Blockchain and use cases
Since the huge spike in interest in blockchain technology in 2017, enterprises of all sizes have expressed their interest in Proof of Concepts (POCs) in attempts to apply blockchain technology to a broad range of verticals. While initially blockchain technology often was applied to the financial industry, food and pharmaceutical industries more and more explored this new tech via POCs. For instance, provenance of high value and sensitive goods such as food and pharmaceuticals became a trending topic, as well as the Internet of Things (IoT). Combined with IoT, “smart packaging” and tokenization, blockchain could prove the provenance and authenticity of particular products. It quickly became apparent that beyond the financial industry, blockchain technology could provide benefits to supply chains as well.
Interestingly enough, according to Gartner’s research¹, most POCs do not involve a decentralized consensus or tokenization. Private permissioned blockchains have proven to be the go-to option for enterprises and governments to date.
Ambrosus: bridging the gap of fear for decentralization
Ambrosus is a public permissioned blockchain and interestingly enough this is the counterpart of what we just read in the previous paragraph. The Ambrosus blockchain has been designed with the aim to cater towards enterprise solutions involving large numbers of transactions, perfect for fast moving consumer goods, high value products, and millions of IoT sensor readings. Furthermore, Ambrosus’ blockchain classification (public permissioned) is determined by its masternode structure. But before we dive into that, let’s quickly recap the definition of masternodes.
Masternodes: providing the base for decentralization
In general a masternode is a system that provides computing power to host the distributed ledger of a specific blockchain project. In return for providing such power, a masternode operator receives rewards in the form of cryptocurrency. In essence, this means a masternode operator gets rewarded for data validation and data storage. The Ambrosus ecosystem offers three different types of masternodes with each its own characteristics.
First of all there is the so called Apollo masternode which serves as a validator of all transactions on the Ambrosus blockchain. For data storage, Ambrosus has designed Atlas masternodes. Both Apollo and Atlas masternodes are permissionless, meaning that anyone can run these. The more of these masternodes, the more decentralized and secure the network is. There is only one permissioned masternode, which is the Hermes masternode. This type of masternode is to upload bundles of data onto the blockchain. Hermes masternodes can be used as a SaaS (Software as a Service) package, or hosted by enterprises and entrepreneurs themselves, ultimately leaving customers in full control when they use Ambrosus.
Ambrosus may also be the only supply chain project where masternodes serve real utility beyond passive income.
Currently, according to the explorer metrics, Ambrosus counts about 750 online masternodes which is a very impressive number, especially compared to other projects that provide the same or similar services. Furthermore, Ambrosus may also be the only supply chain project where masternodes serve real utility beyond passive income. According to statistics on amb.money, a community made Return On Investment (ROI) calculator, the masternodes are profitable even at these stages while they are building the foundation for client data.
My take on the future
Partners and clients are usually what matters the most to the crypto community as a whole and it makes for nice spikes in token valuation. However, the reality is not as simple as the hype and marketing generally in this space portrays the public. It is hilarious yet sad how gullible people are in this space. But let’s get back to the point as I may end up ranting for hours. It would make a nice topic to write about for my next post. In any case, I believe we can all agree — speculators, spectators and businesses alike — that blockchain holds a long-term promise in transforming the world as we know it. This is where ultimately businesses differentiate themselves from a spectator’s view. Industries move slow. Annoyingly slow. The technology may be ready, and there are more examples other than Ambrosus such as ScanTrust proving that, but it will take time before blockchain will gain huge traction as successful enterprise solutions. Needless to say this goes beyond using blockchain as a marketing campaign.
Therefore, in light of blockchain and decentralization, I have deep respect for projects that stay true to the technology as it is intended. Permissionless masternodes, open-source code, and Software Development Kits at our disposal, and an accessible way for serious players such as businesses and entrepreneurs to start developing their blockchain solution. One of the more recent examples is a new company called ChipLess, which is allegedly a chipless RFID chip which will run on top of the Ambrosus blockchain. As Ambrosus is specifically designed for IoT devices, and also produces one of the most secure devices on the market, I am excited to see what the future is going to bring and what others will continue to bring to Ambrosus.
[1]: Common Mistakes to Avoid in Enterprise Blockchain Projects Published 15 May 2019 — ID G00388270, Adrian Leow
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This is not financial advice. The above references an opinion and is for information purposes only. It is not intended to be investment advice.
