Blockchain in Chemical Industry

Blockchain in Chemical Industry

A blockchain is a digitized, decentralized, public ledger used to record transactions or keep track of distributed data. One review describes blockchain as a type of database of information, not limited to transactions, but also focuses on information that brings business value. Since the data or ledger is secured, not owned by any individual, each individual in the chain has the privilege to keep track of data and follow the transactions. By using Blockchain in Chemical Industries, companies may improve their ability to innovate and produce interesting solutions for their customers.

Loopholes in Traditional Shipping processes

It observed that the chemical industry has been engrossed in fighting low margins, increased stiff competition, and commoditization of product and price pressure across the globe. Driven by innovative technology advancements, many chemical companies have begun to rethink on their growth strategies, trying to move away from a cost-cutting model and move towards an agile, competent and aggressive business model.

Role of Blockchain in Chemical Industry

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Blockchain and its elements.

A blockchain-based system would allow the e-commerce sites to significantly cut down on inventory, as transactions are simultaneously processed and verified. E-commerce companies could function more as a facilitator than an intermediate. This also eliminates another potential issue of fraud and counterfeit products.

Below are listed some ways by which blockchain apps can optimize shipping processes:

  1. Inundate business threats
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Smart contract will be the biggest dollar saver in the times to come.

Multiple chemical segments are constantly threatened by counterfeiting. Due to the increasing complexity in chemical supply chains, tracking products and shipments becomes more and more important. Companies invest in contemporary logistics solutions to deal with transportation, location services, regulations, hazards, packing requirements, security, customer engagement and more. Even with extensive planning, companies could not avoid losing millions of dollars due to mismanaged transportation, fraud and managing multiple systems throughout the supply chain. Few companies have completed its first round of testing on blockchains logistics capabilities. Perhaps “smart contract” would be the biggest dollar saver, where details such as regulations, hazard control, and any other requirements can be programmed directly into the system. This significantly cuts down on order processing and if carried out correctly, should ensure better government compliance.

  2. Facilitate mergers and acquisition.

Blockchain-provides-a-commerce platform-where-chemical-companies-can-compete.
Blockchain provides a commerce platform where chemical companies can compete.

As chemical companies are spun off in a stream of merger and acquisitions, many still carry the brand recognition. These new organizations will compete as part of an ecosystem rather than a single business with broad coverage. So how does blockchain fit in? Blockchain technology provides a nimble commerce platform in which these next-generation chemical companies can compete. These trades will also be done without the need for a third party and will be pure B2B transactions, thereby reducing costs and potentially changing the game for many players in the industry.

  3. Establish ownership

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Blockchain can be used to prove ownership when procuring or disposing of an asset. It can also help to track the history of an asset and related maintenance activities. Blockchain can also be used to track chemical container movements and ensure asset safety. Blockchain thus becomes the source of base information for each organization. This way, no matter what happened to an asset as it moved through the supply chain, all stakeholders and systems would know its status.

Wrap Up

Blockchain in Chemical Industries can radicalize shipping protocols and make the industry processes foolproof and streamlined. A chemical company’s investment in a blockchain app will be a game-changer that has the potential to propel you way ahead of peers and competition, and put you in the running for the top spot!

Conclusion:

In case, you are looking to understand Blockchain’s implications in your business sector in more detail, drop us an email on [email protected] or schedule a free consultation with our team of blockchain experts who can guide you through the blockchain implementation in a specific use case.

Blockchain Security: Reality Check

Blockchain Security: Reality Check

A blockchain is a decentralized, distributed record or “ledger” of transactions in which the transactions are stored in a permanent and near inalterable way using cryptographic techniques. Let’s do a reality check on Blockchain security

Unlike traditional databases, which are administered by a central entity, blockchains rely on a peer-to-peer network that no single party can control.

Authentication of transactions is achieved through cryptographic means and a mathematical “consensus protocol” which determines the rules by which the ledger is updated and allows participants with no particular trust in each other to collaborate, without having to rely on a single trusted third party. We can say that Blockchain is a “trust machine”.

Although blockchains are highly resilient compared to traditional databases due to their decentralized and distributed nature and the use of cryptographic techniques, they are not completely immune from traditional security challenges and advances in technologies, in particular, the rise of quantum computing could, in the long term, represent a threat to blockchain Security.

Security Challenges:

  1. From Centralized to Decentralized:
    Blockchain shifts data storage and protection from a centralized to a decentralized model. In traditional centralized models, security methods can be consolidated with the technology products they serve. Blockchain requires innovative security measures to protect the dynamic and highly distributed financial products the technology aims to support.
    As with any crypto-based infrastructure, protecting keys is paramount to ensuring a blockchain system’s security. A successful blockchain system needs highly reliable methods of interfacing with the strong key protection practices afforded by Hardware Security Modules (HSMs) and these HSMs must deliver the scaling and flexibility a decentralized blockchain model needs.
  2. The Asset is the Key:
    Blockchain and distributed ledger technology applications combine the message and the asset in a single token. When an asset is embedded into a blockchain or distributed ledger, possessing the associated cryptographic keys is the only way to retrieve or move the asset. In other words, the key becomes an asset.
  3. Instant Exploitation:
    When the key and the assets are one and the same, anyone who obtains the key can monetize and exploit the asset instantly. As we’ve seen in security breaches in public blockchain settings, such as Bitfinex, Mt. Gox and others, the malicious transfer of ‘value’ can be instantaneous, irreversible and significant.
    Participants in these systems lost millions of dollars as a result of compromised security systems. However, these attacks exploited vulnerabilities at the application layer—the wallets holding the keys to the assets—rather than the underlying blockchain protocol. So far, blockchain technology itself has proved tamper-resistant.
  4. Protecting the Key is critical:
    The ability to edit a distributed database broadens the technology’s applicability.
    While the redaction capability broadens blockchain’s applicability, it also makes the protection of the keys that must come together to “unlock” and relock the chain mission-critical.
Blockchain Security levels | Parangat

Blockchain researchers are working to patch up security vulnerabilities. We have also witnessed the hard-fork in extreme cases, where they can result in a new version of that blockchain. Considering all things, blockchain is a much better solution to many of the enterprises.  But still, it is important to keep developing and improving the blockchain ecosystem to make it as secure as possible.


Can a Cryptocurrency Wallet Beat PayTM?

Can a Cryptocurrency Wallet Beat PayTM?

Cryptocurrency’s fever is spreading like wildfire. Out of the total wealth out there (approximately $84 trillion). Bitcoins account for a whopping $41 million. Combined with other altcoins, crypto’s total worth equals $100 million. That shows impressive penetration for a digital asset that’s relatively new. In the Indian subcontinent, crypto is still in an infantile stage. Though only 0.5% of Indians know about Bitcoins, surprising Indians accounted for nearly 10% of all global crypto transactions done till May 2017, as per a survey by Quartz. Clearly, Indians are taking to crypto like fish to water! Cryptocurrency or PayTM wallet? Let’s have a

It’s a well-accepted fact that a majority of Indian population is averse to traditional financing and banking practices. The masses still prefer informal monetary transactions, relying on good faith and goodwill. While PayTM and other digital wallets offer convenient and quick money transfer competencies, they do require validation and tie-up with banks and financial institutions. On the other hand, crypto wallets offer anonymity and transparency to all parties involved. Bitcoin network is a global spreadsheet whose peer-to-peer mechanism is not regulated by any government or individual. It relies on pure mathematical logic and protocols to verify transactions. Bitcoin’s ease of transfer, anonymity, reduced risks and lower transactional fee requirements have given new hopes to the 69% Indians living in the hinterlands who lack access to traditional banks.

But can a cryptocurrency wallet gain widespread acceptance and awareness among the technologically-challenged masses? Can electronic cash pave the way to a cashless economy as envisaged by the current Indian government? Let’s get a well-rounded insight into the matter…

Cryptowallet or PayTM?

Cryptocurrency or PayTM and Tez are digital wallets that are fundamentally different in their mechanism and technology.

BitIndia is India’s first cryptocurrency wallet. The open-source wallet can hold private keys of all your cryptocurrency and can be used for buying, selling, storing, and transacting digital money securely. Founded by John McAfee (of McAfee anti-virus fame) and his team, BitIndia aims to enroll 20% of the Indian population in the next three years onto its platform.

PayTM is India’s largest m-commerce platform.  Launched in 2010 by One97 Communications, today PayTM has over 280 million registered users. From a bill payment and money transfer channel, PayTM has become a popular virtual marketplace with many reputed brands as partners. The government’s demonetization drive has made PayTM a household name. The same has led to a surge of interest in other cashless payment modes. And this is what can drive crypto’s growth in India.

Challenging PayTM’s popularity will be an uphill task for BitIndia and other cryptowallets. Nonetheless, the duel will be interesting to witness.

Cryptowallets

PayTM

  • They are used to buy, sell, store, or transfer cryptocurrency.
  • It is basically a payment gateway and a digital wallet that can hold your currency (INR).
  • A cryptowallet though owned by individuals or firms, deal with cryptocurrencies that are decentralized.
  • This is a centralized exchange for money. It is owned by a single company.
  • Conflicts and discrepancies in transactions are sorted through peer-to-peer consensus mechanism.
  • Transactional conflicts are subject to PayTM’s internal payment processing protocol and procedures.
  • The technology underlying cryptocurrency is blockchain-based.
  • PayTM relies on various primitive tech stacks for its functioning.
  • Cryptowallets are pseudonymous. They don’t require users to reveal their real identities, though regulation is fast catching up on this feature.
  • PayTM users are required to register and all their transactions are well-documented and verified by partner banks.
  • The complete ledger of all transactions is entirely public.
  • PayTM maintains a ledger of transactions within the PayTM ecosystem.
  • Users are required to pay a nominal percentage of the transaction amount as a transaction fee to the host cryptowallet.
  • Users are not required to pay anything to PayTM for carrying out their transactions.

The Way Forward for Cryptowallets

Efforts by the government and private firms to mainstream Bitcoins are on. Healthcare and finance sectors have a lot to gain from the robust architecture and mechanism of blockchain technology that powers Bitcoins. The more acceptance Bitcoins gain, the more popular cryptowallets will become.

A clear advantage that crypto has over PayTM is the backdrop behind its origin. While Indians were forced to resort to PayTM and cashless means due to demonetization, crypto comes at a time when Indians already have a welcoming mindset towards virtual cash. BitIndia can leverage this advantage to race ahead of PayTM.

Read a review of the best Bitcoin wallets in the market today.

Incorporating cryptocurrency into the fabric of the Indian economy will be a challenge. Bitcoin, Litecoin, and Ethereum are still considered a vague concept best left to techno-savvy geeks. Little is known about how easy it is to set up a cryptowallet and how efficient and affordable such transactions are. The good news is that the capable team behind BitIndia, spearheaded by John McAfee, has a stronghold over blockchain technology and its applications. They have garnered support from Indian and international governments as well as institutional giants. In 2016, ICICI Bank conducted a complete cross-border transaction using blockchain technology. Even the nation’s premier bank, RBI, has plans to launch a new blockchain platform for its users. The path seems to be well-etched out for cryptowallets!

Want to get a robust solution developed for your business? Are you still perplexed whether cryptocurrency or paytm, which wallet is reliable for you? For all such queries, get free consultation from us. Contact us or drop us a line on [email protected]