- ConnectionChain: The Bridge between Blockchains?
- Visa launches Blockchain Platform B2B Connect!
- Kaspersky Lab and Parity present Voting System on Blockchain!
- American Express: Cross-Border Payments with Ripple!
- An Intermediate Layer to charge Payment Channels!
- KPMG joins Wall Street Blockchain Alliance!
Fujitsu announced the development of ConnectionChain yesterday. The company intends to develop software that enables cross-blockchain exchange of cryptocurrencies across platforms.
The Japanese technology group has developed an extension of smart contracts that can connect different blockchains together. It transfers various transactions from different blockchains to a node with the aim of synchronizing them. The various processes then transform ConnectionChain into a single transaction, which in turn can be executed automatically.
In addition, Fujitsu wants to have found a way to synchronize the time of execution of transactions on the various chains, according to there press release.
So there should be a kind of main blockchain that collects the data tracks of the individual blockchains. This makes it easier for developers to make payments in different currencies.
ConnectionChain works with advanced smart contracts
With the help of extended smart contracts, the synchronization of various transactions should now become possible. These extended smart contracts then form, if you will, bridges between different blockchains. The extended Smart Contracts form additional nodes on these bridges. Finally, they collect data from the various blocks of the chains, linking them together in new nodes.
This saves the transactions that run on different blockchains in one block. From there, you can ultimately synchronize every single transaction again, as a new - in this sense superordinate - smart contract is created. The ConnectionChain collects information from existing smart contracts in nodes. Finally, because they work on the same principle, but contain all the information, ConnectionChain can synchronously control every single transaction.
More control through ConnectionChain?
The developers want to anchor in these extended contracts a kind of depot, which not only synchronize the transfer of data but can also stop. Thus, one can control the timing of the transmission on all different chains. Until the two-sided confirmation of the data transfer (whether it is now currencies, contracts or other, in this case does not matter) the transaction partners can stop the transfer. The control of decentralized technology, it seems, goes some way back to the users.
Transaction-relevant data such as the ID of the transaction, the amount of data transferred, and the results of the transfer are stored on a single node as a single transaction on ConnectionChain. If the transaction should fail, the ID and time stamp will allow it to be undone. The respective users contain their sent data or currencies back.
This will be e.g. for online shop operators who accept different cryptocurrencies, it becomes easier to synchronize and control them. By feeding the ConnectionChain with the necessary information, the respective operators could, for example, also determine the price for the respective currency transactions.
In the future, the system will be extended to the exchange of highly sensitive data between companies. In addition, Fujitsu plans application possibilities of ConnectionChain in the contract automation, a commercial distribution of the system is planned for 2018.
The venture of the Japanese is not the first in the direction of cross-blockchain. Recently, Metronome introduced a cryptocurrency that will also work with cross-blockchain. Already last month, Fujitsu had also announced the test of the blockchain application.
The American credit card company Visa has initiated the test phase of its blockchain based payment service B2B Connect. The platform aims to make direct payments between individual companies more efficient, safer and more transparent.
A little over a year ago, Visa had already set its sights firmly on the launch of its platform, and now it's time. As announced, this week's showcased Visa B2B Connect, a blockchain-based platform. It was designed to provide companies in the financial industry with a secure, fast and predictable way to conduct cross-border payments among themselves. In order to realize this, Visa has partnered with financial institutions around the world to work on translating that vision into a resilient platform, as stated in Visa's announcement.
The US Commerce Bank, South Korea's Shinhan Bank, the Union Bank of the Philippines and Singapore's United Overseas Bank are working on this pilot project. The plan is to have the network first carry out individual transactions between the participants before the payment transaction is subsequently extended. After the successful test run, the platform will become public in mid-2018.
The US Commerce Bank, South Korea's Shinhan Bank, the Union Bank of the Philippines and Singapore's United Overseas Bank are working on this pilot project. The plan is to have the network first carry out individual transactions between the participants before the payment transaction is subsequently extended. After the successful test run, the platform will become public in mid-2018.
In the construction of the platform, Visa was also supported by the blockchain start-up chain, which provided the technological expertise to implement the project. Visa announces that it will break up the cumbersome and lengthy transfers across national borders. With the B2B Connect technology based on blockchain, the way is open to simplify these processes.
With the activation of its B2B Blockchain platform Visa sets an exclamation point in the adaptation of blockchain technology. As early as last month, Visa's major competitor MasterCard had unveiled its own version of Blockchain B2B transactions.
Kaspersky Lab unveiled earlier this week the blockchain based Polys online voting system. The use of Blockchain in the electoral system should make online elections safer in the future. Kaspersky is working on implementing the project with blockchain company Parity Technologies.
As the Irish Tech Times reported on Monday evening, Russian software company Kaspersky Lab announced the blockchain based online election platform Polys at its annual Cyber Security Weekend in Dublin, Ireland. This should serve to ensure the anonymity of voters, to protect against vote rigging, voice trading or compulsory voting. In addition, the voter should be allowed to verify the delivery of his vote. The votes cast must be encrypted immediately, so that no intermediate results of the election are readable.
Online elections are extremely sensitive in terms of security and therefore subject to extremely high demands, as it is called on the website of Polys. The Blockchain technology could therefore be the missing piece of the puzzle in the architecture of a robust online electoral system.
As a typical application for Polys, Kaspersky brings into play test sites, such as student parliaments at universities, and tech-savvy "future cities" that are constantly seeking to optimize their own infrastructure.
Vartan Minasyan, Head of Investment and Innovation at Kaspersky Lab said:
The Polys source code is based on Ethereum Smart Contracts and is created in collaboration with Parity Technologies. While Kaspersky focuses on the development of security-related elements, Parity is working to implement the blockchain solution for the project.
Parity co-founder Jutta Stein said:
The international American financial services provider American Express and the bank Santander UK start a cooperation with the payment network Ripple. The aim is to accelerate cross-border payments between the United States and the United Kingdom using the blockchain.
As the Ripple team announced 2 days ago, American Express is joining RippleNet, the blockchain network of Ripple, to enable B2B payment transactions to be completed in real time, providing better service to customers. To do so, American Express will work with UK-based Santander UK to build a direct channel between the US and the UK. Payments made on American Express's FX International Payments Platform (FXIP) will be made through RippleNet in the future.
The United States is the largest trading partner of the United Kingdom, which makes the smoothest possible circulation of payments between these two countries of great mutual interest. By using RippleNet, FXIP customers are now to feel an immediate improvement in global credit transfers. Ripples Blockchain Network simplifies the use of intermediaries and creates transparency for the status and cost of the entire transaction.
Marc Gordon, CIO and executive vice president at American Express said:
The CEO for Global Transaction Banking at Santander, Jose Luis Calderon said:
Both American Express and Santander are also in favor of opening the network to other participants in a timely manner and of continuing the USA-UK corridor into other economic areas.
Ripple CEO Brad Garlinghouse also commented on the cooperation:
The Ripple own cryptocurrency XRP plays in the considerations of the co-operation likewise a role, however, is to be integrated later only into the system. Rather, the technology is designed to do without cryptocurrencies or other tokens. As a result, the RippleNet also be used for banks that want to do their business in Fiat currency only. This option could provide potential crypto-skeptics with the benefits of blockchain.
The Lightning Network or other versions of payment channel networks are considered to be the necessary and outstanding future of scaling Bitcoin. A paper by Christian Decker now brings an intermediate layer into play that can break the last limits of scalability.
It may be that you can scale Bitcoin as it is a bit further. But at some point, one will give up basic system features to further increase capacity. To avoid this, some scientists and developers have developed the concept of offchain payment channels: Transactions are no longer made "on the blockchain" where they need space, but "offchain" in so-called payment channels.
If you are unfamiliar with the concept, I recommend this article about the lightning network, which describes how to set up such a payment channel. Roughly speaking, you can think of payment channels as a remittance slip that you never throw in, but when you change the amounts. The two parties in such a channel update an unconfirmed transaction.
Actually, such payment channels only connect two parties. But by connecting them to a network, like the Lightning network, theoretically an unlimited number of people can interact through multiple "hops". Imagine it a bit like the old mail riders who have changed their horses at the stations.
Limits of Lightning and Co.
There are still no such networks of payment channels, and it is still unclear whether they are economically meaningful enough to ever form on free markets. However, Christian Decker, Blockstream employee and possibly the first "Doctor Bitcoin", is already exploring the potential limitations of the Lightning network and looking for solutions to overcome them. Together with Conrad Burchert and Roger Wattenhofer, both at ETH Zurich, Decker has now published a new paper.
First, the researchers explain what difficulties Lightning and other offchain networks currently have: First, scalability is still limited. "Even with a larger block size, the blockchain capacity is estimated to only reach 800 million users of micro payment channels, as they need a certain number of onchain transactions to open and close those channels." Nationwide micro payment applications, such as the Internet of Things they might need would drive the blockchain to their limit as each channel needs multiple blockchain transactions.
Second, both parties to a payment channel must freeze credits in a shared account. "These traded funds should be sufficient to have enough capacity for spikes in transaction volume. There is a conflict of interest between the two goals of including small amounts of credit in a channel, but staying flexible at the same time for those tips. "
Most of those who have read the topic are likely to agree that these problems are difficult to eradicate. However, Decker and his co-authors find a solution that can break both problems.
Layer-2 becomes Layer-3
Payment channels will not appear on the blockchain except in case of disagreement, users will be able to enter the system with a single blockchain transaction and then open many channels without further blockchain contact.
Instead of requiring a channel per channel, one transaction should be sufficient to participate in multiple channels. How is this possible? The trick is that the funds are not frozen with a single partner opening the channel, but with a group of partners. You do not transfer your credits to a multisig address that you share with a party, but to one in which there are many parties in it. So all the channels that all participants have at this address can be open to all, and if things go well, you can access dozens, if not hundreds, of channels with a single transaction.
The researchers call their innovation "Channel Factories." These are "a new layer between the blockchain and the payment network, giving us a three-tier system."
Between blockchain and payment channels, therefore, another layer is to be created. It's a little bit like an airport. The previous idea was that the passengers start a direct flight in their garden to hope to get to their destination with a few changes. Now the passengers go to the airport to pick one of many flights.
Almost limitless capacity
This architecture also solves another problem of offchain networks, such as Lightning: A user can form either a few - or only one - payment channel, making it dependent on large hubs with many channels. But if he builds many channels, he has to freeze money in each channel. For this reason, there is evidence that the lightning network is likely to have a centralized topology. With Decker and Co. Channel Factories, a single transaction could give a user access to many different channels, potentially helping to keep the network decentralized - unless the factories are considered centers of their own.
In detail, the channel factories increase the already high complexity of offchain solutions such as Lightning. Presumably, they are not planned for direct deployment in the near future, but as a later optimization, when the first knots and threads of the Lightning network have already established. The profit from them can be, at least in the calculations of Christian Decker and Co., enormous:
If three parties already team up to use three payment channels together, the necessary space on the blockchain falls by 50 percent. On the other hand, assuming that 20 parties unite to use 100 channels, the channel factories save as much as 90 percent. Assuming that the input signatures can be aggregated using Schnorr signatures, the savings even increase to 96 percent. In other words, there may be a third tier layer to settle all transactions of this world, both humans and machines, on a single blockchain.
Of course, the concept, at least in the paper, is described rather rudimentary. Scientists outline the mechanisms that can be used to build a layer of channel factories, but remain very vague when it comes to the topology of the entire network. Even economic issues are not an issue. But that's not the point at this point. More importantly, there seems to be a way to overcome the limitations of Lightning.
KPMG has been a member of the Wall Street Blockchain Alliance since this week. By doing so, the company wants to help advance the adoption of distributed ledger technology in the business and financial world.
The Wall Street Blockchain Alliance (WSBA) is a non-profit trade association dedicated to disseminating and enforcing the use of blockchain and distributed ledger technologies in global financial markets. For this purpose, the WSBA wants to be supportive and advisory and share common economic and technical knowledge among each other and with others.
The newest member is the accounting firm Klynveld Peat Marwick Goerdeler, better known under the acronym KPMG. The Dutch consulting firm is one of the big four in the global business, the other three are PricewaterhouseCoopers (PwC), Ernst & Young and Deloitte. As part of the membership, KPMG will also receive a seat on the board of the WSBA, as stated in the press release of the cooperation.
Eamonn Maguire, responsible for KPMG International's digital ledger services, described the blockchain as a growing technology that is entering its production phase. It has the potential to dramatically change the world of financial services by improving key factors such as operating costs, capital consumption, customer experience, and even enabling completely new business models.
Eamonn Maguire also said:
Ron Quaranta, chairman of the WSBA said:
I wish you all a lovely Saturday and a great Weekend!!!
ⓁⓄⓥⒺ & ⓁⒾⒼⒽⓉ
Best regards
@danyelk
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This post on development of various blockchain technologies is quite comprehensive and handful. In addition, it clarifies about the move towards blockckchain collaboration. Everyone should read this. Thank you for steeming it.
Your welcome and thank you! Glad you see it the way that everybody should read it.
Have a nice weekend :)
i think i will buy some Ripple now (slow and steedy rise)
Thank for sharing !!!
Your welcome and yes Ripple is still cheap who knows for how long ;)
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Your welcome I am glad you find it useful :)
nice content
Thanks :) BTW you can read very fast ;)
Hi there!
Is any way that I can contact you like via Email or something?
Discord maybe? Let me know, thanks.
@menez.trending
Yes there is you can pm me on discord my name is like here danyelk :)