Business strategy consulting proposal for blockchain
By storing data across its peer-to-peer network, the blockchain eliminates a number of risks that come with data being held centrally. Peer-to-peer blockchain networks lack centralized points of vulnerability that computer crackers can exploit; likewise, it has no central point of failure. Blockchain security methods include the use of public-key cryptography. Value tokens sent across the network are recorded as belonging to that address. A private key is like a password that gives its owner access to their digital assets or the means to otherwise interact with the various capabilities that blockchains now support.
Data stored on the blockchain is generally considered incorruptible. Every node in a decentralized system has a copy of the blockchain.
Data quality is maintained by massive database replication [9] and computational trust. No centralized "official" copy exists and no user is "trusted" more than any other. Messages are delivered on a best-effort basis. Mining nodes validate transactions, [36] add them to the block they are building, and then broadcast the completed block to other nodes. Open blockchains are more user-friendly than some traditional ownership records, which, while open to the public, still require physical access to view.
Because all early blockchains were permissionless, controversy has arisen over the blockchain definition. An issue in this ongoing debate is whether a private system with verifiers tasked and authorized permissioned by a central authority should be considered a blockchain. These blockchains serve as a distributed version of multiversion concurrency control MVCC in databases.
The great advantage to an open, permissionless, or public, blockchain network is that guarding against bad actors is not required and no access control is needed. Bitcoin and other cryptocurrencies currently secure their blockchain by requiring new entries to include a proof of work. To prolong the blockchain, bitcoin uses Hashcash puzzles. Financial companies have not prioritised decentralized blockchains.
Permissioned blockchains use an access control layer to govern who has access to the network. They do not rely on anonymous nodes to validate transactions nor do they benefit from the network effect. The New York Times noted in both and that many corporations are using blockchain networks "with private blockchains, independent of the public system. Nikolai Hampton pointed out in Computerworld that "There is also no need for a '51 percent' attack on a private blockchain, as the private blockchain most likely already controls percent of all block creation resources.
If you could attack or damage the blockchain creation tools on a private corporate server, you could effectively control percent of their network and alter transactions however you wished.
It's unlikely that any private blockchain will try to protect records using gigawatts of computing power—it's time consuming and expensive. This means that many in-house blockchain solutions will be nothing more than cumbersome databases. Blockchain technology can be integrated into multiple areas. The primary use of blockchains today is as a distributed ledger for cryptocurrencies, most notably bitcoin. Blockchain technology has a large potential to transform business operating models in the long term.
Blockchain distributed ledger technology is more a foundational technology —with the potential to create new foundations for global economic and social systems—than a disruptive technology , which typically "attack a traditional business model with a lower-cost solution and overtake incumbent firms quickly".
As of [update] , some observers remain skeptical. Steve Wilson, of Constellation Research, believes the technology has been hyped with unrealistic claims. This means specific blockchain applications may be a disruptive innovation, because substantially lower-cost solutions can be instantiated, which can disrupt existing business models. Blockchains alleviate the need for a trust service provider and are predicted to result in less capital being tied up in disputes.
Blockchains have the potential to reduce systemic risk and financial fraud. They automate processes that were previously time-consuming and done manually, such as the incorporation of businesses. As a distributed ledger, blockchain reduces the costs involved in verifying transactions, and by removing the need for trusted "third-parties" such as banks to complete transactions, the technology also lowers the cost of networking, therefore allowing several applications.
Starting with a strong focus on financial applications, blockchain technology is extending to activities including decentralized applications and collaborative organizations that eliminate a middleman. Frameworks and trials such as the one at the Sweden Land Registry aim to demonstrate the effectiveness of the blockchain at speeding land sale deals. The Government of India is fighting land fraud with the help of a blockchain. Each of the Big Four accounting firms is testing blockchain technologies in various formats.
It is important to us that everybody gets on board and prepares themselves for the revolution set to take place in the business world through blockchains, [to] smart contracts and digital currencies. Blockchain-based smart contracts are contracts that can be partially or fully executed or enforced without human interaction. The IMF believes smart contracts based on blockchain technology could reduce moral hazards and optimize the use of contracts in general.
Some blockchain implementations could enable the coding of contracts that will execute when specified conditions are met. A blockchain smart contract would be enabled by extensible programming instructions that define and execute an agreement.
A number of financial institutions have adopted blockchain technology-based money transactions using smart contracts. Companies have supposedly been suggesting blockchain-based currency solutions in the following country:.
Some countries, especially Australia, are providing keynote participation in identifying the various technical issues associated with developing, governing and using blockchains:.
Don Tapscott conducted a two-year research project exploring how blockchain technology can securely move and store host "money, titles, deeds, music, art, scientific discoveries, intellectual property, and even votes". Banks are interested in this technology because it has potential to speed up back office settlement systems.
Banks such as UBS are opening new research labs dedicated to blockchain technology in order to explore how blockchain can be used in financial services to increase efficiency and reduce costs. Russia has officially completed its first government-level blockchain implementation. The state-run bank Sberbank announced on 20 December that it is partnering with Russia's Federal Antimonopoly Service FAS to implement document transfer and storage via blockchain.
R3 connects 42 banks to distributed ledgers built by Ethereum, Chain. A Swiss industry consortium, including Swisscom , the Zurich Cantonal Bank and the Swiss stock exchange, is prototyping over-the-counter asset trading on a blockchain-based Ethereum technology. The credit and debits payments company MasterCard has added three blockchain-based APIs for programmers to use in developing both person-to-person P2P and business-to-business B2B payment systems.
CLS Group is using blockchain technology to expand the number of currency trade deals it can settle. Blockchain technology can be used to create a permanent, public, transparent ledger system for compiling data on sales, storing rights data by authenticating copyright registration , [] and tracking digital use and payments to content creators, such as wireless users [] or musicians.
Kodak announced plans in to launch a digital token system for photograph copyright recording. Another example where smart contracts are used is in the music industry. Every time a dj mix is played, the smart contracts attached to the dj mix pays the artists almost instantly. An application has been suggested for securing the spectrum sharing for wireless networks.
New distribution methods are available for the insurance industry such as peer-to-peer insurance , parametric insurance and microinsurance following the adoption of blockchain. In theory, legacy disparate systems can be completely replaced by blockchains.
Blockchains facilitate users could take ownership of game assets digital assets , an example of this is Cryptokitties. Microsoft Visual Studio is making the Ethereum Solidity language available to application developers.
IBM offers a cloud blockchain service based on the open source Hyperledger Fabric project [] []. Oracle has joined the Hyperledger consortium.
In August , a research team at the Technical University of Munich published a research document about how blockchains may disrupt industries. They analyzed the venture funding that went into blockchain ventures. It has been suggested that academic records be stored on blockchain by schools. ABN Amro announced a project in real estate to facilitate the sharing and recording of real estate transactions, and a second project in partnership with the Port of Rotterdam to develop logistics tools.
On May 8, Facebook confirmed that it is opening a new blockchain group [] which will be headed by David Marcus who previously was in charge of Messenger. According to The Verge Facebook is planning to launch its own cryptocurrency for facilitating payments on the platform []. Currently, there are three types of blockchain networks - public blockchains, private blockchains and consortium blockchains. A public blockchain has absolutely no access restrictions.
Anyone with an internet connection can send transactions [ disambiguation needed ] to it as well as become a validator i. A private blockchain is permissioned. Participant and validator access is restricted. This type of blockchains can be considered a middle-ground for companies that are interested in the blockchain technology in general but are not comfortable with a level of control offered by public networks.
Typically, they seek to incorporate blockchain into their accounting and record-keeping procedures without sacrificing autonomy and running the risk of exposing sensitive data to the public internet.
A consortium blockchain is often said to be semi-decentralized. It, too, is permissioned but instead of a single organization controlling it, a number of companies might each operate a node on such a network. The adoption rates, as studied by Catalini and Tucker , revealed that when people who typically adopt technologies early are given delayed access, they tend to reject the technology.
In September , the first peer-reviewed academic journal dedicated to cryptocurrency and blockchain technology research, Ledger , was announced. The inaugural issue was published in December The journal encourages authors to digitally sign a file hash of submitted papers, which will then be timestamped into the bitcoin blockchain. Authors are also asked to include a personal bitcoin address in the first page of their papers.
From Wikipedia, the free encyclopedia. For other uses, see Block chain disambiguation. This section is transcluded from Fork blockchain. If people can prove they own it, they can borrow against it. The neutrality of this section is disputed. Relevant discussion may be found on the talk page. Please do not remove this message until conditions to do so are met. March Learn how and when to remove this template message.
Information technology portal Cryptography portal Economics portal Computer science portal. The great chain of being sure about things". Archived from the original on 3 July Retrieved 18 June The technology behind bitcoin lets people who do not know or trust each other build a dependable ledger. This has implications far beyond the crypto currency. Archived from the original on 21 May Retrieved 23 May The New York Times.
Archived from the original on 22 May Mercatus Center, George Mason University. Archived PDF from the original on 21 September Retrieved 22 October Archived from the original on 17 April Bitcoin and cryptocurrency technologies: Archived from the original on 23 March Retrieved 19 March Based on the Bitcoin protocol, the blockchain database is shared by all nodes participating in a system. Archived from the original on 18 January The majority of current blockchain-based copyright solutions offer basic timestamping services.
Furthermore, the focus of the current offerings is on artistic works such as photographs, images and artwork. A robust solution is needed for ALL digital works such as:. CopyrightBank has the vision to be the one-stop copyright depository for all digital works. It is built on the Nem blockchain utilizing the Apostille function. Phase 1 The first version of CopyrightBank has been built and can be accessed in the current beta phase https: CopyrightBank provides a copyright registration and verification platform.
Users can easily drag and drop their digital work onto the dashboard. This digitally-fingerprinted file can now be used to verify the authenticity of the registration. Users can easily drag and drop this digitally-fingerprinted file onto the dashboard for it to be verified. As can be seen in the beta, these features have already been built and are fully-functioning.
The community funding is now needed to complete the payment and transaction backend. The initial launch of the platform will exclusively utilize XEMs for the services in order to encourage increased demand for XEMs. Fiat currency will be phased in the next iteration. Users will have the option to have Automatic or Manual registration and can choose which works they wish to register. For example, if the user chooses automatic registration for photos, videos, audio recordings and documents, every time a photo is taken or a video or audio is recorded or a document is created, it will be registered on the blockchain by CopyrightBank.
If the user chooses manual registration, the user will be able to select the works from their galleries or file storage system to register as and when they wish to without needing to go to the CopyrightBank web platform. Phase 3 The CopyrightBank web platform will be enhanced to fully utilize the smart asset features of the NEM blockchain.
The following features are planned in the development framework:. B to C Customer CopyrightBank will be initially launched as a web-based platform that can be accessed on any browser globally. Users can easily create accounts to register, manage and verify their copyright works. Fees will be charged based on each service utilized. In Phase 2, the CopyrightBank mobile phone app will be launched based on an affordable subscription model which will ensure wide adoption and acceptance by all copyright creators.
B to B Business CopyrightBank will work with content-creating enterprises such as film studios, design houses and software developers to provide them with enterprise accounts where copyright works can be registered automatically in bulk. CopyrightBank will white-label its solution for this purpose. As the solution is already built, these government platforms can be implemented with minimum time and cost.
Bill Angelidis is a successful entrepreneur with strong business development skills in high-tech start-up businesses having set-up successful IT services company ASTA Solutions that he still manages. Bill enjoys nothing more than bringing people and opportunities together. Having a background in FinTech, banking, digital marketing and law, he founded the FinTech Association of Malaysia, co-founded several businesses and was once a banker and law lecturer after completing his law degree focused on intellectual property, IT and media law and masters of international business in Australia.
He has also attended executive programs with Cambridge Judge Business School in strategic management. He guided them on the technical implementation of the NEM features. This is a quote from him from September They understand how the NEM architecture works and I am confident that they will be able to bring the project to the next level.
I am very impressed with the speed of execution from the CopyrightBank team in developing this project from proof of concept to a working model on testnet. This is more than a project, it has the potential to become a sustainable business model with far-reaching use cases. It is well-positioned to go international and scale very quickly due to the market-focused approach the team has taken.
I have met the team behind CopyrightBank and I am impressed with what they have accomplished so far. The New York Times. Archived from the original on 22 May Mercatus Center, George Mason University. Archived PDF from the original on 21 September Retrieved 22 October Archived from the original on 17 April Bitcoin and cryptocurrency technologies: Archived from the original on 23 March Retrieved 19 March Based on the Bitcoin protocol, the blockchain database is shared by all nodes participating in a system.
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