Welcome to Last week in blockchain. My name is Wim Pelgrim, a blockchain realist and with this weekly podcast you’ll stay up to speed about all the major developments on the blockchain. And if you like what you’ve heard: share this podcast, like it in your podcast app or leave a review on iTunes.
This week some background articles and a lot of government activity: the effects of price drops, the state of blockchain in quarter 3, the Dutch Blockchain Coalition and 7 other European countries and a beautiful free app to show everybody how blockchain works.
The drop in cryptocurrency prices has a major effect on companies working on blockchain solutions. Sometimes, because they have to lay off people, like Steemit I talked about last week. But also because a lot of people and companies interested in blockchain become wary because of all this news about price drops. If you want to have a nice read about what the price drops are causing, check out the interview Forbes had with Navoop Sahdev, economist and fellow at MIT Connection Science. The main two reasons for price drops according to Sahdev: blockchain development is slower than investors expected and the markets react to the regulatory bodies of several governments are taking action against bad startups. This and a lot more about cryptocurrencies but also digital currencies (there is a big difference as I’ve learned) on Forbes’ website.
And if that is not enough for you, you can check the 246 slides of the State of blockchain Q3 by Coindesk. This website focusses on the top-5 cryptos, but looks further then prices and market cap. For example the GitHub statistics like the number of open issues says a lot about the state of the technology and Coindesk also talks about regulation around the world (sheet 197 and beyond) and their survey (sheet 203 and beyond).
Governments and law
A lot of countries claim to be the first to test something, but this week we have a country that has a new use case undergoing testing at this moment. Thailand is testing blockchain to track value-added tax payments. Why use blockchain in this case? The government wants to make sure there is no tax fraud in VAT. The Bankok Post gives this example: when a company buys products from a second company, the former will issue VAT invoices to the latter and both firms can use blockchain to confirm the transactions. An interesting field for this technology. When I hear more about the results of this test, I’ll let you know.
Europe has frontrunners when it comes to blockchain. In The Netherlands the Dutch Blockchain Coalition started five big social use cases (check the referrals for more info). But more countries in Europe are working towards a blockchain future. Seven southern EU states, Malta, France, Italy, Cyprus, Portugal, Spain and Greece, signed a declaration to promote blockchain use. The document cites education, transport, mobility, shipping, land registry, customs, company registry and healthcare as services which can be “transformed” using DLT or blockchain. Goals are (among others) protecting citizens’ privacy and making bureaucratic procedures more efficient. I mentioned Malta (podcast 19) and Spain (podcast 38) before and especially Malta is working on a DLT/blockchain strategy for a long time. This is just a next step.
Listening to my podcast and still don’t grasp how blockchain would work in supply chain? Or how it is different from using the existing digital systems? You can now see a free blockchain for supply chain classroom demonstration. In several videos and an interactive dashboard you can check out how a blockchain would work in this environment. The Air Force Institute of Technology developed a multi-echelon supply chain scenario and then created a blockchain application around it. In this scenario, an Air Force program manager issues digital “tokens” to upstream suppliers. These tokens are then assigned to components. The tokens are transferred from one company to the next in the blockchain, at the same time as the physical products move through the supply chain. It’s a great tool, so go check that out!
Oh my god!
And if these few minutes weren’t enough, check out this video with Vitalik Buterin talking about the next wave of Ethereum, not in money, but in adoption, Australia is starting a new green blockchain project for peer to peer solar energy and as I mentioned before: check out what the Dutch Blockchain coalition is up to in The Netherlands.
And that wraps up this Last week in blockchain. Check my website: www.wimpelgrim.nl for more info on me and my podcast and a full transcript of this episode. Check the links mentioned in this episode in the description: ………….. And I hope to see you next week for my next episode. And if you like what you’ve heard, share this podcast with your friends and on social media and click those five stars in your podcast app. See you next week!
Coindesk State of Blockchain
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