According to the patent, the traditional manner of calculating a credit score is “not transparent”. Customers are not always informed when certain data affects their credit score, nor do they “have the tools to take control of their credit score.”

With distributed ledger technology as described in the patent, customers would be “notified when third party credit checks happen or when the credit score changes.” For example, in the case of a missed bill payment that negatively affected their credit score, consumers would be sent a credit alert.

Source: Major Canadian Bank Files Patent To Make Credit Scores… | News | Cointelegraph, Molly Jane Zuckerman, March 17, 2018

Read More

“We’ve been very fortunate as an advocate for standards and education in industry to join the ride,” continues Nuce. “We built the UPC or the GTIN as a way for people to have interoperable identification all over the globe. These foundational traceability standards were developed many, many years before blockchain was ever a glimmer in someone’s eye. But now it’s all coming together.”

Source: Grocers Embrace Blockchain in New Era of Transparency | Progressive Grocer, Jenny McTaggart – Feb 16, 2018

Read More

Blockchain-enabled platforms can successfully connect all players in the shipping value chain and advance critical capabilities.

EY and Guardtime, as well as other industry and technology leaders, present the “first of its kind” enterprise-scale platform to integrate and secure the entire stream of disparate data sources involved in insuring shipments around the world.

When risks ebb and flow, should insurance premiums adjust?

Source: EY – Blockchain-enabled platforms are changing marine for the better – EY – Global

Read More

Presently, many shipping supply chains are bogged down by a morass of paperwork shuffled between a glut of middlemen, Wieck says. Documentation, which when lost or delayed causes perishable goods lying in wait to spoil, can end up costing as much as a fifth of the total expense of physical transportation.

According to a 2013 study by the World Economic Forum, reducing the friction around information-sharing and border administration when it comes to international trade “could increase GDP by nearly 5% and trade by 15%”—a boost that amounts to trillions of dollars.

Source: Shipping: IBM, Maersk Are Creating a New Blockchain Company | Fortune, Robert Hackett, January 16, 2018

Read More

One day last December, Frank Yiannas went to a Walmart store near company headquarters in Fayetteville, Ark., and picked up a package of sliced mangoes. Yiannas is Walmart’s vice president of food safety, and the fruit was part of a crucial experiment. He brought the mangoes back to his office, placed the container on a…

Read More

… when you combine the numbers for firms that have either implemented changes or that have plans in place, the numbers of firms that are addressing their challenges range from roughly half to two-thirds:

  • Challenges acquiring new client business, 63%.
  • Getting paid by clients, 65%.
  • Demonstrating the firm’s value to potential clients, 65%.
  • Keeping up with competition from other firms in your practice areas, 54%.
  • Lack of internal efficiency, 55%.
  • Spending too much time on administrative tasks, 47%.
  • Cost control and expense growth, 54%.
  • Managing staff, 68%.
  • Clients demanding more for less, 42%.
  • Increasing complexity of technology, 52%.
  • Retaining client business, 67%.
  • Increasing pace of legal and regulatory change, 46%.

Source: Solo and Small Firms Face Many Challenges, Survey Shows, But Few Have Made Changes to Address Them – Robert Ambrogi’s LawSites, November 30, 2017, Robert Ambrogi

Read More

Strangely, it’s not the legal IT people in law firms who seem to have most grasped just how important AI and automation is, it’s the managing partners. This is because it’s their job to look at the bigger picture, the economic and strategic picture, not just how the machine functions day to day.

Great list of legal Artificial Intelligence providers. Looking forward to “AI and blockchain fusion initiatives.”

Source: The Legal AI ‘Barbarians’ Have Already Taken the Gates – Artificial Lawyer, December 01, 2017, Richard Tromans

Read More