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Executive's Guide To Implementing Blockchain Technology

Executive's Guide To Implementing Blockchain Technology

Executive's guide to implementing blockchain technology The technology behind the cryptocurrency bitcoin is one of the internet's most promising new developments. Here's how businesses can use it to streamline operations and create new opportunities. Blockchains are one of the most important technologies to emerge in recent years, with many experts believing they will change our world in the next two decades as much as the internet has over the last two. Although it is early in its development, firms pursuing blockchain technology include IBM , Microsoft , Walmart , JPMorgan Chase, Nasdaq , Foxconn, Visa, and shipping giant Maersk . Venture capitalists have so far poured $1.5 billion into the space, with storied firms such as Andreessen Horowitz, Kleiner Perkins Caufield and Byers, and Khosla Ventures making bets on startups. See also: The risky business of bitcoin: High-profile cryptocurrency catastrophes of 2017 The applications for blockchain technology seem endless. While the first obvious ones are financial -- international payments, remittances, complex financial products -- it can also solve problems and create new opportunities in healthcare, defense, supply chain management, luxury goods, government, and other industries. CNET: Bitcoin: Big in investing, but still lousy for buying a sandwich In more advanced stages, the technology could give rise to what Gartner calls "the programmable economy," powered by entirely new business models that eliminate all kinds of middlemen, machine networks in which devices engage in economic activity, and "smart assets" in which some form of property such as shares in a company can be traded according to programmable or artificial intelligence-based rules rather than the control of a centralized entity. What is blockchain: A b Continue reading >>

Blockchain - Ibm Cloud

Blockchain - Ibm Cloud

The cost of a blockchain network is shared across its members. Flexible membership plans enable each ecosystems unique needs for compute, performance and isolation. Participants in the network, join the network via one of several Membership Plans. Initiate a new blockchain network including setting democratic network policies and inviting new members to join. Join a network, as a new member, based on an invite from the network initiator. A Certificate Authority (CA) for issuing certificates to other network participants to enroll in the network A Network Peer enabling the invocation and validation of transactions Network Dashboard for managing and monitoring network resources Click an image to enlarge and view screen captures, slides, or videos. Screen caps show the user interface for the service after it has been provisioned. Continue reading >>

Bitcoin Fees Are Skyrocketing

Bitcoin Fees Are Skyrocketing

Bitcoin network has struggled to process more than four transactions per second. by Timothy B. Lee - Dec 11, 2017 3:42 pm UTC Rising demand has caused Bitcoin's transaction fees to skyrocket. Timothy B. Lee, using data from Blockchain.info The cost to complete a Bitcoin transaction has skyrocketed in recent days. A week ago, it cost around $6 on average to get a transaction accepted by the Bitcoin network. The average fee soared to $26 on Friday and was still almost $20 on Sunday. The reason is simple: until recently, the Bitcoin network had a hard-coded 1 megabyte limit on the size of blocks on the blockchain, Bitcoin's shared transaction ledger. With a typical transaction size of around 500 bytes, the average block had fewer than 2,000 transactions. And with a block being generated once every 10 minutes, that works out to around 3.3 transactions per second. A September upgrade called segregated witness allowed the cryptographic signatures associated with each transaction to be stored separately from the rest of the transaction. Under this scheme, the signatures no longer counted against the 1 megabyte blocksize limit, which should have roughly doubled the network's capacity. But only a small minority of transactions have taken advantage of this option so far, so the network's average throughput has stayed below 2,500 transactions per blockaround four transactions per second. Bitcoin has a transaction fee system to handle situations where demand for the network exceeds its capacity. Whenever someone submits a transaction to the network, they have the option to include a transaction fee that goes to whichever miner includes that transaction in a block. If there are more transactions than will fit into one block, miners can be expected to choose the transactions with th Continue reading >>

Initial Coin Offering (ico) Risk, Value And Cost In Blockchain Trustless Crypto Markets

Initial Coin Offering (ico) Risk, Value And Cost In Blockchain Trustless Crypto Markets

On July 25th 2017 the SEC published guidance indicating that US securities laws may apply to token sales, effectively recognizing crypto coins associated with entities such as the DAO as a new asset class. In Mutual Distributed Ledgers, or Blockchains, trust is embedded and no explicit chain of trust is necessary. Smart contracts running on a Blockchain allow to create objects with various degrees of liquidity and to automate the operations of a fund, enabling trustless crypto markets. Despite great promise, the sources of uncertainty and risk in such trustless settings are not yet well understood; for instance The DAO (Decentralised Autonomous Organisation), which was the worlds first decentralised investment fund, went from being the largest crowdfunding event in history to get about a third of its assets compromised due to an attack from a shareholder. The dual nature of money shared by a Blockchain calls for a novel approach: a DAO is a listed entity by default, and its projects might be financial instruments as well, so we use network correlations to study portfolio risk diversification. Furthermore, automated corporations are essentially about decentralized intelligence, so we need to consider the strategic nature of the social world; for this we map the vector field and use signal processing to investigate volatility in traffic flows. The primary objective of the study is to determine factors that affect cash flows in decentralized applications, to enhance the understanding on whether decentralized organizations are perceived as truly trustless entities, or, if investors are rather forced to trust in the design. The target audiences of this paper are Government regulatory authorities, Banking sector and Stock markets. Keywords: Blockchain, Smart Contracts, Econo Continue reading >>

Forever Isnt Free: The Cost Of Storage On A Blockchain Database

Forever Isnt Free: The Cost Of Storage On A Blockchain Database

Internet Policy Intern at IPDB Foundation. Forever Isnt Free: The Cost of Storage on a Blockchain Database Cloud storage services work as follows: You pay a monthly fee up front for a fixed amount of storage space. During the paid time, you can use any amount of storage space up to that limit. When your paid time expires, you have two choices: pay for another month or your files get deleted. Your cloud provider only keeps your files for as long as you keep paying. Blockchain databases cant work on this model. A blockchain database must store data indefinitely, so the recurring payment model doesnt work. Data storage costs must be paid up front, and must cover not just that month but all the months and years to come. IPDB has developed a sustainable model for the long term storage of data: a one time, up-front payment that covers the cost of indefinite data storage. The payment must be enough to cover the cost of storage and the IPDB Foundations operating expenses. This blog post is a deep dive into the numbers that led to a single per-GB price point the cost of storing data indefinitely in a blockchain database. This kind of analysis has been lacking in the hype around blockchain technology. There are many problems that could be addressed with blockchain technology, but without an understanding of what a blockchain solution will cost, it is impossible to say whether economic efficiencies can be achieved. This post is a first step toward understanding which use cases could truly benefit from the application of blockchains. Before we dive into the model, lets outline some of our underlying assumptions: Conservative predictions: As a general rule, we have tried to keep estimates and assumptions very conservative. We would rather have happy surprises than unhappy surprises Continue reading >>

The Cost-cutting Potential Of Blockchain

The Cost-cutting Potential Of Blockchain

Michael Casey and Caitlin Long on the host of industries that can be made much more efficient MICHAEL CASEY | The absence of a common record is a very costly problem. Photo: Nikki Ritcher for The Wall Street Journal Blockchain, the technology behind bitcoin, is coming of age. Its being applied in a lot of new realms. To explore its potential to cut costs, Deepa Seetharaman, a reporter with The Wall Street Journal, spoke with Michael Casey, senior adviser at the MIT Media Labs Digital Currency Initiative, and Caitlin Long, the former president and chairman of Symbiont, a platform for institutional uses of blockchain technology. Edited excerpts follow. MS. SEETHARAMAN: What could be some new uses for blockchain? MR. CASEY: When companies think about it, they need to think about their industry or their partners, and how do they come together. Certainly logistics. And the financial sector, just because of all of this reconciliation, all of this multiple back-checking and everything else. The back office processes we have are incredibly cumbersome. MS. LONG: Think about all of the places in business where you share information with counterparties and then you go and reconcile. The financial industry, the health-care industry, the supply-chain industry and government are the obvious places where theres tremendous duplication of information. We could pull efficiencies out by allowing everyone to share infrastructure. Basketball Lessons on Building a Winning Team MS. SEETHARAMAN: How much money could be saved doing that? MS. LONG: Well, its interesting, because when I was at Morgan Stanley, as a side interest, I got into bitcoin very early. And I remember when Accenture first came out with an estimate of potential cost savings in the financial industry from using blockchain. E Continue reading >>

Australia's Asx Selects Blockchain To Cut Costs

Australia's Asx Selects Blockchain To Cut Costs

December 6, 2017 / 10:37 PM / 4 months ago Australia's ASX selects blockchain to cut costs (This version of the story corrects paragraph 7 to show ASX plans releasing timetable for transition to new system in March 2018, not make it operational in March 2018) FILE PHOTO - An investor looks at a board displaying stock prices at the Australian Securities Exchange (ASX) in Sydney, Australia, July 17, 2017. REUTERS/Steven Saphore (Reuters) - Australias ASX Ltd ( ASX.AX ) said on Thursday it would replace its registry, settlement and clearing system with blockchain technology to cut costs for customers. The decision to replace the Clearing House Electronic Subregister System (CHESS) on Australias main bourse follows two years of testing of distributed ledger technology, also known as blockchain. We believe that using DLT to replace CHESS will enable our customers to develop new services and reduce their costs, ASX Managing Director and CEO Dominic Stevens said. The move will make the Australian Securities Exchange one of the biggest mainstream financial markets to use the relatively new ledger system, best known as the technology underpinning the bitcoin crypto-currency. Blockchain is a shared, verifiable and permanent record of data that is maintained by a network of computers. Banks and other large financial institutions have ramped up their investments in the technology over the past few years, hoping it can simplify and cut the cost of back-office processes. ASX expects to propose a timetable in March 2018 for transition to the new system, with a final date to be determined in consultation with market participants. The system would be designed without access barriers to non-affiliated market operators and clearing and settlement facilities. It also would give ASX custom Continue reading >>

The Truth About Blockchain

The Truth About Blockchain

Contracts, transactions, and records of them provide critical structure in our economic system, but they havent kept up with the worlds digital transformation. Theyre like rush-hour gridlock trapping a Formula 1 race car. Blockchain promises to solve this problem. The technology behind bitcoin, blockchain is an open, distributed ledger that records transactions safely, permanently, and very efficiently. For instance, while the transfer of a share of stock can now take up to a week, with blockchain it could happen in seconds. Blockchain could slash the cost of transactions and eliminate intermediaries like lawyers and bankers, and that could transform the economy. But, like the adoption of more internet technologies, blockchains adoption will require broad coordination and will take years. In this article the authors describe the path that blockchain is likely to follow and explain how firms should think about investments in it. Weve all heard that blockchain will revolutionize business, but its going to take a lot longer than many people claim. Like TCP/IP (on which the internet was built), blockchain is a foundational technology that will require broad coordination. The level of complexitytechnological, regulatory, and socialwill be unprecedented. The adoption of TCP/IP suggests blockchain will follow a fairly predictable path. While the journey will take years, its not too early for businesses to start planning. Contracts, transactions, and the records of them are among the defining structures in our economic, legal, and political systems. They protect assets and set organizational boundaries. They establish and verify identities and chronicle events. They govern interactions among nations, organizations, communities, and individuals. They guide managerial and social Continue reading >>

Blockchain Wallet Review 2018 | Features & Fees | Finder.com

Blockchain Wallet Review 2018 | Features & Fees | Finder.com

Advanced security features, such as 2-step verification. You can choose to see your balance reflected in your local currency. User-interface design is intuitive and can be easily navigated. As a privacy measure, Blockchain automatically generates a new wallet address after each digital transaction. The company is based in Luxembourg, a country noted for having a legal structure that protects individual privacy. You can easily pair your web wallet with a mobile device by scanning a QR code. You can buy and sell cryptocurrencies directly through your Blockchain wallet. Online wallets, as a whole, are generally considered to be more vulnerable to security breaches than offline wallets. Some users may find it a cumbersome process to go through identity verification to access their individual Blockchain wallets. Blockchain Wallet is only compatible with bitcoin and Ethereum. You cannot purchase cryptocurrencies with fiat directly through Blockchain Wallet. Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed. Blockchain Wallet is a digital wallet platform developed by th Continue reading >>

My Blockchain Fee Is Too High. Why? What Should I Do?

My Blockchain Fee Is Too High. Why? What Should I Do?

My blockchain fee is too high. Why? What should I do? For fastest bitcoin transfers and exchanges, each transaction requires a blockchain fee . The fee is usually low, however sometimes higher fees are needed to complete your transfer or exchange. This article will explain why this happens and how you can avoid high blockchain fees. A. Blockchain fees depend on several factors including network congestion, transaction confirmation times (affected by liquidity providers), and blockchain size (as measured in kilobytes; affected when converting bitcoin from multiple inputs such as faucet earnings or other micro-transactions). In other words, you may need to pay higher blockchain fees if: the Bitcoin network is busy or loaded at the moment. Usually, the fee increases during sudden bitcoin rate fluctuations and major world events; your bitcoin wallet has a history of microdeposits (like referral bonuses). If your wallet has large amounts of small deposits, the size of your transaction will be bigger as it will consist of many inputs. The bigger the transaction size, the higher the blockchain fee. A more detailed explanation about transaction size, inputs and outputs can be found in Bitcoin Wiki article. There might be other reasons that cause higher blockchain fees, but we listed the most common ones. Q. Is there anything Wirex can do about that? A. Yes. While we cannot influence the Bitcoin network's blockchain capacity and average transaction fees in the network, we still want to support small exchange amounts for the sake of our customers in countries where $10 transfers are popular. We are working to increase the number of liquidity providers so that we can process small exchange amounts 'off-chain' (outside of the blockchain network). This solution will not incur any b Continue reading >>

Ups Is Betting Big On Blockchain To Lower Costs And Up Security

Ups Is Betting Big On Blockchain To Lower Costs And Up Security

UPS Is Betting Big on Blockchain to Lower Costs and Up Security UPS announced on December 19, 2017 that they will join the Blockchain in Transport Alliance (BiTA) , a group dedicated to utilizing blockchain tech in the trucking industry to secure data transfers and speed up transactions.In the U.S., our reliance on the shipping industry has grown tremendously with the increasing popularity of ordering items online instead of shopping in-store. In 2015, freight and logistics was nearly a $1.5 trillion industry, and that number is only expected to go up. But while we may be relying more and more on the shipping industry, its foundation is crumbling. The industry was not built with this level of growth in mind, and is prone to both inefficiency and fraud which may be why UPS is betting big on blockchain. The FBI estimates a loss of about $30 billion in cargo theft annually in the U.S. But while this has been an existing problem for years, it will likely only increase as the industry grows. Blockchain could be the answer by lowering costs and upping efficiency and security. Basing shipping and transactions on a blockchain system will also increase transparency, potentially giving consumers much more information about the process and location of their package. If this turns out to be a successful integration, this is fantastic news for consumers. Not only could shipping costs be lower, but shoppers might be granted more information, transparency, and ensured security throughout the process. Linda Weakland, UPSs Director of Enterprise Architecture and Innovation, explained in a company statement : The technology has the potential to increase transparency and efficiency among shippers, carriers, brokers, consumers, vendors and other supply chain stakeholders. This would spell Continue reading >>

How Much Should A Blockchain Cost? The Compelling Case For Higher Fees

How Much Should A Blockchain Cost? The Compelling Case For Higher Fees

How Much Should a Blockchain Cost? The Compelling Case for Higher Fees Mar 21, 2018 at 04:15 UTC|UpdatedMar 21, 2018 at 14:09 UTC According to a group of researchers, cryptocurrency users are a bunch of freeloaders. Well, maybe they wouldn't go that far, but they argue users aren't paying for certain data they should be paying for, and in turn, are putting the growth of blockchain networks at risk. At least that's the finding put forth by a new paper that outlines a system for how higher fees could be charged based on the amount of data users need to store on a blockchain and the amount of time their data needs to be stored. It's a controversial finding since rising transaction fees have set many cryptocurrency communities into infighting as various stakeholders debate the solutions for scaling blockchains and pushing fees down. For instance, bitcoin's notorious scaling debate many times circled around growing transaction fees, which hit an average of $52at their highest but have since fallen significantly to $1.30, according to BitInfoCharts . Still, IOHK research fellowAlexander Chepurnoy believes part of the problem is that miners just don't have good ways of pricing their services accordingly. "Miners are judging fees on bitcoin for bandwidth consumption, so for transaction size, and that's it. The idea of our research is we have few a different things we need to charge for." Indeed, because of the way transaction fees are decided in most cryptocurrencies today, Chepurnoy said, users are incentivized to overuse some data, making blockchain full node software grow and become more cumbersome to spin up and run - which he argues is a bad thing, since full nodes are the most secure way to interact with the bitcoin network. The pool of data tracking who owns which crypt Continue reading >>

How To Calculate Bitcoin Transaction Fees When Youre In A Hurry

How To Calculate Bitcoin Transaction Fees When Youre In A Hurry

How to Calculate Bitcoin Transaction Fees When Youre in a Hurry Calculating transaction fees is like riding a bike or rolling a cigarette: simple when you know how, but frustratingly complex otherwise. UX improvements over the last few years have made bitcoin easier than ever to send and receive, but fee calculation is still something of a dark art. The following resources make fee calculation a doddle. See also: The Curious Case of the New Dragonmint Bitcoin Miner In this life, nothing comes for free. You wanna send bitcoin, youve got to pay the piper, namely the miners whose machines secure the network and confirm the hundreds of thousands of transactions that pass through it every day. Back in the day, when one bitcoin cost tens or hundreds of dollars, no one paid too much attention to fees; they were so small as to be unimportant, which is why sites like Satoshi Dice were able to flourish, permitting idle bitcoiners to send scores of micro-transactions over the blockchain with scant regard for fees. Fee calculation isnt as easy as the experts would have you think. The less blockchain congestion there is, the faster your transaction will be confirmed. In addition to earning a reward for solving the next block, miners receive the fees attached to any transactions on that block. The current reward per block is 12.5 BTC, but the miner may receive a figure closer to 13 BTC by the time fees have been added on. Although there is technically no obligation to attach fees to a transaction, there is also no obligation for the miner to include any transaction in the block theyre confirming. Thus it makes sense to include a fee to incentivize the miner to add the transaction to the block. Miners prioritize transactions with the highest fee per byte, which is why senders who are Continue reading >>

Blockchain Technology | Microsoft Azure

Blockchain Technology | Microsoft Azure

The more replicas there are, the more authentic the ledger becomes. Microsoft is bringing blockchain to the enterprise, working with customers, partners, and the blockchain community to continually advance its enterprise readiness. Our mission is to help companies thrive in this new era of secure multiparty collaboration by delivering platforms and services that any companyincluding ledger startups, retailers, health providers, and global bankscan use to improved shared business processes. As an open, flexible, and scalable platform, Azure supports a rapidly growing number of distributed ledger technologies that address specific business and technical requirements for security, performance, and operational processes. Our Data and AI platform provides unique off-chain data-management and analysis capabilities that no other platform offers. And the vast Microsoft partner ecosystem extends the capabilities of our platforms and services in unique ways that fit specific workload and industry needs. Azure provides a rapid, low-cost, low-risk, and fail-fast platform for organizations to collaborate on by experimenting with new business processesand its all backed by a cloud platform with the largest compliance portfolio in the industry. Get started on the blockchain that best fits your scenario with our easy-to-deploy templates for the most popular ledgers. Whether you're modeling your shared process through a single-member proof of concept or building a multimember consortium, we offer tools that reduce the time you spend building and configuring your blockchains network infrastructure, so you can focus on building your workflows and smart contracts. Build and connect distributed applications, and integrate Blockchain with the cloud services and tools your organization alrea Continue reading >>

Skyrocketing Fees Are Fundamentally Changing Bitcoin

Skyrocketing Fees Are Fundamentally Changing Bitcoin

Skyrocketing fees are fundamentally changing bitcoin Fees as high as $28 are destroying bitcoin's value for small payments. by Timothy B. Lee - Dec 19, 2017 5:28 pm UTC Originally, one of bitcoin's big selling points was that payments would be fast, convenient, and cheap. "The cost of mediation increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small casual transactions," wrote bitcoin founder Satoshi Nakamoto in the white paper announcing the technology. "With bitcoins, transfers can take place across continents and timezones with no problems, no timelags, and only minuscule transaction fees," wrote economics reporter Felix Salmon in 2013. Until the beginning of this year, bitcoin fees tended to be well below $1, and often less than $0.10. Bitcoin supporters liked to point out that fees on the bitcoin network were often a lot less than the fees merchants paid to accept credit card payments. But in recent months, bitcoin's popularity has outstripped the network's ability to cope with growing demand. As a result, the bitcoin network today is a radically different animal. Fees are highthe average transaction yesterday cost around $28. And that is having huge implications for the ways bitcoin is being used and the kinds of businesses being built on top of it. Indeed, companies that are trying to realize Nakamoto's vision of bitcoin as a platform for "small casual transactions" are starting to shift to alternative networks, because it's impossible to support small transactions when each transaction costs $20 in fees. Rising transaction fees have been a huge headache for Bitpay Consider Bitpay, one of the first successful bitcoin startups. Bitpay makes it easy for ordinary businesses to accept bitcoin payments. B Continue reading >>

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