Blockchains Vol 25, July 24, 2018
|Jul 27, 2018||Public post|| 1|
Volume 25, July 24, 2018
Blockchains have the potential to store over 10% of our global GDP, ~ $8 Trillion in value. At Proteum, we are dedicated to understanding tomorrow's "Internet of Value". This newsletter is our weekly roundup of some of the significant blockchain news this week. News we think is worth sharing for you to map your blockchain strategies, be aware of regulatory announcements and get an overview of the rapidly changing blockchain landscape.
Quote of the Week
"You can't catch up on innovation. If you wait until things have settled down, it may be too late."
- Martha Bennett, principal analyst Forrester Research
That’s a big leap for firms focused on using networks of linked computers to cut costs and the time it takes to conduct business. “This is happening now. There are running systems now on top of this technology."
Cryptocurrency exchange OKEx has signed a Memorandum of Understanding (MoU) with the Malta Stock Exchange MSX to establish a security token trading platform in the European Island. The new joint venture OKMSX is expected to go live and start operating on a global scale by the first quarter of 2019.
There is a steady march toward blockchain adoption in the enterprise. "You will see many companies in the blockchain space do what Red Hat did for Linux. Enterprises need consulting help and better frameworks to think about how [blockchain] networks will work, since Ethereum isn’t a product per se in the traditional sense."
Worldwide spending on blockchain solutions is forecast to reach $11.7 billion in 2022, according to a new update to the Worldwide Semiannual Blockchain Spending Guide from IDC. IDC expects blockchain spending to grow at a robust pace with a five-year CAGR of 73.2%. Worldwide blockchain spending is expected to be $1.5 billion in 2018, double the amount spent in 2017.
The world's four biggest auditing firms – Deloitte, EY, KPMG and PwC – are joining a group of 20 banks in Taiwan to trial a blockchain service for auditing public companies' interim financial reports. The goal is to streamline and automate the confirmation process and reduce the confirmation time from typically 15 days to within a day.
There are a few interesting ideas being developed to tackle blockchain scalability problems. Some are seeking to improve existing blockchains, while others are leapfrogging blockchain technology altogether. Some are already looking ahead to build the infrastructure robust enough to allow for an AI-enabled future.
CrimsonLogic, a Singapore-based e-government service provider owned by a government agency and a major port operator, has announced the launch of a blockchain platform focused on cross-border trade. Dubbed GeTS Open Trade Blockchain, the platform is a permissioned network that is run and validated by accredited trade compliance firms acting as nodes.
"So it basically creates a game where people will be able to vote for who gets to publish their news on the platform. If somebody wants to come in and it’s “fake news” or whatever we want to call it, they can vote them off the registry. It’s sort of creating a list, essentially, of people who’ve been vetted, who’ve been verified, who are adhering to a code of ethics, and that is the Civil constitution essentially."
Stellar, an open-source platform for distributed payments, is reportedly the first distributed ledger protocol to obtain Sharia compliance certification in the money transfer and asset tokenization field. In April, Bitcoin (BTC) was recognized as “generally permissible” under Sharia law.
Last month, South Korean blockchain lab IncuBlock signed a Memorandum of Understanding with a Malaysian government advisory committee for blockchain tech development permissible under Sharia law. The entities will work on developing DApps that will meet the “social requirements” to be considered halal by the Sharia Commission.
Proteum is global blockchain advisory firm that works with public, private and start-up companies to help them transition into the world of blockchains and decentralized applications. We help companies strategically build their capabilities so that they can own and control their future. Let's put blockchains to work for your business.
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