[ad_1]
After recording the historical highs in December 2017 and at the beginning of 2018, cryptocurrency prices have fallen dramatically – with many coins transformed into dead (or abandoned) projects. However, there are still some cryptocurrency platforms that have sufficient resources to move forward with their ongoing development and seem to build products that will have legitimate use cases.
In this article, we look at two different blockchain-based platforms that are developing solutions that will probably be in great demand.
Use of Near Field Communication (NFC) to track products on the supply chain
VeChain (VET) is a blockchain-based supply chain management platform that allows users to track logistics and inventory. Specifically, VeChain's proprietary network monitors the production process of products from the production phase until they have been delivered to consumers. Being able to accurately monitor the life cycle of a product, which includes all the transactions associated with it, helps users determine if a product is authentic (or authentic).
For example, if the product you are monitoring is a genuine Rolex watch, then scanning the watch product or QR code, VeChain software can check all the transactions associated with it. In particular, the supply chain management platform also supports Near Field Communication (NFC) technology, which is a set of widely used communication protocols that allow electronic devices to share data with each other.
For each product, VeChain's proprietary software generates a unique VeChain identity (VID) using a SHA-256 hash function. The VID is then registered in a QR code or NFC tag associated with a product, in order to monitor the supply chain activities.
VeChain collaborates with PricewaterhouseCoopers (PwC)
There are many important partnerships that VeChain has established over the years, including one with PricewaterhouseCoopers (PwC), which is the second largest professional services company in the world. In addition, several members of the board of directors of the VeChain Foundation have work experience at PwC. It is said that VeChain is working with Microsoft and the developers of Hyperledger on various projects.
Another project to keep an eye on during 2019 is Lisk (LSK). Introduced for the first time in 2016, the blockchain-enabled digital currency platform was created through a joint effort of its founders Oliver Beddows, a technology enthusiast in Berlin, and Max Kordek, the co-founder of blockchain for the development platform Lightcurve company.
What distinguishes Lisk from many other cryptocurrency projects is that the company that supports its development seems to have sufficient resources to continue working on the continuous development of the platform. This, despite the huge losses suffered by companies during the prolonged foreign exchange market.
Lisk: Allowing users to own their data
As explained on its official website, Lisk aims to allow individuals and organizations to truly own their personal data. One of the main disadvantages of living in a world of rapid globalization and advances in communications technology, according to Lisk's development team, is that we no longer have privacy.
As many social media users might know, giant social media websites such as Facebook and Twitter have been accused of selling user data and / or using their platforms to manipulate the results of political campaigns. The Lisk founders aim to solve these problems by providing a secure and decentralized network where users can build and deploy their own blockchain-based scalable applications.
Use JavaScript to program sidechains
While many other platforms such as Tron (TRX) and EOS also aim to provide users with more control over their personal information, it is possible that Lisk's core design principles may attract some members of the growing crypto community. For example, developers can use JavaScript, which is one of the most commonly used web-based programming languages, to create dApps on the Lisk network. The Lisk platform also uses sidechain for the development of dApps, which means that every application distributed on its network will have its own separate blockchain, which allows for more efficient processing (according to Lisk's developers).
As reported recently by CryptoGlobe, nearly 1,000 cryptocurrency projects have died during this year's bear market. Although many of these were scams, there have also been many seemingly legitimate projects or initiatives that have been forced to close due to a lack of funds in an encrypted market that has lost over $ 700 billion (from reaching a $ 100 maximum market cap). 800 billion in December 2017).
Having adequate financial resources to continue working on development is imperative and ultimately determines whether a cryptocurrency will succeed. In another article, we take a look at other projects that appear to be well funded and are developing solutions that could have potential use cases in real-world scenarios.
