Blockchain Report — 11/2/2018
Summary: Japanese Electric Utility Company Announces Second Blockchain Project; Ernst & Young Has Created The World’s First Secure Private Transactions For The Public Ethereum Blockchain; Morgan Stanley Calls Cryptocurrencies A New Investment Class
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Japanese Electric Utility Company Announces Second Blockchain Project
According to Green Tech Media, the Japanese utility company Kansai Electric Power Co. (Kepco) announced a second blockchain project only six months after collaborating with the Australia-based energy blockchain company Power Ledger. Kepco is Japan’s second-largest electric utility company after the Tokyo Electric Power Company (Tepco).
The new announcement from Kepco included the University of Tokyo, Nihon Unisys and Mitsubishi UFJ Bank as partners for the project. Kepco said in their announcement:
“We have started empirical research on the determination of the price of surplus electricity generated by photovoltaic power, and a new system capable of direct trading… Through this empirical research, we will acquire knowledge on direct power transactions using blockchain technology”
The University of Tokyo will evaluate the research done by Kepco, Nihon Unisys is building the IT systems for the project, and Mitsubishi UFJ Bank will provide the necessary expertise for blockchain techology.
Ernst & Young Has Created The World’s First Secure Private Transactions For The Public Ethereum Blockchain
According to NewsBTC, Ernst & Young (EY) has created a solution that would allow businesses to receive the full benefits of having private transactions on a public blockchain, such as Ethereum’s. The technology is called the EY Ops Chain Public Edition.
The technological privacy solution uses another key piece of innovation known as zero-knowledge proofs, or ZKPs. ZKP allows transaction authentication to occur without exchanging passwords, which guarantees the security of the system. Paul Brody, the leader of EY Global Innovation, said this about their new privacy solution:
“EY Ops chain PE is a first-of-its-kind application and a major step forward that empowers blockchain adoption. Private blockchains give enterprises transaction privacy, but at the expense of reduced security and resiliency. With zero-knowledge proofs, organizations can transact on the same network as their competition in complete privacy and without giving up the security of the public Ethereum blockchain”
Morgan Stanley Calls Cryptocurrencies A New Investment Class
According to the Blockchain Reporter, a new report from the banking giant Morgan Stanley calls cryptocurrencies a “new investment class”. The report is called “Bitcoin Decrypted: A Brief Teach-In and Implications”, and it reveals a number of new insights into the cryptocurrency market.
For example, the report states that $7.11 billion of cryptocurrency is being managed by hedge funds and private equity companies since January 2016. The report also states that investors now have full confidence in Bitcoin, and that it will soon become a new payment system as well as a new investment class.
The report isn’t all positive, however. The report also highlights some downsides and negatives associated with cryptocurrencies, including the numerous cryptocurrency exchange hacks that occur, market volatility, and the numerous hard forks.
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