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Google Trends sees pro-Blockchain enthusiasts even as research shows EOS is cloud

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is EOS is only a glorified Cloud service? Report by Google reveals that there are more netizens interested in the all-important ‘blockchain’ technology.

There has been a mini-storm brewing in cryptocurrency circles with researchers at Whiteblock a benchmarking firm reporting that EOS is only a glorified Cloud service and not a ‘true-blue’ blockchain technology since it lacks the most vital characteristic of a decentralized blockchain platform ‘immutability.’  At the same time, a fresh report by Google on its Trends feature reveals that there are more netizens interested in the all-important ‘blockchain’ technology lately, with the search for the latter technology overwhelming earlier searches for ‘cryptocurrency.’ Thus, a standardization seems to be in the offing as more projects begin to cater to demand by users.

The original research to look into the working of EOS platform and its technology was commissioned by cryptocurrency incubator and mentor, ConsenSys.

 

What does the test report by whiteblock say?

Whiteblock which tested EOS by developing a prototype found out that,

“EOS is fundamentally the same as a centralized cloud computing architecture [client/server] without the fundamental components of a blockchain or peer-to-peer network.”

 

According to the group of testing engineers, the experimentation provided an objective model of EOS design and addressed the economics and performance.

ConsenSys had appointed Whiteblock to research EOS back in September, and the latter has been testing EOS for over two months.

The highlight of the report is that EOS transactions were ‘cryptographically validated.’

More interestingly, the issue is with respect to EOS is that the project does not stop block producers from increasing their presence on this platform and gaining additional votes to influence decision making.

The main principle of EOS is proof-of-stake overriding the industry practice of Proof-of-work to establish ownership.

More importantly, Whiteblock found that in optimized settings the speed of transactions could not be higher than a 250per second, and that EOS wrongly marketed itself as offering 4,000 TPS.

Additionally, ConsenSys has said that it has received an expression of interest in further research and study focused on EOS by other industry players such as Microsoft, Ledger Capital, and University-based research commitments by USC, MIT with funds.

 

BIOT in the making

In the meanwhile Google BI via its Trends has now identified that there is an increase in searches for blockchain over that of cryptocurrencies. Industry research by the likes of Aftrek Market Research, a New York also indicates that there is a $254 billion marketplace for Blockchain Internet of Things (BIOT) by the year 2026.

 

The issue of Technical platform

Thus, as the investor and user community show increased interest in blockchain technologies, it becomes crucial for the industry to be able to categories platforms on the basis of the technology they use. Hence, the issue of EOS appears to be one of the early-stage problems which the industry will have to put into perspective so as to ensure there is uniformity in practices; much like the latest round of outcry given out by Russian regulators for a consensus-based regulatory system across the nations.

ConsenSys along with Whiteblock has announced that it would allow the tests on EOS by the benchmark organization to stream live in November. Other members like BHB network’s Zucco too concur with Whiteblock’s findings that EOS is cloud computing service with advanced computing power.

#Blockchain

How Blockchains are being implemented in Supply Chain Management

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A blockchain technology investment can be a turning point for supply chain and the reorganization of infrastructure and certification of trust in commerce.

Blockchain refers to a dynamic database which takes records of all events or data on a digital basis. It does this in a way which makes it impossible for interference. Blockchain users might have tried to at some point add to the data, access it or even scrutinize it. It is, however, unlikely to delete or change any data. This implies that the first and original data stays the way it is. Therefore, there is a constant trail of transactions information which is available and accessible to the public.

In contrast to conventional tools, blockchain transactions are not controlled by any organization. Blockchain operates on a record-keeping basis which ensures ease and security for businesses to carry out various sales and deals over the internet. Originally, blockchain was designed to carry out financial transactions.

Now, all forms of businesses are utilizing the blockchain ledger. This blockchain ledger is useful for purposes such as Verification, tracking and recording anything which has value. If the whole blockchain were a record of all transactions carried out in banks, then the bank statement of an individual would be just one block in the chain. Blockchain technology provides the easiest and safest way for companies, organizations, and businesses to complete transactions.

 

How Blockchains Impact Supply Chain Management

A blockchain technology investment can be a turning point for the reorganization of infrastructure and the certification of trust when in commerce. It is said to be the technology which will take us into the next industrial reformation. This coming revolution will see to the change in the mode of transportation, finance, supply chain and a host of others.

The supply-chain management is also known as supply network. This supply network involves a data collection of people and goods that participated in the trading process. It also consists of the record of the transportation or movement of the product from the manufacturer through the various networks and links, to the final consumer who needs it.

Several years back, the supply chain model was simple, and it was an easy walk-through because business operations were consummated locally. Taking a look at the supply chain in today’s world, it can be said that bureaucracies are the order of the day. The creation and distribution of goods are very complex. It is possible for the supply chain of a product to go through several stages, settings, accounts and the likes. It could also involve multiple individuals, and it could expand over a period.

The long-drawn processes involved in the supply chain make it a somewhat complicated process with several parties. It is quite difficult to trace illegal activities when the supply chain is very complicated. So, it is possible for events of this sort to go on for a very long time without the knowledge of anybody. Blockchain technology has the potential to bring great transformation to the supply chain.

 

How Blockchains Can Enhance the Supply Chain

Blockchain technology gives room for tracking all forms of transactions securely and transparently. The best cryptocurrency exchange platforms around the world have demonstrated how efficient the blockchain can be. This could also be replicated in the supply chain. Anytime a product is up for sale; the transaction will be recorded as it goes through the necessary channels. This trail is permanent, and it stands for the product’s stable history

This innovation would help to reduce time lag, additional costs and possible human errors which are likely to occur in a conventional everyday transaction. Some supply chains are already utilizing this technology. Financial experts and analysts have previously predicted that using blockchain technology could facilitate a universal supply chain system.

Regarding recording, the number of assets and their transfer and movement within the supply chain would be documented. It is impossible for the records on blockchain to be erased, and this ensures transparency in the supply chain. Blockchain also provides that there is no disagreement on the chain, as all participating parties have the same sample of the ledger. This transparency also transcends to the lessening of fraud when it comes to goods which are highly valued. Such products include precious stones and drugs.

Companies can utilize blockchain technology to have a grasp on how every used item and the finished goods, passed through the entire process of manufacturing. So companies would be able to communicate better with the consumers by either decreasing the amount or eradicating the effect of sham products.

Also, when it comes to the tracking of essential details such as the purchase and delivery orders, blockchain technology can help. The same will suffice for the receipt and other documents involved commerce. Blockchain can effectively track down every detail. Organizations can make their physical assets digitized hence setting up a record of every transaction. As expected, each recorded transaction is accessible to all, and therefore all assets can be effectively monitored.

 

Integrating Blockchains Into a Supply Chain

For the successful application of blockchain technology in supply chain management, some factors have to be set in motion. First and foremost, the companies and organization involved must have a grasp of possible risks. This is essential because all the weak points would be noted and plan to contain them would be made up.  This is a retorted line of thought when new programs, software or processes are under implementation in an ecosystem,

The most likely set of plans will be able to spot the weak points in the resultant use of blockchain technology. Now, companies and organizations need to commence basically by first applying these solutions to the weak points. Once this is seen to be yielding positive results, then further application can be made to other aspects. Many change agents will implement a walk-through test to be sure that the expected results are seen.

For a company or an organization to achieve success with the use of blockchain in the supply chain, there is a need for the company to first, set up a blockchain for the company internally. At first, everyone might not be used to it, as it is expected of new technology. However with time, everyone will commence its application, and progress would be attained.

Also, the company should ensure that all its contacts such as suppliers and the likes, participate in the blockchain movement. This collaboration is essential if proper transparency and easy-to-track procedures are in view. Again, it would surely be difficult to carry out, but possible to implement. However, as an organization, it is essential for you to partner with organizations who embrace any innovative technology.

Once this is completed, then every partaker in the supply chain can be involved since every data can be made available. Blockchain technology in the supply chain management is already gaining grounds in some companies. Those companies who have not started its utilization are encouraged to take a cue from their fellow field players who are already enjoying the benefits.

In the long run, if blockchain technology will afford us the opportunity of tracking all transactions. As a secured platform, it implies that the possibilities it possesses in the supply chain are limitless.

 

Author Bio:

Denise Quirk is a Health Advisor who is fascinated by Crypto and Blockchain Revolution. She is a believer in transforming complex information into simple, actionable content. She is keenly interested in finding the value of the crypto world. She writes for Coin Review, Bitcoin Warrior, Irish Tech News, etc. You can find her on Linkedin, Twitter, and Facebook.

 

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Central Bank of China Releases Whitepaper on Blockchain

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The research paper was written by the People’s Bank of China Research Bureau director, Xu Zhong, and its analyst Zou Chuanwei.

A new research paper on “What can a blockchain do and not do” has been released by China’s central bank experts. The authors have warned of a bubble in any financing and investments associated with blockchain-connected cryptocurrencies. This included activities in respect of the initial coin offering (ICO). The research paper has called for the strengthening of supervision of the emerging sector so that financial risks could be curbed. This is not new as the government has expressed this in the past as well and the new paper is a reiteration of the same.

 

Violation of Regulations

The research paper was written by the People’s Bank of China’s Research Bureau director, Xu Zhong, and its analyst Zou Chuanwei. The two believes that there could not only be speculation and market manipulation but also sees violations of laws and regulations. They see these becoming a common feature particularly when it comes to public offering transactions. Though the paper claimed to represent ‘academic opinion,’ it is believed widely that the central bank is reiterating its position on blockchain-associated digital coins including bitcoin.

The paper focused on different applications of distributed ledger technology (DLT) and offered an economic analysis of projects based on it and called for a realistic view of the technology’s application. The researchers have said, “Firstly, don’t exaggerate the function of the blockchain. Some industry practices in recent years have proven that some blockchain applications are not feasible.” They are obviously referring to the financial sector specifically to drive their point of view. They also believe that there is no disruptive impact from any technological innovation on the financial system currently. This included blockchain.

 

Lack of Intrinsic Value

Another key factor pointed out by the two authors was the lack of intrinsic value of cryptocurrencies. They believe that there is no credible sovereign banking and thinks that digital coins could not replace legal fiat currencies. The anonymous nature would only make it tough to executive KYC and anti-money laundering practices. While not indicating the acceptable DLT use in China, the authors think that decentralization of the nation’s commercial bill market offers enough potential for blockchain apps.

Though China has been strict on anything about digital currencies and ICOs, it has taken a favorable stand on DLT. For instance, the country’s 13th Five-Year Plan includes blockchain for the period between 2016 and 2020. Similarly, its president, Xi Jinping, termed DLT as “part of the technological revolution.”

 

China Against Cryptos

China has repeatedly been stating its stance against the emerging asset class and even banned ICOs in totality in September 2017. The government has declared ICO as an illegal form of fundraising and ordered the closure of domestic cryptocurrency exchange platforms, which offered crypto-associated facilities. As a result, China-based big digital coin exchanges have moved to neighboring countries such as Hong Kong, Singapore, and Japan and continue their services to even domestic investors.

At the same time, some operators acted as market-makers in over-the-counter trading since it was not banned openly. The regulators have been warning against cryptocurrencies and even resorted to cracking down on those trying to use different or alternative names to circumvent the ban.

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Don’t vote for John McAfee

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John McAfee has announced that he will be the fray for the US Presidential elections of 2020. His slogan says Don't vote for John McAfee

John McAfee’s Election Campaign to Focus on Cryptocurrency

John McAfee is clear on what he wants. He announced that he is one of the top contenders for US President in 2020. His sole motto will be promoting Cryptocurrency. While McAfee CTO Steve Grobman says, the industry should include their focus on securing beyond the counting process and cultivate broader concern at the voting processes itself. He identified risks in the current US elections as well, pointing out that there was a ‘gap’ insecurity in communications between the local jurisdictions and constituencies.

The top-executive proposes that security issues in the processes of elections being conducted should also secure the infrastructure used such as counting machines and voting machines have to be considered as combined security risks.

 

McAfee for President in 2020

Besides, there is another connection between the US elections and McAfee. The founder of McAfee, John McAfee has announced that he will be the fray for the US Presidential elections of 2020.  He had set the ball rolling with a proposal being made out to the local party, Libertarian Party for a nomination back in 2016. Back during those elections days, his focus was on ‘lapses in cybersecurity.’ Four years down the line, his efforts in campaigning for Presidency will focus on ‘currency independence’ since he believes that in five years there would be no fiat currency to talk about. He admits that he will never get elected to the post, but would concentrate on the opportunity. The run-up to the contest would be the perfect opportunity to showcase the cause and effectiveness of cryptocurrencies.

 

Concerns in US elections

Grobman said that his organization was able to identify “two big issues” regarding local jurisdictional communication between constituencies.

The issues are the result of the decentralization of US elections which are conducted by the states and the local authorities in their capacities and not by a unified central body. There are no standards, and the practices of every state and local body differ from one to the other.

The first issue was with relation to use of Top-level domains which are not standardized, and there is no regulation by the government. Grobman said,

“We found, for example, that a lot of the jurisdictions are using .com, .net and .org for their official voting information sites.”

The second issue was the lack of fundamental or ‘basic’ cyber hygiene practice in local jurisdictions. The sites were not using SSL or TSS which are standard practice and allow users a higher level of communications assurance.

One of the worst sites to be affected by this development was – 92.6% was West Virginia. These sites did not enforce TLS nor SSL, with other states, 91% of Texas-based election-specific websites not following the process, apart from Montana’s 90% sites.

At the same time, these practices are not concerns which are specific only to the US. Grobman shared that these could be issues which are challenging most other governments as well.

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