This Huge Bet on Blockchain Could Change A $50 Trillion Industry
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- Опубликовано: 25 янв 2022
- Blockchain may one day eliminate inefficiencies and lack of transparency in supply chains. While slow in coming, this revolution would benefit not only customers and brands, but the “invisible" workers who power global trade.
#Blockchain #SystemShock #BloomberQuicktake
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Blockchain has huge potential, but there is a danger of falling in love with the tool rather than what it can built. We don't fall in love with hammers it's just a tool which allows us to hit nails.
Very well said. Same with programming, you can only benefit society and be well off if you can apply it, not just dancing around it.
I collect hammers. I have a hammer collection going back to the 1850s until today.
I agree, most blockchains are utterly useless. For most applications databases are just fine. Blockchains only make sense if they are widely decentraliced.
well said
hahaha, centralized blockchain
It would be amazing to be able to tip producers as a consumer
You could build something like that. That would be amazing.
@@sarethums You think people will use this?
@@ehvenga I’ve been thinking of this for the last few days and yes I think people would. There is the BAT network that is something similar
You can. Use Brave.
"consumers willing to pay a premium for transparency" here's the kicker. That's why they're doing it.
Well every technology implementation cost money, and who will pay extra for extra cost of production.. of course that would be consumer.
But If technology makes things efficient in production and delivery..that saving in cost is also passed to consumer due to competition.
Now the point is will implementing Blockchain in supply chain system make the overall system more efficient, I don't think it will..as blockchain is just a different way of doing things we were already doing with traditional software. So only advantage I can see right now is transparency so there is additional cost which is gonna passed to consumer.
Having said that if Blockchain in this scenario goes mainstream and every small farmer and producer gets their visibility, may be that will reduce cost somehow because we as a consumer know who to buy from as per our beliefs and more people's beliefs align, there is potential that cost will reduce for better product that goes with your belief.
I am not willing to pay a premium, but I am willing to cover the cost for it
I disagree that most people are willing to pay a premium. With two identical products, one supposedly produced ethically, and the other slightly cheaper, most people choose the cheaper one every single time.
Customers should pay a discount for the ease of the blockchain
04:20 "Blockchain is more resistant to tampering because of the sheer number of copies of the data."
- That's not really why it's resistant to tampering. It's more that the data is hashed, blocks are linked, and changing even one byte of data invalidates the block header which is widely distributed and publicly known.
also blockchain does nothing to prevent tampered data to be added to the blockchain. on the contrary. falsedata will be living in the blockchain forever
@@TheSeppentoni I do get what you mean though. Since the amount bought from a farmer isn't verifiable (they can tamper with that measuring machine), that data is fakeable.
@@TheSeppentoni Thats not the point. Falsedata can be redefined through political voting on the blockchain.
The connection between us, the speed of actions reflected.
@@N-.-A So what data resides on the blockchain is a political question? Can I vote to delete your Wallet?
@@VivekYadav-ds8oz Yeah, though that's exactly the same when using paper, those are problems that we just can't solve. But assuming the input data is correct is way more resilient than pretty much any other way of storing data.
I don't see why you need to go full Blockchain for this. You just need an append-only distributed ledger with cryptographic signatures. That's a git repository.
Because on blochain u can't change anything, but you can reprint wrong papers :D
Transparency. Too much drugs lol
Won't we benefit from verifying money trail on blockchain against the products end to end. In a possible future, we will be able to make sure that we are not buying products produced at cost of thousands weighur people.
blockchain =/= crypto, they are not doing any crypto currency here
Those advocating for the blockchain invariably are those who stand to gain the most wealth from its proliferation.
VeChain holders time came
Looks like what VET does already...
Vet to $1-2 in next 3 years.
Yes, great long term roadmap
Super informative, thanks bloomberg :)
Thank you for this video guys. I have been super passionate lately on understanding the driver on mass adaption, some very insightful comments on supply chain.
If you're expecting that poor mother or miner or farmer to participate or be able to participate in blockchain at the end of supply chain, you're deluded. The case of the mama barley farmer mentioned is the utopian scenario. In real life in these places, cash is still used through and through. Even if you force the middlemen to use these, it's likely they will simply key whatever on behalf of the farmer. You can't use tech alone to fix real life societal problems. Companies ultimately still look for the best product at the best price, and will force their will down the supply chain if they can. They will opt-out of these blockchain solutions if they increase costs and inconvenient transparency.
Super well said! I bet the only reason shipping companies are pushing for it is because it could reduce fraud that effects them.
@@khronos893 Exactly. These corporations have no intention of making their blockchains decentralized; they're essentially write-only databases where the corporations themselves are the sole admins. It's simply to protect their own bottoms.
@@Bash70 irony of the situation too. Blockchain users shout about security but if they're the only one using it they can rewrite it whenever they want....
@@ewanjones9743 block chain users can't rewrite a block chain, only a company behind the chain
@@bevvy.bee9 If it's a permissioned blockchain then yes, only the company can. But then - what's the point? Just use a database. Company is in control anyway and you have to trust them.
If it's fully decentralized/trustless then anyone with 51% can write the history.
nothing is stopping those guys from solving these problems with current technology.
Consortium ledgers are not Blockchains. Let's settle on the correct use of terms. Blockchains are public permissionless ledgers maintained by their participants that are subject to crypto-economic staking to guarantee honesty without relying on any central authority!!!
VeChain ?
For anyone who cares: NOTHING mentioned in this video needs, nor is improved, by using blockchain technology. Digital append-only ledgers have been around as long as computers, and blockchain makes scaling harder, not easier.
Can you prove it?
Blockchain is basically distributed immutable database, that all parties (governments, people) can trust and easily see all transactions. Did we have it before?
But they are centralised
@@user-og7hx5tj9s yep
@@glowlog Do you think they are centralized because we didn't have the technology to decentralise them or because companies have business interests in not decentralizing it?
@@dukiwave I could be wrong here, but having different independent nodes run append only DB's (a blockchain) was not thought of/viable in the past. And also the fact that censoring the source of where raw materials came from so that small farmers would have a lesser voice on the global stage sounds like it's an intended choice
Everything said in this video can be built as a traditional application and it'll be much more efficient and secure than using blockchain. If you don't agree, then I believe you don't have any experience in software development.
yup, i work in ERP and everything can be tracked, this blockchain is new way of shilling investors
software can achieve the technical difficulty but blockchain can added the trust incentive
@@xyd1231 we don't need blockchain for trust. We already have public key encryption, and it's been used for years to sign documentary and records. The whole internet is secured using it (ssl).
Also, blockchain on it's own is not secure. Ever heard of the 51℅ attack? Since there's no monetary incentive like they have in cryptocurrency, not many nodes will be running. There goes trust down the drain.
This whole thing is a scam tbh.
@@freshprince633 the added benefit is that u dont have a single entity in charge of that database and rather have it available decentralized. 51% attacks can happen sure and there are ways to safeguard against that, but if u only have to penetrade one centralized node thats a how much-%-attack? :)
I was thinking the same thing.
What value does the blockchain actually provide?
Sure - it's a ledger, but so is any spreadsheet or database which we've had for years and paper is still used. It's not about the tech it's about making people change/adopt it.
it minimizes risk of fraud and tampering - thus providing a system that doesn't require trusting a 3rd party to still be safe
@@spyder629 You can lie to the block chain.
@@PraveenKumar-bo7fw But you can't tamper with the information already there. Your lie is thus easier identified, the system is trusted more. There is a big difference between someone providing wrong information in the tax document and someones taxes being altered whilst already in the system.
@@normieloser6969 How decentralized will this "blockchain" be? The poor farmers will run it? It's probably just Amazon or whatever logistic company running 100% of the blockchain internally, giving them way more than that 51% power to rewrite history. Meanwhile those poor farmers will now be rendered unable to evade tax through cash transaction. They probably aren't allowed to participate in the supply chain without a smartphone and a data plan. Look up how little these primary producers earn to see how ridiculous this blockchain idea is.
@@PraveenKumar-bo7fw to do that your have to alter like 51% of all nodes across the planet bruh
VET baby. coming to life.
It is essential to analyze and understand the factors that affect the cost of protection. By carefully assessing the risk exposure and considering alternative methods, it may be possible to optimize costs while maintaining an acceptable level of protection.
She is wrong with a statement: “Bitcoin is not a blockchain it is an application in a blockchain.”
The only semi-decent use case for blockchain I've ever seen.
I dont see how blockchain is improving much here. It sounds like the supply chain industry needs to go digital to remove the paperwork. If you put incorrect information on a blockchain, all that blockchain can do it verify that that information exists. Blockchain isn't going to magically be able to verify that the person who input the data wasn't lying. As 'motivation 2 invest' said, we need to look at problems objectively rather than start looking for nails to hit with them.
Someone, please explain why we couldn't use google sheets or another cloud-based tool to track supply chains.
I'd like to know as well lol
Great to see real world use of the tech.
Would love to see more of this!
Sorry to break your bubble but there are very many issues with this tech being implemented the way it is. Blockchain is not new technology, it's the idea that it's a peer-to-peer network rather than a server-client relationship. It depends on both parties to be equal, in technology, and in education to utilize the blockchain and verify its authenticity. A private blockchain used by corporations is just a way for corporations to charge farmers and consumers more fees while being able to advertise that their company utilized a blockchain solution to show they are a step above their competition. Essentially what they're doing creating a fake solution to appease the consumers to upcharge them, because no one would actually go and personally go and ask people who are on the bottom of the supply chain to verify the transactions, so they can put fake transactions into the blockchain to show that they are paying the farmers more or they can actually pay more but also then reduce the payment by adding a "blockchain" cost, thus the farmers never made any more than they did before.
@@SoupTurtle16 I hear your concern. I’m sure there are actors that would execute their businesses this way. Which naturally would be an awful thing to do. There seems to be many variants on company executions however, and to say that they’re all tyrants is probably a rash statement.
I’m wondering how we could build secure/reliable digital networks for identifying and tracking malicious & benevolent behaviors in this regard…
@@yobroh0 I am not asuming that the business may act in this regard, but you never know if their employees will. As a programmer, the software is suppose to be fool-proof. We cannot expect the CEO of the company to fly around the world to personally make these transactions. If their employees decide to misbehave and pocket some money in the middle suggesting to the farmer that its the cost of using the new transaction platform, nobody would know. Thus private blockchain will not help in deterring corruption, when the blockchain is owned by the potential malicious party.
Smart contracts are smart. They can run autonomously on their own once programmed correctly. And they are contracts. They can form an agreement between 2 parties.
tracking of goods from source to consumer doesnt end there, blockchain tech can also used to facilitate recycling
Amazing blockchain overview
This would also be great for nonprofits and NGOs.
Exactly that's why I added a couple of more blockchain sources.
ive started learning blockchain and these use cases are done so well. Absolutely, Consumer will pay premium to know the source. We all want the sause
do you know you can earn about 5times the money invested on cryptocurrency in less than 4 working days
Enlightening , Eye-opening and Enriching.
Are we talking VeChain (VET)?! 7:27
3:14 Why do i feel that major companies don't want low level transparency in their supply chain...
Why everyone thinks THIS technology it's going to be THE ONE it'll be used by third countries even when there are places with 0 digital platforms implemented
I love this story and really, REALLY, hope that the producers can be recognised, protected and empowered!
Manipulate producers or tampering their production, One can only hope they're not be cheated out from fair trade rules.
Here's a bright idea: Let's have the poorest producers earning a couple USD per week track all their transactions with a smartphone and mobile data subscription and spend their down time to learn the technology or else they would be barred from participating in the supply chain! What could possibly go wrong?
Isn't the project VECHAIN doing exactly the same thing? I think it is one of the most solid projects with industry ties!
Such a cool video :)
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Can you please add info on the speakers in this video so that we could see their background?
The problem with blockchain is it uses thousands of times more electricity than a standard database, almost all of these theoretical hype ideas around it could be easily and more efficiently implemented as a standard by a company and a traditional database.
@@hassledoctrine that's true,still though a blockchain is much less efficient than a database and its silly trying to shoehorn use cases just so you cam use it, I think it does have legitimate uses but there is so much hype around what is essentially a very large statically linked list.
To have a "company" that host the server is for centralization, the "company" own the data, they can tamper with it, they can make it harder for competitor to integrate with it, cooperate bullying.
blockchain is the solution of all of this.
It means you've still not understood the concept of Blockchain yet. I get your bias is as a result of Bitcoin.
don't comment if you don't understand what you're talking about
@@lewisitor all of these people are coming here to complain with bias, nothing you say will change their minds, they are just venting their anger from their iphones they purchase the new installment of every year lol
I really loved it. hanks a lot.
blockchain is the real nightmare for billionaires, dictators, and bankers people...
How are they saying this will reduce climate impact without talking about the energy cost of block chain?? I mean if they use proof of work it definitely won't reduce impact, it will make it a lot worse.
These types of systems would be facilitating much more transactions and use a different consensus method than proof of work for sure. I imagine these blockchains will be built specifically for the purpose of whatever goods they are tracking and probably have almost nothing to do with crypto mining.
Amazing ♥️😊👌🏻
are they talking about vechain ?
Who owns all these computers in the blockchain and do they charge a fee?
We need an agnostic DLT that has a throughput of thousands of transactions per second and zero fees for this to scale effectively
why just one chain, why not a diverse ecosystem thats interlinked?
fees are the cost of security & spam protection
Decentralization can be adopted for trust, with money not being even a part of the equation.
@@bigbeautifulsnowflake7546 yes, i absolutely think the future is going to be multiple chains talking to each other. but it will be just one or two chains at the base layer. also, fees do not work well for a system that does billions of transactions on a daily basis. it's going to prohibit entrants and also be a bottleneck
Original Bitcoin Protocol (Now known as BSV) can do ~50,000 tx/s today. Currently running at 5 Million transactions per day. i think there will be a bunch of chains doing this, but there will always be a Pareto distribution such that the majority of this type of data will be on the cheapest fastest most secure chain - BSV.
do you know you can earn about 5times the money invested on cryptocurrency in less than 4 working days
"Garbage in, Garbage out" Haven't heard that in decades.
I didn't get the part where they check the quality of the product the farmer gives to the middleman. Why can't the middleman just put a different number for amount or quality etc. into the device and upload it to the blockchain? The IOT Device itself then needs to be safe right
Isn't this what Vechain (VET) is trying to accomplish
Yes
How do the rural farmers cash out? Do they have the technology necessary to have their cash systems replaced?
Hopefully there wont be a need to "cash out" in the future, as this technology is accepted and matures (in between right now). As everyone will be using and willingly accept cryptocurrencies as payment. And if they dont accept a specific type, it can be swapped for another, that they will accept, on the spot. Fiatcoins/Stablecoins also exist for people who want to use Fiat but on blockchain networks. Assuming cross chain bridges and swaps are fully functional in a few years, along with a multi currency society (bc different cryptos solve different problems)
Edit: to add on, do they have the technology necessary? Absolutely! You just need an internet connection to access and use the blockchain of any type. You will need much much less hardware to use crypto within ur business, bc you wont need any type of special hardware
Blockchain for trade is only as efficient as the QR codes which don’t have encryption. As far as I can tell it’s really just a gimmick.
You are ignorant to show encryption works
@@nurkleblurker2482 you can’t encrypt a QR image. Your inability to comprehend this or formulate a sentence demonstrates you may need to research this more.
I suspect it will help the poor be better negotiators since reasonable data has been in the hands of the rich for a long time...and they use it to their advantage to get the best price. If the poor also have the same data the rich do, then the negotiations can start to take place on a bit of a more of a level playing field.
Yes, because blockchain doesn't depend on people who can pay large sums for computer hosting and give an advantage to those who can pay experts to pour over reams of data. (That's sarcasm in case you're wondering)
@@fairytaledollpatterns7258 that describes the american stock market more than blockchain lol, crypto levels the playing grounds for countries like singapore, el salvadore etc, that can now trade an equal currency anywhere they want.
@@Baby_Chino thats a common talking point. If it weren't for the fact that different countries have different access to high speed energy and high speed computer components.
The poor will just be paid less since even the paperwork will be automatic and instant
Such a brilliant video!
Blockchain can provide transparency in the asset management sector, allowing central banks to monitor the 150 trillion usd in global assets currently out there (hopefully)
Thanks
If this new system is so great then why is it that here in Australia we have gone backwards to same excuse for why we have to pay more for tracking and new old tax for us to purchase items from countries in the northern hemisphere it’s just like in the beginning of when we could purchase items on the internet.
The excuse was it costs so much more to post items to Australia and New Zealand and the extra cost was past on to the person purchasing the items.
When someone from the northern hemisphere bought something that Australia had built design or made we couldn’t have the option to pass on extra costs to the person or company buying the items and we would have to pay taxes shipping and export costs and this didn’t change until the 2015 onwards.
Why would you use a blockchain for transactions between farmers and companies when you know for a fact that the farmers will very likely not be able to run a validation node and you admit publicly that you are actually a middleman? What is the benefit of using a blockchain when only one party has all the nodes?
Exactly! There's no point to using blockchain if they're still a middleman. This is just more hype!
ya even i got that doubt and what i thought is there will one big blockchain like bitcoin where every company can participate there.
but if every company has one blockchain then it is nothing but a database isn't it?
I am definitely NOT willing to pay a premium for this pointless technology.
the end result being - more expensive goods for the consumer
sounds like Vechain project to me
Really enjoyed this, keep it up! One of the first videos I've seen about REAL WORLD non-financial applications of block chain.
It's not. Stop falling for the propaganda hype.
😹if this is not financial ... do you understand what you see, listen? Try harder
how does Banqu make money?
So one blockchain per industry? Or multiple blockchains? Per brand, per app, per manufacturer or company? Who will be the transaction validators and how will be rewarded? What about threat of centralization of validation - security? What will be the impact on the peace for end users?
Doubly, there will be just 1 blockchain per any global supply chain - more like multiple of blockchains e.g. per brand or industry if any global international standardization will ever happen. If not, there need to be first a reliable and incredibly secure cross-blockchain mechanisms.
The idea is great, but practical application is still far from now.
Btw, if now are people complaining about Bitcoin miners consuming too much electricity, imagine global supply chains of multiple industries running on blockchains...
Theres many blockchains. There wont be one blockchain as different chains have different use case goals.
Energy use can be managed. For example. I heard that there was one city ( i dont remember if it was russia or near there)that was allowing bitcoin mining in regions where there was an excess of energy and some product waste. Besides i doubt energy will be a problem if the energy came from green sources.
ya who are the validatores? if there is one blokcchain for one company they can easily alter the information using 51%rule isn't it?
and then how it will different from normal database
pretty old idea, interesting to see a video about this just today
Props to video editor. Seems like we will adapt 8bit design for blockchain.
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What happens if the power goes out?
This idea is gr8
"consumers willing to pay a premium for transparency" is the whole idea behind this drama. You can simply use and IPFS file system to create immutability and decentralisation can be done in much simpler terms.
Linus is flabbergasted every morning these days. Unbelievable how far the idea of git has come.
Somebody heeds to show these farmers and corporations how to upload documents to github.
Somebody needs to teach you how to grow your own food and take care of yourself and the Planet Earth🌈🌿
these are the problems blockchain are solving right now. Not making a jpeg hyperlink and use it for money laundering
Zambia 🇿🇲 ku chalo 🤭
The world in truly evolving and the Blockchain's nature also can cut costs for organizations. It creates efficiencies in processing transactions. It also reduces manual tasks such as aggregating and amending data, as well as easing reporting and auditing processes. Blockchain creates trust between different entities where trust is either nonexistent or unproven..
So this isn't about efficenies but about marketing products as ethical through blockchain. Once again, BC being championed as a solution to a problem it can't actually solve.
Honestly, I been hearing this for about 2 years now. However, I don't think we have moved the needle much.
who are the people in the interviewees in the video? :)
Here's a bright idea: Let's have the poorest producers earning a couple USD per week track all their transactions with a smartphone and mobile data subscription and spend their down time to learn the technology or else they would be barred from participating in the supply chain! What could possibly go wrong?
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If only people are honest with each other, then we wouldn't need this level of complexity added to our lives.
If only humans weren't greedy, then there would be no wars 🤣
After watching this video I still have no idea what blockchain is all about.
It is a technology. The world is more and more digitalized and “tokenized”. I like tech but I love Nature. Don’t wanna sacrifice the second, for the first.🌿🌲🌳🌈
You will hear more about blockchain, from now on.
Great info (and Kirti is beautiful)
It might be possible to register original photographs as the UR-document,
so referencing it to prove validity, to expose alterations.
or just look at the hash value.
that research analyst is beautiful
I get that there is only one legit receipt on the Blockchain verifying a product, but couldn't scammers just copy paste that QR code onto a piece of clothing?
Yes but that's where the ledger comes in. You can verify where the product came from. Vs just a qr code that says an id of the product with no history
Yeah, there's a lot of problems blockchain tech can solve, but most of the problem mentioned in here can and would be easily solved by already existing technology.. even more efficiently..
A partir de hoy empezaré a aprender sobre Blockchain y cómo aplicarlo a nivel empresarial.
do you know you can earn about 5times the money invested on cryptocurrency in less than 4 working dat
1:15 customers are willing to pay premium for transparency
Excelente
13 years later people still don’t understand the blockchain tech!
just correcting what the men said, Africa doesn't feed the world, I'm afraid, I'd say is South America, more specifically Brazil that takes this role.
This makes me think of Vechain
promoting blockchain as a panacea for organizational supply chain issues is as nonsensical as promoting linked lists as a solution to NHS wait times, arrays as an identity management solution or tables as cyber security solution. The technology has absolutely nothing to do with the rampant organizational corruption in the supply chain.
$50 trillion bet?? Seriously you've gotta love the art of clickbait don't you? Interesting Video but yeesh how you came up with that title?
So wait the coffee guy runs his array on a public network, or he has just an database with block chain tech that all runs on his servers. Making the work that could do one server run on lets say 100 that are checking each other, genius. XD
Great for him selling a database. That he has full control over.
Blockchain doesn't care if you are corrupted, corruptible, or un-trustworthy... it'll solve many of the worlds issues because it helps fix a major issue that plagues humanity... the severe lack of accountability.
Can anyone explain to me:
If blockchain enables transparency for the end consumer to know where their product was sourced.
Does that open the potential for lets say a distributor to know where a certain product came from, then disrupting the business of the original distributor?
Thankyou.
capitalism baby
Honestly, I don't think so. These 'corporate blockchains' make no sense to me. Blockchains are slow redundant databases if they don't have a trustless consensus mechanism involved (like Bitcoin or Ethereum). Just think about it, corporations can manipulate their 'blockchains' at will. I can claim on the blockchain, that my bananas are from a environmental friendly plantation, but ultimately you will always run into the oracle problem. The information on a blockchain can claim anything - if it isn't pegged to physical reality, it's just a database entry. E.g I can claim on the blockchain that I have 5 fresh tomatoes, when in reality they are already rotten. This discrepancy between information and the physical reality isn't solved by decentraliced -in-name-only blockchains. They won't solve the oracle problem.
If someone controls the chain (as it is now already)- nothing will change. if it is like they promote in this video, it would be even worse.
Hi, blockchain can be transparent but can be shady as well! Depends who controls it ,which data is provided, who writes the code etc etc . Don’t trust blindly whatever they (main stream/tv/who has power/money) tell you. Hope helps. Bye G.
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Buy gold bro
Is it possible everytime we pay for goods the money that we paid get distributed directly to producers, farmers etc with this technology?
That's called Bitcoin Lol.
@@alexanderpadgett8431 please elaborate
Supply chains post pandemic have become localised too. Still th usecase make sense.
Yes.
blockchain is really decentralised?
We grow coffee in Zambia?👀