We are still looking for a few speakers to close out our speaker line up for Blockchain & Infrastructure on September 29-30 at the National Press Club in Washington, DC. We have one or two speaking slots available on the following panels.
We also have two keynote slots open (requires sponsorship).
Committed Speakers Include:
Brian Cavanaugh, former US National Security Council Member for Presidents Trump & Biden. He was Special Assistant to the President and Senior Director for Resilience Policy, and he was the U.S. Dept of Homeland Security, Executive Director for Strategic Planning, and Integration
Dino Cataldo Dell’Accio, Chief Information Officer at the United Nations. He is the Chairman of the UN Digital Transformation Working Group (coordinates all the CIOs across all UN Programs).
Bill Rockwood, Executive Director of the US House of Representatives Future Forum. He is also the Deputy Legislative Director for Congressman Soto, Co-Chair of the Congressional Blockchain Caucus.
Vilma Mattila, investor in over 60 blockchain companies. One of the projects she co-founded is valued at $2.5 billion. She just raised $100 million for one of her projects.
Barry Johnson, Director of Translational Programs for the US National Science Foundation.
Ingrid Vasiliu-Feltes, National Director WBAF USA Country Office & Senior Senator WBAF. This organization connects top G20 investments with startups seeking funding.
Volunteer to Speak
Any GBA member wishing to volunteer to speak should complete the Speaker Volunteer Form at the bottom of the Conference Speakers Page.
The 2020 US elections were a painful display of a breakdown in public trust. Declining trust in elections threatens democratic institutions all over the world, and it is imperative we restore it in our democratic institutions.
US Federal law requires that overseas, military, and disabled voters have access to remote voting. States permit the use of email, fax, or mail-in ballots. However, many of these methods used today lack the security required to maintain integrity of the election results. The most important aspect in restoring trust is to manage all ballots securely, whether paper or electronic.
Susan Eustis, Chair of the Government Blockchain Association (GBA) Voting Working Group has a lifetime of experience with elections. Her father invented the first mechanical voting machine, and she has been a researcher in the election and technology field for over 50 years. Eustis stated, “the same technologies banks use to move trillions of dollars each day can be made private and secure enough for elections by adding blockchain technology”.
However, there are two reasons why mobile devices and blockchain are typically not used for federal elections:
There is a concern that internet-connected systems cannot be made private and secure for elections.
The standard used by laboratories to certify election systems is called the Voluntary Voting System Guidelines (VVSG) published by the US Elections Assistance Commission (EAC). However, the VVSG prohibits election systems connected to the internet.
The GBA has released two reports to address these issues.
The GBA assembled industry experts to debate remote digital voting at an event called Blockchain & Voting. Consequently, the participants agreed to draft a report comparing the functional and security considerations of available remote ballot return methods. The report can be downloaded atRemote Election Technology Report
The work that the GBA has done and continues to do to support the use of blockchain technology, securing elections and public confidence in public institutions is paramount. For more information visit www.GBAglobal.org or contact gerard.dache@GBAglobal.org.
The Financial sector is one of the most critical parts of the global economy, contributing about 18–20% of GDP. The traditional players like banks have always lagged behind as far as technology adoption is concerned. Whether it be catering to the larger population, improving the user experience or back-end processes, the Banks move at their own pace and miss the innovations happening outside. This, fortunately, changed after the Fintechs entered the domain with solutions catering to the front-end layer of the Financial economy. The Fintech companies changed the way customers interacted with financial services as well as improved accessibility.
But what Fintechs did not touch upon was the underlying infrastructure which is still riddled with centralized control, ever burdening compliances, costly & limited access to services. The transaction and settlement layers are separate and the backend systems do not work seamlessly with the front office. The customers do not control their money and are at the mercy of companies to manage them. Despite the stringent regulations and compliances, the scams and illegal transactions have not ebbed. Some of the new-age fintech companies exploited customers with their payday loans and cash advance products with exorbitant rates. The benefit to the customers was speedy disbursals but by adding to the cost of capital. Similarly, remittances are still very expensive and take a lot of time. The investments are risky not only due to the lack of transparency about the quality of the portfolio but also owing to human greed that defies the norms and leads to scams.
Then Bitcoin was launched and brought the concept of decentralized peer to peer to finance into reality. For the first time, it was possible to transact from peer to peer without any intermediary in a trustless environment. It applied the concepts of cryptography, game theory, distributed ledgers, and consensus protocol to create a trustless economy where the actors could transact with each other in a transparent and secure environment. Initially, the underlying support infrastructure for trading and exchanges was centralized but now that is changing fast with Decentralized Exchanges (DEX), decentralized protocols like Compound for liquidity pool, etc. This has helped open up protocols like Ethereum and EOS to be used to facilitate financial services in a decentralized way.
Decentralized Finance (DeFi) or Open Finance
Decentralized Finance (DeFi) refers to the new ecosystem or movement that uses decentralized networks and applications (DApps) that are open and non-custodial to create various financial products. The underlying concept is to design financial DApps that operate in a trustless network using peer to peer protocols like Ethereum. The DApps covers different financial services like lending & borrowing, investing, trading, insurance, decentralized identity, etc.
As the first-generation DeFi apps still are not completely decentralized, Open Finance is more aptly used to refer to this concept. All the DApps are open and collaborative to complement with each other to enable exciting new offerings and possibilities.
The defining criteria for any DeFi or Open Finance product are:
Open Source — The DeFi DApps and Smart Contracts are open-source enabling both transparency and community collaboration. The open contracts are open to audits by users, do not ask for user’s private keys, and open for other startups to use in innovative ways. For example, 0x Protocol enables Decentralized Exchanges of tokens on Ethereum.
Interoperability — The assets on Blockchain need to be interoperable with other protocols so that users are not restricted while dealing with assets whether it be lending or investing. Now, there are various startups enabling cross Blockchain operations. For example, pTokens provides cross-chain composability where any token can be ported to a different blockchain, without friction. It also helps in enhancing liquidity and user experience.
Programmable — The DeFi apps and smart contracts are programmable where the rules, business logic, and governance is encoded into code. The underlying Blockchain Ledger records the transactions and hosts smart contracts with immutability.
Accessibility — All the apps and protocols in Open Finance are accessible to everyone without any bias or special requirements. Anyone with a device and internet connection can join the ecosystem bringing access to financial services to the unbanked population. The startups like Biconomy and Zeeve are improving the user experience of the users so complex pieces like key management or gas management are taken care of.
DeFi vis-a-vis Traditional Finance
DeFi is bringing larger control to users, wider access, and trust/transparency to the financial ecosystem. The various ways where DeFi scores over traditional finance are:
The customers are in control of their assets reducing risk due to centralization.
The DeFi apps and protocols are open source and open for anyone to audit bringing trust and security.
The DeFi brings unbiased accessibility to the users, across geographies. The whole world is one and equal.
The composability feature of DeFi protocols allows designing new products by combining existing products. This makes the product design agile and relevant for the users.
The DApps and networks can be accessed by using standard tools like metamask, coinbase, etc. The single window access to multiple apps using a single set of credentials improves the user experience.
DeFi Projects to follow
The DeFi ecosystem is growing rapidly with new products, protocols, and platforms. Some of the noteworthy DeFi start-ups covering various financial services are as follows:
Credit and Lending — The DeFi projects in lending/borrowing space allows peer to peer (P2P) lending in a non-custodial way. Various projects are coming up to build credit scoring engines also. Examples are BlockFi, Compound, SALT, ETHLend, Atomic Loans, and NUO Network
Savings and Deposits — The DeFi projects in this domain are providing decentralized banking apps where the users can make deposits and earn interest. These projects provide simple user interfaces for users to interact with lending protocols. Examples are Dharma, PoolTogether, Linen App
Insurance — The DeFi projects in Insurance space are enabling decentralized insurance with innovative product design, P2P transactions, and transparency. Examples are Etherisc, Nexus Mutual, VouchForMe
Trading and Exchanges — The DeFi projects in this space are providing decentralized exchanges so that risk inherent in the centralized exchanges is eliminated. Examples are AirSwap, Bancor, IDEX, Uniswap, Oasis
Payments — The DeFi projects in this space are helping protocols improve the scalability of network and throughput of transactions. This is much needed to enable wider adoption. Examples are — Lightning Network, and OmiseGO
Stablecoins — The DeFi projects in this space are providing an alternative to cryptocurrencies like Bitcoin or Ether to increase the usage of cryptocurrencies in real-world transactions. Stablecoins are asset-backed cryptocurrencies backed by Fiat, Gold, etc. It combines the benefit of cryptocurrencies and fiat currencies. Examples are DAI, USDC, Paxos Standard
Tokenization of Assets — The DeFi projects in this space helping tokenize the digital and physical assets so that the benefits of Blockchain Technology can be leveraged for assets other than cryptocurrencies. Examples are Polymath Network, Securitize, Tokensoft, OpenLaw Finance, Harbor
Staking — The DeFi projects in this space are helping the Blockchain protocols to thrive by enabling investors to participate in staking consensus and earn rewards. Examples are Chorus One, HyperBlocks, Stake Capital, SparkPool, Stakin
DeFi Infrastructure — The DeFi projects in this space are enabling the necessary infrastructure and protocols for other projects to build applications. Examples are Ox Protocol, Bancor Protocol, Chainlink, Kyber Network, RSK, Ren, Uniswap, Zeeve
Decentralized Identity — The DeFi projects in this space are providing Decentralized identity enabling one identity to access the entire DeFi ecosystem. These projects are also helping users to take to become part of the online economy and manage their privacy. Examples are uPort, Civic, Sovrin
Analytics — The DeFi projects in this space provide analytics, indexes, and insights about the transactions and usage for various protocols and platforms. Examples are Alethio, Chainbeat, DeFi Pulse
Asset Management — The DeFi players in this space have built user-friendly wallets and user interfaces for the users to use and manage their access to various DeFi apps and protocols. Examples are Coinbase Wallet, Eidoo, imToken, InstaDApp, MetaMask, MyEtherWallet
As with every new concept, the DeFi ecosystem is also facing its own set of challenges for it to realize its true potential. But the encouraging part is that more and more startups are coming up and working to solve some of these challenges. Besides, there are various elements from regulation and compliance perspectives that need to be tackled for the DeFi ecosystem to thrive. Decentralized finance is highly promising and is going to change the way we think of finance.
Zeeve is the leading Blockchain as a Service platform helping enterprises and Blockchain startups build, deploy and manage reliable decentralized apps and Blockchain networks. Zeeve is a low code automation platform that is cloud agnostic and supports multiple Blockchain protocols with advanced analytics and monitoring of nodes and networks. Zeeve features a powerful set of APIs to build DApps for a plethora of use cases across industries. Zeeve supports Decentralized Finance (DeFi) space with decentralized storage, trusted nodes and smart contracts. For more details, schedule a free call with our DeFi specialist.
The Government Blockchain Association (GBA) welcomes Richard Ho (Ho Quoc Nam) as the new Chapter Lead for Viet Nam.
Ambassador Nam Ho serves as an ambassador-at-large to the Southwest Asian Nations. He is a statesman, Vice Chairman of Vietnam Red Cross Organization’s Sponsor Council, and an Angel Investor in Ho Chi Minh City.
As an experienced, strategic, and solution-oriented economist and business administrator, Ambassador Nam Ho brings many years of extensive professionalism to the public and private sectors. His public sector involvement includes international affairs, social economics, and governmental relations as a statesman. In the private segment, the Ambassador serves in various capacities as a visionary leader, investor, and entrepreneur. He is equipped with excellent communication skills, a strong work ethic, and leadership abilities including a long list of impressive career accomplishments at the worldwide level.
His education is equally impressive. He earned a Doctor of Business Administration (DBA) from Aston University, with a Specialization in Banking, Finance & Entrepreneurship, Tiến Sĩ Quản Trị Kinh Doanh – 2021 – Tài chính, Ngân hàng, và các định chế Doanh Nghiệp. From Durham University, this exceptional student earned a master’s degree, MA, in Business Research. He earned an additional master’s degree in International Management from the University of Nottingham.
Nam Ho secured his bachelor’s degree, Business/Commerce, General – 2004 from RMIT University and received a Certificate of Chinese Language from the Guilin University of Technology. Along with having full proficiency in Chinese Mandarin language, Nam Ho has a professional proficiency in English and is a native Vietnamese speaker.
The GBA is very proud and honored to welcome Ambassador Richard Nam Ho as the new Chapter Lead for Viet Nam.
Shiv Aggarwal, GBA’s current Regional Director for Europe, Middle East, & Africa (EMEA), has decided to step down from his role to focus on his venture EarthID, a decentralized identity platform that allows secure and frictionless exchange and verification of identity information. The GBA leadership is very appreciative for the dedicated work that Mr. Aggarwal has invested into this role and wish him great success as he builds EarthID.
Shiv says, “I have thoroughly enjoyed my journey at GBA since 2018. There has never been a dull moment – including reviving the London Chapter, forming the task force with Jovan Marjanovic and countless more. I have always loved working with GBA’s leadership team, as well as the entire global community. GBA is close to my heart, and I will always be around. However, now EarthID needs my full attention. 2022 has been an exceptional year for us. We are growing from strength to strength – increased our customer base, forged new partnerships, forayed into new geographies, covered by international media, and won the Digital Leaders 2022 Blockchain Innovation Category award. All this would not have been possible without GBA’s community. So, I will always be grateful for the same.”
The EMEA leadership role will transition to Priya Guliani. Priya is a technology and impact entrepreneur. She is an MIT certified leadership professional and Oxford certified Blockchain expert with over 14 years of IT consulting experience. She has been instrumental in the success of many strategic and digital transformation initiatives for global brands. Ms. Guliani is also an author and speaker in innovative technology and sustainability space. She Joined GBA in 2019 as a member and has since moved ranks from leading operations to UK chapter president. Being passionate about sustainability, inclusion, and climate impact, she leads the GBA’s ‘Sustainable Environmental Stewardship’ working group. Priya also served as the Director for GBA’s ‘Blockchain & Sustainable Economic Growth’ event in May of 2022.
Some of Ms. Guliani’s other achievements include: the UK chair for G100 Social Entrepreneurship, Women in Leadership Award 2022 by GCPIT, Mentor with Women in Tech, and she serves as an advisor to an impact fund and innovative startups. She brings excellent thought leadership, camaraderie, and meticulous organizational skills, all while leading by example.
Priya will take the lead in establishing meaningful engagement for individuals and organizations (government, private, and non-profit) that are interested in developing and implementing blockchain technology across the EMEA region. The Government Blockchain Association is proud and honored to welcome Ms. Priya Guliani to the team as the new Regional Director for EMEA.
On the Fist Saturday of each moth the GBA Executive Director hosts a GBA-wide Leadership & Membership call. The purpose is to let the community know what we have done, and what we plan to do. It is an open dialogue for the community to connect, communicate, and collaborate. There are three calls. They each have the same content. But, the conversations differ with the various predicants. All GBA members and leaders are invited and encourage to parti[cate. The call details are:
Global spending on blockchain projects is projected to increase by 187.87% by 2024.
A report from Statista Research Department titled Worldwide Spending on Blockchain Solutions 2017-2024, states that blockchain spending will increase from $6.6 Billion in 2021 to $19 Billion by 2024. That is a 187.87% increase within 3 years.
The International Data Corporation (IDC) published a report in April of 2022 stating that the US government intends to increase its spending on blockchain technology by 1,000% over the next 4 years, bringing its’ expenditure to $123.5 Million by the end of this year (2022). Which companies will step in to fill the gap?
This fall, the Government Blockchain Association (GBA) will host ‘Blockchain & Infrastructure’, September 29-30, live at the National Press Club in Washington, DC. One of the panels during the 2-day conference will address Funding Blockchain Projects. Since governments are planning to increase their blockchain spending budgets, blockchain companies will benefit by preparing to be a contender for that funding.
On March 4, 2021, the Government Blockchain Association (GBA) hosted an event called Blockchain & Voting. During that event, it became crystal clear that there were several opposing perspectives concerning remote accessible digital ballots, markings, and returns. A vigorous debate arose regarding the pros and cons of remote digital voting methods compared with other remote voting methods.
Following the debate, the GBA invited all members of the discussion to collaboratively perform an apples-to-apples comparison of various remote voting return methods.
After over a year of collaboration, the participants are ready to share their findings. Additional experts, not part of the original panel, also joined the discussion. Together, the community produced the following report.
This report provides legislators, election officials, voters, and other stakeholders with a balanced analysis of the capabilities, security, and risks of the currently available Remote Ballot Return Methods. The report compares the functionality and security of remote ballot methods. It also includes the following sections:
Section 1 describes the motivation, methodology, and output of the study
Section 2 describes the seven methods of remote ballot return with workflow diagrams
Section 3 describes the key functional characteristicsof comparison
Section 4 presents the functionalitymatrix comparing the identified Methods of Remote Ballot Return
Section 5 describes the key security characteristicsof comparison
Section 6 presents the securitymatrix comparing the identified Methods of Remote Ballot Return (followed by endnotes)
Appendix A is a Glossary of terms
Appendix B is a set of endnotes that elaborate on the security comparison
The goal of this report is to support the Local Election Official (LEO) in understanding the risks and benefits associated with the various methods of return to inform their decisions. Download the Remote Election Technology Report.
At the same time, the GBA submitted a draft report to the Election Assistance Commission (EAC) for consideration in their next version of the Voluntary Voting Systems Guidelines. This is important because the current version of the VVSG used by laboratories to certify election systems does not allow for connections to the internet. Consequently, blockchain-based voting systems can not be certified for national elections. Updates to the document are needed to incorporate the advances in blockchain technology so that election systems may be able to be secured with advancements made since the document was originally published.
The next project will consist of developing next-generation standards for blockchain-based voting standards. This includes the full lifecycle of the election process, containing before, during the election window, and after the election for the tabulation and reporting of election results.
We Want To Hear From Elections Experts
GBA is a collaborative organization that seeks input from election officials and experts. If you would like to participate in this project, please send an email to gerard.dache@GBAglobal.org.
Join National & State Level Elections Experts At Our Next Event
On September 29-30, the Government Blockchain Association will host Blockchain & Infrastructure. As part of that event, we will hear from a former US National Security Council member responsible for election security, along with global, national, state & local technology & elections experts. We will be discussing Resilient Election Systems. The panel will include the CIO from the State of Maryland, a County Commissioner that has implemented blockchain voting for presidential elections, and technology vendors. This event is free for civil servants and very affordable for the private sector. Any individual with a passion to bring integrity and transparency to elections is invited and encouraged to attend. Tickets are available at https://gbaglobal.org/blockchain-infrastructure/tickets.
Blockchain is a distributed ledger technology that features data immutability, decentralization, and peer-to-peer communication. It helps to build trust-less networks for businesses to transact with other organizations. In the enterprise domain where trust is expensive, Blockchain helps organizations weed out inefficiencies both within the enterprise as well as industry-wide.
During 2017–2019, businesses mostly spent on trying out the technology with Proofs-of-Concept and Pilots. Today, Blockchain is getting into the mainstream with the launch of large Blockchain networks and consortia like IBM Food Trust, TradeReboot, Zuron, etc. The question among the enterprise leadership is no more about whether the Blockchain technology will work? It is about how can we make it work for us?
While many folks have invested in enterprise Blockchain projects, the reality is that many of these projects do not make it beyond proof-of-concept. As per a report published by Gartner, only 5% make it to production, and 90% of them will need replacement within two years to stay abreast in the competition. Most of them have either ignored or are no longer interested in making any significant change on the spot. So, what has failed for them? There are some common mistakes as to why these enterprise Blockchain systems failed. However, the most common one is a misunderstanding of the Blockchain applications in the real world.
Trying to Apply Blockchain to Everything
While Blockchain technology can disrupt most industries, it is not a solution to every problem. Besides, the technology is still maturing, so it is unsurprising that not everyone understands it or knows its use cases. Businesses should first figure out if their business needs Blockchain instead of implementing it straight away. There are two ways to find that out:
Is the legacy solution ineffective, insecure, or expensive? — Developing and deploying a Blockchain-based solution only makes sense when the legacy system is proven to be inadequate.
Do you have trusted sources to fetch high-quality digital data? — As Blockchains stores data immutably, it is essential to have trustworthy sources that can feed correct data to the Blockchain ledger.
If the answer to these two is yes, a business can certainly benefit from Blockchain technology. However, it is equally important to consider three interconnected areas, including scalability, costs, and complexity.
Scalability is imperative to evaluate the volume of on-chain transactions required by the proposed use cases. If an existing protocol cannot process the required volume, there’s a good chance that a business is not ready for Blockchain technology.
Blockchain is a complex technology that not only requires expertise but also needs businesses to integrate data from trusted sources. Smart contracts implementation is another head-scratching task.
The cost incurred in developing and deploying Blockchain technology into a business can be huge. It does not apply to only the manpower but also the hardware and technical resources. If adding new nodes is too expensive, a business is possibly not ready for Blockchain implementation.
Lack of Incentives
People work when they can gain something. Most of the firms get this wrong, and they put technical design ahead of economic design. Digital heads accord less priority to users’ incentives and product value. Instead, businesses prioritize hiring top-class technical talent. It is crucial to understand that Blockchain systems are economic systems and they are as valuable as technical systems. Another reason for the failure of most enterprise Blockchain systems is the fundamental misunderstanding of the Blockchain’s economics and the means to creating long-term monetization. Like social media platforms, Blockchain systems derive most of their value from their users. Therefore, firms should understand the network effects of initial use cases and then line them up with the early user base.
Lack of Governance
The governance mechanism of an Enterprise Blockchain system is perhaps the greatest predictor of a business’s success. While many institutions know what Blockchain governance is and how to best implement it, achieving this goal in the real-world is, at times, more challenging than estimated. Blockchain governance requires consensus achieved between users on the network in addition to the consensus accomplished by validators. Projects like MakerDAO and DASH were the two of the first few projects that aim to harness a “governance model” to diversify trust in trust-less ecosystems. While some might argue that Bitcoin doesn’t have any governance but is still a successful project, others suggest that if Bitcoin had a healthy governance system, it would have been more successful than it has been.
If you are getting into a Blockchain consortium, the governance structure becomes very important. Typically, in the Blockchain consortia, the competitors of an industry come together and takes collaborative approach. So, having a proper governance structure becomes all the more important. Various early consortia could not sustain themselves because of the lack of proper governance structure and incentive mechanisms.
Lack of Regulatory Clarity
As with other innovative technologies, Blockchains also struggle with regulatory challenges as the proper regulatory framework is not in place. Besides, regulations have always struggled to keep with the emerging tech space. “It is a revolution because Blockchains can record identities, financial transactions and all kinds of legal operations”, says tech guru Chris Skinner. Whether it be legal validity about identities stored on the Blockchain or transactions executed by smart contracts, a legal and regulatory framework is required.
One interesting use case is the use of Blockchain as a valid regulatory registry for the Internet of Things. In IoT, all connected devices have an identity, and Blockchain can act as a shared registry of such identities and enable secure device-to-device transactions. Now, this would necessitate a legal framework recognizing distributed ledgers as valid regulatory registries.
Blockchain is “Database” Mentality
The advent of Blockchain technology has led to the creation of the Distributed Ledger Technology or Web 3.0 world. Even so, most enterprises who adopt DLT do so thinking they’re deploying traditional databases. As for now, Blockchains can store only limited amounts of data on-chain, which include transactions that are recorded on the ledger. In no way, these ledgers should be considered a database to store data. It simply won’t work. So, a sound architecture needs to be designed for a decentralized application. There should be an ideal combination of on-chain and off-chain data design. This helps in achieving desired performance without compromising on security, privacy, or large data-sets.
Lack of Blockchain Expertise in Enterprises
As mentioned earlier, Blockchain systems enable value exchange and require sound architecture. This entails knowledge about programming languages (specialized in some cases like Ethereum), incentive mechanisms, cryptography, smart contracts, governance, and tokenomics. This unique skill-set is quite different from the traditional application requirements. A poorly designed Blockchain application will fail to deliver the expected value.
Legacy System Challenges
The enterprise Blockchain applications do not work single-handedly. Rather, the legacy systems, applications, and data-sets need to integrate seamlessly. It is a complex exercise as the demands for traditional and distributed systems are different. Besides, while working with some organizations like banks or hospitals, they must adhere to compliance. If the integration is not seamless, it will lead to issues, such as data inconsistency, poor user experience, cost overheads, and poor performance.
Poorly defined KPIs
The Blockchain applications operate on a decentralized network with stakeholders from within and outside the organization. Thus, the success parameters need to be properly defined for a Blockchain system. Some of the Key Performance Indicators (KPIs) could be transaction cost, throughput, growth in the no of stakeholders leading to the network effect, user experience, etc. The KPIs should also align with the business objectives. For example, while working on a trade finance use case, the parameters like time reduced to complete a transaction, the number of documents reduced, and several disputes reduced become important.
Enterprise Blockchain Adoption — Way Forward
While many enterprise Blockchain systems have failed in the past, some have revolutionized the industry through the ideal use of Blockchain technology. Indubitably, the technology holds the potential to disrupt every space, from banking to supply chain and healthcare to voting systems. As per Deloitte’s 2020 Global Blockchain Survey, 55% of the surveyed businesses said Blockchain is a top-five strategic priority, 39% already have Blockchain application in production, and 82% are either hiring staff with Blockchain expertise or plan to within the next 12 months. 85% of the respondents believe their suppliers, customers, and/or competitors are working on Blockchain solutions to address current challenges in the value chain.
To unlock the value and promise of Web 3.0, the adoption of Blockchain in enterprises needs to be accelerated. To circumvent the challenges mentioned above, the organizations need to articulate a sound adoption strategy that includes implementing the right tools and partnering with the right partners. Zeeve has been at the forefront of the enterprise Blockchain adoption, and we have helped many organizations conceptualize and implement Blockchain Technology. Zeeve’s Blockchain as a Service platform supports faster development of decentralized applications through a rich set of ready-to-deploy services and APIs, manages CI/CD pipelines, provides automated deployments of Blockchain nodes and networks, and monitors the Blockchain infrastructure. Zeeve helps save more than 60% in costs and time to market.
Much progress gets made in the implementation and use of blockchain, and it is always a positive to see when actual use case progress can be shared.
Digital Innovation Group Holdings, a GA Telesis™ company (DIG) is currently leading the Aviation & Aerospace Working Group, and has been working for the last 18 months focusing on our First Phase initiative of implementing the use of blockchain in the prevention of payment fraud.
This is a short update of progress in this regard.
|| First Phase
DIG has been working for the last year in partnership with AWS to complete, deploy, and implement our FraudBlock™ Enterprise API Service in the AWS Marketplace, the premiere platform technology from DIG for the mitigation and elimination of payment fraud at an enterprise level.
FraudBlock™ has now safely managed over $11 million in vendor payments to date, and the FraudBlock™ Enterprise API Service can be found at https://aws.amazon.com/marketplace and searching “FraudBlock.”
FraudBlock™ is also the core technology currently powering Blockrails™, a real-estate payment fraud solution application designed and built for REALTOR® use in protecting homebuyer payments.
At its core, FraudBlock™ provides a patent-pending solution that utilizes artificial intelligence and machine learning to detect and prevent fraud. At the same time, Blockrails™ combines the use of blockchain through Hyperledger Fabric™ in the secure sharing of account information between parties to ensure a safe and secure payment transaction.
Blockrails™ is live and can be found at https://www.blockrails.com. Blockrails™ is currently in program integration and implementation discussions with the National Association of REALTORS® for a late 2022 release.
Our goal at DIG is to see present discussions positively conclude by the end of Q3-22 to announce availability for REALTORS® in Q4-22
The above will then conclude the First Phase of our working group project efforts, having placed a core focus on the use of blockchain in payment fraud prevention in 2022.
|| Second Phase
Second Phase planning is expected to complete in Q4-22, shifting our working group focus to the use of blockchain in aerospace and aviation MRO services for parts and repair and service records provenance and authenticity. As the Federal Aviation Administration requires by federal law to have verified and documented origin and service record history for nearly every component of commercial aircraft, the necessity and value in the protection and safety of consumers and goods in flight become imperative.
Over the last 18 months, DIG has been in numerous discussions with emerging technology and blockchain stakeholders at Boeing, Honeywell, Collins, and more, each of whom has various blockchain initiatives currently underway.
These meeting and conversation efforts have been underway to lay the groundwork for the aforementioned Second Phase initiatives in 2023.
DIG, along with members of the A&A Working Group, will be seeking the planning, development, and initial production in 2023 of a holistically strategic solution that, while financially beneficial to its creators, will have broad industry application value and intrinsic value to the FAA, that the GBA can stand behind in an effort for its acceptance and use.
This concludes the GBA Aviation & Aerospace Working Group Update – July 25, 2022.
Credit: Jason Bennick, President DIG Holdings, LLC.
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