More and more security holes are appearing in cryptocurrency and smart contract platforms, and some are fundamental to the way they were built.
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Category: cryptocurrencies – Page 47
Last week JP Morgan announced that it had developed its own cryptocurrency, the“JPMCoin”. Lost in the much of the noise about whether or not the JPMCoin is a real blockchain or cryptocurrency is the fact that, for mainstream blockchain adoption, the announcement is a big deal. Don’t get me wrong. The JPMCoin is no more a cryptocurrency than say Fortnight’s V-Bucks or your airline miles are. However, for blockchain the technology (even if JPMorgan isn’t actually using a blockchain) the mere mention of the possibility that blockchain like tech is being adopted by the 6th largest bank in the world, a meaningful way, is a big step towards mainstream adoption.
As you consider this here are a few points you can confidently share with your colleagues and friends:
- The #JPMCoin isn’t a #blockchain or a #cryptocurrency
- That doesn’t matter because JPMorgan’s modern day #DigitalAbacus does solve real business problems and proposes real operational cost savings, aka revenue generators
- #Swift, #WesternUnion & #DeutsheBank should be concerned because when the worlds 6th largest bank adopts a means of saving X% on #settlement, #creditcard, #remittance and #banktransfers this could directly cut into their core revenue streams
- Because JPMorgan didn’t adopt #blockchainlike technology for accounting, for the greater good of transparency, trust, blah blah blah
- They did it for operational efficiencies that would translate into revenue 6 Coincidentally, Ripple rejoices! As the #JPMCoin validates their entire business model as only the 6th largest bank in the world can.
US$190 million in investors’ money has been locked since Cotten died in December. His widow says she doesn’t know his passwords.
About US$190 million in cryptocurrency has been locked away in a online black hole after the founder of a currency exchange died, apparently taking his encrypted access to their money with him.
Investors in QuadrigaCX, Canada’s largest cryptocurrency exchange, have been unable to access their funds since its founder, Gerald Cotten, died last year.
While I’m not a big supporter of cryptocurrency, I am a supporter of utilizing blockchain technology in other areas. For example. logistics. The Linux Foundation announced the creation of the Hyperledger Grid project just for that purpose. However, as they state, this isn’t a software project, but a platform project.
Supply chain is commonly cited as one of the most promising distributed ledger use-cases. Initiatives focused on building supply chain solutions will benefit from shared, reusable tools. Hyperledger Grid seeks to assemble these shared capabilities in order to accelerate the development of ledger-based solutions for all types of cross-industry supply chain scenarios.
Grid intends to:
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Blockchain shows major potential to drive positive change across a wide range of industries. Like any disruptive technology, there are ethical considerations that must be identified, discussed, and mitigated as we adopt and apply this technology, so that we can maximize the positive benefits, and minimize the negative side effects.
Own Your Data
For decades we have sought the ability for data subjects to own and control their data. Sadly, with massive proliferation of centralized database silos and the sensitive personal information they contain, we have fallen far short of data subjects having access to, let alone owning or controlling their data. Blockchain has the potential to enable data subjects to access their data, review and amend it, see reports of who else has accessed it, give consent or opt-in / opt-out of data sharing, and even request they be forgotten and their information be deleted.
I love hearing the enthusiasm and joy in the voices of first time home buyers who are going to save money, bond and remodel their house together. Brand new doctors, seasoned lawyers, accountants, project managers, the boldest of GenX and Millennials who grew up swinging VR joystick in lieu of hammers. But they’ve watched Property Brothers and Love It or List and have the best database of YouTube videos for home remodeling in their entire subdivision or building. They even park in the “Pro” section at Home Depot and have their very own monogrammed Leatherman construction gloves.
You can remodel your own home. Even “just” your kitchen or “just” your bathroom. You can read and have all the resources at your disposal. But don’t. Don’t even fucking think about it. Remember how you tried to cook Thanksgiving dinner last year and ended up burning up your kitchen, which is why you need to replace it? Those were simple enough directions too, right?
But what does this have to do with blockchain and more importantly your business?
The problems with cryptocurrencies and their energy usage are well-known. However, Ethereum is planning to address the issue. They’re planning on doing a 99% decrease in the amount of energy used in obtaining new coins.
It would be good for other cryptocurrencies to take this problem just as seriously.
The cryptocurrency is going on an energy diet to compete with more efficient blockchains.
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