As our digital footprint expands due to increased use of online services, we start to lose control over who collects our data, who owns it and makes accounts, whom it is being shared with (and why), who aggregates it, who profits from it, and who steals/abuses it.
Data breaches have become alarmingly frequent in the current age. Examples include Equifax, Yahoo, Facebook (in October 2018; 50 million accounts hacked), and many others. Incidents of identity theft serve as a constant reminder of how centralized systems are increasingly becoming primary targets for hackers, leaving everyone distressed about “who can we really…
The idea of smart contracts has been around for a while, ever since Nick Szabo coined the term in 1997. Fundamentally, a smart contract is a code that is executed when certain conditions are met. So, what’s wrong with the financial industry today? A recent study by Cap Gemini shows that wherever you have central counterparties, there is the possibility of inefficiency, long and complicated settlements, a central point of attack for fraudsters, unnecessary overhead, and a concentration of risk.
The debate on public blockchain performance is becoming critical, even as the first real applications are starting to see some traction. The stellar growth of EOS and Hashgraph is a testament to the industry’s obsession with performance; however, 50K+ developers support Ethereum, which performs rather poorly. We are waiting with bated breath for the proposed improvements to Ethereum, however, we need to find a way forward to develop and launch useful applications in the market.
As we look to the future, it’s important to understand the balance between consensus, performance, and privacy:
In the supply-chain world, a never-ending agony for small and medium-sized enterprises (SMEs) is the struggle to maintain their working capital health. In a shared economy that enjoys significant contributions from the SME world, it is an irony that the majority of SMEs are often under-banked or unfinanced! While a small portion of SMEs are able to get past this hurdle, more than 80% of SMEs globally are under water.
Various finance programs aim to address this issue through high-interest-rate offerings, as a key hindrance to the success of these programs is difficulty in ascertaining the creditworthiness of SMEs. While…
“…this success led me to start my first company at the age of 26, building the world’s first Microsoft Windows-based corporate banking platforms for global trade finance, payments, and custody services…”
Aditya Menon CEO&Founder Tallyx
I was fortunate to land my first job in New York building ABN Bank’s first global high-value payment system for corporates and correspondent banks to initiate payments through SWIFT and CHIPS (the world’s U.S.-dollar clearing house). I was fresh out of my Masters in Computer Science program and full of idealism in the spring of 1986. It was the era of highly centralized mainframe computing…