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Ultra-Fast Blockchain Reaches 30,000 Transactions A Second

Ultra-Fast Blockchain Reaches 30,000 Transactions A Second
Researchers in Australia announced on Wednesday a successful trial run of next generation blockchain that can reach cross-border speeds of 30,000 transactions per second. Operating on Amazon Web Services' (AWS) cloud infrastructure, the test potentially paves the way for global enterprise-scale applications of the technology. Red Belly Blockchain is a project of Australia's national science agency, CSIRO, in partnership with University of Sydney. According to Sept. 26 statement, the next-gen blockchain provides several improvements including solving the "environmental impact from significant energy use, double spending where an individual spends their money twice by initiating more than one transaction, and throughput, which refers to how many units of information can be processed in a short amount of time." The above refers to Bitcoin's (BTC) resource-intensive network that requires sophisticated computing and vast amounts of electricity. Australian researchers say their network requires less energy while enabling a large number of transactions across nodes located in various time zones. The test tun deployed Red Belly Blockchain on 1,000 virtual machines across AWS' cloud network in North America, South America, Australia (Sydney) and Europe. Faster Throughput For Local Use Cases
"The experiment highlights Red Belly Blockchain's scalability, while retaining fast transaction speeds and high security, making it ideal for faster processing of financial transactions and microgrids that use peer-to-peer trading to transform the energy sector."
According to researchers, Red Belly Blockchain uses a unique algorithm that enables scalable performance without an equivalent increase in electricity consumption. Two experiments were conducted using the same technology from July 2017 to May 2018 and these featured a throughput of 660,000 transactions per second. However, it only used 300 machines in a single Availability Zone. The latest test was designed to see throughput on AWS infrastructure on a global scale across multiple time zones. FedEx And Honeywell Join Consortium These and similar advancements are key in increasing adoption among Fortune 1000 companies who operate globally. Earlier this week FedEx, Honeywell and more than a dozen other organizations became new members of Hyperledger consortium. Both conglomerates have massive logistics and supply chains around the world and their membership shows that blockchain will see more enterprise use cases in the near future. The consortium has more than 270 members and its mission is to build blockchain applications for big organizations.
"We believe that blockchain has big implications in supply chain, transportation and logistics," said Kevin Humphries, senior vice president, IT, FedEx Services. "We are excited for the opportunity to collaborate with the Hyperledger community as we continue to explore the applications and help set the standards for wide-scale blockchain adoption in our industry and others."
"Honeywell Aerospace, whose solutions are found on virtually every commercial, defense and space aircraft in service today, is pleased to join Hyperledger," said Sathish Muthukrishnan, chief digital and information officer for Honeywell Aerospace, "We look forward to leveraging the blockchain technology to solve critical customer needs and enable our position as a leading Software-Industrial Company through the Power of Connected."
Articles by Marvin Dumont: Goldman Sachs-Backed Circle Launches Stablecoin USDC Diamond-Backed Token Makes Debut On First Exchange FBI And IRS Unmasking Crypto Investors By Paying Firms Regulators Must Lead On Blockchain: IBM Report
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The biggest bank in Russia is getting ready to launch its own blockchain platform

The biggest bank in Russia is getting ready to launch its own blockchain platform

Quick take

1 minute read

  • The largest bank in Russia is getting ready to launch a new blockchain platform for trading as well as a native token. 
  • As a new law comes into effect in the country, Sberbank is getting ready to jump in the deep end for cryptocurrency in 2021 when the new law “on digital financial assets“ comes into effect in Russia.

The largest bank in Russia is getting ready to launch a new blockchain platform for trading as well as a native token. As a new law comes into effect in the country, Sberbank is getting ready to jump in the deep end for cryptocurrency in 2021 when the new law “on digital financial assets“ comes into effect in Russia.

The chief executive officer of the Russian bank, Sberbank revealed the news earlier this week and with over 96 million clients, this makes the bank the biggest one in the country.

Earlier this year, there were rounds of rumours and speculation as to whether the bank was looking to issue its own stablecoin cryptocurrency. Given that the DFA law does not allow for a number of crypto-related activities, it didn’t seem that a stablecoin would be backed by the ruble in Russia.

There have been news reports in regards to Russia creating its own central-bank digital currency though and it will be very exciting to see where this goes in the future. Russia has had a rough history with cryptocurrency in the past but now it seems that things are about to change in 2021.

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Blockchain implementation is only possible through B2B partnerships

Blockchain implementation is only possible through B2B partnerships

Blockchain is one of the most vital technologies in the 21st century and is one thing that most countries have in common. Its emergence has led many experts to believe that it is possible for technology to change the world in a few decades, just as the internet came and changed the world. Although it is still at its early development stages, many companies and countries are employing its use for their processes. The blockchain application seems limitless, as it is used in many processes by varying individuals and institutions. Although the most obvious use of blockchain is in the financial sector - international payments, complex financial products, remittances, and cryptocurrency, it is also used to resolve issues and create new opportunities in defense, supply chain, healthcare, government voting, luxury goods, and management. 

Blockchain advantages for B2B

The role that blockchain plays worldwide is often downplayed. While this statement is true for both companies and users, the technology is a very effective tool in providing business solutions. In addition to the many advantages that come with blockchain, the ones that stand out are security, transparency, accountability, and profitability of B2B ventures.

Unlike B2B, B2C is pretty hard because the customer needs to be educated about the product and the value they may receive from the blockchain. While a business partner would either already know or would be more understanding towards it. A good example is blockchain companies partnering with banks to implement their technology. Online casinos are not left out. They are adopting this technology through their partners as they continue to churn out blockchain-based games. For example, when people find the best Playtech bonuses, it's usually provided through BTC or ETH. Why? Because the games are usually designed to do so.

Blockchain acts as a bank for companies that are involved in the production of goods and services for different companies. Companies use it to send and receive money, accept deposits, sign contracts, and a whole lot more. Many people often either confuse block change to mean just cryptocurrencies or online banks. However, this is not the case. Blockchain is broader than just cryptos and involves many processes that are used differently. The reason why blockchain cannot be considered as an online bank is that even online banks are still powered by central authorities, while blockchain is decentralized.

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Ideaology's IEO Ushers the Launch of Blockchain Platform for Innovators

Ideaology's IEO Ushers the Launch of Blockchain Platform for Innovators

DUBAI, UAE - Ideaology is proud to announce its IDEA token pre-sale on December 1, 2020. The pre-sale event is an initial exchange offering (IEO) on P2PB2B exchange. Users will have a chance to purchase IDEA tokens with a 22% discount before the IDEA token public sale.

Ideaology aims to be the “Biggest Blockchain Ecosystem in 2021 and beyond''. Along with the pre-sale launch, Ideaology’s Active IDEA platform will have its beta launch on December 1, 2020 as well. The very existence of Ideaology is a testament to how the model it’s promoting works. With its upcoming IEO and subsequent launch on crypto exchanges, Ideaology’s Active IDEA aims to become the first blockchain-powered platform to pave the way for users to collaborate on promising blockchain projects while investing in these ventures as well. 

“Freelancers don’t necessarily work on online freelance platforms, and clients or companies don’t necessarily look for talents on those websites. Many of them are running their independent business from their websites or agencies, and looking for clients via advertisements, email marketing, leads generation, and other techniques. This is why we need to ask the question: why would a freelancer choose a website like Upwork, Fiverr, or Freelancer to sell his services when they can be part of a platform where they can offer their expertise and services on a platform specifically created for their exposure and convenience?” ,said Khaled Alkalbani, Founder and CEO at Ideaology. 

Whether you are an investor looking for the right project to pour your resources on, a business developer that needs funding to start his empire, or a digital nomad looking for a platform where you can provide meaningful services and earn, Active IDEA strives to be the go-to platform for all online professionals. 

Within the Active IDEA platform, members can collaborate as they invest and find projects that they have passion for. Members of the Ideaology community will be enabled to launch a startup through crowdfunding, but at the same time, will also have the opportunity to work with startups.The Ideaology team calls this whole process “collabvesting” - where Active IDEA users can invest in startups while also giving startups and freelancers to collaborate on projects.

“We believe that our IEO launch with P2PB2B enables Ideaology supporters and P2PB2B users to have a smooth and convenient experience in participating in our pre-sale for the IDEA token. We trust that P2PB2B will also offer a great IDEA token pre-sale experience for everyone interested to purchase IDEA tokens at an early stage.”, said Amar Kovacevic, Co-Founder and CTO at Ideaology.

By establishing a platform where online professionals can start collabvesting, and jumpstarting it with a pre-sale of their IDEA token, Ideaology just became one of the most promising blockchain companies in 2021 and beyond.

Click here to join the IDEA token pre-sale event.

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Blockchain prepared to be integrated into the Ministry of education for Vietnam graduates in 2021

Blockchain prepared to be integrated into the Ministry of education for Vietnam graduates in 2021

Quick take

1 minute read

  • Vietnam is getting ready to integrate blockchain technology for issuing diplomas in 2021.
  • An announcement was made that highlighted that the ministry has teamed up with TomoChain in order to put a national student certification on the proprietary blockchain platform from TomoChain.

The Ministry of education and training in Vietnam is getting ready to integrate blockchain technology for issuing diplomas in 2021.

An announcement was made last week on the 18th of November that highlighted that the ministry has teamed up with TomoChain, a Singapore-based start-up, in order to put a national student certification on the proprietary blockchain platform from TomoChain.

As a part of this project, the Vietnam ministry is getting ready to issue all kinds of diplomas granted by its training units and the high school of higher education through this new system. Furthermore, this new system is going to come into effect at the end of the school year next year.

Interestingly, the announcement specifically highlighted the new blockchain-based certification system which has been designed to enable for transparent and immutable verification of the qualifications for all of its students. The deputy minister at the Vietnam Ministry of education, Nguyen Van Phuc has said the following:

“Diploma and certificate management is an issue that needs to be resolved by technology, which is significant for the whole of society and also cost-efficient for the diploma management system in particular, and education in general.”

This is an exciting development and could prove to be successful if integrated prep properly. Could this pave the way for other countries to follow in Vietnam's footsteps?

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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