First short article, then
expand, collect in a book. First of blockchain, stigmergy, black
swan, Antifragile, bayesian statistics, forensic image analysis, IBE
cryptography, cp completeness, quantum physics, responsible letters,
hypersocial beings, envy-free cake division, trapping forgers. I
suspect our group fairly represents the best minds of India 75 and
most will apologies over (under half the list).
If you became adult in 1970s,
many fundamentally hard new concepts have to be learned to have even
some idea of new world, if you have experience managing people, it is
a waste. What is it that such a powerful statement makes sense – it
is that decentralised control, very hard, but is still possible in
many areas, like economics, government, administration, economics
etc, that was not possible for before three thousand years. Past can
be captured very well as analog of UNIX file system with links –
hierarchies with symbolic and hard links. It gives rise to the wonder
of Microsoft and client-server computing that describes the last 25
years and the rise of internet. It fails in the world after 2010,
past to die by 2025.
The first very powerful idea
is a block-chain, which can be viewed as a decentralized distributed
database. You
may have heard the term ‘blockchain’ and dismissed it as a fad, a
buzzword, or even technical jargon. But I believe blockchain is a
technological advance that will have wide-reaching implications that
will not just transform the financial services but many other
businesses and industries.
In money like bitcoin, a
needed minimum of distribution, I call quorum, is ensured by these
kernel elements being there by the idea of mining, where the elements
benefit monetarily by discover, even while the computation maintains
the transcripts in devolved ways. Cheating is prevented by suicide in
search by cheating, error-freedom by majoritarian decision making
safe against majority of cheaters, mining limited to a theoretical
maximum and NO known ways to mine except by linear search. Net result
is a minimum of transcript keeper who don't cheat for self-interest
and whose decision-making is by majority. Excellent but for one thing
– near impossible to change! I have built a way around. When
aaqgs-bitcoin is created, after suitable anonymity is achieved, with
slow change possible.
Blockchain-bitcoin
is just a start.
Blockchain
technology continues to redefine not only how the exchange sector
operates, but the global financial economy as a whole.” –
Bob Greifeld, Chief Executive of NASDAQ
“In
financial markets there’s always a mechanism to correct an attack.
In a blockchain there is no mechanism to correct it — people have
to accept it.”- Robert Sams, founder and chief executive of
London-based Clearmatics.
“Blockchain
technology has the ability to optimize the global infrastructure to
deal with global issues in this space much more efficiently than
current systems.” – Marwan Forzley, Founder of Align Commerce
A
blockchain is a public ledger of all bitcoin transactions that have
ever been executed. A block is the “current” part of a blockchain
which records some or all of the recent transactions, and once
completed, goes into the blockchain as permanent database. Each time
a block gets completed, a new block is generated. Blocks are linked
to each other (like a chain) in proper linear, chronological order
with every block containing a hash of the previous block. To use
conventional banking as an analogy, the blockchain is like a full
history of banking transactions. Bitcoin transactions are entered
chronologically in a blockchain just the way bank transactions are.
Meanwhile, blocks, are like individual bank statements. The full copy
of the blockchain has records of every bitcoin transaction ever
executed. It can thus provide insight about facts like how much value
belonged to a particular address at any point in the past. Some
developers have begun looking at the creation of other different
blockchains as they do not believe on depending on a single
blockchain. Parallel blockchains and sidechains allow for tradeoffs
and improved scalability using alternative, completely independent
blockchains, thus, allowing for more innovation.
gyft,
an online platform for gift cards where you can buy, sell and redeem
gift cards.
Chain
to offer
gift cards for SMBs using blockchain.
Forbes
info for investment-level idiots!
Current
money players are
Deutsche
Bank: innovation
labs in London, Berlin and Silicon Valley (July 2015).
NASDAQ:
(May
2015) NASDAQ Private Market Platform. leverage the Open Assets
Protocol. June 2015, Chain, a blockchain infrastructure provider for
FIs and enterprises.
DBS
Bank:
Coin Republic, a
Singapore-based bitcoin company & Startupbootcamp FinTech. (May
2015)
BitX, Blockstrap
and Colu provided the APIs for the two-day hackathon series.
Omnichain (first place), Nubank (second place) and BlockIntel (third
place,).
EBA:
Euro Banking
Association (EBA) (in May 2015)
US
Federal Reserve:
(Mar 2015)
SCB:
Chief Innovation
Officer of Standard Chartered Bank, said that blockchain leveraged to
cut costs and improve the transparency of financial transactions.
(July 2015)
derivatives
companies CME Group, Deutsche Boerse, clearing houses DTCC
(depository trust & clearing corporation) and EuroCCP are working
on projects around the use of blockchain as clearing. Also, there has
been news that money transfer service provider Western Union could
possibly look into Ripple technology to understand blockchain.
Fidor
Bank: Kraken
, Bitcoin.de, a P2P BTC, Ripple Labs.
LHV
Bank: June
2014. Cuber Wallet in June 2015. Coinbase & Coinfloor,digital
security with blockchain.
CBW
Bank, Cross River Bank:
Ripple Labs =
risk management system + lower cost remittance services. Pay pal is
passe!
Rabobank,
ABN Amro, ING Bank: Exploring
blockchain for various banking services.
Goldman
Sachs: Circle
Internet Financial Ltd.’s $50M funding round. Future
of Finance.
BBVA
Ventures: Coinbase.
Westpac:
UBS:
cryptocurrency
lab in London, smart bonds. Iduct called “utility settlement coin”
with Clearmatics. I
BNY
Mellon: “BK
Coins” for gifts and other rewards.
Barclays
Bank:
Safello,
Everledger, Barclays’: CBA,
Ripple
Labs,USAA
Bank, ANZ Bank,
Ripple
BNP
Paribas:
Societe
Generale: [Need
me bad!] BTC, blockchain and cryptocurrency expertise.
Citibank:
“Citicoin,”