The recent WannaCry NHS cyber-attack has once again highlighted the dire need for more robust systems. As the world becomes more connected, each new connection creates another potential avenue for attack. Surprisingly (or maybe not to some), the NHS attack could have very easily been prevented – the virus targeted Windows XP, which Microsoft ended support for on April 8th, 2014 (almost 3 years ago). Any machine which had been updated to a newer system was immune to the attack.
I am delighted to present BTL’s first White Paper which focuses on blockchain technology’s application to the energy space. Over the past few months, BTL has been undertaking a European wide energy focused blockchain technology pilot.
The pilot commenced on the Alpha version of Interbit, our enterprise focused blockchain platform, with some of the largest energy companies in the world. During this process we have learned a great deal about how blockchain technology could benefit the energy sector by significantly increasing efficiencies and reducing costs.
Originally published on www.altfi.com
The peer to peer (P2P) lending industry is fast expanding, but most of the platforms available today are not being built using blockchain technology.
Industries which have existed for a long time are constantly striving to increase their efficiency to maintain an edge over the ever growing competition, and in any industry, over time margins will be driven down, and companies will be forced to look towards new technology to enable them to remain competitive.
I am delighted to announce my appointment to the BTL Advisory Board.
BTL is a rapidly growing Blockchain Services company whose purpose is to increase efficiency and open new market opportunities by harnessing the power of the blockchain to bring the world’s critical systems into consensus.
Originally published on the International Banker
Blockchain is a truly revolutionary technology that is enabling us to transact in ways that were never possible before; however, many of the world’s largest banks still don’t understand what this technology really means for them. This has led to much confusion about how blockchain will be adopted, and what its impact and magnitude will be. For blockchain to succeed, it is critical not only that the technology is well understood, but that the institutions that are most impacted by the technology have a firm understanding of how it will improve their businesses.
Private and public blockchains are often the subject of debate as to which one is more suitable, but often the most important question is left out, namely, what is the use case? Both private and public blockchains will secure their niche in the industry, however their design and applications are fundamentally different, because their use case is fundamentally different.
Since 2015 blockchain has been associated almost entirely with the finance industry and more specifically, payments. In 2016, companies started to realize the potential for applications of blockchain tech outside of the financial sector, but because of our synonymous association with blockchain and money, these concepts can be hard to grasp. The reality is in fact very simple.
Companies often talk about the disruptive potential of their technology, but often misunderstand what it means. Disruption is described by the English dictionary as disturbance or problems that interrupt an event, activity, or process. When working with established industry incumbents to transform technology, disruption is the exact opposite of what we so called “disruptors” should be aiming for.
Nasdaq Director of Global Software Development Alex Zinder recently gave a presentation on the blockchain and stock exchanges at the 2016 MIT Bitcoin Expo. During his talk, Zinder covered many of the issues related to centralization involved with the way stock markets currently function.
In organizations of varying sizes, invoicing and payroll are often detail-ridden, time consuming and highly specialized processes that are handled by specific people. These tasks are delegated and outsourced and whenever possible, streamlined and automated. There’s an entire industry around accounting and payroll services that have household names (ADP, Intuit, Paychex) among their ranks, but blockchain technology has shown potential to transform the market. For many of the reasons why blockchain technology is such a strong solution for cross-border remittances, it can be used with equal or more effectiveness in overseas payroll processes as well.
Proper auditing is a key aspect of running any organization. Without auditing, decision makers are left with no insight into whether or not their strategies are proving effective. It’s also useful for attracting investment. Businesses looking to raise capital from investors will prove more successful if they have proof of a quality audit.
As BTL has recently unveiled Interbit, an international remittance platform which lowers the costs associated with fiat to fiat currency, it’s clear that there is much room for growth in the space of remittances using blockchain technology. Fintech as a whole is rapidly embracing potential applications of the blockchain across the board and many players in the space seem eager to test out what efficiencies can be squeezed out of this emerging technology in the fastest and most disruptive way possible.
Blockchain technology has the potential to impact many different aspects of the world’s financial system, but regulators are mainly interested in using these new protocols for improved transparency. Central banks and financial regulatory bodies all over the world are looking at how they can use blockchain technology to lower costs for compliance and offer a clear picture of how money moves throughout the economy.
The following is an opinion article by BTL CTO Hugh Halford-Thompson
Businesses across all industries can gain an unfair advantage over others by manipulating data. This type of fraud occurs under many forms - an employee who signed off on a bad trade and later put somebody else’s name to it, perhaps the amendment of a contract where one party regretted the terms they signed up to. Another common case involves athletes or their sponsors manipulating drug test data they are not content with.
The following is part 2 of a 3 part opinion series on the blockchain by Daniel Sutton.
Blockchain is going to change the way you transact. Drastically.
The Atlantic recently reported that to read all the user agreements that you encounter in your year would take 76 working days. That’s why we don’t read them, for better or worse. Extrapolate then, the time you spend filling in bank forms, applications, online memberships, rental agreements, insurance, tax, and the thousand other daily identity verification procedures you go through to essentially establish: a) that you are who you say you are; and b) that you can be trusted.
The following is part 1 of a 3 part opinion series on the blockchain by Daniel Sutton.
Blockchain has the potential to redefine the way we transact. It represents a technological Swiss Army Knife, cropping up in applications from tracability of food to borderless money transfer. While often associated with the indelible ledger of Bitcoin transactions, broader appreciation for the implications of a trustless, two party transaction mechanism are inspiring a new generation of Blockchain companies to diversify their market scope. What TCP/IP is to the internet, Blockchains will be to transactions.