Trading cryptocurrencies and thus providing many cryptic services is still an area of intensive development. It is no wonder that besides celebrities and athletesLarge enterprises are also interested in such turnover. Many of them are already taking significant steps on the stage ruled by 'intangible gold'.
Alibaba and his treasurer BaaS
Alibaba, and I am not talking about a Persian craftsman, opens himself to the rest of the world by offering his own blockchain as a service product (BaaS- Blockchain as a Service). As he says Asia Times the Chinese tycoon of the e-commerce platform plans to spread and distribute its blockchain products to the whole world. The e-commerce giant expands its product as a service (BaaS) to the rest of Asia, but also to the countries of Europe or the USA. The entire program will be launched in 19 regions using 52 company data centers.
The product it offers Alibaba Cloud, was introduced in China already in October last year. The user who decides to use this product will receive a number of services that allow build and host your own products based on blockchain (applications and smart contracts). The senior engineer and leader of Alibaba Cloud Blockchain, Yi Li, says that "The goal of BaaS is to become a technology partner that will enable companies that use it acceleration of their digital transformation".
The offer includes the service of automatic implementation as well as creation of block management systems as well as intelligent contract and user certificates. The creators of the service say that this platform is to support the development of applications to create programming kits while offering at the same time monitoring, operation and maintenance functions.
Since its launch last year, BaaS has been used mainly in the area of Chinese logistics and the medical industry. Last week, Alibaba Cloud launched two British data centers into its international cart. According to the general director of the company in EMEA, Yeming Wang, "They are to provide a range of services including the option machine learning to analyze prediction data ".
As the platform will now be available in 19 regions around the world, it has drawn attention to the entire cryptographic industry.
Quorum from the JP Morgan workshop
Blockchain technology was initially created for 'production' bitcoin. Currently, however, it also goes to the use of large banks. It serves there not to transfer huge amounts of money, as one might think. Banks use it to manage global liquidity of activities, improve information inefficiency and to creating cryptographic assets, other than currency.
JP Morgan, a global investment bank, created a corporate version Blockchain Ethereum known more closely as Quorum. This version allows you to service 'intelligent contracts', or else - to operate a computer program that automates processes based on a set of strictly defined rules.
The head of the New York branch of JP Morgan and at the same time the head of the blockchain initiative, Umar Farooq, says: "We're the only financial player who owns the entire pile, from application to protocol."
Believers at Ethereum
Ethereum it is a more decentralized system than other used by enterprises. However, Quorum has been adjusted to financial services customers to provide them maximum efficiency with the highest level of security.
The use of blockchain technology is aimed at 'tokenizations' of assets. What does this mean in practice? It aims to make them effective digitizationso that you can operate them freely on dispersed books. Such a study may allow for conducting direct transactions, that is to say without the participation of any intermediaries or exchanges. The effect of this is a simultaneous reduction of the risk and costs of the undertaking. Finally, it can lead to isolation of markets for individual securities combined together.
Farooq for The Australian Financial Review he said that in the long-term tokenization of goods could create completely new opportunities for global investors:
"They lock the gold bar in an electronically secured suitcase and can follow it from the mine to the end point (if it is used). If you know that it is a socially responsible mine, someone will be willing to pay a higher spread on that gold, unlike if you do not know where it comes from. "
Real estate tokenization or art it allows the fractionalization of properties. This means that a larger amount of expensive goods can be stored by a wider group of investors. At the same time, tokenization can improve global liquidity management, thus enabling interaction between corporations without the need to transfer 'tangible' money.
"Blockchain is real"
At the beginning of the year, 2017, general director of JP Morgan, Jammie Dimon, described bitcoin as a public fraud. However, at the beginning of this year he confessed that he regretted this comment at the same time adding that "Blockchain is real".
JP Morgan, using blockchain technology, created an interbank information network consisting of over 100 banks. Other banks now use the Quorum. National Bank of Canada he used this solution to issue a deposit certificate to American investors. Singapore's monetary authorities are also testing JP Morgan's product to fund its billing system.
Another topic appearing at the conference Sibos in Sydney is the potential convergence of private blocks with public networks. Farooq claims that this is something the banks should be ready for:
"We all build private networks. However, there is a long-term process of thinking about what will happen when we reach the point where we need to conduct private-public convergence. And at this point, if you're somewhat a derivative of a public platform, it can become easier. [...]
We are not in this position to claim that public networks are appropriate for every financial institution. None of us, however, knows what will happen in five years. "
Road to the unknown ...
As Farooq says "no one knows what will happen in five years. " I think that this is the best statement at the end of this article. The world of cryptocurrencies seems to develop indefinitely. The possibilities of individuals as well as entire corporations thanks to this multiply at a stunning pace. What cards the world will discover before us "in five years time"? Let me know what you think about it!