Blockchain is most simply defined as adecentralized, distributed ledger technology that recordsthe provenance of a digital asset.What is Blockchain Technology?

Blockchain, sometimes referred to as Distributed Ledger Technology (DLT),makes the history of any digital asset unalterable and transparent through the use of decentralization and cryptographic hashing.

A simple analogyfor understanding blockchain technology is a Google Doc. When we create a document and share it with a group of people, the document is distributed instead of copied or transferred.This creates a decentralized distribution chain that gives everyone access to the document at the same time. No one is locked out awaiting changes from another party, while all modifications to the doc are being recorded in real-time, making changes completely transparent.

Of course, blockchain is more complicated than a Google Doc, but the analogy is apt becauseitillustrates three critical ideasof the technology:

Blockchain is an especially promising and revolutionary technology because it helps reduce risk, stamps out fraud and brings transparency in a scaleable way for myriad uses.

The whole point of using a blockchain is to let people in particular, people who don't trust one another share valuable data in a secure, tamperproof way. MIT Technology Review

Blockchain consists of three important concepts: blocks, nodes and miners.

Every chain consists of multiple blocks and each block has threebasic elements:

When the first block of a chain is created, a nonce generates the cryptographic hash. The data in theblock is considered signed and forever tied to the nonce and hash unless it is mined.

Miners create new blocks on the chain through a process called mining.

In a blockchain every block has itsown unique nonce and hash, but also references the hash of the previous block in the chain, so mining a block isn't easy, especially on large chains.

Miners use special software to solve the incredibly complex math problem of findinga nonce that generates an accepted hash. Because the nonce is only 32 bits and the hash is 256, there are roughly four billion possible nonce-hash combinations that must be mined before the right one is found. When that happens miners are said to have found the "golden nonce" and their block is added to the chain.

Makinga change to any block earlier in the chain requires re-mining not just the block with the change, but all of the blocks that come after. This is why it's extremely difficult to manipulate blockchain technology. Think of it is as "safety in math" sincefinding golden nonces requires an enormous amount of time andcomputing power.

When ablock is successfully mined, the change is accepted by all of the nodes on the network and the miner is rewarded financially.

One of the most important concepts in blockchain technology is decentralization. No one computer or organization can own the chain. Instead, it is a distributed ledger via the nodes connected to the chain. Nodes can be any kind of electronic device that maintains copies of the blockchain and keeps the network functioning.

Every node has its own copy of the blockchain and the network must algorithmically approve any newly mined block for the chain to be updated, trusted and verified. Since blockchains are transparent, every action in the ledger can be easily checked and viewed. Each participant is given aunique alphanumeric identification number that shows their transactions.

Combining public information with a system of checks-and-balances helps the blockchain maintain integrity and creates trust among users. Essentially, blockchains can be thought of as the scaleability of trust via technology.

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What Is Blockchain Technology? How Does Blockchain Work ...

The COVID-19 pandemic is threatening to plunge the world into the deepest crisis since the Great Depression and could deprive global economies of $5.5 trillion over the next two years. Chinas economy shrank for the first time in 44 years, and their gross domestic product fell by 6.8% in the first quarter compared with last year. The pandemic was, naturally, to blame. More worryingly, year-on-year retail sales fell drastically in March. Shops, offices and factories are now starting to reopen, but people remain anxious and movement is restricted.

However, businesses in Asia are currently recovering from the horrible financial hangover caused by the virus. In this report, Cointelegraph Consulting talks to some of the leading players in the blockchain industry to find out whether the surge is relevant for them or not.

Bitcoin (BTC) and other currencies have bounced up and down since the pandemic started, yet it might be white noise hiding the real change in the crypto landscape: surging interest both from the masses and governments.

The pandemic has highlighted the fragilities in the traditional financial market, so users may shift their attitudes toward cryptocurrencies. Rather than being alarmed by the crypto market, people can anticipate it. There are three main reasons for wider crypto adoption: inflation of traditional money, decrease of the interest rates of traditional assets and greater control of the levers of the economy by authorities.

As governments pump billions of dollars into their economies, inflationary pressure will grow in the next few months. For the population, it means their money will gradually depreciate. Naturally the question arises, how do I maintain the value of my assets? said Josh Goodbody, the director of growth and institutional business for the European and Latin America regions at Binance. He added that people will start seeing crypto as a viable solution to this problem.

Many governments have eased their monetary policies in response to the coronavirus crisis. Central banks have cut interest rates to zero or near-zero rates, and investors who eke out greater returns might turn to the world of crypto. More assets will shift from low interest-bearing traditional investment vehicles to crypto ones for higher returns potential, said Alysa Xu, the chief strategy officer of OKEx.

The need for serious government intervention in the economy is currently justified by the conditions the crisis dictates. Governments all over the world have taken control of areas that have been liberalized, from prices of specific products to the selection of industries that are allowed to continue working during quarantine. However, the reverse measures might not be that rapid. Cryptocurrencies may be a silver lining to this.

As for the authorities, the ongoing coronavirus pandemic has accelerated the development of central bank digital currencies. While cash and ATM use is plunging due to the potential infection risk factor, government stimulus packages imply cash giveaways. Looking for the alternative to cash, authorities have been reevaluating their strategies in favor of CBDCs. Politicians in the U.S. and Europe think about how a central bank digital currency could work in practice this is hugely encouraging for the crypto industry, said Goodboy.

Blockchain has been a part of Chinese news coverage since October 2019, when President Xi Jinping backed the technology and set a course for the country to seize the opportunity presented. The virus has failed to slow this notion down, with major national initiatives regarding consortium chains and a central bank-issued digital currency continuing the enthusiasm.

One major announcement came in the form of a national blockchain network set to launch in April, as it was initially scheduled. The Blockchain-based Service Network was backed by an alliance of Chinese state-owned companies, government agencies, banks and technology companies. The BSN is expected to reduce the costs of doing blockchain-based business in China by 80%. By the end of 2020, the project may cover more than 200 cities and become an example for a global standard.

Chinese authorities are also steaming ahead with their plans to launch their own digital currency. The Peoples Bank of China has already completed basic function development for a digital yuan. This past week, images of its new digital currency/electronic payment wallet leaked on social media, indicating that it has every intention of pushing the digital currency into institutional and consumer markets.

Despite the economic fallout, China has also been continuing the intellectual race. While major multinational companies including Microsoft, Walmart, Mastercard, Sony and Intel had applied for a total of 212 blockchain patents as of the end of March, their number of patents was inferior to the number from Chinese companies in 2019, and it is expected that this trend will continue. The overall number of blockchain patent applications might not exceed last years result of 5,800 filings, yet getting close to that figure in such a turbulent year would testify to the healthy development of the technology.

Alibaba subsidiary Ant Financial also grabbed the spotlight by announcing its new consortium chain called OpenChain. It is targeting the highly competitive consortium chain market, which includes nearly all the major tech companies in the world. Ant Financials platform Alipay is one of the largest mobile payment processors in the world, with a well-established offering of financial services.

Overall, the pandemic hasnt hindered the development of the Chinese blockchain industry severely, so a quick recovery will happen easier than for other industries. However, a deeper dive into the sectors can reveal the effects and responses of businesses there.

The COVID-19 crisis gave platforms a strong wake up call regarding risk and budget management. For those that fail to adequately manage the situation, the threat of insolvency is a strong possibility. In early April, the public blockchain platform Factom failed to receive additional funding and was moving toward a possible liquidation of assets.

For other platforms with better-managed cash flows, the COVID-19 crisis has been less detrimental. Heres a closer look at how four platforms with offices in China have managed the crisis:

With a focus on enterprise use cases, VeChain has acknowledged the challenge that COVID-19 is posing to many of its clients. The virus had an unavoidable impact on client development, allowing teams to turn resources toward other areas of growth. VeChain took the opportunity to focus on its core software offering, such as a new version of its ToolChain blockchain-as-a-service platform, which helps clients verify products and grant insight into a products data, manufacturing and supply chain processes. VeChains chief operating officer, Kevin Feng, told Cointelegraph that:

The COVID-19 outbreak has raised public awareness on product authentication and transparency of the supply chain management especially on those products that are related to consumer daily life. We have observed a significant shift in consumer behavior, and people now have a greater appetite for buying products online and mobile applications.

Feng also recognized that the COVID-19 crisis was exposing pain points in industries all over the world, especially in areas like management, digitalization and implementation. Even with the increasing awareness of blockchain adoption, Feng believes that the financial challenges of the pandemic will make pouring more investment into new technologies a tough decision for businesses to make. This operational freeze gives VeChain more time to secure its position in the market and prepare for when businesses decide to move on innovation. Feng concluded:

Under the unprecedented demand for cloud-based services and IT services, the blockchain technology that serves as the underlying infrastructure powering digital transition has emerged as an advanced option for enterprise decision-makers.

Ontology is another major platform tackling enterprise blockchain use cases. During the initial outbreak in China, the company swiftly adopted a work-from-home strategy and relied on its global network of offices and partners to continue operations with minimal disruption. Its decentralized project structure meant staff were already accustomed to working remotely, which helped maintain stability. Like most of China, Ontologys employees are currently required to disinfect offices, wear face masks and record temperatures daily.

From an operations perspective, Ontology is committed to completing its 2020 technical roadmap. Named Aristotle, it includes many important milestones such as cross-chain functionality with Ether (ETH) and Bitcoin, distributed identity solutions and making sure its blockchain virtual machine is compatible with the latest smart contract frameworks, such as Wasmjit.

Ontologys co-founder Andy Ji believes that the lockdown in China may have created physical distance compared to office work, but on the other hand it surprisingly has brought more motivation, efficiency and energy to its daily operations and has allowed the company to be more focused on achieving its goals.

Ontology took up the fight against COVID-19 by sending masks to worldwide blockchain charities and joining the #cryptoCOVID19 campaign promoting measures to bring the crisis to an end. In addition, the company has continued to offer online courses to developers and students worldwide and even partnered with freelance work platform Microworkers to speed up workers payments.

PlatON is a public blockchain platform with a focus on data exchange and privacy. During the initial outbreak in Wuhan, around 5% of its team was locked down without access to proper working facilities. The team developed an online control system to make sure it was on track while working remotely. It also recognized that a lot of community and freelance developers were available, so it aggressively adjusted its development grants.

The companys chief technology officer, James Qu, believes that the decentralized culture of blockchain helped make the transition smooth. The company focused on stability and technical upgrades early on, helping to get its operations up to speed. It has also been eyeing the lucrative consortium market now that government and enterprise demand in China is continuing to rise. Its technology has already been used in a number of successful consortium chain projects in the country.

QuarkChain provides an underlying technical solution for blockchains based on sharding technology. As a technology-driven company, it has managed to maintain operations while its 40 employees spread around the world have continued to work on an infrastructure that connects both consortium and public chain technology. QuarkChains chief marketing officer, Anthurine Xiang, reported that despite some client-side delays, it has had more time to invest in research and development.

Xiang said that following the outbreak, countries like China began to rethink how to build up more advanced infrastructure to better respond to large scale events like a public health crisis, adding: We are providing the government with multiple project solutions for the public health system, such as blockchain solutions, resource management, and trading platforms.

The pandemic threatens the sustainability of many physical business models, but for online models it has been an opportunity to connect with their user base and expand. Given the worldwide lockdowns, customer demand has been pushed from offline to online. OKExs chief strategy officer, Alyssa Xu, believes this will lead to wider acceptance of digitalization and ultimately benefit the popularization of the blockchain-driven economy. She stated in a conversation with Cointelegraph:

Since the virus outbreak in January, the exchange has a steady growth in constant, while it estimated a 19% boost in terms of trading volume during early March.

Xu believes that the pandemic is a test of how urgently a company can respond and adapt to changes in the market conditions of its customers. She was very pleased with how OKExs platform responded to the Black Thursday market crash on March 12. Despite a huge decline in the prices of crypto, the trading system maintained zero clawback and withstood the volatility and chaos. Xu now wants to take advantage of increased user volume to widen the companys range of services, including crypto derivatives products and public chain-based decentralized finance applications.

Binance is a global company with a strong community in Asia. Despite the chaos in worldwide markets, Binance reported a robust first quarter performance, attributing it to the record high volume across its platform and the crypto market in general. With the strong user activity, Binance has responded by increasing its team across all regions by 100 employees.

Goodbody, Binances director of growth and institutional business, felt that the quantitative easing and stimulus packages from central banks could lead to economic instability. Politicians and world governments could turn to CBDCs as a method of distributing stimulus packages, which he believes is an encouraging sign for the industry.

With everything running smoothly, Binance was able to turn to philanthropy. Binance Charity launched the Binance for Wuhan initiative and donated $1.5 million worth of medical supplies to hospitals, medical centers, etc. In March, Binance Charity launched the Crypto Against COVID initiative, aiming to raise $5 million for countries worst affected by the virus.

As the global lockdown continues to last, company revenues can be undermined or cut off entirely. This is where venture capital firms and incubators become more important than ever, as access to cash and investments can be the difference between insolvency and survival.

Shanghai-based venture capital firm Hashkey Capital observed that many enterprises are struggling to raise capital, forcing them to lower fundraising targets. Its investment director Yu Zongmin noted that: It is a great opportunity for us to find better value in the current market. For the operational strategy, we may raise the bar higher for recent investments and focus more on the commercial maturity and cash flow of the projects. He went on to add that:

A positive outcome from the crisis is the rising participation and connectivity of people in the digital world. People are minimizing in-person contact through mediums such as e-commerce, e-school, e-clinic and e-cash. This has played a pivotal role in containing the virus spread. The blockchain sector may greatly benefit from the booming development of the global e-cash ecosystem. We are very optimistic about this industry as always, and will continue to actively search for high quality and value driven projects to invest in.

China-based technology incubator New Chainbase was working to accommodate many of its projects. Its operations levels have returned to normal, but it is offering a relief plan for start-ups renting office space from it. New Chainbase has a long-term financial interest in the blockchain space and has remained optimistic that industries will see the trust that blockchain provides as an essential technology moving forward.

Fenbushi Capital, a global industry player with offices in Shanghai, New York and Silicon Valley, is no stranger to working in a decentralized manner. Its operations have remained quite stable, but it has observed that companies in its portfolio have been performing certain cost controls, including staff reduction and lowering their operating costs. Fenbushi Capital partner Rin Huang attributes this to two factors: First, the crisis has forced a reduction in business volume and the companies do not need so many people. Second, the overall economic situation is uncertain due to the crisis and companies need to maintain sufficient cash flow.

Huang noted that for her daily role, the crisis has had little impact. With traffic jams already back in the streets of Shanghai, her routine has returned, with the exception that many processes are now conducted online. She sees blockchain having more opportunities in enterprise situations such as traceability of medical supplies: In order to prevent possible counterfeit medical device products, the government began to vigorously promote the supply chain of medical device products to be traceable on the blockchain. Additionally, the technology can help in digitizing the industries:

The digitization of the consumer industry in China has been well developed, and the emergence of the crisis has further promoted the electronic communication system within the management process of the enterprises. The main role of the blockchain at this stage is to hash the important information for internal communication on the chain.

The Bitcoin mining hash rate has been climbing consistently, but the upcoming halving event and macroeconomic instability has led to uncertainty in the mining community. Nathaniel Yu, the international marketing manager of mining leader Bitmain, understands the importance of normalizing operations right now. He stated that while Bitmain is following professional advice for dealing with the pandemic, it is also exploring alternate methods of working in order to meet demand for its Antminer products. In a conversation with Cointelegraph, Yu stated:

During these uncertain times, the best way ahead for the mining industry is to continue to adapt their operations to ensure the safety of all employees comes first. Miners will also need to assess their operations to ensure they are operating as efficiently and effectively as possible during this time.

Like other online business models, many media sites are reporting a jump in viewers as people generally have more free time on their hands. Two major Chinese blockchain media sites, 8btc and Odaily, confirmed in interviews that they are both optimistic about the industry moving forward.

Gavin Qu, a partner of 8btc and the CEO of ChainNode, believes that the current situation can be advantageous for online companies with a healthy cash flow. Qu explained how ChainNode moved quickly to develop an online product release conference service to help business partners bring their offline conferences and product announcements online through live video on the platform. He believes that the importance of online events will become greater even after the pandemic, as Chinas mobile internet infrastructure continues to move toward 5G technology.

Mandy Wang, the CEO and co-founder of Odaily, talked about how the company has shifted much of its operations to an online model since the pandemic began. One of her editors was initially locked down in Hubei province, unable to return to the companys Beijing offices. She spoke about the challenges of conducting all interviews over the phone and moving all offline events online. On April 10, Odaily held an all-day conference with over 30 guests in an online streaming format.

With chaos gripping the global markets, she reported an increase in views by around 20%. She accredited part of that success to increasing the companys operating efficiency and risk control management policies, which she believes will become a greater subject of focus for enterprises in China moving forward.

For an industry built on a decentralized emerging technology, its no surprise that the blockchain world has embraced the remote working and video conferencing reality. Technology and agile management has managed to normalize many business processes, but disruption to other industries has made it difficult to raise funds, develop new clients and oversee physical implementation of enterprise services.

Outstanding issues in the aforementioned areas should be addressed as soon as possible to prevent the loss of clients and ensure budgets can withstand an extended period of reduced revenue and third-party investment.

With the bulk of major offline events in quarters one through three wiped out or moved to an online format, its up to marketing teams to find new ways to promote their businesses. After the initial shock and subsequent organizational restructuring, theres been heavy interindustry collaboration in Asia, with platforms, media and exchanges organizing online events to connect with new users and their existing communities. R&D and technical development teams have remained mostly unaffected by the virus, needing only minor adjustments to organizational processes.

Rather than panicking at the thought of a potential economic recession, most industry players are optimistic about the long-term outlook, especially considering the reactionary fiscal stimulus policies that are being put in place by nearly every major government.

The companies see digital currencies as both a potential solution to monetary distribution as well as a sanctuary from inflationary currency policies. Finally, with Chinas central bank and government agencies continuing to restate their commitment to blockchain technology and a national digital currency, theres very little doubt that the companies that adapt and survive will find themselves in a very active and healthy industry in the future.

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Report on Asias Blockchain Industry Weathering the Storm of COVID-19 - Cointelegraph

Very few banks, or even countries, emerged unscathed from the rubble of the 2008 global financial crisis. The aftermath of the worldwide recession coincided with profound technological innovation and breakthroughs that have forced banks and other financial service providers to reconsider their approach to doing business. New regulation and investor demands have forced banks to move toward a more efficient, transparent and compliant operating model. Although Wall Street has cottoned on to these developments, the big question still remains: Are banks ready to leave old business processes behind to embrace new blockchain-based technological breakthroughs?

Now, more than ever, distributed ledger technology offers real-time solutions for banks to overcome the challenges sweeping across the financial world. Immutable data storage and tracking records can offer cost-savings on an enormous scale for banks while removing cumbersome manual processes. All of this will serve to boost value-added activities and better manage banks compliance and risk management operations. As the coronavirus pandemic sends markets into a tailspin, banks are once again facing the same crossroads, which lay before them between 20082012.

It is fair to say that something of a fintech revolution has already swept across the payments landscape. Digital banking mobile apps and business-to-business payments technology have been enhancing the user experience in sending and receiving payments. Companies such as Stripe are processing billions of dollars in online business transactions per year, while crypto exchange Coinbase has branched out to offer broader services. The lower transaction costs, improved technology and multi-service offerings of these fintech companies have greatly enhanced payment services for millions across the world, which has, in turn, disrupted and challenged the status quo of traditional retail banks.

The technological breakthroughs in retail banking havent been mirrored in the capital markets yet, but developments are underway. Consolidation of the investment bank sector, combined with the challenging market conditions for institutional investors amid historically low-interest rates, has forced Wall Street to re-think its product offerings. These market dynamics have forced investment banks and broker-dealers to explore more sophisticated technologies to meet clients demands and expectations.

Artificial intelligence, blockchain technology and machine learning have been among the most obvious technologies to address the inefficiencies and opaque structures of investment banking services. To keep up with market competition, banks need to respond to new trends by simplifying and modernizing their product offerings. The investment community also faces the added pressure of staying on the side of regulators and compliance departments. Blockchain technology could be Wall Streets answer to staying above ground.

The steady rise in blockchain-based capital markets startups led by senior investment banking executives could be the clearest sign yet that a technological breakthrough is on the horizon in the industry. In December of last year, some of these startups were invited to an industry event sponsored by the International Capital Markets Association, or ICMA, that explored the topic of blockchain technology and other emerging technologies in the debt capital markets.

Speakers hailed from organizations such as Nivaura a digital platform that streamlines and automates the entire end-to-end process of issuing financial instruments and their ongoing administration and lifecycle management. The company was also the pioneer behind the worlds first automated cryptocurrency-denominated bond issuance. Another speaker at the event was Globacap a blockchain-based platform that aims to make capital fundraising faster and more cost-effective.

The success of startups such as these will ultimately depend on how theyre deployed to banks infrastructure and networks, but the groundwork has been in process. The use cases and proof points are there, such as post-trade infrastructure, book-building and even deal origination just some of the areas these startups have been targeting to tackle cumbersome and manual legacy systems.

Indeed, such is the speed, at which blockchain startups have been emerging in the capital markets, that a recent Global Capital headline hailed that capital markets tech reaches tipping point. The article explores some of the London-based blockchain projects that have been making real inroads into capital markets processes. Eliminating the burden of manual tasks for front office staff is a common theme that runs throughout their business models, as well as boosting value-added activities across their trading and advisory units.

Moreover, blockchain can greatly boost value-added activities by streamlining the information flow on capital market transactions between all relevant market participants. Tantamount to the successful application of blockchain projects in capital markets is ensuring secure and controlled access among market participants.

Here, the distinction between permissioned and non-permissioned blockchain networks becomes a consideration. A permissioned blockchain is a private ledger, which grants access to relevant parties and market participants. By doing so, permissioned blockchains provide managed and controlled access to ensure relevant parties can manage and update their deal flow accordingly without the need for excessive paperwork or email threads.

For this particular use case, permissioned blockchain platforms can not only ensure the smooth exchange of data and documents in real-time but will also help banks to massively reduce the costs of legacy systems while delivering greater efficiency throughout the trade lifecycle.

The coronavirus pandemic has laid bare the risks posed to banks by reduced business activity and slower economic growth. Weaknesses in collateralized loan obligations are just one of the risks faced by lenders, along with negative interest rates and a volatile market in equities and commodities. Innovation, and specifically blockchain applications, can better manage these risks through a permissioned blockchain database that can track live deal flow. Through these technological features, blockchain applications can remove manual processes to ensure greater cost efficiency and risk management.

Regarding capital markets, the settlement process for deal transactions has been deprived of innovation. Here lies a key test case for blockchain adoption in financial markets reducing risks and simplifying the processes of post-trade infrastructure.

The situation is most apt in fixed-income markets where newly issued corporate bonds typically feature a minimum two- to three-day settlement period, during which prices can fluctuate amid market volatility. This leaves all parties in the transaction exposed to greater credit risk. The situation is even more exacerbated in future foreign exchange contracts where volatility can be more pronounced.

By speeding up and automating the settlement process, blockchain technology can significantly save time and reduce the credit risk of transacting parties. Earlier this year, the Paxos Settlement Service, a blockchain-powered post-trade settlement platform for United States securities, made a significant breakthrough when it was announced that Credit Suisse and Socit Gnrale had signed up to the platform a bullish signal of what may be yet to come for blockchain technology in the capital markets.

The fragmented legacy systems of global finance have pushed costs higher for those operating within its confines. Although technological innovations have been slow to break through to the capital markets, the reduced costs and greater efficiency that comes from new technologies have forced Wall Street to rethink its operations and business models. With banks running complex global operations, involving both front- and back-office functions, these financial institutions cannot afford to be behind the curve when it comes to technological innovation.

The use cases for blockchain adoption in the capital markets are real. Streamlining information flow, while removing cumbersome manual processes of legacy systems, will only serve to boost banks profitability, while institutions that embrace blockchain will be better placed to respond to external shocks and pressures. The coronavirus pandemic has exposed the risks posed to legacy financial systems across the world. Legacy systems are too costly and fragmented for capital markets participants to respond to these challenges. The time for banks to embrace blockchain technology is now.

The views, thoughts and opinions expressed here are the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Heinrich Zetlmayer is the founder and a partner of the Switzerland-based Blockchain Valley Ventures. Zetlmayer has a unique wealth of experience as the previous vice president of IBM, the co-CEO of ESL, and the former leader and senior partner of Arthur D. Littles Global Operations Practice.

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Are Banks and the Capital Markets Ready to Embrace Blockchain? - Cointelegraph

While many nations remain at a near-standstill due to the COVID-19 pandemic, major players in tech are continuing to develop innovative infrastructure for when we get moving again.

Sony announced on April 23 that it has successfully developed a new blockchain system for integrating data and service provision across different forms of transportation whether it be trains, buses, taxis, car-sharing or on-demand rental bicycles.

This approach to transport referred to as MaaS (Mobility as a Service) aims to provide people with data regarding optimal routes to their desired destinations.

The system aims to replace a siloed, type-specific interface for each segment of the sector, whereby users pay and choose their means of transport in isolation from the wider urban transportation system for example, by using a specific taxi-hailing app or paying for a local bus.

Sonys new Blockchain Common Database (BCBD) for MaaS can ostensibly process data from 7 million users per day and record, analyze and share their anonymized travel history and revenue allocation.

It is the only successful project chosen from an initiative by the Netherlands Ministry of Infrastructure and Water Management last year, which appealed to developers to propose blockchain solutions for MaaS development.

Sony notes that BCDB is not limited to MaaS, and could be used in various applications for smart cities, where large-scale sensor data needs to be transparently and securely shared across a decentralized network.

As Cointelegraph has previously reported, recent data suggests that Sony alongside 34 other multinationals that include Microsoft, Walmart, Mastercard and Intel had applied for a total of 212 blockchain patents by the end of March 2020.

In its announcement today, Sony pointed to its development of digital currency hardware wallet technology and the use of blockchain for digital content rights management, alongside other blockchain projects in the pipeline.

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Sony Bets on Blockchain to Reshape the Future of Public Transport - Cointelegraph

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Similar to the internet, which was at one point underrated in the early 1990s, it can be difficult to accurately predict the impact that blockchain technology will have on businesses in the coming decade. Regardless of the regulatory uncertainty, a handful of businesses are working relentlessly behind the scenes building applications or streamlining an existing process in a bid to discover a use-case that derives value from a distributed ledger technology.

Despite the recent global financial turmoil paired with the pandemic stirred by the Covid-19 virus, the cryptocurrency industry is growing, despite market volatility. Developers around the world are building on blockchain and this trend is certainly not slowing down, as developers are embracing the constantly evolving technology. Just like running traditional IT solutions, there are several development phases for blockchain. We are currently in the third phase of innovation, blockchain 3.0.

The first generation of distributed ledgers, blockchain 1.0, was marked by Bitcoin, the digital currency that challenged the fundamental aspect of monetary centralization. Since then, the industry has been growing at exponential rates as BTC has brought the digital gold narrative back to life with enthusiasts regarding it as the most decentralized form of a digital asset class.

As much as it is a good thing, Satoshis network has been seeing bottlenecks; to the point where Bitcoin transactions take close to 10 minutes because of the congestion in transaction volumes. This was a huge setback, as Bitcoins scalability problem has limited the rate at which the Bitcoin network manages to process transactions, sparking a race among startups who have embarked on the quest to solve the nascent digital currency scalability problem.

Apart from financial transactions, blockchain 2.0 with the creation of cryptocurrencies such as Ethereum went beyond the complexities of mere payment settlement; but instead leveraged the possibilities of programmable money and smart contracts.The most popular platform in this niche is Ethereum which was released back in 2013 and has since become the de facto platform for decentralized applications (DApps) and smart contracts.

The next wave was led by accelerated innovation that will likely strain ones imagination when thinking about all the possibilities that DLT has to offer. With smart contracts that can be coded directly into a transaction, developers could further utilize the technology beyond its initial intended use-case. Despite being an advancement, blockchain 2.0 exhibited some shortcomings which are set to be addressed by the latest and next generation of distributed ledger protocols.

Blockchain 3.0 is said to be the future of DLT, and blockchains that fall under this category are optimized and designed from the ground up to overcome challenges faced by previous-generation blockchains. With emphasis on governance, enhancing privacy and security, interoperability, sustainability, and scalable ecosystems, blockchain 3.0 is set to be taking DLT development to the next level.

A number of projects have since popped up, including notable platforms like EOS, Cardano and Algorand which came into existence to address critical areas of focus: scalability, security and decentralization. Given the diverse priorities in feature specialization, a variety of models exist, but all the projects mentioned in this list will fit the criteria of a blockchain 3.0. This article further highlights and ranks the leading nine blockchain 3.0 platforms to watch out for in 2020.

List of 9 Blockchain 3.0 Projects in 2020

1. Aion

This project offers third generation features and consists of a multi-tier blockchain system designed to address privacy and transparency, scalability and interoperability. Aion is a native digital cryptocurrency behind the Open Application Network, an initiative launched to bridge the gap between independent blockchains. Corporates and public entities can leverage Aions platform to share data via the Ethereum network, build scalable ecosystems for processing transactions, and customize their own networks while maintaining interoperability with other blockchains.

Apart from its range of products, Aion has stood the test of time in this volatile market and has been hailed for offering a feasible solution in regards to connecting independent and isolated blockchains together. Many projects died along the way but this one is proving to be a game changer in the blockchain 3.0 space, as the whole mission behind the project looks to interconnect thousands of blockchain networks in the near future. The idea of establishing a network among independent blockchains is a unique value proposition that Aion can bring to the table and what sets it apart from competitors.

2. Algorand

A high-performance blockchain that leverages a new pure proof-of-stake(PPoS) protocol as consensus algorithm. The firms founder, Silvio Micali, is a Turing award winner and one of the leading researchers behind zero-knowledge proof, a popular cryptography protocol that lays the foundation for some of the established blockchain-based networks and is considered to be a breakthrough in modern day cryptography. Led by one of the crypto spaces most influential visionaries, Algorand continues to stand out from the crowd due to the sheer credibility of its founder and team.

Recent developments such as the launch of co-chain architecture and advanced layer 1 functionality have made Algorands blockchain an appealing option among enterprises seeking to make use of both a permissionless and permissioned network. With the co-chain architecture, Algorand is now classified as a hybrid platform that allows businesses to launch an independent blockchain with its own consensus mechanism and set of validators.

Algorand 2.0, the latest protocol version, accommodates various functionalities for business integration. Most notably is the layer-1 fundamental; this facilitates asset tokenization, atomic transfers, and smart contract creation. The team continues to develop Algorands layer-1 with the goal of improving scalability. Algorands hybrid and high performance blockchain has gained the likes of corporations, governments and banks around the globe and to date has secured a high-level partnership with the government of the Marshall Islands in a bid to launch the worlds first central bank digital currency (CBDC). Both the worlds number one decentralized exchange (IDEX) and stablecoin (USDT) are now utilizing Algorands blockchain infrastructure to their advantage, benefiting from a truly permissionless blockchain thats capable of handling resource-extensive resources and applications.

3. Cardano

Using a methodical scientific approach, Cardano is another blockchain 3.0 that supports and facilitates smart contract creation among other major functions. The IOHK project is an open source blockchain network supported by three organizations: the Cardano Foundation, IOHK and Emurgo. The team behind Cardano seeks to establish a scalable environment that also encompasses blockchain interoperability and security while keeping the costs low. Unlike Bitcoin and Ethereum, Cardanos network is built with a vision of the future as it mostly focuses on research and peer reviews prior to launching. This has made Cardano one of the most active projects in terms of developments, a healthy sign as developers efforts are improving Cardanos blockchain over time.

In addition, Cardano has a unique governance model system in place that sets it apart from the competition. Aside from this, the Cardano team has been working on establishing a sustainable revenue model where profit generated will be allocated towards growing the ecosystem and maintaining the network. It is also noteworthy that this blockchain 3.0 innovation enjoys the backing of IOHK; this body has been a major driving factor that has helped startups secure early funding and encourages community participation.

4. EOS

As mentioned earlier, the main focus of EOS is scalability, a function that both Bitcoin and Ethereum are immensely struggling with. Raising a staggering $4 billion during a yearlong initial coin offering and prior to launching its product, EOS managed to generate a lot of hype back in 2018. EOS aims to establish an ecosystem where blockchain networks can integrate and maintain data privacy.

The platform further leverages smart contracts in order to execute transactions in a timely fashion and designed to support resource intensive applications. It has been noted that EOS block producers are highly centralized due to the limited amount of block producers, and users can only access the network using block producers as intermediaries a single point of failure for the entire system. However, the trade off is that the EOS blockchain seeks to become the de facto platform for high-performance decentralized applications.

Just like Cardano, EOS enjoys a first mover advantage with its native token currently sitting in the top 10 in terms of crypto market capitalization. EOSs proposition as a third-generation blockchain has so far been fruitful, although only mass adoption will quantify a full breakthrough.

5. ICON

This South Korean blockchain project seeks to Hyperconnect the World through distributed ledgers. ICON has evolved since its inception and theres plenty of development taking place behind the scenes with user-friendly applications and services running on the ICON network. It was the launch of ICON mainnet version 3.0 that laid the foundation of the infrastructure dubbed Score which the ICON Foundation uses to create DApps on the ICON platform. Catering to a wide variety of sectors such as domestic banking, securities, insurance, education and e-commerce, the ICON network is built using the projects Loopchain technology. The main value proposition of ICON is to provide a platform where each participant can coexist and transact on a single network interoperability among blockchain networks.

Participants can run their own distributed ledger on different ecosystems but will still be able to communicate with each other, as part of a unified ICON ecosystem. The native token ICX token basically fuels the network. One of the worlds leading authorities on innovation, media and business, Don Tapscot and his team see ICONs vision of scaling the real world through mass collaboration and decentralization. Several prominent stakeholders such as the blockchain Interoperability Alliance, Pantera, and Kenetic Capital have since partnered with ICON. Based on the projects strategy, ICON is one the few blockchain 3.0 solutions to have gained traction in Asia, particularly in South Korea where the project has a foothold in the country, leading Koreas blockchain ecosystem in terms of securing several high-level partnerships with governments bodies and the private sector.

6. Nano

Previously called Raiblocks, Nano is a network that leverages blockchain 3.0 fundamentals to deliver an all-round environment for exchanging the value of digital assets. Built with a block-lattice structure, Nano is designed in such a way that it allows for fast transactions and benefits immensely from infinite scalability while requiring minimum resources to run. The grand vision behind Nano is to replace fiat currency and revolutionize blockchain by delivering zero-fee transactions in real-time without the setbacks faced by more work-intensive cryptos such as Bitcoin. By replicating the model of Bitcoin, Nano seeks to take scalability to the next level by not merely reducing transaction fees but by essentially getting rid of charges. The platforms integration and development options particularly stand out for tech savvy blockchain stakeholders.

The team behind Nano was able to achieve this through its range of wallets and benefited immensely from a popular airdrop campaign. The firms chief executive officer and founder, Colin LeMahieu, is assisted by George Coxon as the chief operating officer, among other members. Operating differently than its peers, Nano is a contender in the space given that its network is designed to be eco-friendly as no minting or mining is required an advancement that could be considered beyond blockchain 3.0.

7. Neblio

Neblio is an open-source business solution for business startups and enterprises. A leading enterprise blockchain platform made possible with Neblios lightning fast and scalable blockchain, APIs, NTP1 Token Protocol, and unique set of tools. This makes it easy for businesses to deploy their own blockchain and distributed ledger technology to radically improve efficiency and security and to deploy DApps

The platform further allows developers to leverage over seven programming languages and benefits of a network designed to be scalable, interoperable, sustainable, and secure. Supporting a number of common programming languages such as Node.JS, Python, C#, GO, JavaScript and Ruby, Neblio APIs equip developers with necessary tools needed to build DApps. The project started off with a small team but its coin value was up by 400% just after two weeks since the completion of an ICO. Seeking to become a leading enterprise data management, Neblio is set to mark the blockchain 3.0 industry integration standard, catering to large corporations and enterprises who seek to run their own blockchain ecosystems.

8. Wanchain

This blockchain network capitalizes on the open Finance agenda when it comes to distributed ledgers, as Wanchain intends to replace the global legacy banking system. The whole idea is to create a Multi-blockchain financial superhub that relies on cutting-edge advanced interoperability as an essential feature. The concept is similar to how Wide Area Networks (WAN) connected Local Area Networks (LAN) but using cross-chain blockchain infrastructure to facilitate asset transfer and deploy DApps for the finance sector. Wanchain seeks to link private, public and enterprise blockchains to allow the flow of digital data using the WAN token for block rewards, transaction fees, and node staking.

With the evolution to blockchain 3.0, Wanchain has proven its ability to provide a scalable, sustainable and interactive platform for token enthusiasts. This innovation has attracted developers looking to build DeFi, connected enterprise blockchains, and cross-chain mobile payments. Aside from currency transfer, Wanchain is proving to be a real contender in terms of supporting high-level smart-contract capabilities and privacy protection. Aside from working with big names that are part of the Ethereum ecosystem, Wanchain was a pioneer project to create a bridge between Bitcoin and Ethereum, allowing for cross-chain transaction capability between the two and more blockchain networks.

9. Zilliqa

Zilliqa is a cryptocurrency project that aims to make blockchain more efficient, scalable and fast with the help of sophisticated sharding technology that can streamline the consensus process. This project began with research conducted by the National University of Singapore and debuted as a live platform back in early 2019. The platforms unique sharding capabilities allow users to scale their blockchain networks in a linear orientation. This blockchain project also features a consensus mechanism that is designed to be eco-friendly by reducing the mining duration and resources going into this process. Not a typical PoW blockchain, ZIL is mined using a hybrid proof-of-work consensus protocol but was designed from the ground up to be extremely scalable by implementing sharding on its mainnet.

Receiving contributions from over 20 countries and close to 60 project teams, Zilliqa is a notable contender in a race to beat Ethereum, the worlds most dominant DApp platform. Securing several high level partnerships such as Xfers, which leverages their blockchain tech to increase transparency and reduce costs within its payment engines, Zilliqa is the first sharding blockchain concept to gain traction learning from past mistakes of blockchain 2.0 projects and offering a better alternative for offchain and sidechain solutions.

Conclusion

The blockchain industry is known for its fast-changing nature. As of the press date, some projects are already onto blockchain 4.0. This next level of blockchain tech is speculated to be a combination of AI and distributed ledgers. However, things may take a different turn if blockchain 3.0 solves scalability, interoperability, sustainability and privacy issues unlike previous generation blockchain 1.0 and 2.0 projects that have struggled to overcome the existing barriers.

Seeing that these are the most immediate issues that need to be solved and, furthermore, adopted, it would make more sense to build on this tech as opposed to complicating matters with AI in the mix. Blockchain 3.0 projects are upgraded versions designed to improve blockchain technology capabilities and solve major existing problems. At the current phase that we are at, new and improved blockchain solutions are being re-designed and built to bring cryptocurrency to the masses.

Edda Viktor

A digital nomad moving around major tech hubs in Asia, previously a financial data analyst from the oil and gas sector but now solely-focused on blockchain

Featured Image: Shutterstock/Yurchanka Siarhei

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Blockchain 3.0: Beyond Bitcoin and First-Generation Distributed Ledgers, From Aion to Cardano, EOS and Zilliqa - The Daily Hodl

Blockchain, a term once only familiar to Bitcoin (BTC) enthusiasts, is becoming one of the most in-demand business skills for 2020. According to a recent LinkedIn blog post, blockchain technology is the most sought-after hard skill this year. The post noted: The small supply of professionals who have this skill are in high demand.

Moreover, while the coronavirus pandemic continues to impact the United States unemployment rate causing 22 million people to file for unemployment since President Donald Trump declared a national emergency four weeks ago blockchain-related jobs have been increasing.

In turn, blockchain courses offered at universities are becoming more common, as the need for the skill set rises. A key finding from Coinbases second yearly report on higher education shows that 56% of the worlds top 50 universities offer at least one course on cryptocurrencies or blockchain technology a 42% increase from 2018.

Kristi Yuthas, an accounting professor at Portland State University, told Cointelegraph that the need for individuals skilled in blockchain technology is a result of traditional companies being impacted by the technology: Blockchain companies are innovating at lightning speed. Leaders with the acumen to create business value from these innovations are now in high demand.

American universities such as Portland State, MIT, Stanford, University of California Santa Barbara and many others now offer blockchain-focused courses to meet the increase in job demand, and students who take them have a chance to quickly find job opportunities this year.

For example, Portland State University recently concluded its Blockchain in Business Lab courses. According to Yuthas and her colleague Stanton Heister, the university collaborated with the NULS Foundation, an open-source enterprise blockchain platform, to educate students on the business elements of blockchain development. Together, the NULS and PSU designed and conducted two hands-on courses that were completed by 21 students under the supervision of Yuthas and Heister.

According to Yuthas, PSUs blockchain program is meant to provide in-depth analysis of blockchain companies and innovations. She explained that lab-style courses allow students to gain real-world experience in order to build a working blockchain and to execute actual transactions.

PSUs first Blockchain in Business Lab was conducted in February of this year and offered a step-by-step guide on how to build a blockchain by utilizing NULS Chain Factory, which is a blockchain development kit. Kathy Norman, a developer of the NULS blockchain and co-organizer of the PSU program, told Cointelegraph that Chain Factory was used by students to drive blockchain education and to test the product as an educational vehicle, adding:

Our commitment was to provide our technology and our technical expertise, to give the students a hand-on experience of blockchain from the perspective of user/customer, developer, and entrepreneur.

PSUs second lab focused on blockchain user and developer activities. Included in this course were guides for practical blockchain applications and instructional sessions on decentralized applications and smart contract development. America Tirado, a student who completed PSUs blockchain courses, noted that the classes helped alleviate her fears around blockchain:

I had heard of Bitcoin before and was asked to invest in it in the early 2000s. I hesitated, though, because I didnt understand it. Through these courses, I learned about the technology, what it can do, how it functions, and how to properly use it.

Norman further pointed out that students who have completed PSUs blockchain courses are invited to join the NULS community to offer their knowledge to help build out the platform: All students are invited to join our NULS community, and if they want, offer their skills to NULS. We did not formally invite the PSU students this semester, but can certainly consider this for next time.

UC Santa Barbara and The University of California Los Angeles also offer blockchain courses. Both universities are part of the Blockchain Acceleration Foundation, a nonprofit organization committed to accelerating blockchain education. Cryptocurrency analytics firm CipherTrace partners with BAF to train students on how to use the companys products to investigate cryptocurrency-related scams.

John Jefferies, the chief financial analyst of CipherTrace, told Cointelegraph in a previous article that the company will train and certify students to use its financial investigation software, which is applied to detect money laundering, power-law enforcement investigations and to enable regulatory supervision.

While Jefferies noted that training students is not intended as a recruiting tool for the company, the president of BAF, Cameron Dennis, mentioned that helping students find internships this year is a big focus, telling Cointelegraph that an internship pipeline is in early-stage development. Dennis also explained that BAFs blockchain courses are offered to both undergraduate and graduate students looking to expand their blockchain knowledge:

A professor in UCSBs computer science department and a professor in the economics department agreed to run a cross-disciplinary and graduate-level blockchain seminar for Spring 2019 (this quarter). Also, we are currently running an undergraduate computer science blockchain course at UCLAs College of Engineering and are preparing for an undergraduate Intro to Blockchain course at University of California Davis for Fall 2020.

Ben Fisch, a co-founder of Findora, a blockchain company for financial applications, and renowned professor of cryptography, Dan Boneh, both teach a blockchain and cryptocurrencies course at Stanford University.

Fisch told Cointelegraph that engineers who went through a blockchain course are likely to have a great advantage when applying to big companies that are interested in piloting blockchain technology. He also noted that many early-stage startups with blockchain-related business ideas also need technical team members with an accurate understanding of how blockchains operate. According to Fisch, the blockchain course at Stanford provides a comprehensive technical overview of blockchain technology, as it focused more on blockchain concepts rather than engineering aspects, adding:

It covers the core concepts and also a sampling of niche topics within the field. Astute students come out of this course with a holistic understanding of how blockchains work and their fundamental applications, or even with enough knowledge to participate in blockchain research and innovation. Our guest lectures also give students some exposure to how blockchain is being used in the world today. Our guests this year included Olaf Carlson-Wee of Polychain Capital and Chris Dixon of A16Z.

As a hiring manager at Findora, Fisch explained that the candidates he looks to bring on board are not much different from engineers who other software development companies would seek out and that they dont need to be particularly well versed in blockchain technology:

However, having a background in blockchain concepts, such as the one provided by our Stanford course, does help. It increases the attractiveness of an already strong engineering candidate, and it may reduce the on-boarding time for a new hire.

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With Crypto Jobs Available, US Universities Are Turning to Blockchain Education - Cointelegraph

Covid-19 has placed a spotlight on the weaknesses in our global supply chain. Could blockchain help?

The world is in the midst of the largest remote working experiment it has ever seen, reinforcing the value of reliable data. More than ever before, we need to know where our data comes from and whether or not it can be trusted. We are bombarded with information on a daily basis across the various different communication mediums we use in our professional and personal lives. This news is then passed onto each other sequentially, through emails, WhatsApp messages and other apps and social media platforms, and the velocity is only increasing, particularly in isolation.

Supply chains operate in the same way, linked sequentially in a chain that passes information from one user to the next. We rely on each constituent to do their part and pass on information quickly and accurately, but, like a Chinese whisper, the data is never the same at the end as it is at the beginning. However, what if we could guarantee that this information is accurate, immutable and derived from one of the most trusted sources of data capture? How could supply chains be transformed through the adoption of blockchain technology in times of crisis and in times of normality?

Most organisations are active in two supply chains, one physical and one financial. The financial one has the distinct advantage of being born digital while the physical one remains analogue and therefore significantly slower. Both need to be measured, monitored and tracked, so that the data extracted can be analysed and used to drive the next level of industrial automation, Industry 4.0.

However, what if one link is out of action being furloughed or unwell? How can the adjacent links maintain the bridge and keep the information and the supply chain moving?

COVID-19 risks to each link/person in the supply chain, much like a row of dominoes toppling until one link is missing. According to McKinsey, some 38% of supply chains are digitised and very few are using blockchain technology the key to unlocking the connectivity.

Todays supply chains are global, connected and generally efficient. Still, Covid-19 has placed a spotlight on our weaknesses. The focus on cost efficiency throughout supply chains demands evidence-based delivery: every component and process needs to be tracked to ensure that the final product can be verified and tracked back to its component parts, identifying where cost savings can be made and whether organisations are operating in the most efficient way possible.

Blockchain is the technology behind a distributed network of computers that can be used to store data securely but which, uniquely, has a single memory. That means data cannot be freely copied and edited to create an alternative version of the truth, which is why blockchain technologists refer to it as the trust platform. In the enterprise context, the blockchain would be used as a private permissioned framework for a group of stakeholders, such as suppliers, customers and regulators.

A recent survey by HFS Research and Wipro found that of 318 senior executives polled, 75 percent consider blockchain to be a strategic priority. This will only continue to grow as accountability, auditability and cost efficiencies within supply chains are increasingly prioritised. After all, duplication, checking and re-checking data and its sources costs time and money, slowing down supply chain processes. Furthermore, nearly 60% of these C-level executives anticipate that consensus-driven trust allows them to plan entirely new business models that were not possible before blockchain.

The global impact of COVID-19 will force us to reconsider what we want from our supply chains, whether this be costs efficiencies, or increased speed and agility. Unlike a row of dominoes, we also need supply chains that can withstand the next pandemic by creating a circle of trust, and not a sequential line with points that can fail.

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Blockchain & supply chain resilience in the wake of Covid-19 - Techerati

How the trust-machine can shed a light into the philanthropic activities of the Gates FoundationBeing a philanthropist someone who promotes human welfare or donates funds for humanitarian purposes is not as easy as one might think. Some despite calling themselves philanthropists spend huge sums to rather advance their own political-societal ideologies in a sacred-mission to prevail over those not in agreement. Clearly this has nothing to do with philanthropism and much to do with lobbying and promoting its own hidden political, geo-political and economical agendas, just like the Soros Open Society Foundations does.Others, like Bill and Melinda Gates, are true philanthropists, but sometimes they operate in areas in which both economical and political interests dangerously converge, so much that they themselves openly talk about the success of their investments in philanthropy. Although Bill Gates clearly refers to returns on the investment which are non-personal economical gains likely other gains which accrue widely to the society and are also economically quantifiable this seemingly contradictory issue clearly raises legitimate questions as to the main scopes behind the Gates philanthropic facade.

If one donates money to build shelter for the homeless or food banks the charitable effort is pretty straightforward. But if one funds pharma companies with billions and, in the middle of a pandemic, advances the idea of a global vaccine which casually happens to be produced by one ofhis grantees, then people start to raise eyebrows and ask questions. Before you know it, ones credibility as a philanthropist is in tatters and one becomes just another George Soros, with all due respect for Soros the legendary speculator of course.

But the Gates Foundation is not a charity. They do not raise money from third parties. They spend their own funds. They do not need to show third party donors how their moneys are spent.

Regardless of the above though how the Gates Foundation spends its money, with which conditionalities and which results their disbursements achieve inevitably affects both the public perception of the foundation as an humanitarian organization and that of Bill Gates himself as a true philanthropist.

If Bill Gates wants to be respected as a philanthropist he has to take some bold steps to ensure that his image and the perception that people have of himself are as true as possible to this role. This means that the activities of his foundation must be open, transparent, accountable and beyond doubt.

The Gates Foundation should adopt the blockchain as a trusted and transparent infrastructure/protocol in its dealings with its grantees.

Because the Foundation does not need to be 100% transparent since there are legitimate tax and financial planning reasons behind the establishment of a foundation which go beyond the scope of philanthropy and should remain private to the Gates family - the use of the blockchain can be modular and implemented only on those activities which are strictly philanthropic.

This blockchain based infrastructure/protocol can track down grants to specific grantees and oblige the same to be totally transparent in theirallocation to third parties, thereby cutting down the risks of corruption.

This shows how critical a blockchain infrastructure is to track how the funds are practically allocated and spent. The same goes with conditionalities such as milestones or targets that the grantee must achieve to unlock funds and which should be tied to executable smart contracts. Cryptocurrencies and stable-coins can easily lubricate the infrastructure and allow frictionless payments at a fraction of the costs of the legacy financial network. Expensive intermediaries can also be avoided and moneys directly spent with the needing.

So now theres no excuses, the instruments are available to show that philanthropists are true to their words. Blockchain/DLTs shall become the default technical solution for any charitable or philanthropist organization which wants to be responsible, accountable, credible and trustworthy.

Clearly those who aspire to be considered philanthropists but are not will still run their foundations in a non-transparent manner to continuepursuing their hidden agendas, but hopefully soon people will stop calling them philantrophists. The true ones though will understand thebenefits of that and will use the blockchain to show everyone their goodwill and how their funds are truly allocated.

I truly hope Bill and Melinda Gates will do that and become also a leading example and a driving force for the whole sector.

If not, the most expensive PR efforts will not debunk conspiracy claims and will not spare Bill Gates from being perceived as yet another evil globalist billionaire.

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Could Bill Gates' Problem Be Solved By the Blockchain? - hackernoon.com