Blockchain is all the buzz. It changes every field of business. Diamonds and tomatoes have already entered the blockchain era. But how is MONI taking advantage of the hottest new technology? In this blog post, we want to give a technically accurate response to questions regarding our blockchain projects.
When it comes to keeping track of the usual card transactions in euros or dollars, conventional SQL database is still the king. We need to take care of customer privacy, so using a public ledger for the sake of technology doesn’t make a whole lot of sense. Private distributed ledgers can become useful for replication and security of supply later, when we have geographically distributed data centers, maybe administered by separate crews — for which we already have a roadmap.
However, we are already researching and developing Ripple and Stellar distributed ledger integrations for sending and receiving MONI euro tokens. We envision a future whereby “money” becomes less relevant — funds will be stored in digital portfolios of assets which are instantly exchanged and settled by liquid markets. You could choose to keep your wealth in Apple stocks, rice futures and Dogecoins, instead of fiat currency that only goes down in value. Ripple and Stellar take us towards that future with their distributed exchanges that automatically find the best exchange rate between different currencies or other assets. Trustlines.network is a similar Ethereum system that we are looking into.
When it comes to digital identity, the world is still quite unfinished and there are many active projects in the sphere.
The Finnish immigration authority Migri has indeed deployed an Ethereum based “privacy preserving way that enables third parties sufficient proof of card program compliant identity without revealing our customers true identity to any third party”, says Jouko Salonen from Migri.
Microsoft and Accenture are exploring the digital identity space in a UN backed project. Since the beginning of MONI, we have worked on a federated identity concept that we call BaseID, which deserves its own blog post. As for already existing ID systems, we are fans of keybase.io, onename.com and Identifi.
To sum it up — we don’t do blockchain for the sake of blockchain, but we are researching its potential and using it among other new technologies where it adds value to the end user.