{"id":475581,"date":"2022-07-19T16:01:00","date_gmt":"2022-07-19T13:01:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/blockchain-without-crypto-adoption-of-decentralized-tech\/"},"modified":"2022-07-19T16:01:00","modified_gmt":"2022-07-19T13:01:00","slug":"blockchain-without-crypto-adoption-of-decentralized-tech","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/blockchain-without-crypto-adoption-of-decentralized-tech\/","title":{"rendered":"# Blockchain without crypto: Adoption of decentralized tech"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a23a4fb48cab\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a23a4fb48cab\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/blockchain-without-crypto-adoption-of-decentralized-tech\/#%E2%80%9D_Blockchain_without_crypto_Adoption_of_decentralized_tech_%E2%80%9C\" >&#8221; Blockchain without crypto: Adoption of decentralized tech  &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/blockchain-without-crypto-adoption-of-decentralized-tech\/#Blockchain_uses_without_cryptocurrency\" >Blockchain uses without cryptocurrency<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/blockchain-without-crypto-adoption-of-decentralized-tech\/#Advantages_of_blockchain_technology\" >Advantages of blockchain technology<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/blockchain-without-crypto-adoption-of-decentralized-tech\/#The_blockchains_problems\" >The blockchain\u2019s problems<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Blockchain_without_crypto_Adoption_of_decentralized_tech_%E2%80%9C\"><\/span>&#8221; Blockchain without crypto: Adoption of decentralized tech  &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDcvOWJmNDNmNDQtYmMyYS00ZTg2LTk4MGUtNTIzN2M3M2NhYTgzLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-28d77a7a>A blockchain can be seen as a distributed database whose information is stored across every node running the network. Because the database is distributed among those running the network, it guarantees data stored within it is accurate and securely stored.<\/p>\n<p>As the name implies, blockchains store their data into blocks that are added to the network as time goes by. Each subsequent block builds on the information stored in previous blocks, which means blockchains form a data timeline that can be securely trusted.<\/p>\n<p>When it comes to cryptocurrencies, the blockchain ensures trust and solves what\u2019s known as the Byzantine <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a>s problem, which describes the difficulties dispersed parties have in reaching consensus. Since Bitcoin uses blockchain <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a>, one can accurately verify that funds aren\u2019t spent twice, that its supply is limited, and the history of transactions on the network.<\/p>\n<p>The technology goes beyond these use cases, however, with a number of companies and organizations having already adopted blockchain without cryptocurrencies.<\/p>\n<p>Blockchain technology is usually associated with cryptocurrencies, with the Bitcoin Network being its number one use case. At its core, however, a blockchain is a distributed ledger shared among a network of nodes, meaning its use cases go well beyond cryptocurrencies.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Blockchain_uses_without_cryptocurrency\"><\/span>Blockchain uses without cryptocurrency<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Cryptocurrencies steal most blockchain-related headlines, but adoption has nevertheless been growing for the technology. One example could be IBM partnering with the Abu Dhabi National Oil Company to pilot a blockchain supply system for oil and gas production.<\/p>\n<p>There are several other examples, including Da Beers Group tracking high-value diamonds along its supply chain with a blockchain and JPMorgan using the technology to calculate loan collaterals. <\/p>\n<p>Speaking to Cointelegraph, Johnny Lyu, CEO of cryptocurrency exchange KuCoin, noted that the use of blockchain is \u201ccommonplace among government agencies and businesses,\u201d and pointed to the Global Shipping Business Network (GSBN), a consortium that counts on the participation of major institutions including the Bank of China, DBS Bank and HSBC, as an example.<\/p>\n<p>The GSBN has been testing the integration of its own blockchain platform to digitize and track container shipments. Lyu also noted the Indian state of Maharashtra has started issuing verifiable caste certificates on the Polygon network, while the Romanian Financial Supervisory Authority implemented blockchain technology to \u201cspeed up workflows and reduce the time for manual processing of large arrays of data.\u201d<\/p>\n<p>The examples keep on going, Lyu said, noting that it would \u201ctake a long time to list all of the latest blockchain initiatives launched in 2022,\u201d adding:<\/p>\n<blockquote><p>\u201cThere is no doubt that we are seeing massive and widespread adoption of blockchain technologies and the number of companies doing it will grow by the day. Blockchain is becoming a necessity, just as websites and business accounts in <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social<\/a> networks once became such.\u201d<\/p><\/blockquote>\n<p>Ben Livshits, CEO of blockchain platform Zilliqa, told Cointelegraph about yet another use: The United Nations World Food Programme has <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/innovation.wfp.org\/project\/building-blocks\">deployed<\/a> blockchain technology in its Building Blocks project, allowing organizations involved to \u201ccollaborate, transact, and securely share information in real-time on a neutral network without hierarchy.\u201d<\/p>\n<p>The program, Livshits noted, has \u201calready processed over 15 million transactions and supported over 1 million people.\u201d Several other companies, including Ford, FedEx, Walmart and Maersk, have either piloted or actively used blockchain technology.<\/p>\n<p>The advantages of using blockchain technology are numerous and as a result, investment in the space has been significant.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Advantages_of_blockchain_technology\"><\/span>Advantages of blockchain technology<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Taking a food and beverage business as an example, Livshits noted that blockchains can provide \u201cthe required transparency that consumers today demand and expect\u201d as the \u201caverage consumer today no longer just cares about what they eat and how it should be cooked,\u201d but consider where ingredients are sourced and how they\u2019re handled.<\/p>\n<p><strong><em>Recent:\u00a0The regulatory implications of India\u2019s crypto transactions tax<\/em><\/strong><\/p>\n<p>Livshits added that the adoption of blockchain technology could become mainstream and \u201ceven help with quicker payments.\u201d He said:<\/p>\n<blockquote><p>\u201cThe benefits are clear: Reduced human error, better access to information, increased safety, traceability and transparency that can ultimately help adequately reward all those through the supply chain.\u201d<\/p><\/blockquote>\n<p>Blockchain technology, like other technology before it, should \u201cbe about creating value and utility for users,\u201d Livshits stated.\u00a0<\/p>\n<p>Sankar Krishnan, executive vice-president and industry head of banking and capital markets at Capgemini Financial Services, told Cointelegraph that blockchain technology is \u201cvery ESG friendly,\u201d referring to environmental, social and governance standards to which investors have increasingly been paying attention.<\/p>\n<p>Krishnan added that most don\u2019t realize \u201chow many parties there are in a supply chain transaction.\u201d The large amount of parties involved means a lot of data needs to be tracked, including data related to importers, exporters, the transaction itself, the product, shippers, marketplaces, logistics companies, insurance firms and other intermediaries.<\/p>\n<p>He added that each of these parties either prints out information or exchanges it via email multiple times, consuming resources. All of this consumption, Krishnan said, would be eliminated if transactions were processed on a blockchain.<\/p>\n<p>Moreover, Krishnan added, a blockchain provides more transparency and improves tracing capabilities for raw materials while also making data available to every involved party simultaneously, significantly reducing the risk of fraud. He added:<\/p>\n<blockquote><p>\u201cWhat actually h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ens is that all the manual workflows are replaced by smart contracts and there is agreement between all the parties involved on how these workflows move around the blockchain.\u201d<\/p><\/blockquote>\n<p>Per the analyst: \u201cIndustry is set to benefit from using blockchain and smart contracts,\u201d with very specific use cases having developed for financial services, healthcare and retail. Krishnan also pointed to loyalty program management, royalty payments and public sector applications as other use cases.<\/p>\n<p>Despite all of these use cases and possibilities, there\u2019s a reason not every company in the world is diving into the blockchain world and the technology isn\u2019t being adopted en masse.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_blockchains_problems\"><\/span>The blockchain\u2019s problems<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>While the use of blockchain technology has kept on growing over the last few years, some companies have yet to start adopting it despite the numerous advantages offered. The problem with this type of technology is the required investment necessary to implement it.<\/p>\n<p>That\u2019s according to Arry Yu, Cascadia Blockchain Council chair at the Washington Technology Industry Association. Speaking to Cointelegraph, Yu said that implementing enterprise-level software technology requires a \u201csignificant investment,\u201d and added that changing management may also be necessary as some stakeholders may not want the provided transparency.<\/p>\n<p>Yu added that training stakeholders on new processes and building out the right types of reports that give each stakeholder meaningful key performance indicators also add to the costs, as does the \u201cenormous amount\u201d of upfront investment \u201crelated to process redesign, documentation, training, support and more.<\/p>\n<p>Kieren James-Lubin, president and CEO of blockchain solutions provider BlockApps, told Cointelegraph that while this type of technology \u201censures data is not altered or deleted,\u201d it does not ensure accuracy, as \u201cthis is reliant on whoever is inputting the information \u2014 manual data entry can be prone to error.\u201d<\/p>\n<p><strong><em>Recent:\u00a0Will intellectual property issues sidetrack NFT adoption?<\/em><\/strong><\/p>\n<p>A solution to these errors, the CEO added, would be the use of accurate Internet of Things sensors to \u201cpull data directly.\u201d<\/p>\n<p>Blockchain\u2019s use cases are regularly growing, and implementors are still finding out exactly what can be done with this type of technology and how far it can go. When Bitcoin (BTC) was first launched, smart contract-based applications like those now seen on Ethereum were unheard of.<\/p>\n<p>The technology can nevertheless help revolutionize several industries, even though it\u2019s little over a decade old. It remains to be seen whether, to the wider world, Satoshi Nakamoto\u2019s best invention was Bitcoin or its underlying blockchain.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"defi_newsletter\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/blockchain-without-crypto-adoption-of-decentralized-tech\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Blockchain without crypto: Adoption of decentralized tech &#8220; A blockchain can be seen as a distributed database whose information is stored across every node running the network. Because the database is distributed among those running the network, it guarantees data stored within it is accurate and securely stored. As the name implies, blockchains store&#8230;<\/p>\n","protected":false},"author":1,"featured_media":475582,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDcvOWJmNDNmNDQtYmMyYS00ZTg2LTk4MGUtNTIzN2M3M2NhYTgzLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74894,90126,76019,75864,75568,74355,117,72366,5047,4965],"class_list":["post-475581","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-blockchain","tag-data-exchange","tag-logistics","tag-supply","tag-supply-chain","tag-adoption","tag-business","tag-data","tag-health","tag-technology"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/475581","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=475581"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/475581\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/475582"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=475581"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=475581"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=475581"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}