While Blockchain is not necessarily the solution for every company and every problem, it still remains underutilized for many use cases. During the 2019 Blockchain Congress Geneva, Toufi Saliba ( 2019) presented that less than 0.2% Global Adoption Over 99.8% are still excluded, and he listed five problems related to the necessary Security, Efficiency, Confidentially Scalability and Interoperability. He explains further that ledger-based Blockchains fall short in providing true decentralization of power resulting in network forks or increased risks of 51% attacks”. Size of the network is vital, because if…
With the advent of Blockchain technology and its potential to disrupt the way the world has been doing business for many centuries, there is an intense amount of gossip and buzz and an ocean of online literature on the topic. The blockchain revolution is considered analogous to the internet revolution in 1994 but at the same time a diverse and a large population in the developed and developing world, alike, do not even know if there is something called Blockchain, let alone what it really is or going to be,…
While some government officials are still in a wait-and-see mode, others see significant advantages in moving ahead now with what they see as immediate solutions and innovative technology implementations that may pay off in the long run. There are many examples of use cases across countries including: the European Union (EU – anti-counterfeiting), Estonia (Digital Government), US (FDA, DHS, HHS, GSA – security, anti-counterfeiting), China (Payments), India (Payments, Land Registry), Switzerland (Identity), Denmark (Voting), Dubai (Digital Government), Georgia (Land Registry), Gibraltar (Stock Exchange), and many more (Woods, 2018). Besides these…
Various reports and the number of Blockchain use cases implemented suggest that the financial sector stands to gain the most from Blockchain-based service implementations. Some of the many use cases discussed below are to highlight only the most obvious use cases. Trade Finance In trade finance Stock and Share sale and purchase transactions that can sometimes take two to three day are made through brokers and exchanges for clearing and settlement it requires tedious processing through paper and electronic media. Each party including middlemen maintain their record of transactions or…
Use cases related to Digital Identity are foundational for the success of most if not all use cases directly and will contribute towards SDG 16.9, i.e. “providing legal identity for all, including birth registration”. We have the right to be recognized as a person before the law. It is our universal human right[1] to be able to prove who we are in trusted and reliable ways while maintaining our privacy and security of data. Use cases for Digital Identity will benefit all SDGs. The SDG 16, indicator 16.9 says that…
Article By Toufi Saliba & Forbes Technology Council Blockchain has yet to go mainstream, which isn’t at all surprising. However, maybe this can be changed because the promises of the blockchain are too good to pass on.There are thousands of blockchain projects in the world today, and while it can be difficult to tell which ones are capable of long-term success, it is possible because you can assess whether they are missing necessary elements in their current design (and many are).In security, there is a saying: “You are as strong as your weakest link.”…
Credits: Published by J.P. Morgan There is a growing realization that distributed ledger technology — popularly known as blockchain — will bring a radical shift in the way we think about financial assets and the way the financial industry will operate in the future. The blockchain journey is likely to be long and the outcome is uncertain, but a consensus is forming that it is the real deal. Disregarding it is a risk. In this joint report with management consultant Oliver Wyman, we argue that asset managers need to get…
How Will Blockchain Dominate Technology? By Bhavik Moradiya on ALTCOIN MAGAZINE Bhavik Moradiya Sep 30, 2018 Blockchains, or digitized and decentralized lists of records, generally of financial transactions or other, similar data, have been growing in popularity in recent years. The trend has taken off to the extent that it has attracted the attention of many tech-organizations, most of which are investing time and funds into carrying out more research on blockchains. However, for most of us, the concept of blockchains seems a relatively uninteresting idea that talks about the future of the internet…
Earlier on, tech revolution was around product development. It took a while, but then it was followed by Open Sourcing of technology – making it accessible to all. Likewise, came in Cryptocurrency – attempting to design a currency for fair and free trade – unbound by the mechanics of taxation, handling charges and federal policies. Backed by Blockchain, it made significant inroads on to the global markets and choreographed some seismic shifts in the way transactions were executed and currency exchanged hands. While the merits and the demerits of such…
