UPDATE

After 23 years in publication the World TradeWinde eZine took a hiatus but we are back online keeping up with the explosion of innovation in our global marketplace. This issue contains some exciting developments in our fast changing world like, 'Blockchain' technology for global trade, micro-grid energy for developing and developed countries, and an update on the emergence of the California's 'Blue Silicon Valley'. Enjoy.

I attended two fantastic events last year on Blockchain distributed ledger technology and Artificial Intelligence in Silicon Valley and after much research and reflection I am positive that Blockchain and Artificial Intelligence (AI) technologies are poised to change and disrupt everything, including how the world goes about its business.

In this first article of a series, I will talk about the Blockchain, also referred to as DLT (Distributed Ledger Technology), and how its applications apply to global trade. Subsequent articles will also discuss the impact of the up and coming Artificial Intelligence (AI) revolution.

Blockchain is the technology underlying the application and distribution of the original Bitcoin cryptocurrency and now many other new cryptocurriencies are being launched. Bockchain has the properties of being open and free of secrecy, while simultaneously allowing anonymous, online, verifiable secure transactions to occur.

The Blockchain technology of Bitcoin originated in 2009 with the publishing of the research paper: 'Bitcoin: A Peer-to-Peer Electronic Cash System' from an enigmatic author, Satoshi Nakamoto, whose identity is mysteriously unknown. A single, small transaction performed in 2009 started a process that has grown to a present cryptocurrency circulation valued today well in excess of a $100 billion dollars and continuing to grow.

What is Blockchain? Digital cryptographic signatures can anonymously identify the parties of a chain of financial transactions all of which get added to a publicly distributed ledger, the Blockchain. Verification of the entries in the ledger is accomplished without the need of central authorities like banks. The verification is accomplished via an innovative activity described as 'mining' which provides several functions.

'Mining' occurs when 'miners', savvy computer technologists and firms located all over the world; perform a computationally intensive consensus task that serves to prove the veracity of the chain of transactions in this distributed ledger.

For performing this valuable 'mining' function, the 'Miner' becomes rewarded with newly created cryptocurrency according to the 'mining' protocol. As such, 'mining' serves the additional function of introducing cryptocurrency into the economy, while at the same time putting it to use as a viable currency of value.

The Blockchain protocols are designed to perform this cryptocurrency creation process in a highly predictable and controlled manner. In the case of the Bitcoin Blockchain, the incentive gets halved every time 210,000 blocks are added to the chain. The end result is that the number of Bitcoins in circulation never ends up exceeding 21M BTC [3] which is designed to keep the rate of cryptocurrency growth under control.



Another important digital currency is the 'Ether', which is part of the Ethereum Blockchain protocol. Ethereum extends the blocks of the Blockchain by adding mini-scripts to each block that can implement so-called 'smart contracts'. This evolving technology adds exciting and innovative functionality that goes beyond simple monetary transactions and will simplify and verify secure and verifiable digital contracts (transactions) for many different kinds of industry sectors.

While early-on being viewed with great suspicion, the perception of Blockchain technology is rapidly changing. Wall Street and Silicon Valley Venture Capital firms are now, and are in the future expected to pour vast investments towards further distributed ledger technologies [2].

Since the Blockchain peer-to-peer technology does not need to be connected to any central institution or government, it can be well suited to achieve wide spread use in a global setting. Blockchain has the potential to streamline the documentation, logistic and financial hurdles of consummating an import/export or domestic transaction. For example, in a normal import/export transaction there are various 3rd party service providers, such as, banks, trade finance institutions, insurance providers and 3rd party service providers needed to consummate the transaction. Blockchain technology will allow the importer and exporter the ability to perform many of these functions directly resulting in a more cost-effective and efficient transaction for both the importer and exporter.

Blockchain applications in global trade can be a windfall for small and mid-sized enterprises (SMEs), and especially for the new 'micro enterprises (MEs) of the 'flat world' that now proliferate the global marketplace with innovative and competitive products and technologies. These direct online Blockchain technology alternatives will allow SMEs and MEs to enter new global markets more effectively and efficiently and also to be more competitive against larger players when conducting bilateral trade and investment in the global marketplace [3].

In conclusion, Blockchain technologies are an important and major disruption in the business world spreading quickly throughout the global landscape like a runaway freight train, so jump on and hold on tightly for another exciting turn in technology.

Got Technology plans to keep you abreast of Blockchain's evolution and how it applies to the global trade industry so stay tuned for our next article, 'The Advent of Neural Network Based AI: Nothing Will Ever Be the Same'.

References
[1] https://en.bitcoin.it/wiki/Controlled_supply
[2] https://www.wired.com/2016/02/wall-street-is-embracing-the-blockchain-its-biggest-threat
[3] https://smeadvisor.com/finance/blockchain-for-business/

The Blue Silicon Valley Features New MBITA member, Integral Consulting, Inc.

Integral Consulting, Inc. bases a significant portion of their Marine Sciences and Engineering practice in Santa Cruz, CA on the northern end of Monterey Bay California. Integral’s capabilities in coastal and ocean services span marine environments from industrial harbors and coastal estuaries to the open ocean and deep sea.



We have extensive experience in marine renewable energy, contaminated sediment and water quality investigations, port and harbor remediation, and environmental risk assessment. Our marine scientists, ecologists, oceanographers, and engineers address complex marine science questions using state-of-the-science instrumentation, analysis, and computational techniques to conduct field and modeling studies.

Integral Consulting has successfully completed projects across the globe for a variety of clients, including government agencies and private industry, and in collaboration with other consultancies. In particular, Integral's ocean monitoring systems obtain meteorological and oceanographic data for routine industrial monitoring and scientific studies. Please contact us for collaborations across all marine sciences and engineering projects.

The Blue Silicon Valley was coined on Wikipedia about two years ago because of the Monterey Bay's prolific marine science research network where over 30 different organizations conduct marine and biology science research in what some call the 'serengeti of the sea'.This Blue Silicon Valley marine science network has a combined annual budget of over $320 million making the Monterey Bay of California in one of the most researched bodies of water in the world. MBITA and its partners are now working on ways to commercialize the many cutting-edge marine science technology, products, services and expertise emanating from the Monterey Bay.

1-ezine: Apple, Starbucks and Panera Have Something to Say, Not Just Something to Sell (And You Should Too)

2-ezine: 20 Popular Fast Food Burgers—Ranked for Health!

3-ezine: The 15 most expensive cities in the world to live in.

4-ezine: How to Judge the 3 Best Credit Cards for Travelers.

5-ezine: How Smart People Work Less and Get More Done

6-ezine: New insights into the slowdown in US productivity growth

7-ezine: When sustainability becomes a factor in valuation

8-ezine: Deloitte's 2017 Human Capital Trends survey of leaders from around the world identifies the critical...

9-ezine: Three game changers for energy

10-ezine: Banks and Tech Firms Battle Over Something Akin to Gold: Your Data

11-ezine: President Trump: The Travel Industry Reacts With Caution, Not Enthusiasm

12-ezine: Checklist to Top 10 Marketing Automation 'Must Haves' for SMBs Key Answers You Need Before You Sign with a Marketing Automation Provider

13-ezine: Today's Energy Jobs Are in Solar, Not Coal

You are one click away from a 30-Day Free Trial. 
Click here to give it a try!

Women’s Online Media and Education Network (W.O.M.E.N.)
aspires to give women and all people a much larger voice. W.O.M.E.N. publishes WomensRadio.com, a rich content site; WomensCalendar.org; WRMusicReview.com, and AudioAcrobat.com.

Sponsors, Partners, & Affiliates