R3 CEO David Rutter is developing a blockchain-based bond trading ecosystem that will use the Corda infrastructure. The platform will
Blockchain-based technology represents a digital ledger of economic transactions that can also be programmed to record not just financial transactions but everything that has any value.
Simply put, it’s a time-stamped series of immutable records of information that’s managed by a cluster of computers that aren’t owned by any single entity.
The data sets are compiled in blocks (hence the “block”) and bound to each other using cryptography (hence the “chain”).
These networks are governed by consensus algorithms that dictate how the blocks are created and added to the blockchain. The two most popular ones up to date are Proof-of-Work and Proof-of-Stake.
Proof-of-Work (PoW) is perhaps the most popular consensus algorithm, and it governs Bitcoin’s network. With it, each participant must compete with the rest to solve a difficult mathematics problem, using the processing of computing power. The first one to solve the puzzle gets a reward for the work.
With Proof-of-Stake (PoS), there is no competition because an algorithm chooses the block creator based on the user’s stake (the cryptocurrency he owns and uses for stake). There is no reward for adding a block; instead, the block creator takes the transaction fees.
It’s also worth noting that there are public and private blockchains. With the former, anyone has access to the ledger. Typing an address will reveal the current balance, as well as the list of transactions that the address had sent and received. This is the reason why Bitcoin is not considered anonymous.
Recent Blockchain News
The Bank of Thailand is about to trial its digital currency with local businesses as part of the third phase
JP Morgan And Singapore’s Investment Giant Temasek Have Developed A Blockchain-Based Payment Network
According to a recent report, Singapore has developed a blockchain-based payment network that will see the Monetary Authority of Singapore,
US privacy advocates are concerned that the 4th amendment doesn't protect Bitcoin transactions following a recent court ruling.
China's BSN integrated Chainlink Oracle. Following the launch on Sunday, Chainlink (LINK) has marked a fresh all-time high.
Indian IT giant Tata Consultancy Services announced its foray into the field of cryptocurrencies through a new solution.
Public-private crypto ties in the US are steadily increasing. Is it time for clear blockchain regulations?
South Korea is loosening the knot on blockchain, as the country plans to create a free trade zone for industrial
Local cryptocurrencies are helping communities in struggling parts of Kenya to survive the Coronavirus crisis. Here's how.
Blockchain utilization is continuously rising in various countries across the world, a recent report revealed. It outlined that US-based companies