How Does Blockchain Work?

Where it is going in 2020?

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The whole point of using a blockchain is to let people, in particular, people who don’t trust one another share valuable data in a secure, tamper-proof way.

Blockchain consists of three important concepts: blocks, nodes and miners.

Source: (builtin.com)

Blockchain was a priority topic at Davos; a World Economic Forum survey suggested that 10 per cent of global GDP will be stored on blockchain by 2027. (mckinsey.com)

What is blockchain technology?

A blockchain is a decentralized ledger of all transactions across a peer-to-peer network. Using this technology, participants can confirm transactions without a need for a central clearing authority. Potential applications can include fund transfers, settling trades, voting, and many other issues.

Source: (pwc.com)

Blockchain Applications

Blockchain has a nearly endless amount of applications across almost every industry. The ledger technology can be applied to track fraud in finance, securely share patient medical records between healthcare professionals and even acts as a better way to track intellectual property in business and music rights for artists.

Source: (builtin.com)

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Blockchain

distributed data store for digital transactions Blockchain formation. The main chain (black) consists of the longest series of blocks from the genesis block (green) to the current block. Orphan blocks (purple) exist outside of the main chain.

Bitcoin network data A blockchain originally block chain is a growing list of records , called blocks, that are linked using cryptography Each block contains a cryptographic hash of the previous block, a timestamp , and transaction data (generally represented as a Merkle tree By design, a blockchain is resistant to modification of the data. It is “an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way”.

For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for inter-node communication and validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without alteration of all subsequent blocks, which requires consensus of the network majority. Although blockchain records are not unalterable, blockchains may be considered secure by design and exemplify a distributed computing system with high Byzantine fault tolerance Decentralized consensus has therefore been claimed with a blockchain.

Blockchain was invented by a person (or group of people) using the name Satoshi Nakamoto in 2008 to serve as the public transaction ledger of the cryptocurrency bitcoin The identity of Satoshi Nakamoto remains unknown to date. The invention of the blockchain for bitcoin made it the first digital currency to solve the double-spending problem without the need of a trusted authority or central server . The bitcoin design has inspired other applications, and blockchains that are readable by the public are widely used by cryptocurrencies . Blockchain is considered a type of payment rail Private blockchains have been proposed for business use. Computerworld called the marketing of such blockchains without a proper security model “ snake oil

Source: (en.wikipedia.org)

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History

Cryptographer David Chaum first proposed a blockchain-like protocol in his 1982 dissertation “Computer Systems Established, Maintained, and Trusted by Mutually Suspicious Groups.” Further work on a cryptographically secured chain of blocks was described in 1991 by Stuart Haber and W. Scott Stornetta.

They wanted to implement a system where document timestamps could not be tampered with. In 1992, Haber, Stornetta, and Dave Bayer incorporated Merkle trees to the design, which improved its efficiency by allowing several document certificates to be collected into one block.

The first blockchain was conceptualized by a person (or group of people) known as Satoshi Nakamoto in 2008. Nakamoto improved the design in an important way using a Hashcash -like method to timestamp blocks without requiring them to be signed by a trusted party and introducing a difficulty parameter to stabilize rate with which blocks are added to the chain.

The design was implemented the following year by Nakamoto as a core component of the cryptocurrency bitcoin , where it serves as the public ledger for all transactions on the network.

In August 2014, the bitcoin blockchain file size, containing records of all transactions that have occurred on the network, reached 20 GB ( gigabytes In January 2015, the size had grown to almost 30 GB, and from January 2016 to January 2017, the bitcoin blockchain grew from 50 GB to 100 GB in size. The ledger size had exceeded 200 GiB by early 2020.

The words block and chain were used separately in Satoshi Nakamoto’s original paper, but were eventually popularized as a single word, blockchain, by 2016.

According to Accenture , an application of the diffusion of innovations theory suggests that blockchains attained a 13.5% adoption rate within financial services in 2016, therefore reaching the early adopters phase.

Industry trade groups joined to create the Global Blockchain Forum in 2016, an initiative of the Chamber of Digital Commerce In May 2018, Gartner found that only 1% of CIOs indicated any kind of blockchain adoption within their organisations, and only 8% of CIOs were in the short-term “planning or [looking at] active experimentation with blockchain”.

Source: (en.wikipedia.org)

Statistics:

  • According to Accenture , an application of the diffusion of innovations theory suggests that blockchains attained a 13.5% adoption rate within financial services in 2016, therefore reaching the early adopters phase.
  • Nikolai Hampton pointed out in Computerworld that “There is also no need for a ’51 percent’ attack on a private blockchain, as the private blockchain (most likely) already controls 100 percent of all block creation resources.
  • Major portions of the financial industry are implementing distributed ledgers for use in banking and according to a September 2016 IBM study, this is occurring faster than expected.

Structure

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A blockchain is a decentralized distributed , and oftentimes public, digital ledger consisting of records called blocks that is used to record transactions across many computers so that any involved block cannot be altered retroactively, without the alteration of all subsequent blocks.

This allows the participants to verify and audit transactions independently and relatively inexpensively.

A blockchain database is managed autonomously using a peer-to-peer network and a distributed timestamping server. They are authenticated by mass collaboration powered by collective self-interests Such a design facilitates robust workflow where participants’ uncertainty regarding data security is marginal. The use of a blockchain removes the characteristic of infinite reproducibility from a digital asset. It confirms that each unit of value was transferred only once, solving the long-standing problem of double spending . A blockchain has been described as a value-exchange protocol.

A blockchain can maintain title rights because, when properly set up to detail the exchange agreement, it provides a record that compels offer and acceptance

Source: (en.wikipedia.org)

Is Blockchain Private?

Anyone can view the contents of the blockchain, but users can also opt to connect their computers to the blockchain network as nodes . In doing so, their computer receives a copy of the blockchain that is updated automatically whenever a new block is added, sort of like a Facebook News Feed that gives a live update whenever a new status is posted.

Each computer in the blockchain network has its own copy of the blockchain, which means that there are thousands, or in the case of Bitcoin, millions of copies of the same blockchain. Although each copy of the blockchain is identical, spreading that information across a network of computers makes the information more difficult to manipulate. With blockchain, there isn’t a single, definitive account of events that can be manipulated. Instead, a hacker would need to manipulate every copy of the blockchain on the network. This is what is meant by blockchain being a “distributed” ledger.

Looking over the Bitcoin blockchain, however, you will notice that you do not have access to identifying information about the users making transactions. Although transactions on the blockchain are not completely anonymous, personal information about users is limited to their digital signature or username.

This raises an important question: if you cannot know who is adding blocks to the blockchain, how can you trust blockchain or the network of computers upholding it?

Source: (investopedia.com)

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Blockchain: Everything You Need to Know (investopedia.com)

Statistics:

  • Given the tremendous size of the Bitcoin blockchain, a so-called 51% attack is almost certainly not worth the effort and more than likely impossible. (More about this below.)
  • That means if you try to deposit a check on Friday at 6 p.m., you likely will have to wait until Monday morning to see that money hit your account.
  • In 2017, Bonneau presented a paper estimating that 51% attacks were likely to increase, as hackers can now simply rent computational power, rather than buying all of the equipment.

Block chain

From Bitcoin Wiki Blocks in the main chain (black) are the longest series of blocks that go from the genesis block (green) to the current block. Purple blocks are blocks that are not in the longest chain and therefore not used.

A block chain is a transaction database shared by all nodes participating in a system based on the Bitcoin protocol. A full copy of a currency’s block chain contains every transaction ever executed in the currency. With this information, one can find out how much value belonged to each address at any point in history.

Every block contains a hash of the previous block. This has the effect of creating a chain of blocks from the genesis block to the current block. Each block is guaranteed to come after the previous block chronologically because the previous block’s hash would otherwise not be known. Each block is also computationally impractical to modify once it has been in the chain for a while because every block after it would also have to be regenerated. These properties are what make bitcoins transactions irreversible . The block chain is the main innovation of Bitcoin.

Honest generators only build onto a block (by referencing it in blocks they create) if it is the latest block in the longest valid chain. “Length” is calculated as total combined difficulty of that chain, not number of blocks, though this distinction is only important in the context of a few potential attacks. A chain is valid if all of the blocks and transactions within it are valid, and only if it starts with the genesis block.

For any block on the chain, there is only one path to the genesis block. Coming from the genesis block, however, there can be forks. One-block forks are created from time to time when two blocks are created just a few seconds apart. When that happens, generating nodes build onto whichever one of the blocks they received first. Whichever block ends up being included in the next block becomes part of the main chain because that chain is longer. More serious forks have occurred after fixing bugs that required backward-incompatible changes.

Blocks in shorter chains (or invalid chains) are not used for anything. When the bitcoin client switches to another, longer chain, all valid transactions of the blocks inside the shorter chain are re-added to the pool of queued transactions and will be included in another block. The reward for the blocks on the shorter chain will not be present in the longest chain, so they will be practically lost, which is why a network-enforced 100-block maturation time for generations exists.

These blocks on the shorter chains are often called “orphan” blocks. This is because the generation transactions do not have a parent block in the longest chain, so these generation transactions show up as orphan in the listtransactions RPC call. Several pools have misinterpreted these messages and started calling their blocks “orphans”. In reality, these blocks have a parent block, and might even have children.

Because a block can only reference one previous block, it is impossible for two forked chains to merge.

It’s possible to use the block chain algorithm for non-financial purposes: see Alternative chain The block chain is broadcast to all nodes on the networking using a flood protocol: see Block chain download

Source: (en.bitcoin.it)

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Time chain

Satoshi actually used the term time chain . Only at a later point the word blockchain became in widespread use, but mostly by promoters of altcoins and consulting agencies marketing their services to big corporations and governments.

Source: (en.bitcoin.it)

The Hype

We’ve all heard that blockchain will revolutionize business, but it’s going to take a lot longer than many people claim.

Source: (hbr.org)

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The Reason

Like TCP/IP (on which the internet was built), blockchain is a foundational technology that will require broad coordination. The level of complexity technological, regulatory, and social will be unprecedented.

Source: (hbr.org)

The Truth

The adoption of TCP/IP suggests blockchain will follow a fairly predictable path. While the journey will take years, it’s not too early for businesses to start planning.

Contracts, transactions, and the records of them are among the defining structures in our economic, legal, and political systems. They protect assets and set organizational boundaries. They establish and verify identities and chronicle events. They govern interactions among nations, organizations, communities, and individuals. They guide managerial and social action. And yet these critical tools and the bureaucracies formed to manage them have not kept up with the economy’s digital transformation. They’re like a rush-hour gridlock trapping a Formula 1 race car. In a digital world, the way we regulate and maintain administrative control has to change.

Blockchain promises to solve this problem. The technology at the heart of bitcoin and other virtual currencies, blockchain is an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way. The ledger itself can also be programmed to trigger transactions automatically. (See the sidebar “How Blockchain Works.”) Here are five basic principles underlying the technology.

Source: (hbr.org)

How secure is blockchain

While no system is “unhackable,” blockchain’s simple topology is the most secure today, according to Alex Tapscott, the CEO and founder of Northwest Passage Ventures, a venture capital firm that invests in blockchain technology companies.

“In order to move anything of value over any kind of blockchain, the network [of nodes] must first agree that that transaction is valid, which means no single entity can go in and say one way or the other whether or not a transaction happened,” Tapscott said. “To hack it, you wouldn’t just have to hack one system like in a bank…, you’d have to hack every single computer on that network, which is fighting against you doing that.

“So again, [it’s] not un-hackable, but significantly better than anything we’ve come up with today,” he said.

The computing resources needed for most blockchains are tremendous, Tapscott said, because of the number of computers involved. For example, the bitcoin blockchain harnesses anywhere between 10 and 100 times as much computing power as all of Google’s serving farms put together.

Forrester Research As with any emerging technology, blockchain faces challenges and barriers to adoption.

But even a larger scale can’t always prevent hacks.

A recent “51 percent attack” on the Ethereum Classic token exchange showed why even blockchain is not impermeable to gaming. A 51 percent attack refers to a bad actor who gains control of the majority of CPUs in a cryptocurrency mining pool. Such attacks are generally limited to smaller blockchains with fewer nodes because they’re more susceptible to a single person seizing control based on a Proof of Work (PoW) consensus mechanism.

Even though blockchain networks are secure, the applications running atop them may not be as safe, according to Bruce Schneier, a cryptographer and security expert.

“That’s not how this sort of thing will get broken. It’ll get broken because of some insecurity in the software,” Schneier said.

One of the major issues facing blockchain involves scalability, or its ability to complete transactions in near real time, such as clearing payments via credit cards.

Scalability has already been identified as an issue with cryptocurrencies such as bitcoin and Ethereum’s Ether. If a distributed ledger is to achieve adoption by financial technology (FinTech) companies and compete with payment networks hundreds of times faster, it must find a way to boost scalability and throughput and address latency problems.

Enter “ sharding Sharding is one of several popular methods being explored by developers to increase transactional throughput. Simply stated, sharding is a way of partitioning to spread out the computational and storage workload across a P2P network so that each node isn’t responsible for processing the entire network’s transactional load. Instead, each node only maintains information related to its partition, or shard.

The information contained in a shard can still be shared among other nodes, which keeps the ledger decentralized and theoretically secure because everyone can still see all ledger entries; they simply don’t process and store all of the information such as account balances and contract code, for instance.

In today’s blockchains, each authenticating computer or node records all the data on the electronic ledger and is part of the consensus process. In large blockchains such as bitcoin, the majority of participating nodes must authenticate new transactions and record that information if they are to be added to the ledger; that makes completing each transaction slow and arduous.

Because of that, bitcoin, which is based on a PoW, can only process 3.3 to 7 transactions per second — and a single transaction can take 10 minutes to finalize.

Ethereum, another popular blockchain ledger and cryptocurrency, is only able to process from 12 to 30 transactions per second.

By comparison, Visa’s VisaNet on average processes 1,700 transactions per second.

Source: (computerworld.com)

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What is blockchain? The complete guide (computerworld.com)

Key Topics: Ledger, Bitcoin, Cryptocurrency, supply chain, scalability

Outline:

  • What is blockchain? The complete guide
  • What is blockchain? The complete guide
  • More for you to like:
  • How secure is blockchain

Statistics:

  • “Blockchain has the same potential.” Gartner A Gartner survey of CIOs last spring revealed only 1% had blockchain deployed in production environments; that number has grown to 3.3% today, according to Gartner Distinguished Analyst Avivah Litan.
  • A recent “51 percent attack” on the Ethereum Classic token exchange showed why even blockchain is not impermeable to gaming.
  • A 51 percent attack refers to a bad actor who gains control of the majority of CPUs in a cryptocurrency mining pool.

Blockchain also has potential applications far beyond bitcoin and cryptocurrency.

From a business perspective, it’s helpful to think of blockchain technology as a type of next-generation business process improvement software. Collaborative technology, such as blockchain, promises the ability to improve the business processes that occur between companies, radically lowering the “cost of trust.” For this reason, it may offer significantly higher returns for each investment dollar spent than most traditional internal investments.

Financial institutions are exploring how they could also use blockchain technology to upend everything from clearing and settlement to insurance. These articles will help you understand these changes and what you should do about them.

For an overview of cryptocurrency , start with Money is no object from 2015. We explore the early days of bitcoin and provide survey data on consumer familiarity, usage, and more. We also look at how market participants, such as investors, technology providers, and financial institutions, will be affected as the market matures.

For a deeper dive into cryptocurrencies, we recommend that you read the following:

Carving up crypto provides an overview of how regulators are thinking about cryptocurrency in financial services, both in the United States and abroad.

● In Cryptocurrencies: Time to consider plan B , we explore possible avenues for accounting treatment on cryptocurrencies.

● For board members, Ten questions every board should ask about cryptocurrencies suggests questions to consider when engaging in a conversation about the strategic potential of cryptocurrencies.

For an overview of blockchain in financial services , visit this page:

Blockchain in financial services . We examine some of the ways FS firms are using blockchain, and how we expect the blockchain technology to develop in the future. Blockchain isn’t a cure-all, but there are clearly many problems for which this technology is the ideal solution.

For a deeper dive on specific topics related to blockchain , we recommend:

A strategist’s guide to blockchain examines the potential benefits of this important innovation and also suggests a way forward for financial institutions. Explore how others might try to disrupt your business with blockchain technology, and how your company could use it to leap ahead instead.

Building blocks: How financial services can create trust in blockchain discusses some of the issues internal audit and other parties may have with a blockchain solution, and how you can start to overcome some of those concerns.

● Our Global Blockchain Survey explores the current state of the technology across all sectors and geographies.

Many skeptics are beginning to wonder if the “year of blockchain” will ever really arrive. Blockchain announcements continue to occur, although they are less frequent and happen with less fanfare than they did a few years ago. Still, blockchain technology has the potential to result in a radically different competitive future for the financial services industry.

Source: (pwc.com)

Bitcoin

Bitcoin — with capitalization, is used when describing the concept of Bitcoin, or the entire network itself. e.g. “I was learning about the Bitcoin protocol today.” bitcoin — without capitalization, is used to describe bitcoins as a unit of account. e.g. “I sent ten bitcoins today.”; it is also often abbreviated BTC or XBT.

Source: (bitcoin.org)

Some Bitcoin words you might hear

Bitcoin provides a new approach to payments and, as such, there are some new words that might become a part of your vocabulary.

Source: (bitcoin.org)

Is Blockchain Technology the New Internet?

By allowing digital information to be distributed but not copied, blockchain technology created the backbone of a new type of internet. Originally devised for the digital currency Bitcoin blockchain Buy Bitcoin ) the tech community has now found other potential uses for the technology.

In this guide, we are going to explain to you what the blockchain technology is, and what its properties are what make it so unique. So, we hope you enjoy this, What Is Blockchain Guide. And if you already know what blockchain is and want to become a blockchain developer please check out our in-depth blockchain tutorial and create your very first blockchain.

A blockchain is, in the simplest of terms, a time-stamped series of immutable records of data that is managed by a cluster of computers not owned by any single entity. Each of these blocks of data (i.e. block) is secured and bound to each other using cryptographic principles (i.e. chain).

So, what is so special about it and why are we saying that it has industry-disrupting capabilities?

The blockchain network has no central authority it is the very definition of a democratized system. Since it is a shared and immutable ledger, the information in it is open for anyone and everyone to see. Hence, anything that is built on the blockchain is by its very nature transparent and everyone involved is accountable for their actions.

Source: (blockgeeks.com)

Blockchain Technology incurs both transaction cost and infrastructure cost

Here is another example. The gig economy hub Fivver charges 0.5 dollars on a 5 transaction between individuals buying and selling services. Using blockchain the transaction is free. Ergo, Fivver will cease to exist. So will auction houses and any other business entity based on the market-maker principle.

Even recent entrants like Uber and Airbnb are threatened by blockchain. All you need to do is encode the transactional information for a car ride or an overnight stay, and again you have a perfectly safe way that disrupts the business model of the companies which have just begun to challenge the traditional economy. We are not just cutting out the fee-processing middle man, we are also eliminating the need for the match-making platform.

Because blockchain transactions are free , you can charge minuscule amounts, say 1/100 of a cent for a video view or article read. Why should I pay The Economist or National Geographic an annual subscription fee if I can pay per article on Facebook or my favorite chat app? Again, remember that blockchain transactions carry no transaction cost. You can charge for anything in any amount without worrying about third parties cutting into your profits.

Blockchain may make selling recorded music profitable again for artists by cutting out music companies and distributors like Apple or Spotify. The music you buy could even be encoded in the blockchain itself, making it a cloud archive for any song purchased. Because the amounts charged can be so small, subscription and streaming services will become irrelevant.

It goes further.

Ebooks could be fitted with blockchain code . Instead of Amazon taking a cut, and the credit card company earning money on the sale, the books would circulate in encoded form and a successful blockchain transaction would transfer money to the author and unlock the book. Transfer ALL the money to the author, not just meager royalties. You could do this on a book review website like Goodreads, or on your own website. The marketplace Amazon is then unnecessary. Successful iterations could even include reviews and other third-party information about the book.

In the financial world the applications are more obvious and the revolutionary changes more imminent. Blockchains will change the way stock exchanges work, loans are bundled, and insurances contracted. They will eliminate bank accounts and practically all services offered by banks. Almost every financial institution will go bankrupt or be forced to change fundamentally, once the advantages of a safe ledger technology without transaction fees are widely understood and implemented. After all, the financial system is built on taking a small cut of your money for the privilege of facilitating a transaction. Bankers will become mere advisers, not gatekeepers of money. Stockbrokers will no longer be able to earn commissions and the buy/sell spread will disappear.

Source: (blockgeeks.com)

Blockchain beyond the hype: What is the strategic business value?

Speculation on the value of blockchain is rife, with Bitcoin the first and most infamous application of blockchain grabbing headlines for its rocketing price and volatility. That the focus of blockchain is wrapped up with Bitcoin is not surprising given that its market value surged from less than $20 billion to more than $200 billion over the course of 2017.

1.Cryptocurrency market value is subject to high variation due to the specific volatility of the market. Yet Bitcoin is only the first application of blockchain technology that has captured the attention of government and industry.

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.

2.Deep shift: Technology tipping points and societal impact, World Economic Forum, September 2015, weforum.org. 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, large investments in blockchain are being made. Venture-capital funding for blockchain start-ups consistently grew and were up to $1 billion in 2017.

3.“Blockchain startups absorbed 5X more capital via ICOs than equity financings in 2017,” CB Insights, January 2018, cbinsights.com. The blockchain-specific investment model of initial coin offerings (ICOs), the sale of cryptocurrency tokens in a new venture, has skyrocketed to $5 billion. Leading technology players are also heavily investing in blockchain: IBM has more than 1,000 staff and $200 million invested in the blockchain-powered Internet of Things (IoT).

4.“IBM invests to lead global Internet of Things market–shows accelerated client adoption,” IBM, October 2016, ibm.com.

Despite the hype, blockchain is still an immature technology , with a market that is still nascent and a clear recipe for success that has not yet emerged. Unstructured experimentation of blockchain solutions without strategic evaluation of the value at stake or the feasibility of capturing it means that many companies will not see a return on their investments. With this in mind, how can companies determine if there is strategic value in blockchain that justifies major investments?

Our research seeks to answer this question by evaluating not only the strategic importance of blockchain to major industries but also who can capture what type of value through what type of approach. In-depth, industry-by-industry analysis combined with expert and company interviews revealed more than 90 discrete use cases of varying maturity for blockchain across major industries (see interactive).

Source: (mckinsey.com)

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$700 Million Worth of Synthetic Bitcoin Is Circulating on the Ethereum Blockchain — Bitcoin News (news.bitcoin.com)

Summary:

  • According to onchain data, there’s now 69,836 synthetic bitcoin tokens (over $700 million) circulating on the Ethereum blockchain.
  • Out of the six synthetic bitcoin token projects, wrapped bitcoin (WBTC) commands the largest number of coins with over 63% and 44,622 WBTC.
  • The top project minting the most synthetic BTC is the Wrapped Bitcoin (WBTC) protocol which commands roughly 44,622 BTC to-date or 63%.
  • On decentralized exchange (dex) platforms, Synthetic bitcoin trades are happening on 0x, Bancor, Synthetix, Balance, Curve, and Uniswap.

Report: Blockchain Patents ‘Skyrocket’ in 2020, Alibaba Owns the Most Crypto Patents — Bitcoin News (news.bitcoin.com)

Summary:

  • It seems distributed ledger technology and cryptocurrency solution patents are becoming a thing again in 2020.
  • Kisspatent’s latest study shows that Alibaba Group was the top company this year with successful blockchain patent filing and IBM jumped significantly.
  • Chinadaily.com ‘s list shows Tencent has a significant number of distributed ledger patents with 724 to-date.
  • Venezuela president Nicolas Maduro says the country is to start using cryptocurrency in both domestic and global trade, as part of efforts to neutralize crippling U.S. economic sanctions.
  • Digital assets financial services company Diginex Limited announced on Thursday that it has completed a business transaction with 8i Enterprises Acquisition Corp., a Nasdaq-listed special … read more.

What the COVID-19 pandemic means for blockchain and crypto — Cointelegraph (cointelegraph.com)

Summary:

  • In the United States, there are a wide number of ways in which blockchain technology might improve the national response to COVID-19 and to strengthen our economic ecosystem long term.
  • It can also help with supply-side issues, particularly since many of the goods Americans are used to seeing on the shelves here originate in other countries.
  • The pandemic has raised increasing concerns about the extent to which governments and big businesses are using data collected as a result of an increased virtual presence of most individuals.
  • Many of these issues could, at least theoretically, be addressed with crypto assets.
  • Various commentators have observed that the pandemic, and the international response to it, has markedly pushed the world toward an online ecosystem including digital financial transactions.

ETH Volumes Top $119.5 Billion in Q3: High-Risk Dapps Dominate Tron Network | Altcoins — Bitcoin News (news.bitcoin.com)

Summary:

  • A recent report says total Dapps transaction volumes reached $125 Billion in Q3 2020, a figure which is $113 billion higher than in Q2 2020.
  • From these volumes, the Ethereum blockchain accounts for 96% or $119.5 billion of the total created value with the majority of this being attributed to the DeFi ecosystem.
  • With the growth of around 1,519% year-on-year and around 300% quarter-on-quarter, “DeFi became the largest ecosystem in Ethereum holding 90% of total daily active wallets.

CoinGeek Live: How Bitcoin can power efficiency, transparency in iGaming’ value chain — CoinGeek (coingeek.com)

Summary:

  • Nick Hill, director of Premier Consulting, takes over the hosting seat on Day 3 of CoinGeek Live 2020 for a session on the future of iGaming, and how Bitcoin SV (BSV) can power efficiency and transparency throughout the industry’s value chain from operators to game developers to affiliates to players.
  • Joining him for the panel discussion are Phillip Runyan, CEO of Hold Gaming; Alex Shore, CTO and co-founder of BitBoss; Lloyd Purser, COO of FunFair Technologies; Sam Brown, CCO of Hero Gaming; and Carl Brincat, Chief Legal & Enforcement Officer of the Malta Gaming Authority.
  • The game service processes the player’s next move and automatically pulls funds and sends back transactions to the player’s wallet, reacting in real time to gaming outcomes.
  • Lloyd Purser of FunFair Technologies echoed similar views, suggesting blockchain is being used to develop better systems for the entire value chain for operators, players, developers and affiliates.
  • Watch iGaming Future: How the Bitcoin blockchain can power more efficiency and transparency across the industry’s value chain panel.

Blockchain players beat gold and bitcoin in the pandemic — Economic Times (economictimes.indiatimes.com)

Summary:

  • BLOCK is a collection of 45 companies involved in the blockchain ecosystem, a technology that deploys cryptography to store information in distributed ledgers and is resistant to modification or manipulation.
  • Your new-age broker asking you to mind that penny stock trade D-Street’s 3 bulletproof stocks pricey, but projections bullish Ambani doing a Jio to retail biz may add Rs 2,00,000 crore to investor wealth By Tim Culpan Gold and its digital counterpart, Bitcoin , have had a pretty good run among investors seeking a haven or those willing to take a punt on cryptocurrency.
  • Elwood Asset Management LLP’s Blockchain Global Equity Index ticker

A recent “51 percent attack” on the Ethereum Classic token exchange showed why even blockchain is not impermeable to gaming. (computerworld.com)

Based on our quantification of the monetary impact of the more than 90 use cases we analyzed, we estimate approximately 70 percent of the value at stake in the short term is in cost reduction, followed by revenue generation and capital relief (Exhibit 4). (mckinsey.com)

These value opportunities are reflected in the fact that approximately 90 percent of major Australian, European, and North American banks are already experimenting or investing in blockchain. (mckinsey.com)

These value opportunities are reflected in the fact that approximately 90 percent of major Australian, European, and North American banks are already experimenting or investing in blockchain. (mckinsey.com)

Given the tremendous size of the Bitcoin blockchain, a so-called 51% attack is almost certainly not worth the effort and more than likely impossible. (More about this below.) (investopedia.com)

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