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Content:
- Ethereum for Dummies: Basics of the Platform
- R3CEV Corda Platform: the blockchain app store
- BLOCKCHAIN, LEADERSHIP AND MANAGEMENT: BUSINESS AS USUAL OR RADICAL DISRUPTION?
- Enterprise Ethereum Alliance Disrupts Things in Blockchain. Or Does It?
- A Future for R3CEV and Ripple?
- Blockchain for Grown-Ups: The Multiverse is Coming
- CryptoList
Ethereum for Dummies: Basics of the Platform
We are using cookies to provide statistics that help us give you the best experience of our site. You can find out more by visiting our privacy policy. By continuing to use the site, you are agreeing to our use of cookies. At Luno we believe it is essential to continually challenge our own thinking and argue things from first principles.
This was driven by a number of factors including the acceleration of investment into blockchain companies by important financial institutions, their participation in blockchain consortiums , favourable regulatory rulings , and a barrage of positive press, including being featured on the cover of The Economist.
This was all the way back in , before most banks even knew what Bitcoin or a blockchain was. While Standard Bank never launched the pilot to the public, we did manage to showcase our work at Finovate in London in early , which led to an explosion of interest from large financial institutions and regulators all around the world.
We spent most of the rest of the year engaging with many of them — including some of the biggest banks in Southeast Asia, Europe, Australia and the US — helping them think about how best to apply this new technology to their business. More importantly, these engagements included not just looking at Bitcoin, but in-depth exploration of a variety of alternative protocols including Ripple , Ethereum and coloured coins.
This experience gave us a first-hand perspective of the needs of these institutions and their customers, the unique challenges they face, and the practical opportunities and limitations of deploying these new technologies. This can be a somewhat controversial subject, and depending on whom you ask, you may get a very different answer.
It expands on this definition by defining some of the basic principles and exploring various permutations. But blockchains are complex and mutating beasts, so for once Wikipedia might not be your friend.
To really get a good understanding we suggest you lean on some of the work of the leading blockchain thinkers in the industry:. A good place to start is with Richard Gendal Brown, formerly with IBM and now with R3CEV , who digs a lot deeper in his excellent piece on understanding distributed ledgers from first principles. Vitalik Buterin, Ethereum founder, makes an excellent contribution with his views on private vs. This includes references to the works of Gideon Greenspan of MultiChain, who builds on this by explaining how blockchains are different from normal databases and how to avoid a pointless blockchain bank project , indicating the set of conditions that need to be in place for a private blockchain to be most useful.
Tim Swanson provides some much-needed clarity on the limitations of using public blockchains for issuing digital assets in his piece on watermarked tokens.
For those of you on holiday or sabbatical, William Mougayar does an excellent job of summarising the most relevant industry whitepapers, and there are further must-reads on some of the most exciting new initiatives like Sidechains , Interledger and Ethereum. Not to be left behind, leading industry media player CoinDesk also provides some very useful references in their summary of stories that shaped the blockchain narrative in , as well as their excellent quarterly State of Bitcoin report.
There is also a plethora of other good materials available, including a great visual summary of the entire Bitcoin and Blockchain ecosystem by William Mougayar , his further exploration of the opportunities for financial institutions , another good ecosystem map here , and a deeper exploration of this broader ecosystem by Magister Advisors.
Never leave McKinsey out of a good conversation — their latest contribution discusses the four stages of Blockchain adoption.
The potential use of the technology also depends on who you are or what problem you are trying to solve, so in reality there is no one size fits all opportunity or solution here. But despite all the moving parts, there are some things in life and in business that are still constant, and these are often around the non-technology aspects.
Just to be clear, our vantage point is how do we use Bitcoin or blockchain technology to make it easier to move money, ultimately creating a society where money is frictionless and universally accessible. After spending a significant amount of time with many industry players on the subject, it quickly became apparent there was a lot more to consider than just the technology, so much so that we believe it is likely to affect the overall outcome of the industry.
Here are a few:. But in order for this to work, we needed the other banks we were dealing with to also accept Greencoin. But why would the other bank change their whole system to be standardised with their competitor? Where one starts with good intentions it very quickly degenerates into a massive coordination problem, exacerbated by parties that have long histories of being in competition with one another and used to being in control of everything they do.
One solution would be to form a consortium that gives banks collective ownership of the project and additional economic upside for collaborating. In our view the only project that realistically seems to have a chance of succeeding with this is R3CEV , who have now signed up 42 banks. One other interesting outcome could be that blockchain mania just scared everyone into action and coordination so much that it creates a self-fulfilling prophecy of people and institutions working together to rebuild the entire global financial system.
But in that case blockchains might not be needed at all, and at its core it is still driven by these same human issues. There are countless examples where things can and have gone wrong with this in real life, whether accidentally or fraudulently. ETF issuers lending out the underlying assets without the holders knowing it, exposing the asset to undisclosed counterparty risk.
Unfortunately, with massive disadvantages due to legacy systems and assets, out-dated processes, uncompetitive cost bases and a lot of momentum in the wrong direction , moving fast is always going to be challenging for the existing financial industry.
More importantly, with organisational cultures that are not used to speed nor incentivised for it, we struggle to see how it is possible to turn these ships around.
While in theory the banks can co-ordinate with some private blockchain solutions, it will take way too long to do so, and in our view, by that time open protocols or public blockchains like Bitcoin would have already built up too much momentum to stop. This leads us to the very popular and never ending debate around whether modern databases are good enough, if not better, to do most things a blockchain is proposed to do.
Like many things in life, it depends. While technically there are certainly some benefits to using blockchains , one still has to question whether they are material enough to make a difference, and more importantly, which use cases these apply to. The devil is in the detail with these things, and when you look at the conditions that need to be in place to really reap all the benefits of blockchain technology, the list becomes very short. So in most cases we would still argue that in practise a database could do the job better than a blockchain.
Our view is certainly not the popular one, and some leading blockchain thinkers like Pascal Bouvier put forward some very good arguments on why Bitcoin might not be the technology to back. Others like Gideon Greenspan have also weighed in on the Bitcoin vs.
Blockchain debate with an excellent article on whether there is value in having a blockchain without a crypto-currency. Some initiatives aim to incorporate the best of both worlds, Sidechains leveraging Bitcoin as a core part of its infrastructure and Interledger using Bitcoin, amongst others protocols, to build a global payments standard. We believe this is simply a temporary market dysfunction.
In our view, the evolutionary process for crypto-currency is simply getting intrigued about Bitcoin, realising there is an underlying technology that is useful, but upon further investigation realising that the most useful and impactful application is actually still crypto-currency: Bitcoin 3. We found this great picture to explain this phenomenon more visually.
The image is meant to be applicable to any topic in this case it was used to describe the venture capital industry , but we added the relevant Bitcoin vs. Blockchain labels.
Original post courtesy of Simon Wardley CC3. And while there is a lot of talk about blockchain technology being the next big thing, most of the money invested into the sector is still going to Bitcoin companies.
Follow the money, not the mouths. It is worth spending time and resources looking into what these technologies have to offer, and in our view particular initiatives to watch out for are R3CEV, Ethereum, Sidechains and Interledger. As a consequence, it would be very irresponsible for any decision-maker in an organisation to ignore Bitcoin altogether.
But what about all the issues around Bitcoin? The bad reputation? The regulation? The blocksize debate? Got it. Toggle menu. Account Sign up Sign in. About Company Careers Press. Sign Up. Discover Trending Beyond the Blockchain. Beyond the Blockchain by Team Luno. Why Bitcoin 3. So why is everyone getting so excited? Let us explain. So, what is a blockchain? To really get a good understanding we suggest you lean on some of the work of the leading blockchain thinkers in the industry: A good place to start is with Richard Gendal Brown, formerly with IBM and now with R3CEV , who digs a lot deeper in his excellent piece on understanding distributed ledgers from first principles.
Blockchains are not just about technology After spending a significant amount of time with many industry players on the subject, it quickly became apparent there was a lot more to consider than just the technology, so much so that we believe it is likely to affect the overall outcome of the industry.
While this article correctly demonstrates that the trade-offs are not binary and work more along a continuum, we would argue that the impact is a lot more severe than what most people realise.
They want to help themselves, not their competitors, and for a technology that requires large-scale cooperation, that makes all the difference. Human incentives play a critical role in technology decisions. Key decision makers need to be incentivised to make the right long term decisions, and most of the time they are not, especially when the stakes are very high.
We came across an interesting example of this while exploring building an interbank blockchain clearing mechanism back in It turns out a couple of banks, who shall not be named, wanted to build their own regional interbank clearing system to avoid using SWIFT or clearing through USD. The budget, technology and some initial co-ordination were all in place to get it done.
This is even more exacerbated when there is a share price to manage or pensions are tied to company performance.
The mid-level innovation managers in the banks could jump around all they wanted; the key decision makers simply were not incentivised right — both on a personal and institutional level. Human beings are survivors. Not only are senior decision-makers not incentivised to co-ordinate or change things, but this is even more the case for hundreds of thousands of mid-level and junior staff spread across these institutions.
A lot of what the blockchain promises is to optimise processes, eliminate reconciliations etc. These people are definitely not going to be working towards solutions that make themselves redundant, especially in these challenging global economic conditions. In fact, they will fight very hard against it. Can you really trust a blockchain? Network effects will drive the agenda. Open protocols like Bitcoin allow for permissionless innovation and tend to have stronger network effects, and once they kick in they are incredibly difficult to stop.
Speed is critical. Most financial institutions got away with not having to change during the on-going internet revolution, where entire industries have already been decimated and speed of execution has arguably become the most important competitive advantage for most organisations.
But things are changing quickly and with barbarians at the gate , speed of execution is becoming more critical than ever in the financial services industry. These are some wise words once spoken to us by the leader of one of the most influential financial institutions in the world, and we observed it in reality over and over again.
There is also a whole pipeline of new ones that will create even more confusion. Go big or go home. Using the example of financial institutions collaborating, even if by some miracle all of them manage to co-ordinate, we still believe that in the bigger scheme of things, the impact will be marginal.
R3CEV Corda Platform: the blockchain app store
Even more impressive is the fact major organizations, such as American Express, Deloitte, Goldman Sachs, MasterCard and the New York Stock Exchange, have also poured millions of dollars in blockchain firms. And, that includes particular attention to Ethereum. The second half will be geared towards follow-on investments for top companies moving into later stage rounds. But, what exactly is the Ethereum blockchain and how are companies using it as an advanced version of the blockchain?
BLOCKCHAIN, LEADERSHIP AND MANAGEMENT: BUSINESS AS USUAL OR RADICAL DISRUPTION?
After the release of bitcoin and its underline principle i. Blockchain, several techno players launched their own platforms for the same. In , many different companies interested in blockchain technology realized that they could achieve more by working together than by working separately. This marked the birth of Hyperledger. In this blog, we will explore Hyperledger Fabric and how SAP has integrated it in to its cloud platform. Before we start with Hyperledger, please read What is Blockchain? Blockchains classifications are primarily based upon restrictions on block or simply data accessibility. Following are the three types of Blockchain networks:.
Enterprise Ethereum Alliance Disrupts Things in Blockchain. Or Does It?
Finalized no. Be selfish, run a minority client! Announcing the Kintsugi Merge Testnet by Tim Beiko Since returning from the Amphora merge workshop, client teams have been hard at work implementing the latest versions of merge specifications and testing them on devnets. Although client development and UX continue to be refined, we encourage the community to start using Kintsugi to familiarize themselves with Ethereum in a post-merge context. For application developers, as previously explained, not much will change.
A Future for R3CEV and Ripple?
This is the third installment in the Blockchain for Grown-Ups series. In the first article, we took a critical look at the hype surrounding blockchain. In the second article, we went beyond the hype to look at the real possibilities for blockchain. In this third article, we discuss where the flurry of activity around blockchain is taking us—a blockchain multiverse. A shared ledger only creates value if it has more than one user.
Blockchain for Grown-Ups: The Multiverse is Coming
Smart contracts are computer programs that can be correctly executed by a network of mutually distrusting nodes, without the need of an external trusted authority. Since smart contracts handle and transfer assets of considerable value, besides their correct execution it is also crucial that their implementation is secure against attacks which aim at stealing or tampering the assets. We study this problem in Ethereum, the most well-known and used framework for smart contracts so far. We analyse the security vulnerabilities of Ethereum smart contracts, providing a taxonomy of common programming pitfalls which may lead to vulnerabilities. We show a series of attacks which exploit these vulnerabilities, allowing an adversary to steal money or cause other damage. The success of Bitcoin, a decentralised cryptographic currency that reached a capitalisation of 10 billions of dollars since its launch in , has raised considerable interest both in industry and in academia. Basically, a blockchain is an append-only data structure maintained by the nodes of a peer-to-peer network. Cryptocurrencies use the blockchain as a public ledger where they record all the transfers of currency, in order to avoid double-spending of money.
CryptoList
For some market observers, the embrace of Ethereum by exchange and wallet startup Coinbase was a long time coming. Last month, the co-founder of one of the most heavily funded bitcoin startups, Coinbase, announced that its digital currency exchange would start trading ethers, the native cryptocurrency of the Ethereum network. The move came after the startup hosted creator Vitalik Buterin at its headquarters for a presentation on Ethereum this March. Coinbase later said it accepted more than 2 million ethers in new deposits on its first day of accepting the digital currency.
Last updated October 26th, Skip to content. G Wood. V Buterin. A Wright, P De Filippi.
Google Trends Interest over time of Blockchain and Bitcoin. Groysberg, B. Leadership is a conversation. Harvard business review, 90 6 , 76— Roberts, D.
Blockchain is a technology concept, the journey from lab to practice can be long and arduous especially if the banking processes are … Read more Blockchain breaking-up Bureaucratic-chain? Regtech is now leading change. FundApps, a regtech company, is quietly doing just that.
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