The Smart Economy of the Future Will be Fully Automated and Decentralized: Meet Waltonchain, the Future of the Global Economy
The Future of the Automated Smart Economy will be decentralized
TLDR; The automated Smart Economy of the future will be decentralized. Supply chain + IoT Blockchain assets such as Waltonchain (WTC), Morpheus (MPRH), Ambrosus (AMB) are poised to be incredible investments for 2018-2025, as they are leading the way for enterprise adoption of blockchain technology. Side chains are an important step in leading the way for wide spread Corporate and Govt use, as they allow for privacy and control over the blockchain. Hardware crypto anchors (RFID for example) solve the problem of ensuring the authenticity of data submitted to the blockchain by centralized entities motivated by profit, as they remove human interaction from the process, thus minimising the chance of data tampering.
The Future of the Automated Smart Economy will be Decentralized
When you envision the future of global logistics, imagine a world where every raw material supplier, supplier’s supplier, manufacturer, wholesaler, retailer, etc, has the ability to transact authentic and immutable data between each other, without the need for trust, and completely eradicate human error, by integrating blockchain into the foundational level of their supply chain — transmitting only the necessary data to the decentralized public chain, which is accessible to anybody at anytime, while simultaneously protecting the business’s rights to interact without having to give up their proprietary data.
- This is made possible by the combination of a public blockchain seamlessly connecting all private and consortium chains in the economy together in a transparent and decentralized manner, with a highly incentivized sub-economy of miners contributing hash power and monetary stakes to secure the system.
The ability to host a business’s entire database on the blockchain opens up an array of possibilities for a business on the micro level. It’s hard to even comprehend what becomes possible on a macro level once every business, supplier, producer, retailer etc, has their own private child-chains, connected to a unified and decentralized public/parent chain, consisting of all the public/private and consortium blockchain databases in the economy.
On a micro level, this opens up the possibility of:
- Completely automating the inventory collection and distribution process between companies based on a foundation of smart contracts
- Removing the possibility of error as human interaction with the process is reduced significantly
- Constantly building a growing amount of big data which can then be analyzed with artificial intelligence to increase efficiency at every identified weak point in the supply chain
- Eradicating the ridiculous amount of unnecessary paperwork that goes into the life cycle of a single product
- Cutting costs and major increases in the efficiency and accuracy of logistics etc
On a macro level, this opens up the possibility of:
- Financial regulators having access to a constant stream of publicly available, verifiable/authentic, and cryptographically secured, economic data, which will allow them to analyze the macro trends of the economy without breaching the privacy of users, helping to avoid events such as the financial crisis in 2008. Imagine if regulators back then had a publicly accessible ledger of the interactions between banks such as the Lehman Brothers, JP Morgan etc
- Reverse the trend of declining productivity in the economy and help boost us back to an age of collective prosperity
- Provide a fair playing field for smaller companies without the same access to the information larger, centralized entities may have access to
When it comes to blockchain, the possibilities are similar to that of the internet in the 1990s. The future of the global economy consists of complete automation and intelligentization of the supply chain. If robots are not able to transact with each other immediately and without trust, through the use of smart contracts, RFID technology, and blockchain, and if automated factory machines are not capable of packing and loading inventory into battery-powered, self driving Tesla trucks, which can then be delivered, scanned, uploaded to the blockchain automatically, and moved to the next point along the supply chain without the need for human interaction, then we aren’t there yet.
What is Needed for Mainstream Adoption?
The breakthrough of parent/child chains in the blockchain industry is a significant step in the right direction of mainstream adoption. It should be clear by now that corporations, govt entities, etc,. at large will not be willing to host their entire database on a public chain. Fees are too high, proprietary information is accessible to anybody, transaction times are unreliable. The list goes on. What is needed is a singular, public chain connecting every other public, private, and consortium chain together as discussed above.
This raises an important question:
How Can You Ensure the Authenticity of Data Entries to the Public Chain Submitted by Centralized Entities Motivated by Profit?
Waltonchain, Vechain, AMB, Morpheus etc, consider the integration of RFID chip technology into the fabric of products to be the answer. RFID technology can be used as a crypto-anchor. A crypto-anchor is something which connects the physical world with the digital world by assigning each product a digital identity connected to the anchor. In this case, the RFID acts as a digital identity, verifiable by a randomly generated set of encrypted public and private keys which corresponds with the reader/writer scanner.
Waltonchain deserves special mention here because of their patented read/writer mining node. It is unique because it also doubles as a light node in the Waltonchain network, which allows for data entries to be directly written to the blockchain on the foundational level, instead of the application layer. What is special about this, is that each time the scanner reads an RFID tag, the information is directly mined to the blockchain, which also off-sets some of the TX fees for users adopting their solution.
This sets Waltonchain’s hardware apart from others, because this is directly addressing the question of how you “ensure the authenticity of data entries to the public chain submitted by centralized entities motivated by profit”. Through the combination of RFID crypto-anchors, blockchain, and automated hardware mining nodes. These reader/writer RFID light nodes will be implemented everywhere, and the more of them there are, the more decentralized the network becomes. This is a strong network effect to consider.
Problems with Mass Market Penetration of RFID Technology in the Past
In the past, RFID technology has always been too expensive, insecure, and inaccurate for global adoption of the tech, which created a self-perpetuating barrier for innovation in the field for many years, as RFID manufacturers struggled to reach economies of scale to start building momentum for progress. Within the last 5 years, however, RFID technology has undergone significant price and accuracy breakthroughs.
Waltonchain takes this a step further. Waltonchain’s CTO, Wei Songjie, states in Waltonchain’s hardware AMA part 1 that,
“A: The memory cell design of our RFID chip has been optimized to reduce chip size and therefore reduce the cost. At present, our tag chip can be produced for below 5 cents.”
On page 256 of “Fields, Networks, Computational Methods, and Systems in Modern Electrodynamics” written by Leopold B. Felsen, which was honored by the Faculty of Electrical Engineering and Information Technology of the Technische Universitat Miinchen for extraordinary achievements in the theory of electromagnetic fields, Leopold states that a low price is one of the crucial factors that will contribute to whether or not RFID reaches mass market penetration, and that 5 cents have been quoted to be that magic price point.
Waltonchain’s Parent/Child Chain Dual Scalability Protocol
The Dual Parent/Child Chain protocol, designed by CTO, Dr. Wei Songjie, and the team of Blockchain engineer experts at Waltonchain, will technically revolutionize the way we will interact with blockchain. In their hardware AMA, it is stated that their child chains can implement Parent Chain infrastructure to allow for hierarchical chains (think child-chain child-chains):
- Limitless scalability of the parent chain has been achieved through this protocol. Congestion is isolated to each child-chain, thus keeping unnecessary transactions off of the parent chain
- Each child-chain is capable of using independent infrastructure from the parent-chain (think DPoS, PoA, PoW, PosT etc)
- Parent Chain infrastructure can be implemented within Child Chains, allowing for hierarchical chains within business and govt organizations for example. This positions Waltonchain as the most durable, moldable, and adaptable blockchain’s out there on the market currently
- Companies are able to purchase their own pre-designed child-chains using WTC that have been proven to work for other companies. It’s basically like walking into a store and trying on what works for you, as well as knowing what the hot deals are and who’s wearing what
- ICO’s can be hosted off these child-chains, as well as support different programming languages such as Solidity, GO, etc
We know that corporations and government entities require a mix of control, privacy, immutability, and decentralization in order to realize the value of blockchain to its full extent.
There is a very fitting quote from Vechain’s CEO, Sunny Lu, which I believe provides valuable insight to this discussion. He states the following,
“Neither a total centralization nor a total decentralization would be the correct answer, but a comprise and balance of both would.”
This is an issue Waltonchain has tackled in an incredibly innovative and intelligent way; by directly tackling the issue of how to ensure authentic data entries to private and consortium chains, Waltonchain thus achieves the appropriate balance between scalability, control, and privacy, without having to sacrifice decentralization. This is absolutely crucial for the safety, immutability, and longevity of the network.
Through the use of:
- RFID technology/crypto-anchors ensuring the authenticity and immutability of data entries to the private/consortium chains, which can then be transmitted to the public/parent chain
- An innovative Parent/Child Chain Dual chain scalability protocol which achieves a perfect balance of control, flexibility, decentralization, the authenticity of data, and privacy, by properly incentivizing public mining node participation to encourage the appropriate amount of hash rate needed to secure a project of this scale
The Waltonchain platform has positioned itself perfectly as the central nervous system of the future decentralized and fully automated smart economy.
Public Supply Chain + IoT blockchain assets such as Waltonchain, Vechain, AMB etc,. are perhaps the closest to enterprise adoption, and every step forward for these companies play an important role in beating out centralized alternatives which don’t offer the same profit opportunity as public network utility tokens. I implore each community to build each other up, as every bit of progress works towards embedding the merits of decentralisation deeper into the foundations of society, and allowing for a fair and open playing field, and equal investment opportunities for all of us.