Please see below recent blockchain-related developments.
- Governments in many countries want to be part of the growing virtual currency trend. By replacing hard-to-track cash with state-issued digital money, governments can more easily find out who is buying what from whom. That could help catch tax cheats and fraudsters, creating more government revenue that can be spent for the public good, and shake up how government technocrats track economic growth and inflation. But depending on how a sovereign digital currency was designed, it could also give the state a powerful new tool to help it spy on citizens. For some governments, that's not a bug, it's a feature, noted GZEROMedia.
- Blockchain can help strengthen trust in those who record or verify with trust in a decentralised network secured through cryptography. IBM’s Food Trust was one of the first production enterprise blockchain systems (with Walmart). The French grocery chain Carrefour recently announced that fruits and vegetables whose provenance is tracked through the system sell better.
- Vault Platform is a blockchain-based tool that enables employees to securely capture and report harassment. The app is designed to create a time-stamped, tamper-proof record of the incident in question. The reports can either be stored privately on a user’s phone, or shared with an employer. Trend Watching believes that the most striking feature of the app is its ‘GoTogether’ feature. This alerts employees if other people have recorded incidents relating to the same individual, and using a ‘blind network’ enables them to collectively share their reports with their employer while preserving their anonymity from each other.
- Further reading:
- A complete guide to cryptocurrency after the crash - Quartz
- A cryptocurrency glossary - Quartz
- Cryptocurrency exchange boss’s death locks away $150m in digital assets - FT
- How Much Is Bitcoin Worth? Less Than Cost to Mine It: JP Morgan - Bloomberg
- Once hailed as unhackable, blockchains are now getting hacked - MIT Technology Review
- Polkadot: The Foundation of a New Internet – Polkadot Network – Medium
- Resolving the Blockchain Paradox in Transportation and Logistics - BCG
- Should I buy bitcoin? Consult the Quartz flowchart 0 Quartz
- There's No Good Reason to Trust Blockchain Technology - WIRED
- Value of cryptocurrencies is only in the eye of holders - Financial Times
- Blockchain over recent years has been extolled as a revolution in business technology. In the nine years since its launch, companies, regulators, and financial technologists have spent countless hours exploring its potential. The resulting innovations have started to reshape business processes, particularly in accounting and transactions. However, blockchain has yet to become the game-changer some expected, cautioned McKinsey.
- Further reading:
- Bitcoin Philanthropists - The Information
- Blockchain Can Wrest the Internet From Corporations' Grasp - WIRED
- Blockchain Economic Forum - Davos
- Blockchain Opportunities Proliferate Across Industries - WSJ
- Building a Sustainable Crypto-Architecture - World Economic Forum
- Can Blockchain Unlock the Investment Africa Needs? | Innovations: Technology, Governance, Globalization | MIT Press Journals
- Crypto capital - Raconteur Crypto funds appeal for patience after market rout - FT
- Crypto Tax Estimator launches - KPMG
- Crypto trust: could public perception be the key to survival? - Quartz
- Crypto trust: could public perception be the key to survival?- Raconteur
- How Blockchain Is Disrupting Insurance - CB Insights
- In 2019, blockchains will start to become boring - Quartz
- Investment Banks Slow to Move on Cryptocurrency Ventures - ETF Trends
- Out of 43 Blockchain Startups, Zero Have Delivered Products - Futurism
- The Fed should seize blockchain’s potential - FT
- The meaning of the blockchain - Open Future
- The strategic business value of the blockchain market - McKinsey
- Will people ditch cash for cryptocurrency? Japan is about to find out - MIT Technology Review
- Banking isn't the only industry that could be affected by blockchain tech. Law enforcement, ride hailing, and many other sectors could also have blockchain in their future, according to CB Insights.
- Blockchain is changing the art world. claimed Quartz. It’s good for secure transactions that preserve the anonymity favoured by many art buyers and sellers.
- Further reading:
- $1 Million Bet: Crypto Hedge Fund Wagers Crypto to Outperform Stock Market This Decade - CCN
- At Least 340 UK Crypto or Blockchain Companies Ceased Operations in 2018, Report Finds
- Bitcoin is close to becoming worthless - Quartz
- Blockchain CEO Eyes IPO Amid Crypto Rout — The Information
- Blockchain Trends In 2019 - CB Insights Research
- Can blockchain ease global payments? - Raconteur
- Confusion reigns over cryptocurrency tax treatment - EY
- Could regulation save cryptocurrencies? - Raconteur
- Crypto miners fight for survival as market turmoil continues - FT
- Crypto sentiment across the USA: do states love it or hate it - Raconteur?
- Five technologies that will reshape the customer experience - Raconteur
- Groundbreaking uses of cryptos and blockchain - Raconteur
- ICOs can democratise funding for smaller startups, here's how - Raconteur
- The Blockchain Is a Reminder of the Internet’s Failure
- The Future for Bitcoin - Raconteur
- The people of Ohio can now pay taxes in bitcoin — Quartz
- Where's Blockchain Headed Next? - CB Insights
- Why governments are building their own cryptocurrencies - Raconteur
- A year ago, cryptocurrency investors were looking forward to a triumphant holiday season. Bitcoin was trading at about $8,200, and heading north. Much has happened since, noted Quartz, and little of it good for crypto investors who didn’t sell near the top. After cresting above $20,000 in December 2017, bitcoin went into in a steady slide and giving up a year’s worth of gains. There’s no one reason for the sell-off, but a few factors have been working against bitcoin and its cousins like ether and ripple. Fallout from the bitcoin cash fork - the crypto world’s equivalent of financial engineering - seemed to be creating uncertainty across all cryptocurrencies, while recent SEC enforcement actions may be adding another layer of chill.
- Further reading:
- Blockchains LLC: Incubating ideas using Ethereum and blockchain technology
- Cryptocurrency has lost nearly three-quarters of its value since January - FT
- Bitcoin’s crash is not the end of cyber currencies - FT
- How Unocoin founders were arrested for their cryptocurrency ATM - Quartz India
- IBM will use blockchain to prevent counterfeiting of Seagate's hard drives | VentureBeat
- Stablecoins are crypto sector’s next big bet - FT
- Sustainable Finance Group Looks for Results With Blockchain Tool: Associations Now
- Blockchain hype peaked in the media in 2017 when “cryptomania” hit the trading markets. More recently, attention has turned to how it will be regulated, while in a survey released this month more than four out of five executives (84%) reported their organisations had blockchain initiatives underway – dominated by financial services.
- Going further, Nouriel Roubini claimed that now that cryptocurrencies such as Bitcoin have plummeted from last year's absurdly high valuations, "the techno-utopian mystique of so-called distributed-ledger technologies should be next". The promise to cure the world's ills through "decentralisation" was just a ruse to separate retail investors from their hard-earned real money.
- Still, as blockchain technology finds use beyond cryptocurrency, enterprise software is likely to be an early adopter. With the need for faster, simpler ways to record transactions and manage data, Barclay analysts think this will be a $43 billion opportunity.
- Understanding how blockchain creates business value is essential for companies to identify the right use cases and move beyond small pilots to widespread adoption, argued McKinsey, explaining how companies can drive business value through blockchain - but also how business leaders can determine when blockchain is and isn’t the right innovation.
- However, The World Economic Forum believes that even as an emerging technology, blockchain has so much more relevance than digital finance alone. It is also poised to disrupt how we think about and manage the world’s most pressing environmental issues.
- Walmart announced that it would be requiring all its leafy green suppliers join its blockchain platform so that the retailer can track the journey of each product. Powered by IBM, Walmart’s new system aims to guarantee food safety, make sure that suppliers follow proper procedures and ensure supply chain transparency in the event of any viral outbreaks. Leafy greens suppliers must comply with the program by September 2019, and Walmart will be requiring other produce suppliers to join in the future.
- Further reading:
- The Future Today Institute's Journalism, Media and Tech Trends report found that blockchain emerged as a significant driver of change in 2019 and beyond, even though the blockchain ecosystem is still maturing.
- Crypto markets continued their free fall in the first days of September. More than $20 billion in market capitalisation of crypto assets were erased during one 24 hour period, with values plunging sharply; bitcoin dropped by over $1,000 at one point, dipping below $6,300, while ether hit a one-year low at $211.
- Indeed, in recent weeks the bottom has fallen out in the markets for bitcoin, ether, and other crypto assets; ether has fallen by around 70% over the past three months against the dollar.
- A new book, Crypotassets, offered a start to those seeking in-depth information on the investment potential of bitcoin, blockchain and cryptoassets. The manual begins with a basic introduction to bitcoin and continues into how digital technologies are disrupting various industries.
- The World Bank is selling blockchain bonds, according to the FT. Neither the size nor issue date has been announced yet, but it would be the organisation's first bond to be created and run using blockchain technology. The issue will be arranged by the Commonwealth Bank of Australia, and is named “bond-i,” after the Sydney beach, and also stands for “Blockchain Offered New Debt Instrument”.
- The South Korean government integrated blockchain into the public sector, developing the “first public blockchain platform” and issuing community tokens as a type of digital gift certificate.
- What is a person without an identity? For refugees throughout the world and millions classed as officially “stateless”, it is easy to lose sight of the human circumstances that put them in that position. However, it shouldn't take extraordinary acts to prove one deserves to be a citizen, noted Prospect, asking whether blockchain could provide an answer.
- Blockchains are stalling in corporate deployments, reported Exponential View. “The disconnect between the hype and the reality is significant -- I’ve never seen anything like it”, according to one analyst. Another analyst reckons than 90% of blockchain experiments won’t become part of a corporate's operations.
- Studying blockchain at university isn’t pointless, argued Quartz, as although cryptomania may have cooled, blockchain-linked expertise will still be in high demand in years to come.
- Further reading:
- 10 Things You Can Do on the Blockchain that You Can’t on the Web
- Bitcoin is down 66%. But it still may be the future of money
- Blockchain Is The Future Of Banking? - FT Reporter
- EY and City of Vienna collaborate on public blockchain networks
- Global Blockchain in Business Survey 2018 - PwC
- How Cryptocurrencies Can Influence the Future of Freedom
- IBM teams with Maersk on new blockchain shipping solution | TechCrunch
- South Korean Government Integrates 'First Public Blockchain Platform' | CryptoSlate
- The bitcoin bubble’s real losers - FT
- What next for cryptocurrencies after bubble bursts? - FT
- WTH is the Blockchain? - Product Hunt
Brains and Chains was a recent AI and Blockchain conference which explored the intersection of these two cutting-edge technological trends, and discussed how they can be utilised to create opportunities for innovative solutions.
Hackermoon warned that blockchain technology simply isn’t living up to its promises right now. Claims of decentralising the financial system and the Internet have been stopped in their tracks by one key problem: scalability.
A new study from Boston College found that 56% of cryptocurrency startups that raise money through token sales die within four months of their initial coin offerings. According to the researchers who led the study, new cryptocurrencies see the strongest return in the first month, but usually can’t outperform other cryptocurrencies by month three. CB Insights recently did a deep dive into blockchain technology, including trends in tokens and cryptoassets (get the slides and recording here).
Blockchain was a priority topic at Davos; a World Economic Forum survey suggested that 10 percent of global GDP will be stored on blockchain by 2027.Multiple governments have published reports on the potential implications of blockchain, and the past two years alone have seen more than half a million new publications on and 3.7 million Google search results for blockchain. Most tellingly, noted McKinsey, large investments in blockchain are being made.
While not quite ready for primetime yet, blockchain is getting closer to its breakout moment with every passing day, according to Deloitte’s 2018 Blockchain Survey.
Many crypto enthusiasts are looking at blockchains as a way to correct the sins of the past (government over-reach, lack of sound money, expensive middlemen, centralised businesses, etc.) However, a recent Medium article argued that the truly important questions should be way bigger than this: How can crypto-powered businesses create new types of abundance? How will blockchains drive our standard of living forward exponentially? How will we see the creation of tens of trillions in new value like we did with the stock market in the last 150 years?
Debates around cryptocurrencies and similar technologies are lively and somewhat misinformed. Medium explained the difference between cryptocurrency, blockchain, and crypto-assets, arguing that we must disentangle the three phenomena before making any judgements.
Use cases differ, but the benefits derived from using blockchain remain unchanged: transparency, immutability, redundancy and security. In 2018, new blockchain initiatives are launched every day. Medium shared 50 examples of blockchains in use around the globe.
Arguably one of the most exciting technological developments of the digital age, cryptocurrencies are set to revolutionise global finance and could be the future of money, according to The Cryptocurrencies special report, published in The Times, which covers problems these bold new currencies pose for regulators as well as their potential to aid the betterment of society and the environment.
Whether you want to obtain a university-level understanding or simply just enough of the basics to get added to the office crypto chat, author Steven Johnson’s piece in the New York Times is a good place to start. In it, Johnson explains how by its very nature the blockchain has the potential to be truly disruptive - so disruptive that it’s frequently likened to the internet in the mid to late 90s - and on the verge of revolutionising the way we live.
“We are overemphasizing Bitcoin,” Nobel prize-winning wconomist Robert Shiller said, speaking in Davos earlier this year. “It seems to me it’s a technology for something else...we should broaden it out to blockchain, which will have other applications.”
As bitcoin and other cryptocurrencies gain more acceptance, many wonder if the blockchain technology behind it will usurp the role of banks. According to professors and authors of a recent book, the answer is a resounding no. By applying historical context to the bitcoin craze, the authors shed light on why they think the currency may be unworkable in the long term without a governing central authority.
Blockchain is the fastest-growing skill out of more than 5,000 skills on Upwork, according to the latest Skills Index, a quarterly report that ranks the 20 fastest-growing skills to help shed light on new and emerging skills as an indication of hot freelance job market trends.
In its blockchain and cryptocurrency jargon buster, the FT explained some of the key concepts and terms to understand when talking about blockchain technologies.
Still available and still fascinating is the 2015 FutureProofing podcast which asked: can computer technology and its systems for record-keeping, transparency and verification replace the role of trust in our society? The programme investigated whether blockchain's ramifications could go much further than cryptocurrency and reach into disrupting the roles of government, from providing identity documents to tax collection. Or will governments, banks and other large powerful bodies meet the political and technical challenges of the blockchain by incorporating it into their own activities?
There are dozens of blockchain initiatives in the insurance industry, claimed the FT. The big incumbents, including Axa, Allianz and AIG, are working out how best to use it, as are a series of start-ups. They range from Blocksure and ChainThat, which are developing blockchain-based systems for insurers, to Buzzvault, which uses blockchain to store details of the possessions that its customers want to insure.
- Blockchain is being used to bring new levels of trust and transparency to various activities, according to Trend Watching: Agora’s voting system transformed Sierra Leone’s elections, the first blockchain university is upending how higher education has typically worked, while consumers can monitor their chickens in China to make sure they’re truly free-range.
- Bitcoin is on track to consume 0.5% of the world’s electricity this year, claimed Quartz. That’s about as much as the Netherlands; meanwhile, the energy footprint for mining cryptocurrencies is doubling every six months.
- Big Four Consulting Firms Dip a Toe in Initial Coin Offerings - Bloomberg
- Blockchain growth makes developers a hot commodity | Computerworld
- Blockchain Technology Stats and Facts 2018 (infographic) - ValueCoders Blog
- Cryptocurrency creeps into the mainstream - FT
- How the blockchain could transform sustainability reporting | GreenBiz
- Initial Coin Offering Best Practices: Old Rules Still Apply | Crowdfund Insider
- Seal Network and Deloitte to Build Blockchain Anti Counterfeiting Network with European Commission - BW CIO
- Sick of Passwords? Here's How Blockchain Can Help, and Enhance Cybersecurity, to Boot.
- The Future of Blockchain Tech - CB Insights
- The Jabberwocky world of bitcoin - FT
- The Wealthy Are Hoarding $10 Billion of Bitcoin in Bunkers - Bloomberg
- Warren Buffett hates bitcoin. Charlie Munger compares crypto to "turds." — Quartz
- Why Blockchain is Hard – Jimmy Song – Medium
- Why Blockchain Will Survive, Even If Bitcoin Doesn’t - WSJ
- Women in crypto are reluctant to admit there are very few women in crypto — Quartz
- BBVA issues corporate loan using blockchain - FT
- Bitcoin Bounces Back from Sudden Dip Eyeing Move to $8,400 - CoinDesk
- Bitcoin: Cryptocurrencies for Muslims backed by gold are popping up — Quartz
- Blockchain and Financial Market Innovation Summary | Rebecca Lewis et al.
- Blockchain is not only crappy technology but a bad vision for the future
- Blockchain Is the Future, But It's Confusing. Here's an Explanation in Plain English | Inc.com
- Boxer Manny Pacquiao to launch own cryptocurrency, SE Asia News & Top Stories - The Straits Times
- Could Blockchain Technology Help Avoid Another Cambridge Analytica? - CB Insights
- Down 50 Percent: Q1 Was Bitcoin’s Second Worst Quarter on Record - CoinDesk
- Fintech, Blockchain and ICOs: adapting to the changing landscape
- Five countries primed for start-up success - BBC
- How IBM is Helping Establish, Evolve and Extend Blockchain Networks - THINK Blog
- IBM Blockchain Joins Sovrin's 'Decentralized' Digital Identity Network To Stem Fraud
- Iceland's Bitcoin heist suspect 'flees on PM's plane' - BBC News
- ICOs can help create greater transparency in the fundraising process - EY
- In blockchain we trust - MIT Technology Review
- India and Pakistan Tell Banks to Cut Ties To Cryptocurrency | Fortune
- Islamic Scholar Says Bitcoin is Compliant With Sharia Law as Price Surges
- Many ICOs May Be Frauds, Says Hong Kong Securities Watchdog - CoinDesk
- Nasdaq is open to becoming cryptocurrency exchange, CEO says
- PwC Unveils Blockchain Auditing Service With Crypto Business Already Signed Up
- The Brazen Fraud Case That May Help Determine The Future Of ICOs
- The Case for Central Bank Electronic Money and the Non-case for Central Bank Cryptocurrencies
- The Seven Pillars of ICO Investing - CoinDesk
- Uh Oh: Blockchain May Not Be as Secure as We Thought
- 17% of Bitcoin owners trust the federal government. Can you trust Bitcoin? | SurveyMonkey
- Big Four Giant PwC Announces Blockchain Auditing Service
- Bill Gates says crypto-currencies cause deaths - BBC News
- Bitcoin not the answer to a cashless society - FT
- Blockchain and similar technologies can help to keep digital identities safe - FT
- Blockchain beyond cryptos? (part 1) | LinkedIn
- Blockchain for 2018 and Beyond: A (growing) list of blockchain use cases
- Blockchain for fragile states: the good, the bad and the ugly - the wonk.eu
- Blockchain-based Machine Learning Marketplaces – Fred Ehrsam – Medium
- Blockchain: the future of sustainable supply chains | PwC Belgium
- Blockchain’s applications reach further than you think
- Can Blockchains Go Rogue? – Ocean Protocol
- Child abuse imagery found within bitcoin's blockchain | Technology | The Guardian
- Comparing 25 of the biggest cryptocurrencies | World Economic Forum
- Consortium tests blockchain solution to improve ocean shipping - Ship Technology
- Cryptocurrency Futures | ShapingTomorrowBlog
- DHL and Accenture trial blockchain-based pharma security program | Air Cargo World
- Do you really need that blockchain? - EY Alwin Club
- Fintech, Blockchain & ICO: adapting to the changing landscape - the wonk.eu
- I was tricked by a crypto scammer on Twitter - Quartz
- IBM Presents its Take on Blockchain for Business - CCN
- IMF's Lagarde: Track Cryptos with Blockchain to 'Fight Fire with Fire' - CoinDesk
- Industry Consortium Successfully Tests Blockchain Solution Developed by Accenture That Could Revolutionize Ocean Shipping – WorldNews
- Industry consortium tests blockchain solution for ocean shipping - Canadian Shipper
- Japan suspends trade on 2 cryptocurrency exchanges - FT
- Making Sense of the World's Cryptocurrency Rules - Bloomberg
- Northern Trust Partners With PwC To Make Real-Time Equ... | News | Cointelegraph
- PwC Reveals Blockchain Analytics Tool For Tracking ICO Tokens - US-China Investment News | Finance, Tech & Real Estate
- PwC testing a blockchain analytics tool for tracking the global footprint of ICO tokens | South China Morning Post
- Report: Two Japanese Crypto Exchanges to Shut Down - CoinDesk
- The Brave New World Of ICOs: A Primer On The Regulatory Landscape
- Top 5 African Blockchain Applications - TrendWatching
- Twitter cracks down on cryptocurrency ads - FT
- Unilever and IBM's blockchain experiment: a silver bullet for digital or a 'glitzy' quick fix? | The Drum
- Vladimir Putin faces the horror of a bit of a World Cup boycott - FT
- Why the 'Worst' Crypto Networks Will Be The Biggest - CoinDesk
- Women in Cryptocurrencies Push Back Against ‘Blockchain Bros’ - The New York Times
- “Bitcoin” just topped the list of fastest-growing freelance skills in
- A Blockchain primer for 2018 - On our radar - EY
- Bringing Swiss order to initial coin offerings - FT
- Decrypting Cryptocurrencies: Technology, Applications and Challenges - JP Morgan
- A blockchain reaction from Huw van Steenis? - FT
- Berkshire’s Charlie Munger calls bitcoin ‘totally asinine’ - BT
- Beyond the Bitcoin Bubble - The New York Times
- Bitcoin ban: Inside the Indian government’s struggle to curb cryptocurrencies — Quartz
- Bitcoin investors find tax demands are not virtual - FT
- Bitcoin prices could be 40% lower because Tether propped it up — Quartz
- Bitcoin, Blockchain, and the Trouble with ICOs | WIRED
- Blockchain: an explainer - FT
- Cryptocurrencies Come to Campus - The New York Times
- Deloitte Blockchain Tax Head: Misconception on Reporting Cryptocurrency Tax - Bitcoin Network, News, Charts, Guides & Analysis
- Executive's guide to implementing blockchain technology | ZDNet
- Insights | Oil & Gas | Discover
- Japan's cryptocurrency industry to set up self-regulatory body- Nikkei Asian Review
- Need help on blockchain? These are the top three experts | Raconteur | The Times & The Sunday Times
- North Korea is a suspect in the $530 million Coincheck cryptocurrency heist — Quartz
- PwC’s Blockchain solution for derivatives transactions reporting for FISMA - YouTube
- Report Suggests Global Spending on Blockchain Tech Could Reach $9.2 Billion by 2021 — Bitcoin Magazine
- Stablecoins: designing a price-stable cryptocurrency
- Telegram has raised an initial $850M for its billion-dollar ICO | TechCrunch
- The future of cryptocurrencies? The view of two experts | World Economic Forum
- Venezuela cryptocurrency to draw investment from Turkey, Qatar-official
- Watchdogs bare teeth as cryptocurrencies dive - FT
- What is Blockchain Technology? - CB Insights
- Why Governments Might Join the Cryptocurrency Craze - Bloomberg
- ICOs require a regulatory approach that protects consumers
- 100 cryptocurrencies described in four words or less | TechCrunch
- Beyond the Bitcoin Bubble - The New York Times
- Big risks in ICO market: flawed token valuations, unclear regulations, heightened hacker attention and congested networks - EY
- Bitcoin Cash deals frozen as insider trading is probed - BBC News
- Bitcoin dips below $10,000 for first time since December - BBC News
- Bitcoin is making banks nervous. Here's why | World Economic Forum
- Bitcoin threatening human rights? | FuturesForum | Doug Vining
- Blockchain’s Broken Promises by Nouriel Roubini - Project Syndicate
- Crypto in 2018 - Should be the Year History will Remember
- Cryptocurrency boom upends venture capital - FT
- Digital Currency and Blockchain: How are Financial Institutions Responding?
- Discover Bitcoin
- Don Tapscott: Ten 2018 predictions from the co-founder of the Blockchain Research Institute — Quartz
- Duelling bitcoin futures go head-to-head as CME launches contract - FT
- Estonia just revealed three uses for its proposed national cryptocurrency | World Economic Forum
- Facebook and regulators move to halt cryptocurrency scams - FT
- France to allow trading of securities via blockchain
- How UK blockchain startups are revolutionising cybersecurity
- In the World of Cryptocurrencies, Something’s Gotta Give in 2018 - MIT Technology Review
- Intro to Cryptocurrencies, Blockchain and Crypto Trading | Damanick Dantes, CMT | Skillshare
- Most economists think bitcoin and other cryptocurrencies aren't dangerous, survey says — Quartz
- Ripple was the best-performing cryptocurrency of 2017, beating bitcoin — Quartz
- Students are mining cryptocurrency from their dorm rooms on college campuses — Quartz
- The crypto asset bubble - World Economic Forum
- The hidden cost of Bitcoin? Our environment | World Economic Forum
- The World In 2018
- There are many reasons to be cautious about bitcoin - FT
- Watch Out for These Cryptocurrency Scams
- What Is Blockchain Technology? - CB Insights
- Some of the biggest banks, along with technology companies and other firms are making significant investments in research and development to see how they can harness blockchain. These efforts could transform many aspects of business, including how we think about security. Historically, the mainstream cybersecurity philosophy was to build a perimeter wall to keep out intruders. Blockchains could make the perimeter irrelevant by ensuring the integrity of a given network. It is akin to securing the metaphorical veins and arteries of the digital world in order to ensure the health of the body that is the network.
- Blockchains, once developed, have the potential to be a powerful solution to many of the security problems faced by financial institutions, argued PwC. The transaction-level cryptographic control associated with blockchains could also extend to manufacturing, pharmaceuticals, the transportation industry, or any sector that makes important products that need to be secure. Blockchain-based technologies at some point could eventually become the backbone for all collaboration and communication that needs to take place in these industries.