Canada’s biggest bank exploring to launch cryptocurrency

RBC exploring cryptocurrency trading platform for investments, in-store and online purchases

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Daily analysis of cryptocurrencies 20191107 (Market index 54 — Neutral state)

Daily analysis of cryptocurrencies 20191107 (Market index 54 — Neutral state)

https://preview.redd.it/py32fykyb9x31.jpg?width=700&format=pjpg&auto=webp&s=86ebd886920c4041e3806ac2071443afb059fc99

Bithumb Seeking Indian Partner For Its Blockchain PlatformProminent Korean crypto exchange, Bithumb, has plans to create a new blockchain platform, and it is currently searching for Indian partners to collaborate with. According to the major cryptocurrency trading platform’s recent announcement, Bithumb plans to develop a new blockchain platform specially designed for India and its growing number of crypto users. The project is named the Bithumb Chain, and it will be available for many Indian startups, companies, as well as the government itself.
Russia: New Law Would Let Police Confiscate Bitcoin From 2021Russia is planning on creating legal statutes allowing the government to achieve the impossible: confiscation of Bitcoin (BTC).As local financial news outlet RBC reported on Nov. 7 citing sources familiar with the matter, Russia’s interior ministry will work with various state organs to draw up the plans, which could enter into law in 2021.
British Parliament Establishes Blockchain Expert CommitteeThe British Parliament established a global expert committee of the inter-party blockchain group, aiming to promote blockchain development.It is reported that the committee was jointly organized by the political parties of the British Parliament to provide professional advice for the planning, development and formulation of the blockchain-related policies.
JPMorgan To Release E-WalletJPMorgan Chase has just announced its intention to better integrate its service into the digital commerce world, and it is creating an easily accessible e-wallet to make this happen. The e-wallet will be attractive to those involved in the gig economy and e-commerce since payment processing fees will be negligible.
https://preview.redd.it/6mlgt8ydb9x31.png?width=504&format=png&auto=webp&s=b4394a9770135dbd0abe234f76eed3cafda216d1

In the past three sessions, there was a steady decline in bitcoin below the $9,400 pivot level against the US Dollar. BTC is facing an increase in selling interest below $9,375, but it is still holding the 100 hourly simple moving average.
The last swing high was near $9,440 before the price declined towards the $9,200 support area. The recent low was $9,257 and the price is currently consolidating losses.
An immediate resistance on the upside is near the $9,350-$9,360 area. It coincides with the 50% Fib retracement level of the recent drop from the $9,440 high to $9,257 low.
Moreover, there is a key contracting triangle pattern forming with resistance near $9,360 on the hourly chart of the BTC/USD pair. Therefore, an upside break above the $9,360 and $9,400 resistance levels could set the pace for more gains in the near term.
Review previous articles: https://medium.com/@to.liuwen

Encrypted project calendar(November 7, 2019)

XRP (XRP): 07 November 2019 Swell 2019 Ripple hosts Swell from November 7th — 8th in Singapore.BTC/Bitcoin: Malta The A.I. and Blockchain summit will be held in Malta from November 7th to 8th.Waves (WAVES): 07 November 2019 Joins Odyssey “#Waves is joining Odyssey… We’re kicking off on Nov. 7 at Polaris…”Komodo (KMD) and 1 other: 07 November 2019 Block Party Amsterdam Block Party Amsterdam in Amsterdam from 17:30–22:00.Horizen (ZEN): 07 November 2019 Weekly Insider Team updates at 3:30 PM UTC/ 11:30 AM EDT: Engineering, Node network, Product/UX, Helpdesk, Legal, BD, Marketing, CEO Closing thoughts, AMA.Molecular Future (MOF): 07 November 2019 Encrypted Wine Party Wuzhen Encrypted Wine Party held by global blockchain media coinvoice and JRR crypto in Zhejiang.NEO (NEO): 07 November 2019 Live on Telegram “Join us for Neo Live at our Telegram channel to chat with @OnTrade1 ! Make sure to join us at 8PM (UTC+8) on Thursday, November 7th!”Enigma (ENG): 07 November 2019 Waterloo Meetup “Come meet us Thursday evening before the hack to learn about privacy, “secret contracts”, and Salad, a coin-mixing application…”Ark (ARK): 07 November 2019 Slack AMA “Join the ARK Slack and ask questions — Thursday the 7th of November! This week will be about ARK Explorer & Website (Michel, 6pm UTC)…”

Encrypted project calendar(November 8, 2019)

BTC/Bitcoin: The 2nd Global Digital Mining Summit will be held in Frankfurt, Germany from October 8th to 10th.IOTX/IoTeX: IoTex (IOTX) will participate in the CES Expo on November 08TOP (TOP): 08 November 2019 Mainnet Launch “So excited to announce that on November 8th, TOP Network will officially launch the mainnet…”OKB (OKB): 08 November 2019 OKEx Talks — Valencia “Meet us at our next OKEx Talks in Valencia on 8 Nov with speaker Gustavo Segovia@sepu85 who will look at the benefits of creatingZenon (ZNN): 08 November 2019 Awareness Fund Payout “Distribution of the fund takes place every Friday until Pillars Lock-in Phase is completed.”Bytom (BTM): 08 November 2019 Keep Moving Conference “Bytom “Keep MOVing” conference will be held in Wuzhen World Conference. We will invite partners, core community members and devs to…”WAX (WAXP): 08 November 2019 Infinity Festival We’re at the Infinity Festival in LA this Friday, November 8th. Don’t miss Malcolm CasSelle speaking at this event on digital collectibles.

Encrypted project calendar(November 9, 2019)

CENNZ/Centrality: Centrality (CENNZ) will meet in InsurTechNZ Connect — Insurance and Blockchain on October 9th in Auckland.HTMLCOIN (HTML): 09 November 2019 (or earlier) Mandatory Wallet Update Mandatory Wallet Update: there will be a soft fork on our blockchain. This update adds header signature verification on block 997,655.Harmony (ONE): 09 November 2019 Indian Meetups Come & meet us in person on November 9th in our meetups in Bangalore & New Delhi!

Encrypted project calendar(November 10, 2019)

Bibox Token (BIX): 10 November 2019 Bibox Summit “Bibox Summit 2019 — Maximizing Profit On Uptrend Season” from 1 PM — 5 PM (ITV) in Ho Chi Minh City.TRON (TRX): 10 November 2019 AMA w/Kucoin Co-founder “Join us on Nov 10, 6:00 PM(PST) for an AMA with TOP, Co-Founder of @kucoincom , in our English Telegram group…”

Encrypted project calendar(November 11, 2019)

PAX/Paxos Standard: Paxos Standard (PAX) 2019 Singapore Financial Technology Festival will be held from November 11th to 15th, and Paxos Standard will attend the conference.Crypto.com Coin (CRO): and 3 others 11 November 2019 Capital Warm-up Party Capital Warm-up Party in Singapore.GoldCoin (GLC): 11 November 2019 Reverse Bitcoin Hardfork The GoldCoin (GLC) Team will be “Reverse Hard Forking” the Bitcoin (BTC) Blockchain…”Horizen (ZEN): 11 November 2019 (or earlier) Horizen Giveaway — Nodes Horizen Giveaway — Win Free Node Hosting! Entries before November 11th.SINOVATE (SIN): 11 November 2019 Roadmap V3 SINOVATE (SIN) Roadmap V3 will be released with new upcoming technologies and proof of concepts!0x (ZRX): 11 November 2019 0x V3 Vote Ends “The voting period will end on November 11. Learn more about all the exciting features included in v3 below.”

Encrypted project calendar(November 12, 2019)

BTC/Bitcoin: The CoinMarketCap Global Conference will be held at the Victoria Theatre in Singapore from November 12th to 13thBinance Coin (BNB) and 7 others: 12 November 2019 CMC Global Conference “The first-ever CoinMarketCap large-scale event: A one-of-a-kind blockchain / crypto experience like you’ve never experienced before.”Aion (AION) and 17 others: 12 November 2019 The Capital The Capital conference from November 12–13 in Singapore.Loom Network (LOOM): 12 November 2019 Transfer Gateway Update “If you have a dapp that relies on the Transfer Gateway, follow the instructions below to make sure you’re prepared.”

Encrypted project calendar(November 13, 2019)

Fetch.ai (FET): 13 November 2019 Cambridge Meetup “Join us for a@Fetch_ai #Cambridge #meetup on 13 November @pantonarms1.”Binance Coin (BNB) and 5 others: 13 November 2019 Blockchain Expo N.A. “It will bring together key industries from across the globe for two days of top-level content and discussion across 5 co-located events…”OKB (OKB): 13 November 2019 Dnipro, Ukraine- Talks Join us in Dnipro as we journey through Ukraine for our OKEx Cryptour on 11 Nov.Centrality (CENNZ): 13 November 2019 AMA Meetup “Ask our CEO@aaronmcdnz anything in person! Join the AMA meetup on 13 November in Singapore.”OKB (OKB): 13 November 2019 OKEx Cryptotour Dnipro “OKEx Cryptour Ukraine 2019 — Dnipro” in Dnipro from 6–9 PM (EET).

Encrypted project calendar(November 14, 2019)

BTC/Bitcoin: The 2019 BlockShow Asia Summit will be held at Marina Bay Sands, Singapore from November 14th to 15th.Binance Coin (BNB): and 4 others 14 November 2019 BlockShow Asia 2019 BlockShow Asia 2019 at Marina Bay Sands Expo, Singapore from November 14–15.Basic Attention Token (BAT): 14 November 2019 London Privacy Meetup “If you’re in London on Nov. 14th, don’t miss our privacy meetup! The Brave research team, our CPO @johnnyryan, as well as @UoE_EFIHorizen (ZEN): 14 November 2019 Weekly Insider Team updates at 3:30 PM UTC/ 11:30 AM EDT: Engineering, Node network, Product/UX, Helpdesk, Legal, BD, Marketing, CEO Closing thoughts, AMA.IOTA (MIOTA): 14 November 2019 Berlin Meetup From Construction to Smart City: IOTA, Maschinenraum & Thinkt Digital will explain, using concrete use cases, how to gain real value from..Dash (DASH): 14 November 2019 Q3 Summary Call “Dash Core Group Q3 2019 Summary Call — Thursday, 14 November 2019”NEO (NEO): 14 November 2019 NeoFest Singapore Meetup “Glad to have@Nicholas_Merten from DataDash as our host for #NeoFest Singapore meetup on 14th Nov!”

Encrypted project calendar(November 15, 2019)

TRON (TRX): 15 November 2019 Cross-chain Project “The #TRON cross-chain project will be available on Nov. 15th”Bluzelle (BLZ): 15 November 2019 (or earlier) CURIE Release CURIE release expected by early November 2019.Zebi (ZCO): 15 November 2019 ZEBI Token Swap Ends “… We will give 90 days to all the ERC 20 token holders to swap out their tokens into Zebi coins.”OKB (OKB): 15 November 2019 OKEx Talks — Vilnius “Join us for a meetup on 15 Nov (Fri) for our 1st ever Talks in Vilnius, Lithuania.”

Encrypted project calendar(November 16, 2019)

Bancor (BNT): and 2 others 16 November 2019 Crypto DeFiance-Singapore “Crypto DeFiance is a new global DeFi event embracing established innovators, financial market disruptors, DApp developers…”NEM (XEM): 16 November 2019 Developer’s Event “BLOCKCHAIN: Creation of Multifirma services” from 10:50 AM — 2 PM.

Encrypted project calendar(November 17, 2019)

OKB (OKB): 17 November 2019 OKEx Talks — Lagos Join us on 17 Nov for another OKEx Talks, discussing the “Life of a Crypto Trader”.

Encrypted project calendar(November 18, 2019)

Maker (MKR): 18 November 2019 MCD Launch “BIG changes to terminology are coming with the launch of MCD on Nov. 18th Say hello to Vaults, Dai, and Sai.”

Encrypted project calendar(November 19, 2019)

Lisk (LSK): 19 November 2019 Lisk.js “We are excited to announce liskjs2019 will take place on November 19th. This all day blockchain event will include…”

Encrypted project calendar(November 20, 2019)

OKB (OKB): 20 November 2019 OKEx Cryptour Odessa Ukr “Join us in Odessa as we journey through Ukraine for our OKEx Cryptour!”

Encrypted project calendar(November 21, 2019)

Cardano (ADA): and 2 others 21 November 2019 Meetup Netherlands (AMS) “This meetup is all about how to decentralize a blockchain, the problems and differences between Proof-of-Work and Proof-of-Stake…”Cappasity (CAPP): 21 November 2019 Virtuality Paris 2019 “Cappasity to demonstrate its solution for the interactive shopping experience at Virtuality Paris 2019.”Horizen (ZEN): 21 November 2019 Weekly Insider Team updates at 3:30 PM UTC/ 11:30 AM EDT: Engineering, Node network, Product/UX, Helpdesk, Legal, BD, Marketing, CEO Closing thoughts, AMA.OKB (OKB): 21 November 2019 OKEx Talks — Johannesburg “Join us the largest city of South Africa — Johannesburg where we will host our OKEx Talks on the 21st Nov.”IOST (IOST): 22 November 2019 Singapore Workshop Join the Institute of Blockchain for their 2nd IOST technical workshop in Singapore on 22 Nov 2019. The workshop includes IOST’s key tech.OKB (OKB): 22 November 2019 St. Petersberg Talks “Join us in St. Petersberg on 22 Nov as we answer your questions on Crypto Security. “

Encrypted project calendar(November 22, 2019)

IOST (IOST): 22 November 2019 Singapore Workshop Join the Institute of Blockchain for their 2nd IOST technical workshop in Singapore on 22 Nov 2019. The workshop includes IOST’s key techOKB (OKB): 22 November 2019 St. Petersberg Talks “Join us in St. Petersberg on 22 Nov as we answer your questions on Crypto Security. “

Encrypted project calendar(November 27, 2019)

OKB (OKB): 27 November 2019 OKEx Cryptour Vinnytsia “Join us in Vinnytsia as we journey through Ukraine for our OKEx Cryptour!”Fetch.ai (FET): 27 November 2019 London Meetup “Join us on 27 November @primalbasehq to hear an exciting progress report as we prepare for the launch of our #mainnet”

Encrypted project calendar(November 28, 2019)

Horizen (ZEN): 28 November 2019 Weekly Insider Team updates at 3:30 PM UTC/ 11:30 AM EDT: Engineering, Node network, Product/UX, Helpdesk, Legal, BD, Marketing, CEO Closing thoughts, AMA.

Encrypted project calendar(November 30, 2019)

Ethos (ETHOS): 30 November 2019 (or earlier) Rebranding “In November, we unveil the broker token, a dynamic utility token to power our commission-free crypto trading and broker platform, Voyager.”Digitex Futures (DGTX): 30 November 2019 Public Testnet Launch “…We can expect to see the world’s first zero-commission futures trading platform live on the Ethereum public testnet from 30th November.”Monero (XMR): 30 November 2019 Protocol Upgrade “Preliminary information thread regarding the scheduled protocol upgrade of November 30.”Chiliz (CHZ): 30 November 2019 (or earlier) Fiat to CHZ Exchanges “We will add another two fiat to $CHZ exchanges in November…”Skrumble Network (SKM): 30 November 2019 (or earlier) P2P & Group Calling “P2P & Group Video Calling,” during November 2019.Aergo (AERGO): 30 November 2019 (or earlier) Mainnet 2.0 Upgrade Mainnet 2.0 Protocol update by end of November.Akropolis (AKRO): 30 November 2019 (or earlier) Beta Release “All functionality has been deployed to mainnet.”Nash Exchange (NEX): 30 November 2019 (or earlier) Mobile Strategy Phase 2 “Phase 2 of our mobile strategy will be live soon with our wallet and portfolio app hitting stores in November!”

Encrypted project calendar(November 31, 2019)

Wanchain (WAN): 31 December 2019 (or earlier) Wanchain 4.0 Release Wanchain 4.0, which introduces private chains integration and multi-coin wallet, released in Dec 2019.QuarkChain (QKC): 31 December 2019 (or earlier) Token Testnet Release Testnet for Multi-Native-Token and New Consensuses.

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What Are Enterprise Blockchains?

What Are Enterprise Blockchains?
The blockchain technology has pretty much become a household term by now. Many people wrongly think that the application of Blockchain technology lies only in cryptocurrency. However, as we will see shortly, the blockchain technology is far more versatile.
In this guide, we are going to look into enterprise blockchains. Specifically, we will look into:
  • What is the blockchain technology?
  • The features of blockchain technology that will solve some major enterprise problems.
  • Public vs private blockchains.
  • Examples of enterprise blockchains.

What is the Blockchain Technology?

The blockchain is a chain of blocks where each block contains data of value without any central supervision. It is cryptographically secure and immutable. A blockchain uses two important data structures: Pointers and Linked Lists.

Pointers

Pointers are variables in programming which stores the address of another variable. Usually normal variables in any programming language stores data.
Eg. int a = 10, means that there is a variable “a” which stores integer values. In this case, it is storing an integer value which is 10. This is a normal variable.
Pointers, however, instead of storing values will store addresses of other variables. Which is why they are called pointers, because they are literally pointing towards the location of other variables.

Linked Lists

A linked list is one of the most important items in data structures. This is what a linked list looks like:
https://preview.redd.it/1bq4wer1cnc11.png?width=1026&format=png&auto=webp&s=a2d9fc5e7da66919242dd66b50df667a13745125
It is a sequence of blocks, each containing data which is linked to the next block via a pointer. The pointer variable, in this case, contains the address of the next node in it and hence the connection is made. The last node, as you can see, has a null pointer which means that the pointer has no value.
One important thing to note here, the pointer inside each block contains the address of the next block. That is how the pointing is achieved. Now you might be asking what does that mean for the first block in the list? Where does the pointer of the first block stay?
The first block is called the “genesis block” and its pointer lies out in the system itself. It sort of looks like this:
https://preview.redd.it/97bo90a3cnc11.png?width=1026&format=png&auto=webp&s=b7af7cae1c24d1430eedcb7552665ce16b9c135f
Image courtesy: Coursera
If you are wondering what the “hash pointer” means, it is a pointer which contains the hash of the previous block.
(More on hashes in a bit)
As you may have guessed by now, this is what the structure of the blockchain is based on. A blockchain is basically a linked list and looks something like this:
https://preview.redd.it/35bzrnl4cnc11.png?width=637&format=png&auto=webp&s=a2eac712a42496f084158a7528997430c94a0fdc
The blockchain is a linked list which contains data and a hash pointer which points to its previous block, hence creating the chain. What is a hash pointer? A hash pointer is similar to a pointer, but instead of just containing the address of the previous block it also contains the hash of the data inside the previous block. This one small tweak is what makes blockchains so amazingly reliable and trailblazing.
Remember this point because we will be back in it in a bit.
So, now let’s look up some of the most desirable traits of the blockchain technology that enterprises would want.

Features of the Blockchain Technology

In this section, we are going to talk about all the features of the blockchain technology that big companies would want to integrate into their system.

#1 Decentralization

The most obvious feature that a company would want from blockchains is decentralization. A normal network structure is the “client-server” structure.
How does that work?
https://preview.redd.it/w8jl92z5cnc11.png?width=1600&format=png&auto=webp&s=15f9ea123f807c46e2908d0326449276c11f6829
There is a centralized server. And everyone who wants to connect with the server can send a query to get the required information. This is pretty much how the internet works. When you want to Google something, you send a query to the Google server, which comes back with the required results. So, this is a client-server system. Now, what is the problem with this model?
Since everything is dependent on the server, it is critical for the server to be functioning at all times for the system to work. It is a bottleneck. Now suppose, for whatever reason the main server stops working, everyone in the network will be affected. Plus, there are also security concerns. Since the network is centralized, the server itself handles a lot of sensitive information regarding the clients. This means that anyone can hack the server and get those pieces of information. Plus, there is also the issue of censorship. What if the server decides that a particular item (movie, song, book etc.) is not agreeable and decides not to propagate it in their network?
So, to counter all these issues, a different kind of network architecture came about. It is a network which partitions its entire workload among participants, who are all equally privileged, called “peers”. There is no longer one central server, now there are several distributed and decentralized peers. This is a peer-to-peer network.
https://preview.redd.it/8i2mhra7cnc11.png?width=398&format=png&auto=webp&s=014d94bb2c554282f7c9e49a723ed4932ce1a0ad
Image Courtesy: InfoZones
Why do people use the peer-to-peer network?
One of the main uses of a peer-to-peer network is file sharing, also called torrenting. If you are to use a client-server model for downloading, then it is usually extremely slow and entirely dependent on the health of the server. Plus, like we said, it is prone to censorship.
However, in a peer-to-peer system, there is no central authority, and hence if even one of the peers in the network goes out of the race, you still have more peers to download from. Plus, it is not subject to the idealistic standards of a central system, hence it is not prone to censorship.
If we were to compare the two:
https://preview.redd.it/rl4wned8cnc11.png?width=545&format=png&auto=webp&s=6f1cea31d42efa2d2ca710e0a9f968dfa617cb74
Image courtesy: Quora
This, in a nutshell, is how the blockchain technology gains its decentralized nature.

#2 Immutability to Reduce Fraud/Corruption

What is immutability?
Immutability, in the context of the blockchain, means that once something has been entered into the blockchain, it cannot be tampered with.
Can you imagine how valuable this will be for enterprises?
Imagine how many embezzlement cases can be nipped in the bud if people know that they can’t “work the books” and fiddle around with company accounts.
The reason why the blockchain gets this property is that of cryptographic hash function.
In simple terms, hashing means taking an input string of any length and giving out an output of a fixed length. In the context of cryptocurrencies like bitcoin, the transactions are taken as an input and run through a hashing algorithm (bitcoin uses SHA-256) which gives an output of a fixed length.
Let’s see how the hashing process works. We are going to put in certain inputs. For this exercise, we are going to use the SHA-256 (Secure Hashing Algorithm 256).
https://preview.redd.it/ot577oi9cnc11.png?width=1298&format=png&auto=webp&s=6d034194b01a5d39df9517fef1e0f6bd9463e43a
As you can see, in the case of SHA-256, no matter how big or small your input is, the output will always have a fixed 256-bits length. This becomes critical when you are dealing with a huge amount of data and transactions. So basically, instead of remembering the input data which could be huge, you can just remember the hash and keep track.
A cryptographic hash function is a special class of hash functions which has various properties making it ideal for cryptography. There are certain properties that a cryptographic hash function needs to have in order to be considered secure. You can read about those in detail in our guide on hashing.
There is just one prpoerty that we want you to focus on today. It is called the “Avalanche Effect.”
What does that mean?
Even if you make a small change in your input, the changes that will be reflected in the hash will be huge. Let’s test it out using SHA-256:
https://preview.redd.it/pz2qxsoacnc11.png?width=1328&format=png&auto=webp&s=89f056a1d6d430ac6f420112d9f1054fd3165d5b
You see that? Even though you just changed the case of the first alphabet of the input, look at how much that has affected the output hash. Now, let’s go back to our previous point when we were looking at blockchain architecture. What we said was:
The blockchain is a linked list which contains data and a hash pointer which points to its previous block, hence creating the chain. What is a hash pointer? A hash pointer is similar to a pointer, but instead of just containing the address of the previous block it also contains the hash of the data inside the previous block.
This one small tweak is what makes blockchains so amazingly reliable and trailblazing.
Imagine this for a second, a hacker attacks block 3 and tries to change the data. Because of the properties of hash functions, a slight change in data will change the hash drastically. This means that any slight changes made in block 3, will change the hash which is stored in block 2, now that in turn will change the data and the hash of block 2 which will result in changes in block 1 and so on and so forth. This will completely change the chain, which is impossible. This is exactly how blockchains attain immutability.

#3 Transparency to Increase Accountability

One of the most interesting and misunderstood concepts in the blockchain technology is “transparency.” Some people say that blockchain gives you privacy while some say that it is transparent. Why do you think that happens?
Well… a person’s identity is hidden via complex cryptography and represented only by their public address. So, if you were to look up a person’s transaction history, you will not see “Bob sent 1 BTC” instead you will see “1MF1bhsFLkBzzz9vpFYEmvwT2TbyCt7NZJ sent 1 BTC”.
The following snapshot of Ethereum transactions will show you what we mean:
https://preview.redd.it/chr9qerbcnc11.png?width=1379&format=png&auto=webp&s=85c071b5378afc11ea34b459824b9f5e94462c0b
So, while the person’s real identity is secure, you will still see all the transactions that were done by their public address. This level of transparency has never existed before within a financial system. It adds that extra, and much needed, level of accountability which is required by some of these biggest institutions.
Speaking purely from the point of view of cryptocurrency, if you know the public address of one of these big companies, you can simply pop it in an explorer and look at all the transactions that they have engaged in. This forces them to be honest, something that they have never had to deal with before.
However, that’s not the best use-case. We are pretty sure that most of these companies won’t transact using cryptocurrencies, and even if they do, they won’t do ALL their transactions using cryptocurrencies. However, what if the blockchain technology was integrated…say in their supply chain?
A great example of this is the food industry. If there ever was an industry which requires transparency, then it is the food industry. One of the most fundamental questions that we should ask whenever we consume any food product is: “Where is my food coming from?”
More and more people are becoming increasingly indifferent as to the source of their food and this is causing a lot of problems to not only the consumers but the suppliers as well
By utilizing the blockchain one can keep track of where exactly the food is coming from and who all are the middlemen involved who are taking care of our food. In this way, if a certain batch of crops gets infected or spoilt, it will be easier and faster to locate and pinpoint the source of the infection.

#4 Blockchain is Cheaper

In order to understand this point, let’s looks at the Banking industry. The Harvard Business Review said that. “The Blockchain Will Do to the Financial System What the Internet Did to Media.”
But why is that the case? Let’s looks at one of the biggest places where Banks lose a lot of money, Know Your Customer (KYC) regulations. Here are some pretty shocking stats that we got from this article.
  • An average bank spends £40m a year on KYC Compliance. Some banks may spend up to £300m
  • JP Morgan has reportedly spent up to a staggering £1.6 billion on their compliance department and employed more than 13,000 people to keep track of regulatory changes
  • 70% of the 722 corporate correspondents, who took part in the survey by Reuters, said that client on-boarding can take up to 2 months while 10% claimed it can even exceed four months.
The two chief culprits are:
  • The ever-changing regulation policies.
  • Draconian methods which are still followed by certain banks. Some banks still do their compliance process using papers.
So, how will the blockchain technology change this space? Well, there are two ways that it can work.
Firstly, there is the concept of self-sovereign identity. Self-sovereignty is the idea that it is an individual’s moral right to have ownership over their own body and life. Self-Sovereign Identity (SSI) is critical now, more than ever, because each and every company and entity has an online presence. Having so many siloed identities greatly increases the chances of online fraud or identity mismanagement.
By uploading your identity to the blockchain, you have full and complete control over yourself. So, how will that help with KYC? Suppose you have to go and open an account in a bank, the bank will simply ask you to give access to your identity instead of a centralized third party.
Secondly, the banks could be part of their own private and permission blockchain network (more on this later). Now suppose Alice has completed KYC regulations with Bank A, they can then simply upload the details on the blockchain. Since the blockchain is not owned by the central repository, anyone, who is part of the network can upload information and share it with everyone else.
Suppose Alice wants to open an account in bank B. Instead of starting the whole compliance process from scratch, they can simply access the blockchain and get the required KYC data.
The blockchain’s KYC protocol can help in both intra-bank and inter-bank functions:
  • Intra-Bank: The KYC which has been performed by the bank can be used by another branch of the same bank. This leads to a smooth transference of services.
  • InterBank: The KYC performed by one bank can be used easily by another bank.
According to a report co-authored by Santander, it’s estimated that blockchain technology could reduce banks’ infrastructure costs alone by up to $20 billion a year.

#5 Blockchain is Faster

Note: Sure we understand that scalability and throughput is a big problem with blockchain and cryptocurrencies, and we are going to address it later as to why that shouldn’t be a problem with enterprise blockchains.
Charley Cooper, the managing director of R3 consortium, believes that trade finance is the ideal sector which can be disrupted by the blockchain. He said:
“Trade finance is an obvious area for blockchain technology. It is so old it’s done with fax machines and you need a physical stamp on a piece of paper.”
In fact, there is a working PoC of how blockchain technology can exponentially reduce transaction times in these areas.
SAP recently collaborated with ATB Financial and fintech startup Ripple to send the first international blockchain payment from Alberta, Canada to ReiseBank in Germany. The bank used the SAP HANA Cloud Platform and the SAP Payment Engine application to take advantage of Ripple’s pioneering blockchain network.
The $1000 CAD (€667 EUR) blockchain payment, which would typically have taken from two to six business days to process was completed in about 20 seconds. The proof of concept has since been enhanced, and we are able to complete the transactions in just 10 seconds.
From 2-6 business days to 10 seconds. Now, that is disruption!

Public vs Private Blockchains

So, now that you know why companies should look into integrating blockchain, we need to look into what kind of blockchains they should look to integrate. There are two kinds of blockchains out there:
  • Public Blockchains
  • Private Blockchains
Before we get into individual definitions and see what sets them apart, let’s get into the similarities. So, what are the similarities between public and private blockchains:
  • Since they are both peer-to-peer networks, both of them offer a decentralized ecosystem.
  • Every single participating node must download a copy of the blockchain.
  • The blockchain is kept up-to-date through consensus protocols.
  • Both the blockchains guarantee immutability.

Public Chains

All the blockchains that we are familiar with are public blockchain. bitcoin and ether have pretty much championed the cause of public blockchains. You must have pretty much guessed why they are called public blockchains.
They are completely open ecosystems where anyone can take part in the ecosystem. The network also has an in-built incentive mechanism which rewards participants for taking part more thoroughly in the system.
Alright, so till now it sounds pretty good. However, it turns out that public blockchains are extremely impractical for enterprise purposes. Let us tell you why.
  • Firstly, as has been extremely well documented, the blocks in bitcoin and ethereum have a storage issue. Bitcoin has a little over 1mb of space per block which is simply not enough to run the kind of transactions and store the kind of data that enterprises require.
  • Then we have the throughput problems which have been pretty well-documented. Bitcoin can barely manage 7-8 transactions per second. The block confirmation time is 10 mins which just adds to the latency. Big enterprises need to deal with millions of transactions per day with near 0 latency.
  • Public blockchains, especially the ones that follow the proof-of-work protocol like Bitcoin require an immense amount of computational power to solve hard puzzles.
  • Finally, the openness of the public chains is itself a detriment. Think about it. If you have a company which runs on a blockchain which can be accessed by malicious actors and trolls, would you really want to integrate a system like that?
Because of these reasons, public blockchains are not a practical method to go forward for enterprises.

Private Chains

As opposed to the public blockchains, private blockchain is not open for everyone. People who want to participate in the private chain must gain permission. This is the reason why these kinda blockchains are also referred to as “permission blockchains.”
Because of this, there are restrictions to the kind of people who can actually take part in the consensus. Access for new participants could be given by the following:
  • The existing participants who are taking part in the ecosystem.
  • A regulated authority.
  • A consortium.
Once an entity has joined the ecosystem, they can play a role in network maintenance. The Linux Foundation’s Hyperledger Fabric is an example of a permissioned blockchain framework implementation and one of the Hyperledger projects hosted by The Linux Foundation. It has been designed ground up to cater to these enterprise requirements.
These private chains have been specifically designed for enterprise needs and offer a lot of features.

Required Features of Enterprise Blockchains

Let’s check out some of the features of enterprise that they will require to function properly.

#1 High Performance

Like we have already said, public chains don’t even approach 100 transactions per second. When you consider the fact that most of the enterprises like telecom and credit processors need 10,000 – 100,000 tps, that’s not really the most ideal of scenarios.
In order to reach those levels of tps, blockchains need to adopt an architectural approach which:
  • Efficiently compartmentalizes different tasks.
  • Uses asynchronous flows.
  • Uses faster consensus protocols.
  • Utilizes parallelization
  • Executes itself in optimized environments.
Hyperledger Fabric, a Linux Foundation project has already implemented some of these architectural principles. Trusted hardware aka SGX is also another avenue that has been looked into.
There is another thing that enterprise blockchains need to keep in mind. Most of these enterprise PoCs have had just a dozen participants during their test runs. One must keep in mind that a proper permissioned chain will need to accommodate for 100s of participants. As such, it must have an efficient onboarding process.

#2 High Resilience

Enterprise blockchains must be able to come back from downtime and potential failure scenarios. To ensure high availability, they must be able to avoid issues which may lead to major outages. To have that level of resilience, the system should assume that failures are bound to happen and must be prepared to keep the system running during these situations.
Think about how traditional enterprise software survives system failure. They often utilize service replication and redundancy to make sure that they don’t go through low availability. Similarly, enterprise chains should deploy redundant peer nodes, clustered ordering services, and replicate other working blockchain network components to work seamlessly without any glitches.

#3 Privacy

Privacy and security is obviously a huge need for enterprise-level blockchains. Since these are permission blockchains, all members are known entities and carefully vetted before they enter the ecosystem.
According to this article by Coindesk:
“Digital signatures applied to all network messages enable all nodes and clients to verify the sender and validate message integrity. This is coupled with transport security to authenticate the communications end points and encrypt the message traffic.Further, automatically applying encryption for the stored data completes the best practices for encrypting data in transit and at rest. When this foundation is used transparently and pervasively for all secure communications and stored ledger data, it’s a big step forward in maintaining the integrity and security of the blockchain network, preventing most hacking attacks.”

Examples of Companies Using Enterprise Blockchains

Let’s look at some of the industry leaders who are looking to implement enterprise blockchains.
Several financial institutions like Santander, RBC, JP Morgan, Citibank, BNY Mellon, and Goldman Sachs have been conducting multiple blockchain-related efforts. Because of regulation issues, blockchain testing is being done in a measured manner.
The interested banks are either involved with R3 consortium, which is dedicated to banking, while several are also in Hyperledger consortium and the Ethereum Enterprise Alliance (EEA).
So what about payment processors you ask? Turns out that they are knee deep in blockchain PoC implementation as well.
American Express is looking to implement a customer rewards program which uses the blockchain. Also in November 2017 they announced that they will be using Ripple to help clients send funds from US banks to UK Santander branches.
Visa has also revealed their intention of implementing its blockchain-based business-to-business payments service called “B2B Connect.” Mastercard had applied for a patent for faster blockchain-based payments processing for merchants way back in May 2016.
Not to be left behind, the automobile industry also seems to be pretty keen on implementing the blockchain.
Volkswagen Financial Services and Renault led PoCs in 2017 testing vehicle telematics tracking. This is an extremely interesting use-case because turns out that a third of the used car sales in Germany have manipulated odometers.
This is why, they are tracking a vehicle’s mileage data, engine usage history, repair and maintenance history and putting it on the blockchain. This, in essence, makes sure that people know a vehicle’s history and activity with accuracy.
The aviation industry seems to be pretty enthusiastic about the blockchain as well. In spring 2017, Airbus, along with Blockchain at Berkeley, executed a PoC for jet plane parts tracking.

Conclusion

It looks like enterprise blockchains are here to stay. More and more companies from diverse platforms are looking to implement a working PoC to disrupt their respective spaces. Looking at the sheer amount of positive change the blockchain can usher in, it is easy to see why. As of right now, rigorous testing still needs to be done.
all above from network
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