We’re tracking the latest blockchain business cases, innovations and news about blockchain technology. A US Treasury official says more blockchain pilots will lead to advances in data and information sharing. The European Commission announced €30 billion in technology research some of which will go directly to blockchain projects.
Eight major international banks, including KBC, Deutsche Bank and HSBC, have created a for-profit company called We.Trade to create a new hyperledger supply chain for trade finance. A US Department of Energy research lab is exploring blockchain technology in managing next-generation energy grids.
Cointelegraph profiles numerous ways blockchain technology is taking over numerous business functions including smart contracts. Canadian startup lender Mogo saw its share value rise substantially with the proposed addition of blockchain to its user wallets.
Blockchain consortium Hyperledger added Robert Bosch GmbH, Indian IT firm Wipro, Beijing Xiaomi Mobile Software, Cognition Foundry and Dubai-based holding company Majid Al Futtaim to its membership. We’re also sharing a new Beginner’s Guide to Blockchain and an explanation of Smart Contracts.
Lots of valuable business intelligence and news you can use!
More Blockchain Pilots Needed, Says US Treasury Official
In an article published in the Journal of Federal Financial Management this week, Craig Fischer, who serves as program manager for the Office of Financial Innovation and Transformation (FIT), part of the Treasury’s Bureau of the Fiscal Service, offered a broad overview of the tech, writing that its potential application could lead to advances in data and information sharing. Yet before the government (which is pursuing a range of use cases across a number of federal departments and agencies) can get there, more trials are needed, according to Fischer. Via coindesk.com
EU Government Pegs Blockchain as Beneficiary of €30 Billion Research Fund
The European Commission has announced €30 billion on new investments in technology initiatives including those involving blockchain. The funding would come through the Horizon 2020 initiative, which to date has been supported by €77 billion in public funding. Clean energy is poised to be a major area of focus, with €3.3 billion expected to be committed between 2018 and 2020. Via coindesk.com
Not a Consortium: Banks Form For-Profit Entity for Blockchain Supply Chain
A group of eight major banks is close to forming a new kind of blockchain venture. In contrast to the consortium models common to the sector, We.Trade recently revealed plans to move much of the European supply chain trade finance to a Hyperledger blockchain. Yet, it’s how the group is taking its technology to market that sets it apart: hardly another non-profit, the founders (which include KBC, Deutsche Bank and HSBC) have a direct equity stake in the project’s success. Via coindesk.com
US Government Research Lab Eyes Blockchain in Energy Data Tests
A research lab within the U.S. Department of Energy has revealed it is exploring the application of blockchain in managing next-generation power grids. Making the announcement last week before the U.S. Senate Committee on Energy and Natural Resources, Carl Imhoff, a manager at the Pacific Northwest National Laboratory (PNNL), said that the technology has the potential to facilitate new ways of exchanging energy in a peer-to-peer fashion. The potential of blockchain in revamping energy systems is being explored by both startups and established businesses worldwide, with its decentralized nature offering a new way to distribute or fund sources of power. Via coindesk.com
How Blockchain is Taking Over Business Systems
Blockchain technology is increasingly moving into the business realm, with a large number of new technology applications being released. Further, the rise of smart contracts has produced the ability for B2B agreements to be drawn, ratified, and settled in near real time without the hassle of lengthy time delays. Smart contracts allow businesses to interact, place and fill orders, and even manage payments upon delivery, all from a single source, and with a simple wi-fi connection. Via cointelegraph.com
Believe the Hype! Blockchain Integration Sends Shares Soaring… Again
Another company has seen its shares max out as a result of Blockchain integration this month. Canadian startup Mogo has joined UK-based On-Line PLC in seeing its share price rocket from Blockchain integration. The online lender saw its biggest rise since it launched an initial public offering (IPO) two years ago on hints cryptocurrency functionality could soon come to user wallets. Since 2007, the company has depreciated by an unprecedented $800 bln due to “multiple factors,” Bloomberg reports. Via cointelegraph.com
Hyperledger Blockchain Consortium Adds Bosch, Wipro and More as New Members
Linux Foundation-backed blockchain consortium Hyperledger has added five new members to its portfolio. Following the recent additions of China’s search engine giant Baidu and business networking company Tradeshift, Hyperledger has now opened its doors to general members Robert Bosch GmbH, Indian IT firm Wipro, Beijing Xiaomi Mobile Software, cognitive solutions and cloud platform Cognition Foundry, and Dubai-based holding company Majid Al Futtaim. Via coindesk.com
What Is Blockchain? A Beginner’s Guide
As the value of Bitcoin surges past the $5,000 mark, more and more eyes are focusing on the technology underpinning it: blockchain. Blockchain ensures that Bitcoin and other cryptocurrencies like it can be transacted across the web with minimal security risk due to the consensus-bound nature of its core technology. To understand why and how blockchain works, you need to understand what blockchain actually is. Via medium.com
Smart Contracts, Explained
A smart contract is a special protocol intended to contribute, verify or implement the negotiation or performance of the contract. Smart contracts allow to perform credible transactions without third parties. These transactions are trackable and irreversible. Smart contracts contain all the information about the contract terms and execute all envisaged actions automatically. The idea was originally described by computer scientist and cryptographer Nick Szabo in 1994. Via cointelegraph.com
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