The Global Mining Industry: Usefulness of Blockchain Extends Beyond Its Technology
Herbert Sim
Futurist, AI, Transhumanism (Neurochip, Genetics Technology, Longevity Science)
? It is widely observed how blockchain-based networks can help utilities disintermediate suppliers and even retailers throughout the electricity market.
Over time, all import and export electricity meters could be fitted with blockchain nodes, and these meters will be able to plug into a single power exchange to directly transact electricity among themselves.
This power exchange would run on top of a more scalable and permissioned blockchain platform, thus creating a more efficient market.
At a recent World Blockchain Summit in Dubai, leading companies gathered to determine a cohesive strategy that aims for 50% of all government transactions in the UAE to occur through blockchain by 2021.
Karuschain CEO Richard Verkley says, "Mining is an essential industry. Without mining, we would not have key metals and technological innovation would be lost. Blockchain brings significant cost-saving and efficiencies to mining, enabling the industry to shed its older image and allows the sector to be seen for its essential role in global innovation."
Currently, blockchain scalability is a challenge for industry-wide applications.
Before embarking on any IT initiative, including blockchain, however, it is critical to understand the strengths and weaknesses of the technology and how it can be best applied to solve business challenges and achieve strategic objectives.
This editorial entitled: "The Global Mining Industry: Usefulness of Blockchain Extends Beyond Its Technology", evaluates blockchain as a technology option for streamlining operations, decreasing costs and delivering on the promise of the distributed smart grid.
It also provides guidance on a framework approach that we believe will enable utilities to move forward with blockchain.
Read the FULL article here:
https://herbertrsim.com/global-mining-industry-usefulness-of-blockchain-technology/
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Looking for new opportunities in Retail, Administration and HR Functions
5 年Yet another great article and illustration Herbert!! Mr. Bitcoin Man! Karuschain is indeed a very interesting and promising Blockchain project! ??
CEO at "GFG" Global Frontier Group. Northwest Metals Group, Eco Metals Recovery.
5 年A big prize indeed!
Director at Polytope Studio
5 年Just to share, #Bloomberg did a great piece about how China already has overtaken #SiliconValley with their blockchain and crypto advancements and developments. The latest update is that Crypto Law is already enacted in China, by #CoinTelegraph: https://www.bloomberg.com/opinion/articles/2019-12-29/china-has-edge-over-silicon-valley-to-end-banking-as-we-know-it https://cointelegraph.com/news/china-enacts-crypto-law-in-run-up-to-state-digital-currency-debut