When was the last time you were enthralled with any new tech innovation? Are all the problems solved yet? Let’s Airbnb, let’s Uber it, let’s google it, what’s next? Indeed Cryptocurrencies and NFTs are all good, but they are not really solving any significant problems. When did the last excellent smartphone innovation happen? Flip phones and fold phones – yes, different form factors and promising but this Invention I saw several years back at the CES. When the new iPhones are announced, the upgrades are minimalistic so much that if you have an iPhone 12 series and unless you want a flaunt factor, there is no real need for an upgrade to the iPhone 13. Android smartphones from Samsung, Vivo, and Oppo, Oneplus make changes mostly around camera, RAM & resolution upgrades and maybe some surface material improvements. Is anyone really thinking about profound inventions? Something like a smartphone that doesn’t need to charge for 30 days is a good starting point or a solar-powered one.
Robotics innovation though promising has not pushed the boundaries and really can’t do much more than dance and get a can of coke. What about medical innovation? A deadly virus like Covid can paralyse the whole world and suck everything out of us; what were the world scientists doing. The last time the deadliest invention happened was when nuclear bombs were invented, which resulted in giving destructive powers to heads of state to bring the countries to an end. What if Vladimir Putin loses it entirely and does a nuclear strike on Ukraine, whose only fault is that it gave up its nuclear arsenal and doesn’t possess those weapons of mass destruction, to have a counterthreat ready. Where is the invention which can save the world from an accidental nuclear explosion? Are we really working on it or waiting for another pandemic type phenomenon.
The dark web and digital currency are both a reality. A parallel universe exists in the dark web even before we got acquainted with Meta Verse. Oculus VR, invented by Palmer Luckey, which Facebook later acquired, has opened a string of norms where Digital land, digital avatars, and all sorts of virtual-real world thighs are happening, so much so that Facebook changed its name to Meta. Just like bitcoin in 2008 made cryptocurrency a reality and opened the flood gates of the token and NFT industry. But it’s 2022 and in the last decade, nothing which can change the world for good and make living more beautiful has come out. It’s symbolic that iPod has taken a bow giving way to the streaming industry, and storing music is historical. As long as it progresses, technological changes are good. Just like iPod did its job and changed the way music was consumed, we need technological breakthroughs that can change a lot of things, make the air we breathe better again, keep check on global warming and provide drinkable water to all. Just the basic things we need!
Twitter has always been a highly active social media forum where a single tweet can create a conversational conflict across the globe. The microblogging platform was created by Jack Dorsey, Noah Glass, Biz Stone, and Evan Williams in March 2006, which means soon it will turn 16. Since then, the platform has emerged well, from allowing people to speak their hearts out to coming up with the breaking news before news stations. Over the past few years, the revenue of the ‘diary platform’ has skyrocketed, and it will only fly up in the future, thanks to the digital revolution.
Recently, when Jack Dorsey, the co-founder of Twitter, announced his surprising move of stepping down from the position of chief executive officer, and Parag Agrawal took over his CEO position, everyone was in awe. The day Jack Dorsey announced his replacement, Twitter India flooded with thousands of memes on “Agrawal ji ka beta”, which shows how pleased Indians were after the announcement. The selection of an Indian-origin Parag Agrawal as CEO of Twitter creates a buzz in the social media circuit, causing us to pick Twitter for our How Big is feature.
How was Twitter Formed?
Evan Williams teamed up with his neighbour Noah Glass for a business venture and started working on a podcasting platform, Odeo. Later on, Williams convinced one of his Google co-workers and friend Biz Stone to join the team. Along the way, Engineer Jack Dorsey joined the trio and became part of the Odeo team. Unfortunately (at least for the Odeo team), in June 2005, Apple announced that they would include podcasting in one of the popular services, iTunes, cursing Odeo’s chances for success.
The announcement shook the management team of the Odeo, and Evan Williams told his Odeo employees to put their everyday tasks at Odeo on hold and work on whatever side projects they had. The results were outstanding, but the idea that Jack Dorsey tossed was the strongest one, and the management trio decided to go with it. A lot more happened in between, such as Williams firing Glass due to increased workplace tension, acquiring the majority of assets from Odeo’s investors and shareholders and then finally, in March 2007, the completed version of Twitter debuted and won the best startup honour at the South by Southwest music conference in Austin, Texas.
The Birth of the name ‘Twitter’
Every project starts with an idea, followed by a name, which identifies the brand. The original project code name was twttr, and then the founders of the company, mainly Noah Glass, came across the word Twitter for the first time and decided to go with it as it means “a short burst of inconsequential information” and “chirps from birds,” which sounds perfect for the platform. Initially, it was referred to as a social network as well as microblogging because it didn’t replace anything, but in a brief span, it became a popular social media network in the world with over 330 million daily active users.
The First-ever Tweet
Twitter co-founder typed out a simple yet effective message, “just setting up my twttr”, and posted it on Twitter. The message became the first-ever tweet, and after 15 years, it has gained over 172k likes and received over 121k retweets.
The Initial Years of the Twitter
In April 2007, Twitter became an independent company, and Twitter, Inc. was created as a corporate entity. Due to the Interactive conference at South By Southwest, Twitter gained humongous popularity, with about 60,000 tweets being sent on the day of the event. The prominent events such as election polls, FIFA World Cup, NBA Finals played a crucial role in the growth of Twitter, especially during its initial phase.
The platform was made for sharing thoughts, daily life ventures, and comprehending what people were doing based on their status updates. The company experienced rapid growth initially, from over 4,00,000 tweets per quarter in 2007 to a whopping 100 million tweets per quarter in 2008. The company moved up to the third-highest-ranking social networking site in January 2009.
The New Twitter
The company upped its game and rolled out an entirely revamped edition of twitter.com in 2011, often referred to as New Twitter in popular culture and also considered Twitter’s first big move in terms of redesigning. It features a complete overhaul of the interface and allows users to see pictures and videos, from a variety of supported websites, including Flickr and YouTube, without leaving the Twitter app website.
The new Twitter was formed to make money through promoted tweets, accounts, and trends as many brands were ready to pay considerable amounts to show their tweets at the top of search results pages. The new Twitter also introduced features like related content and mini-profiles. In late 2011, Twitter overhauled its website again to feature the Fly design, which was easier to understand, even for the new users.
Twitter Algorithm
Over the years, Twitter has established itself as a platform where brands can express themselves willingly, and that’s a selling point of the platform. The Twitter algorithm was introduced in 2016, allowing users to track tweets based on relevancy and popularity. The algorithm was criticized by many people when it underwent a significant overhaul in 2017 where it replaced the feature “while you’ve been away” with “in case you missed it.” The change is not taken lightly by Twitter users, and that’s why in 2018, Twitter allowed users an option to choose between an algorithm organized feed and a regular feed.
Twitter Valuation
Twitter ranks among the most prominent social networks worldwide, with over 330 million monthly active users. The company is funded by 36 investors, and as of January 2022, it has acquired 67 organizations. Twitter is a public, real-time, global platform, and as of 1st January 2022, its net worth is $34.37 billion.
The new token-swapping feature is supported by leading non-custodian crypto exchange Cryptocurrency on the Ethereum blockchain, which means that users of Cryptocurrency’s own crypto market data aggregator can exchange Ethereum-based tokens on the platform. Cryptocurrency’s proprietary analytics website has also been integrated to enable the exchange of Ethereum and ERC-20 tokens. Given the combination of a 0.3% conversion fee and distributed liquidity from providers, Cryptocurrency’s popularity as a launchpad for popular Defi projects and tokens has grown to become one of the leading Defi platforms through Total Value Locked (TLV) – a measure of the total value of crypto assets locked on the exchange.
A token swap is a process whereby a parallel currency is exchanged at a pre-determined rate. Direct exchange of a certain amount of a cryptocurrency token by a user is facilitated by a special exchange service. A swap occurs when the underlying blockchain supports coin change and the holder takes action to access a new token.
If you sell a coin and purchase a token swap as a replacement, the token swap means that you have to exchange the old coin for the new one in exchange for some of its value. A token migration, even if it means buying a token as a full replacement token, is when a new token doesn’t exist when the swap takes place. Rebranding is when token names are changed, ticker symbols are traded and token trading happens when the underlying blockchain supporting the token is changed and holders are forced to do some action.
Token swaps can also occur when a project migrates from a third-party smart contract platform to its blockchain. In such cases, token swaps are possible, where developers migrate their tokens from one blockchain base to another while maintaining address balance. Many major exchanges process token swaps on their platforms, where a user can receive credits for the new token if he holds the old token in his trading account.
A token exchange, also known as token migration, occurs when a project uses a blockchain to raise funds such as the Ethereum network and then migrates its tokens to a proprietary blockchain to start it as the main project. Token swaps can also occur when a crypto project starts its blockchain and wants to move its tokens from the blockchain of Ethereum to its new network. This is called a token swap because the process involves transferring token bearer credit from one blockchain to another blockchain.
Token swaps are one of these innovative advancements designed to reduce the overhead, cost, and time required to exchange one crypto value for another. Token swaps are a process whereby cryptocurrencies are transferred between blockchains at a predefined rate. They are also a medium of exchange, and the term refers to the extensive migration of a project from one blockchain to another, which is why DEXs are so popular.
The new version of Cryptocurrency allows users to exchange one token for another. To swap, open Cryptocurrency on your phone and tap the New Exchange button to create the token you want to swap, choose a quote, and swipe to make the swap. 1 inch at the bottom of your navigation bar, confirm that you are not a resident or citizen of a geo-limited region, select a pair of tokens, see the estimated exchange price, enter the token amount for the swap, tap Next,
Cryptocurrency seeks to solve the problem of decentralized foreign exchange liquidity by allowing exchanges to exchange tokens without relying on buyers and sellers to generate liquidity. Clicking on the platform displays the tokens that are available to exchange and request a wallet connection.
In short, Cryptocurrency is a decentralized exchange based on Ethereum (DEX), which enables the exchange of ERC20 tokens. The cryptocurrency analytics platform Ventures is located in the area of token-swapping and decentralized stock exchange (DEX) with its latest offering. There was an ICO boom in 2017, with many blockchain projects raising money through e-Books on the Ethereum blockchain or other smart contract platforms.
In 2017 and 2018, many projects with Ethereum ERC20 tokens and scheduled token swaps started with their native tokens when their blockchains were ready. One of the key criteria for a successful token swap is that the exchange listing the ERC2.0 token must support the token swap and confirm the date on which trading will allow the new native token. The decision to exchange tokens with oneself is a personal decision.
If you want to exchange tokens with the ease of a trading platform or have the option to exchange coins yourself, you should consider swapping tokens. With a simple login process and seamless KYC verification, you can exchange tokens. The participating Exchange keeps your tokens in a wallet for you, and when the exchange takes place, the Exchange creates a new wallet for your account on the Exchange and transfers the new tokens to it.
To do this, the ETH must be present in the wallet to which the swap can send the tokens. If you have digital tokens migrated to the new blockchain, it is crucial to follow the instructions for token exchange, as your old tokens will become frozen and inaccessible if you do not register your tokens in advance to migrate and store them in an exchange that is not migrated in your name. This article focuses on what happens when a project’s token price is changed from the project’s ERC20 token to the project’s native token.
Blockchain technology is one of the most promising financial breakthroughs, with the potential to decrease fraud, provide speedy and secure transactions and exchanges, and ultimately assist in risk management within the interconnected global financial system. Blockchain achieves this by employing powerful cryptography that is supposed to be resistant to hacking, hence enhancing the transaction ecosystem’s trustworthiness.
Blockchain may be used for a variety of financial purposes, including maintaining track of transactions and trades. In this age of digital revolution, as our global financial system becomes more integrated, investors would be wise to understand how blockchain is transforming the system and how to profit from it.
Blockchain’s Financial Services Benefits
Blockchain technology has the potential to make the financial services industry more transparent, less vulnerable to fraud, and less expensive for consumers.
Transparency
Because consumers perform activities on a public ledger, blockchain can make the financial industry more transparent. This transparency can reveal inefficiencies such as fraud, allowing financial organizations to solve problems and decrease risk.
Increasing security
The digital universe is a breeding ground for scammers as customers become more engaged online. This worry could be alleviated thanks to blockchain technology.
Traditional banking payments and money transfers are slower and less traceable than those performed on the blockchain. When data travels via various financial intermediaries, it is possible that it will be intercepted, increasing the risk of fraud. Blockchain’s cryptographic methods, which provide security in the exchange of information between participants, can plug this oversight gap.
Clean audit trails can be difficult to obtain in traditional banking at times. This has led to major economic losses in the past due to irresponsible behavior or malicious actors. By combining blockchain technology with machine learning to monitor and manage hazards with a high degree of precision, this risk may be greatly minimized. Blockchain is required for data integrity in financial technology companies and other organizations that employ big amounts of data. Because the blockchain network is decentralized, there is no single point of failure.
Cost-cutting
Blockchain allows consumers to benefit from decreased costs connected with traditional financial services as investors migrate away from financial advisors to avoid higher fees.
Financial technology firms have grown to be a significant element of the financial services business, allowing investors to establish accounts with digital advisors and make their own financial decisions. Consumers will benefit from this innovation because investors will get better value for their money and will be able to strike a balance between financial service automation and cheaper costs. The first to implement this new technology will be able to streamline internal procedures and give lower-cost financial services to their consumers, thereby beating their competitors on the cost to take a larger share of the market. This benefits the average investor who wants to save money while taking advantage of this new financial services environment.
Financial Institutions Face Risks
One key danger hurting the bottom line weighs against the potential blockchain has for financial institutions. Transaction fees, which might be reduced or eliminated with blockchain technology, are how traditional financial institutions generate money. When it comes to money transfers, consumers must rely on banks or third parties to complete the procedure. However, blockchain adoption could eliminate fees and other costs connected with these services by bypassing third parties such as banks.
As a result, banks may encounter volume and transaction-based income issues. Blockchain makes proprietary financial infrastructure-less important because it serves as a verification mechanism that is “not concentrated in the power of one institution. Furthermore, blockchain innovation is moving at such a rapid pace that regulation has yet to catch up. As a result, possible policies affecting blockchain can be considered as a further impediment to blockchain adoption in financial services.
Achieving excellence in logistics entails working collaboratively with others to optimize the flow of physical goods as well as the diverse flow of information and financial transactions. However, there is a substantial amount of trapped worth in logistics today, owing to the competitive and volatile nature of the logistics industry.
For example, it is estimated that there are over 500,000 personal trucking companies in the U.S. alone. With so many stakeholders involved in the supply chain, low transparency, unstandardized processes, data silos, and varying levels of technology acceptance are common. Many parts of the logistics value chain are also constrained by traditional methods imposed by regulatory authorities. Blockchain technology has the potential to help address logistics frictions as well as realize major gains in logistics process efficiency. This innovation can also improve data transparency and access among supply chain stakeholders, resulting in a system of record.
Furthermore, the inherent cryptographic protocols of blockchain technology improve the trust required among interested parties to share the information. Furthermore, blockchain can help to reduce costs by enabling leaner, more automated, and error-free processes. It can speed up its logistics process all while increasing performance and stability in logistics operations
Provenance traceability of goods can enable efficient and sustainable supply chains on a large scale, as well as aid in the fight against product counterfeiting. Furthermore, blockchain-based solutions have the potential to facilitate new logistics services and more innovative business models.
Blockchain acting as Fuel in Logistics Industry Blockchain solutions will document and record the movement of all commodities used during a shipment. Every time a container moves, a package is filled, or a distribution attempt is made, a record is created. This creates an unbreakable digital paper chain. Blockchain software can record transactions and store digital copies of important paperwork such as a purchase order, bill of lading, customs documents, and other documents. It is also possible to update it on the fly. This enables carriers to notify shippers and recipients of any transportation delays or shifts in expected arrival times while on the road. Temperature zones are recorded by this type of software for cold storage supply chain operations. It not only provides a digital database but also improves the safe transport of temperature-sensitive materials. As a result, it reduces the possibility of bacteria spreading or foodborne illnesses. Blockchain also connects tracking software and hardware tools like serial numbers, bar codes, RFID tags, and the product itself.
On July 7, 2020, TRON 4.0 was released, with zk-SNARKs being implemented on a blockchain-drivenby smart contracts. Faster block confirmation times, as well as cross-chain confirmation, are also incorporated in the upgrade. The release also intends to empower organizations with enterprise-grade customized solutions, which appears to be a significant step toward bringing more companies onto the blockchain platform.
Now, let’s discuss zk-SNARKs, which are the ZCash blockchain’s basic privacy technology. “Zero-Knowledge Succinct Non-Interactive Argument of Knowledge,” or zk-SNARK, is a proof construction that can be used to verify the possession of certain information. without disclosing the facts or allowing the prover and verifier to engage To put it another way, the zk-SNARK privacy feature assures that a transaction may be completed without revealing sensitive information like the amount of money being delivered.
TRON’s current version, unlike ZCash, will not allow anonymous transactions with its TRX money. Instead, blockchain developers can use the smart contract to provide a shielded transaction functionality. The term zk-SNARK stands for “Zero-Knowledge Succinct Non-Interactive Argument of Knowledge,” and it refers to a proof architecture in which one may establish ownership of certain information, such as a secret key, without exposing the information.
“Zero-knowledge” proofs allow one person (the prover) to demonstrate to another (the verifier) that a statement is true without disclosing any information other than the statement’s validity. Given the hash of a random number, for example, the prover could persuade the verifier that a number with this hash value exists without revealing what it is. In a zero-knowledge “Proof of Knowledge,” the prover can persuade the verifier not just that the number exists, but also that they know it — all without disclosing any information about the number. The distinction between “Proof” and “Argument” is fairly technical, so we won’t go over it here. Even for statements about very big programs, “succinct” zero-knowledge proofs can be confirmed in a few moments, with proof lengths of only a few hundred bytes. The prover and verifier had to talk back and forth for numerous rounds in the early zero-knowledge protocols, but in “non-interactive” architectures, the proof consists of a single message delivered from prover to verifier. Having an early setup phase that provides a common reference string shared by prover and verifier is currently the most efficient known approach to produce zero-knowledge proofs that are non-interactive and short enough to publish to a blockchain. This is the common reference string that we use.
TRON is one of the largest blockchain-based operating systems which aims to build a free, global digital content entertainment system with distributed technology, and allows easy and cost-effective sharing of digital content. With its latest announcement about the launch of TRON 4.0, it has triggered a whole new excitement among blockchain developers and TRON users, and there is no denying the fact that the launch looks promising for blockchain technology. To get instant updates about Blockchain Technology and to learn more about online blockchain certifications, check out Blockchain Council.
Digital Currencies have marked their presence effectively in 2009, it has brought a new active concept that is based on the speed, privacy, and security of financial transactions. Due to the world bank crisis, mixed up with the concerns over the privacy and security of money and new rules and regulations that made transactions restrictive due to it, people were forced to seek the news and unconventional path to transact.
Digital currency is helpful for conventional banking also. As, we all know that many third parties take benefits from Conventional banking, in terms of finances as well as they get all the personal info via transaction. Cost and privacy both are major issues for conventional banking.
But in Digital currency third-party transfering agents who want their shares are not involved. The process of sending the money via Digital currency is free of cost and it makes it beneficial as many businessmen use to suffer from the high transactions fees via credit and debit cards.
The rate of inflation that can potentially diminish the purchasing power of fiat – or traditional – currencies (such as Sterling) does not affect the value of a digital currency to the same degree, as there is a fixed amount of the currency produced over a fixed period – and no governments or institutions to manipulate the quantity or price.
Consumer Advantages
This coin is not ordinary. It has many advantages the major advantage of this coin is the existing user-base and community that supports it. Furthermore, the Digital currency Foundation aims to educate the untapped audience of the business community and drive uptake of digital currency Let’s have a look at other advantages:
Privacy: While dealing with this coin, users don’t have to bother about privacy issues, their identity and privacy are fully secured. In this coin personal details of the users are on priority and it will never reveal. All the transactions and information are highly encrypted, even extreme computational power would require thousands of years to crack.
Transparency: It believes to keep the data transparent, On a Digital currency network, all finalized data is on the network and everyone can see it except the personal information as it is hidden for the security of the users. The network can tell you where the coin is spent 190 but by whom, it won’t reveal as blockchain technology secures it.
Control: Accounts that hold traditional currency can be frozen completely by a host of authorities, often through no fault of the consumer. Since digital currencies exist outside the traditional regulatory frameworks that allow this to happen, it is very rare for a holder to be rendered unable to access their coins, unless the illegal activity is proven 196 to have taken place.
Secure: The featured Power Of Work ( POW) decreases the risk of ‘Selfish Miner Flaw’ and 51% attacks. The transactions in the digital currency are imperative to be approved 200 and verified by the peer-to-peer network.
Value: In this, there are no third party shares are involved, transferring the cost of the amount is free, whereas, in other banks, people have to pay a large amount.
Accessibility: Digital currencies have the power to provide the unbanked with a low-cost financial refuge. Peer-to-peer transactions and digital currency-denominated by banks allow the low-cost way to manage wealth. In theory, assuming the backing of a financial system, digital currencies could ultimately help bring many out of poverty by letting capital flow more easily
NFTs have hit the era thanks to CryptoKitties. It’s a blockchain-based virtual game where players can implement, raise, and trade virtual cats. On a blockchain, cats were introduced worth millions. This awesome project appeared on every news channel. Maybe it was because the game was saturating and slowing down the Ethereum blockchain, or was it because people made insane profits. The rise of CryptoKitties combined with the 2017 cryptocurrency bull market, fanning the flames. People bought breeding and trading virtual cats at an astonishing rate. Many people became mindful of the possibility of non-fungible tokens as a result of this.
Blockchain games are considered to have unique advantages over traditional online games in that their gaming data and logic are transparently stored and executed on blockchains . These advantages particularly suit games with in-game payment and chance mechanisms, e.g., gambling, which often suffered from trust issues in traditional online environment. As a result, current designs of blockchain games mainly revolve around the generation, ownership, and trading of virtual assets.
Nonetheless, most of the current blockchain games lack playability. Possible reasons include that current blockchain platforms restrict developers from implementing complex game functions, current developers are paying insufficient attention to the players’ gaming experience, and lack a competitive market in the blockchain game industry. Not surprisingly, the popularity of CryptoKitties only lasted for a short period, too.
Gaming Rules
CryptoKitties game has five smart contracts: the Core contract, GeneScience contract, Offers contract, SalesAuction contract, and SiringAuction contract. The names of these contracts could be found on Etherscan. Based on these contracts, players can trade or transfer kitties with other players and breed new kitties.
2018–2019 — NFTs Prosper
The NFT environment expanded rapidly in 2018 and 2019. There are now over 100 projects in space and more on the way. NFT marketplaces are prospering, with OpenSea and SuperRare gaining ground. The trade volumes are small in comparison to other crypto markets, but they are growing very fast and have come a long way. As Web3 wallets such as Metamask continue improving, it is easier to integrate the NFT ecosystem. Characters (similar to domains), plot lines of virtual land, virtual apparel, event opening tickets, asteroid mining resources, and other functionalities are now readily accessible for NFTs.
The numerous NFT games and projects that are collaborating to make items easily deployable are by far the most exciting development in the space. For instance –, suppose a player in one game has a dagger that can be transferred to the next game and converted into a rare piece of fabric. The possibilities are truly limitless with integrations. 2021 is the year NFTs are the future in the blockchain era with accelerated growth, innovation, and progression.
Can users confidently say that an apple or a chicken bought from a retailer is safe? Despite the reality, those store representatives should have all necessary documentation and certificates, users cannot see how it was previously stored or whether it contains any harmful bacteria.
As a consequence, blockchain can enable customers in mastering all they need to know about others. Because it is unrealistic for store leaders to take a single infected product, they must examine the product’s history of origin. All data will be kept by blockchain-based software, started with where and when this apple or meat was born, how it was fed, where it had been sent after, and so on.
As a result, both customers and suppliers will know everything there is to understand regarding food, which will boost their trust and help to know precisely what they will be consuming. A relevant example is Walmart’s collaboration with IBM to build a blockchain agriculture supply chain. Each commodity in a store could be scanned by an expert to obtain detailed info about it. All are open and public to all parties.
Decentralization
Big companies everywhere in the world occupy the agricultural niche, and they can define their terms, set a price, and agree with farmers on what they will grow and breed the following season. Farmers believe it uneconomic to impose their terms because they’re more dependent on giant organizations. However, blockchain in agriculture has the power to completely transform the industry.
Getting security measures against potential raw material adulteration
Farmers must also be informed that they purchase high-quality grain, seeds, and compound feedstuff to breed healthy animals and ripe fruits and vegetables. Even then, the credibility of all raw materials is still not confirmed. As a result, blockchain plays a critical role. Farmers will struggle if they sell poor meat and crops, which will negatively affect both the farmer and the consumer. Farmers will be able to see what raw materials they will be buying, as well as any probable black spots, by using blockchain.
Quality assurance via the Internet of Things
The quality of animals and crops is also a critical step with all farmers, here’s where the Internet of Things can aid and add value. The level of irrigation, soil quality, the number of harmful pests, etc can all be tracked by attaching motion detectors to software applications. All of this data is stored in blockchain, and customers would be able to get information about the animal breeding process as well as crop cultivation from start to finish. Sensors easily notify all data to the cloud, where it is saved in the blockchain. Keep in mind that, in addition to equipment, you would need agricultural software, which you can learn around by analyzing the experience
Understanding the past and observing the present enables extrapolation to what the future holds for the logistics Industry. Increased globalization, free trade, and outsourcing all contribute to a continuing and growing interest in logistics/SCM.
A McKinsey & Company study found that “By 2020, % of the world’s goods would be designed and produced in a country other than where they are consumed, up from 20 % today.” There will be a massive shift in the movement and consumption of goods, necessitating ever better management of the associated supply chain processes. With the recent pandemic, logistics services have become even more in demand, with everyone requiring online purchases due to the current lockdown.
This situation has demonstrated the effectiveness of this industry in keeping things running as smoothly as possible during a crisis. Consider a realm without logistics; it would be chaotic, even more so than life currently feels. Logistics has aided our personal development. Improvements in logistics services help the world run smoothly, allowing us to enjoy essential and luxury items from all over the world. This industry has often embraced technology and will continue to do so
Purchasing items online has become a simple process. It means that people can buy goods in a matter of minutes and have them delivered in a matter of minutes. With just an increase in competition, its warehouses that store the goods and the distribution network that gets them to each of us have seen a dramatic change. Purchasing items online has become a simple process. Because of the industry’s tenacity and foresight, those at home can maintain some semblance of normalcy in terms of getting what they need when they need it.
By definition, logistics is the art and science of obtaining, producing, and distributing material and products in the proper place and quantity.
Transport, Shipping, and Logistics Issues to be solved Using Blockchain
Technology Payment for transportation and risk management
The average amount of day’s sales in inventory in trucking is 36.9 days. Smart contract payment technology can reduce payment delays and disputes.
Administrative expenses
The cost of document processing and administration can reach 20%. blockchain aims to reduce transportation costs accounting for two-thirds of total costs. Blockchain-based technology can significantly help to reduce it.
Quality control and freight monitoring
Cold chain monitoring is a significant challenge for the pharmaceutical industry, where temperature variations affect 8.5 percent of global shipments. This figure can reach 20% in some countries.
Transparency and faith
Cargo thefts alone are estimated to cost the world $30 billion per year. The implementation of blockchain results in a reduction in illegal behavior and its detection throughout the supply chain. Blockchain enables transportation and logistics companies to run more efficient and cost-effective businesses.
