The ways that blockchain will change your life

The ways that blockchain will change your life

  

Blockchain is an intriguing concept to explore

Starting to gain traction in the mainstream, this technology has a lot of far-reaching potentials. Blockchain is an intriguing concept to explore. It is a digital ledger that entails transactions, working with data arranged through a series of records called blocks. This uses a secure system and is essential for managing financial data as well as the development of the Bitcoin. With all the hype that it’s received over the past year with Santander and others announcing that they are setting up their own internal Blockchain systems, it begs the question as to why blockchain is all of a sudden so appealing.

For those who already own a few Bitcoins but keep them and want to exchange for the higher price, there are many options to calculate, how rich you are. Even if you haven’t mined or bought Bitcoin yet, there are ten good ways how the underlying technology of blockchain will impact your life. These entail points on security, simplicity, and how well it works with your budget in mind.

It makes things secure

Blockchain technology is very secure and effective. You can get all transactions validated when adding blocks. This is thanks to how the blockchain system reads more data and is very transparent. The data gathered can be read by multiple databases. Encryption is not included in the blockchain system. You can still add that if desired. Digital signatures may also be added to confirm one’s identity when using it. Such signatures can also regulate read/write access rights.

The identities of people who work with the system can also be secured if needed. Proper certificates can be used to allow people to log onto a setup and use it. This allows the certificate to be used in lieu of an actual person’s name. This may work with a setup that keeps individuals from being identified. In some cases, the business running it may be listed but the individual responsible for triggering a transaction will not be listed.

Additional control is possible

You will get more control over any blockchain system you use. You can adjust your content in any way that you see fit. In particular:

● You can create limits as to what specific parties can do with a blockchain setup.
● The central owner of a block of data can be determined. You can adjust the identity of the owner to make whoever is in charge of a certain part more accountable.
● Limits can be created with regards to what people can or cannot do with a blockchain. This is especially for when you are trying to keep certain people from accessing specific spots.

You can use blockchain in cases where you need to get many parties to read the same data but while also maintaining some control. There is no limit to the amount of protection that you can add to it. This adds a setup that isn’t too hard to use without being complicated or far too technical.

It is a more durable solution

The blockchain setup uses a series of decentralized networks. This allows blockchains to be read by more parties. As a result, there are no central points of failure. It is easier for the blockchain system to handle any possible failures that may develop.

Transactions run faster

Transactions are easy to handle within the system. A universal system is used with the same kind of interface. This does not require any outside standards from separate providers. Confirmation times can vary on the system. It often takes less than half an hour of a transaction to be managed. It can take a few hours in some instances but such cases are rare.

Transaction costs are reduced

A great part of blockchain is that it uses no third parties for managing transactions. As a result, funds will be easy to move without spending too much money on each one. It often costs less than $10 USD to get a single transaction managed. The cost varies but it is typically around that total.

Only one ledger is required

You only need one ledger to get a blockchain transaction handled. This is another benefit of there being no third parties involved. Therefore, you can process a transaction quickly and effortlessly.

Transparency is possible

With a blockchain transaction, you can learn all about what happens. You will learn everything you need to know about an individual block by looking it up. You’ll find details on:

● How many transactions are involved in a single block
● Transaction fees
● The approximate volume of the block
● The size of the block
● Who is relaying that block
● How much time it takes to get some transactions reviewed

The information you will get is extremely detailed. It does require a bit of extra technical knowledge in some instances.

It is a direct solution

The blockchain system is made as a direct solution. All parties involved with a blockchain can alter the chains they find. Information on all prior blocks will also be made available online. With this, people can get a clear idea of how the system works. They won’t have to worry about any suspicious details in their chains.

Energy credits may be available

You may be able to get energy credits depending on where you are located. Blockchains may be generated for acquiring renewable energy credits. This helps you to get a business or other entity to work with solar or wind power or with other renewable energy options. This is useful if you are planning on generating renewable energy. This includes energy used for private purposes. This is useful but you must watch for the total credits you will earn versus what you might spend on energy. This includes looking at how much money it costs to generate energy used to produce a new blockchain.

Digital signatures may be required

The last improvement that blockchain uses comes from digital signatures. A digital signature is a setup that encrypts data with a digital code. This should entail a setup that is difficult to read without a proper encryption key. This helps to make it easier for you to get the most out of your security. You should look at how blockchain can be of benefit to you. This makes it easier for transactions to be made while also being fully transparency. The simplicity that comes with the setup is especially important. Be sure to consider it for your general use in the future.

Chuck Reynolds
Contributor

Alan Zibluk Markethive Founding Member

How Blockchain Technology Will Dominate The Travel Sector

How Blockchain Technology Will Dominate The Travel Sector
 

Blockchain Technology can be a Valuable

CEO of CellPoint Mobile, which develops payment solutions & technologies that help airlines & travel companies. I am among those enthusiasts who believe that blockchain technology can be a valuable corporate finance tool outside of the banking sector. Airline industry CFOs and finance executives throughout the travel sector belong on the growing list of beneficiaries as well. As the backbone of digital currency, blockchain is already revealing its value in areas such as transparency, data security, logistics and process simplification, and even regulatory compliance. Recently, Walmart and IBM announced a pilot project to apply blockchain technology to Walmart's global supply chain management system.

Of course, not every company is a candidate for blockchain applications: A recent Wharton analysis concluded that a company must determine whether blockchain is suitable based on multiple factors. The rationale for embracing blockchain technology will make the most sense — and take on a degree of urgency — if the business structure involves any number of parties that need trust and inter-party data access and management. As a provider of mobile commerce and payment solutions for travel companies, this makes the travel sector an ideal candidate in my book.

More Business Equals More Revenue 

The travel business is complex and fragmented – ask any travel sector CFO or technology vendor. In addition to operational and financial challenges connected with protecting and growing their business, travel executives face distinctive challenges in their efforts to protect their customer base. Among the most pressing is identity management as security concerns persist and passenger numbers grow exponentially.

As the Walmart pilot suggests, there is growing evidence of blockchain's value on an operational level. But its potential benefits, including security features, extend to "soft" yet vital airline success factors, such as customer satisfaction and retention. For example, with blockchain processes serving as the underlying authentication layer for biometric-equipped mobile and wearable devices, a passenger's experience becomes easier, faster and more satisfying. They can verify their identities, purchase travel products, and ancillary services before, during and after their trips. They can communicate with airlines in a variety of new and engaging mobile formats without pulling out IDs and expose personal financial information every single time.

To extend the vision from a passenger's perspective, imagine going from home to the airport for a flight, then from the destination airport to your hotel and straight to your room without standing in a single line or sharing your personal data. Managing frequent flyer and loyalty programs and tracking baggage can also be a piece of cake, using blockchain technology as the information "connector." The beauty of this vision is that it serves as a genuine win-win for both the airline and its customers. And by contributing to customer satisfaction, an airline is much more likely to retain and grow that source of revenue, not to mention the range of ancillary purchases that become easier with blockchain technology.

From Visionary To Commonplace

Airlines and governmental bodies are already investing in the idea of a universally accepted blockchain ID, to both simplify travel and make it safer. The International Air Transport Association (IATA) and the U.S. Department of Homeland Security are important players, yet airlines and other travel companies must wrestle with the fact that innovation is being driven outside of their industries by companies such as IBM, Google, and Apple. Venture capital continues to pour into the bitcoin and blockchain world, with an estimated $1 billion in VC funding since 2014.

As the blockchain universe evolves within the travel sector, it holds the potential to integrate new products and services without excessive investment costs or overly complicated implementation efforts. Granted, this will not happen overnight. It will likely take another three-to-five years before blockchain technology matures to the point of widespread adoption, and perhaps even longer before many airlines and travel-related businesses understand out how to embrace and monetize blockchain. Only then can they affect change throughout the enterprise.

Chuck Reynolds
Contributor

Alan Zibluk Markethive Founding Member

Arizona Lawmakers Pass Blockchain Records Bill

Arizona Lawmakers Pass Blockchain Records Bill

  

Arizona's legislature has cleared a bill that would recognize blockchain signatures and smart contracts under state law, sending it to the governor's desk for final approval.The measure, as previously reported by CoinDesk, would make data tied to a blockchain "considered to be in an electronic format and to be an electronic record" in Arizona. It also notably featured language specifically related to smart contracts, signifying an effort to capture new kinds of delivering information – in this case, via blockchain – under existing rules.

The bill's authors wrote:

"'Smart contract' means an event-driven program, with state, that runs on a distributed, decentralized, shared and replicated ledger and that can take custody over and instruct transfer of assets on that ledger."

Public records show that the bill was sent to sent to Gov. Doug Ducey's office on 27th March after clearing the Senate by a 28-1 vote on the 23rd. While it's not immediately clear if or when the governor will sign the bill, the broad support the bill saw in the legislature – members of the legislature's lower chamber approved it unanimously late last month – suggests the measure could ultimately get the green light. The bill is akin to legislation passed and signed into law last year in Vermont. Lawmakers in the state proposed allowing data embedded on a blockchain to be used in a court of law.

IBM Unveils Blockchain Platform for Oil Trade Finance

A group of companies including IBM has spearheaded the development of a new blockchain-based crude oil trade finance platform.Along with IBM, commodities trading group Trafigura and corporate investment bank Natixis took part in the creation of the platform, built using code from the Linux Foundation-led Hyperledger project. IBM’s BlueMix cloud hosting service is also being utilized.

Within the system, parties can view transaction data as it is published on the blockchain. The platform also hosts documentation and updates on shipments, deliveries, and payments. Natixis, a member of the R3 distributed ledger consortium, is no stranger to trade finance applications of blockchain, having joined with the "Digital Trade Chain" project last year. According to Arnaud Stevens, Natixis’ head of global energy and commodities in New York, the bank sees the tech as potentially bringing down costs while also boosting procedural transparency.

Stevens said in a statement:

"We want to use blockchain to optimize the antiquated arena of commodity trade finance. The current process is paper and labor intensive, we have multiple friction points with high processing costs and limited automation. Distributed ledger technology brings some much-needed innovation into our industry."

The platform’s introduction marks the latest bridging of the blockchain and trade finance worlds. It’s an application that has attracted significant interest from a range of companies and governments worldwide, including Dubai. Many of the world’s banks also continue to push ahead with related projects focused on the commodities trade.

Chuck Reynolds
Contributor

Alan Zibluk Markethive Founding Member

Ethereum style smart contracts for Bitcoin in June

Ethereum style smart contracts for Bitcoin in June

Ethereum style smart contracts for Bitcoin in June
 

Ethereum has gained a lot of attention over the past year or two as it became the second most valuable cryptocurrency by market cap. The platform enables the execution of smart contracts, a feature coming to Bitcoin in the form of RSK.

On a recent episode of Coin Interview, RSK’s co-founder, Gabriel Kurman, claimed that RSK’s private testnet will turn into a public testnet on May 22nd at the 2017 Consensus conference. RSK will then be launched on Bitcoin’s mainnet approximately a month later.

“RSK goal is to add value and functionality to the Bitcoin ecosystem by enabling smart-contracts, near instant payments and higher-scalability.”

A smart contract is simply a computerized transaction protocol that executes the terms of a contract. According to the Elements Project, smart contracting platforms with more expressive scripting systems, such as Ethereum and RSK, are attractive to developers as Bitcoin’s scripting system is limited by design for security reasons.

Ethereum is in essence a programmable blockchain. Rather than giving users a set of predefined operations, such as bitcoin transactions, the platform allows users to create their own operations, of any complexity. In this way, it serves as a platform for many different types of decentralized blockchain applications, including but not limited to cryptocurrencies. “Ethereum allows us to move much faster than building on Bitcoin due to its turing complete script,” explains Augur co-founder Joey Krug.

The team behind RSK has done everything they can to make it easy for Ethereum developers to move to their platform. According to the original RSK white paper, the platforms virtual machine is backwards compatible with the Ethereum virtual machine (EVM), which “gives the opportunity to developers working on Ethereum to benefit from the robustness of the BItcoin blockchain.” The EVM allows developers to create applications using programming languages modelled on existing languages like JavaScript and Python.

Ethereum co-founder Charles Hoskinson has hypothesized that the smart contracts written on top of these kinds of systems will be released on multiple platforms. The process would look similar to releasing mobile applications for both iOS and Android, developers may decide to release their applications on Ethereum, RSK, and Ethereum Classic.

In addition to RSK’s advanced smart contract capabilities, the sidechain also has the potential to decrease the transaction burden on the main Bitcoin blockchain. “We have the Lumino Transaction Compression Protocol (LTCP), which allows 2,000 transactions per second on chain and the Lumino Network which will allow up to 20,000 transactions per second off chain,” said Kurman. “Every single developer is going to be able to plug in, and run their contracts. It’s going to operate against the Bitcoin testnet for a month approximately, and then we’re going to apply [it] to the Bitcoin mainnet.”
 

“We expect RSK to be multiple times more secure than other platforms because it has Bitcoin’s hashing power behind it, and it's fuel should cost 1/10th of that of Ethereum. RSK is subsidized by Bitcoin, plus its virtual machine is six times faster than Ethereum’s given Sergio Lerner's improvements.” – Gabriel Kurman RSK co-founder

The initial version of the RSK sidechain will not require any changes to the underlying Bitcoin protocol to implement the necessary 2-way peg (2WP) to work with Bitcoin. The 2WP allows the transfer of bitcoins from the Bitcoin blockchain to a secondary blockchain and vice-versa. The “transfer” is in fact an illusion: bitcoins are not transferred, but temporarily locked on the Bitcoin blockchain while the same amount of equivalent tokens are unlocked in a secondary blockchain. The original bitcoins can be unlocked when the equivalent amount of tokens on the second blockchain are locked again in the secondary blockchain.

 

In the short term a federation will manage the multisign keys to release the bitcoin on the way back from the peg, Kurman explains. According to the RSK website, well-known Bitcoin companies, such as Xapo and Bitpay, have signed up to be notaries for the sidechain. According to Kurman, these notaries will participate in the governance of the federation, and provide more services to RSK. “The federation will provide multiple services in the future on top of the peg such as security checkpoints in each block, oracle services, and providing liquidity,” he said.

 

According to Kurman, miners already have the ability to merge mine the private RSK testnet. “Bitcoin India is already merge-mining with 100% of it's hashing power. Most other major pools are testing the plugin,” said Kurman. “Once a separate soft fork is implemented in Bitcoin, the release [of bitcoins on the sidechain] will be done by a combination of miners and federation — hence a hybrid 2-way peg.”

RSK currently has 30 partners building on the platform from multiple different industries. “Once the source code becomes public and the platform open on May 22, we expect a lot of use cases being ported to RSK given its full compatibility with Ethereum,” Kurman stated.
 

David Ogden
Entrepeneur

 

Kyle Torpey, – Author

Alan Zibluk Markethive Founding Member