Tag: immutable

What makes Blockchain the future of Databases

Posted on | by [email protected]

Bitcoin is a form of digital currency designed to replace the existing monetary system. Owing to the low transaction fee, non-requirement of a third party and ease of transaction it is being looked as a really good alternative for fiat currencies. It is powered by ledger based technology that depends on high computing power to enable transparency, speed and decentralization.  While the fate of the currency is still in question, the underlying technology has received wide reception for its applications. Technology enthusiasts were quick enough to understand the disruptive nature of Blockchain and immediately hunted for real time applications. Let’s look into the characteristics that make Blockchain so disruptive:

Decentralization:

decentralized

On a holistic level, Blockchain technology can be termed as a collection of databases. The only difference in this network is that unlike traditional databases, each database can be operated by different entities. To be more specific, independent nodes can access this network and operate on it. Traditional databases have few limited users who have complete control over the database.  Blockchain network is completely decentralized with the operations requiring approval from each node, making it transparent and democratic at the same time.

Few variations of the same ledger based technology find numerous applications in the field of financial services, ecommerce, supply chain and wholesale industries. With right constraints and access Blockchain is sure to revolutionize many fields in the near future.

Immutability:

fed-governor-emphasizes-blockchain-security-immutability

Blockchain has gained quick reputation for applications in Finance owing to its immutability. Data written to a Blockchain is literally data etched in stone. Owing to this immutable or irreversible property, Blockchain can be used to track transactions of an account, products in supply chain and land registries in real estate.

Exchange of Assets:

iex-to-create-new-gold-exchange-with-blockchain

A decentralized network that is immutable certainly forms a strong foundation for the development of an exchange platform. That is how Blockchain has served with Bitcoin and it can be extrapolated to serve as an exchange means for other digital assets. Most of the major banks are looking into this aspect to enable quick cross border transactions and trade settlements.

Bitcoin Exchange Gemini to Launch Daily Auctions

Posted on | by [email protected]

Bitcoin has seen a significant shift in price level going into the last week of September. Breaking the support at $600, the prices rammed into its support around $595 and rebounded back to higher level. While the support at $595 looks strong, whether the prices will bounce back above $600 again depends on the fundamentals. While currently there are no strong fundamentals to direct the price, let’s look into the latest developments in the market:

Winklevoss Bitcoin Exchange Gemini to Launch Daily Auctions:

Gemini Trading, the bitcoin and ethereum exchange, founded by Winklevoss brothers, is all set to host daily bitcoin auctions. Such auctions are common for New York Stock Exchange or Nasdaq to determine more accurate closing prices for the day. However Gemini is positioning the auction as more than a first for its exchange.

725_ly9jb2ludgvszwdyyxbolmnvbs9zdg9yywdll3vwbg9hzhmvdmlldy9kymi3nwyxzgvhnwq1mwzkm2jhmtk5ote2nwiwzja4nc5qcgc

Tyler Winklevoss stated:

“It’s the first ever end-of-day auction on a bitcoin exchange. It’s a pretty standard feature on traditional exchanges that didn’t exist on a bitcoin exchange until now.”

The launch represents the effort by the Winklevoss brothers to create investment mechanisms for mainstream investors. Beginning at 5pm ET every day, Gemini will begin accepting two-sided bids in BTC/USD for the next day’s auction.  By concentrating liquidity at a single moment each day, Winklevoss says the auction will increase liquidity. At the same time, this will minimize “slippage” that results from large investors who affect the price with their purchases. After 22 hours and 50 minutes of bidding, Gemini will begin publishing “indicative auction prices” every minute. This gives the bidders a chance to pull out their bids until 3:59pm ET, after which the final bid closes. The closing price is the price at which the greatest aggregate buy and sell demand meets.

Accenture and Microsoft reveal Blockchain plans:

Last week, an executive from Accenture described Bitcoin’s immutability as a weakness. Now, the company has designed a distributed ledger platform to address this alleged fault. Accenture says data is viable for edits on this blockchain, but only under “extraordinary circumstances.”  The prototype according to Accenture is immutable to its user base but, if necessary, designated administrators can “edit, rewrite, and remove blocks of information.” The company claims it enables this feature with a new function called “chameleon.”

msblockckhain accenture-partners-with-digital-asset-holdings-launches-blockchain-consulting-practice‘

While Accenture is ready with a prototype, Microsoft announced the updates on “Bletchley Blockchain Project” during Blockchain week in Shangai. Project Bletchley aims to harness the power of consortium-based blockchains. Bletchley creates a template that enables customers to “spin up” a consortium network using a permissioned version of Ethereum. The Azure initiative also introduces Cryptlets, a primer for “next generation” blockchain applications. Similar to the Hyperledger Project, Bletchley aims to deliver a blockchain application fabric. Microsoft says this initiative will allow enterprises to collaborate with operations differently. With the template and Cryptlets, developers can get the foundations for building distributed ledger apps.

Let us help you get started with BitcoinIRA, click to get started.