Bloq Outlines Blockchain Solutions for Trade Finance and Supply Chain Management

Bloq, a Chicago-based blockchain developer and software startup, is now developing blockchain platforms and best practices for one of the most promising use cases for blockchain technology: trade finance and supply chain management.

Interest in the use of blockchain for trade is growing rapidly as companies and organizations like IBM, Microsoft, Hyperledger, JP Morgan and Walmart recognize that antiquated trade systems are long overdue for a complete restructuring and that blockchain technology has the potential to revolutionize the systems that make up global trade.

A common problem with current trade systems is fraud. The trip from farm or factory to store shelves involves numerous opportunities to falsify shipping documents and alter shipping container records or contents with little accountability.

“Global supply chain management has drastically changed in the last 10-15 years,” William Nieusma, Vice President, Government Strategy at Bloq told Bitcoin Magazine: “Regulatory mandates, operational complexity and data security concerns have ramped up the pressure to overhaul these outdated systems.”

Nieusma is one of the authors of Bloq’s recently released white paper, “Accelerating Global Trade Processes with Blockchain,” designed to introduce their new project to develop a model blockchain network for companies involved in trade.

“But it’s not all doom-and-gloom; adopters of blockchain-based systems can cut costs, improve customer service and find new, verified business partners,” added Nieusma.

Alan Cohn, attorney and consultant and advisor to Bloq told us:

“Global trade is an area where blockchain can play a transformative role, not just for industry but also for government.”

Nieusma noted that Bloq believes that in the future, the most significant and valuable business systems, including trade, will run on blockchains.

IBM has recognized the potential of blockchain and trade. In partnership with seven European banks, it is building a pilot blockchain trade program with Hyperledger to enable companies like Walmart and Maersk to use blockchain technology to better track the movement of farm and factory products to the store shelves.

Microsoft is also building a model trade program using the Ethereum blockchain in a pilot project with JPMorgan.

Blockchain Tech and Trade Are a Perfect Fit

Trade finance and supply management lend themselves well to the particular advantages of blockchain technology. The Bloq white paper states:

Blockchain technology holds considerable promise to substantially improve supply chain security and transparency. Blockchain’s inherent architectural attributes solve several weaknesses in current trade IT systems and processes to ensure information immutability and transaction auditing, thereby increasing trade value capture and value creation.

Bloq’s model trade platform promises companies high levels of cybersecurity, reduced waiting times, transparency, ease of revenue payments, low infrastructure investment, easily auditable transactions, efficient accommodation for additional participants, immutability and automatic bonding and payments through smart contracts.

Bloq plans to build a “permissioned, federated network” built on the Bitcoin blockchain that, depending on the client’s needs, will also support Ethereum and Hyperledger. Nieusma said:

“Bloq believes that the future is a multi-chain, multi-network world and that interoperability is a guiding principle in network buildout.”

The Bloq program will connect all parties involved in a trade including buyers, banks, sellers and transporters so that information about a shipment is distributed among all involved parties at the same time.

As the white paper states:

“Trade can be safer, more secure, and more profitable with less human error. We hope this discussion leads to an evolution in trade that benefits all stakeholders.”

Related:

R3’s Richard Brown: IBM should adopt Corda

He makes it clear it’s not his policy to be critical of another project until he has studied it closely and identified what he considers to be fundamental problems with its design. And he recently published his analysis of Fabric, paying particular attention to its privacy channels solution.

Asked directly about IBM’s position in the blockchain space, Brown said: “I think they are actually exercising their strategy pretty well. From a strategic perspective, I think they are doing all the right things. It may well not succeed but it’s hard to fault them on that.

“I just don’t think the technology is the right architecture. Fabric’s design works for some things but actually it’s fundamentally flawed in other areas. What they should do of course is adopt Corda; and we will happily work with them on that.”

First generation enterprise blockchains have taken the underlying design of Bitcoin and Ethereum and been met with the thorny problem of data privacy. Brown says there are basically two distinct ways to solve this.

One is the Corda approach, which is doing data distribution on a case by case basis – individual deal, trade, balance, loan agreement etc – sent only to those who need to receive it. “You send the data to them and just that amount of history that’s needed for them to verify to their own satisfaction that everything is correct. It’s atomic, precise, narrow; you just send those pieces.”

The other approach is to layer on some additional privacy. Fabric arrives at private data sharing between two or more participants via its privacy channels, a method which Hyperledger says still allows “the veracity and the integrity benefits of writing things to a chain”.

In Brown’s analysis, adding additional privacy channels, might work for a platform such as Slack, but it isn’t an elegant solution for industrial grade financial requirements.

He said: “Rather than having one blockchain where everyone sees everything, there are lots of different ones where each person can see everything in the channel, but nobody else can.

“On its face, it seems quite sensible and could work, and for some scenarios it absolutely can. But only if you know that the data you are collaborating on will only ever be between that fixed set.

“The question is what happens if there is something that we have collaborated on – we have done some deal – and I want to step out of that deal and bring someone else in. How do you do that?

“I can’t just let that person into that channel. Sure they would see our deal and the history of it, but they would see everything else as well. All the other stuff we worked on, all our other private deals would suddenly be visible to this person.”

Potential solutions, such as arranging for assets to cancelled in one channel and reissued somewhere else are cumbersome, noted Brown. “We considered this architecture and chose not to go with it. While it undeniably does solve some of the problems of full broadcast blockchains, when you actually look at how you would complete asset transfers or complex netting scenarios for example, it begins to struggle.”

Another issue flagged up is Fabric’s choice to use noSQL databases as a default. R3 has spent a lot of time optimising Corda for integration with the existing systems used by financial entities. “That’s why we run on the Java platform,” said Brown. “It’s why our interfaces are well documented and easy to use; we stream information out for people who want real time updates. It’s why we use things like message queues because that’s what enterprises use to get data in and out.”

He pointed out that a node in the future will become the authoritative record for many of the deals a firm has done. “So what do you do with your authoritative records? You need to query them, you need to aggregate them, join them with other data.

“The gold standard is relational databases. It just seemed obvious to us as we worked through the requirements that Corda should store its data in a relational database and allow the information to be queriable and joinable.

“We considered NoSQL databases – key-value stores or document stores, but the requirement to use one just didn’t emerge. Say I store all my data in one of these NoSQL stores – if the first thing I have to do is extract it all and put it somewhere else to query with my main data, it doesn’t feel like a step forward.”

An argument sometimes levelled at Corda’s truncation of blockchain broadcasting is that this forgoes some kind of system wide integrity; if nodes dropped off or went down, for instance, there would be no blockchain record to refer to if only counterparties to a transaction have a copy of that transaction.

“There seems to be a belief – a mistaken one in my opinion – that blockchains are also a backup solution, or a disaster recovery solution,” said Brown. “So if I put my data on this blockchain, then there’s no need for me to worry about high availability or backup.

“Of course, that seems obvious to anyone who has ever played with Bitcoin. However, if you speak to anybody operating an exchange, anybody operating any kind of service on that network: they have got their own private data and customer records, impending orders all that kind of information.

“The blockchain is just a subset of the overall data they manage and the fact that some of it is on the public blockchain in no way obviates the need to make sure their own private data is being properly looked after.

“And it’s the same in the enterprise blockchain space. If you and I enter into a deal; you’ve got a copy, I have got a copy. If my node goes away, I can get the data back from you; or from the consensus cluster and so forth if that’s how you want to configure your network.

“Backing up my shared state in the same way as I back up everything else is really no hardship. The criticism I hear of Corda that the data is only held by these people and therefore it has low resilience – I just don’t accept that argument.”

R3’s ongoing work with Intel’s Software Guard Extensions technology (SGX) has resulted in another way to deal with the contradiction between privacy and verification at the heart of distributed ledgers.

SGX allows software to compute on private, encrypted data without revealing that data to the owner of the hardware. You can send someone data you don’t want them to see, they can run a computation on that data, and they obtain only the result but not the inputs.

Corda’s transaction verification layer has been engineered to run in SGX. The verification function is the inner sanctum of the platform, which looks at a transaction or a chain of transactions and says ‘yes’, the business logic has been executed correctly.

Only the verify function needs to run in SGX, everything else can run on normal chips, without those constraints, said Brown. In terms of engineering, to build this is not a trivial undertaking; it requires deep knowledge of operating systems and hardware architecture.

“We have got a full java virtual machine running in SGX, validating and verifying Corda transactions, and that’s no mean feat; we are very proud of it.”

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    Accord Project joins Hyperledger to push standards for smart contracts

    Accord, which has been created by Clause.io, will establish a set of open source software development tools. These will be proposed to the technical steering committee (TSC) as new projects at Hyperledger, so that a broad community of developers and users will be able to collaborate directly on the future of contracting.

    Clause.io is co-founded by Houman Shadab, Professor of Law at New York Law School, who is well known in the blockchain space.

    Shadab pointed out while commercial agreements are relatively standardised, when you drill down deeper into contracts used even within the same industry there is a plethora of specific approaches.

    He said: “In order to realise the potential benefits of legally binding contracts that use blockchain technology, widespread agreement must reached on a far greater range of issues than required to overcome the costs of proprietary approaches with traditional contracts.

    “These issues range from foundational ones, including the usage of templates and the proper interface for legally binding text, to issues unique to smart contracts, including the suitability of data to confirm contract obligations to security, storage, and execution with a blockchain.

    “Without standards, smart contracts may improve businesses, but they won’t transform them. The need for standards and open source tools to usher in a change to the nature of legal contracts and business relationships is why we at Clause are launching the Accord Project.”

    Hyperledger welcomed 10 new organisations to the platform (including Accord). The latest General members include: ANNE, Beijing RZXT Technology Development, Capgemini Financial Services, New H3C Technologies, Revelry Labs, Smart Link Labs and TradeIX; and the new Associate members were the Accord Project, Tecnalia Research & Innovation and University of Luxembourg.

    Brian Behlendorf, Executive Director, Hyperledger, said: “Welcoming this many new members from all over the world in various industries is great to see.

    “The added support comes at a perfect time, with the recent launch of Hyperledger Fabric 1.0 and the goal of working together as a community to reach and promote production deployments of the technology this year. These new members will be advantageous in our efforts in building open blockchain software and pushing more Hyperledger projects to 1.0.”

    Damien de Chillaz, vice president, Blockchain Leader, Capgemini, said: “At Capgemini, we seek to become the partner of choice for our Financial Services clients who feel ready to move from proof of concept to production on Blockchain.

    “We believe that this ambition requires the right combination of business intimacy and technical expertise that we can bring through our leadership position in Financial Services and our global presence and expertise in Distributed Ledger Technology. Although we remain ledger-agnostic, we are very excited to join Hyperledger and its open source community, to help shape the future of financial services alongside our most strategic clients.”

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    Self-Disruption or Self-Destruction — Can Wall Street Tame the Blockchain?

    When you’re buying or selling your bonds, stocks and derivatives — OK, when your banker or broker makes those trades on behalf of your pension fund or mutual fund — how much time do you spend thinking about how money actually moves from one person to another, and how financial assets make their way back in the other direction? Come to think of it, how much money do you spend on commissions to the middlemen who make it all happen? Well, time to listen up, because a new technology headed for Wall Street (and pretty much every other industry) could change how transactions work at their most basic building blocks — literally.

    Known collectively as blockchain, these new systems use “distributed ledgers” to provide networkwide platforms for frictionless exchanges. Think of a distributed ledger as a gigantic Google Doc that everyone can access — a universal record-keeping system. But crucially, instead of agreeing on a transaction and then having a middleman (or a regulator or a government) verify, approve, record, time-stamp and facilitate it, and then conduct the transaction for you, in a blockchain-based network, anyone can add to the shared ledger, and then that record is the verification — and the transaction.

    Got it? Great.

    So what’s at stake here? On Wall Street, blockchain could upend how institutions trade with one another. One example: It could shrink the three days that it currently takes to clear a securities transaction into seconds. It could also enable entirely new forms of exchange — think self-enforcing contracts and, yes, digital currency. Indeed, “blockchain will do for transactions what the internet did for information,” IBM CEO Ginni Rometty said at a conference in Geneva in September. Extending Rometty’s analogy, it should be noted that it’s early days for blockchain, with developers still establishing the ground rules for the equivalents of the TCP/IP language protocols that allowed the internet to become the internet.

    But despite all the anarchistic rumblings that the end is nigh for Wall Street intermediaries, here’s the surprising reality: The three leading consortia vying to establish shared protocols — Hyperledger, R3 and the Ethereum Enterprise Alliance — count among their members old-school titans such as JPMorgan Chase, Wells Fargo, Barclays, Bank of America, Deutsche Bank and HSBC. Admittedly, there are a bunch of quirky-sounding tech startups there too, from Bloq to Infrachain, as well as surprising big brands like BP, Microsoft and Airbus. The fact remains, though, that on Wall Street the blockchain revolution won’t be disruption from the outside, but instead “the most meaningful adoptions have been when the intermediaries are disrupting themselves,” says Javier Paz, a senior analyst at research and advisory firm Aite Group.

    Hyperledger is anticipating a world of many different [block]chains, a world where there will be significant governance differences between these chains.

    Brian Behlendorf, executive director, Hyperledger

    Take the Depository Trust & Clearing Corp. It’s the organization that clears and settles the majority of worldwide securities trades, which means it handles annual transactions worth more than $1.5 quadrillion, from which the private company generates annual revenue of nearly $2 billion. The largest financial bookkeeper in the world, the DTCC is “one of the intermediaries that blockchain could easily wipe out,” says Paz. And yet one of the products furthest ahead in turning blockchain-based platforms into reality is the DTCC’s own project to automate record keeping, life cycle events and payment management in the credit derivatives market. The project is expected to launch in 2018, the DTCC’s managing director of IT architecture, Robert Palatnick, tells OZY. Counters Paz: “It’s a reluctant adoption.”

    So why is the ultimate disruption coming from within? Because of its distributed, crowd-based nature, “blockchain is a technology that requires cooperation to exist,” says Paz, “but so far we haven’t seen the vision of banks, of brokers, of asset managers or of brokerages to be in sync.” Hence the emergence of major consortia to respond to that coordination challenge. So, if after the blockchain revolution there’s still a need for a DTCC-style industrywide figure to establish protocols, provide governance, mediate disputes and update the digital infrastructure, “why not use the old one?” Paz asks. “The best direction for distributed ledger technology is open source, with open, interoperable protocols and standards,” says the DTCC’s Palatnick, so “there is a need for central authorities to play a leading role in introducing [this] governance process.”

    Achieving this consensus has been the major stumbling block as the earliest blockchain-based systems — cryptocurrency networks like bitcoin — try to transition into universal platforms for secure exchange. In reality, the potential for blockchain is “a little more prosaic” than the early visions of a single, universal, public, crowd-based platform, says Brian Behlendorf, executive director of Hyperledger, a leading consortium that supports a variety of open-source blockchain technology projects. “Hyperledger is anticipating a world of many different [block]chains,” he says, “a world where there will be significant governance differences between these chains, and likely also technical differences.”

    Of course, it’s not all going to stay within the Wall Street old boys’ club — some Silicon Valley players are muscling in on the action, including Chain, a 3-year-old VC-backed startup that creates blockchain-based infrastructure for financial services and has so far partnered with Nasdaq and Visa, among others. And while the concept of communitywide consortia building open-source projects together might be familiar in the tech world, “trying to get a car company or a bank to think about participating in that cycle … is a challenge,” says Behlendorf, “but increasingly they are getting it.”

    So, while many have dreamed of shaking up the financial services leviathan, Wall Street itself might turn out to be the ultimate fintech disrupter. Which raises the question — if not blockchain, then what?

    Related:

    Solve Big Data Evolution Challenges with Blockchain-ified Data

    EMC logo


    Big Data means Big Business

    Early and mid-2000s was the time of exponential surge in data production. This exponential rise, owing to advancement in wireless technologies, automation and internet speeds, gave birth to a tremendously fast growing technology vertical, big data.

    Big data, due to its sheer size, had huge computation needs, which gave us Zookeeper, BigTables, GFS, and Cassandra, and then, the most famous open-source project after Tomcat, which is Hadoop.

    By the early 2010s we had plethora of startups like MongoDB, DataStax, ElasticSearch, Cloudera, HWX, etc., who adopted the open-source tools and made them enterprise ready. In past 7 years, the big data ecosystem and its adopters have matured and slowly moved towards much more advanced use cases around Deep Learning and AI.

    As a matter of fact, it is safe to say that big data and the opensource community are literally transforming every enterprise backend on this planet. For example, we have helped many enterprises transform “data warehouses” of relational databases into “data lakes.”  Every enterprise is somewhere on this transformation path already. Just to put this in perspective, more than $100 billion is being spent on this transformational journey, including hardware, software and services.

    But, everything is not merry. There are some serious and complex challenges around the next phase of evolution of big data. These include: control, authenticity and monetization, just to name a few:

    First Challenge: Control over the infrastructure itself in multi-tenant environment:

    • Let’s assume a scenario in which you are a multinational enterprise, which produces data in multiple geographies, governed by multiple regulations. Now, how would you share data around the planet? It’s nearly unavoidable that you will have multiple copies of your data, so how would you know which one is most up to date, most complete, most clean? How do you achieve simple procedural and role reconciliation, with a system admin role at each of your regional offices?
    • Imagine you are a little broader. You’re an industry consortium. The challenge above becomes even more difficult – especially because many of the consortium participants are competing with each other.
    • Creating one single shared source of truth for all the data being generated, and exposing Data as a Utility, similar to Internet.

    Second Challenge: How well can you trust the data itself?

    • Imagine that you collected some data. How would you prove you were the originator? Or what if you got data from “others”? How would you know its true origin??
    • The one universal truth, to which every system admin will testify, is “CRASH”. In current technical landscape, crashes and malicious behavior is not only frequent and normal; it is inevitable. So what? So that means that you will have machine crashes, programmatical errors, hacks etc. In fact there is a new term which came to existence with evolution of IoT systems called Zombie IoT toasters, which, without your notice, keep pumping garbage into your systems. That means that all of that fancy modeling which your highly skilled data scientist ran on the GPUs just produced a bunch of garbage.

    Third Challenge: What’s the value of your data, and how do you monetize it?

    • So you produced a bunch of data, which is of immense importance for a lot of valuable work in your industry, and everyone wants to use it. Great, right? Of course, but take a step back and consider how you transfer the rights of the data, or buy the rights from others?
    • The point above leads us to a larger much more universal question, and that’s about a larger dream of having Universal Data Marketplace. 

    So how do we addresses the challenges above?

    Big data seems is currently closed and restricted, with many access, authenticity and monetization challenges. But, wait, as Plato once said “Necessity is the mother of invention”, the above necessity gave birth (kind of) to a new tool for big data, Blockchain Technology.

    While discussing pure blockchain is out of scope of this blog, but I will give a quick introduction to it. Recently blockchain got a huge upsurge in its popularity because of Bitcoin, which utilizes Blockchain. Technically, you can call blockchain a database, but this is not any normal database, this is next generation of information decentralization. I would not hesitate calling it the only data base that you could call Blue Ocean, with beneficial attributes such as include decentralized and shared control, immutability and audit trails, and native assets and exchanges.

    Just for the sake of the terminology, blue ocean model means: a new, uncontested market space that makes existing competitors become irrelevant and creates new consumer value often while decreasing costs.

    However, blockchains have terrible scalability and don’t even have a query language. But even then, the blue ocean benefits have proved enough to capture global imagination.

    The good news is, it’s relatively easy to marry Hadoop’s scalability and blockchains to create something which can be loosely called a blockchain database, which provides the best of both worlds.

    A simple NoSQL database like MongoDB can very easily enable query ability and schematic representation for blockchains. This unlocks potential for highly interesting potential for applications in big data. Examples include shared control over infrastructure, audit trails on data, even possibility for a universal data exchange.

    The figures below show how blockchain changes the game and how decentralization materializes.

    Blockchain Diagram

    Decentralization

    The figure above shows, that as we move from left to right, the components from blockchain architecture become more prevalent and thus open up the system. While on the left side we still have heavy siloes of application. We see that the processing layer changed over form directly hardware dependent to much more abstract and distributed (ex Ethereum), similarly the file system evolves from local namespaces to a global namespace kind of file system example IPFS (Inter Planetary file system).

    Below is how blockchain complements and compares with a scalable database.

    Blockchain Characteristics

    Addressing First Challenge: Shared Infrastructure Control

    Being a blockchain database means the control of the database infrastructure is shared across the entities, whether within enterprises, consortiums or even across the planet. Cool, isn’t it?

    How? Blockchain based architecture (of a database) is decentralized, which means that its control can be shared.

    This sharing can happen in one of several ways:

    1. Across offices within enterprises. Which solves our geographically spread locations issue.
    2. Across companies within an ecosystem, i.e. between companies (even competitors)
    3. On a planetary level. Shared control of an open, public big data database which fructifies the dreamy concept of Data as a Utility. There is already an application of this concept which is called IPDB (Interplanetary Database).

    Since this is a big data database, unlike traditional blockchains it can hold the data itself. As, database itself fills up we can keep adding more and more database connected using an open protocol called interledger.

    Benefits to this approach:

    Problem. The multinational entity problem

    Solution. Each regional office with its own sysadmin controls one node of the overall database. So they control the database collectively. The decentralized nature means, that if a sysadmin or two goes rogue, or a regional office is hacked, the data is still protected. (Assuming encryption is in place)

    Problem. The Industry consortium problem

    Solution. Similar to above each company controls one node in the chain

    Problem. Single shared truth of data problem

    Solution. A universally distributed interledger of databases, where essentially everyone can be part of the universal data market place. Example IPDB.

    Addressing Second Challenge: Audit Trails on Data

    Blockchain allows us to have detailed and definitive audit trails on data, to improve the trustworthiness of the connected nodes. Similarly, this principle applies to your data residing in blockchain database.

    How? Let’s consider a simple data pipeline: IoT sensors -> Kinesis/Event hub + Stream Analytics -> Isilon Storage (HDFS) -> Spark Data prep -> Spark Modelling -> MongoDB Storage -> Tableau. Shown in figure 3 below.

    So here is what happens:

    1. Input data is always timestamped
    2. A transaction is created as a JSON doc, which includes
      1. Hash of data
      2. Hashes of each row and column (depending on the data)
      3. Any metadata present, or that one wants to include
    3. Cryptographically, every transaction is signed with your own personal private key
    4. Write this transaction to the database (Mongo Node on our case), this automatically timestamps the transaction. This gives us immutable evidence that you had access to that data at that point of time, which others can cryptographically verify based on your public key. Howzat!!!

    So the output of each pipeline step is timestamped in the three steps mentioned above.

    Benefits to this approach:

    • How would you prove you were the originator?
    • People who have your public key can see that you cryptographically signed it
    • How do you know if it was others who owned the data you received?
    • The same way as above, you have their public key
    • Crashes, malicious behavior, glitches etc.
    • This is my favorite. You can run periodic processes to rehash the data stored in the pipeline. If the new hash doesn’t match the previous hash, something is wrong.
    • Zombie IoT toasters. Garbage in Garbage Out
    • First, make sure IoT devices are properly secured. Each IoT device must have a way to sign the data (there is a straightforward technique to do that) and the private keys must be consistent. Then just like before, one can verify the data (rehashing method).

    The figure above shows a generic, agile and modular architecture which increases, security, reliability and trustworthiness of an IoT architecture.

    1. Most important piece of this architecture is blockchain database. This provides an open decentralized protocol to access various underlying assets.
    2. Boomi, provides a platform independent multi layered and dynamic integration, which enables getting data in multiple versions, velocities etc
    3. The storage layer is a decoupled Isilon storage, which can be easily expanded and distributed.
    4. All compute is virtualized providing much more utilization and efficiency

    Last but not the least my favorite topic…

    Addressing third Challenge: Universal Data Exchange

    This novel method enables us to build universal data market place which helps evaporate walls of data silos. A scalable consistent blockchain database architecture speaking the protocol of IP rights transfer enables data to be bought and sold as an asset. The concept is new and amazingly exciting. Not only a universal marketplace, it’s also collectively controlled by a public ecosystem. People and corporations can build data exchanges on top of this universal marketplace to suit their needs.

    How? Here is how it works.

    We need to build a global public blockchain database, which currently exists as an open non-profit initiative in the form of IPDB. Remember this can be securely implemented by consortiums as well (separated from public infrastructure). There can be even multiple networks, where assets flow utilizing interledger protocol.

    The asset is the data rights, backed by copyright law. The asset lives on the blockchain db. Remember, you own the private key for the data you own. You can transfer you rights, data and its slices using open blockchain IP protocol. Some opensource protocols are available example Coala IP.

    Benefits to this approach:

    • How do you transfer rights and buy rights?
    • Just create a transaction, in which transfer rights to another person, say speaking the language of the Coala IP. Sign it, write it to the database. Clean and clear

    Figure below shows how a consortium of similarly a multinational works when it comes to enabling a universal data marketplace (The Dream).

    Conclusion

    Definitely big data means big bucks. Blockchainified big data helps resolve three of its outstanding challenges: How to control the Data, how to trust the data, and how to build universal exchanges.

    We at Dell EMC are firmly dedicated towards making data much more accessible, making it open and enabling large enterprises realize the real potential of data as an economic asset. So, Chains of Big Data is turning out to be the best approach towards creating an open, connected, trustworthy and universal data marketplace, which in turn enables better collaboration and value out of humongous amounts of data being produced every second.

    The post Solve Big Data Evolution Challenges with Blockchain-ified Data appeared first on InFocus Blog | Dell EMC Services.


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    Hyperledger introduces first production-ready blockchain code

    Hyperledger introduces first production-ready blockchain codeNEW YORK: The Hyperledger Project, a group led by the Linux Foundation, has released its first blockchain code that can be used by large businesses to build software.

    The group, whose more than 120 members include International Business Machines Corp, Cisco Systems Inc, the Bank of England and JPMorgan Chase & Co, said on Tuesday that it had released the first version of Hyperledger Fabric, a type of distributed ledger code.

    The developers involved in the project believe Hyperledger Fabric 1.0 is strong and secure enough to be used by corporations to start building blockchain-based business applications, the group said.

    Blockchain, which first emerged as the system powering cryptocurrency bitcoin, is a shared record of data that is maintained by a network of computers, without requiring a trusted third party to validate the veracity of the information.

    Banks and other large corporations have been investing hundreds of millions of dollars in developing the technology in the hopes it can help them simplify some of their most cumbersome and costly processes, such as settling securities trades.

    More than 150 engineers from 29 organizations contributed to the project.

    “These kinds deep revolutions take some time, but I am confident that competent development teams inside organizations can start to look at that [Hyperledger Fabric] and go all the way to running it in production,” Brian Behlendorf, Hyperledger’s executive director, said in an interview.

    To speed the development of blockchain, many organizations have formed or joined industry groups. Earlier this year JPMorgan, Microsoft Corp, Intel Corp and others formed a blockchain group called the Ethereum Enterprise Alliance, while many of the world’s largest banks invested $100 million in blockchain consortium R3.

    Despite the excitement, blockchain has yet to be deployed in a large scale project by large companies, and skeptics have cautioned that its benefits may be overblown.

    Hyperledger Fabric, for example, does not yet scale to handle as many transactions per second as the payment network of a major credit card company, Behlendorf said.

    Proponents note, however, that it is still early days for the technology, likening the current landscape to the early days of the internet.

    “If this were the web, what year would we be in?” Behlendorf said. “I’ve felt that we were in 1995, but with this release I am ready to say we are in 1996, when you started to see enterprises saying ‘Now it is not just a research project.”

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