Amalgam Whitepaper 1.0

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A M A L G A M W W W . A M A L G A M C O I N . C O M https://blockgeeks.com/guides/what-is-blockchain-technology/ ADOPTION OF BLOCKCHAIN AS ENTEPRISE SOFTWARE According to an IBM Study, Eighty percent of the 3,000 executives surveyed indicated that they were using or considering using the technology either to develop new business models or in response to a financial shift in the industry. Also, 71% of business leaders who are actively using blockchain believe it plays a key role in advancing the technology, suggesting widespread support for industry standards. 6 REAL-WORLD APPLICATION While Blockchain technology has proven to be inherently safer in regards to logistics than traditional infrastructure, the potential applications and uses among a multitude of industries is virtually limitless. In many cases, the elimination of third parties and intermediaries saves time and money. NewsBTC considered the application of Blockchain technology in the hospitality industry, saying “booking a stay at online in a hotel will still usually see around 25% of the transaction being spent on booking platform and financial transaction fees. And consider that those 25% are calculated on the gross revenue, which for example in EU contains additional up to additional 20% VAT. This practically means that hotel owners pay an additional commission to Booking.com on the VAT amount that they remit to the state budget.” 7 Furthermore, Consider a simple fishing supply chain that connects fisherman to fisheries and fisheries to restaurants. The restaurant owner should be paying prices for fish based on how much the fishery had to pay the fisherman. How can the restaurant owner be sure they’re paying a price that’s accurately based on what the fisheries paid? If all parties involved were part of the same blockchainbased network, and all transactions were recorded on a collective blockchain, the restaurant owner could be guaranteed that the price they pay is accurately 6 “Forward Together: Three Ways Blockchain Explorers Chart a New Direction.” Forward Together: Three Ways Blockchain Explorers Chart a New Direction, IBM Institute for Business Value, 5 June 2017, www- 01.ibm.com/common/ssi/cgibin/ssialias?htmlfid=GBE03835USEN&ce=ISM0484&ct=SWG&cmp=IBMSocial&cm=h&cr=Security&ccy=U S&cm_mc_uid=27314336275315107659932&cm_mc_sid_50200000=1510765993&cm_mc_sid_52640000= 1510765993. 7 NewsBTC ,“Can the Hotel Industry Benefit From Blockchain Technology?”NEWSBTC, 3 Oct. 2017, www.newsbtc.com/2017/10/03/can-hotel-industry-benefit-blockchain-technology/.
A M A L G A M W W W . A M A L G A M C O I N . C O M derived from a provable transaction on the blockchain. Some blockchains even support the ability to write code that’s executed when certain transactions occur; in our example, the price that restaurants pay could be automatically calculated based on the previous transaction between fisherman and fishery. In the consumer goods sector, retail quite possibly has the most to gain from adoption of blockchain technology. Walmart has already begun to implement blockchain technology in their logistics and inventory tracking. During Walmart’s annual shareholder’s meeting on June 2, 2017, Executive Vice President John Furner explained, “in China, we’re doing a traceability pilot with pork using blockchain technology…what blockchain does is it allows someone to track a product from the farm all the way to the shelf and then have a record of it each and every step along the way.” 8 BARRIERS TO ENTRY All potential benefits considered, the most consistently addressed barrier to entry for acquisition and use of cryptocurrency is typically security and familiarity. In a 2015 survey conducted by PwC 51 percent of participants said that they are “not at all” familiar with cryptocurrencies (such as BTC), with 31 percent admitting to being only “slightly familiar” and a mere 1 percent of participants claiming to be “extremely familiar” 8 Wong, Joon Ian, and Jason Karaian. “Execs Are Obsessed with Blockchain Because They Can't Afford to Ignore It Anymore.” Quartz, Quartz, 15 Nov. 2017, qz.com/1130015/the-blockchain-obsession-incorporate-boardrooms-is-spreading/.
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