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Global blockchain solutions company and Cardano commercial arm EMURGO is building a blockchain traceability solution for coffee in Indonesia INTERVIEW

Global blockchain solutions company and Cardano commercial arm EMURGO is building a blockchain traceability solution for coffee in Indonesia [INTERVIEW]

EMURGO, the global blockchain solutions provider and a founding entity of Cardano,

recently announced the launch of the “EMURGO Traceability Solution” – an enterprise solution leveraging blockchain technology to modernize existing supply chain traceability standards and bring added value to supply chain stakeholders and end consumers. EMURGO Traceability Solution is the first blockchain-based enterprise solution developed by EMURGO’s Enterprise unit. EMURGO partnered with Blue Korintji Coffee, an environmentally-conscious Indonesian coffee brand to be the first commercial enterprise to integrate EMURGO Traceability Solution in its coffee supply chain to benefit all stakeholders including farmers and consumers.

This custom solution will leverage the Cardano blockchain to increase the visibility of purchasing prices between stakeholders and assure the immutability of accumulated private information. Blue Korintji Coffee is also committed to giving back to farmers by pooling a portion of sales revenue that has utilized this solution and investing in production sustainability. Coffee consumers will also be able to simply scan a QR code displayed in the coffee shop to access this information about the origin of their coffee. CryptoSlate recently had the opportunity to chat with the CEO of EMURGO Indonesia, who is working on this solution. Murasaki leads EMURGO Group’s local Indonesian unit to drive the regional adoption of blockchain solutions in the public and private sectors. Having garnered mutual collaboration with some of Indonesia’s leading local universities, EMURGO Indonesia places a core emphasis on blockchain education and exploring real blockchain use cases to empower citizens to provide for greater economic opportunities.

Interview with Shunsuke Murasaki, EMURGO CEO of EMURGO Indonesia

Tell us how EMURGO decided on traceability as an important use case to address and why is the Cardano blockchain a good fit?

We gathered detailed opinions from different industry partners to see what blockchain-based solutions we could offer to help add value to their existing businesses. We found that enterprises offering premium consumer & B2B products such as Arabica coffee beans were seeking a simple and cost-effective way to verify the authenticity of their products from source to customer, as well as shed transparency on the entire supply chain process to increase customer trust and fair business practices. These needs were especially important in emerging markets and industries with several different stakeholders in its supply chain, where reliably demonstrating this traceability of premium products is harder to do.

Currently, the traditional existing traceability methods used in supply chains is opaque and inefficient primarily due to the globalized complexity of the supply chain which includes companies of different sizes from different locations spread throughout the world, geographic complexities, lack of a modern and safe administrative system, and so on. There are several instances in many different industries of the need for traceability solutions. For instance, consumer & luxury goods are susceptible to counterfeiting; some white labeled products are inappropriately disguised under other brand names; mislabeled foods products are sold to consumers; and illegally sourced materials are sometimes present in common household goods, among other issues in today’s supply chain industries. These are due to a lack of efficient traceability solutions in the marketplace for enterprises and can be effectively addressed by blockchain’s inherent qualities. 

EMURGO Traceability Solution is tailored to address this issue and add value by authenticating the origin of a product, shed transparency on relevant data regarding supply chain practices, and track the entire path of a product or good from source to customer. This will bring trust to the consumer as well as add increased brand value to participating stakeholders choosing to use a blockchain-based traceability solution. We believe that given Cardano’s research-driven approach along with its use by other global name brands such as New Balance for traceability purposes, it is a natural fit as a base layer for a blockchain-based traceability solution.

Why was Indonesia chosen as the first place to test this new technology?

To give some background, Indonesia is ranked 4th globally in total coffee production, and according to a World Bank report, around 10 million people in Indonesia are economically involved in the coffee industry as a stakeholder. The US Dept. of Agriculture states in its recent report about coffee production in Indonesia of “a booming coffee-drinking lifestyle” with soaring demand due to coffee shop expansion.In fact, the next unicorn in Indonesia will come from the domestic coffee industry which shows the vastly increased consumer interest in coffee. However, 96% (more than 2 million farmers) of the coffee produced in the country is by small farmers that lack technological resources and receive weak government support to properly benefit from this boom. At present in the local coffee industry, there is a complex web of farmers, roasters, processors, logistics companies, cafes, and other third-party stakeholders. They lack a  shared IT infrastructure to streamline data processing while also offering data immutability to all these different stakeholders. This is the issue leading to difficulties in verification and trust between one stakeholder and another, and between companies & consumers.

How does the traceability solution work from a technical perspective?

EMURGO Traceability Solution is a tailored enterprise solution built to meet the various needs of our clients and designed to run on top with Cardano as a base settlement layer. Each transaction in the supply chain gets recorded and validated on the spot via QR code. For example, a consignment from a coffee bean roaster to a cafe gets validated by scanning a specific QR code on a package upon delivery. This information is all securely input, verified, and transparent to all stakeholders utilizing EMURGO Traceability Solution.

What are some of the challenges when building a blockchain traceability solution?

Each industry and enterprise has different needs according to their products, consumers, and other conditions. Thus, one of the main challenges is to assess the various needs of all stakeholders and come up with a tailored solution designed to meet all of their needs. This take s a lot of time to consult with the stakeholders and get a detailed understanding of their businesses to design the most ideal solution. Another challenge is the relative lack of awareness of how blockchain can offer benefits to enterprises and consumers. Many believe there is a big learning curve to understand an abstract technology, but EMURGO designs tailored solutions with blockchain as a back-end solution with a simple & easy-to-use front end that doesn’t require any knowledge of how blockchain works. Thus, we first engage with potential clients, get an understanding of their business, identify issues, and then easily explain how blockchain can address these business issues before collaborating together on the specific needs of the solution.

What are some of the benefits to the consumer when utilizing blockchain-based traceability?

Right now, it is practically impossible for coffee consumers to know specific details about the coffee they have purchased. Consumers do not have access to precise information such as the number of days a bag of coffee beans has been in storage or know the exact sourcing of the coffee they are drinking, among other relevant information.  But with EMURGO Traceability Solution, it is very easy to track this information and it cannot be manipulated. Customers will have more transparent information on the specific journey of their purchased coffee beans. Customers also benefit by contributing to more ethical sourcing practices for coffee sustainability by opting for coffee that has utilized this solution. Especially for coffee drinkers that opt for premium brands or specialty coffees, this solution gives them a solution to verify the authenticity of their preferred coffee.

Other than coffee, what are some other industries that would benefit from blockchain traceability?

As a tailored enterprise solution, EMURGO Traceability Solution can be customized to meet the needs of clients in various industries that offer specialty or premium-grade products. As consumers in these industries value trust in the products they purchase, it is especially important for enterprises in these industries to supply that trust through the verified authenticity of their product offerings.

Article Produced By
Shunsuke Murasaki

As CEO of EMURGO Indonesia, Shunsuke Murasaki leads EMURGO Group’s local Indonesian unit to drive the regional adoption of blockchain solutions in the public and private sectors. Having garnered mutual collaboration with some of Indonesia’s leading local universities, EMURGO Indonesia places a core emphasis on blockchain education and exploring real blockchain use cases to empower citizens to provide for greater economic opportunities. Murasaki has also played a leading role in the launch and integration of EMURGO Traceability Solution in partnership with a local coffee brand. Murasaki-san has worked at multiple firms, with more than 8 years of experience in Asian markets specializing in B2B overseas sales and business development.

https://cryptoslate.com/global-blockchain-solutions-company-and-cardano-commercial-arm-emurgo-is-building-a-blockchain-traceability-solution-for-coffee-in-indonesia-interview/

Thomas ClaimCo.in

Samsung Backed blockchain provider building smart credit management system for Islamic banks

Samsung Backed blockchain provider building smart credit management system for Islamic banks


The research side of the Saudi Arabian Islamic development bank group is looking to develop a blockchain based smart credit management system.

In order to make this a reality, the islamic research and training Institute of the bank has teamed up with Samsung backed blockchain provider Blocko.

The research side of the Saudi Arabian Islamic development bank group is looking to develop a blockchain based smart credit management system. In order to make this a reality, the islamic research and training Institute of the bank has teamed up with Samsung backed blockchain provider Blocko. This new collaboration will come as a part of the E24P regional consortium which will be launched by the provider across the Middle East, Africa and Southeast Asia. By 2022, the Islamic finance industry is related to grow to just shy of $4 trillion. The director-general of this Institute, Dr Sami Al Suwailem said that there are still numerous technical and economic hurdles to get over that prevent the industry from truly flourishing. Islamic banks do not charge interest on loans or penalised long defaulters unlike traditional financial organisations in the western world. Instead, they charge a late fee that is supposedly donated to a charity.

Despite this, this is an approach that is riddled with issues. It eliminates the urgency for borrowers to pay back their loans and banks can also have the obstacle of trying to officially distribute the late fees to charities. E24P and the Training Institute have been developing a smart credit management system that will be based on this Aergo hybrid blockchain and is believed to put an incentive mechanism in place to encourage borrowers to pay back the loans in a timely manner. This blockchain credit system is set to help both Islamic banks and other financial institutions conduct credit assessments in a more secure and transparent manner. It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

Article Produced By
Adrian Barkley

Adrian has been leading teams in the finance sector for over a decade. He is highly experienced, and is responsible for ensuring that the latest news is delivered to you as it is breaking. He has a keen interest in virtual currencies, and has even made investments himself, so is incredibly passionate when it comes to writing about this topic.

https://cryptodaily.co.uk/2020/06/samsung-blockchain-credit-system

Thomas ClaimCo.in

The Payment System is a Mess – Can Blockchain Really Solve the Problem?

The Payment System is a Mess – Can Blockchain Really Solve the Problem?

  • Since the emergence of blockchain, many firms have attempted to use it to solve the challenges in payments.

  • Blockchain’s capabilities appear to lend themselves well to payments. 

Since the emergence of blockchain technology, many firms have attempted to use it to solve the challenges in the payments industry. Blockchain’s capabilities, including instant, trustless transactions between peers, and the security of decentralization, appear to lend themselves well to payments. However, despite much hype, investment, and effort from projects such as Ripple, Stellar, and Abra, the payments industry remains as complex and convoluted as ever. It’s safe to say that so far, nothing has “revolutionized” payments in quite the way that many had promised. Perhaps one reason for this is that blockchain projects so often approach the problems of their sector intending to replace existing platforms and infrastructure. Not only does this involve seismic change on the part of entire industries, but it also usually means taking market share from the existing big players, to which they’re naturally resistant. Now, a new contender has emerged. Proton Chain intends to address the challenges of the payments sector, without attempting to unseat the current market leaders. 

A Market Full of Challenges

Most of us have become so used to the challenges in the payments industry that we rarely question the status quo. However, the payment industry is beset with issues from security, to privacy, to speed. Online payments are more prevalent than ever, but credit card data is routinely hacked, stolen, and sold on the dark web to fraudsters. The statistics are quite disconcerting. Identity theft is the most common type of fraud in the United States, accounting for over 20% of cases. In 2019, there were 3.2 million reported cases of identity theft, meaning over 1.5% of the adult population has been affected. By far, the most common form of identity theft is credit card fraud. 

Furthermore, hackers aren’t necessarily targeting small merchants with lax security processes. Last year, credit card provider Capital One disclosed it had been hacked, with 100 million customers affected. Yet, ironically we’re required to hand over credit card data, bank details, and identity documents more often than ever before. Each time we do, it creates another target for hackers. Privacy is another concern. Banks and payment companies are subject to KYC and anti-money laundering regulations that require us to disclose an excessive amount of personal data. All this amounts to a system that’s also very slow to process payments. It can often take more than three working days for funds to settle in their intended destination, by the time they’ve passed through various banks and automated clearinghouses. 

Can Proton Chain Succeed Where Others Failed? 

Proton Chain is a blockchain-based platform that aims to create a bridge between players in the payments sector, including banks and gateway services such as Venmo or Alipay. The project is a joint effort between two separate companies that have recently merged, Metal and Lynx. The companies came together around their shared vision of making cryptocurrencies more accessible to mainstream consumers. After all, cryptocurrencies have an adoption problem, linked to the complexity of onboarding new users. Metal had already developed MetalPay, a peer-to-peer payment platform that’s both compliant and user-friendly. Meanwhile, Lynx had developed its own blockchain and wallet. At the end of April, the newly-merged company launched Proton Chain on mainnet. Billed as the “blockchain that interacts with your bank,” Proton Chain allows users to move funds seamlessly between their own bank account, the Metal Pay app, and any linked payment gateway, such as Venmo. 

Leveraging The Coveted “Blue Checkmark”

The core of the platform is a verified account. When we use Twitter or Facebook, the blue checkmark tells us that a celebrity or brand account is legitimate. Proton Chain uses a similar concept. A user applies for their @name and undergoes a KYC check by a distributed network of validators. Once their identity is verified, they receive their blue checkmark on Proton. Now, they can send funds to anyone using an account that includes the Proton open protocol. So if Venmo and Alipay both sign on for the protocol, Alice could send funds from her Alipay account to Bob’s Venmo account, using her verified @name as the authorization for the transaction. Proton has released a demo video showing how quickly and easily any online merchant can be whitelisted, enabling instant payments. Users can also link their bank account to the Metal Pay app, which supports FDIC-insured banks. 

Now that the Proton Chain is live, the company is working to implement the steps laid out in the MetalPay 3.0 roadmap. These include setting up the new username model, and the ability for the MetalPay app to respond to payment requests from the Proton Chain. Essentially, MetalPay will provide the first use case for Proton Chain. Because MetalPay already supports cryptocurrencies, the project also fulfills its original vision of making cryptocurrencies more accessible. Users will be able to send and receive crypto payments between Proton-integrated wallets just as easily as they can send fiat funds between different banks and providers. It’s evident that, like so many blockchain projects, adoption will be critical. Not just by users, but Metal will need to onboard firms willing to integrate its protocol. However, the approach isn’t to “transform” the status quo, but co-exist with existing market players while providing an enhanced user experience. This may just prove to be the right approach for bringing some order to the payment industry chaos.

Article Produced By
Robert Johnson

Robert is a keen investor with a particular interest in cryptocurrencies. He has been involved in the industry for many years, and because of this, has gathered a lot of knowledge surrounding this area. He studied English at university level and has a passion for writing. He loves being able to combine his two mains interests on a daily basis.

https://cryptodaily.co.uk/2020/06/system-mess-blockchain-the

Thomas ClaimCo.in

Ai-Blockchain Issued Groundbreaking Patent for Cryptographic Digital Asset Ledger Solutions

Ai-Blockchain Issued Groundbreaking Patent for Cryptographic Digital Asset Ledger Solutions

HOBOKEN, N.J., May 11, 2020 (GLOBE NEWSWIRE) — via NetworkWire –
The United States Patent and Trademark Office (USPTO) has issued a patent on private blockchains to Ai-Blockchain (“AiB”). Ai-Blockchain is a leading provider of custom artificial intelligence driven and blockchain solutions to clients such as financial exchanges, hospitals, media content providers and supply chain platforms for nearly a decade. Experts consider AiB’s patented platform to be the most efficient, secure, and scalable blockchain technology.

U.S. Patent No. 10,579,974, entitled “SYSTEMS, METHODS, AND PROGRAM PRODUCTS FOR A DISTRIBUTED DIGITAL ASSET NETWORK WITH RAPID TRANSACTION SETTLEMENTS,” was issued on March 3, 2020. The patent is directed to AiB’s core technology which enables private blockchains to transact digital assets quickly between parties such as digital rights management for media companies, financial exchanges and customers, healthcare institutions and physicians, and supply chains and retailers. AiB’s combination of leading software technology with foundational computing elements is so unique that the US Patent and Trademark Office has now recognized its innovative components.

Founders Stephen L. Reed and S. Drew Hingorani have created a game-changing approach to security and encryption, transactional speed and client service. For example, AiB developed a HIPAA-compliant data payment platform which can be used by health facilities and hospitals to compensate physicians. In some healthcare organizations, physicians are paid using relative value unit (RVU) based compensation agreements, which are complicated. In these situations, RVU-based formulas are the most critical part of a physician’s compensation plan and it is a labor-intensive process which leads to an insurmountable loss of productivity thereby reducing the amount of time devoted to patient care. AiB’s solution has solved this challenge. For more information on how to work with AiB, please visit http://aiblockchainalliance.org This new proprietary blockchain smart contract is built upon the recently open-sourced high-performance Kafka blockchain technology, which is available on GitHub today via the following link: https://github.com/ai-coin/KafkaBlockchain. Anyone interested in a free architecture diagram tutorial to enhance their existing infrastructure enterprise technology should contact AiB immediately.

Stephen Reed, developer and AiB’s Chief Scientist, says, “Our platform has significant application in the healthcare industry and financial institutions where all stakeholders demand continual improvement of security and efficiency. With this issued patent, Ai-Blockchain can deliver its source code across all industry standards in managing digital asset transfers between two parties or multiple parties. AiB’s patented platform is the most efficient, secure and scalable blockchain technology in the world.” Confluent’s Kai Waehner, Technology Evangelist, Enterprise Architect, and Global Field Engineer said, “I am really excited about AiB’s Kafka add-on, “KafkaBlockchain” to build tamper-evidence into scalable streaming applications using Kafka and its whole ecosystem, including Kafka Connect, Kafka Streams and KSQL. This allows customers to build mission-critical and secure applications on top of battle-tested Kafka infrastructure; without the complexity and immaturity of other blockchain products.”

The AiB platform operates seamlessly with Apache Kafka. KafkaBlockchain is a java library for tamper-evidence using Kafka. Messages can be encrypted and made tamper-evident at a rate exceeding 2 million messages per second per topic. AiB’s smart contract blockchain product operates efficiently yet consumes a fraction of the energy required by competing blockchains. The architecture also features tamper-evident security, accountability, and transparency with the lowest costs and highest scalability. Potential use cases include: developing digital identity structures for use with vulnerable populations; enhancing cyber-security to better protect the privacy of all personally identifiable information; securing personal data across financial services; healthcare, real estate, supply chains and other important industries that are migrating to cloud-based solutions.

Ai-Blockchain’s CEO, Drew Hingorani, states, “We truly appreciate the USPTO issuing our patent as we showcase our healthcare solutions enabling physicians to spend more time with patients and demonstrating our blockchain payment cloud platform for a variety of uses across multiple industries. We continue to develop and enhance our private and public blockchain technology and both the cloud and the on-premise solutions are available for companies to collaborate, deploy, evaluate, study and test. Stephen Reed is a respected technology professional with a strong track record of building and creating originative products while leading engineering teams for over four decades using all technologies. Working with him and the team has been educational and uplifting along with meeting interesting people worldwide.”

Joe Bacon, best known for his years of service to Rolls-Royce in the UK, recently stated, “Having researched and conducted proof of concept studies for the industrialization of blockchain technology over several years, a few areas of concern consistently arose: transaction speed, energy consumption, security, data tenancy, and lifecycle costs. I am pleased to say having worked with Ai-Blockchain since 2016, they have addressed all of these issues with their patented technology stack, which utilizes the robust and secure Amazon AWS cloud services for scalability to meet all of the demands of global businesses. I would highly recommend engaging and working with AiB to explore how they can help your business succeed in transforming the way you work, whilst reducing through-life costs compared to Ethereum or other blockchains. I am sure they won’t mind me saying that from a return on investment point of view they significantly outperform larger organizations. The AiB team applied sound architectural designs and provided technology product demonstrations that no other Blockchain or software company did in the same way. I will be pleased to see more people working with AiB in 2020.”

About Ai-Blockchain:

AiB technology and blockchain solutions bring a new class of products to the world. Ai-Blockchain is a privately held technology company that developed a patented blockchain platform on the cloud. Private and public blockchains are proposed for multiple business uses. AiB consultants and employees work remotely to help prevent the spread of COVID-19.

Article Produced By
BitsonlinePR

Read and publish your press release at Bitsonline.com, one of the world's leading news sources on cryptocurrency and the technology that surrounds it.

https://bitsonline.com/ai-blockchain-issued-groundbreaking-patent-for-cryptographic-digital-asset-ledger-solutions/

Thomas ClaimCo.in

OK Blockchain Foundation Launches Eighth and Largest Round of Buy-Back and Burn of OKB the World’s First Fully Circulating Platform Token

OK Blockchain Foundation Launches Eighth and Largest Round of Buy-Back and Burn of OKB, the World’s First Fully Circulating Platform Token


VALLETTA, Malta, June 5, 2020 /PRNewswire/ — OKEx (www.okex.com),

the world’s largest cryptocurrency spot and derivatives exchange, announces that OKB Blockchain Foundation, the issuer of OKB, has launched its eighth and largest buy-back and burn of OKB tokens. From the period between March 1 and May 31, a total of 3,509,874.52 OKB was bought back and burned (equivalent to USD $19,000,000, as per OKB price on June 2, 2020). This represents a $1 million increase from the previous period.

OKB Buy-Back and Burn Initiative

The OK Blockchain Foundation launched the OKB buy-back and burn initiative on May 4, 2019, for the then-circulating supply of 300 million OKB. The goals of buy-back and burn are not to influence the token price but to foster the sustainability of the OKB ecosystem and further the use cases for OKB, therefore benefitting its holders. As of today, after the eighth round of OKB being sent to a black-hole address to burn, a total of 20,671,583.58 OKB has been burned. The current circulation of OKB is 279,328,416.42. After the launch of OKChain testnet in February 2020, the 700 million unissued OKB tokens were also burned and the decision was taken to issue no further tokens in the future. This converted the OKB token into a fully deflationary token as well as the world’s first fully circulating platform token.

Benefits for OKB Users

In order to provide maximum benefits to OKB users, there has been a heavy focus on furthering partnerships and adoption of OKB not only on the OKEx platform but also with global ecological partners. The OKB ecosystem continues to expand, bringing advantages to OKB users in many new and exciting ways.

Updates on OKChain

Since its launch in February of this year, rapid progress has been made on OKChain and the OKChain testnet has recently been updated to version 0.10. This new version optimizes the voting mechanism for ecological nodes and has also kickstarted global recruitment for supernodes. OKB holders will enjoy 100% genesis blocks mapping of the native token of OKChain (OKT) upon launch of the mainnet. OKT fuels the OKChain ecosystem and its users can operate as validators and supernodes and act as voting proxies. OKB holders can also become supernodes in the OKChain ecosystem with greater voting rights over the chain’s development as well as the ability to issue their own DEX and list trading pairs. The first batch of OKChain’s alliances includes public chains, browsers, wallets, and mining pools, and OKChain users can enjoy first-class services offered by OKChain’s top global partners.

More Privileges on the OKEx Platform and Beyond

OKB holders now have increasingly more privileges on the OKEx platform and beyond. Currently, OKB holders can benefit from 14 internal preferential options when trading, including trading fee discounts, the opportunity to invest in promising blockchain assets through OKEx Jumpstart, the chance to earn a passive income with OKB Savings, and payment options at designated merchants.

To meet the increasing demands of its users and continue to develop the OKB ecosystem, OKB has been expanding its trading channels worldwide. These include C2C Trading Pairs (OKB supports many mainstream fiat currencies, including USD, Euro, Korean Won, Vietnam Dong, Indonesia Rupiah and Ruble), and spot trading of OKB on more than 50 exchanges including Bitfinex and BitMEX. These trading channels will continue to expand to benefit OKB holders. OKB has also developed 50 application scenarios worldwide from payments, loans and financial management, to tourism, life services, social networking, and entertainment. OKB holders can enjoy multiple high-quality services from mortgage lending to hotel reservations, and security services using OKB.

Article Produced By
Cryptoshib

cryptoshib.com is author of this content, TheBitcoinNews.com is is not responsible for the content of external sites.

https://thebitcoinnews.com/ok-blockchain-foundation-launches-eighth-and-largest-round-of-buy-back-and-burn-of-okb-the-worlds-first-fully-circulating-platform-token/

Thomas ClaimCo.in

Blockchain and Smart Contracts Have a Dark Side’ Says Researcher

Blockchain and Smart Contracts Have a ‘Dark Side,’ Says Researcher

The immutability of blockchain ledgers and smart contracts have a “dark side,” argues UPenn professor Kevin Warbach.


Blockchain technology crystallizes the rise of “algorithmic power” that today presents a major challenge to traditional forms of sovereignty, legal authority and state-led governance.

So goes the argument in a new post on the Oxford University Faculty of Law blog on Monday by Kevin Warbach, a professor of legal studies and business ethics at the Wharton School of the University of Pennsylvania. Warbach’s forthcoming book After the Digital Tornado: Networks, Algorithms, Humanity will argue that blockchain technology could wreak unintentional havoc if its characteristics are not understood and tackled directly. For Warbach, the immutability of blockchain ledgers and the use of smart contracts — self-executing software code — have an implicit “dark side.” While they are designed to overcome the weaknesses of human or institutional intermediaries, the alternative they create has

its own inherent tensions:

“Contracts of any consequence are generally incomplete; that is to say, they do not precisely specify outcomes for every possible scenario. Smart contracts magnify this incompleteness. They can only express their terms in sharp-edged software code, eliminating the interpretive discretion of human judges and juries.”

While traditional contracts “backstop” human commitments with the legal force of the state, smart contracts use automated, code-enforced decision-making to establish confidence between parties. Attempting to do away with fallible human governance can be “seductive,” he states. Yet too strong a belief in the “perfectly rational vehicle” of computer code to regulate imperfect real-world behavior can have bad results — without any clarity as to who

has the power to resolve them:

“The dark side to immutability is that valid transactions cannot easily be reversed on a blockchain, not that invalid or illegitimate ones cannot be. Immutability creates the potential for catastrophic failures with no clear means of remediation.”

Blockchain technology more broadly should be addressed as a method of governance, poised on the “knife edge of freedom and constraints,” he writes. The paper concludes by recommending an approach that Warbach calls “governance by design.” This means recognizing that “perfect immutability creates systems with unacceptable fragility” that will require integrating governance mechanisms systematically — not as an afterthought — as the technology evolves.

Article Produced By
Marie Huillet

Marie Huillet is an independent filmmaker, with a background in journalism and publishing. Nomadic by nature, she’s lived in five different countries this decade. She’s fascinated by Blockchain technologies’ potential to reshape all aspects of our lives.

https://cointelegraph.com/news/blockchain-and-smart-contracts-have-a-dark-side-says-researcher

Thomas ClaimCo.in

Blockchain in China could be explored in diverse fields as many sense the necessity

Blockchain in China could be explored in diverse fields as many sense the necessity

The Chinese People’s Political Consultative Conference(CPPCC),

the advisory body of the Republic of China, recently emphasized the need for the adoption of the blockchain technology in various sectors in the country. China is one of the countries to be recognized as one of the fast countries to adopt blockchain technology and implement it in various streams.

Need for Blockchain in Fresh Areas

The potential of the blockchain went recognised and the possible applications in all sectors were been analysed. The unique features of the blockchain attract various use cases. The representative of the National People’s Congress, Qian Fangli, stated the possible use of blockchain in risk control management. He said, “Make full use of blockchain to establish an intelligent risk control model.” The member of CPPCC, Cheng Jing also triggered the need of the blockchain in the manufacturing platforms so that they could be upgraded and transformed. The Jiangsu province of China which is known for its intelligent transport system has formulated 8 special action plans around blockchain including other contents.

New Blockchain uses in the Financial Sector

The financial sector is one of the main recipients of the blockchain technology and every day a new way of applying blockchain emerges. Chengdu University of Electronic Technology and Chengdu Jiaozi Financial Holding Group established Jiaozi Financial Holding Blockchain Research Institue.On the other hand, Intel and Ant Blockchain joined hands to use the blockchain to provide credit enhancement for leasing companies. One of the city, Suzhou is the first country to record a ‘blockchain + notary’ administrative law enforcement process record mode.

‘Promote Blockchain in Healthcare’ – National People’s Congress

The representative of National People’s Congress, Zhou Songbo emphasising the importance of blockchain adaption in healthcare sector said, “Promote the integrated application of emerging technologies such as blockchain in the medical system.” Blockchain can also be used to enable all the doctors to achieve identity authentication as specified by CPPCC committee member, Fang Laiying. Other developments in the blockchain space in China include two new moves,

  • Ningbo, a major port and industrial hub in east China’s Zhejiang province issued “Ningbo City Three-Year Action Plan to Accelerate the Cultivation and Innovative Application of the Blockchain Industry(2020 – 2022)”
  • The Blockchain Professional Committee of Hebei Information Industry and Information Technology Association was established.

Wrapping it Up!

Blockchain no doubt has the potential to transform any sector with its unique features. Sooner the features are analysed and adapted into the possible sectors, the more would be the development pace in the country. China too has recognized the blockchain’s power and wish to implement in all possible sectors and strengthen the economy.

Article Produced By
Qadir AK

Qadir Ak – Co-founder of Coinpedia Blog – His interest as crypto Author, Editor, Speaker at cryptocurrency conference has made him known as passionate blogger and startup in Asia.

https://coinpedia.org/news/blockchain-in-china-could-be-explored/

Thomas ClaimCo.in

China blockchain firms may lose access to US capital markets

China blockchain firms may lose access to US capital markets

Sunlight is often said to be the best of disinfectant.

For publicly traded companies, that sunlight comes in the form of transparency and reporting. Last Wednesday, the U.S. Senate took steps toward forcing Chinese companies to adhere to the same transparency rules as other corporations or risk losing access to U.S.-based stock exchanges. For China-based ASIC hardware manufacturers, this new regulation might be the last nail in the coffin for their U.S. capital market aspirations. It could lead to delisting for those already traded.

Controversy has followed many leading China hardware makers when they have attempted to list publically in the past. Canaan and Bitmain were accused of misleading investors regarding their financial well-being in the lead-up to an initial public offering (IPO). Online reports claim Bitmain omitted negative Q2 2018 info on their investment prospectus during its ill-fated first attempt at an IPO listing. A lawsuit filed by Scott+Scott Attorneys accuses Canaan of misleading an investor before their recent NASDAQ sale, which only raised less than one quarter of its $400 million initial target. Ebang has recently announced they filed for a $100 million IPO with the U.S. Securities and Exchange Commission (SEC). The company’s prospectus shows it made over $109 million in 2019, but it also had a deficit of around $41 million.

The IPO move comes two years after its aborted listing on the Hong Kong Stock Exchange (HKEx). Chinese news outlet Sina Finance reported that Ebang halted that $1 billion IPO raise while under a cloud of alleged involvement in illicit financial activities. In late December 2019, 8BTC reported the company was under investigation by Beijing authorities. The bipartisan bill, known as the Holding Foreign Companies Accountable Act, passed unanimously. It requires Chinese companies to disclose if they are owned or controlled by a foreign government. The companies must also submit to an audit that the Public Company Accounting Oversight Board (PCAOB) can review for three consecutive years. There are over 150 Chinese registered companies listed on the most prominent three U.S. stock exchanges. These companies are currently not subject to PCAOB audits.

Some organizations might look to repatriate back home to the stock exchange in Hong Kong or Shanghai rather than submit to this enhanced regulation. Proponents of the bill point to the recent Luckin Coffee scandal were employees fabricated $300 million in sales to justify the critical need for investors to know more about the foreign organization being listed. Alongside new congressional regulations, Reuters reported that the Nasdaq exchange is preparing to unveil its own new restrictions on IPOs, which will also make it more difficult for smaller China-based companies to get listed. Small Chinese firms often pursue IPOs because it allows their founders and early backers to cash out, rewarding them with U.S. dollars they typically cannot easily access. The founders can use their new Nasdaq-listed status to convince lenders in PRC to fund them or get subsidies from Chinese local authorities after going public.

Per the report, what motivates the proposed rules is, in part, concerns that some Chinese IPO hopefuls lack accounting transparency, have low liquidity, and close ties to powerful government insiders. The upcoming rule change will require companies from certain countries to raise $25 million in their IPO or at least a quarter of their post-listing market capitalization. It would also require auditing firms to ensure that their international franchises comply with global standards. Nasdaq will inspect the auditing of small U.S. firms that audit the accounts of foreign IPO hopeful. In any event, the future for these Chinese ASIC hardware companies doesn’t look for investors. Because of the market price stagnation of BTC, there is no demand for their products. Geopolitical issues aside, they built their revenue models based on the demand growing from a digital currency that has no intrinsic value or utility. 

Article Produced By
Jacob Rozen

Jacob is a lifelong system engineer and a longtime advocate for Bitcoin. His goal is to continue learning more about Bitcoin SV while also helping onboard other into the ecosystem.

https://coingeek.com/china-blockchain-firms-may-lose-access-to-us-capital-markets/

Thomas ClaimCo.in

How Blockchain can change the business?

How Blockchain can change the business?

Do you want to know how does this technology work?

What are the characteristics of the blockchain that make it attractive to the business? What are the main application areas and projects underway in 2020? What are the points of attention for CIO and top management? Eefficiency, innovation and cyber security: these are the three priorities on which most of the attention of companies focuses today and in all of these the application of the blockchain can “make a difference”. We see below a brief explanation of what blockchain is, how it works and what the main application areas are. Click on Bitcoin Up to know more.

Federated Byzantine Agreement (FBA)

If those described are the two main protocols, others have been created, partly a derivation of these, partly with totally new elements. Among the most interesting are the Federated Byzantine Agreement (FBA), developed by the Stellar Development Foundation (and used since the second half of 2015 by the Stellar blockchain ) based on trusted units (quorum slices) decided by the individual servers that together establish the level of consent of the system. The difference between public and private blockchain Finally, remember that if the blockchain was born as a public way to carry out transactions, Blockchain 2.0 sees the spread of this technology. And it increases the chances to earn more money. The latter are often the result of the creation of consortia for specific supply chains. We can therefore say that we have:

  • Ppublic blockchain: everyone can access and operate transactions within it or participate in the validation process.
  • Bblockchain consortia: the authorization process is delegated to a pre-selected group (among the main consortia there is for example R3 which groups the largest banks in the world). The possibility of joining the blockchain and of carrying out transactions within it can be public or limited to participants only. This type of permission blockchain is particularly suitable for use in the business world.

3 types of blockchain applications, from bitcoin wallets onwards

Today the applications of this technology can be divided into three macro categories based on the development stage of the technologies used. The Blockchain 1.0 category concerns all financial applications for the management of cryptocurrencies (regardless of the validation protocol used) starting from the historical (and which currently still holds the leadership of cryptocurrencies) Bitcoin. In practice, bitcoins are files that can be saved in each user’s digital wallet. Each bitcoin address in the wallet can be associated with a variable number of bitcoins. And each address (public key) is associated with a digital signature (private key), to make sure that only the owner of a certain address can initiate a transaction linked to it. The Blockchain 2.0 category extends the blockchain to sectors other than the financial sector thanks to the implementation of smart contracts The next step will be that of Blockchain 3.0 with the spread of (decentralized applications): a future in which we will all use blockchain technologies, probably without even realizing it, because they are encapsulated in the “things” connected to each other, without human intervention, with applications that will self-compile.

The “crypto-winter”

After the strong media attention received in 2017, driven by the increase in their price, 2018 is characterized by an unstoppable collapse in terms of capitalization. The whole Blockchain community coined a new term to define this moment: “crypto winter “. But winter hasn’t come for the technology behind cryptocurrencies. The Blockchain continues to arouse great interest from companies. The technology evolves, thanks also to the efforts made by the developer communities that revolve around public Blockchains. Meanwhile, the future remains to be written. In the exposition of this text we will therefore speak of Bitcoin blockchain (with a capital “B”), blockchain technologies (with a small “b”) and Distributed Ledger Technologies or the acronym DLT. So crypto-winter is person who is ready to earn by crypto money. He must aware about latest technology of the crypto and know how to use these techniques to earn money. There are many software which are used by the investor to earn more and more cash using the simple techniques and without doing any affords.

Article Produced By
UseTheBitcoin

https://usethebitcoin.com/how-blockchain-can-change-the-business/

Thomas ClaimCo.in

Can Blockchain be the solution to preventcontrol future pandemics?

Can Blockchain be the solution to prevent/control future pandemics?

The effect of COVID19 on us is as plain as a pikestaff.

Hardly there has been any sector immune to the virus. We are not going to discuss the devastating effects of the virus again. But is there a way out to control pandemics like these in the future? Is there anything government agencies around the world could have done better to reduce the impact of the deadly monster we have amongst us today?

The Build-up

Blockchain is still in its early stages but its capabilities in various industries are not new to us. The amount of data that is generated every-day is beyond one’s imagination and it is only going to creep up. The way to succeed for most organizations today has been taking the path of digital transformation. Now imagine the amount of data that will be generated and the number of transactions that would be recorded every second of the day in the coming time.

Clearly, the next big change we are talking about is having the capabilities to handle this gargantuan amount of data. With so much data and transactions invites another age-old problem – The security of this data. Thus, BlockChain can play a huge part in every sector and it will be imperative for organizations to leverage this technology to cut down on their costs and operate in a smooth manner for the post COVID era. Restricting ourselves to the healthcare sector, Data is the fuel to provide the best care in Healthcare today and BlockChain could be the vehicle to drive us there. It can play a pivotal role in the healthcare sector and all the agencies involved in the healthcare ecosystem could look upon to invest in this technology to control pandemics of a similar scale in the future.

So how can Blockchain help?

In difficult times like this, a proper mechanism needs to be established to gather data and protect that data. Blockchain can be leveraged to collect and collate patient data more efficiently by the government agencies and by those who are part of the health-care ecosystem. Further, patient movements can be effectively monitored to guarantee social distancing. Since we are talking about blockchain, people need not worry about protecting their identity as it is taken care of by blockchain.

Currently, most of the data on COVID-19 is being shared through APIs and the data is being stored on centralized databases, making the whole system vulnerable and prone to data misuse. Being part of the blockchain system will allow the patients to selectively share their data that are important for mitigation efforts while not disclosing the entire information. The data will remain anonymous in the network and the patient will own it entirely. This will reduce the severity of a pandemic like COVID and help most of the businesses to function as close to normal, significantly bringing down the chances of getting infected from such diseases.

Another advantage a decentralized platform like BlockChain can provide is in the Supply management side. The Global supply chain has been compromised in these tough times and there has to be a way around it. HealthCare authorities, especially those concerned in dealing with medical supplies, are at times unclear on sourcing supplies without knowing the origin. Long supply chains cause problems with forecasting and Blockchain can be utilized here to solve the problem. Having Blockchain incorporated in the healthcare supply chain will allow organizations to break the silos and establish a sense of safety. This has already been embraced by IBM with Rapid Supplier Connect and its time all the players slowly implement blockchain as a part of their digital transformation.

Block-chain could be the missing piece of the puzzle in the health-care system that can help authorities to collect data effectively, ensure data interoperability, dismiss fake news, and prevent countries from hiding information. All the federal authorities can begin by taking mini-steps towards adopting BlockChain NOW! The above article is written by guest author Sushil Sali. he has worked for the biggest healthcare insurance platform in the US and is now exploring Blockchain use-cases in the healthcare and other industries. 

Article Produced By
Guest Author

https://blockmanity.com/blockchain/can-blockchain-be-the-solution-to-prevent-control-future-pandemics/

Thomas ClaimCo.in

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