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.

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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In the Know: This Week’s Blockchain Round-up (July 10, 2017)

In this week’s blockchain round-up, we have compiled three articles on this hot topic. Each one offers a unique perspective into blockchain technology, with an article on the technology’s background to articles on how it will improve IT and its adoption within banks and institutions.


Blockchain explained: All you need to know about the transaction technology

In this article, Mark Mayne breaks down blockchain technology, explaining it to be a relatively simple concept as a decentralized ledger system that is accessible and secure.

Mayne dives into the history of blockchain, with the Bitcoin blockchain concept first taking place in 1998. From there, he goes further into how this technology is more than just an online currency, with businesses and governments showing interest in blockchain technology for its significant cost savings over traditional centralized databases.

Read more here, via IBC365.


Blockchain: what is it good for, in real-world IT?

In this article, CIO contributor, Chris Bovasso, highlights how blockchain has the chance to recreate the world’s financial systems and how it also has the potential to make IT departments more secure and efficient.

Bovasso sheds light on how transactions work within blockchain technology and how they need to be implemented in order to improve IT.

Read more here, via CIO.


Today’s number is about… blockchain adoption

Blockchain technology should transform the market by 2020, with an expected 80 percent of financial institutions to adopt this concept.

This article mentions the future adoption of blockchain within banks and institutions, and gives new perspectives from companies regarding how they feel about the technology, taken from a report by Bain & Company. The report holds a great deal of new information, but one to know is that 35 percent of institutions express that they will implement this new technology before 2018.

Read more here, via BBVA.

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.

Benchmark survey on blockchain technology in supply chain management released by Chain Business Insights

Chain Business Insights, LLC, an independent research firm, released its first benchmark survey on blockchain in supply chain. The firm, which focuses on the application of blockchain in supply chain management and trade finance, states that the survey provides the current state of play of blockchain in the industry, and can be effectively monitored for change.

“Blockchain’s ability to maintain a tamper-proof, timely record of product movements and related transactions is of huge interest to supply chain practitioners,” says Sherree DeCovny, co-founder and research principal at Chain Business Insights. “It comes at a time when the industry is under intense pressure to deliver improvements in these areas.”

Blockchain is a distributed database that holds records of events and digital data that is tamper-proof, and approximately one-third of respondents are already implementing the technology. Many of those who took the survey indicated that the main reason they used blockchain was to improve supply chain transparency and traceability.

Surveyors believed these were the most important advantages of blockchain:

  • Improves supply chain visibility/transparency
  • Reduces transaction costs
  • Enhances trust between supply chain partners

Other insights on the survey included:

  • 40 percent reported that they plan to implement blockchain within the next year.
  • One-fifth intend to implement the technology within two years.
  • 30 percent have no idea when blockchain might be implemented and are still uncertain with the technology.
  • Big data/analytics, loT, cloud computing and RFID were all listed by participants as technologies that will likely have an impact on supply chain management.

The original article appeared on Modern Materials Handling.

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/.