With its specialized and constantly evolving ecosystem, Blockchain is certainly beyond the boundaries of the Finance and Banking industry, paving the way for a broader range of other areas globally. Blockchain 3.0 will soon be named as global integration in the context of the digital revolution 4.0.

It is true that the sooner a technology is, the faster it will become outdated. With the rapid development of mankind, it is understandable that previously powerful protocols and technologies have now become useless in the new digital era with many visible shortcomings.

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 Why was Blockchain 3.0 born ?

The obsolete Blockchain 1.0 and 2.0 platforms are the most obvious evidences.

 + Transaction speed is too slow (only 5 to 7 transactions per second) because there are too many users. This is somehow unacceptable in the financial industry where the IBM network can handle 20,000 transactions / seconds quickly.

 + High security is a two-blade knife, making users feel uncomfortable. If you accidentally forgot your password and want to get a new one, it would be as challenging as «looking for a needle in a haystack» because in Blockchain’s structure, there is no third party to verify users’ behavior.

 + Most importantly, the old Blockchain platform is vulnerable to attack by the users themselves when users in the same network come together as a group (also known as 51% attacks).

There are too many things to worry about; therefore, this brings up the question whether there is another innovation that helps Blockchain 1.0 and 2.0 improve all the weaknesses, upgrade to a higher level and adapt to the society of technology. And at that time, Blockchain 3.0 technology, with the typical representative of ArcBlock, emerged.

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 What is Blockchain 3.0 ?

 The structure of the Blockchain 3.0 platform includes: Data + Smart Contract + Cloud Node + Open Chain Access Protocol + Blocklet + Incentive For Self-evolution, etc.

 In a nutshell, the Blockchain 3.0 is a new platform upgraded from the old Blockchain (1.0 + 2.0)  with a series of additional features, including:

 + Data: Data is encoded on the integrated block from the Blockchain version 1.0

+ Smart Contract: Integrated smart contract feature from Blockchain 2.0

+ Cloud Node: Scripts implemented in the Cloud platform. The partners ArcBlock is aiming include: Amazon, Microsoft, Google, and other large-scaled service providers in the world

+ Open Chain Access Protocol: The Open Chain Access Protocol is a blockchain open protocol developed by the ArcBlock team.

+ Blocklet: New architecture of computer network when operating without server to access.

This model allows the user’s computer to participate in the Blockchain system can work together at the peer level.

 Accordingly, Blockchain 3.0 technology is able to overcome the drawbacks of the old platform. Moreover,Blockchain 3.0 provides users with friendly features and  the capacity to build up their own customized blockchain.  Blockchain 3.0 brings human beings to the world of digital technology in a better, faster and more remarkable way.

 What do experts say about Blockchain 3.0?

Leading experts in blockchain are now commenting on the new platform: “In the near future, Blockchain 3.0will be the” source platform “for all Blockchain platforms at the moment. More accurately, ArcBlock will represent a new platform, which is Blockchain 3.0. “

First, academic management

Academic management

Specific examples,

Second, smart contract

Third, bridge between learners and employers

Bridge between learners and employers

Notable examples,

E-commerce world before Blockchain

E-commerce World after Blockchain

Blockchain-based platforms

Man is the core value of a country but the law is the measure of its civilization. The application of Blockchain to the law has given each country a great deal of benefit, setting a “legal standard” for the digital era

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Law lives in every human activity. It has set out a border, a standard that no one should ever cross. Therefore, a fair law system is the foundation of development.

Blockchain is now making this system real, bringing great benefits to the state any the society. The Economist, released on June 6, 2017, had mentioned an IBM survey, which pointed out that 9 out of 10 state agencies in the world were about to develop Blockchain-based regulatory compliance managing system.

Blockchain application in the community

Blockchain application in the community

Smart Contracts, the most well-known application of Blockchain, are being tested by many companies in simplifying housing loan approval procedures and replacing the role of lawyers in legal matters.

Lawyers may not be worried just yet due to the novelty of the concept, but this may change soon, especially when states like Arizona has already passed a law that allows using Smart Contracts.

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Blockchain application in the state
In the election
The United States and Russia are implementing Blockchain at the state level. It is believed that the key factor in elections is to ensure the confidentiality, publicity, and transparency of the whole voting process. Blockchain application can do all these jobs on its own and will officially be used in 2018 election.

In land-management
Many countries have been known for using Blockchain to increased transparency, publicity for land management.

+ Ukraine will use blockchain to manage agricultural land registration as its current system has yet met the expectations of security.

+The UK Land Registry has launched a plan called “Digital Street” to research and test the registration, conversion, and trading of property, using Blockchain technology.

+ Georgia recently has moved to a new blockchain system of land ownership registration. The system is now handling more than 160,000 set of documents per day. Attorney General  – Georgia Thea Tsulukiani, said that blockchain would help citizens “sleep well” without worrying about land ownership, fraud or others related problems.

+ Sweden is also experimenting with land management based on blockchain

Following the success of Blockchain 1.0, Blockchain 2.0 has gradually taken over the market, being a remarkable technology in the field of Finance, Banking, helping to change the lives of people and improve the existing operation of the Market.

The world is changing gradually, removing old things, adopting new things, forcing us to adapt to the modern life; technology is also required to be more completed and optimized; otherwise it could be eliminated from the global movement. Blockchain is not an exception. While Bitcoin is now the most recognizable practical application of Blockchain, the the impact and potential of this technology on many other areas of life are worth considering.

What is Blockchain 2.0?

Soon after the first version, Blockchain 2.0 (Data + Smart Contracts) platform emerged with a representative of the Ethereum (ETH), creating a transformation for the financial sector.

If Bitcoin of the Blockchain 1.0 platform creates designs, then Ethereum builds houses. The “house’’ here means  the Smart Contracts (also known as digital contract). Implementing these contracts has given us the opportunity to revolutionize the world, remove the  intermediation, and allow us to place our trust in the current digital world. It is appropriate to integrate Finance and Banking with the application of assets including stocks, checks, debt, ownership and anything related to the agreement or contract in the most public and transparent way.

Blockchain 2.0 application

In the comparison with traditional banks, Blockchain can be seen as a complete history of transactions in a financial institution and each block is a personal statement. In addition, with the distributed database system as a shared digital ledger, Blockchain has the unique potential to simplify the operation of all parties, making it an ideal technology for financial institutions and stock exchanges. Blockchain 2.0 has been formally introduced, replacing expensive and ineffective accounting and payment networks of the previous finance sector; helping stock market operators save up to $ 6 billion a year (according to the report by Goldman Sachs).

At first, the banks and companies in the financial service industry were still skeptical because of concerns about the potential fraud of a novel technology, but they gradually began to conduct researches and have had a more serious look at Blockchain technology and its potentials.

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Typical applications of Blockchain 2.0

Oliver Bussmann, CIO of UBS says that blockchain technology could “pare transaction processing time from days to minutes.”

In 2016, the online retailer Overstock.com used Blockchain technology to sell and distribute more than 126,000 shares of the company, marking the historic milestone of  the first publicly trading company using blockchain for  stock exchange.

R3 CEV, a Fintech company and also a global enterprise group of more than 80 of the world’s largest financial institutions, has also used Blockchain to record, manage and synchronize financial information with blockchain APIs.

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Undeniably, Blockchain 2.0 has become the “right hand” of the banking system and financial companies. Blockchain will surely go further and further on the road to conquer humanity. The world is still developing, why not Blockchain?

The healthcare sector in the United States or in many other countries is now a mess. Needless to say, the healthcare sector is looking forward to the Blockchain applications to make a turning point. Specifically, what can Blockchain do to improve the healthcare industry in the digital age?

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Blockchain has soon become a focal point in the field of health care. It’s mostly discussed theoretically and experimentally as it is not yet clear whether the benefits of using Blockchain in general and hospitals in particular outweigh initial costs.

Blockchain features

However, the following undeniable evidence that will convince you of the practical and effective applications of  Blockchain:

• Data storage

Thanks to Blockchain, instead of medical records stored on servers of many different parties such as hospitals, insurance companies, the patient is now the main owner of his medical records. Up-to-date health records help patients view the latest and most accurate information at any time; At the same time, the hospital also has direct access to the latest data in order to provide the best healthcare services to  patients admitted to the hospital or emergency room, thanks to the Blockchain application.

In particular, its benefits are maximized in cases where patients are transferred to other hospitals. No matter where you are, every patient just needs to retrieve information and their check-up results on the blockchain, even if the two hospitals are not in the same language or use different softwares. This greatly minimizes the cost of checking up, as well as helping hospitals  provide proper initial treatment schedule to the patients. Treatment time could be reduced to the minimum yet still ensures the effective performance.

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• Data confidentiality

The authentication and updating system of the Blockchain application is far more secure than the conventional two-factor authentication system, which consists of a single identification token and a corresponding PIN, keeping the hospital far away from hackers. Patient information is kept secure and safe during the treatment. This is probably the biggest benefit for patients and relevant parties in the healthcare system.

• Service quality

Thanks to its advanced storage and security features, the third feature is to maximize the quality of service. Thanks to Blockchain, the ability to allocate each service, medical product or drug directly to each patient will be guaranteed to be conducted quickly, safely and accurately. Substandard products detected by the Blockchain application are also removed from the warehouse immediately.

Pilot projects applying Blockchain to healthcare

With such strengths, by 2018, many of the world’s leading healthcare organizations have been experimenting Blockchain technology in their pilot projects.

• US Organization Declaware: Conducted a Blockchain technology trial project, focusing on the authorization process for healthcare providers and health insurance companies.

• UnitedHealth Group and Humana – rivals in the Medicare space – are looking to potentially cure inaccurate provider lists with some proverbial blockchain medicine. The two major health insurers are initiating a pilot program to study the positive potential of applying blockchain technology’s decentralized ledgers to what is currently an unorganized mess of incorrect information. This is considered to be smart and up-to-date idea when the insurers are most likely looking to prevent potential fines from the Centers for Medicare and Medicaid Services (CMS), which is considering penalizing insurers upwards of $25,000 per day for featuring provider lists with incorrect information.
• Change Healthcare: Expected to launch the first Blockchain network model in the healthcare field, called the Intelligent Healthcare Network. The Intelligent Healthcare Network currently processes more up to 550 transactions per second through its blockchain applications, according to the company. This technology contributes to overcome all existing problems in healthcare: improving the transparency and efficiency in healthcare, take control over transactions, revenue and payment status to avoid any unexpected lost for healthcare service providers.
• Medicalchain and Patientory: The two leading providers of Blockchain solutions for the healthcare industry, aim to help patients stay in control of their health information and manage their health care better using Blockchain.

Applying Blockchain to healthcare is a new approach, giving more opportunities with more diverse experiences in the field of global health.

In transportation, complex and time-consuming paperworks, along with the risk of returns and refunds,  are always a problem. How does Blockchain apply to transportation? Will Blockchain be the “savior” of more than $ 4 trillion worth of goods shipped every year ?

Sellers, buyers, and banks will soon say goodbye to the old system of seaway transportation and its complex paperworks.

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The significance of Blockchain application in Transportation

Blockchain emerged as a solution for the seaway transport, achieve two goals: transparency and simple. Blockchain application that manages global freight movements with a transparent and unchangeable system. Moreover, smart contract will replace the complex paperwork, accelerat the transport of goods.

Blockchain application in Transportation

Many big transport companies have gone with the flow by applying the new Blockchain technolog. The initial result is more beyond expectations.

Maersk –IBM Joint Venture

Maersk, the world’s largest shipping company, has formally partnered with IBM to launch a joint venture to provide more efficient and secure methods for conducting global trade using blockchain. This could be a revolution that changes the traditional cross-border shipping processes.

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FedEx – BiTA Cooperation

Shipping and logistics FedEx is turning to the decentralized technology by applying Blockchain to its core processes. FedEx has co-operated with Transport Alliance (Bita) – a leading group of companies in freight, shipping, and logistics, into applying Blockchain to daily operations.

Samsung SDS

Samsung SDS, an IT subsidiary and technology vendor of Samsung, will begin launching a pilot blockchain project for logistics, Its purpose is to track down goods location in shipping. Fortunately, this demo is a success as it completed all the tests of tracking a package from order to shipment, including delivery it from Korea to China.

Blockchain is not only the platform behind the success of Bitcoin but also an application to a variety of industries, which is called the “key” to building platforms by many professionals.

It is undeniable that Blockchain is one of the breakthroughs in technology and broadly applicable in a wide range of industries and fields

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How does the Blockchain platform work?

1. User make a request for a transaction (purchase, sell, exchange)
2. The request will be broadcasted to peer-to-peer (Peer to Peer) networks that consist of computers (called nodes) connected to each other.
3. The computers in this system will validate transactions along with user information via algorithms on Blockchain.
4. Once the transaction is well confirmed, they will be added to other transactions that create a block on the Blockchain – where it will exist and can hardly be modified.
5. Finish the transactions
6. How does the Blockchain platform work

It is obvious that Blockchain uses algorithms to broadcast the  data without any need of intermediaries to validate the information. In addition, there are many independent nodes with the ability to verify information, and all information in Blockchain can be changed or added to only when it reaches the consensus of all the nodes involved. The biggest difference is that Blockchain is still functioning normally even when a part of the system collapses. Computers or nodes still work to protect the information and the Blockchain from losing data.

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Blockchain operation examples

Say that A wants to buy an item from Company B. Both have their own Bitcoin wallets (or other Altcoin wallets). The transaction will be generated from A’s wallet via a “request order” sent to Blockchain so that there will be a reduction in the balance of A’s wallet yet an increase in Company B’s balance.

The computers (Nodes) system on Blockchain will verify the changes using algorithms. When this recommendation is made, it will have to go through a series of verification steps (by different nodes) by checking the “ledger” to see whether A has enough Bitcoins as needed to make the transaction or not. If everything is guaranteed, the special Nodes called the Miners will “pack” A’s suggestion with other confirmed transactions and create a new Block then add it to Blockchain “book’’. Successful transaction!

With the event of Blockchain as well as milestones when the personal computer or the Internet emerged, this system will change the way we understand and view the society, marking an important turning point, opening up new trends in many fields such as finance, banking, logistics, electronic communications, auditing, accounting, etc. It is undoubtedly that sooner or later, every large-scaled company and corporation will build up their own Blockchain, creating the global wave of blockchain in the digital age.

Blockchain is widely known as the platform of cryptocurrencies such as Bitcoin, Ethereum, and Litecoin. Still, Blockchain potential is far more than just a payment tool, completely transforming the financial system.

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Current status of Finance

Despite the complexity, the banking industry is still haunted by the traditional system that may take hours or days to confirm basic transactions like selling stocks or money transfer. However, world’s first trade transaction using blockchain technology  (involving cheese and butter exports) conducted by Barclays can the bank a second thought.

As the economy is continuously growing, the increase in the pace of banking services will soon market the old system “overload”. Large banks from all over the world have found a solution in Blockchain and plan to apply it to SWIFT system.

Sooner or later, Blockchain will dominate banking system because it will reduce costs and transactions time, as well as creating a safer trading environment.

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Apply Blockchain to Finance

• Three major Japanese banks, Mizuho Bank, Sumitomo Mitsui Banking and Bank of Tokyo-Mitsubishi UFJ, have announced to apply blockchain technology in a peer-to-peer money transferring project. This has shown efforts to provide low-cost and high-security financial services High costs is long been a disadvantage of major banks and applying Blockchain may be the key to change the situation.

• In Asia, OCBC Bank is the first bank in the world to use blockchain technology in domestic and international money transfer services. It increases efficiency, enhances transparency, reduces costs, and improve customer experience.

• At this point, the financial market is more like a battlefield, where institutions can only survive by forming alliances in commercializing blockchain technology. Rising above is R3 – Alliance of three of Australia’s largest banks includes Westpac, Commonwealth, NAB, along with 40 banks and many financial institutions around the world.

The blockchain is turning the world upside down right now and it cannot be told what will happen. Still, it is expected to be better in every aspect.

It is never easy for the Bureau of Customs and International trading related departments to trace the origin, verify goods quality, and apply taxes while preventing smuggling and tax evasion. Blockchain application in Export-import can be the solution.

The reality of import and export

In practice, there is a difference in tariff rates between goods of different categories, such as between raw and processed materials or a same type of products but in different quality, origin, or using purpose. As a result, in order to minimize the taxed paid, importers may put their goods in the lowest taxed category. In developing countries, where the tariff regulations are not tight enough, the spleen law activity is quite common, causing a huge loss of the state budget.

Blockchain application in Export-import

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Blockchain application would be the best solution for customs operations thanks to its traceability in origin and quality as well as its ability in authentication information. If the information of the goods is stored in the blockchain from its first step of production, aquaculture to import and export, the customs staff can easily identify its origin, quality, local rate and other information to apply tax rate accuracy.

Therefore, consumers would no longer worry about products’ quality and dishonest information as this has created a serious trust problem nowadays. Once again, It is in need of Blockchain application to eliminate this problem.

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It is hard to believe that Walmart is one of the pioneers in applying Blockchain. This retail giant has been using blockchain since 2016 to track sourcing from China to the United States. Also, a group of Arkansas farmers printed a QR code on a chicken barrel to track the transaction through a Blockchain – based system.

All of these applications aim to help the supplier to minimize the amount of damaged food and prevent widespread disease. It would open up a whole new future for blockchain applications in import-export field by ensuring the quality of output products.