Blockchain is Becoming Mainstream With Its Adoption By Walmart, ThinkMarkets, and IBM

Walmart (WMT) filed for two more blockchain technology patents in April, one for secure payments and another for digital shopping systems. Those are just the latest moves WMT has made to incorporate blockchain into its businesses. In March, Walmart filed for a “Smart Package” blockchain patent that allows tracking of contents, environmental conditions, as well as point of origin and location during shipment. That patent application states WMT technology will record the “key addresses” along the chain and will be used with robotic delivery methods like autonomous vehicles and drones.

 

In October, the world’s largest retailer started running tests with International Business Machines Corporation (IBM) for its live food business. Blockchain technology, according to WMT Vice President of Food and Safety Frank Yiannas, “will do for food traceability what the Internet did for communication.” Mr. Yiannas said blockchain was able to cut the time it took to track produce from six days to two seconds.

 

Entities who wish to avail themselves of the advantages of blockchain and are already using Amazon Web Services (AWS) now have AWS Blockchain Templates. “Blockchain-as-a-service” (BaaS) on AWS allows a company to sidestep the complexity of setting up its own distributed ledger. According to Amazon, a user’s requisite blockchain can be deployed in minutes on the user’s own servers. Compatible AWS blockchain networks can be set up “for rent” on Ethereum or IBM’s Hyperledger Fabric network.

 

In February, J. P. Morgan Chase’s (JPM’s) Global Head of Research Joyce Chang wrote in JPM‘s Perspectives, “Opportunities to utilize blockchain technologies for conducting business could have far-reaching implications for the sector in our view.” Her report has since become known as the “Bitcoin Bible.” Two weeks after the release of Ms. Chang’s research report, JPM, whose CEO Jamie Diamond once called bitcoin a “fraud,” said in its annual report that bitcoin and Ethereum are “risk factors” to JPM’s business and recognized digital currencies as new forms of competition. Umar Farooq, JPM’s head of blockchain initiatives, at the Yahoo Finance All Markets Summit, said of the rapid uptake of blockchain technology inside JPM, “It’s more than thriving. People have been surprised how quickly it basically spread as a way to address and think about customers differently,” adding, “It’s quite insane.”

 

Major corporations and international financial institutions are adopting blockchain in order to further fortify their strategic dominance. By overhauling their transaction processing systems, logistics, data storage and methods of customer acquisition, the world’s largest companies are taking advantage of the efficiencies afforded by distributed ledger technology. At least one start-up has become engaged in the radical shift toward this disruptive technology, not to compete with traditional financial institutions, but to bypass them entirely by eliminating the need for intermediaries. TradeConnect aims to be the first true decentralized multi-asset trading network. ThinkMarkets, an international brokerage, and premium online broker has pooled its knowledge and experience in order to support TradeConnect via its development and executive team. TradeConnect will facilitate the direct trading of currencies, equities, commodities, cryptocurrencies, derivatives and other contracts on a peer-to-peer basis. Meaning, a buyer and a seller with only an encrypted decentralized network between them—no broker, no exchange, no proprietary inventory—just one seller and one buyer.

 

All TradeConnect transactions will be settled in ThinkCoin (TCO), its digital currency, which will also fund the network launch after its initial coin offering (ICO) is completed. Use of ThinkCoin as its only transactional currency will allow trades to settle, not in the standard three days, but in a matter of seconds. TCO will also be an “asset-backed” cryptocurrency: the equivalent value of all TCO will be held by TradeConnect in fiat currency (dollars, Euro, Yen, Yuan, etc.) so as to stabilize the value of the token and provide liquidity for the network. TradeConnect market participants who wish to exit may do so immediately by converting their TCO into their preferred fiat currency and TCO will also be exchangeable for other major cryptocurrencies within the TradeConnect “ecosystem.” All participants will share, via “rebate,” the “connect fees,” which are composed of the differences between buyers’ bids and sellers’ offers.

 

Possibly the most important characteristic of trading via blockchain is the visibility of trading histories for all markets. Every member of a decentralized blockchain network will have equal and simultaneous access to all trades posted, and those trades will be posted in seconds, not days. With the advent of the Internet and online trading, securities markets have become nearly transparent as compared to most of the twentieth century and before. There was a time when a prospective investor might travel to a bank or a broker’s office to place a stock or bond order, checkbook or security certificate in hand.

 

But corporate and municipal bond trading has changed little. Bond “dealers” still buy-up blocks of bonds and then hold them until a customer, broker, bank or another dealer indicates an interest. The price at which the bond is traded is verbally negotiated between two human beings over a telephone line. The two parties to the trade may have almost no trading history to reference and so may use a tone of voice or audible breathing as an indicator for motivation to sell or desire to buy. All securities were once traded by the same distant voices. Before that, securities business was done face-to-face in a central marketplace like under the buttonwood tree outside 68 Wall Street or inside the Tontine Coffee House at the corner of Wall and Water Streets.

 

When blockchain technology is fully adopted by the financial industry, brokers, dealers, floor traders and telephone securities salesmen may go the way of railroad firemen, telephone operators, typists, stenographers and elevator operators. Pacific Investment Management Company (PIMCO), the former employer of the “Bond King” Bill Gross, may have found his replacement in a robot that trades bonds electronically. Displaced registered representatives, financial advisors and traders may find companionship among cab and truck drivers replaced by autonomous vehicles, and factory workers pushed out by robots.

 

Comments

SantaClaws Mon, 05/07/2018 - 18:26 Permalink

All of this patent-grabbing is not necessarily good news.  Some believe that the patent grabbing is intended by the parties that presently control the banking and corporate circles to inhibit and ultimately prevent the more broad adoption of blockchain-related products by newer competitors.

In other words, the central banks and largest corporations do not want change, or at least the kind of change that cryptos represent.

tunetopper JibjeResearch Mon, 05/07/2018 - 23:31 Permalink

Blockchain as a currency has several problems. Like Karl Marx once proclaimed that if only the common man could control the means of production by collective interest, the owners of the bulk of the finite supply of crypto currency will be enticed to hoard it. And the proletariat during the Leninist USSR were supposed to lead to a state of self-abolition but yet they were let into the opposite direction -- because individuals will only do the thing that is in their best interest - and that is - if they are a farmer- they farm 1st to feed their family.....but under Stalin - they were expected to give it 1st to the state. So they starved....

In reply to by JibjeResearch

ZIRPdiggler tunetopper Tue, 05/08/2018 - 02:23 Permalink

So instead of letting a greedy individual hoard it, let's allow fascist central planners in a government hoard it.  I fail to see what point you're making here, as it relates to crypto.  The greedy, 'hoarding' behavior, as you say, is what sparks ingenuity, creativity, and most importantly, competition.  I think you're missing the entire point of why a centrally planned parasite government-style, like communism, is an utter failure; it's a failure because production IS NOT in the hands of the private individual. If it were only possible for one blockchain in the world to exist and it performed only one function, then perhaps your juxtaposition may be applicable. 

In reply to by tunetopper

Endgame Napoleon ZIRPdiggler Tue, 05/08/2018 - 08:06 Permalink

Greed is not what creates innovation. Brilliant, curious humans who are internally driven to see if they can do something are the force behind innovation. The kings and queens used to horde all of the money, and while they backed a few innovative humans, they did not produce the innovations themselves. Even when they had the weight of monarchies and religious institutions against them, trying to stop them from producing innovations, the few geniuses still did it.

In reply to by ZIRPdiggler

Endgame Napoleon Grandad Grumps Tue, 05/08/2018 - 08:12 Permalink

If technology keeps on displacing humans, going up the food chain of professional importance, the genius innovators might just innovate their function out of existence, putting their braininess out to pasture. We are at peak arrogance in some quarters of the top 20%, with large swathes of the dual-high-earner parents failing to understand the slightest thing about why a construction worker might justifiably resent being replaced by an illegal alien with welfare-boosted wages in his own country without being a lowly racist. In a way, there is a poetic justice about the displacement of “the talent.” 

In reply to by Grandad Grumps

Farmer Joe in … Mon, 05/07/2018 - 22:29 Permalink

Blockchain is incredibly useful technology and has many applications in transaction processing and cybersecurity. 

Cryptocurrencies, however, are just a fiat scam with the underlying blockchain technology. There is nothing of any intrinsic value other than the current (temporary) perception of value.

Cryptos will be relegated to the dustbin of history with Zubaz and Beanie Babies soon enough.

Blockchain, however, is here to stay...

sessinpo Farmer Joe in … Tue, 05/08/2018 - 11:23 Permalink

Farmer Joe in … Mon, 05/07/2018 - 22:29 Permalink

Blockchain is incredibly useful technology and has many applications in transaction processing and cybersecurity. 

Cryptocurrencies, however, are just a fiat scam with the underlying blockchain technology. There is nothing of any intrinsic value other than the current (temporary) perception of value.

Cryptos will be relegated to the dustbin of history with Zubaz and Beanie Babies soon enough.

Blockchain, however, is here to stay...

----

 Money with no border restrictions enforceable by central banks or governments? You fail the test. I can give you a real life example last year I personally went through.

I could go on, but the fact is you just need to educate yourself instead of staying blind.

 

 

In reply to by Farmer Joe in …

Southern_Boy Mon, 05/07/2018 - 23:13 Permalink

Being adopted and pushed by IBM is no recommendation for any technology, based on IBM's track record and history of market successes in the last 30 years. ThinkMarkets is a new unknown player and with Wal-Mart the jury has been out since Amazon. 

Endgame Napoleon Southern_Boy Tue, 05/08/2018 - 08:25 Permalink

It sounds like Wal*Mart is starting to copy Amazon. Rather than the mom-and-pop retailers, it is Wal*Mart and Target that Amazon threatens, appealing to the same convenience-driven clientele. Wal*Mart and other large-scale big-box retailers—selling everything at a convenient central location, and offering discounts on Made-in-China wares bought at a volume discount in bulk—disrupted the independent, brick-and-mortar merchants long ago. Amazon might have undermined the independent online retailers and the Ebay sellers. It sounds like the small sellers can buy into the Blockchain services via Amazon. If Blockchain becomes a staple of commerce, it will be one more expense hurdle for small merchants, whereas Wal*Mart and Amazon will not have to pay fees to anyone to utilize Blockchain. They will have small fry—their competitors—paying rents to use their services.

In reply to by Southern_Boy

Aireannpure Mon, 05/07/2018 - 23:27 Permalink

Blockchain will make a living wage the future. Ugly as it sounds. This tech. is the game changer.  I like the blockchain on a blockchain on a DAG with a tangle. Break that quantum computer. Of course I don't give one I o ta.

snblitz Mon, 05/07/2018 - 23:41 Permalink

Blockchain is not going to "solve" anything.  It will make no material positive difference in the average person's life.  It could make a substantial negative difference in their lives.

What will make a difference is choosing to live a free and productive life.

  • Vote independent in November
  • Do not vote for anyone with intelligence credentials (CIA, FBI, NSA)
  • Do not vote for anyone with family with foreign interests
  • Do not vote for anyone who is a part of the current political system.
  • Close your big 5 bank account
  • Stop watching TV
  • help your friends to do the same

Stop wallowing around in moat of self pity. The solutions are so easy. 

Is it really that hard to do some of things from the list?

 

. . . _ _ _ . . . Tue, 05/08/2018 - 00:13 Permalink

Is it too early to coin the phrase, "DarkChain"?
There could be parallel systems in place, one for the globalists, one for the multi-polar, one for the ..., and subchains, and sidechains, and meta-chains, and derivative chains, and bridges...

What's the black market to do?

TheObsoleteMan Tue, 05/08/2018 - 00:26 Permalink

Re-read the above article again, because many of you missed it. Millions of people are soon to become obsolete. Truck and delivery drivers, warehouse people, virtually any job that can be performed by software, a robot or drone will replace the human worker. With millions thrown out of the workforce, who will pay FICA and other taxes? Workmen's Comp. The wealthy and the corps aren't going to be the ones who pick up the slack, better to just kill us all off with a CDC engineered pandemic, nuclear war or mass famine. Famine you say? The agricultural embargo China and Europe has going on with us right now will have profound consequences going forward unless it is revered soon. Ag prices will collapse, and while this will be great for the consumer for a little while, it will force farmers to not put out crops next season, unless the government pays them a subsidy too. When it cost a farmer more money to put crops out in the field than what he/she can get for them at market that is a problem, a BIG problem. Throw in a drought or flooding conditions on top of that, and then you have a REALLY BIG  problem. That is the recipe for a famine. 

bluskyes TheObsoleteMan Tue, 05/08/2018 - 10:15 Permalink

It's welfare, and minimum wage laws that will make these problems 100x their actual size. Instead of producing at $5.00 people are paid to consume only.

A lot of Ag prices are already below production cost. In the government land this is wonderful - because people have fuller bellies of cheaper food. But it doesn't negate the fact that food stores are being depleted. Land is being depleted. The farm-stock is being depleted. The farms are being drained of capital - both financial, and intellectual.

With no bullshit government interference, the market price feed-back mechanism would have been throwing klaxxons. The unsustainable farm operations would have gone broke. The path of agriculture would have moved in a sustainable direction. But because government interferes - foreigners are trucked in to work in the fields. Farms expand, efficiencies go down. Debt loads continually grow, profits go down until eventually the whole thing collapses in on itself.

I think that Ag will be booming in about 25 years. But only a few will be able to take advantage of it. Big corporations will own the land, and the people who work it will be peasants. We are entering a brave new age of neo-feudalism

 

In reply to by TheObsoleteMan

Consuelo Tue, 05/08/2018 - 11:02 Permalink

All I see is the (steady now, but set to exponentially increase), pace at which the move to a totally cashless system is moving.   That may be a good thing in many respects, it may also not be so good.    Even now, it is very difficult to remain 'anonymous'.   With all aspects of everyday life digitized, it will be next to impossible to exist outside the system.   So in the end, who does that benefit most?

silverserfer Tue, 05/08/2018 - 12:57 Permalink

There's a lot of fantasy math out there. Hurry and buy your numbers before someone else does! 

You want to know a mathematical certainty, 99% of the dumb fucks trying to get rich betting on their favorite ponies are going to get wiped out. 

Whales move in concerted efforts to harvest the small fish. You don't sand a chance.