Blockchain Technology to Solve Cyber-Security and Efficiency IssuesSeptember 23, 2018
Blockchain technology, when combined with technological tools like bots and artificial intelligence, will be able to provide solutions for long-standing cyber-security and efficiency issues.
Real-time solutions to real-time problems by making use of integrated blockchain technology with the 21st-century infrastructure is exactly what IOTA (MIOTA), XinFin (XDCE) & Vechain (VET) are doing for the global supply chain.”
IOTA (MIOTA) will focus on eliminating the inefficiencies in the manufacturing process by making use of the blockchain technology.
Kontakt-IOTA made a statement, “Manufacturers, carriers, inspectors, technology providers, and consumers alike will benefit from this technology. It will increase trust and transparency, ease dispute resolution, result in better compliance breach detection, and consequently prevent faulty products from being delivered to consumers.”
“IoT and blockchain technologies naturally go hand in hand because they have a lot in common,” remarked Philipp von Gilsa, CEO at Kontakt.io.
“Up until now, we have not heard about successful blockchain applications in IoT because of the amount of computing needed to execute a transaction,” remarked Łukasz Szelejewski, CTO at Kontakt.io.
IOTA is capable of processing lots of operations in real time, thereby making proof of work possible. IOTA might become the security standard for the next generation IOT.
Vechain (VET) authenticates physical goods by making use of the blockchain technology. It helps to differentiate between brands and knock-offs that are replicas of the product. This can greatly help with cutting off counterfeits in the future. The VeChain chips will help get rid of counterfeits and substandard goods.
“The developers behind VeChain have developed a platform on which companies and governments can record information that cannot be falsified.”
Hybrid blockchain technology is the Metropolis for Tradefinex from the XinFin Network. Tradefinex provides for peer-to-peer trade and financing and focuses on developing Infrastructure as Asset Class (IAC)
David Freuden, reported, “On 11 September 2018 XinFin (trading as XDCE) was confirmed as one of ten participants by the Abu Dhabi Global Market (ADGM)’s RegLab program to live-test TradeFinex with SMEs across the MENA region with the support and regulatory assistance that is offered as an ADGM participant.”
Atul Khekade, Ecosystem Development Head, XinFin stated, “We are really proud to collaborate with Abu Dhabi Global Market, the international financial center for local, regional and international institutions. By obtaining this license, XinFin uses its Hybrid Blockchain Technology to independently evaluate, monitor and live-test our solutions with ADGM clients under full compliance and regulatory frameworks.”
Forbes has described blockchain technology as “The 21st-century Metropolis.” The Metropolis in the real world is the chief city or capital of a country or a region. Forbes portrays Blockchain technology as the metropolis for the individuals and companies that benefit from the technology.