“Waste management and recycling companies are utilizing this technology to reward people for recycling, solar energy generation, decentralizing energy and other waste management-related transactions.” Blockchain makes it easy for companies and public agencies to incentivize recycling and to better track waste on the journey from producers to the landfill.
Recycling is an integral part of waste reduction, only about 23% of the recyclable bottles in the U.S. actually get recycled and that percentage is probably much lower (though more difficult to track) in most developing countries. Most citizens know that they should recycle, but they are often confused about what is recyclable, aren’t sure how to recycle their items and are poorly incentivized for doing so. Blockchain waste management technology can help address the financial barrier to recycling by providing immediate currency to the recycler and it can improve transparency and accountability by letting customers trace their waste from their rubbish bin to the recycling facility and beyond.
How Blockchain can overcome deficits
- Fraud and manipulation:
With blockchain technology, it is important that the data entered are correct, since it is not possible to change it afterwards. The waste separation station does not have the correct (automated) solutions to ensure that these source data are correct. They are too dependent on another party, which is not confidential enough to use as source data. Blockchain technology is not going to solve this problem and, in fact, a solution has to be found before blockchain can be implemented
2. Wrong or loss of information:
Once something is entered in a blockchain, it is immediately safe. Since the guidance letters and weighing vouchers are digitally entered with a blockchain solution, they cannot be physically lost. Blockchain implementation is the right solution to overcome this problem.
3. Manual processes:
Blockchain technology itself does not directly offer the solution for automating data processing. However, it offers multiple options with the help of other IT solutions.
4. Lack of knowledge about technology:
Blockchain technology is not going to introduce a change in the current maturity of knowledge and expertise in IT.
5. Lack of control:
If organizations save the data using Blockchain and organizations ensure that this is done in the right way, it is possible to use the Blockchain technology as a “trust factor”. The data contained in it cannot be changed and if it is entered correctly you can guarantee that the information is reliable. This offers a solution for inspection services such as ILT, because everything is digital.
Harnessing blockchain technologies to drive sustainable and resilient growth and a new wave of value creation will require decisive action. The opportunities that blockchain offers need to be developed and governed wisely, with upfront and continual management of the unintended consequences and downside risks. This is a responsibility shared by all stakeholders – from the technology community (entrepreneurs, researchers, open-source developers and big tech) and industrial sector through to governments (policy-makers and regulators), international organizations, investors and community organizations. Establishing new global platforms to accelerate the creation of a “responsible blockchain ecosystem”, rather than just to incubate specific projects, would be a valuable and much-needed next step. It could support the development of effective blockchain solutions for environmental challenges, help ensure blockchain technology is sustainable (i.e. good for people and the planet) and play a crucial role in formulating the necessary governance arrangements.
Individuals are becoming more aware of the threats of data breaches and the use of their personal data for commercial purposes. The GDPR (General Data Protection Regulation) seeks to make a harmonized knowledge protection law across the European Union and aims to give back the management of one’s personal knowledge. With GDPR, even organizations without a physical market presence in the EU may still be required to comply with the GDPR if the organization offers paid or unpaid goods or services to individuals located in the EU or if the organization is monitoring the behavior of individuals within the EU.
In addition, if an organization works with suppliers or partners that operate in the EU, they will expect the organization to comply with GDPR in order to limit their own risk. Simply put, GDPR compliance will soon be considered a requirement to conduct business with EU data subjects.
Blockchain fosters a new generation of transactional applications that help establish accountability and transparency. It also provides an unmatched level of accountability for how data privacy is managed based on its tamper-resistant data store and its consensus mechanism used to modify the data.
Basically, blockchain data is protected by design. Blockchain continues to be in its infancy however has notable networks already providing worth like food safety and international trade.
The combination of sequential hashing and cryptography along with its decentralized structure makes it very challenging for any party to tamper with it in contrast to a standard database.
Ensuring only interested and authorized parties’ access the correct and appropriate data privacy to them is a common concern for organizations considering using a blockchain today. Protecting blockchain network access is fundamental in securing data access. If an attacker is able to gain access to the blockchain network, they are more likely to gain access to the data, hence authentication and authorization controls need to be implemented, as is the case with other technologies.
Full encryption of blockchain data ensures data won’t be accessible by unauthorized parties whereas this data is in transit.
In public blockchain, there is no necessity to control network access as the chain’s protocols allow anyone to access and participate in the network, providing they firstly download the software. In distinction, private blockchains require that appropriate security controls are in place to protect network access.
Blockchain technology will be considered as a secure technology, from the point of view that it enables users to trust that the transactions stored on the tamper-proof ledger are valid. The combination of sequential hashing and cryptography along with its decentralized structure makes it very challenging for any party to tamper with it in contrast to a standard database.
This provides organizations using the technology with assurance about the integrity and truthfulness of the data.
Blockchain brings a new paradigm to software development and, as such, secure development standards and practices (such as implementing secure coding and security testing) need to be implemented (and updated) to account for a smart contract life cycle (creation, testing, deployment, and management).
The combination of the peer to peer nature and the number of nodes within the network, operating in a distributed and 24/7 manner, make the Blockchain platform operationally resilient. Given that both public and private blockchain consists of multiple nodes, organizations can make a node under attack redundant and continue to operate as business as usual. So, even if a major part of the blockchain network is under attack, it will continue to operate due to the distributed nature of the technology.
Blockchain has refuelled a generation of ideas that have the potential to shift the management from centralization to decentralization, once more permitting people the flexibility to require back privacy of their data.
The age of ubiquitous technology has led to ever-evolving forms of communications – and their own unique problems. There were no mobile phones, messaging app platforms, or digital tools for transmitting files and having text-based conversations.
Nowadays we consume so much information from so many different channels that it’s difficult for people to make informed decisions about security, risk and sacrifice in what they choose to send and how.
Blockchain offers many advantages over traditional messaging systems. First is immutability. Once something gets recorded, it is almost impossible to change it because a decentralized database of computers and blocks are involved.
Because information blocks are shared and stored across a network of nodes run by people, no single person or entity has complete control over it. This reduces the risk of one person or entity manipulating the messages without others knowing about it.
- Secure messaging ecosystems
Digital communication takes countless forms and requires complex support systems in order to maintain security and service continuity. This is difficult to achieve across varied systems or in existing API frameworks because of competing interests and a lack of standard security protocols.
This means creating a secure ecosystem of messaging services with uniform security expectations made possible by the underlying technology. Blockchain is an ideal solution because it secures data across a decentralized network of nodes, which is exactly how distributed digital communications operate functionally and securely.
- Decentralized messaging platforms People use a number of messaging applications to communicate with friends and colleagues. Privacy-focused apps offer custom security options that struggle to fully protect a user’s messages and information. Messaging apps on the blockchain, can remove centralized control of user data and preventing third party abuse. They also promise to prevent the loss of personal data to hackers.
It is true that the blockchain-based social networks might be disruptive. For startups in this field, however, the primary question is how to take the users from the incumbent titans. Ordinary users hardly understand the profound effects of the underlying technology. Another problem is the lack of a defined subject to take responsibility for censorship, as blockchain is a decentralized platform where users authorize and produce content. Additionally, although encrypted communication ensures an entirely private and secure environment for communication, this may lead to illegal actions that intend to do away with regulation.
Calibra, a recently shaped Facebook subsidiary whose goal is to supply monetary services that may let folks access and participate within the Libra network. The first product Calibra can introduce maybe a digital pocketbook for Libra, a new global currency powered by blockchain technology. The wallet will be available in Messenger, WhatsApp and as a standalone app, which are the messaging platforms of Facebook.
Aside from restricted cases, Calibra will not share account information or financial data with Facebook or any third party without customer consent. This means Calibra customers’ account data and monetary knowledge won’t be wont to improve ad targeting on the Facebook family of product. The restricted cases wherever this knowledge could also be shared replicate our need to keep people safe, comply with the law and provide basic functionality to the people who use Calibra. Calibra can use Facebook information to conform to the law, secure customers’ accounts, mitigate risk and prevent criminal activity.
Two dimensions have an effect on how a foundational technology and its business use cases evolve. The first is novelty, the degree to which an application is new to the world. The more novel it is, the more effort will be required to ensure that users understand what problems it solves. The second dimension is complexity, represented by the extent of system coordination involved, the quantity and variety of parties that need to work together to produce value with the technology. Blockchain has the ability to transform the messaging apps and make them more secure, the innovation also uncovers multiple usages of messaging platforms such as data and money transfer.
The word “blockchain” has been floating around industry conferences and technology suppliers press releases for a few years now. But few hotel operators understand what the technology is, how it can be used or why they ought to even care. Blockchain has been heralded as the second coming in some domains such as the world of cryptocurrency and while its uses may not seem readily apparent today the technology already is impacting travel.
Over the past decade, the booking and reservations industry for travel and hospitality has migrated online. The internet has revolutionized the way in which people travel, with instant price comparison websites, cheap web-based airlines and shared accommodation apps like Airbnb. Blockchain technology is that the next logical step in the movement far away from pricey, centralized management and into an entirely self-managed, autonomous tourism ecosystem.
Potential Use Cases in Hospitality
There are many disparate private databases in travel distribution that must be incrementally and endlessly synced in close to real-time. Property management systems, central reservation systems, and others serve as the first stop for all property-level data.
If availability and rate information was available in a public data source such as a blockchain, suppliers would be able to quickly and easily update information. Consumer-facing sales outlets would be able to access it with full confidence in its accuracy, without the use of redundant intermediaries. Fees for technology services underpinning the travel industry would decrease, enabling more inventory online, at lower costs to hotels.
Because hotels and their distributors are challenged to keep descriptive content up-to-date. As they, refurbish, rebrand or open new facilities, text descriptions, photos, videos, and other content are constantly updated by them. A blockchain could provide a unified location where all hotels could register and/or store their rich content.
2. Payments for Bookings
The idea of using blockchain for payment is very natural. Blockchain was initially introduced as Bitcoin within the financial. Other blockchains are gaining traction among banks for international currency settlement. Payments are an important aspect of travel distribution as well and certain kinds of transactions may lend themselves to blockchain solutions.
Blockchain can be used as a cryptocurrency instead of a credit card. It can eliminate the credit card fee in those cases where:
- The buyer can reasonably be expected to have or to acquire the cryptocurrency.
- Where the consumer protections are not very useful.
3. Coordination across Multiple Suppliers
Travelers often reserve a hotel stay, an airline flight and ground transportation in a single transaction. Smart contracts could handle payments and commissions to each and could also enable coordination during the trip. For example, if the traveler does not check-in for the flight, the hotel and rental car supplier could know that and take appropriate action, such as releasing inventory for sale to someone else.
4. Innovation Through Apps
Blockchain technology could rapidly increase the pace of innovation in travel technology, through the use of open APIs. A new application would no longer need to separately contract with dozens to hundreds of companies, each with their own private databases of availability, rates, tours, content, etc., just to assess the feasibility and potential demand for the new service. By lowering the barriers to entry in this way, new services can come to the market faster than today
Blockchain as a technology has immense possibilities in the hospitality industry. This technology is constantly evolving and I expect integration and interoperability standards to emerge soon as the ecosystem matures. As a lot of enterprises embrace the technology, I expect to see the emergence of larger Blockchain networks and formations of widespread consortiums. Eventually, for years to come back, this landscape can get saturated enough to realize the crucial mass that successively can fuel current innovations.
Blockchain has attracted the attention of the power industry with its potential to unleash an energy revolution in which both utilities and consumers will produce and sell electricity. The smart home appliances connected to an energy trading platform might endlessly explore for the top offer and mechanically alternate to a brand new energy supplier through a smart contract. This expertise can permit the shoppers to move from their home or workplace on to energy sellers.
Blockchain might provide a reliable, low-cost way for financial or operational transactions to be recorded and validated across a distributed network with no central point of authority. Similarly, the “prosumers” can sell their surplus energy to other customers in the network directly through contracts established and validated through Blockchain.
Blockchain is a foundational technology that can be used to create new business models and underpin business, economic and social infrastructure. While many Blockchain use cases have been proposed for the energy consumption industry, the one gaining the most traction at present is peer-to-peer (P2P) power trading, where owners of small-scale generation will sell excess generation straight to other consumers. Today, centralized management of distributed energy resources (DER) restricts to whom and once DER owners will sell their energy consumption back to the grid.
A Blockchain-enabled P2P model allows much greater flexibility and could be a powerful enabler for a customer-centric transactive energy consumption regime. To support the development of Blockchain-based solutions for the energy sector, a lot of organizations are setting-up Blockchain Labs with the aim of accelerating new Blockchain applications such as distributed ledger solutions and its use-cases. If the new applications are successful for mass adoption, it would have profound impacts on the business models of the entire energy sector value chain.
Peer-to-Peer Power Trade
With the potential for a decentralized model based on blockchain to reduce transaction costs, smaller electricity producers could sell excess renewable energy to other network participants, thus, in theory, bringing down prices through increasing the competition and grid efficiency. Trusted third parties, such as retailers, may play a much smaller role in a distributed P2P model and smart contracts will automate processes that previously required manual work and multiple parties. With smart contracts, trades can be made automatically using price signals and real-time renewable energy production data throughout the network.
Grid Management and System Operation
Blockchain technology allows electricity networks to be more easily controlled, as smart contracts would signal to the system when to initiate specific transactions. This would be based on predefined rules created by the platform, designed to ensure that all power and storage flows are controlled automatically to balance supply and demand.
For example, whenever more variable renewable energy is generated than needed, smart contracts could be used to ensure that excess electricity is diverted into storage automatically. Conversely, the electricity held in storage could be deployed for use whenever the generated power output is insufficient. In this way, blockchain technology could directly control network flows and flexibility options, avoiding curtailment of solar and wind energy.
Blockchain systems are fully decentralized, with all transactions being arranged, executed and performed on a peer-to-peer basis. This is what makes blockchain technology potentially disruptive.
The possible energy use cases of blockchain technology show a lot of promise. In addition to reducing transaction costs across the system, increasing the efficiency of processes and thus delivering cost benefits for customers, the technology can enable direct interactions between all parties involved. This ensures that the existing generation’s capacity is utilized optimally, whilst energy is made available at the best price.
Identity theft has become a great danger nowadays and it has increased at an enormous amount in the last few years. This is despite all financial institutions and bodies giving alarms and alerts to the consumers who could not avoid this theft. This resulted in organizations asking for information and data from individuals to avert identity theft. This resulted in the loss of control of individuals over their personal individual information. Blockchain technology can remove this menace by creating a future where individuals can hold their privacy without risking identity theft.
So, here has to be a solution, right? We tell you about all possible web identity thefts and also how can you protect yourself from such frauds. Keep reading!
Birth of Identity Theft
How actually identity theft started? It all needs A claim is a statement made by an individual or entity. Claim, proof, and assertion are required for asserting an individual’s identity. In order to establish an identity claim, an individual requires a form of proof like an ID. Further, if an additional validity is required, a third party can assert this claim by cross-referencing their records. This form of data is, however, unstructured. It is further to be noted that proofs are usually given in the form of images or photocopies and can easily be stolen.
Blockchain ensures that an individual retains greater security regarding their individual personal information without losing their privacy and incurring additional expenses and fees. It is to be noted that distributed ledger containing everyone’s identity distributes trust from a single central point towards the whole system. Thus, personal information is kept under individual control.
Avoiding Synthetic Identity Theft
In case of Synthetic identity theft, where individual leverage pieces of fictional and real personal information to fabricate an entirely new identity, is the reason for the new account origination fraud that banks regularly have to deal with. In assuming these false identities, fraudsters can open, use, and reap benefits from savings and checking accounts, loans or credit cards before banks can detect or be alerted of their duplicity. This often leaves legitimate names with credit card debt, defaulted or credit score hits attached to them.
Averting Card Fraud
This is the most common and rampant of fraud since the issuance of present-day cards having CVV number. Now individuals who have stolen a credit card number, expiration date and maybe even a CVV number can utilize the wide web of e-commerce masquerading as that cardholder, doing online transaction at will, no ID checks required.
Prevention of Tax ID Fraud
During tax season, there’s always a looming threat that fraudsters could intercept, file someone else’s taxes, have the return sent to them, deposit it into an account (potentially even a fraudulently opened one) and withdraw the funds before the original taxpayer even sits down to address their annual filing. If the official was able to lean on a blockchain-based digital identity, which would likely include employer and payment details, the identity of the person filing could be verified upfront and yearly tax returns could be made a part of identity attributes backed by the immutable blockchain.
All of us just agree to whatever are the terms and conditions that are required to get that ‘free’ service. In exchange, we are giving away our phone numbers, location, credit card numbers and
what not! We do not like to enter our credit card number over and over again so we save it to check out faster.
It is desired to leverage this platform to emphasize on the blockchain technology. Blockchain-enabled identity management not only gives us the ownership of our data but also keeps it very secure. This makes us a sovereign individual. Blockchain technology makes it extremely difficult for fraudsters to gain data illegally.