“The future of IT will be many private enterprise blockchains, many private consortium blockchains, and some public blockchains.”
The Blockchain ecosystem is rapidly developing. Ethereum is definitely the technology that is on the forefront of this domain as one of the most used blockchains with most of the development and innovation happening on it. In that manner, it is not a surprise that we see the emergence of new tokenization concepts and smart contracts which are covering bigger spheres of business logic and implementation. Some of those are non-fungible tokens.
Blockchain technology reaches into all spheres and industries. Some are less prone to disruption while some a bit more. So how is one of the biggest industries of oil and gas standing in that ring? Ready for disruption? Absolutely.
According to research from IBISWorld, a globally recognized company in the field of business intelligence, the total revenue for the O&G industry was close to 2 trillion USD in 2017. This is only the number for the Upstream sector which is dealing with research, development, and operation of oil and gas fields. The Upstream sector contributes to roughly 2-3% of global GDP. In this article, we will try to explain what impact Blockchain technology in the Oil and Gas industry could have.
0x is an open protocol for decentralized exchanges, and in this article we will just give you a little bit of background and timeline on 0x protocol. We will describe the problem that 0x is trying to solve, and let you know about existing work that is done on it already. This article is an overview of Will Warren’s presentation about 0x protocol, which he held in Mexico at the Ethereum Foundation Developers Conference in November, 2017.
In the blockchain industry we hear a lot about consensus algorithms, we debate about them and try to learn as much as possible. As you know, to reach consensus on the network Bitcoin is using proof of work (PoW). Ethereum is using it as well, but soon will replace it with proof of stake (PoS). Why would they do that? Well, there are a couple of reasons, PoS is more efficient than PoW could ever be. But, both of them have their pros and cons.
In this article, we will make an overview of proof of work consensus algorithm, its good and bad sides.
We have already written about decentralized exchanges and how they are slowly but steadily making their way on the crypto markets. It is a big deal after all. Centralised exchanges have their vulnerabilities as any other software, but the deal here is that they operate with large sums of actual money being exchanged by numerous traders. They are, in itself, a SPOF or a Single Point of Failure in the blockchain network. Therefore, concepts like atomic swaps come to the rescue.
Last year, on November 1-4, 2017 Ethereum Foundation Development Conference was held in Mexico. Many individuals from crypto industry attended that event, and one of them was Zack Coburn, the founder of EtherDelta decentralized exchange and co-founder of FirstBlood.
Developers all over the world are experimenting with Ethereum blockchain and many of them find Ethereum testnet hard to use. Because of that, you may want to set up your private blockchain network. You would have full control over that network, and would not have any blockchain apps that you don’t need. So if you want to have a clear blockchain setup only for yourself, there are a couple of things you have to define. One of them is genesis.json, a file in which you determine all specifications about genesis block of your blockchain.
A lot of talks has been brought up about cryptocurrencies. It is mainly the price that has been the highlight. The crypto markets are a highly speculative market with a lot of price being pumped and dumped based on future predictions of the price. Add regular mortals to the story which can now be in possession cryptocurrency with a swipe of a credit card and you are set for a perfect storm in capital markets which hasn’t been seen up until now.