Beyond Blockchain #2 — Airlines Could Get Fueled 100x Faster as Blockchain Adoption Accelerates
In 2015, Bob Greifeld, then Chief Executive of Nasdaq, described blockchain as the “biggest opportunity set we can think of over the next decade or so.” Almost six years have passed since then and we are still only scratching the surface when it comes to discovering the potential embedded in blockchain networks and distributed ledger technology (DLT) systems.
However, it is not for a lack of trying. Billions of dollars have been invested in DLT research and deployment. In the first quarter of 2021 alone, blockchain startups raised $2.6 billion, a figure that eclipses the total amount raised in the whole of 2020.
Although numerous projects are still in the conceptualization stage, a reasonable number are already live or at least close to making a market debut. Many enterprises and small businesses are also integrating blockchain technology to improve their business operations significantly.
In this release of Beyond Blockchain, we review three notable instances of DLT adoption by leading enterprises globally. The diversity of the industries involved highlights the flexibility of blockchain networks when it comes to improving efficiency and saving costs for businesses. We will also learn about companies that are investing in blockchain and a landmark DLT project that will help secure sensitive digital records.
Nueva Pescanova used IBM’s blockchain for food traceability
Nueva Pescanova is a Spanish fishing firm with seventeen factories delivering fishing produce to over 80 countries across the globe. It accounts for roughly 62,000 tonnes of fish deliveries annually and has moved to increase product traceability by partnering with IBM’s blockchain division.
The deal is to use IBM’s Food Trust platform to record real-time information about Pescanova’s fish product as it moves from the catch location to the final consumer. The data becomes immutable and easily verifiable by all parties in the supply chain (producers, wholesalers, and retailers), as it is stored on the blockchain. The result is lowering the risk of fraud and increasing consumer confidence in the products, presenting a “win-win” situation for everyone.
Global COVID certificate network launches to streamline “vaccine passports”
87% of consumers in a recent survey voted in favor of a mandatory “vaccine passport” for international travel. Over time, putting these certificates on the blockchain will bring benefits such as greater privacy and a reduction in the amount of data that needs to be shared.
Until recently, most blockchain-based solutions for verifying the authenticity of vaccine certificates were regional and could not be used for cross-border purposes. This made it extremely difficult for international travel agents to verify these certificates and recognize whether the issuer is a recognized laboratory.
Last week, agencies such as Blockchain Labs, IBM, and Affinidi launched the Global COVID Certificate Network (GCCN). The goal is to provide a global decentralized network for all COVID vaccine data, increasing the ease of access and level of trust for travel agents that rely on such data to grant international travel passes.
Gazpromneft debuts blockchain-based smart fueling system for airplanes
Gazpromneft has finally market launched a blockchain-based solution that will help airlines refuel their fleets within the shortest possible time. Instead of maintaining entire offices to handle airline refueling invoices, Gazpromneft’s solution includes a blockchain-based payments system.
The system reduces the transaction time between the jet fuel supplier to an airline, from five days to as little as 15 seconds. This significant time saving increases efficiency and lowers operational costs for airline companies that adopt the solution.
Who’s Investing in Blockchain?
UNICEF invests $300k in blockchain startups — The UNICEF Innovation Fund invested in three new blockchain startups that are working towards open-source financial technology in emerging markets. Among the recipients, Nepal-based Rahat stands out for its novel blockchain-based platform for distributing aid to victims of natural disasters. Rahat facilitates the distribution of relief fund tokens to victims, allowing them to redeem it for aid materials at participating local stores. Other startup recipients of the funding initiative include Leaf Global (Rwanda) and Xcapit (Argentina). Both are working on blockchain wallet solutions. Leaf Global’s wallet allows for near instant fund transfer in multiple currencies while Xcapit’s AI and blockchain-powered app is imbibing financial education and savings culture in young users.
Goldman Sachs Invests in Blockchain Infrastructure Startup Blockdaemon — The venture arm of the multinational investment bank teamed up with BlockFi, GreenSpring Associates, Warburg Series, and others to raise $28 million for Blockdaemon. Blockdaemon’s business involves running nodes on proof-of-stake (PoS) blockchain networks and generating income from their participation in the networks. The blockchain startup also offers developer tools and will hope to further expand its suite of products with the new funding.
Stanford University and Shoah Foundation to enhance human rights using blockchain technology — University of Southern California’s Shoah Foundation and Stanford University are embarking on an ambitious project that will advance human rights if successful. The partners launched a new research center called Starling Labs and received an initial $2 million in funding from the Filecoin Foundation for the Decentralized Web (FFDW) and Protocol Labs. The idea is to leverage blockchain technology and decentralized storage networks like Filecoin to secure sensitive digital records. The pilot project stored photos covering the recent US elections, including the infamous Capitol riot. Human right groups and journalists looking to capture, store and, verify such sensitive media in a trustless manner can do so on the network once it is fully live.
Improve Your Business With Blockchain Support From Move Digital
As this series of Beyond Blockchain has highlighted, DLT solutions can simplify business processes, provide increased transparency, and restore consumer confidence. There has been no shortage of investment into the space, and the last few weeks were no exception.
Many startups and enterprises sit on the sidelines because of the difficulty of identifying key operations bottlenecks where DLT solutions can be applied. Move Digital helps enterprises to identify such bottlenecks and to implement the right DLT solutions to address them.
Move Digital is led by an expert team with years of experience on the frontier of innovation in the blockchain field. Move Digital founder and CEO Kristof Schöffling, regularly featured on Bloomberg and Yahoo, has helped a myriad of enterprises implement DLT solutions that have improved efficiency and security. Kristof Schöffling is a serial entrepreneur that has founded and scaled several very well known enterprises with millions of users in the online space. In recent years, Kristof Schoeffling has been exclusively focused on helping enterprises identify suitable DLT solutions to address their bottlenecks. Before venturing full-time into the DLT space, Kristof Schoeffling built and lucratively exited enterprises in the niches of online gaming and data acquisition.
If you’re considering blockchain solutions for your enterprise, feel free to send us an email.