Blockchain is Solution Looking for Problem, Says Software Giant CEO
Rod Drury, the CEO of New Zealand-based multi-billion dollar software and accounting service provider Xero, stated in a recent interview that private Blockchain networks currently being developed by banks and financial institutions are essentially a solution looking for a problem. Are private Blockchains necessary? The argument behind the development of private Blockchain networks and platforms that banks and financial institutions provide is that strict international and domestic financial regulations disallow the deployment of decentralized networks. Most regulatory frameworks....
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Being the next step in the evolution of human civilization, blockchain technology still hasn’t been mass-adopted. The biggest obstacle here is a limited transaction processing capacity. Existing blockchains like Bitcoin and Ethereum are only able to do about 7-10 transactions per second. This technological limitation has been called the blockchain scalability trilemma. If it is solved, blockchain technology can facilitate the creation of a decentralized global currency that can be mass adopted and the implementation of decentralized governance systems, immutable data storage systems,....
India’s third-largest software and information technology firm Wipro Ltd., has established a blockchain research facility in India’s IT capital of Bangalore. The IT giant is looking to develop real-world applications and software based on distributed ledger or blockchain technology. Already engaged in several blockchain pilot projects, Wipro has revealed a new research facility established to exclusively research and develop blockchain applications for its clients locally and globally. With a focus on the financial space, Wipro is working on several blockchain-related projects with its....
“There isn’t some law of nature that says the set of people who have to be in consensus is the whole world. Bitcoin just happens to work that way because of its unique business problem. If you don’t have Bitcoin’s business problem then be very wary of those trying to sell you something that looks like a Bitcoin solution.” The R3 consortium is actively developing a blockchain solution that can integrate with the existing legacy system, and their partnership with a lot of the world’s leading banks will help them achieve that goal. Corda, their distributed ledger platform for managing....
This article will cover another approach to solving the data bloat problem in blockchains utilizing a tried and tested enterprise software solution – the Enterprise Database – alongside an Ephemeral Blockchain. Blockchain Data Bloat in the Supply Chain. MultiChain, Sidechain, BigchainDB, Factom, and other chains built either on or off the Bitcoin Blockchain will eventually suffer from the data bloat syndrome. Pruning techniques like SPV and sharding can help with this syndrome but to a limit. Take an example of Boeing using a blockchain to implement its supply chain solution for an....
The consultancy giant has released a new solution aimed to streamline enterprise resource planning on the public Ethereum blockchain.