The Blockchain Africa Conference 2019 in Cape Town earlier this year was a platform for relevant figureheads in the industry of blockchain to …
The report points out that most data breaches do not result from the level of skill of the hackers, but instead happen because appropriate security measures often are not implemented. The WEF further claims that while attackers do compromise blockchains themselves, they much more often try to exploit or compromise their deployment.
The WEF references the data breach of retail giant Target, which lead to both the CEO and chief information officer being fired, also mentioning that the director of the United States Government Office of Personnel Management and the co-chairman of Sony Pictures Entertainment were forced to resign after a different data breach.
With the above in mind, the WEF notes that leadership plays a role in the security of a blockchain.
The report states that cybersecurity should be recognized as a core leadership discipline, and cites a related study by security journalist Brian Krebs. According to the aforementioned study, only 5% of the top 100 companies have a dedicated cybersecurity leader.
The WEF recommends that blockchain-related company heads establish a cybersecurity leadership position in their organization and ensure that the position is empowered enough to take the necessary actions.
As Cointelegraph reported in March, Israeli fintech companies that work with forex and crypto trading have been targeted by malware, according to a blog post from threat research department Unit 42 of cybersecurity company Palo Alto Networks.
FMW Media Works Corp.
FMW Media Works Corp. announces featuring two blockchain entities, ZEBI and XYO Network, on its business TV program, “Exploring The Block” TV, Both interviews will broadcast on the Fox Business Network and KRON-TV, San Francisco, CA, later this month.
FMW Media Works Corp
NEW YORK, April 08, 2019 (GLOBE NEWSWIRE) — FMW Media Works Corp. announces featuring two blockchain entities, ZEBI and XYO Network, on its business TV program, “Exploring The Block”. Both interviews will broadcast on the Fox Business Network and KRON-TV, San Francisco, CA, later this month.
On April 1, 2019, Sudheer Kuppam, Zebi’s CEO, filmed the first of a 3-part series at the NASDAQ MarketSite in Time Square, NYC. He spoke in detail about the Company’s product offerings and many benefits. Currently, Zebi’s technology solution works in over 1000 hotels in India.
Additionally, airing on KRON-TV, Sunday, April 14, 2019, at 6:30AM PT, the “Innovators” business TV show will feature an interview with Zebi’s CEO.
Zebi safeguards data against hacking and tampering while obtaining consent from individuals. The solution comprises of Zebi Chain™ to provide immutability to critical records, coupled with a central hub called Zebi Data Gateway which enables secure and instant data exchange through Data-as-a-Service (DaaS) APIs.
“We are excited to share more details about our commercially deployed blockchain products and related market traction on “Exploring The Block” through the upcoming series. We completed the first interview this past Monday at the NASDAQ MarketSite, which will be airing later this month,” said Sudheer Kuppam, Co-founder and CEO of Zebi.
Zebi’s innovative, proprietary solution set became the first in the industry with patents pending.
On May 6-9, 2019, the filming of the second part of Zebi’s televised series will occur on location with Sudheer Kuppam.
On May 13, 2019, the second blockchain entity, XYO Network and its Co-Founders Scott Scheper and Markus Levin will film on location, NASDAQ MarketSite. Then on May 30, 2018, Arie Trouw, Co-founder, and Mark Levin come back on film location for XYO’s second episode.
“We couldn’t be happier to engage with the Fox Business Network and Bloomberg Television audiences through the ‘New to the Street’ and ‘Exploring the Block’ TV teams,” commented Markus Levin, Co-Founder and Head of Operations with XYO. “We see this as a good way to get the word out about how we’re creating consumer and business value with what we’ve created – the world’s first geospatial blockchain network backed by cryptography.”
XYO networks create and develop powerful geospatial blockchain with a future deployment targeting high-data driven application from cars to smartphones.
“We are excited to be welcoming these super smart blockchain companies, Zebi and XYO Networks that are implementing and executing their new blockchain solutions in the market place. These companies are working directly with FMW’s business development team to teach U.S. companies the benefits and solutions blockchain provides,” states Vince Caruso, CEO FMW Media Works Corp.
About Zebi Blockchain
Zebi, a young and innovative organization, founded, mentored and managed by Oxford, MIT, Stanford, and IIT veterans and leaders from Silicon Valley with experience in Google, Uber, Amazon, Microsoft, and Oracle. Zebi specializes in providing Blockchain based offerings to governments and enterprises to leverage and protect their high value and sensitive data. Zebi specializes in providing blockchain based solutions to governments and enterprises to leverage and protect their high-value and sensitive data. Zebi is one of the few enterprise-grade product companies based in India offering best of the expertise of Silicon Valley at Indian prices.
India’s “big” data generation is increasing exponentially, expecting to reach 3 Zebibytes per year (Zebibyte = 1024^7 bytes) by 2020, driven by continued growth of internet usage, social networks, the proliferation of smartphones, as well as the digital initiatives and structural reforms undertaken by the government. At the same time, incidents of data crimes such as data hacks, data leaks, data tampering, identity thefts are on the rise, which are costing Indian organizations and consumers more than $30 billion annually; learn more at https://www.zebi.io/index.html#about-us.
About XYO Network
XYO Network, currently under development, wants to create a vast, geospatial blockchain-powered location to provide accurate, certainty-driven location data on everything from cars to smartphones.
The XYO Network builds upon an existing infrastructure of over 1,000,000 devices circulating in the world, distributed through their consumer-facing findable business. XY’s Bluetooth and GPS devices allow everyday consumers to place physical tracking beacons on the things they want to keep track of (such as keys, luggage, bikes, and even pets).
By combining location beacons with IoT and mobile devices, the XYO Network ecosystem plans to deliver the verified coordinates and data needed to execute smart contracts, run smart cities, foster financial transactions, and power a legion of location-centric applications. For more information, please visit https://xyo.network/.
About FMW Media Works Corp. (FMW)
FMW, a global media production company, creates content and holds a license on two current TV business show brands, “New To The Street” and “Exploring The Block.” Starting in 2009 with the launch of the “New To The Street“ TV business show, FMW added “Exploring The Block” in March 2018 to serve the interests of the “BlockChain” cybercurrency communities. FMW broadcasts on FOX Business Network TV across the US and Canada, and to 47 million subscribers in Latin America. FMW partners exclusively with Cumulis Media for podcasts on the OG Network and digital marketing to their over 800 U.S. Radio Stations Viewers see both shows from Korean Broadcasting Stations and digital influencers and syndicates in South Korea, Latin America, and Australia. www.newtothestreet.com and www.exploringtheblock.com.
Forward-Looking Statements Disclaimer:
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by the following words: “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “ongoing,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements are not a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results achieved. This press release should be considered in light of all filings of the Company contained in the Edgar Archives of the Securities and Exchange Commission at www.sec.gov.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/5311fcae-a8cc-4fcc-8e34-026f6a00a197
The role of a blockchain developer is much coveted, and named as the top emerging career in the US job market last year. In fact, software engineers with specialized knowledge of blockchain technology are able to command salaries as high as $175,000 USD. With mainstream adoption on the horizon and higher education institutions working to prepare the next generations of budding developers, enthusiastic programmers, and tech innovators alike for a future where blockchain will be omnipresent, it’s clear that this demand is here to stay.
But for those outside of the industry, the role of blockchain developer is an elusive one. What does a blockchain developer actually do? What does a typical day even look like? To learn more, we spoke with Edison Lim, Blockchain Application Lead at Zilliqa, a high-throughput blockchain platform that strives to become the go-to blockchain platform for enterprises and developers seeking to leverage the potential of decentralized technology.
ADM: How did you first hear of blockchain? What drew you to the space?
Lim: Like most people, the very first time I upon the word “blockchain” was when I first came across the concept of Bitcoin in 2013 as it made headlines with the closure of Silk Road. Admittedly, I had no idea what a Bitcoin was at the time but I found myself drawn to this clever use of cryptography used to build an immutable distributed ledger that could be both secure and tamper-proof. With its application in Bitcoin, I was able to recognize the transformative power of blockchain as it could potentially give people greater financial freedom. At the time, my eyes were opened to how cheap Bitcoin transactions could be and how it could radically transform the micropayments space.
Years later, I chanced upon Ethereum, which had gone on to develop its own smart contract language, Solidity. Smart contracts ultimately became more appealing to me, due to their easily apparent utility. Smart contracts can provide greater accessibility and transparency, making it possible to build a decentralized network which can provide a level playing field for third-party developers, creators, and businesses. I even tried to build simple decentralized applications (Dapps) on the platform in my own time––back then, Ethereum’s developer experience was poor and it was challenging to create anything of use.
While attending graduate school at Carnegie Mellon University, I was fortunate to come across a graduate seminar on Advanced Cryptography during Fall 2017. With my previous understanding of blockchain, I now found myself learning about more applications of cryptography that had the potential to enable new use-cases in the blockchain industry. Eventually, I went on to write my graduate thesis on blockchain and throughout the course of my research, I began to focus on blockchain security and the importance of mitigating potential attacks. It was really during this period of writing my thesis that I mustered the motivation to really contribute to the space, insofar as working on security and streamlining user and developer experience on these platforms. After graduation, I then made the decision to work in the industry.
ADM: As blockchain still qualifies as an emerging technology, what sort of challenges do you face and what keeps you motivated? How might it be different from other technical fields?
Lim: One of the biggest challenges for anyone looking to involve themselves in a relatively nascent sector, whether it’s blockchain or otherwise, is the lack of a benchmark. You have limited points of reference, whether it’s in terms of technical pointers or leadership. If you’re working in other areas of software development, you could potentially be in a better position where other people may have done similar things as you’re doing now. In this case, the challenge would be to digest these “proven methods” and implement them well with a twist of your own. In the blockchain space, there are comparatively fewer resources to guide you along. It’s on you to innovate and be creative, and you find yourself in this unique position of needing to create many of the tools and infrastructure that you would use at work. For example, when I first joined Zilliqa, it wasn’t easy to create a testnet for development and I didn’t have an existing, functioning testnet at the time to experiment with. In turn, I created the Kaya RPC Server which is a personal, pseudo-blockchain that emulates the Zilliqa blockchain in order to help developers create and test their applications with greater ease prior to deployment. Eventually, we open-sourced the project as we thought that this tool could help many app developers to quickly test their applications before trying it out on the testnet.
ADM: How has the role of a blockchain developer changed in the past few years? Has there been a difference in job scope and responsibilities compared to when you first entered the industry?
Lim: When I first entered the blockchain industry, people were fascinated about consensus protocols, to the extent that they’d often debate about the merits of different consensus algorithms and which ones are superior. Today, you can see a greater emphasis on applications but even more so, usability.
I was recently at ETHDenver and what I found was that more and more developers are trying to tackle this issue of usability for both developers and end users. How do we reduce the number of steps for onboarding? How do we create a more seamless developer experience? How can we use layer-2 solutions to not just solve scalability problems, but also to improve user experience? These are some of the questions that developers are asking themselves today.
As a whole, the general trend today is that software iteration cycles are getting shorter. Agile methodology creates a healthy cycle where software components are continuously tested over sprints. Developers these days must know how to work well in a team and create better agile processes to ensure continuous delivery.
In addition, we have also seen the need for diverse skill sets in our team. I can’t speak for the whole industry as a whole, but our company sees the increasing need for “super” developers who are equipped with diverse skill-sets. In application engineering, other than proficiency with full-stack development, team members should know DevOps to some degree. DevOps is a culture, not a role! With blockchain increasing in popularity, developers need to have a more diverse skill set as well. It’s no longer sufficient to only have skills in either back-end or front-end programming. Over time, there’s been a rise in demand for full-stack engineers who can bridge the gap across multiple teams.
ADM: What does it take to have a career in blockchain today? Have the barriers to entry gone up or gone down?
Lim: As the industry continues to mature and blockchain projects transform into full-fledged organizations, we’ve recognized the need for different roles in companies––whether it’s marketing, business development, or legal, there’s more to the industry than just programming. Many people have this misconception that you need to be a developer to enter the blockchain industry and this isn’t true!
We need people who have the ability to see the industry with alternative points of view, whether that’s in terms of the product-market fit or the dynamics of a token economy. We also need people who have a strong understanding of user experience so that we can develop user-friendly Dapps to make blockchain more usable. With that in mind, there needs to be a tighter feedback loop between consumers and applications. Although the variety of roles has broadened over time, there is still a very high skill set requirements to enter the space. To join the industry, you need strong cognitive skills to be able to quickly grasp concepts and implement them. While challenging, it all depends on whether you’re up to it––either way, it’ll be a fun, rewarding journey.
ADM: As a developer, what is your opinion on the current state of the local blockchain industry in Singapore/Asia and how does it compare to the US or Europe?
Lim: Given the fact that the idea of decentralized networks originated from the west, the blockchain ecosystem appears to be more mature in the United States and in Europe when compared to Asia. However, Asia is not lagging behind in research––there have been many blockchain projects born out of research conducted in some of the region’s leading universities. Zilliqa’s research, for one, was produced at the National University of Singapore.
I’ve also been able to see that there are differences in some of the applications being developed in east compared to the west. In Asia, most projects have a big picture approach, solving challenges in existing industries themselves such as finance or supply chain by making certain processes more efficient. In contrast, I’ve seen more emphasis on disruptive and radical new ideas in the west, such as decentralized government systems or payment networks. Admittedly, my observations might be subjected to selection bias––I do think it would be interesting if someone could do an empirical study on this trend.
Edison Lim is a Blockchain Application Lead at Zilliqa, where he heads the development of in-house blockchain applications in the advertising and financial industry. Edison believes that blockchain is an internet of value, and is interested to explore various use-cases of blockchain and accelerate the world’s transition to decentralization. Edison holds a M.Sc from Carnegie Mellon University, where he conducted research on blockchain security.
Are you paying more taxes than you have to as a developer or freelancer? The IRS is certainly not going to tell you about a deduction you failed to take, and your accountant is not likely to take the time to ask you about every deduction you’re entitled to. As former IRS Commissioner Mark Everson admitted, “If you don’t claim it, you don’t get it.
Get hands-on experience in performing simple to complex mobile forensics techniques Retrieve and analyze data stored not only on mobile devices but also through the cloud and other connected mediums A practical guide to leveraging the power of mobile forensics on popular mobile platforms with lots of tips, tricks, and caveats.
The Chirp GPS app is a top-ranked location sharing app available for Apple and Android that is super easy to use, and most of all, it’s reliable.
Write and run code every step of the way, using Android Studio to create apps that integrate with other apps, download and display pictures from the web, play sounds, and more. Each chapter and app has been designed and tested to provide the knowledge and experience you need to get started in Android development.
Health data companies Bitfury and Longenesis developed a blockchain-based consent management solution that is designed to streamline data collection for medical research, according to CoinGeek.
The blockchain solution aims to make it easier for researchers and physicians to track and manage user consent for individual studies and medical trials. Participants may withdraw consent from studies at all times.
User consent updates are recorded in real time and on an immutable, transparent record. The decentralized ledger uses Bitfury’s existing blockchain Exonum. The blockchain can be used as a data management system and as an add-on to an existing digital system for storing user consent, according to the report.
The new product is HIPAA-compliant and complies with the General Data Protection Regulation.
“The new blockchain solution will strengthen the process of collecting data and researching medical conditions, which could offer far-reaching benefits to people all over the world,” Bitfury CEO Valery Vavilov said, according to CoinGeek.
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Although most blockchain technology companies are promising disruption across multiple industries, Vitalik Buterin, the widely accredited crypto-genius and creator of Ethereum, believes that for blockchain to reach mass adoption, it must first solve the “scalability trilemma” – the three essential factors which the perfect blockchain must provide.
Perhaps the single most pressing issue persisting between blockchain and widespread use is the lack of blockchains which offer scalability, security and adequate decentralization in equal measure.
At present, most blockchains can only offer meaningful solutions to two of these three essential requirements. But now, it seems one blockchain company is coming close to solving the trilemma issue.
Blokt caught up with the Tomo team, to shed light on their scalable blockchain solution, which offers instantaneous transactions and leading security features.
The TomoChain Project
TomoChain is a blockchain protocol project headquartered in Singapore, which has recently celebrated the launch of its mainnet in December 2018.
With additional offices in Vietnam and Japan, TomoChain is strongly positioned to capitalize on the South-East Asian blockchain market.
Since the launch of its mainnet, TomoChain has received a high level of interest from the blockchain community, due in part to its impressive masternode passive staking rewards, near zero fees, and its answer to scalability problems.
How Does Tomochain Address the Scalability Trilemma Problem?
One of the main attractions of the TomoChain blockchain is its reported solution to the scalability problems faced by other chains such as Ethereum. This allows for both secure and fast transactions with low fees, while still maintaining decentralization.
TomoChain achieves this via a unique distribution of 150 masternodes, which TomoChain call Proof-of-Stake Voting (POSV).
TomoChain achieves an average block time of just 2 seconds, making transactions virtually instant.
The Tomo team told Blokt that:
“Firstly, instead of POW, TomoChain employs the unique POSV consensus, with randomization and double validation, placing the system in the hand of 150 fully decentralized masternodes. Not only does this speed up TomoChain’s network performance, but it also guarantees a more decentralized and secure network when compared to other POS-based blockchains, like EOS.”
The Tomo team added that in the future when the TomoChain network is operating at full capacity, TomoChain developers will implement unique sharding solutions to scale the TomoChain blockchain further.
It’s hoped that following the successful implementation of sharding, TomoChain’s transactions per second (TPS) will rise from 2000, up to a staggering 30,000 TPS.
The TomoChain Product Family
TomoChain has several stand-alone products to complement its blockchain.
The TOMO coin will power transactions within these products.
For DEXs who build on TomoChain, there’s no need to create tailored smart contracts for decentralized order-books, as instead, TomoChain masternodes will execute and match trades, and maintain order-books.
The TOMO Coin
The TOMO coin is the native cryptocurrency of TomoChain, with a fixed supply of 100 million coins, and a non-inflationary nature.
TOMO is currently trading on Kucoin, Gate.io, Hotbit, and KKcoin.
Explaining the utility of the TOMO token, the Tomo team says:
“TOMO is the protocol token for the TomoChain infrastructure, and will be needed by all parties utilising TomoChain to build apps or issue and integrate cryptographic tokens into their apps.”
Expanding further, the Tomo team discussed the essential role of TOMO in managing on-chain governance and voting mechanisms:
“TOMO, together with our POSV consensus, ia a key governance tool for the TomoChain network. Our reward mechanism ensures all Masternodes are incentivised to maintain the system.”
Underperforming masternodes, and their associated voters will lose income or face other penalties for inadequately maintaining the blockchain.
The Tomo team explains that this makes the network stronger, by encouraging fair participants.
TomoChain’s platform has attracted a wide range of dApp developers, especially in the gaming sector, who are building decentralized solutions on the network. TomoChain has also announced the launch of its first ICO.
Discussing the range of dApps building on TomoChain, the Tomo team told Blokt that:
“Our platform has been utilized for dApp games such as Axie Infinity and MaxBet. We’ve also been working with our partners Tefood, Kambria, Terra, and Stably before their launch on the TomoChain mainnet.”
The Tomo team also discussed the exciting development of the first TomoChain ICO, Triip Protocol, a decentralized travel system. The integration of Triip will be announced later this year.
Triip Protocol utilizes blockchain technology to offer customers quick, cost-saving, and sustainable traveling solutions. After winning several prestigious startup awards, Triip is now an official partner of TomoChain.
Likewise, TomoChain has committed to growing the blockchain gaming industry, by announcing workshops, hackathons, contests and meetup events to help grow the developer community building on the TomoChain public chain.
In addition, the Tomo team states that as the TomoChain code is open source and accessible via GitHub, developers can easily start building games on TomoChain.
Blokt asked why the Tomo team thought blockchain gaming was such an important area of focus, to which they replied:
“Research shows that dApp market has grown almost ten folds in 2018 within only two years, with gaming apps accounting for a great majority. The decentralized nature of blockchain ensures security and transparency, where in-game assets are stored safely, and fraudulent activities are minimized. Undoubtedly, blockchain holds a bright future for gaming”
The Tomo team also added those game developers looking to raise funds for innovative new games could easily do so through an ICO on the TomoChain network.
The Future of TomoChain
Going forward, TomoChain has a proactive approach to developing lasting partnerships and staying one step ahead of its competitors.
We asked the Tomo team what the future holds for TomoChain, where they see partnerships forming, and how they will overcome competitive challenges in the future.
With offices in Singapore, Tokyo (Japan), and Hanoi (Vietnam), three huge hubs of Asian tech activity, TomoChain are well placed to connect with key industry players.
Focusing on the Japanese markets, the Tomo team said:
“TomoChain is targeting lucrative Japanese technology markets. We’ve had meetings with BCrypto, SoftBank, and Mitsubishi to name a few. Since Japan is a leading country in technology, we are working closely with Japanese firms with a hope to accelerate TomoChain penetration in these markets.”
When asked what industry TomoChain was most likely to establish itself as a leading authority in, the Tomo team remarked:
“TomoChain stresses focus on the gaming segment. Increasing the number of gaming dApps is our strategic, long-term plan, so the public should expect more connective events from TomoChain to extend our game developers and partners pool.”
TomoChain’s Competitive Edge
In addition to its unique masternode technology which aims to solve scalability issues, the TomoChain will also have a strong ecosystem of dApps to grow the TOMO community.
By focusing on quality dApps, TomoChain hopes that even if chains such as Ethereum do manage to scale, TomoChain will still offer a unique value proposition, separate and independently valuable from other chains.
The Tomo team adds:
“At the moment, aside from the core TomoChain platform, we want to focus on a few high-quality Dapps with use cases that can make a difference. Our core blockchain solutions, such as sharding, is high quality and potentially better than multiple high profile attempts at current scaling.”
As TomoChain’s masternode solution is uniquely designed, the Tomo team believes that their solution will provide TomoChain with a competitive product advantage for a long time.
Addressing other competitors directly, the Tomo team feels that TomoChains commitment to building an ecosystem will set it apart from the closest competitors, remarking:
“With regard to other blockchain protocols, such as Cardano or Tron, they are our competitors because developers will generally build on one blockchain. However, it is more important to expand our whole blockchain ecosystem rather than to compete at this stage.”
TomoChain currently offers some of the lowest fees of any blockchain, with 1 TOMO capable of paying for 200,000 transactions, roughly 200 times cheaper than Ethereum.
With its novel approach to sharing coming soon, TomoChain believes it can solve the scalability trilemma and build a buzzing ecosystem of gaming dApps and ongoing quality token sales.
In conclusion, TomoChain is definitely a project full of promise, and Blokt looks forward to seeing what they build in the future.
Leading European and Australian experts shared their insights on the disruption that blockchain is delivering to industry, the public sector and the legal ecosystem at a recent RMIT University blockchain seminar in Europe.
Blockchain specialists on the panel included Montse Guardia Güell, General Manager, Alastria Consortium and President, Quantum Blockchain Alliance; Marc Rocas, President of the Blockchain Catalonia Association; and Andrea Ortega, Privacy and Technology Lawyer at Cuatrecasas.
The seminar was opened by RMIT’s Professor Jason Potts – the researcher behind the world’s first research centre on the social science of blockchain.
Here the panellists share their insights.
1. Processes must be re-engineered
“The opportunities are huge because we just started – this is just at the beginning of the big bang so we need to understand the technology and how we re-engineer processes. And once we know that, and knowing that this is a new network that is decentralised, the huge volume of new business cases will be enormous. It will be big. Big in terms of business and big in terms of social impact.”
Montse Guardia Güell
General Manager of Alastria Consortium and President, Quantum Blockchain Alliance
2. A second chance for social equality
“We have a second opportunity with blockchain to provide a better and more equal society with a better redistribution of wealth. I wouldn’t like that this is understood as I’m excluding an economic sector or our systems of capitalism or how it’s working – it’s just the opposite. I think that companies need to find their place in a new type of economy as well as the value that they’re adding to new value chain systems.”
President of the Blockchain Catalonia Association
3. Understanding the legal validity
“Blockchain is transversal to all sectors and it’s particularly interesting in the legal sector. We have to analyse what are the legal implications and challenges that are posed with this technology and study the legal validity of the blockchain infrastructures, smart contracts and tokens.”
Privacy and Technology Lawyer at Cuatrecasas
Disclaimer: AAAS and EurekAlert! are not responsible for the accuracy of news releases posted to EurekAlert! by contributing institutions or for the use of any information through the EurekAlert system.
DUBLIN–(BUSINESS WIRE)–The “Blockchain
IoT Market by Offering (Hardware, Software, and Infrastructure
Provider), Application (Smart Contract, Data Security, Data
Sharing/Communication, and Asset Tracking & Management), End User, and
Geography – Global Forecast to 2024” report has been added to ResearchAndMarkets.com’s
The blockchain IoT market is projected to be valued at USD 3,021 million
by 2024 from USD 113.1 million in 2019; it is expected to grow at a CAGR
Major factors driving the market growth are increasing adoption of IoT,
growing need for IoT security, simplifying business processes and
affording transparency and immutability, and increasing focus on
Further, underlying opportunities for the blockchain IoT market include
higher adoption of blockchain solutions for smart contracts and digital
identity and rising government initiatives. Major restraints for the
market are uncertain regulatory status and higher latency with an
increase in the number of nodes. The lack of awareness about blockchain
technology and lack of standards pose major challenges to the blockchain
“Infrastructure provider segment is expected to hold largest
share of blockchain IoT market during forecast period”
The infrastructure provider segment is expected to hold the largest
share of the blockchain IoT market during the forecast period.
Infrastructure providers offer commutable infrastructure for developing,
deploying, and managing enterprise-grade blockchain applications. These
providers help enterprises implement blockchain technology and develop
solutions to fulfill the increasing need for customer services.
Blockchain can synchronize data across multiple entities, thereby
building trust and encouraging customers to collaborate. Hence,
companies are adopting coexistence as an approach to combine their
infrastructure with emerging technologies.
“Among all applications, data security application is
expected to hold largest size of blockchain IoT market from 2018 to 2024”
Data security is the major application in the blockchain IoT market;
therefore, this application is expected to hold the largest market share
during the forecast period. Blockchain can help to overcome the problem
of managing and securing data of industrial IoT and operational
technology (OT) devices. Using blockchain with IoT stands to benefit
applications enormously. Current applications rely on the client-server
model to function. The blockchain model would prevent attacks from
happening. Since a decentralized database would remove any one point of
weakness, attackers would have to target individual nodes on the network
“Blockchain IoT market in APAC is projected to grow at
highest CAGR during forecast period”
APAC is expected to be the largest blockchain IoT market during the
forecast period. This market is further divided into China, Japan, South
Korea, India, and the Rest of APAC. Rest of APAC mainly includes
Singapore, Malaysia, Thailand, Australia, and New Zealand. China is the
largest market among all APAC countries. China, Japan, South Korea, and
India are witnessing growth in blockchain IoT and blockchain start-ups.
Blockchain adoption in developing countries of APAC helps organizations
transform their business processes. Blockchain applications with IoT
help create transparent and decentralized business processes. The key
financial and shipping and trading hubs such as Hong Kong and Singapore
provide huge opportunities for the adoption of blockchain in various
IBM Corporation (US), Microsoft Corporation (US), Intel Corporation
(US), Amazon.com, Inc. (US), Cisco Systems (US), Ethereum Foundation
(Switzerland), The Linux Foundation (US), R3 (US), Filament (Nevada),
and KrypC (India) are a few major players in the blockchain IoT market.
- Increasing Adoption of IoT
- Growing Need for IoT Security
Simplifying Business Processes and Affording Transparency and
- Increasing Focus on Operational Efficiency
- Uncertain Regulatory Status
- Higher Latency With Increase in Number of Nodes
Higher Adoption of Blockchain Solutions for Smart Contracts and
- Rising Government Initiatives
- Lack of Awareness About Blockchain Technology
- Lack of Standards
- Cisco Systems
- Ethereum Foundation
- The Linux Foundation
- Xage, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/xncauj
Token2049, a recent crypto conference in Hong Kong, saw some of the biggest names in Bitcoin and blockchain congregate. NewsBTC was lucky enough to snag Phil Chen, a world-renowned technologist and the head of HTC’s blockchain division, for a quick interview.
We discussed his team’s phone, the Exodus One, and his thoughts on recent developments in the cryptocurrency space.
What’s Up With HTC Exodus’ Blockchain-Friendly Phone?
NewsBTC: Can you tell the NewsBTC audience about what HTC Exodus is doing?
Phil: The HTC Exodus is one of the first blockchain phones. But, I think it is the only phone that empowers users to own their private keys — which I think is a foundational principle of the decentralized web. If everyone owns their private keys, then you own your Bitcoin. If you don’t, well, you don’t. The Exodus is built on that foundation, as we give users that same architecture to own their digital identity, personal data.
NewsBTC: Is there a thirty-second pitch for why people (common consumers) should own an Exodus over, let’s say, an Apple iPhone or Android?
Phil: People that don’t care about their privacy?
NewsBTC: Yeah, I guess there’s been a surge in people trading in their personal data and rights for convenience.
Phil: If you’re starting from where people don’t care about their privacy, just convenience, I would argue that they would care about it if they knew how their data was being used, and how it was being sold. There’s a very moral movement around this. When you don’t own your crypto assets or data or identity, there is something fundamentally wrong about that. If there’s a sovereign identity that is you — things that you’ve created, attributes or characteristics that describe you — that you don’t own, there’s something entirely wrong, especially because we are this far into the information age, and there’s no concept of digital property — what is yours, what is mine.
So the way we are trading these small conveniences in exchange for these micro invasions of privacy, and what is your digital property has major ramifications to many things, even to democracy. So there’s no quick answer to this, unfortunately, if you were to not care about privacy. In that case, that wouldn’t be my target audience for the Exodus. My audience would be those who are concerned about this or are concerned about what is being collected, what is sold, and who it is sold to. These people would have likely read the book 1984 to understand the issues with all this.
Related Reading: Why Crypto Is So Important For Privacy With HTC Exodus’ Phil Chen
NewsBTC: How has this so-called “crypto winter” been treating the Exodus team? Has it been hard for your blockchain team to innovate in these conditions?
Phil: It’s actually a lot better, to be honest. There are many facets and reasons why people come to crypto. You, for example, found out about Bitcoin by buying digital goods. And I would say that most people in crypto are interested in speculation in tokens. But there’s another class, which I am in, this being those who are generally interested in the technology and how it will fundamentally rearchitect the internet. From this speculation and token side, it’s a winter. But because of that, I don’t need to answer those questions about the price of this or that coin. To be frank, prices have nothing to do with what we are doing.
NewsBTC: Crypto is all about skin in the game. And when I checked your website (Exodus then only accepted Bitcoin, Litecoin, Ethereum, and Binance Coin) during the December Bitcoin drop, your phones were selling for the equivalent $400. How have those low prices affected your business?
Phil: At $400, everyone was buying these phones. At the end of the day, this is a top of the line HTC smartphone. It’s premium. It has the best specs you would find in any other 2018 model, so at that price, it was selling quickly.
Sooooo…. is anybody going to tell @HTC about how cheap they’re selling their Exodus ‘blockchain- and crypto-friendly’ phones at now? They were listed at a flat rate of 0.15 $BTC and 4.78 $ETH – ~$900 at the time.
Now that’s a mere $400-500… #justbearmarketthings pic.twitter.com/ChbcZgcl9Z
— Nick (@_Nick_Chong) December 7, 2018
NewsBTC: What is the endgame for the Exodus team? Do you envision a world where blockchain technologies and applications are the norms, or?
Phil: The endgame is to get every person with a smartphone to start owning their identity on their phone, all the data they use on their phone, and empowering them to connect to all the crypto networks.
Bitcoin Adoption In The Mainstream
NewsBTC: What do you think of the whole Samsung S10 “Blockchain Keystore” product?
Phil: First of all, I think that bigger manufacturers coming in[to crypto] is a good thing. To me, it isn’t clear if they’re really empowering the users to own their key. It sounds to me like they aren’t doing that. It sounds to me that they’re more like a custody solution rather than a system that allows people to really own their keys. Then the other surprising fact that I don’t like is that they don’t natively support Bitcoin. I don’t really understand that. I think that the Samsung S10 should be irrelevant for the Bitcoin crowd. But not supporting Bitcoin is a huge statement, it was definitely intentional.
NewsBTC: The weird thing about this is that their marketing material showed images of Bitcoin. So why have that, right?
Phil: It must have been intentional. To me, whether you are a Bitcoin maximalist or not, Bitcoin is so fundamental to this movement. Bitcoin represents being open, censorship-resistant, neutral, what have you. To me, that are the fundamentals of crypto networks. And we pride ourselves with that. One of the Exodus’ wallpapers is a Genesis Block and the Exodus Phone. We definitely see ourselves as an extension of the Bitcoin movement, and that’s why we have many homages to it in our design. I think it is a fundamental part of what we are doing here.
NewsBTC: In the same realm of mainstream adoption, what do you think of the rumors that Starbucks is looking into Bitcoin? And what do you think of the Lightning Network?
Phil: I’m super excited about Lightning. I’m super excited about layer two solutions on Bitcoin. Elizabeth Stark of Lightning Labs is an advisor to Exodus. It’s a hard technology and problem to solve, but we are working to make that a reality. More and more merchants accepting crypto as payment will make this industry much more interesting, and allow it to grow much faster.
NewsBTC: What are your thoughts on centralized, non-blockchain-based cryptocurrencies, like JPM Coin, Facebook Coin? Changpeng Zhao from Binance argues that it will be instrumental in driving adoption, do you agree with that?
Phil: I liken it to intranets. So companies used to have an intranet, which means a surveyed, permissioned, secure internet. That’s how I see these coins. When you issue a private coin, it’s the intranet compared to the internet. Which one is more interesting? So, I’m not too excited about that. We would all agree that in the future, we will move into a world where there is a cashless society, meaning everything becomes digital, crypto, coins. The problem is if you believe the Bitcoin peer-to-peer way of digitizing transactions and money or the centralized version. This will happen. It is already happening in China with WeChat Pay and things of that nature. But we’re going into a digital, cashless payment future, and which route are we going to take? JPMs are one centralized, permissioned way, and Bitcoin and other cryptocurrencies with similar characteristics are the other.
NewsBTC: So there is no room for both types?
Phil: No, there is room for both. But the problem is that these projects are fundamentally surveyed capitalism, and Bitcoin is neutral, borderless, censorship-resistant. These are fundamentally antithetical to each other. But can they both exist at the same time? Probably, and they probably will. But can they exist meshed together? Probably not. But there could be a world in which people pay with privacy coins, like Monero, ZCash, etc., Bitcoin, and centralized assets, like JPM Coin, Facebook Coin. But in the end, they are all antithetical.
NewsBTC: Do you see institutional involvement in this sector as against Bitcoin’s decentralized nature? You have Fidelity with their custody product, do you like that?
Phil: I do like that. I do want to see more and more institutions also have custody solutions like that. Again, it’s fundamentally antithetical to what Exodus stands for though, as we want everybody to hold custody of their own keys, data, and crypto. So if you set it up where institutions are holding custody, I like it right now because it’s better than having corporations that own having our data do that. Fidelity doing custody is good. Telecom operators, yes. But Facebook, no, no.
NewsBTC: What is the primary thing holding back crypto & blockchain adoption right now?
Phil: One is key management — making it simple for people to manage their own keys. If it’s one single thing, it would be key management. But payments is another one, making it easy for payments. There need to be more peer-to-peer apps. There are many infrastructural problems that need to be solved, in that the networks themselves are simply not ready, whether it be consensus or governance issues that haven’t been figured out just yet.
NewsBTC: What do you think of the statement ‘Long Bitcoin, short the bankers’?
Phil: Long Bitcoin, short the bankers? I believe that. That’s why we are doing this, that’s why I’m building the Exodus, and that’s why we are in this industry. Having the Genesis Block on the Exodus phone is perfect for that statement.
Featured Image from Shutterstock
By Ashley Lannquist, Blockchain Project Lead at the World Economic Forum
While research and experimentation with blockchain technology across sectors have been underway for the past several years, few organizations have deployed the technology. Although central banks are among the most cautious and prudent institutions in the world, a recent whitepaper published by the World Economic Forum indicates that these institutions, perhaps surprisingly, are among the first to implement blockchain technology.
Central bank activities with blockchain and distributed ledger technology are not always well known or communicated. As a result, there is much speculation and misunderstanding about objectives and the state of research. Dozens of central banks around the world are actively investigating whether blockchain can help solve long-standing interests such as banking and payments system efficiency, payments security and resilience, as well as financial inclusion.
These organizations, tasked with overseeing a nation’s monetary policy and financial and economic stability, are very cautious to implement any technology or solution that can have adverse consequences. Yet, many central banks are actively researching a variety of use cases to explore the technology’s potential in controlled, secure settings.
Top Ten Central Bank Use Cases
- Retail central bank digital currency (CBDC) – A central bank-issued digital currency that is operated and settled in a peer-to-peer and decentralized manner (with no intermediary), and is widely available for consumer use. This form of CBDC serves as a complement or substitute for physical cash and an alternative to traditional bank deposits. Central banks from several countries are experimenting with this, including those from the Eastern Caribbean, Sweden, Uruguay, Bahamas, and Cambodia.
- Wholesale central bank digital currency (CBDC) – A central bank-issued digital currency that is operated and settled in a peer-to-peer and decentralized manner (no intermediary) but is only available only for commercial banks and clearing houses for use in the wholesale interbank market. Central banks researching this include those from South Africa, Canada, Japan, Thailand, Saudi Arabia, Singapore, and Cambodia.
- Interbank securities settlement – A focused application of blockchain-based digital currency, including CBDC, enabling the rapid interbank clearing and settlement of securities for cash. The goal is to develop “delivery versus payment” interbank systems where two parties trading an asset, such as a security for cash, can conduct the payment for and delivery of the asset simultaneously. Central banks exploring include the Bank of Japan, Monetary Authority of Singapore, Bank of England and Bank of Canada.
- Payment system resiliency and contingency – The use of distributed ledger technology in a primary or back-up domestic interbank payment and settlement system to provide safety and continuity from threats, including technical or network failure, natural disaster, cybercrime, and other threats. Often, this use case is coupled with others as part of the set of benefits that a DLT implementation could potentially offer. The central banks researching this use case include the Central Bank of Brazil and the Eastern Caribbean Central Bank.
- Bond issuance and lifecycle management – The use of DLT in the bond auction, issuance, or other lifecycle processes to reduce costs and increase efficiency. This concept could be applied to bonds issued and managed by sovereign states, international organizations or government agencies. Central banks or government regulators could be “observer nodes” to monitor activity where relevant. The World Bank launched the first blockchain-based bond, called the “BONDI,” in August 2018.
- Know-your-customer and anti-money-laundering – Digital KYC/AML processes that leverage DLT to track and share relevant customer payment and identity information to streamline processes. This solution could connect to a digital national identity platform or plug into pre-existing e-KYC or AML systems. It also could potentially interact with CBDC as part of payments and financial activity tracking. Central banks exploring include the Hong Kong Monetary Authority.
- Information exchange and data sharing – The use of distributed or decentralized databases to create alternative systems for information and data sharing between or within related government or private sector institutions. Among others, the Central Bank of Brazil is researching this use case.
- Trade finance – The employment of a decentralized database and functionality to enable faster, more efficient and more inclusive trade financing. This improves on today’s trade finance processes which are often paper-based, labour-intensive and time-intensive. Customer information and transaction histories are shared between participants in the decentralized database while maintaining privacy and confidentiality where needed. Central banks researching this include the Hong Kong Monetary Authority.
- Cash money supply chain – The use of DLT for issuing, tracking and managing the delivery and movement of cash from production facilities to the central bank and commercial bank branches. This could include the ordering, depositing or movement of funds, and could simplify regulatory reporting. Central banks exploring include the Eastern Caribbean Central Bank.
- Customer SEPA Creditor Identifier (SCI) provisioning – Blockchain-based decentralized sharing repository for SEPA credit identifiers managed by the central bank and commercial banks in the SEPA debiting scheme. Faster, streamlined and decentralized system for identity provisioning and sharing. Can replace pre-existing manual and centralized processes that are time and resource-intensive. This has already been implemented in the Bank of France’s Project MADRE.
For each of these use cases (listed in order by popularity), there is at least one central bank actively researching this area. This research and experience vary across countries, and many central bank researchers have yet to conclude whether DLT can provide value to their processes given salient risks and limitations.
In rare cases such as with the Bank of France, a central bank has successfully deployed a DLT-based application. In other cases, central banks have concluded that blockchain technology does not provide valuable opportunities for their economies when considering the risks and downsides. In the least, many monitor developments by peer institutions and within the private cryptocurrency markets.
Over the next four years, we should expect to see many central banks decide whether they will use blockchain and distributed ledger technologies to improve their processes and economic welfare. Given the systemic importance of central bank processes, and the relative immaturity of blockchain technology, the banks must carefully consider all known and unknown risks to implementation.