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Blockchain in Retail Projected to Surpass $2.3B by 2023

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Biki

A recent analysis of blockchain in retail projected its market value will be 29 times higher in 2023 than 2018—rising from $80 million to more than $2.3 billion—at a compound annual growth rate of 96.4%.(1) Though only 6% of businesses are ready to use blockchain for payment initiatives today, survey findings suggest 13 times as many will be onboard within the next five years.(2) Monica Eaton-Cardone, a FinTech executive specializing in risk management and fraud prevention, examines the challenges that have hindered blockchain’s implementation to date and the applications that are likely to fuel widespread adoption in the future.

Most commonly associated with bitcoin and other forms of cryptocurrency, blockchain is a form of distributed ledger technology (DLT) that records interactions, transactions and transfer of value over a peer-to-peer network in lieu of a centralized authority or coordinating entity.(2) While just 6% of companies are ready to embrace blockchain now, another 9% are less than a year away and a further 43% set their timeline at one to three years; within the next five years, fully 78% of businesses say they will be ready to integrate DLT for payments.(2) However, the retail sector has already begun using blockchain for other applications,(3–5) and Eaton-Cardone believes these successful use cases can help hasten adoption rates throughout the industry.

“Bitcoin has suffered high-profile hacks and wildly fluctuating prices in recent years, so wariness of cryptocurrency has led some to be leery of blockchain by association. But the technology is starting to spread throughout the retail industry now that early adopters are proving its real-world potential,” said Eaton-Cardone, who serves as Chief Information Officer (CIO) of Global Risk Technologies and Chief Operating Officer (COO) of Chargebacks911. As more companies discover blockchain’s usefulness in solving some of retail’s biggest challenges, Eaton-Cardone says it should become clear why its market value is expected to soar nearly 30 times higher in just five years.

Eaton-Cardone points to five blockchain applications that are changing the face of retail:

1. Supply Chain Management – Blockchain is able to capture a data trail that can trace a product from its source to retail shelves, and all stops in between. For example, Walmart and IBM have partnered on a blockchain-based Food Traceability Initiative that can identify the origin of produce almost instantaneously; instead of taking nearly a week, that data can now be retrieved in just 2.2 seconds.(3) This is critical in cases of food-born illness outbreaks and safety recalls. It also enables retailers to demonstrate compliance with regulations aimed at eliminating slavery and human trafficking from supply chains and allows merchants to unequivocally assure customers that products are ethically and/or sustainably sourced.(4)
2. Inventory Management – Blockchain is making it easier for merchants to track the location of goods—from manufacturer to warehouse to backroom to checkout—and replenish inventory in enough time to avoid backorder and out-of-stock scenarios, which reportedly cost retailers worldwide nearly $1 trillion each year.(3)
3. Authenticity Verification – Counterfeiting and theft are ongoing problems for manufacturers and retailers, whether it’s knockoffs of high-end goods such as handbags, fragrances and watches or criminals trying to sell stolen art or automobiles to legitimate dealers. Blockchain trails can help manufacturers detect product diversion and trademark infringement, and they also enable resellers to verify ownership. (3, 4)
4. Auto-Renewal and Subscription Services – In the case of goods and services sold via subscription/recurring billing, blockchain can help protect both sellers and consumers. Sellers can use it to prove they have obtained a customer’s consent to charge their card/account on a recurring basis and demonstrate compliance with relevant laws, while consumers can prove when they have requested cancellation.(4)
5. Customer Data and Loyalty Programs – Blockchain allows retailers to save and use customer data for future orders and product recommendations without storing that data on their servers, where it could be susceptible to breaches or hacks.(3) It can also be used to tokenize loyalty and reward programs, which helps to attract customers by making it easier for them to track, redeem and/or trade points.(5)

Eaton-Cardone acknowledges that there are still questions and considerations that will need to be addressed before blockchain is fully implemented on a global, industry-wide basis, from the privacy of data stored on peer-to-peer networks to the need for a common platform to emerging legal and regulatory developments.(5) However, she is encouraged by blockchain’s growing presence and progress in the retail industry, with new applications such as Provenance, IBM Food Trust and TrustChain capitalizing on its capabilities and big names like Walmart, Carrefour, De Beers, Amazon and American Express leading the way.

“Today’s retail applications are proving that blockchain definitely lives up to its hype,” asserted Eaton-Cardone. “Distributed ledger technology has moved from theoretical possibilities to practical uses, and the implementations we’re seeing now are just the tip of the iceberg in terms of what blockchain can do for retailers. I believe blockchain has the capacity to completely reshape the retail landscape within the next five years.”

Monica Eaton-Cardone frequently discusses financial technology (FinTech), fraud prevention and security best practices at industry conferences and events. She has been a featured panelist at TRUSTECH, the IATA World Financial Symposium and TRANSACT, and is also available for interviews, panelist opportunities and future speaking engagements.

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Blockchain

Bitcoin Wallet HandCash Secures Further Funding

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Oracle

Handcash has recently seen a number of additional features to its lightning fast digital wallet offering users the ability to shop at 250+ retailers with egifter.com as well as a tie up with payment service Anypay, providing both online and retail merchants with safer, faster and more efficient checkouts. HandCash have also made sure, via an agreement with ‘rival’ Bitcoin SV (BSV) wallet, MoneyButton, that BSV transactions can be made to each wallet directly, without third parties involved. This achieves the peer-to-peer system that Bitcoin’s creator Satoshi Nakamoto envisioned.

Such innovations have caught the eye of a group of investors including technology entrepreneur Calvin Ayre, and venture capital funds Two Hop Ventures and Unbounded Capital – who have completed a new investment round with HandCash. This injection of additional funds will allow HandCash to further grow its product offerings and employ more team members.

HandCash co-founder and CEO, Alex Agut, explains: “It’s brilliant to be talking about employment and investments at a time like this when so much of the global economy seems to be struggling. It shows the strength of the BSV ecosystem that expansion, funding and use cases are on the rise on a daily basis.”

Jan Smit, Partner at Netherlands-based Two Hop Ventures, added: “We have been impressed with the development of HandCash as a product from the very start but to see that they are constantly looking to improve and innovate made the decision to invest an easy one. HandCash is the perfect fit in our strategic focus on Bitcoin key managers and data managers, the critical building blocks for the secure user-centric next generation Internet.”

Zach Resnick, Managing Partner of U.S.-based Unbounded Capital, remarked: “HandCash embodies what Bitcoin was designed to be – a fast, P2P payment system with very low transaction fees. But beyond that, Alex and his team never sit still and the wallet is an ever-evolving product that looks set to be a market leader.”

HandCash is preparing for a future world where businesses and consumers use micropayments – mere cents, or even fractions of a cent. Micropayments are uniquely possible on Bitcoin SV because of the blockchain’s massive scaling – enabling huge transaction volumes to be processed for tiny fees: currently, it costs only about 1/40 of a U.S. cent to send a BSV transaction. This opens up new business models that exchange micropayments for daily online activity, and can re-invent our Internet experience.

HandCash started as a user-friendly wallet for consumers, but seeing the vast business future for micropayments, the company is expanding into B2B product offerings. HandCash plans to offer its infrastructure and know-how to make things easier for developers and businesses interested in adding micropayment functionality to their applications and games. Its upcoming HandCash Connect SDK packages, in just one toolkit, six basic components every developer needs to easily build on the Bitcoin SV blockchain – for any platform ranging from mobile, tablet, desktop, web, to even a smart refrigerator.

The SDK provides a backend solution so developers can use all the powerful properties of Bitcoin as a technology platform, without having to learn complex Bitcoin protocol development skills or maintain infrastructure. According to Alex Agut, HandCash Connect could reduce development time for creating Bitcoin apps by up to 90%, and drastically reduce operational costs for startup ventures and big enterprises who want to build on the Bitcoin SV blockchain.

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ECOSC blockchain platform for digital oil and gas supply

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ECOSC

We are pleased that in the early stages of our launch, our ECOSC project has become a valuable resource for many oil and gas businesses. Today it is developing successfully. And it is fair to say that the development of ECOSC is not only the merit of the blockchain, smart contracts, and trading on the Coinsbit and Probit exchanges. Active development of the project is due to a user platform with the same name ECOSC.

Prerequisites for the creation of the platform. We are confident that advanced technologies will become revolutionaries in the energy sector. Because the basis of our project is blockchain. But at the same time, using the example of state blockchains, we realized that the use of technology is only half the success. Our team decided to create a user platform with a clear interface that people could use even without a digital education.

The result is a complete ecosystem, the participants of which were able to:

  • reduce costs, reduce losses and improve the optimization of your business;
  • track supply chain progress in real time, and also check information about transactions;
  • build and develop a business without human error and fraud;
  • carry out deliveries and other processes without the participation of third parties;

Perform fast processing and approval of documents using the platform, which speeds up transactions.

Benefits of the ECOSC Platform

Security and data reliability. The ECOSC platform works on blockchain technology, which helps all its participants to successfully develop their companies through a reliable data management system and a secure mechanism for their transfer.

Equity transactions. All partnership agreements within the platform are concluded through smart contracts that monitor the fulfillment of the terms of the transaction and the fair payment for them. Reliable counterparties. In order to increase the accountability and reliability of cooperation, company names, license numbers, training certificates, and employee experience history are stored on the blockchain. This approach reduces the activity of fraudsters in the oil and gas market.

Processing information about raw materials. The oil and gas market collects huge amounts of information about processed end products – from unsuitable raw materials to finished consumer goods. The platform reduces data processing time through smart contracts, which is necessary for long processes and increase efficiency.

Optimization of work. For many, blockchain and smart contracts seem like something terribly incomprehensible. But, users of our platform use these technologies as easily as they withdraw money from ATMs and monitor the flow of finances through banking applications.

The ECOSC platform is ready to use! Therefore, we invite everyone who wants to increase the profitability of the business and make it more loyal, simpler, and safer:

ECOSC.net

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Ternio Issues Alert to Protect BlockCard Customers From Scams

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Ternio

Ternio, a global fintech platform built on blockchain, wants to warn its customers and potential customers of a number of bad actors impersonating Ternio products or team members. These bad actors use nefarious methods of social engineering to compromise users’ accounts or mislead an individual into sending their personal funds to the bad actor. Details of these infractions are provided to local government authorities.

While the benefits of cryptocurrency are numerous – crypto enthusiasts must remain vigilant to ensure they’re not being scammed by people impersonating Ternio employees. BlockCard users and TERN cryptocurrency holders are regularly being contacted on popular social media platforms and potentially being put at risk. Due to the finality of cryptocurrency, it can be difficult or impossible to recoup funds from the defrauded user. Scammers impersonating the Ternio team or BlockCard support team are not tolerated and dealt with swiftly.

In an effort to protect consumers from Ternio and BlockCard related scams, Ternio has issued a set of guidelines.

  • Be suspicious of anyone who contacts you seeking cryptocurrency funds or personal information. Impersonators of the Ternio team and BlockCard Support exist in this global ecosystem.
  • Do not give out personal or sensitive details, including your Social Security number and bank account information, to individuals over email, phone, or instant message. In addition, ensure to independently verify the authenticity of the person contacting you.
  • Verify the authenticity of all Ternio or BlockCard-related social media accounts that you interact with.
  • Never send your BTC, ETH, TERN, or other cryptocurrency to anyone in return for offered “value-add” or “expedited” services
  • Verify the URLs and domains you interact with and always use two-factor authentication (2FA) to protect your BlockCard account.

Unfortunately, this type of scam and impersonation isn’t new to cryptocurrency enthusiasts but may be more prevalent with Ternio and BlockCard’s growing popularity. An educated customer is a better protected customer.

About Ternio:

Ternio is a global fintech platform built on blockchain. Ternio’s platform connects traditional enterprise, fintech, banking, systems with blockchain infrastructure giving real-world utility to digital assets. Our products, like BlockCard, enable instant remittance and the transfer of value on blockchain rails in a compliant and regulated environment.

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Vanguard Advances Blockchain Technology Pilot To Streamline Asset-Backed Securities Markets

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scrypto

Vanguard, in partnership with technology provider Symbiont, announced today the completion of the first phase of a blockchain pilot designed to digitize the issuance of asset-backed securities (ABS). In close collaboration with a large US ABS issuer, as well as BNY Mellon, Citi, and State Street, Vanguard successfully modeled the full lifecycle of an ABS settlement on distributed ledger technology (DLT) network by replicating end-to-end transaction flows.

“Vanguard is dedicated to providing innovative, world-class solutions that help advance the financial services industry,” said Warren Pennington, principal and head of Vanguard’s Investment Management FinTech Strategies Group. “By digitizing and streamlining the ABS issuance process, we will be able to increase the speed and transparency of transactions while reducing costs and minimizing exposure to risk, which ultimately leads to a more efficient business model for future generations of capital market activity.”

Vanguard and Symbiont have been working diligently with a large US ABS issuer and participants in the banking industry to improve the process of securitization of ABS issuances. The vision for pairing Symbiont’s Assembly DLT with smart contracts—self-executing contracts that are triggered when an agreed-upon event occurs—is to offer increased information flow, enhance price discovery and secondary market liquidity, and automate key corporate actions through the use of a common infrastructure that is open to all market participants.

Puneet Singhvi, FMI Head and Markets and Securities Services lead for Blockchain, DLT and Digital Assets, Citi, mentioned, “We continue to assess new technologies, collaborating with our clients and partners, with a focus on making the risk transfer process across the industry more robust and efficient.”

Leveraging Symbiont’s DLT network, Vanguard is working to transform and automate the current capital markets infrastructure to deliver better outcomes and reduced costs for market participants. The pilot provides the technical and operational foundation critical to supporting an asset issuance on a distributed ledger network. Market dynamics, such as periods of sustained volatility and illiquidity, have highlighted the need for faster, increasingly transparent and more automated markets where digital capabilities can help alleviate liquidity and funding concerns.

Mark Smith, CEO of Symbiont, said, “There is considerable significance to the completion of the pilot program. The successful demonstration of an ABS issuance is a momentous step forward in fundamentally changing capital markets infrastructure through blockchain technology. 2020 may be the year that, for the first time, market participants will see a live ledger-based issuance.”

Vanguard and Symbiont have been leveraging blockchain technology to improve capital markets since December 2017, when the two joined forces to simplify the data distribution process. In 2019, Vanguard went live with Symbiont’s technology to consume data for $1.3 trillion worth of funds. The partnership has enabled index data to move instantly between index providers and market participants over one decentralized database, resulting in improved benchmark tracking and cost savings for clients.

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C2C Blockchain NFT Exchange Launched – MarketPLAce from PlayDapp

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Republic of Korea

While the Republic of Korea government is paying attention to the blockchain game industry as a new growth engine for the game industry, the blockchain game service platform PlayDapp (CEO Brian Choi), a service of SuperTree, will introduce a blockchain game item brokerage service. PlayDapp announced on that it has launched the NFT C2C exchange “PlayDapp MarketPLAce,” which allows global users to freely trade blockchain game items.

“PlayDapp MarketPLAce” is an NFT* (Non-Fungable Token) exchange specialized in blockchain game items and supports trading services that allow users to freely sell and purchase game items acquired through game play by converting them into digital assets, NFTs.

*NFT is one of the Ethereum Blockchain technology standards. It is an irreplaceable asset also called ERC-721. A typical example of the technology is game items. Each is unique and identifiable.

Marketplace Industry expert, Koh Kwang-wook, the former CTO & founding member of the world’s first online game item brokerage website “Item Bay” in 2001, was in charge of developing the NFT C2C exchange “PlayDapp MarketPLAce,” drawing attention even before its launch.

Currently, there are two blockchain games whose items can be traded on the “PlayDapp MarketPLAce,” “CryptoDozer” and “DozerBird,” certain items created in the game can be converted to NFT, a digital asset with unique value. They all can be used in transactions between users. In addition, NFT items acquired due to the characteristics of the blockchain game can be used for various purposes not only in a single game but across various games.

“We are in talks with famous domestic and foreign developers to allow game items in the RPG genre to be traded through NFT through PlayDapp MarketPLAce in the future,” said Choi Sungwone, general manager of PlayDapp strategy. “We will take the lead in creating a healthy game culture by trading user-to-user items using blockchain technology and transparent game development companies will take the lead in creating a healthy game culture.”

Meanwhile, SuperTree, the developer of PlayDapp MarketPLAce, was named as part of C-Lab Outside, of Samsung Electronics, last November. C-Lab Outside is a startup incubation program that supports growth by discovering promising start-ups in Samsung Electronics. Not only can the selected startup seek opportunities for business cooperation with Samsung Electronics, but it will also benefit from a year-long move into Samsung Electronics’ R&D campus in Seoul and up to 100 million won in support.

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Altcoins

VirgoX Lists Canadian Dollar Stablecoin QCAD, Aiming to Establish a World Stablecoin Trading Center

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VirgoX

VirgoX announced that it will be partnering with Toronto based firm Canada Stablecorp to list QCAD, the first major Canadian dollar stablecoin on their exchange. Starting today QCAD will be available to buy, sell and trade on the VirgoX exchange platform. Initially, VirgoX will be offering QCAD as a trading pair to USDT but has plans to expand that to other major stablecoins including ones denominated in Asian currencies in the second half of 2020.

“VirgoX has a strong commitment to build the world’s first stablecoin trading center. It actively looks for stablecoin projects across different stages that are well-designed and likely to be adopted by global users both within and outside of the digital asset space. QCAD is the most promising Canadian dollar stablecoin that is backed by a team of experienced capital market professionals in Canada. It is our pleasure to work with the QCAD team and excited to be the first international exchange that lists and promotes QCAD. ” -Adam Cai, CEO of VirgoX.

This will be Canada Stablecorp’s first major international exchange integration and the launch of their first US dollar stablecoin trading pair. This integration with VirgoX will help to accelerate QCAD adoption internationally, enabling it to be the tool-of-choice to move funds in and out of Canada in a more efficient way.

“Canada Stablecorp is thrilled to bring QCAD onto the Virgo X platform as we truly believe in the promise and potential of establishing a venue to trade stablecoins against each other. This listing will provide the first major crypto native exchange rail between a Canadian Dollar Stablecoin (QCAD) and a US Dollar Stablecoin (USDT), a use case that we are very excited to be unlocking. The fiat FX market is the largest financial market in the world with over $5 Trillion traded daily. If we can help digitize and execute even a small percentage of that with Stablecoins, we would be helping and adding value to a significant number of companies and individuals.” – Jean Desgagne, CEO of Stablecorp

Over the last two years, stablecoins have seen a 415% gain in market capitalization, growing from $2.6 Billion in May of 2018 to over $10.8 Billion at the present day, according to CoinMetrics. This year the appetite for stablecoins has resulted in an additional $4 Billion added to the total market capitalization between February and May.

VirgoX will accelerate the establishment of a world Stablecoin trading center by launching a series of well-designed Stablecoins and incubate Stablecoin projects from early stages. With its complete ecosystem ranging from spot & contract trading, lending, global payments & remittance, traders can experience a full-functioning Stablecoin trading platform. VirgoX will launch more innovative products, such as Stablecoins empowered FX pairs, meeting the present needs of users and anticipating future demands.

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Bitcoin Price Rallies To $10,000, Bullish Factors Behind The Recent Rise

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bitcoin

Bitcoin price just made a bold statement with a powerful, unexpected surge from $9,500 to $a high of $10,400for a near 10 percent percent gain. While there was a strong showing from bears attempting to keep prices at bay, the leading cryptocurrency by market cap had other ideas.

The latest rally in Bitcoin markets has the cryptocurrency world buzzing, speculating that this most recent move could be the start of a larger uptrend and more sustained surge.

There’s no denying the crypto asset’s disruptive power and potential, but what are the most critical underlying factors fueling Bitcoin’s powerful push higher? Here are the top reasons Bitcoin price is rallying once again.

Latest Bitcoin Rally Has Cryptocurrency Market Abuzz

The cryptocurrency space has been set afire by the recent Bitcoin price upsurge. The incredibly scarce, digital asset has been showing signs of a recovery, but the new rally may solidify into something more sustainable.

The Bitcoin halving flushed any weak miners out of the market, setting the stage for Bitcoin’s next big bull run. However, the spark lit by unstoppable FOMO has yet to return to the cryptocurrency space since the bubble popped in late 2017 and early 2018 – perhaps, until now.

This latest break of resistance brings Bitcoin price one step closer to its next bullish impulse and parabolic advance.

Retail buying is booming once again, and the likes of institutional hedge fund managers like Paul Tudor Jones being bullish on Bitcoin has all types of investors looking toward the future of the asset.

Momentum is picking up, and if this latest rally can maintain the strength of the trend, a new all-time high won’t be far off.

Long-Term Potential Price Targets For Bitcoin Price

In terms of just how high Bitcoin can go when the next bull market truly begins – an event that may finally be here with the new rally – predictions range from $75,000 in three years to as high as $1 million per BTC.

Rich Dad, Poor Dad author Richard Kiyosaki recognizes Bitcoin next to gold and silver as a way to avoid losing capital in an economic crisis. The investor and entrepreneur believes Bitcoin price can reach as high as $75,000.

Global macro economist Raoul Pal in the past shared a variety of “perfect” Bitcoin charts, with two out of the three pointing to valuations of $1 million per BTC.

With analysts so bullish on Bitcoin and its potential to grow in the future, the most recent rally shouldn’t come as a shock to crypto investors.

What To Do When Bitcoin Price Is Rising?

There are two strategies traders can employ to take advantage of Bitcoin’s powerful bullish impulses.

Traders can open up a long position to ride the current rally underway, or, traders can wait for a dip to take a long trade, set a stop loss below, and let the price action do the rest. The first option is the riskiest, due to the lack of a plan or strategy. The alternative isn’t without risk, however, the risk is associated with that dip never coming, and the trader being left in Bitcoin’s dust.

PrimeXBT is a Bitcoin-based multi asset trading platform that allows traders to build long and short positions to take advantage of whichever way the trend turns. Built-in charting tools means that traders never are left without a plan, or the ability to put one together quickly when Bitcoin takes off.

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Kronoverse Secure Further Investment From Persimmon Hill Limited and Calvin Ayre

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Kronoverse Secure

Kronoverse Inc., the independent game-development company behind the CryptoFights skill-based fighting game, and member of ESIC (Esports Integrity Commission), has secured further funding via technology investment firm Persimmon Hill Ltd. and technology entrepreneur Calvin Ayre. This is Persimmon Hill’s first, and Calvin Ayre’s third, investment in Kronoverse.

CryptoFights utilizes the Kronoverse platform which replaces the games networking layer from traditional cloud servers to the Bitcoin SV (BSV) blockchain – a public and auditable ledger. This unlocks massive benefits for gaming by giving the eSports ecosystem a transparent and fair way to have game integrity.

Kronoverse also adds value to ESIC’s mission to be the guardian of eSports integrity in different ways such as the use of blockchain technology and native-cash tournaments. Kronoverse’s use of blockchain technology opens up ways for government regulators to enforce gaming standards since all actions taken in a blockchain game are public and auditable.

Adam Kling, CEO of Kronoverse, commented: “The growth we’ve seen in a relatively short time is hugely encouraging for the company and, obviously, we hope that makes CryptoFights an exciting proposition for investors. To have people with the business and blockchain knowledge of Persimmon Hill coming on board, and further support from online gaming entrepreneur Calvin Ayre who is also a big believer in Bitcoin, is a clear endorsement for a transparent eSports experience.”

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IDWorks Wins R3’s global ‘Corda Challenge: Call to Action’

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Corda

Decentralised identity technology specialist, IDWorks, part of 2030 Group, has been named as one of three winners of R3’s global Corda Challenge: Call to Action. The competition was held in response to the COVID-19 global health crisis. R3 invited companies and entrepreneurs in April to submit proposals for practical solutions that can be deployed to address a specific pain point caused by the pandemic. With the winners receiving funding from R3 to help quickly test, build and deploy that idea or solution.

Solutions needed to either solve or support an immediate requirement, such as tackling inefficiencies or friction in the healthcare system, new ways of staying connected, or easing the transition out of the global shutdown in the near future.

IDWorks’ winning solution is called CertifyMe.

IDWorks identified an urgent need for a secure ‘digital certificate’ of individuals’ coronavirus test results that could provide a portable proof of probable immunity for individuals. One which was safe, secure and trusted. Enabling governments to track and trace the spread of a virus, as well as manage lifting of nationwide lockdowns. Protecting citizens, the healthcare systems and economies.

“There is a lot of discussion about potential digital identity solutions, with the main global debate being over centralised versus decentralised technology, notes Ankur Banerjee, Head of Engineering at IDWorks and Head of Technology at 2030 Group.

“The key challenge is how to offer a secure and privacy-conscious solution when sharing elements of private health records outside the healthcare industry. Decentralised identity based on distributed ledger technology is the only software architecture on the market today that is able to offer this level of security and reassurance with a high degree of privacy.”‘

CertifyMe will enable governments to unlock countries, allowing citizens to go back to work speedily and safely. Protecting national economies. All in a secure data-protected way.

Banerjee adds: “Our solution, CertifyMe, enables individuals to carry secure and verified digital proofs similar to how they would carry traditional ID documents such as driving licenses and passports, with tamper-proof digital signatures.”

“CertifyMe can be quickly added as ‘plug-in’ software to existing public health apps, or white labelled. Built on R3’s blockchain platform, Corda, it gives healthcare workers and testing labs the ability to issue COVID-19 test results in a user-friendly, simple way.”

“CertifyMe will also incorporate the ability to print out the certificates on paper, deliver them over text message, or add to mobile wallets,” said Alex Tweeddale, IDWorks’ data privacy expert. “The certificates can be further secured behind passcodes and biometric readers on phones. For those without the capacity to use a digital certificate, a care delegate or guardian may be assigned on their behalf.”

Tweeddale adds: “Our certificates can be issued following take-at-home tests, drive-through, or central testing facilities. CertifyMe is also designed in a flexible and adaptable way, to accommodate for any type of test and changes in public health and government policy decisions.”

“IDWorks invites the digital identity and public sector ecosystem to collaborate with us in an open and standards-based ecosystem to create a new paradigm for consent-based and privacy-focussed identity.”

Winners were selected by a panel of judges including technical and industry experts from R3, and LeadBlock Partners, based on their go-to-market strategy, technical design, and most importantly—their impact on the COVID-19 challenges.

Winners will receive support from R3 alongside their ecosystem partners, Vacuumlabs and LeadBlock Partners, to accelerate time to market through development, stakeholder engagement, advice and capital.

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OKChain Updates and the Validator Selection Begins

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SoFi

OKEx (www.okex.com), the world’s largest cryptocurrency spot and derivatives exchange, announced the 0.10 version of OKChain, the commercial public chain developed by OKEx, will be launched on May 25. The rules of validator selection and dividend mechanism have been revealed at the same time. Users who have staked OKT token can vote for up to 30 candidates with one ballot, generating 21 validators.

After the update, OKChain will become the first public chain developed by crypto exchange to support the access of third-party institutions. At the same time, OKChain launched the recruitment of validator candidates globally and invited users and institutions to participate.

“We hope that more users and institutions will participate in OKChain. The foundation of OKChain’s ecological construction is an important preparation before the launch of the OKChain mainnet,” said Alysa Xu, Chief Strategy Officer of OKEx. “Based on the new 0.10 version, users can realize their will through the voting mechanism and make choices that are in line with their own interests and diversified the development of OKChain. We are looking forward to co-constructing an open, decentralized, practical, and diverse ecosystem with our global users.”

OKChain, an permissionless and decentralized public chain

Compared to other exchange public chains, OKChain tends to adhere to the ideals of decentralization, fully utilizing the nature of peer-to-peer network, irreversibility, and efficient autonomy in its source code. Given that, all participants, including OKEx as the developer, cannot control this public chain.

In addition, instead of requiring nodes to submit a proposal to the public chain “governor” before every action in traditional public chain, OKChain adopts a “peer-to-peer network”, which enables node runners to develop DEX and dApp or decide which cryptocurrencies and trading pairs to list without having to acquire any permission from the “governor”. In a nutshell, OKChain is a fully community autonomous public chain.

Voting rules empowers voters with a high degree of autonomy

OKChain adopts a representative system. OKT holders who have staked OKT token will become voters, who can choose to become an “Ordinary voter” to vote for validators directly or delegate their voting power to another account, called “proxy voter” to vote on their behalf.

Each voter is allowed to vote for up to 30 validator candidates. For example, if a user staked 100 OKT, they can cast 100 ballots each for up to 30 validator candidates. The top 21 candidates with the highest number of votes will form the core set of validators while others will serve as validator candidates.

Having 21 validators is the most mature solution, it can maximize the balance between the degree of decentralization within the ecology and the efficiency of ecological operation. As of the voting mechanism, compared with “choosing the best one” and “choosing a few good ones”, the latter is more fault-tolerant. In addition, it can also effectively weaken the influence of large OKT holders in the initial stage of the OKChain mainnet launch, so that the voting results will reflect the wishes of all OKT holders within the OKChain ecosystem better.

OpenDEX & DEX Operator, new concepts introduced by OKChain

In 0.10 version, OKChain pioneered the concepts of “OpenDEX model” and “DEX Operator”. Under the OpenDEX model, OKChain will offer all needed core technology to nodes, distinguishing public chain operator from DEX operator, which were combined as one in most cases before.

The new concepts make the relationship between DEX operator and public chain operator more similar to the relationship between ETH chain and ERC20. OKChain allows all nodes to construct their own DEX and trading pairs without any threshold. What’s more, nodes not only do not have to pay high cost for server and technology, they will also own the future continuous benefits.

Multiple sources of incomes from OKChain

“The core goal of the 0.10 version of OKChain testnet is to further clarify the rights and interests that node users can share in the OKChain ecosystem,” said Alysa Xu. “Users who participate in the OKChain ecosystem construction through different identities can obtain multiple benefits, including block generation reward, voting reward, matching fee, transaction fee, etc.”

According to public information, 100% of the genesis block OKT will be mapped to OKB holders, which means OKB holders will become the first batch of OKT holders and get a head start in some spheres, including becoming supernodes, voting, DEX operation, etc. Besides, additional OKT will be issued 1-5% annually, part of which is expected to act as block generation reward and the other as voting reward. Apart from that, DEX operators will also obtain matching fee, transaction fee etc. as income.

About OKEx

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