Possibly the most important aspect of blockchain technology is the ability to verify transactions at each step of the chain. The integrated distributed ledger platform allows for users to know where their currency is going, and where it came from. More importantly, it allows others to verify that the ledger is balanced and fair. As such, there’s a push to integrate blockchain technology with both real-world objects and the Internet of Things. Where some cryptocurrencies are aiming to provide the internal framework for the IoT, WaltonChain is one of several hoping to bring real-world objects into the distributed ledger.
Their system works by combining blockchain tech with RFID technology. Through this, they attach a one-time-use identification tag to an item. That tag then allows customers and producers to track the item through every step of the global supply chain – and validate it upon purchase. WaltonChain’s technology would help to make counterfeiting a thing of the past. The system makes it impossible for malicious third parties to create an item with a valid tag.
Global Blockchain Technology Expo 2018
The Global Blockchain Technology Expo is a major event held by the BlockTrain group in Silicon Valley. Bringing together blockchain experts and company heads from around the globe, they discuss the various developments that have occurred in the blockchain space. Alongside the expected networking potential, the expo also awards projects that they believe are the most promising in the upcoming year. WaltonChain earned the award for Most Promising IoT Solution of the Year – despite some stiff competition.
The integration of RFID technology is a game changer in the world of IoT assignment of blockchain IDs. It permanently affixes the ID to the item, rather than simply listing it in a digital ledger. While both help to combat counterfeiting and fraud, only WaltonChain’s solution does so through direct manufacturing process in the real world. Unsurprisingly, this combination of emerging technologies won WTC the award – and shows the confidence everyone has in the project.
Alibaba Group Partnership
Of course, WaltonChain isn’t going it alone. Like any proper blockchain project, they’re hard at work building strategic partnerships that will help them bring their product to market. WaltonChain recently partnered with the Alibaba group as a member of their IoT Connectivity Alliance. Alibaba is one of the largest eCommerce sites in the world, and one of the most globally well-known companies based in China. They created the alliance specifically to create standard operating procedures for IoT devices. Rather than waiting for a disparate number of differing IoT protocols, the alliance will help form easy, efficient systems that will encourage the growth of the industry.
For their part, WaltonChain provides experience in integrating digital services with physical goods. Alibaba provides tremendous capital and a far-reaching customer base. Together with the other members of the alliance, their stated goal of a standardized IoT protocol could well become a reality. However, they are aware that this is only the beginning of the industry. Standardization is only one component, with development and adoption operating alongside it.
Competition and Market Volatility
The constant flux of the cryptocurrency market took a toll on WaltonChain in the early part of this year. Their first big break out occurred just before the market correction in January. Luckily, they’ve recovered since then and now show great growth potential. While VeChain also offers digital verification of real-world goods, there are two factors to consider. VeChain uses a chipset-based validation system, and the market is easily large enough for both projects to flourish.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Rachel Clarke via Flickr
What Changes May the Crypto Space Experience in 2019
After the crypto hype of 2017, a lot of newly-arrived crypto enthusiasts were caught off-guard by the price crash and bear market that took over in 2018. One month after another, investors were waiting for things to change, and for another bull run to take place. Unfortunately, this did not happen in 2018, and while the year’s final days were seemingly stable, the rally everyone wanted to see has failed to arrive.
However, crypto investors remain optimistic, with many of them hoping to see some changes arrive in 2019. There are rather great expectations of this year, especially since the last one failed to deliver. However, many are interested in what exactly is to be expected in this year, which is what we will talk about today.
Bitcoin ETF approval
The US SEC’s decision regarding Bitcoin ETFs was one of the most anticipated events throughout 2018. Sadly, the decision constantly got delayed, and the SEC never actually provided an answer. The last delay has pushed the decision into 2019, and it is now expected to arrive on February 27.
Historically, the SEC was never ready to approve Bitcoin ETF, and many believe that the delays came due to the fact that the market was not ready for then in 2018. This is backed by the fact that the SEC rejected multiple application throughout the year. VanEck and SolidX…
Reasons Why 2019 May Be A Great Year For Crypto
The new year was always considered to be a time of new beginnings, where people can reflect on the past and learn from their mistakes in order to be better in the future. The same is true for the world of crypto, and investors around the world are hoping for 2019 to be better, more profitable, and to have more success than 2018.
The hope for the future is even more important when we consider all the negative development in 2018. There were numerous high-profile hacking attacks, two market crashes, with a strong bear market in between. Not to mention that some of the biggest projects that may have brightened the year a bit ended up being delayed.
With that in mind, it is understandable why investors are looking forward to the new year and all the potential development that it may bring. In fact, there are several reasons why they should be excited about 2019.
1) Bearish market to loosen its grip
The first reason why 2019 can be a good year digital currencies is that it may finally break free of the bearish grip that has been felt ever since last January. Following the first market crash, the bears settled in, and the prices kept falling for an entire year. The market attempted to shake off the negativity on several occasions, with the biggest one being…
3 Coins with the Largest Potential in 2019
2018 has been a pretty bad year for digital coins, and after the initial market crash that occurred a year ago, everyone was expecting a bull run that will fix things. Obviously, it never arrived, and instead of that, all that crypto market experienced was an entire bearish year and another crash in mid-November.
Now, however, it is a brand new year, and attempts to shake off the bears’ grip can be seen even in these first two weeks. The market is still struggling and mostly losing value, rather than gaining, with most coins being in trouble once more. Still, a lot can happen in a year, and most investors remain optimistic regarding 2019. Here are some of the coins that are believed to have tremendous potential, and to be the hope of this year.
Of course, Bitcoin comes first. This is the first cryptocurrency which is still dominating the market, with no other coin being even close to its market cap or price. BTC is the coin that has reached the most prominent heights, and it also lost the most in the previous year. However, there is still hope, as there are several projects and events scheduled for this year that might turn things around for the number one coin.
One thing that is expected is the approval of Bitcoin ETFs…
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