Blockchain Revolution for the Art Industry

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Soon after wrapping up BlockShow Asia 2017[1] main conference, Cointelegraph has been updating you about the companies that made some significant efforts at the event. This time let’s discover a company called INK and understand its COO Daniel Zhai’s perspective.

Daniel Zhai told us about the next revolution, a revolution of Blockchain[2] environment in the creative scene. So if you’re an artist and you’re sick and tired of other people copying your work or some middleman taking away too much money, INK is the platform for you to sign up.

Cointelegraph: What is INK? Could we call it a Blockchain platform where creative individuals don’t get screwed over by the system?

Daniel Zhai: Yeah, that’s right. Couldn’t have made a better introduction myself. INK is a set of Blockchain solutions for the creative industry, mostly for the artists. If you want to do an art project, you got to claim ownership of your project. If you are a writer – you write something in your article on your blog and somebody say “Ok. This is a good idea! There’s a piece of good, you know, thoughts and pitiful words.” Then, they put it in their book. So there is no way for you to claim that is what you’ve written.

CT: And then there is legal aspect of it, which most people don’t understand, right?

DZ: With the Internet and traditional industry, the action of encouragement is everywhere. If you wrote a song, I wrote a song and it sounds very similar who’s there to say that I wrote a song or you wrote the song. No! There’s no perfect solution for that. But, if you register your work on a Blockchain that guarantees an ownership. This is yours and nobody can take it from you.

That’s the first step that we’ve been doing for over one year – to really expand the vision. Our second and third step is to tokenize your art projects. If you want to shoot a film, and you’re young artists, you’re doing something very ambitious. You don’t know anybody in the industry, you don’t have the resources to, you know, distribute your work. So you’re basically screwed. That is why young artists really need a way to fund their projects.

In our second and third step, we’ll have a crypto crowdfunding platform – if you want to do a film, an album or anything for that matter, you can INK cash it and support your own project, using our resources. Also, once your art project tokens get recognized, you can list them on our INK exchange – an exchange designed for artists.

CT: How is this gonna be different from existing platforms, like a Kickstarter project or even Patron? There’s a lot of platforms out there that support artists and get them paid. How is INK going to be a distraction?

DZ: That’s the best question I’ve had so far, thank you. So when you have an idea and others don’t, say, you want to make a fancy water bottle and I also want to make a fancy bottle of water as well. Your design of water bottle, anyone can copy and put it on Kickstarter. How would you claim that it is yours? No, you can’t. But on Blockchain you can.

Let’s admit, Kickstarter does not have Blockchain. We have it. Also, on Kickstarter, there is a risk of fiat, and they have developed this huge amount of projects where they pick the best projects, and more often than not, good projects are abandoned.

To be honest, in our content we are very much like a Kickstarter but we give people crypto. And the market is very liquid so when you raise your project – it’s a very easy thing to do, to get your project funded, even though you don’t have a nice presentation on the Kickstarter, a nice website, a good presentation of your ideas. But if you are a rough diamond –  we are really the guys who helped you to shine and, you know, get your radio discovered.

CT: Also there’s a psychology behind the market. These days the sentiment is that if it’s crypto, then it’s far more likely to be spent. Anyway, this is gonna be an area where you mentioned that they don’t have to be, they can be diamond in the rough and they can get a spot but that was also how a lot of this young early platforms started, right? People just come in and provide content? But as this platform grows at the 2.0, 3.0 and then becomes a race between one developer – second developer – this gonna be the same with INK as well?

DZ: Right now we’ve seen some competitors but they are not doing it right. They all made something that very elementary and fundamental to the whole big picture. We’re working with some of the best lawyers across the world to design our own token economics behind everything and there is solid legal ground and on top of that, we have some of the best developers. We have a bunch of PhDs from my university UCL to guarantee from the technology side. So I think we’re presenting the best case that, you know, possible.

CT: This the other thing that I would like to get your thoughts on: what is your sentiment about the creative market these days, where people are constantly working for free, artists could be exploited, right? Due to this exposure, they maybe don’t get paid enough. And then, small guys pitch something to the big guys?

DZ: That’s the old industry, there is a clear hierarchy. So it’s a pyramid. If you want to climb to the top, you got to know someone, got have messy resources, make people behind you, to support you. So it’s not really good money for the young artists. When they’re young, they have the youth and the most energy to create; they are very innovative when they’re young, less active as they get old.

For instance, a young singer can only claim about ten percent from what she makes. If your tail is waved and you have Michael Jackson you can clear out of the 20 percent, but the middleman and the big guys who are sitting on top of the hierarchy of pyramid make the most money off the value that the artist creates. These are some pain points in this industry and we’re here to change that.

Whether the artist is existing, established or emerging, this platform is for all. Money is being made and someone is taking a huge chunk of it. And especially for young artists, you know, that’s where you get a push from INK.

Startup Seeks to Lower Costs, Improve Outcomes by Tokenizing Healthcare

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Healthcare is a political and social landmine. According to TechCrunch the average American spends[1] close to $10,000 for healthcare, with the entire industry being worth $3 trln. The World Health Organisation and World Bank[2] report that nearly 100 million people around the world are forced to choose between food and healthcare. This frightful dilemma affects those living in developed and developing countries alike.

It is becoming imperative to develop better systems that can deliver healthcare in a more affordable, transparent and secure way. To ensure better accessibility to adequate health services, we need to focus on efficiency and technology enabled solutions.

Healthureum[3], an Estonia-based company, is in the process of creating a ‘dynamic and multi-functional ecosystem’ based on the Ethereum Blockchain that will change the way we look at healthcare and usher in an era of standardization, scalability and social responsibility. Ethereum[4] is a Blockchain that not only delivers transparency and security, but also has smart contracts baked into it.

Why does healthcare need Blockchain?

Healthcare[5] is riddled with problems such as fraud and lax data protection. As recently as December, 2017 it was reported that private health records of one in 10 Australians[6] was leaked due to errors on the part of Department of Health. News-Mail reported[7]:

“We found that patients can be re-identified, without decryption, through a process of linking the unencrypted parts of the record with known information about the individual such as medical procedures and year of birth.”

It is precisely these situations that Healthureum can prevent by introducing a robust framework that emphasizes transparency, security[8] and accountability.

An all encompassing approach

Using Blockchain to deliver better quality healthcare is not straightforward. It needs to take care of several factors such as confidentiality, scalability of the system and its ability to meet the needs of healthcare providers. However, using Blockchain it is possible to manage a plethora of health related use cases. These range from clinical trials, health records, claims assessments to data protection and more. Patients stand to gain as they get access to cheaper and higher quality health care, enjoy a more trusting relationship with medical staff, access to genuine drugs and a reduction in fraudulent practices. Healthureum is taking steps to make this Blockchain-based solution a reality by following a systematic and innovative approach.

Token of health

Using an Ethereum-based token, Healtherum will touch every aspect of healthcare. Data systemization will ensure that medical records, personal data, test results, and billing can be consolidated. Since Blockchain[9] is not necessarily the most suitable way of handling large files such as medical records, this type of data will be managed by Healthureum off-chain though the use of encrypted links.

In order to use the ecosystem Healthureum tokens will be required. The token will act as a bridge between patient, hospital and labs. The ecosystem will also provide access to doctor consultations through video calls, referrals for second opinions, specialist consultations and diagnostic tests in a local lab. Patients will even be able to get medical and pathology tests results added to their Healthureum patient record in an instant, secured on the Blockchain. Doctors and other associated medical personnel can be paid using the token, which will facilitate fast and secure payments for health services rendered globally.

The benefits of the Healthureum ecosystem and token are not limited to patient data management. On a large scale, Healthureum will facilitate interoperability between internal processes of a hospital or clinic, as well as inter-hospital data sharing. The Healthureum system will also use the Blockchain to capture procurement and supply chain data, ensuring authenticity and efficiency.

Healthureum tokens will be used in purchase, service and renting of medical infrastructure and the resulting data will be saved for analysis and make the process of procurement more transparent. The use of the token in research programs will facilitate proper recording of data and better monitoring. It will also mean that the system can be scaled to meet the needs of researchers while providing the subjects with data security.

Milestone-driven fundraising

The Healthureum Token (HHEM), which is Ethereum ERC20 compliant, will be the driving force of the ecosystem as a utility token. A Token Generation Event (TGE) will be held starting January 10, 2018 to fund the various stages of the project as milestones are achieved. The TGE will end on February 13, 2018.

A successful fully subscribed pre-TGE has already been completed. During the TGE, Healthureum tokens can be purchased using BTC, ETH and ECH. A bonus program is also in place with participants getting a 22% bonus on Day 1, 17% in the first week, 12% in the second, 7% in the third and 2% in the fourth week. There are no bonus tokens in the fifth week of the TGE.

The total supply of HTH tokens has been capped at 150 million. Healthureum hasput together a participation guide[10] for interested participants.

Your data, your doctor, your way

Those who participate in the TGE are helping build a better and more affordable healthcare system. The large scale of the project necessitates participation in the TGE and enables participants to be able to enter the project at a favourable price point, while early funding would ensure that the project gets underway.

A white paper[11] outlines the development plans of the project which is expected to continue well into 2019. However, various alpha versions of the project are expected in 2018. A successful Healthureum would usher in an era with better systems for greater efficiency, transparency and data security.

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

Banks of Future Will Face Digitally-Empowered Customers: Expert Blog

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Expert Blog is Cointelegraph’s new series of articles by crypto industry leaders. It covers everything from Blockchain technology and cryptocurrencies to ICO regulation and investment analysis. If you want to become our guest author and get published on Cointelegraph, please send us an email at mike@cointelegraph.com[1].

Over the last 10 years, mobile phones have introduced the Internet into all our economic and social interactions. Already, in places such as Chinese, we see mobile apps like WeChat[2] and Alipay dominating more than 90 percent of the payments[3] market. They are not competing for profits, but to learn their users’ likes and dislikes, and to understand their habits and financial status. This knowledge is used to build a user profile that is then sold to advertisers or translated into lending.

China is becoming a cashless society, using mobile apps that reduce financial institutions to mere payment providers. Banks are becoming far removed from their customers, without any knowledge of those customers’ needs or the ability to engage with them. It’s easy to extrapolate that payments will be integrated into any digital social interaction in which we will engage in the future.

Thus our future banking providers will have to hitchhike on top of social networks, wallets, messaging apps and mobile operating systems. These will become distribution networks for their services. Banks will be competing to provide the best digital banking experience for a generation that will not understand the concept of physical banks.

One of the biggest impacts of using Internet-based distribution networks to access your consumer base is that it will reduce the number of intermediaries that need to participate in a transaction. This is not to say that middlemen will entirely disappear, but in a world where any two entities can communicate P2P on public internet rails, the concept of correspondent banking will be transformed.

We already see the power of such networks in places like Kenya, where it took a branchless banking service called M-Pesa[4] only three years to become the most successful mobile banking service in the developing world. They did this simply by connecting millions of consumers with their bank through SMS.

Another impact will be a reduction in the friction inherent in switching banks. Think about how easy it is for a cab driver to switch his or her entire personal business from Uber[5] to Lyft[6] on a daily basis. This opportunity for an individual to “exit” the network puts big pressure on traditional business models. It gives the advantage to intermediaries that are able to connect with consumers on a personal level, give them a voice and create loyalty that reduces “exit.”

Implementing distributed systems

As these new distribution networks evolve, they become more efficient. We can see an example of this in Blockchain-based[7] networks like Bitcoin[8] and Ethereum[9], which provide P2P transactions that are carried out without any single network operator taking a fee. These networks evolve slowly because of their governance structure, but are displaying a significant ability to coordinate large numbers of people and organizations by using economic incentives. This aligns all parties’ interests in maintaining the network and improving it. Imagining new types of banks that operate on top of a decentralized ledger could lead to true competition in banking and introduce opportunities for financial innovation.

In a world where payments are cheap, instant and 24/7, these new crypto-banks will be trusted intermediaries that accept deposits from customers and manage those customers’ capital. But unlike traditional banks, they will not lock users into a closed garden of financial services. The value they provide to their customers will be measured in terms of their ability to package solutions into digital products. They will form a marketplace of banking services, ranging from lending and wealth management to insurance.

Offering a banking product on a public distribution network also changes the flow of information. Today, when consumers provide their credit card number and in return receive consumer credit, they are locked to a single credit provider. But when customers provide proof of their identity, those customers share an attestation of their financial conduct. They are also giving their location in order to reduce fraud, and informing the retailer of the best way to reach them for matters of customer care and digital receipts.

Standards for digital identity will create new models for evaluating risk, which will allow connecting credit givers to credit takers and remove reliance on centralized credit scoring providers. Already, social and mobile apps are offering better data privacy controls for sharing information with third parties as a result of public demand. Better encryption-based privacy controls can empower users to choose their credit providers by sharing more of their information and securely recording the full context of each transaction.

As society becomes less reliant on cash transactions and more dependant on public Internet rails, capital management and banking compliance will look very different, with a bigger emphasis on decentralized cryptographic systems. The cost of banking IT will be reduced by using open-source software and improving its resilience by leveraging its distributed nature. The first technology-oriented regulators will create internet standards for regulation and pave the way for all the rest. This will allow the providing of cryptographic proof of solvency or proof of your identity. Companies will be able to operate with greater transparency and consumers consume with greater privacy.

Eventually, fintech companies and banks will become more and more alike. As user acquisition costs begin to rise for banks, they will begin to think more about maximizing the lifetime value of each customer and becoming more efficient. Fintech companies will become, well… just “banks,” and we will soon realize that there’s no escaping that word, no matter how much tech companies will try.

Mark Smargon is the VP Blockchain and co founder of Colu, a venture capital funded startup that uses blockchain technology to help people by creating local currencies and building local economies. He has over 17 years of experience with web technologies and understanding how to leverage them to meet market needs. An expert in bitcoin and blockchain technology, Mark previously founded Bitgo.co.il, a Bitcoin payment provider in Israel as well as Creatix, a leading E-commerce provider.

Industries and Blockchain 2017

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The first Blockchain system-Bitcoin[1]-saw astronomical returns of over 1,300 percent in 2017. As we progressed through 2017, Blockchain technologies became hard to ignore and more of the corporate world took an interest in Blockchain technologies. In 2017, the NYSE filed for two Bitcoin ETFs with the SEC, the CBOE became the first institutional investor to launch a Bitcoin futures market and CME group[2] followed suit a week later doing the same. But it is not only large exchanges interested in getting some skin in the Blockchain game, a multitude of industries have been interested in incorporating Blockchain technologies to make their businesses more economically efficient.

The increasing interest around Blockchain technologies in 2017 led the CTFC to release a Primer on Virtual Currencies[3] which acknowledged that Blockchain technologies can be used by governments, financial institutions and cross-industries to optimize everyday operations via a Blockchain system.

Use cases

Blockchain technologies can be used as a store of value, in trading and payment transactions, and to transfer and move money either domestically or international at a faster speed and a lower cost than the traditional financial institution or intermediary is able to–just to name a few use cases.

Blockchain technologies have been revered for their cost-cutting, security enhancing, speed enhancing capabilities. A Blockchain[4] system is a distributed ledger secured by a cryptographic proof of work/stake. Viz, powerful computers crack algorithms that encrypt the transaction data into each block. When a computer is able to crack the algorithm, a block full of relatively recent transactions is added to the chain, a copy of the updated ledger that has the new block is broadcasted to the other nodes–any computer connected to the network–and the nodes update themselves on the networks transaction history. If an updated ledger is broadcasted that a majority of the nodes on the network are not in consensus with, then a node will not update to retain that copy of the ledger because it is not a truthful and honest representation of the transaction data.

Record keeping

The cryptographically secured Blockchain and the system of node consensus is believed to produce a more accurate copy of the ledger than the current system of centralized record keeping is capable of.

In Blockchain: An Emerging Solution for Fraud Prevention[5] Jun Dai, a computer scientist at California State University Sacramento argues that “altering or deleting information in the companies accounting systems, changing electronic documents, and creating fraudulent electronic files were the main methods to conceal frauds.”

In industries like accounting where human workers handle and manage tasks such as verifying records and confirming the truthfulness of transactions, it is possible that human error or individuals with ill incentives manipulate records or create fraudulent records that are not an accurate representation of transaction history.

That is why record-keeping industries like the accounting industry have been attracted to  Blockchain technologies; the Blockchain network is secured by cryptography and verified by a network of computers–not human workers. Because of this, Blockchain technologies allow a nearly tamper-proof record to be created and allows individuals to transact peer to peer without having to put their trust in a third party to honestly facilitate their transactions.

Blockchain technologies allow business operations to take place without the use of a middleman–something that was not feasible before the invention of Blockchain technologies unless individuals transacted in cash; but even cash is becoming inefficient to manage and transact with.  It is unnecessarily costly to operate a business, financial institution, or financial intermediary where human workers are doing jobs that computers are capable of handling faster, more efficiently, and with less error than human workers.

When human workers carry out operational tasks for business, the business must pay costs associated with owning or renting infrastructure, electric, gas, and the water expense concurrent with operating infrastructure, employees salaries, paper for printers, etc. If intermediaries were able to invest or save the money that they have to put towards operating or paying for a service that can be automated by computers, it is possible for a business to become more economically efficient.

A system secured by cryptography that only needs to connect to the Blockchain network to operate can effectively diminish some of the costs associated with running a business. Blockchain technologies are capable of reducing the amount of human workers needed, reducing salary costs, eliminating the need for a business to own/rent and operate infrastructure, and making the record of data kept by the business less susceptible to fraud[6] and manipulation.

But the Blockchain does not only allow businesses to operate over a more efficient, economical, and secure system; in 2017 we began to see Blockchain technologies change the way that businesses raise capital.

Capital raising

An ICO– Initial Coin Offering[7]— is a method of crowdfunding a business can use to raise capital by selling the right of ownership or royalties to a project to investors. ICOs are often likened to IPOs–Initial Public Offerings–in which businesses raise capital by selling shares of ownership in the company to investors. However, it is far easier for a company to launch an ICO than an IPO. This makes ICO an attractive option[8] for start-ups looking to get off the ground, and gives Blockchain technology the ability to change the process of raising capital.

To launch an ICO, all a company needs to do is bring the project to a respectable technological checkpoint, publish a white-paper, and announce the date they plan on holding their token sale. No underwriting or government approval needed, compared to an IPO, in which an investment bank underwrites a business, then files with the SEC and then has to wait for the SEC to evaluate their business before the SEC finally announce an IPO date for the company.

Digital revolution, age of the Internet

Similar to the idea that offices had of going paperless to become more efficient, cut costs and enter the future by aligning themselves with the digital revolution, businesses and governments have their eye on Blockchain technologies because they seem to be leading the corporate world into the digitized future.

The economical efficiency, increased transaction speed and cryptographically secure features of Blockchain technology make Blockchain technology an attractive upgrade for businesses who incur a hefty operating cost from processes that an automated machine can handle more efficiently.

Blockchain opportunities for industries

2017 was really the first year we saw Blockchain technologies flood the mainstream’d public. Before that, only the crypto-community was concerned with Blockchain technologies. And unlike the mainstream’d public, the crypto community valued these technologies more for their utility than their speculative aspect. But nevertheless, Blockchain technologies made a positive first impression on the mainstream media[9] in 2017. With wide adoption by businesses interested and capable of using Blockchain technologies to optimize their operations, and both the retail and institutional investor enticed by the return on investment of Blockchain technologies, it is safe to say that Blockchain technologies will be here to stay for 2018.

Blockchain For Hospitals: Document Distribution Platform Announces Key Partnerships

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Aston[1] has created a Blockchain and security solution for decentralized document authentication and distribution. The system keeps documents on a main Blockchain, but stores edits and updates on side chains to enhance security and speed of delivery.

At BlockShow Asia[2] last month, the company’s head of sales, Kiyoung Tack, announced a partnership with Korean hospitals, as well as with a Blockchain solutions platform.

Hospital partnerships

Per Mr. Tack’s presentation, Aston has recently signed a substantial contract with a network of nine hospitals in Korea to provide document protection services[3] for their patients.

An estimated 180,000 patients will be involved in the new document management system, meaning that the company will be providing protection for upwards of 6.5 mln pages of documents per month.

The connection provides an immediate use case for the Aston platform, prior to the completion of its ICO, which began Dec. 18 and will conclude Dec. 24.

Blockchain solutions platform

Additionally, the company made a substantial announcement at the show regarding a strategic partnership with Hybridblock[4], a multi-tiered Blockchain education and investment platform. According to Tack, the partnership will focus on creating a new global cryptocurrency exchange.

BlockShow Asia

Held in Singapore, BlockShow Asia[5] saw 1500 Blockchain professionals and enthusiasts gather to share the latest innovations and insights in the industry. In addition to including Tack’s presentation, the show provided a venue for 67 speakers from a host of countries.

During the show, twelve new ICOs launched raising a total of $40 mln to date. The show also included the ICOscar event — a startup competition powered by Waves[6] and Crypto Bazar[7] with a $20,000 prize.

No More Hard Forks in Next-Generation Blockchain?

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Blockchain technology is in a state of rapid evolution at the moment, and we are starting to see a number of major players emerging like Ethereum, NEO, Ripple and IOTA. But a lot of discussion is on how to reduce volatility without hindering innovation and decentralization. One of the leading thinkers who co-founded NEO (at the time it was called Antshares) is attempting to do just that. Hitters Xu believed his next-generation Blockchain platform Nebulas[1] will reduce, if not completely eliminate, the need for forks. And it will bring the capability of search to the Blockchain platforms – like a Google for Blockchain.

After having served as founding Director of Blockchain Platform for Ant Financial (Alibaba’s financial affiliate), Googles in Search & Anti-Fraud team, Hitters Xu is back working on Nebulas as his latest project, an open-source Blockchain project that aspires to lead the next generation of Blockchain technology.

Decentralized search framework

More Blockchain-based application scenarios are emerging, from cryptocurrency to a wider range of sectors including finance, healthcare, advertising, supply chain, etc. The Blockchain ecosystem is exploding with asset transactions, smart contracts and DApps. Finding the most relevant applications among a sea of DApps will become more challenging.

Hitters said:

“Bitcoin Blockchain represents a one-dimensional world where transactions take place peer-to-peer. Ethereum Blockchain has brought us a two-dimensional world with smart contracts and DApps. More and more apps are being built on Ethereum now. When the number of Blockchain DApps reaches that of a mobile app store, how users search and find the expected DApp would be a big challenge.”

Just like how Google ranked websites in their search engine results with its PageRank, Nebulas will provide Blockchain users a way to find the most relevant information in the Blockchain world with Nebulas Rank (NR)[2], thus building a three-dimensional world. Based on the measure of value of NR, people can further unleash the value of Blockchain technology and explore business opportunities such as search engine, advertisements, DApp store.

No more hard forks

A decentralized Blockchain system cannot force users to upgrade clients and protocols. Therefore, protocol upgrade in the Blockchain system often leads to “hard forks” or “soft forks.” The Bitcoin community could not reach an agreement over block scaling, which resulted in several controversial forks. Although Ethereum’s “hard fork” offers a temporary fix to The DAO problem, it also created “duplicate assets” like ETH and ETC and resulted in division in the community.

A well-architected system should be able to self-evolve in order to achieve better performance, better resilience and user experience with little external intervention. At Nebulas, the ability to self-evolve is called “Nebulas Force.” Nebulas’s system enables base protocols and smart contracts to upgrade smoothly. It also allows developers to respond rapidly to breaches with upgrades. Hitters commented:

“Human being’s DNA doesn’t not evolve through hard or soft forks. Instead, small mutations are integrated into our DNA system, a Blockchain-like decentralized one where each human being has a complete copy. Nebulas’ Blockchain system evolves in a very similar way.”

A new incentive protocol for a better ecosystem

In order to have rapid growth of DApps, a proper incentive model to encourage developers is becoming increasingly important. Nebulas invented Developer Incentive Protocol (DIP) to reward smart contract or DApp developers with high Nebulas Ranks. They could get Nebulas Token (NAS) for their contribution to the community[3]. This creates a virtuous circle where developers are incentivized to create high-quality DApps.

PoW and PoS are currently two major Blockchain consensus algorithms. Nebulas has created a new one to help build a better Blockchain ecosystem.

“The problem with PoW is a waste of computing power. While PoS makes the rich richer. Nebulas developed the Proof of Devotion (PoD) algorithm. PoD also uses NR as the measure of value to identify the accounts with great devotion to the ecosystem and grant them the fair chances to be bookkeeper to avoid monopoly in bookkeeping.”

About the team

Hitters is one of the earliest members of Blockchain community in China. After he first got acquainted with bitcoin in 2012, Hitters started BitsClub.io in 2013, a non-profit Blockchain community project. Ethereum made its debut in China at BitsClub in March 2014, followed by a roadshow in May 2014 on the First Global Blockchain & Bitcoin Summit, also initiated by Hitters. In September 2016, Hitters joined Ant Financial, the financial affiliate of Alibaba and built the first and only Blockchain platform within Alibaba Group.

In May 2017, he left Ant Financial to found Nebulas[4] with Robin Zhong, former architect of Ant Financial’s Blockchain Platform and Aero Wang, Antshares (NEO) co-founder. Nebulas has completed its pre-sale in the first half of December and raised $60 mln in ETH.

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

Step Towards Legalization of Crypto in India – New Blockchain Foundation

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Blockchain Foundation of India[1], a non-profit organization, aimed at inculcating Blockchain Technology in India, was launched recently in New Delhi, India.

This development is especially intriguing, given the legal ambiguity regarding Bitcoin and Blockchain in India. This is the second such initiative to be launched in India, after Digital Assets and Blockchain Foundation of India (DABFI), whose focus had been more on the regulation of Bitcoin in India — than on other Blockchain-based initiatives or startups.

Growth promised for Blockchain

Mohit Kalra[2], CEO of Coinsecure, who founded Blockchain Foundation of India in partnership with Velix.ID and has been a part of DABFI as well, on being asked about the initiative:

“Apart from being a Bitcoin exchange, Coinsecure has also been making efforts to promote Blockchain further in India, and BFI is a step in that direction. The Blockchain Foundation of India already has members from National Informatics Centre (NIC), PwC, Nokia, Yes Bank, and GlaxoSmithKline, and a lot of other people have been approaching us as well, showing an interest in being a part of the initiative.”

Mohit added that the membership will not just be limited to people already working with Blockchain and that anyone with interest in Blockchain and utilizing it can be a part of the foundation. As per him, even in India, Blockchain is not seen as just limited to Bitcoin or cryptocurrencies, and they are attracting members from various sectors and industries who can see the potential of Blockchain to disrupt the existing technology.

Across industry verticals

Commenting on the vision with which he founded BFI, Manav Singhal, also an executive member at BFI and founder of Velix.ID said:

“Blockchain is the future of technology itself. We have a lot of talent working with Blockchain in India; what we truly needed was a platform to collaborate and encourage. Through the BFI platform, we will be able to accelerate the growth of Blockchain technology in India remarkably.”

Kunal Patel, advisor to Yes Bank’s Yes FinTech initiative, on being asked what his vision for Blockchain Foundation of India is and why he joined the initiative, said:

“Blockchain has the power to radically transform the way we currently work across many industry verticals. The benefits have been well documented, but we must ensure that we apply the technology in the right way, and continue to educate all concerned people to reap long-term rewards. I believe BFI will help push this change in the right direction.”

Govt vs. markets

The government of India has so far been continuously warning people[3] against Bitcoin and cryptocurrency, but the market for cryptocurrency has been growing heaps and bound recently in the country, as the government has itself admitted[4]. Almost all of the major banks in India are experimenting with Blockchain, including SBI, ICICI, Axis Bank, and Yes Bank. As such, it is natural that many organizations will crop up in the near future— advocating for the growth of Blockchain and cryptocurrency in India — ultimately coercing the government to define their formal stance on Blockchain and the legalization of cryptocurrency in India.

Crypto Christmas: Give a Blockchain Gift to ‘Nocoiners’ You Love

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The year 2017 proved to be an eventful one in the media with constant turmoil about Donald Trump, North Korea, Brexit, and many other topics, but one thing is very clear-2017 will go down in history as the year of the cryptocurrency. This year saw the launch of hundreds of new cryptocurrencies[1] while older coins like Bitcoin[2] and Ethereum[3] outperformed all other asset classes.

Initial coin offerings[4] (ICOs) saw record inflows[5], giving traditional venture capital firms a run for their money–no pun intended. Major news corporations like Bloomberg and the Wall Street Journal significantly ramped up their cryptocurrency coverage–a tip of the hat to the upcoming industry.

With individuals getting more involved in cryptocurrencies than ever before, one way to spice up the holiday season is to give cryptocurrencies as gifts. To do this, all one has to do is create an account with an exchange like Coinbase. Then, after funding the account with a bank transfer, debit card, or credit card, users can buy Bitcoins, Ethereum, or a wide variety of other cryptocurrencies. These cryptocurrencies can be sent to a friend’s wallet address along with a cheery holiday greeting.

Cats and games

Those that want to add a personal touch can give virtual goods like CryptoKitties[6], a digital pet on one of the first games to be successfully launched on a Blockchain platform. Users can buy and sell CryptoKitties as collectibles on a decentralized marketplace, with the Blockchain serving as an irrefutable record of ownership. Players can also breed two CryptoKitties together to create a brand new, unique kitten, one that no other user on the platform can recreate. Some CryptoKitties demand quite a high premium[7], making them an excellent source of potential returns.

Gifters can consult online exchanges to find virtual goods to send to their friends as holiday presents. These digital goods can be sent anywhere in the world and can be bought with a majority of cryptocurrencies. Like CryptoKitties, they can be an excellent way to put a little extra thought into the process, especially because many digital gifts can be customized for each recipient.

Soon, a bunch of great projects will allow you to send exciting and innovative gifts on the Blockchain. One example is GIFTO, a Blockchain platform that completed its token sale a week ago in just one minute[8], making it the fastest crowd sale ever in Asia. GIFTO is working on a decentralized virtual gifting protocol that incentivizes content generation for content creators worldwide. The platform can be integrated with YouTube, Instagram and Facebook, allowing creators to send content to their fans in an increasing number of ways.

Another option for those who want to give digital gifts is the WAX (Worldwide Asset eXchange) platform, which is expected to launch in Q4 2018. It will allow the 400 mln strong gaming community to collect and trade in-game items, a market which is close to $50 bln per year. But the WAX platform will also allow the exchange of almost any virtual items. In fact, a user could set up their own store for crypto-gifts and trade them through the platform.

It’s an exciting time for cryptocurrencies and Blockchain technology. After an amazing 2017, whether your friends or family are nocoiners[9] or die-hard crypto enthusiasts, giving ‘the gift of crypto’ this holiday season could be an exciting way to usher in 2018.

Aston Company Called For ICO Standardization and Investors’ Responsibility

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It’s been several weeks since BlockShow Asia 2017[1], but the buzz around the event still goes on and we still have something to tell you. Today we would like to speak about one company which, at first glance, was just another successful Blockchain project from Asia, but in reality played a much bigger part during the conference.

The thing is the Aston[2] project represented the country, which is often being unfairly forgotten in the context of the Asian Blockchain ecosystem – South Korea. However, after chatting with Connor Tack head of sales at Aston, it became clear that the company itself saw this as one of the main purposes for joining BlockShow Asia 2017:

“First of all, as we consider ourselves as the leader in Blockchain industry in South Korea, we wanted to stimulate and trigger Korean companies to join the global market. We wanted to show that our technologies are at the same page or beyond to the western world.”

Disrupting document distribution

But let’s first add some context and get a closer look at the Aston company itself. Aston is a decentralized document authentication and distribution platform based in South Korea. The main unique feature of Aston is that the company replaces linear Blockchains with so-called X-Chain, a new Blockchain technology and multi-dimensional structure that exists alongside the standard linear Blockchain.

That’s how Connor Tack explains Aston:

“We seek to replace and automate all the documents that are issued by trusted third parties like hospitals, <…> or banks, schools and governments.”

One of the many indicators of the fact that Aston became a good support and adding for BlockShow Asia 2017 became the commentary from Connor Tack, expressing his own opinion about the main mission of the conference – eliminating borders and bringing together the Western and Eastern parts of the global Blockchain ecosystem. Connor shared his vision:

“In contrary to the proliferating Western market, the Eastern market is slowing down due to the regulations raised in influential countries. Only Сhina itself could enlarge the Blockchain industry to the size of the western market, its absence influenced several countries nearby. South Korea is now regulating the crypto-exchanges and the narrow-minded banks are not being collaborative since cryptocurrencies seemed to be the competitor to the fiat currencies. We knew that financial industry is conservative, but never knew they would impede on such huge market from materializing as a legit business. As always it has been, Korean government awaits for the US and China to fully legalize this industry including ICO to start to embrace it. Therefore, we need a better connection between Eastern and the Western Blockchain scenes.”

How to avoid ICO frauds – an insight from Aston

On the second day of BlockShow Asia 2017, Connor Tack stepped in as one of the speakers, presenting in the very first, morning part of the event. His speech was dedicated to one of the hottest topics of today’s Blockchain ecosystem: the ICO sector and how to avoid any frauds in this field. Connor himself spoke about his presentation as of one of the main purposes of taking part in BlockShow Asia, stating that “it is our duty to protect our ICO, Blockchain ecosystem from the frauds.” Later, speaking with the Cointelegraph reporters, Connor explained his vision in greater detail:

“…I wanted to spread the word that it is our duty to protect our ICO, Blockchain ecosystem from the frauds. If we keep asking questions to those ICOs, we will be able to standardize and enhance the ability to distinguish the scams. Resulting in a sanctum of ICOs where no frauds are allowed.”

It was obvious that Connor’s presentation was his very own attempt to encourage the community to the thorough selection of ICOs before the actual investment in any project. He listed and explained, in particular, all the ways of self-analysis of the ICO, as well as some points one should always pay attention to. Finalizing his speech, he made a brief summary and repeated his main idea once again:

“We should keep asking questions to those ICO projects, so we can prevent corruption and frauds from coming to corrupt this ecosystem. Please spread the word and help us save our ICOs.”

Connor Tack finished his presentation on a rather positive note. He happily announced that Aston just signed an exclusive contract with 4CGate[3], a leading innovative IT service solution provider for the service activity automation in various fields including education, government, healthcare and many more. The basis of this cooperation seems to be Aston’s Blockchain-based medical proof service, which is currently being test run with two major hospitals in South Korea. During this announcement, Connor shared the following numbers – 4CGate is currently running in over 90 major hospitals in Korea with 180,000 patients daily, which, according to Aston’s predictions, will lead to 6.5 mln documents processed by Aston on a monthly basis.

What’s next?

The last thing Connor shared with Cointelegraph was the Aston plans for the rest of 2017 and beginning of 2018. Thus, at the end of January Aston is planning to close its crowdsale (which, by the way, goes on right now). Besides, the company’s ATC token will be soon listed in major exchanges consecutively starting with Coinlink. Finally, the development of the company’s unique concept, the X-Chain and its tools will be commenced in the Q1 2018 as well.

The Technology To Unite the Planet: Interview with TravelChain CEO

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Can you imagine the world without geographical and political borders?

Ilya Orlov, CEO at TravelChain[1], can. He told us how to do it and what role Blockchain plays in it at BlockShow Asia[2] in Singapore.

CT: Why did you decide to do something in the travel industry in the first place? I mean it’s not a typical Blockchain application.

We started a project three years ago, but we didn’t know about the decentralized technology at the time. We were creating a market platform for travelers where they can provide services to each other.

And it didn’t work out. People were not motivated to share their information and it turned out to be a milestone we couldn’t reach.

CT: And how did you find the solution?

With tokens! Travelers get travel tokens for sharing their information. And travel businesses use this information to improve their services. So they buy it with travel tokens. And travelers get these tokens and a customized offer as a reward.

CT: Without a third party involved?

Yes. Thanks to the decentralized technology the payment goes directly to a person without any additional fees.

CT: Looks like it does solve the motivation issue.

Yes, it solves the problem of motivation and it solved the security problems and provides higher efficiency. Blockchain solves all the problems (laughs).

CT: Blockchain solves everything! (laughs)

If you use it right!

Ilya Orlov

                                                                                                Ilya Orlov at BlockShow Asia 2017, Singapore

CT: By the way, when did you first hear about the decentralized technology?

I was working in the IT sector when I first heard about it. Back then Bitcoin cost something about hundred dollars. I did not buy any at the time. But then a year and a half ago I heard about Blockchain and started looking into what it is…And I am a happy man now! The whole economy is down but this industry is striving!

CT: You seem to be really excited about! 

I mean it is so cool to be in the Blockchain and crypto community! Everybody is so active, everybody has so much energy and the whole world are looking at us right now. And we have an opportunity to change this world for real, you know, for the first time in history when data can be owned by everyone.

CT: Where do you see the best implementation of the Blockchain technology?

I think the main thing this technology can do is to unite the whole planet.

CT: How’s that?

Can you imagine the planet without borders?

CT: You mean geographical borders?

I mean the world with the decentralized government.

CT: What do you mean?

I see it as a unified system and database, where all the information is transparent. And that motivates people. If you realize that your actions have consequences everybody will know about, it definitely makes you think twice and makes you want to be much better person.

TravelChain

TravelChain at BlockShow Asia 2017, Singapore