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Blockchain, A Week in Review – March 11, 2019

Blockchain, A Week in Review – March 11, 2019

Blockchain Finds Its Muse

Art and technology have held an intriguing relationship throughout the years. Marrying the creative with the innovative, humans have found a way to articulate both languages in a way that is both balanced and forward thinking. Art is the expression of emotion, of fluid thoughts and desires. It is the way we orient our selves and find beauty in each experience we bear and overcome.

While perhaps less sensitive in nature, it is technology that will advance these experiences forward. Throughout the art world, technology has created new opportunities in the ways we both consume and distribute art. And the blockchain has found its muse.

Fast Company: Blockchain in the Art Market

According to Fast Company, “Blockchain pioneers are ushering in a new era for the art world.” What kind of era? One where proof of ownership is as transparent as ever. Thanks to the digital age we live in, more and more artists are making digital platforms their canvas. The only problem is, digital files are easy to manipulate.

By registering work on the blockchain, artists may establish clear ownership and create a transparent trail of ownership that collectors can use to verify authenticity. Additionally, art investors and auction houses may use the technology to secure sales with token transactions.

Take the Barney A. Ebs­worth Collection for example. Working with an art registry service, the auction house created a digital certificate for a $300 million sale, including the work of Georgia O’Keeffe and Edward Hopper.

Denver Votes For Blockchain

Taking creative inspiration from the art world, the blockchain is coloring new solutions across the world. In Denver, the technology will be used to store and track votes throughout the municipal elections coming up in May. According to AMB Crypto, the city announced that it will leverage a blockchain-based smartphone app to give overseas voters and active-duty personnel the opportunity to vote securely.

“We believe this technology has the potential to make voting easier and more secure not only for our active duty military and overseas citizens, but also for voters with disabilities, who could potentially vote independently and privately using their phones’ assistive technology,” says Jocelyn Bucaro, Deputy Director of Elections at the Denver Office of Clerk and Recorder.

EU Report

These developments are in line with what the EU has come to understand about the blockchain. “If blockchain platforms are to be successful, they should be able to scale to meet the needs of their target audience.”

The EU Blockchain Observatory and Forum recently published a “thematic report” detailing the first wave of blockchain adoption. It demonstrates that teams will need “a clear vision”, “a clear reason” for using blockchain, along with “strong governance structures” and “sharing of effort and expertise among diverse stakeholders,” CoinDesk reports.

Tide Foundation and Personal Data

The consumer-oriented approach will continue to be refined throughout industries. And in the global economy, it will restore control back to consumers, where it belongs. Technology startup, Tide Foundation is currently working to make this a reality, delivering a platform that will give consumers governance over their personal data.

“The overall concept is that when a consumer engages with a business and provides that business with personally identifiable information, the Tide Protocol encrypts that information and provides the consumer with the only key to decrypt it,” Tide co-founder Issac Elnekave told TechCrunch. 

Blockchain’s Insurance Boom

In the insurance market, the technology shows great potential ‘to improve operational efficiency and cost reduction.’ According to a recent press release, blockchain in the insurance market is expected to grow at a CAGR of 65.9% from 2019 to 2027. The blockchain is becoming the ‘trust and efficiency engine for the insurance sector’ and providing protection like never before.

“Blockchain technology aids in automation of manual processes through a centralized procedure, which speeds up the processes, alleviates a range of inefficiencies, and reduces frictional costs in traditional insurance trade. This is not only making the insurance industry more efficient and cost-effective but is also improving customer experience to great extent.”

Bumble Bee Foods and SAP

 With so much adoption ahead of it, the blockchain seems to be a big fish in a small pond. But that certainly won’t keep it from swimming. Teaming up with SAP® Cloud Platform Blockchain, Bumble Bee Foods is working to bring ocean to table, tracing the journey of yellowfin tuna from the Indonesian ocean all the way to your dinner table.

For Bumble Bee Foods Chief Information Officer Tony Costa, this will have an inherent impact on our communities. “With SAP, we have the ability to track fish the moment it’s caught and as it travels around the world, telling the story of each tuna while positively impacting ecosystems and the lives of the people all the way down the line,” she says.Throughout the art world, technology has created new opportunities in the ways we both consume and distribute art. And the blockchain has found its muse.TWEET THIS

As more and more consumers demand safe and sustainably sourced products, the blockchain promises to tell a true story and revolutionize the future of food, as we know it. It’s about aligning with consumer values and fulfilling the desires of those we serve. After all, the consumer is the greatest muse of all.