Blockchain technology helps in forming a collaborative business ecosystem

The global blockchain in supply chain market is expected to touch $3.4 Bn by 2023

Binance sets up a research institute in China focussing on blockchain technology

The economy across the world is taking a massive hit due to Covid-19. The reality is harsher than ever. Sectors that are directly or indirectly dependent on events, travel, people and places will face a major crisis in the coming months. However, if the businesses adapt to changes quickly, chances are they might just emerge out of this period with a renewed vision.

With the work-from-home becoming a new reality, many companies are now using online tools and software such as Slack, Zoom, Hangouts, JIRA among other tools to bridge the gap. From a long-term perspective, it becomes crucial for startups and enterprises to adapt to a transparent way of working, not just internally (teams or departments), but with the other industry stakeholders as this helps people to get clarity, identify the gaps in real-time and solve them accordingly.

Blockchain technology could be a game-changer here, as it augments the core functions and extends the reach of enterprise software to other business stakeholders and partners. The so-called ‘network’ effect powered by blockchain, thus helps in forming a collaborative business ecosystem.

For example, IBM last year developed an enterprise blockchain platform that claims to directly impact business bottom-lines. It helps enterprises and startups bring together multiple departments, industries, countries and cultures among others under one roof.

Similarly, Infosys Finacle in partnership with R3 had deployed a trade connect blockchain solution on Corda, an open-source blockchain platform which helps banks to reduce costs and improve customer experience by connecting banks (Axis Bank, ICICI Bank, IndusInd Bank and RBL Bank among others), trade partners and corporates on a unified distributed network.

Speaking about the scope of blockchain startups amid coronavirus pandemic, in the first episode of #StartupsVsCovid19, ‘Ask Me Anything’ series, Siddarth Pai, founding partner at 3one4 Capital recently said that unless the companies have a proper use case and not use the term currency in their offerings, this is a good time for them to start.

“If you are developing a blockchain product that is altering the business processes and driving efficiencies. Blockchain is the best time to start! However, if you are planning to do an Initial Coin Offering (ICO), now is really not the right time,” Pai avered.

Blockchain Graph Of The Week:

Global Blockchain In Supply Chain Market 

According to Market Research Future report, the global blockchain in supply chain market is expected to grow from $81.4 Mn in 2017 to $3.4 Bn by 2023, growing at a compound annual growth rate (CARG) of 87% during the forecast period 2018 to 2023.

With Covid-19 spreading across the globe, companies are expecting delays in production and decreased sales, with reduced shipment visibility, delays or shutdown of trades, autonomous last-mile delivery. The usage of emerging technologies such as AI, blockchain and drone technology among others are said to help retailers and brands to adjust and revamp processes, thereby improving operational flexibility, efficiency and transparency.

Source: MRFR Analysis 

Blockchain News Of The Week:

Here are the biggest blockchain-related headlines from across the world.

WHO Launches Blockchain Platform To Fight Covid-19 

The World Health Organisation (WHO) has partnered with major blockchain tech companies such as IBM, Oracle, Hacera and Microsoft to launch a distributed ledger technology (DLT)-based platform ‘MiPasa’ for sharing data related to coronavirus pandemic. The platform facilitates private information shared between individuals, state authorities and health institutions. It seeks to enable early detection of Covid-19 carriers and occurrences across the world.

Australian Universities To Offer Blockchain Courses 

Exploring the impact of blockchain in the legal space, the Australian National University (ANU)’s law school will be rolling out new courses in its Master’s program next year. The courses are being developed by Ripple’s Blockchain Research Initiative (UBRI). Under this programme, the company will be collaborating with universities to study emerging trends and develop blockchain-related tools and solutions across industries. Other universities which are also part of this programme include the University of Melbourne and the University of Sothern Queensland.

Berkeley Blockchain Xcelerator Invites Covid-19 Solutions 

In an attempt to curb the spread and improve Covid-19 patient outcomes, the Berkeley Blockchain Xcelerator recently selected Snark Health into its spring cohort. The startup will be developing a framework for data-driven discussion and shared learnings, thereby improving access to healthcare services and clinical research.

BMW Fuels Blockchain To Drive Supply Chain Transparency 

The German auto giant BMW recently announced that it will be extending its blockchain-powered supply chain initiative called ‘Partchain’ to its suppliers worldwide as a measure to bring in transparency into the supply chain and ensure complete traceability of vehicle components and raw materials.

Binance Academy Establishes Blockchain Research Institute In China 

The non-profit educational wing of Binance, Binance Academy recently announced that it has set up a blockchain research institute called the Lingang Blockchain Technology and Industry Research Institute (Lingang Research) in China. The research institute will produce blockchain talent, develop blockchain-related platforms, and accelerate the application of blockchain technology by integrating it with other emerging technologies such as AI, IoT, big data among others.

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