IBM Developing Blockchain Without Bitcoin for Record-Keeping and Smart Contracts
IBM is developing its own version of the blockchain technology and plans to release open-source software within the next few months, The Wall Street Journal reports . The new platform would operate without a native currency like bitcoin and be used to keep track of B2B - business to business, bank to bank, and bank to business - transactions and enforce....
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Increased automation in banking and financial sector by implementing blockchain technology based smart contracts may not have a significant impact on employment opportunities in the sector. Bitcoin’s underlying blockchain technology has already expanded from just being a ledger, keeping a record of all transactions happening over the network to a widely adopted technology across industries. Smart contracts based on blockchain technology can be used to automate various process across industries. The major application of blockchain technology currently lies in the banking and financial....
Bitcoin has typically been associated with criminal activity, as the anonymous nature of transactions allowed illegal dealings to be practically untraceable without any money trail. While the underlying blockchain technology has gained a better reputation for possibly transforming several industries, its smart contracts might be vulnerable to criminal use as well. This has been explored by an article on the MIT Technology Review website, tackling the issue of how criminals could also tap into this blockchain technology. Blockchain refers to the public ledger of bitcoin transactions, which....
Homomorphic encryption and smart contracts can be a perfect combination of public and private blockchain features. Bitcoin and transparency go hand in hand. While we can’t say the same about centralized exchanges and trading platforms, the Bitcoin protocol is completely transparent and offers a certain degree of anonymity as well (pseudonymity). But as technology progresses, we now have entirely different use cases of blockchain technology on our hands. Bitcoin’s underlying blockchain technology has grown beyond being a public ledger keeping a record of all bitcoin transactions. The....
Business accelerators all over the world are always looking for the next big thing in technology and finance. It only makes sense to see these accelerators keeping an eye out for companies exploring blockchain technology. Or in the case of BNP Paribas, they are looking at one startup in particular – called CommonAccord – which aims to bring automated....
An Arizona legislator wants to amend state law to account for blockchain signatures and smart contracts, public records show. HB 2417, introduced on 6th February, would make a signature enshrined on a blockchain a legal signature under Arizona law. Conversely, any "record or contract" secured by a blockchain would be "considered to be in an electronic format and to be an electronic record". The bill was put forward by state representative Jeff Weninger. Notably, the bill’s language also explicitly accounts for the use of smart contracts, or self-executing agreements....