ACI’s Roger Oliphant: “Open Blockchain Standards Are Too Slow”
Oliphant claims the same applies to other open blockchain standards, all of which take too long to confirm transactions. Ever since corporations garnered an interest in the blockchain, the topic of scalability has been kicked around a fair few times. A new report by Gartner indicates the technology has hit the “peak of inflated expectations”>. With more money flowing into blockchain every year, the question becomes how well this technology scales. But can it handle mainstream transaction volume? There has never been a bigger interest in blockchain than over the past 18 months. Although....
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What will it look like when central banks are on the blockchain? ACI is hard at work modeling an answer to this question. The international payments firm already enables more than 5,000 credit unions, processors and banks to transact $14tn daily through its suite of software-as-a-service tools, and now it's seeking to uncover how blockchain could play a role in its delivery. Constructed on a five-node network that runs on servers in Omaha, Nebraska, and Norcross, Georgia, ACI has built a blockchain proof-of-concept specifically designed to simulate how a central bank and four financial....
Let's start by stating the obvious – Warnings about the need for blockchain standards are premature and alarmist. It's too early to claim that a lack of standards is hurting blockchain technology adoption, or to call for standards bodies like the International Standards Organization (ISO) to get involved and define what they should be. (Though, there are already groups doing this). The topic of blockchain standards is complicated, and it extends beyond just seeing it as an interoperability challenge. This is because blockchain standards can be divided into three interrelated vectors,....
Creating international blockchain standards will not be an easy feat. Australia is poised to lead the international discussions, as they will act as secretariat of a technical committee. The country has proposed this committee to the International Organization for Standardizations, which approved the idea. But what does all of this even mean for blockchain and cryptocurrency enthusiasts? Global Blockchain Standards Are Coming. Standards Australia is the group that will lead the charge for establishing international blockchain standards. Dr. Bronwyn Evans, CEO of Standards Australia,....
Australia’s standards authority, Standards Australia, has asked the International Standards Organisation, commonly known as ISO, to commence work on setting global standards for blockchain technologies. Geneva-based ISO, the international standard-setting body that is widely recognized as the foremost global standards authority is being called by its Australian member to set up global standards for blockchain, the technology that underpins Bitcoin. Standards Australia is one of over 160 national standards organizations that the ISO recognizes as members and representatives from around the....
Bitcoinist spoke with CSO and Founder Kevin McKernan, whose company Medicinal Genomics has successfully put cannabis strains on the Bitcoin Blockchain. He explains how strains are actually traced, why his company chose Bitcoin, and why he believes Bitcoin is currently “too slow” if not “useless” for cannabis dispensaries as a currency. Kevin McKernan: ‘Bitcoin is a Battery of Trust’. Bitcoinist: First, how do you actually put “strains on the Bitcoin blockchain”? Kevin McKernan (KM): We take the sequence files (VCF or variant call format) and run SHASUM on the files to generate a SHA-256....