By Angela Scott-Briggs October 22, 2017
Blockchain has the potential to reshape the society in innumerable ways. Lately, there has been enthusiasm and profit taking resulting in what might look like a bubble popping. In the circumstances, it is useful to go through some important blockchain innovations everyone needs in 2018, without regard to the current value of tokens powering them.
The importance of provable identity management is increasing by day in the world where virtually anything including live news conferences can be faked. Estonia has already begun a digital citizenship programme. With time, all organisations that require some form of identification will have a form of an encrypted database, preferably a decentralized one that will be difficult to modify without permissions. A shift to crypto-based identification would be a good change for everyone, once you lose your ID card, you would only need to regain access to your remote credentials.
Public Trust and Accountability
The application of blockchain technology in marriage records, health records, title deeds and even in voting will revolutionize how things are done. Companies such as Factom have experimented with keeping records of real property on blockchain. Similarly, Votem has made important milestones in creating a trusted blockchain voting system. This is significant as elections are now hotly contested with losers alleging electronic vote rigging.
More at: Important Blockchain Innovations Everyone needs in 2018 | TechBullion
Guest post written by Raja Ramachandran and ripe.io team October 23, 2017
ripe.io, a start-up at the forefront of creating a blockchain solution for our food system was a recent participant at The Mixing Bowl’s FOOD IT: Fork to Farm and recognized as one of Forbes’ Top 25 Most Innovative Ag-Tech Start-ups of 2017. Raja, their CEO, has compiled and written with his team, the following perspective and analysis on how to initiate, gain adoption and run a “Blockchain of Food” in the food supply chain. We would like to share it with you.
Theme 1 – Blockchain Participants’ Friction
The actors interested to participate in the “Blockchain of Food” are driven by a need to demonstrate the superior quality of their methods and products. Most of the participants in the supply chain complain about the lack of transparency and trust by other participants. The participants are asking for a better supply-chain collaboration method. The blockchain can provide this… if they are willing to collaborate.
More at: The Blockchain of Food – Forbes Science #NewTech
By Aaron Arnold October 19, 2017
Don’t worry if you have yet to hear about blockchain, the emerging technology set to reshape everything from finance and trade to global governance—you are in good company. According to one recent survey of 12,000 people in 11 countries, 60 percent had never heard of the technology and 80 percent could not explain how it works. Yet, for a technology that few understand, blockchain is sure making waves. The World Economic Foundation (WEF), for example, found that 80 percent of global banks will have initiated blockchain-related projects by the end of 2017. Perhaps even more startling: By 2027, the WEF predicts, 10 percent of global gross domestic product will be held in blockchain technology.
While most people have not heard of blockchain, many do know of its most visible implementation, Bitcoin, a cryptocurrency used to store and transfer value. Although cryptocurrencies tend to dominate media attention, the underlying technology, blockchain, has far-reaching applications; it can be used to store property records, clear and settle accounts, ensure the validity and execution of contractual arrangements, and—possibly— prevent the illicit procurement of weapons of mass destruction-related goods and technologies.
More at: Blockchain: A new aid to nuclear export controls? – Bulletin of the Atomic Scientists
By Stan Higgins October 16, 2017
A potential move by global brokerages to offer products around cryptocurrencies could have a big impact on the wider market, analysts at Bank of America Merrill Lynch wrote.
In an Oct. 16 research note entitled “Introducing cryptocurrencies – what are they good for?”, the analysts tackle bitcoin as well as other cryptocurrencies such as ethereum and XRP. The note both covers the basics of the market and dives more specifically into the growing galaxy of open blockchain networks in operation today.
Notably, the report touches on the possible factors that could shape the cryptocurrency market’s future progression – including financial products based on the tech.
On this point, the bank’s analysts suggest that a move by brokerages to begin offering such services to their clients could affect both the overall liquidity of the market as well as the market capitalization for the relevant cryptocurrencies.
“The coin universe is dynamic and innovative and volatile; while a true value for cryptocurrencies may be impossible to assess, one factor which we believe could affect their liquidity and market capitalisation would be if one or more global broker/dealers decided to offer institutional-like products,” they wrote.
More at: Bank of America Report: Bitcoin’s True Value ‘Impossible to Assess’ – CoinDesk
Bruce Haring October 16, 2017
Blockchain consulting and production firm ConsenSys recently held a forum with the US State Department to bring together government agencies with the private sector to explore the policy implications and potential applications of blockchain technology.
Jason Brett is the Director, Government Relations and Regulatory Affairs for ConsenSys’s newly opened Washington office. He talked with Block Tribune about the recent forum and what the US agencies are considering with blockchain.
BLOCK TRIBUNE: What was the attendee profile at this? Were there mostly IT people, or were senior policy people in attendance?
JASON BRETT: The attendee profile was primarily government agencies and many blockchain companies, such as ConsenSys, IBM, Deloitte, Microsoft, and notable blockchain startups that focused on identity, such as BanQu. When it comes to the issue of human rights, one of the largest obstacles, particularly with refugees, tends to be not having an identity. A blockchain-based identity, or what is often referred to as a self-sovereign digital identity (SSDI), would enable a person to have a permanent digital identity that would not change no matter what country the person is located.
With respect to your question on the make-up, there were a combination of IT attendees as well as junior business operations attendees. It would seem the IT area would drive the adoption of blockchain, but more often, it is the business development folks who are looking at a problem to solve, who are more active with the formation of blockchain use cases.
More at: US Government Concerned About Falling Behind In Blockchain Development – BlockTribune
By Kyle Samani, Contributor October 16, 2017
Many have asked “how would a merger or acquisition work in crypto?”
Although a merger could work in theory, in practice it’s not possible. The economics, individual sovereignty, and lack of drag along rights on both sides will prevent any sort of meaningful and cleanly executable acquisition.
Drag along rights are paramount to understanding this post. Per Investopedia, a drag along right is defined as a “right that enables a majority shareholder to force a minority shareholder to join in the sale of a company. The majority owner doing the dragging must give the minority shareholder the same price, terms and conditions as any other seller.”
When one company buys all of the equity of another firm, it acquires a few things:
- Employees – the people who have the know how to build and deliver the product/service to customers.
- Customers – a proven customer base that values and pays for a product/service.
- Processes – a series of proven processes of people, property, and technology that create value for customers.
- Balance sheet – the actual hard assets of the firm: cash, debt, equipment, liabilities, etc.
- Intellectual property – patents, trademarks, copyright, etc.
Let’s say that a company or a crypto foundation wanted to buy all of the tokens of some cryptoasset. What exactly would be purchased?
- Employees – N/A: protocol developers and business people do not work for token holders.
- Customers – N/A
- Processes –N/A
- Balance sheet – N/A
- Intellectual property – N/A: all of code that powers that the token – the blockchain and/or smart contract – is open source. In this regard, there’s nothing to purchase. It’s possible that the dev team would turn over closed-source portions of what they’ve built that live outside of the blockchain or smart contract itself; however, this software is not “owned” by the token holders.
So there’s nothing to acquire?
More at: Why Acquisitions Will Never Work In Crypto – Forbes Digital Money #MarketMoves
by Naomi Eide October 16, 2017
- Of the blockchain platforms in development, the one that will “win” is the “one not yet in the market,” according to Ray Valdes, VP and Gartner Fellow, speaking at the Gartner Symposium/ITxpo in Orlando earlier this month.
- On its way toward the “trough of disillusionment” in Gartner’s hype cycle, blockchain technology has a long ways to go before it reaches maturity. Blockchain is on a steady “slow growth ramp” until 2030, when the exponential growth curve kicks in, said Valdes. By 2030, blockchain will have a $3.1 trillion business value-add.
- Right now there are about 100 blockchain platforms being built, but none are compatible and 90% have yet to be released, according to Valdes. And there are only two truly operational blockchain platforms available: Bitcoin and Ethereum, though Valdes said Bitcoin is “doomed” as a platform.
More at: The ‘winning’ blockchain platform is not yet in the market, Gartner says – CIO Dive