GDPR, Blackberry's Blockchain Healthcare Service And Bitcoin Turns Boring
|Nov 8, 2018|| 1|
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.
Numbers of the Week
47% of companies say lack of trust is a barrier to implementing blockchain and
61% of blockchain projects are challenged by lack of blockchain expertise
- PwC survey for blockchain in healthcare
The front cover of the EU GDPR regulation reads: “The EU General Data Protection Regulation (GDPR) is the most important change in data privacy regulation in 20 years. The regulation will fundamentally reshape the way in which data is handled across every sector, from healthcare to banking and beyond."
It is a direct clash of function, but, on ideological grounds, the aim of both the GDPR and blockchain is the protection of data. Both are seeking increased security in regards to data as controllers and processors of data under the GDPR are held to high standards. With blockchain, the encryption and decentralized structure makes the network highly tamper-resistant.
PwC, one of the biggest accounting and professional services firms in the world, is teaming up with cryptocurrency startup Cred to develop standards that will build trust in the wild and woolly crypto ecosystem. Stable crypto assets require a reserve ledger that can provide 100 percent transparency and value substantiation. That means it needs to be backed with real assets that people can trust.
The United Arab Emirates plans to introduce initial coin offerings (ICOs) next year to provide companies with a fresh way to raise money, the head of the securities regulator said on Monday. Weak equity markets coupled with low oil prices in the last several years have severely constrained IPOs in the UAE and the Gulf Arab region as a whole.
While blockchains may appear similar to distributed databases, they are typically implemented without a central authority and central repository. A blockchain survives faults and attacks by using redundant checking at multiple nodes. This resiliency goes far beyond replication. This makes measuring and comparing performance between different blockchains very difficult. To help precisely and consistently evaluate the unique performance attributes of blockchains, this paper defines many relevant terms and metrics, and discusses some complex issues.
The mayor of Seoul Park Won-soon has introduced a five-year plan for developing the blockchain industry in the city. The project entitled “Blockchain City of Seoul” contains a number of measures for promoting and developing blockchain-related initiatives and education in the city. By 2022, the city plans to set up a public-private fund of $88.2M in order to invest in blockchain startups in Seoul.
Blockchain technology is no longer just a solution in search of a problem. IBM announced that its solution-as-a-service cloud platform is now available to all players in the food supply chain. Included in the first cohort of adopters are Carrefour - the French retailer which boasts 12,000 stores across 33 countries.
Alibaba has filed a patent application for a blockchain-based system that allows a third-party administrator to intervene in a smart contract in case of illegal activities. The application describes a blockchain-powered transaction method that enables authorized parties to freeze or halt user accounts associated with illegal transactions, or intervene in a blockchain network.
As part of its pivot into security and computing, software company and former smartphone manufacturer BlackBerry has released a blockchain-powered platform focused on healthcare. The system is designed for the storage and sharing of medical data, where information can be entered by patients, laboratories, and Internet of Things (IoT) biometric devices. Once entered, data will further be anonymized and shared with researchers.
The words Bitcoin and boring have rarely been uttered in the same breath. After a dizzying rally, a gut-wrenching crash & constant ups and downs over the past two years, Bitcoin did something strange in recent weeks: it stayed relatively still.
Bulls see the calm as evidence of a maturing market. But for Stephen Innes, head of Asia Pacific trading at Oanda Corp., it suggests investors may be losing interest in cryptocurrencies after a more than $600 billion selloff since the start of 2018.
Proteum is a 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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