocols protecting themselves, 20% are crypto hedge funds and the remaining are DeFi power users.

Regarding the future of blockchain insurance products, Hajji says the banking and insurance industries “tend to be slow movers with regards to new technology.”

He continues:

“Although some insurance companies were experimenting with public and private blockchains pretty early on (2015/2016), and McKinsey published a report back then explaining how blockchain could have several use cases in the insurance industry, real-life applications on public blockchains are not the focus of traditional industry players.”

The blockchain-based insurance industry appears to be growing in light of the DeFi boom, as more users seek out coverage against centralized exchange hacks. Presently, the coverage is quite expensive, although this could change as the market continues to mature.

Credit card issuer American Express has even commented positively on the cryptocurrency insurance market but noted that major issuers are taking a very cautious approach. The concern stems from the fact that cryptocurrencies like Bitcoin (BTC) are effectively a bearer asset like cash, which entitles the possessor to the underlying value of the asset.

“Consequently, when someone’s bitcoins are stolen, it’s difficult to establish rightful ownership without actual possession of that bitcoin,” Justin Grensing of American Express said.

Unslashed Finance raises $2M for crypto insurance platform

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Filed Under: blockchain technology Tagged With: Adoption, Banking, Bitcoin, bitcoins, blockchain, blockchains, Cash, ceo, Companies, crypto, Cryptocurrencies, cryptocurrency, decentralized, DeFi, ethereum, exchange, finance, founder, funding, Go, hacks, Hedge Funds, insurance, Insurance Industry, Market, oracle, other, p2p, stablecoin, Technology

The reformed Bitcoin Maxi who saw the light: Erik Voorhees

March 3, 2021 by Blockchain Consultants

“We felt like we were doing God’s work,” explains cryptocurrency payments pioneer Erik Voorhees as he recalls trying to convert the unbelievers in the early days of Bitcoin.

The man whose gambling platform SatoshiDice was once responsible for half of all Bitcoin transactions, is now an elder statesman of crypto and the CEO of the ShapeShift exchange.

He remembers Bitcoin being written off as a joke at the Money 2020 conference in Las Vegas back in 2012. At the time he was working for BitInstant, one of the first Bitcoin exchanges, and they had a booth right next door to PayPal.

“I remember the PayPal people nearby kind of snickering at us. A couple of them had maybe heard of Bitcoin. If they’d even heard about it, it was a total joke — a stupid scam on the internet, or something. It was a totally unproductive conference.”

History has not been kind to the snickerers and scam-sayers, many of whom have since been converted. In 2020, eight years after the conference, Paypal finally joined the fray, enabling users to buy and sell crypto, and it will soon add it as a method of payment at 29 million merchants.

Voorhees spread the gospel of Satoshi at the conference alongside Charlie Shrem and Roger Ver. Shrem was the founder of BitInstant, viewed by some as a martyr to the cause after serving two years in prison on a case related to an exchange user reselling Bitcoin on the darknet marketplace Silk Road. Ver was perhaps the biggest believer of all, earning the nickname ‘Bitcoin Jesus’ for his charismatic promotion of the currency.

“In terms of proselytizing, Roger was the absolute best. He was a total maniac about it” Voorhees recounts with a chuckle.

“Even for Charlie and I, who were very much supportive of the general sentiment, It was pretty overwhelming and just incessant.”

“Everyone that works at a startup feels a little bit like they’re changing the world, that they have this huge mission, and certainly every company tries to amplify that,” he says, being a CEO himself. But for Bitcoiners, Voorhees clarifies, “it is really a ‘change the world’ kind of thing, and to change the world on a fundamental level. It’s to change the institution of money itself — that is a profoundly tall order.”

Vorhees explains that he sees Bitcoin as nothing less than revolutionary:

“It’s not just a better user-interface for the money that people had before. It’s a different type of money that changes government, changes culture, changes social and economic relationships on a very very deep deep level. That’s why it’s taken so long to to catch on, to get recognized, because it is trying to move into such an entrenched institution.”

It’s 2012. @ErikVoorhees @rogerkver and I decided to pool our money together for the first #Money2020 event. We told them we wanted the best booth we could afford, but we needed to be next to the @PayPal booth so we can show the world OUR financial system!

Welcome, Paypal! pic.twitter.com/5BzvQDfvFb

— Charlie Shrem (@CharlieShrem) October 21, 2020

Libertarian roots

Now 35, Voorhees spent his early ‘90’s childhood in the mountains of Colorado before moving to the University of Puget Sound near Seattle in 2003. He studied international economics and business but doesn’t really feel like he learnt either.

“In the entire major of economics, though I had courses in the history of economic thought, I never learned about the Austrians,” he says, referring to the Austrian School of economics. Often ignored by mainstream Keynesian economists, Austrians are obsessed with things like hard money and decry unbacked fiat currencies so they have been embraced by gold-bugs and the Bitcoin community, which is after all, often called ‘digital gold’.

A freshly minted graduate in 2008, Voorhees left to pursue adventure in Dubai where “anyone with a college degree could immediately get a job, because they were growing so fast.”

Working as a marketer for a real estate agency, he watched from a distance as the world he thought he knew began to buckle under the weight of the unfolding Global Financial Crisis. Dubai did not feel its effects until half a year later, he recounts, describing the intervening time as “this very weird period where Dubai was going through this massive economic boom, and the rest of the Western world was falling apart.”

From this desert oasis spared from the global drought, the business and economics graduate “started really understanding money on what I felt was a very fundamental level.” For Voorhees, the story of money is a simple one: “money emerges as the good that is bartered for most frequently.” That used to be gold and is currently fiat money, but it could just as well be something else, if a more useful and efficient money was embraced.

Upon this realization, Voorhees took on a “very strong aversion to fiat currency and to government control of money” because as a believer in a market economy, he felt that no government should control the price or distribution of any goods. “Money was actually the most important good of all, and thus most important to not be centrally planned. And yet it was even in, you know, allegedly capitalist economies,” he says.

“A capitalist economy that has a government-managed money system seemed completely antithetical, but I didn’t have any answers or solutions to that other than some kind of return to the gold standard, which seemed somewhat anachronistic.”

Voorhees returned to Colorado after two years abroad, soon moving to New Hampshire to join The Free State Project, an organized political migration which he describes as “a multi-decade initiative to move 20,000 radical libertarians to one small jurisdiction [New Hampshire] to hopefully have an outsized influence on the political structure.” It was there, in the company of fellow radical libertarian political activists, that Voorhees encountered Bitcoin in 2011.

“At that point I got completely hooked, and a year later ended up leaving New Hampshire and moving to New York to join Charlie Shrem at BitInstant.” There, he took the reins of marketing as employee number three.

It was around that time that Charlie Shrem, Roger Ver, and Erik Voorhees — each of whom would go on to become crypto-luminaries in their own right — pooled their money together to set up a Bitcoin booth at the Money 2020 conference in Las Vegas. “We needed to be next to the PayPal booth so we can show the world OUR financial system,” Shrem recounted. Vorhees says they failed to convert anyone to Bitcoin at the conference despite their best efforts.

Belief in false profits

Vorhees admits he used to be a Bitcoin Maximalist, a believer in the one true coin who rejected all false currencies. “I used to be a maximalist. Obviously when I got into Bitcoin, it was kind of the only coin,” he says.

“As other coins came out I dismissed them, scoffed at them, and generally didn’t like them because I felt like they were a distraction from the important project.”

Though he tried to focus on Satoshi’s vision, the new projects started gnawing at him and he realized that many of them “were doing things that Bitcoin wouldn’t do or couldn’t do.” By mid 2014, his conversion was in full swing.

“My whole mindset began changing. One of the most important things about Bitcoin is that it is decentralised. And it seemed to me antithetical to have a decentralized digital economy where there is only one chain — you know, one code base, one chain, one set of economic rules. It seemed very appropriate that you would get multiple different digital assets, and that was actually part of the decentralization, part of the virtue of Bitcoin was that Bitcoin isn’t the only thing there.”

He tempers this by adding the usual provisos — most tokens are garbage, many are scams, a majority will fail. “It’s only a minority of them that are interesting, but a minority is a lot more than one.”

ETH Folks… try not to become to Binancechain what the Bitcoin Maxis are to Ethereum 🙏

— Erik Voorhees (@ErikVoorhees) February 19, 2021

He still has empathy for his “shortsighted” maximalist peers, who he sees as victims of human nature’s tendency toward tribalism, which expresses itself in lots of ways, “Certainly it expresses itself in religion. And it has expressed itself in crypto, and some portion of people- their mind twists itself into complete advocacy of one flag and complete derision of all others.”

“[It’s] a group psychological phenomena and I don’t know how that stops, but I do think it is really harmful for the growth of decentralized digital finance generally.”

Gambling with Satoshi’s dice

Only a year after learning about Bitcoin, Voorhees launched Bitcoin-based gambling site SatoshiDice in 2012, which took the young crypto community by storm.

“On Reddit, this guy posted that he had created this casino-like mechanism where there’d be this dice roll, and based on the dice roll, a user would either get their coins sent back or lose them. I tried it, and there was magic in it immediately […] So I started working with him.”

This was groundbreaking because “it allowed any person in the world to place a bet by sending a Bitcoin transaction” no matter where they were from or how their local laws governed online gambling.

What’s more, the player did not need to trust SatoshiDice, because “it was provably fair,” meaning that it worked like a transparent machine where all odds and inner workings were open for anyone to inspect. Governments around the world have various commissions to regulate and audit gambling operations, but SatoshiDice’s function potentially made such organizations obsolete, powerless, or both.

“SatoshiDice showed you what the odds were. It was transparent with the odds, and you could prove that the rules were fair.”

The simple, trusted, and permissionless nature of SatoshiDice brought huge success to the platform. Within months of launch, the game was responsible for as much as half of all Bitcoin transactions.

SatoshiDice had an unofficial IPO on the MPEx exchange, a sort of Bitcoin stock market where unregistered Bitcoin companies offered shares and paid dividends denominated in BTC. These were the forerunner of the ICO boom several years later, and attracted similar attention from authorities for breaking securities laws.

Though the casino was “making a tonne of money,” it was also overwhelming as Voorhees felt his job of “running the world’s biggest Bitcoin casino” was distracting him from his greater calling of preaching the good word of Satoshi. Despite ongoing growth, he reluctantly sold the business in 2013 for 126,315 BTC which was then worth $12 million. That would be a cool $6.25 billion today.

Fighting the system

Voorhees did not enjoy calm for long, as the US Securities and Exchange Commission (SEC) soon came after him for making a public offering of unregistered securities. Voorhees considered this unfair, seeing that his investors had made exponential returns. He ended up settling for $50,000.

“That was nine months of total misery, dealing with them. If I didn’t despise the government before, I certainly did it after that. It was such bullshit.”

A core value of his is that people should be free to transact with each other voluntarily, and that no government agency has the right to come in between them. In his worldview, “institutions and government exist purely to curtail people’s power over money,” whereas “crypto gives people total economic power to make transactions in any way they wish, and no one can stop it.” As Voorhees sees it, these two forces will inevitably clash.

Voorhees’ company Shapeshift allows users to trade cryptocurrencies without identity verification. Things were not always that way — in 2018 Voorhees says his company fell under the same rules as traditional banks and therefore had to implement Know Your Customer, or KYC, identity verification procedures, making anonymous transactions impossible. “That was absolutely miserable. Our customers hated it. I hated it.”

But by 2020, decentralized exchanges (DEX’s) which allow users to trade without depositing their funds with a third party were gaining ground and made it possible for Shapeshift to reorient its business and re-align with its libertarian values. All KYC was abandoned, and the platform became a gateway for users to trade on various DEX’s. “I had learned with Satoshi Dice that an economic relationship didn’t need anything other than a public key to send in a transaction, and anything else could be based around that,” he says.

Voorhees says that his opposition to KYC is not down to ideology but his desire to protect users against things like identity theft.

“Identity theft in the US alone is something like a $30B to $40 billion a year problem. It is more costly than all forms of property theft combined. It’s this massive thing, and crypto comes along and solves that problem.”
But how committed is he to this principle? Would he class it as theft if a government accessed user data to tax a client’s unreported financial transactions. “Yeah, exactly. Taxation is absolutely theft,” he responds with blunt matter-of-factness.

The WSJ investigates

ShapeShift’s ethos has proven controversial among adherents to the rules and regulations around traditional finance. An investigation by the Wall Street Journal alleged Shapeshift users had laundered $9 million via the platform. However a third-party analysis by blockchain intelligence firm CipherBlade suggested the investigation was flawed in assuming that funds were illicit even after passing through four different hands, causing the $9 million figure to be inflated by a factor of four. It is clear that Voorhees, who is normally calm and composed, was deeply affected by this.

“Here’s The Wall Street Journal coming after us, calling us the money launderer, when their own inflated number would put us as far better [at combating money laundering] than any of the major banks that they write about all the time.”

There’s a noticeable quaver in his voice. The battle is personal.

We spend the last minutes comparing attitudes toward money in different societies. In the Nordic countries for example, all taxes are a matter of public record. Voorhees finds this disturbing, adding that “a lot of people with money feel guilty about it” whereas creating wealth in an ethical way he believes is a good thing for society.

“I would like to see people who become very wealthy, first of all be proud of that, so long as they did it in an ethical way, and to use those resources in whatever way they think is best. I think that’s how that’s how economies grow and I think there’s nothing wrong with that.”

The reformed Bitcoin Maxi who saw the light: Erik Voorhees

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Texas-Based Multicoin Capital Sees Large Investment From Binance

March 3, 2021 by Blockchain Consultants

Multicoin Capital stands as a crypto fund based in Texas, and has recently received an investment of an undisclosed amount from none other than Binance. According to Binance itself, this new investment within Multicoin Capital stands as a very unique one indeed. The biggest result of this is that Binance has now established itself as a limited partner within Multicoin Capital.

Multicoin Capital’s Many Ventures

As for Multicoin Capital itself, it stands as a venture capital company based in Austin. The company invests in cryptocurrencies and allows its investors a regulated amount of exposure within the blockchain industry at large. The latest move from the fund, excluding its new partnership with Binance, is that it had recently started to hoard large amounts of the RUNE coin. RUNE stands as the native token of an up-and-coming decentralized cross-chain automatic market maker.

Multicoin Capital was started during the great ICO crazy of 2017, with its first big funding round having occurred two years later, having ended with a total value of $75 million.

crypto

The Mandatory Kind Words

Changpeng “CZ” Zhao took this opportunity to give the mandatory kind words for his company’s new partner. The CEO of Binance explained that Multicoin Capital served as a key figure within some of the largest crypto success stories out there. CZ cited the strong work ethic they have when it comes to their investments, highlighting its uncanny eye in identifying (And profiting from) emerging projects that promise to develop disruptive new innovations within the crypto market.

Indeed, a total of 20 investments have been made by Multicoin Capital, all of which early-stage funding for various startups within the financial and blockchain sectors. One of the more notable investments within this list is none other than MathWallet. Through doing so, Multicoin Capital and Binance Lab both took part in, and led, the Series B funding round for MATH.

Tushar Jain Singing Binance’s Praises Now

Through the big investment into Multicoin Capital, Binance will join alongside the likes of Union Square Ventures, Ribbit Capital, and even individuals like David Sacks, the former PayPal CEO, in becoming a limited partner for Multicoin Capital.

Tushar Jain stands as the Managing Partner at Multicoin Capital, and gave a very positive public statement about Binance. According to Jain, Binance is one of the world’s infrastructure providers with the greatest strategic importance when it comes to the blockchain space. As justification, he cited “thousands of hours,” that the firm had spent in the investigation of Binance.

Texas-Based Multicoin Capital Sees Large Investment From Binance

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Filed Under: blockchain, cryptocurrency Tagged With: austin, Binance, blockchain, ceo, crypto, Cryptocurrencies, cryptocurrency, data, david sacks, decentralized, funding, ICO, Infrastructure, innovations, investment, Investments, maker, managing partner, Market, other, partner, PayPal, Ribbit Capital, Space, Square, Startups, Success Stories, texas, Trading, Union Square Ventures, Venture Capital

Google Finance Adds Dedicated Data Tab on Bitcoin and Ether

March 1, 2021 by Blockchain Consultants

Google has finally hopped on the crypto bandwagon. With the crypto industry now worth a mouth-watering $1 trillion, it can no longer be disregarded.

Google Adds ‘Crypto’ Tab To Feed

With many institutions coming into the crypto space in the last year, and many more projected to make a move soon, Google is making the crypto transition, as many had expected.

Through its Google Finance domain, the American tech company will enable its Google Finance users to get up-to-date price movements for their favorite cryptocurrencies. The domain platform, which originally catered for stock and currency markets, will see ‘crypto’ debut in its “compare markets” finance segment.

The new addition will let users know the latest price changes for popular virtual assets like Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.

Google had taken a stand-offish approach to the emerging blockchain technology previously. During the early years of cryptocurrencies gaining steam, the Alphabet subsidiary had banned crypto adverts on its platform. It went as far as bringing down videos on its Youtube platform that discussed cryptocurrencies.

But in a 2018 Blockchain Summit in Morocco, Sergey Brin, co-founder of Alphabet Inc., noted that the company had clearly missed it when it came to the nascent technology. Rumors are now making the rounds that the company is quietly acquiring crypto startups and investing in established crypto businesses. Ripple Labs’ is also mentioned as one of its crypto partners.

Crypto Now Gaining Global Attention

Bitcoin has played a vital role in cryptocurrencies reaching the enviable heights it is now on. With the premier digital asset owning a large share of the $1.6 trillion crypto market, global institutions and tech companies have found it hard to ignore it. 

MicroStrategy, a business intelligence firm based in Virginia, United States, has been beating the crypto drums for some time now. With its remarkable investments in BTC, it now holds a sizable share of BTC available in the ecosystem.

Electric car company Tesla Inc. also moved into the crypto space with an initial $1.5 billion investment in BTC. It is also looking to use the virtual asset as a payment solution, just like Mastercard and Visa plan to do.

The increased demand is making global financial regulators jittery as the sector is largely decentralized. TUS Securities and Exchange Commission (SEC) commissioner Hester Peirce have called for a dynamic regulatory framework. Peirce says this will better aid the development of the nascent technology and reduce its potential for misuse.

Google Finance Adds Dedicated Data Tab on Bitcoin and Ether

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Filed Under: blockchain, cryptocurrency Tagged With: alphabet, Better, Bitcoin, bitcoin cash, blockchain, btc, Business, car, Cash, Co-founder, Companies, crypto, Cryptocurrencies, cryptocurrency, Currency, Currency Markets, data, decentralized, Digital, ether, ethereum, exchange, finance, google, Investing, investment, Investments, Litecoin, Market, Markets, mastercard, ripple, SEC, Securities and Exchange Commission, Space, Startups, tech, Technology, tesla, United States, visa, youtube

How is the Blockchain and Fashion Industry a Perfect Fit?

March 1, 2021 by Blockchain Consultants

If you are wondering what are the use-cases of Blockchain in the fashion industry and what its advantages are, you have landed on the right page. This article talks about the role of Blockchain in the fashion industry, also answering what the future holds for Blockchain professionals? 

Let’s delve deeper to explore. 

Table of Contents 

  • What is Blockchain Technology?
  • Ways Blockchain can Transform the Fashion Industry 
  • Wrapping Up: The Future of Blockchain

What is Blockchain Technology?

Blockchain is a peer-to-peer(P2P), decentralized distributed ledger technology that ensures that records stored cannot be forged or destroyed. The idea behind this is to provide transparency, immutability, data security, and proof that the data is secured and not altered.

Although this technology is most famous for facilitating the rise of digital currencies, there are several other non-crypto currency uses. Technocrats and Blockchain Experts believe that the technology could considerably outpace cryptocurrencies themselves in terms of its overall impact.  

Today, this distributed ledger technology is starting to be adopted by multiple industries that are keen to promote transparency, security, and ethical supply chains. One such industry is fashion. 

Are you looking for Blockchain certifications? Want to get started as a Blockchain Expert or a Blockchain Developer? Your search ends here with Blockchain Council. 

Ways Blockchain can Transform Fashion Industry

In this section, let’s explore some of the ways by which Blockchain can provide a new definition to the fashion industry.

Provide Transparency in Supply Chains 

At present majority of the supply chains are opaque. Also, the supply chain for a simple clothing item involves multiple manufacturing stages across multiple countries. 

When it comes to the fashion industry, it means it becomes difficult for brands to monitor what materials are being used while making their finished products. Here comes the role of Blockchain in tracking and maintaining a complete record of products’ journey. 

This technology can help the fashion industry to track clothes production from the raw materials to the finished product by offering complete transparency. This transparency tracking process offers producers insights into their value chain, ensuring proper third-party goods handoff and final product labeling. 

Create Solid Proofs of Use for Trademarks

Apart from the use-cases mentioned above, technology can also help in creating solid evidence of use for trademarks. Such trademarks will help in saving time as well as money in all processes that are associated with renewing and securing a trademark in case of disputes and invalidity actions.

Helps in Anti-counterfeiting

Blockchain can be helpful in combating counterfeiting through authentication of a product along with its personal history. With the help of a Blockchain-supported certification process, each new product is provided with a digital authentication certificate. In addition, it keeps track of all the individuals involved in the process where details of a particular individual item can be verified to confirm its authenticity and its location, authenticating whether the product is genuine or not.

For example, Vacheron Constantin offers a validation mechanism backed by Blockchain whereby a digital identification certificate is issued to each new watch. And every time the watch is serviced or transferred, the records are stored on a public ledger. 

Apart from this, Hugo Boss, LVMH, and many others are utilizing Blockchain technology to ensure the authenticity and traceability of luxury products and track their goods in the supply chain. 

Want to become a Certified Blockchain and Supply Chain Professional? Get started today!

Improve Efficiency and Reduces Operational Costs 

Blockchain improves efficiency by removing intermediaries from the processes due to its decentralized nature. 

By automating the entire processes for fields such as payments, real estate, etc., Blockchain saves the weeks, unlike the traditional process that would take weeks and even months to identify the material origin and supply line. 

Moreover, Blockchain can be considered a way to reduce operating costs by offering improved data processing, supply chain transformation, and decreased counterfeiting risk.

Wrapping Up: The Future of Blockchain

The future of Blockchain is as bright as its fan thinks. Starting from Crypto-enthusiasts to ending with business minds, this technology can be seen as a one-stop solution to many problems. Surveys and headline also reveal that Blockchain developers salaries will go off the charts in the years to come. 

And this is definitely good news for all Blockchain enthusiasts. 

If you are planning to start your Blockchain career, this is the best time to invest your time and upskill. Blockchain certifications offered by Blockchain Council are specially crafted by experts in Blockchain and cover topics from basic concepts to the very core. 

To get instant updates about Blockchain Technology and to learn more about online Blockchain Certifications, check out Blockchain Council. 

How is the Blockchain and Fashion Industry a Perfect Fit?

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Filed Under: blockchain, blockchain technology Tagged With: article, blockchain, blockchain career, blockchain certifications, blockchain council, blockchain-technology, Business, Career, Cryptocurrencies, Currencies, Currency, data, data processing, data security, decentralized, developers, Digital, digital currencies, Go, Ledger, LINE, Luxury, manufacturing, money, news, other, p2p, payments, security, supply chain, Technology

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