What Every CEO Must Understand About Blockchain Technology

Techvibes posted an insightful article recently titled, “What Every CEO Must Understand About Blockchain Technology” which breaks down what exactly blockchain is and highlights five main things that CEOs should know about the technology.

Here are a few takeaways:

  • Blockchain has grown to become a way of removing the friction that exists when using middle men, and is currently being looked at by corporations around the globe to settle transactions. These transactions involve everything from mortgages to shipping container contents to cross-border payments.
  • With blockchain, companies can resolve transactions in seconds instead of days. It also helps to reduce tampering, fraud and cybercrime.
  • 65 percent of banks plan to start using blockchain by the end of this year, according to IBM. It’s predicted that other industries will catch on to this technology such as healthcare, gaming and government ID creation to name a few.
  • Now is the perfect time to integrate blockchain for companies that would like to transform their industry.
  • Business leaders need to identify which model they plan to transform early on, as blockchain will impact banking in all different areas like retail payments, reference data and consumer lending.
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ICA Singapore Speaker Spotlight

The Seam‘s Chairman and CEO, Mark Pryor, will present at ICA Singapore this October. Mark was recently featured in the association’s Speaker Spotlight, which highlighted his previous work and achievements.

Below are a few of Mark’s words. Check out the full article here.

The ICA’s annual trade event truly represents borderless diversity gathered around a common thread. Software technology is becoming a vital part of the overall strategy for efficiency, traceability and trading opportunities. It’s an honour to be given the opportunity to present new innovations that weave into the future of a business collaborative, global cotton supply chain.

In the Know: This Week’s Blockchain Round-up (July 21, 2017)

Blockchain can be confusing to understand sometimes, but that is why we’re here to break it down for you in our weekly blockchain round-up.

Confused about blockchain? Here’s what you need to know.

In this article by Matthew Cochrane, he stresses the importance for investors to understand the implication of blockchain technology. His article dives deeper into why so many are excited about blockchain and its potential benefits, and how some companies are already incorporating it into their existing operations.

He goes on to highlight how blockchain technology calls for fewer middlemen to be involved in each transaction, payment processors and banks.

Read more here, via The Motley Fool.


Why the use of blockchain in the cloud is growing quickly

This piece, written by Dave Shackleford, discusses what options are available as organizations could potentially shift away from traditional cryptography models. Shackleford goes on to explain that a few traditional software vendors now have blockchain services for their software-as-a-service (SaaS) cloud offerings.

Read more here, via Tech Target. 


Emerging applications for blockchain

And last but not least, this article by Chalmers Brown is a great read. Brown highlights some of the many ways that blockchain is applied to make a difference in various industries beyond the financial world.

Read more here, via Forbes.

Blockchain Lunch & Learn

This week, our very own Mike Vandenbergh, Director of Emerging Technologies for The Seam, led a blockchain lunch & learn at our headquarters. Mike recently joined us at The Seam after previously working at Micopact Global as Vice President of Information Technology.

Check out a few pictures from the session in the slideshow below.

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The Seam Chairman and CEO presents at the European Cocoa Association in Paris

On June 12, our Chairman and CEO, Mark Pryor, spoke at the European Cocoa Association (ECA) in Paris on how blockchain technology has the potential to modernize and transform physical commodities trading.

“The cocoa blockchain will be transformative for global trade, increasing efficiencies through its secure, trusted, industry-shared, digital ledger,” Mark said.

Mark spoke about the cocoa blockchain as a common digital legend that will soon unite the supply chain. With blockchain technology, documents are cryptographically recorded once and then preserved forever. Cocoa is visibly recorded on the blockchain and controlled by the parties involved and protected from the sight of others.

“For food safety, cocoa blockchain provides provenance and transparency through the immutable recording of transactions, shipments, documents and certifications.”

The ECA is a trade association in Europe that categorizes major companies involved in cocoa bean trade and processing, in warehousing and related logistical activities. Founded in 2000, the Association monitors and reports on developments impacting the cocoa sector at both regulatory and scientific levels. The goal of the ECA is to respond to issues of ongoing globalization, increased regulations and consolidation within the cocoa industry.

“We would also like to thank you for clarifying what could be the Cocoa blockchain – from bean to bar and bar to bean, with the focus on traceability of sustainable cocoa, verification of information, and certification and transactions in an efficient way,” said Catherine Entzminger, ECA Secretary General.

The Association also offers discussions to companies directly or indirectly involved in the cocoa chain from a senior-management level. ECA members represent two-thirds of Europe’s cocoa beans grinding, half of Europe’s industrial chocolate production and 40 percent of the world production of cocoa liquor, butter and powder.

Members of the ECA are directly involved in the cocoa bean trade, processing or production of industrial chocolate. Joining the ECA is a cost-effective way to know regulatory developments that could affect your business before they are even implemented.

To learn more about the ECA, visit www.eurococoa.com.

The Seam Chairman and CEO presented at the 93rd Annual Meeting for the American Cotton Shippers Association

On May 25, The Seam Chairman and CEO Mark Pryor, presented on cotton blockchain technology at the American Cotton Shippers Association (ACSA) annual convention. The ACSA is a respected trade association in the U.S. and abroad that represents the merchants of raw cotton.

The presentation broke down how the cotton blockchain will operate, explaining it as a transformative ecosystem that will soon unite the cotton supply chain from field to fabric. Blockchain technology offers a way to track transactions using a collective, secure digital ledger. The best thing about blockchain technology is that users are in complete control of their transactions, through the use of “smart contracts,”  and trades are processed instantaneously.

“Information is usually exchanged between businesses with dissimilar software and re-keyed by parties in the critical path of development,” Pryor said. “This leads to discrepancies along the way, and costly reconciliation.

“With the cotton blockchain, we can now control the parties involved and protect it from the sight of others. This is a very efficient, trustworthy and secure process. With blockchain technology, we are helping to transform the cotton industry, which is something that we are incredibly proud to support.”

2017 marked the 93rd annual meeting of the ACSA. The convention brought together respected industry experts, who presented on various topics of interest to those in attendance. The ACSA handles more than 80 percent of the U.S. cotton sold in domestic and foreign markets. Membership within the ACSA includes promoting the increased use of cotton in the U.S. and abroad, as well as helping to establish other cotton trade organizations.

This year, the meeting took place at the Four Seasons in St. Louis, Missouri. The ACSA is a not-for-profit organization that relies on sponsorships to help cover the costs of the annual convention.

Watch Mark’s introduction video to the cotton blockchain here: https://vimeo.com/210033809/a8c8a56f49

The Seam Chairman and CEO Speaks on Blockchain Technology at the BCI 2017 Global Cotton Conference

Our Chairman and CEO Mark Pryor is in Berlin, Germany, today speaking at the BCI 2017 Global Cotton Conference on developments in the cotton supply chain. One innovation we’re most proud of is the integration of Blockchain technology, which will help drive efficiencies to global trade as a whole by decentralizing, securing and distributing the data into a single source.

Mark Pryor, CEO of The Seam

To learn more, visit http://bettercotton.org/get-involved/events/bci-2017-global-cotton-conference-and-member-meeting-berlin/.