BlockShow Asia Reveals: How VeChain Will Change Luxury Market

VeChain[1] announces at BlockShow Asia[2] that they will incorporate Blockchain technology into their platform to protect luxury products for consumers, merchants and manufacturers.

The luxury market[3] is filled with knockoffs and fakes, and the current platforms that move a product from materials, to manufacturing, to market are so siloed and disconnected that fake products can be inserted at any point. This problem provides massive compromises for products that are extremely valuable, and require high levels of customer satisfaction.

Blockchain technology provides a connected system for tracking products from start to finish with security[4] and transparency. The implementation of Blockchain[5] technology into the supply chain allows a product manufacturer, distributor or retailer to see and track the product with absolute certainty.

Additionally, Blockchain allows for complete transparency, meaning that problems in the process from the manufacturing level to the end consumer are easily pinpointable. Issues along the supply chain with shipping, storage or transport can be known and addressed more effectively.

VeChain at BlockShow Asia

VeChain’s presentation at BlockShow Asia traced a number of products from raw material stage to market sales, explaining how Blockchain can protect luxury goods from any number of potential hazards within the product’s lifecycle and beyond in the secondary market.

The system is designed to use the Internet of Things (IoT) technology in order to create private keys for each product that make it possible to track them. All consumers need is a smartphone to check up on the history of products they are purchasing.

The Vault Within Your Smartphone

You recently bought a Tesla car, and although you don’t understand how it works, you’re happy about whatever’s under the hood because of a smooth, seamless driving experience. The same thing applies to the Blockchain[1]. What’s interesting to mass-market users is not the technology per se, but the value it holds.

Cryptocurrency and Blockchain are buzzwords in today’s digital realm associated with Bitcoin, ICOs and digital wallets. Average consumers don’t need to know how the technology works. They want to know how to reap the benefits.

The vault in the smartphone

The mobile phone is no longer a device for chatting with friends and family. It has grown into a smart device used to perform a wealth of activities. There’s an app for everything. But when we put Blockchain technology and smartphone side by side, we notice that there’s a glitch. There’s no killer app for Blockchain-based activities, no holistic approach to benefit from the perks of the Blockchain without worrying about security.

There’s potential for storing and transferring value with Blockchain technology. But not all decentralized apps[2] are not fully-functional from the average Android or iOS smartphone. Mass-market consumers who trade Bitcoins or buy apps, for example, want excellent user experience At the end of the day, their goal is to make a profit; and that profit can be in the form of cryptocurrency, game, app, etc.

The Blockchain-powered pocket-sized mobile computer

80% of the world owns a smartphone. It’s no longer a device to speak with other people but a digital diary we can’t live without. Things are changing at the speed of light in the digital era. Smartphones and Blockchain technology are neck in neck, although industry leaders don’t seem to want to merge them.

The next big thing could be a Blockchain-powered[3] pocket-sized mobile computer for mass-market users. Major smartphone providers are not ready to jump on the Blockchain bandwagon. The reasons vary.

  • High volatility of the crypto world

  • Fear of losing ground in front of main competitors

  • An uninformed target audience on the benefits of a Blockchain-powered smartphone.

A fee-less, hybrid payment network within your phone

There’s more to the industry than meets the eye. SIRIN LABS[4], a high-end company that makes luxury smartphones, begs to differ. For technology to be consumed by the masses, it has to be made accessible. The smartest way to streamline crypto-based operations is by listening to the voice of the crowd.

Both smartphones and Blockchain technology have gone mainstream. To connect these two in a way consumers can benefit from both, the key is to bridge the gap between decentralized apps and mass-market usage through a hybrid product. The solution can’t be 100 percent decentralized. It involves a physical product (smartphone) and Blockchain[5] (decentralized) to make ends meet.

Bridging the gap between UX and Blockchain technology

The Finney Project[6] aims to bridge the gap between user experience and Blockchain technology with an ultra-secure, fee-less Blockchain-powered smartphone accessible to the masses. The current generation of smartphones poses security risks, hindering user experience.

The Finney devices – a smartphone and potentially an all-in-one PC – are Blockchain-enabled and cyber-protected. They support both Android functionalities and top-notch cybersecurity technologies powered by SIRIN LABS. The upcoming Finney smartphone forms an independent Blockchain network, a lightweight, scalable distributed ledger powered by IOTA’s technology and SIRIN LABS’s OS.

The Finney Project is a SIRIN LABS product[7] – the company behind Solarin, the world’s ultra-secure smartphone – comes out with a crowdsale on Dec. 12. The aim of the project is to make Blockchain technology accessible to the masses through a highly-secured smartphone. Upon successful completion of the crowdsale, SIRIN LABS plans to develop a Blockchain-powered desktop computer, too.

Ioana Paicu

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

 

ICOs, Bitcoin’s Growth and the Blockchain Community: An Interview With Ivan on Tech

Ivan Liljeqvist is an international speaker, software developer and founder of Ivan on Tech. On Ivan’s channel he spreads knowledge about Blockchain technology to hundreds of thousands of viewers. He is known for making the complex simple, the boring interesting and Blockchain entertaining.

Cointelegraph’s Stephen Chase caught up with Ivan at this year’s Blockshow Asia to chat about Blockchaining the world, understanding Bitcoin and making the future better for everyone. Also, Ivan gives a bit of advice on how you can go about getting others involved in the community by giving away some Bitcoin.

CT: Could you tell us a bit about what you do when you’re not here talking to us?

IL: Thank you for having me here. Yes, I run the Ivan on Tech YouTube channel where I talk about Blockchain technology, Bitcoin, Ethereum, the technology behind different Blockchain projects. I do GitHub analyses of different ICOs and of established Blockchain projects as well.

In addition, I run a company called Stockholm Blockchain which is an educational company. We educate companies, organizations and governments about how Blockchain technology can be applied and will be applied so that they can be ready for the changes that are coming.

A cure for Bitcoin blindness

CT: What is your vision of Bitcoin you think people need to understand before investing?

IL: You should really understand the technology and understand the vision before you invest in cryptocurrencies because it is a very volatile market, and if you are not experienced in the technology or the vision it might be easy for you to get scared and to just lose money in this field as an investor. So when I speak about vision, I speak about how it can be used for improving the financial system. Suddenly there are people in many parts of the world who didn’t have any banking services at all and now have. Before, it didn’t matter if you were brilliant, or had a good team, had passion or were smart–it would be hard for you to raise capital. But now, with ICOs and crowdfunding on the Blockchain, it is possible for the first time ever. Understanding how the technology works and how it enables all of these great things in the world is very important. Having that in mind, I think it’s easier to invest in Bitcoin and not be influenced by market volatility.

CT: What are some goals ahead and challenges the community faces in achieving them?

IL: I think that one of the biggest challenges is bringing the community together. We have a lot of crypto debates and Bitcoin discussions on how we should move forward, but in the end it is all about unity. We need to unite the community and move forward together because everything comes down to selling cryptocurrencies to people who don’t really understand cryptocurrencies yet.

The number one goal should be mass adoption. Normal people who are not very into technology or this whole community need to understand that cryptocurrencies are real and what good they can do in the world. We can do that by spreading it around. For example, a drug dealer would not just talk about his drug and how good it is by showing you a bunch of charts. He will just say, try it. And then you become addicted. Similarly, the ease of use of cryptocurrencies brings about realizations of the potential of cryptocurrencies. So, definitely more people should be practically involved. And if you own some Bitcoin, just give ten or twenty dollars to your friend as a crypto Christmas present.

Jobs: How we can weed the garden and at the same time, plant flowers

CT: We hear about how Blockchain could be the end of many jobs, how can it also be used to create new ones?

IL: We can remove many middle-men and make businesses peer-to-peer. If we have smart contracts on the Blockchain, we do not need to have that many middlemen. I think that this portion of the population will need to find something else to do. Many people will have access to capitol, crowd-funding – how many new ideas will be created in parts of the world that couldn’t access capitol – building teams companies… For me, the positive aspects definitely outweigh the negatives. With all technology there are some jobs that will be displaced, new jobs will be created, and there will be some kind of transition period. We will see completely new jobs and more and more people will be able to fulfill their purpose and their vision in life by now being able to use cryptocurrencies as banking services and be a part of the global financial system.

Into the upside down of ICOs: advice from an expert

For developers: Do your homework!

If you’re thinking about an ICO, think about the properties that Blockchain has and the benefits that Blockchain gives you. Those benefits are transparency, decentralization and immutability. If these properties fit the problems you want to solve, go ahead. If you see that the problem you’re solving doesn’t need decentralization, doesn’t need transparency, and doesn’t need immutability, just use a regular relational database. There is no need for a Blockchain in that case.

As an investor, think the same way as well because many projects will try to implement a token, or do an ICO because it’s easy to attract capital. It’s important to think about those things and really see if a project needs Blockchain at all.

For investors: Do your damn homework!

Learn the basics of GitHub, even if you’re not a programmer, just learn how it works so you can go to a GitHub page and see the code of a project. If you’re not a programmer you will not be able to understand it but at least you can get some kind of feeling when you look at the number of commits, when you look at the number of contributors–the frequency of contributors. You can even learn how to look at the actual code and see if it’s just some trivial changes such as name changes or just comments, or if it is actual code that has been produced. Just learn how it works. Always ask yourself do they really need Blockchain?

CT: Thank you so much for joining us and coming out to Cointelegraph Blockshow Asia.

IL: Thank you very much.

Cryptography Gets Busted