If you are following our latest cryptocurrency news, you probably know that IBM is a big name in the blockchain industry – and a company which leads the list of blockchain patents. The IBM blockchain adoption is a big topic recently and it seems like the company is ready to share its outlook on it.
After years of experimentation, IBM has now established a set of 5 “blockchain for good principles” which are shared on many best cryptocurrency news sites right now. As we can see from an official IBM blog post, the main principles for this massive IBM blockchain adoption list the following:
- Open is better
- Permissioned doesn’t mean private
- Governance is a team sport
- Common standards are common sense
In an interview with Forbes, the Vice President of IBM Blockchain and IBM Fellow Jerry Cuomo said:
“When IBM’s CEO, Ginni Rometty, began commenting on data rights with respect to data analytics, we became inspired on the blockchain side. Over the past 3 years, we have worked with many clients and have gained perspectives that have driven these principles. There are ways to use blockchain technology that are critical and would lead to good outcomes, but let’s make sure we don’t leave that to guess work. That is how these 5 principles came about and it’s our responsibility to abide by them wisely and share them with others.”
Cuomo also went in detail about each principle driving the IBM blockchain adoption.
Open Is Better – “The open is better principle is carried across many aspects of what we do at IBM. Open is always better when it comes to the cloud, artificial intelligence or the Internet of Things, but it has especially interesting implications when looked at from a blockchain context. We have always been an ‘open by design’ company, but we think carrying that principle to blockchain is fundamental to our strategy,” explained Cuomo.
Pesmissioned Doesn’t Mean Private – “Blockchain is about trust. For instance, we trust businesses because of the rules they follow. But rules also have accountability, meaning you have to know which businesses are participating in certain systems. There are types of blockchains that are anonymous like Bitcoin and Ethereum, and there are types of blockchains like Hyperledger Fabric and several others that are permissioned. Permissioned is important because it insists that members of the network are known to the network. Permissions are balanced with privacy so blockchains that follow these principles have privacy capabilities that allow members to transact confidentially,” said Cuomo in the interview with Forbes.
Governance Is A Team Sport – “Governance means rules. These rules will define who the elected officials are, who is responsible for what roles and obligations, etc. Governance is mandatory in a blockchain network,” Cuomo was confident.
Common Standards Are Common Sense – According to Cuomo, the first step in promoting the IBM blockchain is promoting the interoperability of the technology through a registry. Moreover, he thinks that blockchain networks should define and publish their data models and policies for change, according to industry standards.
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Telegram Open Network Will Finally Launch On October 31st
“Telegram was the first big project that legally prohibited investors from selling their allocation. Investors usually just share their allocations with friends, without signing documents.’’The purchase agreement which was written for Telegram by the US legal powerhouse Skadden, Slate, Meagher, and Glom LLP according to one investor stipulates that the buyers of grams may not offer pledge, swap, sell and encumber or dispose of their tokens directly and indirectly. The investors may sell any securities convertible into or exercisable or exchangeable for the investment contract between an investor and the company. The issuance of the tokens is conditional upon the investors’ compliance with the rule. One investor stated for the latest cryptocurrency news:
The future issuance of tokens is conditional upon the investor’s compliance with this rule. If Telegram learns the investor broke the agreement, it can cancel the allocation.
Blockchain CEOs Tired Of The South Korean Regulation: Report
‘’Experts point out that domestic blockchain projects are flocking to foreign exchanges largely due to tougher domestic cryptocurrency exchange market conditions. Investors cannot make or withdraw deposits in the Korean currency at Korean exchanges’’If we don’t include the nation’s four largest exchanges, some of the 200 smaller exchanges cannot even open real-name virtual accounts and this is one of the reasons why crypto investors cannot benefit from the protection systems. The international players such as China’s BW.com, Bitholic and Binance Labs sense the demand from South Korea hence they are either opening Korean won markets or in this case, Binance Labs is only sponsoring the blockchain efforts. Only this week, Japan as one of the governments that openly claim to foster crypto exchange innovation while still has a strict licensing scheme added another platform to its domestic economy in the form of Rakuten Wallet. These moves are also impacting other exchanges and market players' share of the market. As a result the South Korean exchanges are less appealing in 2019 because of the low volume and out of the top one hundred in the world, there are only a few exchanges that are located under the jurisdiction in Seoul. Other issues faced by the local include added responsibility for loss or theft of the customers’ funds. Earlier this month, the commentators warned that the existing restrictions on cryptocurrency by the regulators will throttle attempts to foster blockchain innovation as read in the latest cryptocurrency news:
“It is no exaggeration to say that 97 percent of domestic exchanges are in danger of going bankrupt due to their low volume of transactions’’
Coinbase Confessed To Have Put Traders’ Funds At Risk
‘’Under [a very specific] and rare error condition, the registration form on our signup page wouldn’t load correctly, which meant that any attempt to create a new Coinbase account under those conditions would fail. Unfortunately, it also meant that the individual’s name, email address, and proposed password (and state of residence, if in the US) would be sent to our internal logs.’’The exchange noted that the users who resubmitted the form had their usernames and passwords and other details kept securely. Unfortunately, more than 3,000 customers as mentioned logged their private data onto the servers. Coinbase pretended to be the good Samaritan and fixed the issue on top priority. The company traced the entire line of storage to confirm that they are not holding any more information from the customers’ personal information. According to the blog post:
‘’We have an internal logging system hosted in AWS, as well as a small number of log analysis service providers. Access to all of these systems is tightly restricted and audited. A thorough review of access to these logging systems did not reveal any unauthorized access to this data.’’The company also started a password reset for affected customers and asserted that a password alone could not have a hacker potentially stealing their bitcoins because they protect each account with mandatory email and 1FA authentications. Coinbase confessed:
‘’We maintain incredibly high standards for securing the Coinbase platform, and any time we fall even slightly short of those standards, we mobilize a team to figure out what went wrong, and how we prevent it from happening again. We also believe in being transparent with our customers, which is why we’re sharing the results of our investigation today.’’As we can read in the coming altcoin news today, the alert came in a time when the institutional investors are taking huge steps into introducing bitcoin in their portfolio because security is still the top of their concerns.
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