Sergey Gorbunov of Axelar discusses blockchain interoperability, a technology that enables decentralized applications to work across multiple blockchain ecosystems. Host Philip Winston spoke with Gorbunov about programmable blockchains, distributed vs. centralized changes, the Ethereum virtual machine, Axelar's Cross-Chain Gateway Protocol and Cross-Chain Transfer Protocol, security issues, delegated proof of stake...

Blockchain originally gained attention thanks to its connection to Bitcoin. But blockchain has emerged from under the crypto-currency’s shadow to become a powerful trend in enterprise IT -- and something that should be on every developer's radar.  For this program we’ve assembled a panel of Blockchain experts to discuss the technology's impact, examine some use cases, and offer suggestions for developers who want to learn more in order to take advantage of the opportunities blockchain represents.

This program was recorded on Thursday November, 9, 2017.

Listed alphabetically

Lonneke DikmansChief Product Officer, eProseed, Utrecht, NL

John KingTech Enablement Specialist/Speaker/Trainer/Course Developer, King Training Resources, Scottsdale, AZ

Robert van MölkenSenior Integration / Cloud Specialist, AMIS, Utrecht, NL

Arturo ViverosSOA/Cloud Architect, Sysco AS, Oslo, NO

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As the world races towards digital transformation, the technologies we choose will have a lasting impact on our planet. Blockchain, NFTs, and other crypto assets have garnered much attention for their ability to securely and immutably store records. However, the environmental cost of maintaining these technologies is often overlooked. The energy consumption required to sustain blockchains, particularly those using Proof of Work (PoW), is enormous...

The Swiss Finance Department has said that changes to tax law are not currently needed in response to developments in distributed ledger technology and blockchain.

Imagine a world in which you can do transactions and many other things without having to give your personal information. A world in which you don’t need to rely on banks or governments anymore. Sounds amazing, right? That’s exactly what blockchain technology allows us to do.

It’s like your computer’s hard drive. blockchain is a technology that lets you store data in digital blocks, which are connected together like links in a chain. 

Blockchain technology was originally invented in 1991 by two mathematicians, Stuart Haber and W. Scot Stornetta. They first proposed the system to ensure that timestamps could not be tampered with.

A few years later, in 1998, software developer Nick Szabo proposed using a similar kind of technology to secure a digital payments system he called “Bit Gold.” However, this innovation was not adopted until Satoshi Nakamoto claimed to have invented the first Blockchain and Bitcoin.

So, What is Blockchain?

A blockchain is a distributed database shared between the nodes of a computer network. It saves information in digital format. Many people first heard of blockchain technology when they started to look up information about bitcoin.

Blockchain is used in cryptocurrency systems to ensure secure, decentralized records of transactions.

Blockchain allowed people to guarantee the fidelity and security of a record of data without the need for a third party to ensure accuracy.

To understand how a blockchain works, Consider these basic steps:

• Blockchain collects information in “blocks”.
• A block has a storage capacity, and once it's used up, it can be closed and linked to a previously served block.
• Blocks form chains, which are called “Blockchains.”
• More information will be added to the block with the most content until its capacity is full. The process repeats itself.
• Each block in the chain has an exact timestamp and can't be changed.

Let’s get to know more about the blockchain.

How does blockchain work?

Blockchain records digital information and distributes it across the network without changing it. The information is distributed among many users and stored in an immutable, permanent ledger that can't be changed or destroyed. That's why blockchain is also called "Distributed Ledger Technology" or DLT.

Here’s how it works:

• Someone or a computer will transacts
• The transaction is transmitted throughout the network.
• A network of computers can confirm the transaction.
• When it is confirmed a transaction is added to a block
• The blocks are linked together to create a history.

And that’s the beauty of it! The process may seem complicated, but it’s done in minutes with modern technology. And because technology is advancing rapidly, I expect things to move even more quickly than ever.

• A new transaction is added to the system. It is then relayed to a network of computers located around the world. The computers then solve equations to ensure the authenticity of the transaction.
• Once a transaction is confirmed, it is placed in a block after the confirmation. All of the blocks are chained together to create a permanent history of every transaction.

How are Blockchains used?

Even though blockchain is integral to cryptocurrency, it has other applications. For example, blockchain can be used for storing reliable data about transactions. Many people confuse blockchain with cryptocurrencies like bitcoin and ethereum.

Blockchain already being adopted by some big-name companies, such as Walmart, AIG, Siemens, Pfizer, and Unilever. For example, IBM's Food Trust uses blockchain to track food's journey before reaching its final destination.

Although some of you may consider this practice excessive, food suppliers and manufacturers adhere to the policy of tracing their products because bacteria such as E. coli and Salmonella have been found in packaged foods. In addition, there have been isolated cases where dangerous allergens such as peanuts have accidentally been introduced into certain products.

Tracing and identifying the sources of an outbreak is a challenging task that can take months or years. Thanks to the Blockchain, however, companies now know exactly where their food has been—so they can trace its location and prevent future outbreaks.

Blockchain technology allows systems to react much faster in the event of a hazard. It also has many other uses in the modern world.

What is Blockchain Decentralization?

Blockchain technology is safe, even if it’s public. People can access the technology using an internet connection.

Have you ever been in a situation where you had all your data stored at one place and that one secure place got compromised? Wouldn't it be great if there was a way to prevent your data from leaking out even when the security of your storage systems is compromised?

Blockchain technology provides a way of avoiding this situation by using multiple computers at different locations to store information about transactions. If one computer experiences problems with a transaction, it will not affect the other nodes.

Instead, other nodes will use the correct information to cross-reference your incorrect node. This is called “Decentralization,” meaning all the information is stored in multiple places.

Blockchain guarantees your data's authenticity—not just its accuracy, but also its irreversibility. It can also be used to store data that are difficult to register, like legal contracts, state identifications, or a company's product inventory.

Pros and Cons of Blockchain

Blockchain has many advantages and disadvantages. 

Pros

• Accuracy is increased because there is no human involvement in the verification process.
• One of the great things about decentralization is that it makes information harder to tamper with.
• Safe, private, and easy transactions
• Provides a banking alternative and safe storage of personal information

Cons

• Data storage has limits.
• The regulations are always changing, as they differ from place to place.
• It has a risk of being used for illicit activities 

Frequently Asked Questions About Blockchain

I’ll answer the most frequently asked questions about blockchain in this section.

Is Blockchain a cryptocurrency?

Blockchain is not a cryptocurrency but a technology that makes cryptocurrencies possible. It's a digital ledger that records every transaction seamlessly.

Is it possible for Blockchain to be hacked?

Yes, blockchain can be theoretically hacked, but it is a complicated task to be achieved. A network of users constantly reviews it, which makes hacking the blockchain difficult.

What is the most prominent blockchain company?

Coinbase Global is currently the biggest blockchain company in the world. The company runs a commendable infrastructure, services, and technology for the digital currency economy.

Who owns Blockchain?

Blockchain is a decentralized technology. It’s a chain of distributed ledgers connected with nodes. Each node can be any electronic device. Thus, one owns blockhain.

What is the difference between Bitcoin and Blockchain technology?

Bitcoin is a cryptocurrency, which is powered by Blockchain technology while Blockchain is a distributed ledger of cryptocurrency 

What is the difference between Blockchain and a Database?

Generally a database is a collection of data which can be stored and organized using a database management system. The people who have access to the database can view or edit the information stored there. The client-server network architecture is used to implement databases. whereas a blockchain is a growing list of records, called blocks, stored in a distributed system. Each block contains a cryptographic hash of the previous block, timestamp and transaction information. Modification of data is not allowed due to the design of the blockchain. The technology allows decentralized control and eliminates risks of data modification by other parties.

Final Saying

Blockchain has a wide spectrum of applications and, over the next 5-10 years, we will likely see it being integrated into all sorts of industries. From finance to healthcare, blockchain could revolutionize the way we store and share data. Although there is some hesitation to adopt blockchain systems right now, that won't be the case in 2022-2023 (and even less so in 2026). Once people become more comfortable with the technology and understand how it can work for them, owners, CEOs and entrepreneurs alike will be quick to leverage blockchain technology for their own gain. Hope you like this article if you have any question let me know in the comments section

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Do terms like “nonfungible token,” “minting,” and “gas fees” sound like a foreign language to you? To better understand it -- and explain it -- WSJ’s Joanna Stern turned her son’s art into an NFT on the Ethereum blockchain. Photo illustration: Jacob Reynolds

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Most transactions in the financial system take place behind closed doors. Not so the bitcoin network, which runs on blockchain technology – on which transactions can actually be visualised. But what's the real deal when it comes to crypto? Is its vision of decentralisation and data integrity all its cracked up to be? Cathy Mulligan is a visiting researcher at Imperial College's Centre for Cryptocurrency Research and Engineering, and she's breaking down the blockchain hype and leading the dialogue on how businesses should use this technology. ABOUT WIRED SMARTER Experts and business leaders from the worlds of Energy, Money and Retail gathered at Kings Place, London, for WIRED Smarter on October 9, 2018. Discover some of the fascinating insights from speakers here: http://wired.uk/V29vMg ABOUT WIRED EVENTS WIRED events shine a spotlight on the innovators, inventors and entrepreneurs who are changing our world for the better. Explore this channel for videos showing on-stage talks, behind-the-scenes action, exclusive interviews and performances from our roster of events. Join us as we uncover the most relevant, up-and-coming trends and meet the people building the future. ABOUT WIRED WIRED brings you the future as it happens - the people, the trends, the big ideas that will change our lives. An award-winning printed monthly and online publication. WIRED is an agenda-setting magazine offering brain food on a wide range of topics, from science, technology and business to pop-culture and politics. CONNECT WITH WIRED Web: http://po.st/WiredVideo Twitter: http://po.st/TwitterWired Facebook: http://po.st/FacebookWired Google+: http://po.st/GoogleWired Instagram: http://po.st/InstagramWired Magazine: http://po.st/MagazineWired Newsletter: http://po.st/NewslettersWired

Virtual reality media platform, Sensorium, has announced its membership in the Global Blockchain Business Council, or GBBC — a Swiss-based non-profit industry association for blockchain.

Sensorium will participate in GBBCs upcoming virtual forum on May 28, which will see the firms director of technology Alex Blagirev discuss his predictions for how virtual social media will change the way that people interact online.

Identity theft, fake accounts, etc. all will be to a large extent eliminated as human participants in the socially-virtual world will be required to verify their identity via the blockchain.

National Bureau of Economic Research

National Bureau of Economic Research

IEEE / Institute of Electrical and Electronics Engineers Incorporated

IEEE / Institute of Electrical and Electronics Engineers Incorporated

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The post Thai fintech startup Omise is betting on blockchain to cash in on e-commerce growth appeared first on DealStreetAsia.

Welcome to this week's patchwork of questions and answers about political advertising, ABM, voice search, blockchain, and loyalty

Embracing new technologies that could enable drastic reductions in GHG emissions will be key to delivering low-emissions pathways for growth, but it is not always obvious what the big breakthroughs will look like. This report looks at how blockchain technology can be applied to support sustainable infrastructure investment that is aligned with climate change objectives.

Tracing products through the supply chain is a key feature for all businesses and industries; this is currently possible via automated identification systems that link a product to a database to track its progress, and through information-tracing (‘infotracing’) systems that keep accessible records of this progress. A study now introduces blockchain technology as a way to electronically trace timber as it travels from the forest to final product, using an infotracing system based on open source and Radio Frequency Identification (RFID) technology that retains records in a secure, decentralised, distributed ledger.

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Having a wide spectrum of clients from the ICO days, to corporate solutions on smart ledger technologies, Blockchain App Factory has now come up with the most comprehensive approach to Security Token Offerings.

Funds will be deployed to help BlocWatch expand its blockchain management platform used for enterprise implementations of Hyperledger Fabric, Ethereum, and Corda.

Karim Lakhani, Harvard Business School professor and co-founder of the HBS Digital Initiative, discusses blockchain, an online record-keeping technology that many believe will revolutionize commerce. Lakhani breaks down how the technology behind bitcoin works and talks about the industries and companies that could see new growth opportunities or lose business. He also has recommendations for managers: start experimenting with blockchain as soon as possible. Lakhani is the co-author of the article “The Truth About Blockchain” in the January-February 2017 issue of Harvard Business Review.

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Think about many of the technologies we now take for granted, like the smartphone. Think about how significantly the smartphone has changed the way we live and work. Think about how your business life was a mere 10-12 years ago.… Read More

The post Blockchain: A Quiet Revolution? A Disruptor? Both? appeared first on Anders CPAs.

Contracts, transactions, and the records of them are among the defining structures of our economic, legal, and political systems. They establish and verify identities and chronicle events. Yet the bureaucracies formed to manage these have not kept up with the… Read More

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We design and implement the first private and anonymous decentralized crowdsourcing system ZebraLancer, and overcome two fundamental challenges of decentralizing crowdsourcing, i.e., data leakage and identity breach.

First, our outsource-then-prove methodology resolves the tension between the blockchain transparency and the data confidentiality to guarantee the basic utilities/fairness requirements of data crowdsourcing, thus ensuring: (i) a requester will not pay more than what data deserve, according to a policy announced when her task is published via the blockchain; (ii) each worker indeed gets a payment based on the policy, if he submits data to the blockchain; (iii) the above properties are realized not only without a central arbiter, but also without leaking the data to the open blockchain. Second, the transparency of blockchain allows one to infer private information about workers and requesters through their participation history. Simply enabling anonymity is seemingly attempting but will allow malicious workers to submit multiple times to reap rewards. ZebraLancer also overcomes this problem by allowing anonymous requests/submissions without sacrificing accountability. The idea behind is a subtle linkability: if a worker submits twice to a task, anyone can link the submissions, or else he stays anonymous and unlinkable across tasks. To realize this delicate linkability, we put forward a novel cryptographic concept, i.e., the common-prefix-linkable anonymous authentication. We remark the new anonymous authentication scheme might be of independent interest. Finally, we implement our protocol for a common image annotation task and deploy it in a test net of Ethereum. The experiment results show the applicability of our protocol atop the existing real-world blockchain.

To implement a blockchain, we need a blockchain protocol for all the nodes to follow. To design a blockchain protocol, we need a block publisher selection mechanism and a chain selection rule. In Proof-of-Stake (PoS) based blockchain protocols, block publisher selection mechanism selects the node to publish the next block based on the relative stake held by the node. However, PoS protocols may face vulnerability to fully adaptive corruptions. In literature, researchers address this issue at the cost of performance.

In this paper, we propose a novel PoS-based blockchain protocol, QuickSync, to achieve security against fully adaptive corruptions without compromising on performance. We propose a metric called block power, a value defined for each block, derived from the output of the verifiable random function based on the digital signature of the block publisher. With this metric, we compute chain power, the sum of block powers of all the blocks comprising the chain, for all the valid chains. These metrics are a function of the block publisher's stake to enable the PoS aspect of the protocol. The chain selection rule selects the chain with the highest chain power as the one to extend. This chain selection rule hence determines the selected block publisher of the previous block. When we use metrics to define the chain selection rule, it may lead to vulnerabilities against Sybil attacks. QuickSync uses a Sybil attack resistant function implemented using histogram matching. We prove that QuickSync satisfies common prefix, chain growth, and chain quality properties and hence it is secure. We also show that it is resilient to different types of adversarial attack strategies. Our analysis demonstrates that QuickSync performs better than Bitcoin by an order of magnitude on both transactions per second and time to finality, and better than Ouroboros v1 by a factor of three on time to finality.

Issue #60 Summer 2018 ISSN: 2037-108X

The new Neural issue (co-edited with Rachel O’Dwyer) is hot from the press.

Subscribe now! Because only subscribers will get a free extra“The Maker’s Bill of Rights by Garnet Hertz.

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Carbon County in the Western U.S. State of Wyoming is set to implement a blockchain-powered land registry system in 2020, which will assure immutability of records and help in registering and validating property ownership with a clear chain of title. The land records and information platform will be developed in partnership with Overstock.com's blockchain subsidiary Medici Land Governance (MLG).

AirAsia's logistics arm Teleport has rolled out a blockchain-powered cargo booking system called Freightchain, claimed to be the world's first digital air cargo network run on blockchain. The platform can be used by shippers, airlines and freight forwarders to make cargo bookings in minutes through bids submitted for cargo belly space on any of AirAsia's 247 aircraft and validated on blockchain.

IBM has rolled out "IBM Rapid Supplier Connect" to help in addressing the shortages in the COVID-19 Medical Supply Chain. The IBM Blockchain-powered solution can help healthcare and government agencies in the U.S. and Canada to rapidly identify and onboard new, non-traditional, alternative vendors to address the shortage of equipment, devices and supplies needed for COVID-19 relief efforts.

Ultimate Fighting Championship (UFC) has teamed up with blockchain-powered fan engagement platform Chiliz ($CHZ) in an exclusive global partnership to offer fan engagement solutions to their over 318 million global fans. UFC is an American mixed martial arts (MMA) promotion company based out of Las Vegas in Nevada. It is one of the fastest growing sports in the world.

Japanese consumer electronics major Sony Corp. has developed a blockchain-powered platform that integrates transportation data from across different forms of transportation such as trains, buses, taxis, car sharing, on demand mobility services and rental bicycles. The common database platform or Blockchain Common Database (BCDB) utilizes blockchain technology for Mobility as a Service (MaaS).