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Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.
© 2018 CNBC LLC. All Rights Reserved. A Division of NBCUniversal
Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.
Musk is focused “three, five, 10 years into the future,” said the LinkedIn co-founder, who worked alongside Musk at online payments system PayPal. “Part of his grit, part of his determination to get to that long future is to push back.”
Just days after settling Securities and Exchange Commission fraud charges and just hours after a federal judge asked both sides to justify the agreement, Musk mocked the agency in a tweet lat week, calling it “Shortseller Enrichment Commission.”
The SEC was going after Musk for alleged false statements in the now-infamous Aug. 7 tweet about having “funding secured” to possibly take the company private. The idea was abandoned on Aug. 24.
Prior to the take-private debacle, Musk had been acting erratically for months.
Following a bizarre Aug. 16 interview with The New York Times, Musk’s actions were under scrutiny again last month after he appeared to smoke marijuana and drink whiskey during comedian Joe Rogan‘s podcast.
Back in May, Musk rudely cut off analysts on Tesla’s first-quarter earnings call. He later apologized for that on the second-quarter call in August.
Shares of Tesla were up 3.2 percent Tuesday. But the stock has tanked more than 17 percent this year, and more than 25 percent over the last 12 months.
Appearing on “Squawk Box,” Hoffman conceded that Musk should perhaps find a different outlet for his outbursts. “I think it needs to be a different pattern than those tweets.”
Along with Musk, billionaire Hoffman is a member of the “PayPal Mafia,” a group of former PayPal employees and founders who have since founded and developed their own tech companies. Hoffman is now with the Greylock Partners venture capital firm.
A closer look at the technology that is rapidly growing in popularity
Blockchain is generally associated with Bitcoin and other cryptocurrencies, but these are just the tip of the iceberg. This technology was originally conceived in 1991, when Stuart Haber and W. Scott Stornetta described their first work on a chain of cryptographically secured blocks, but only gained notoriety in 2008, when it became popular with the arrival of Bitcoin. It is currently gaining demand in other commercial applications and its annual growth is expected to reach 51% by 2022 in numerous markets, such as those of financial institutions and the Internet of Things (IoT), according to MarketWatch.
A blockchain is a unique, consensual record that is distributed over multiple network nodes. In the case of cryptocurrencies, think of it as the accounting ledger where each transaction is recorded.
A blockchain transaction is complex and can be difficult to understand if you delve into the inner details of how it works, but the basic idea is simple to follow.
Each block stores:
Accordingly, each block has a specific and immovable place within the chain, since each block contains information from the hash of the previous block. The entire chain is stored in each network node that makes up the blockchain, so an exact copy of the chain is stored in all network participants.
As new records are created, they are first verified and validated by the network nodes and then added to a new block that is linked to the chain.
Being a distributed technology in which each network node stores an exact copy of the chain, the availability of the information is guaranteed at all times. So if an attacker wanted to cause a denial-of-service attack, they would have to annul all network nodes since it only takes one node to be operative for the information to be available.
Besides that, since each record is consensual, and all nodes contain the same information, it is almost impossible to alter it, ensuring its integrity. If an attacker wanted to modify the information in a blockchain, they would have to modify the entire chain in at least 51% of the nodes.
Ultimately, since each block is mathematically linked to the next block, once a new block is added to the chain, it is rendered unchangeable. So if a block’s relationship with the chain is modified, it is broken. In other words, all information recorded in blocks is immutable and perpetual.
Therefore, blockchain technology allows us to store information that can never be lost, modified, or deleted.
Moreover, each network node uses certificates and digital signatures to verify the information and validate the transactions and data stored in the blockchain, which ensures the authenticity of this information.
You could say that blockchain is like a record keeper. A means of certifying and validating any type of information. A reliable, decentralized registry, resistant to data manipulation, in which everything is recorded.
We are currently used to working with centralized models. We give all our information to companies like Google or Facebook to administer, send all our messages through Telegram or WhatsApp servers so that they can send them, or spend fortunes on record keepers and institutions to certify and store our important deeds or documentation.
In blockchain, data is distributed across all network nodes. With no central node, all participate equally, storing, and validating all information. It is a very powerful tool for transmitting and storing information in a reliable way; a decentralized model in which the information belongs to us, since we do not need a company to provide the service.
Essentially, blockchain can be used to store any type of information that must be kept intact and remain available in a secure, decentralized and cheaper way than through intermediaries. Moreover, since the information stored is encrypted, its confidentiality can be guaranteed, as only those who have the encryption key can access it.
Health records could be consolidated and stored in blockchain, for instance. This would mean that the medical history of each patient would be safe and, at the same time, available to each doctor authorized, regardless of the health center where the patient was treated. Even the pharmaceutical industry could use this technology to verify medicines and prevent counterfeiting.
Blockchain would also be very useful for managing digital assets and documentation. Up to now, the problem with digital is that everything is easy to copy, but Blockchain allows you to record purchases, deeds, documents, or any other type of online asset without them being falsified.
This technology could also revolutionize the Internet of Things (IoT) market where the challenge lies in the millions of devices connected to the internet that must be managed by the supplier companies. In a few years’ time, the centralized model won’t be able to support so many devices, not to mention the fact that many of these are not secure enough. With blockchain, devices can communicate through the network directly, safely, and reliably with no need for intermediaries.
Blockchain allows you to verify, validate, track, and store all types of information, from digital certificates, democratic voting systems, logistics and messaging services, to intelligent contracts and, of course, money and financial transactions.
At present, the following projects, which are worth taking a look at, are already being developed:
This involves a consortium of large companies looking to develop blockchain-based solutions. They have several active projects.
In this case, the 40 largest banks in the world have come together to develop blockchain-based solutions for their financial processes. They also produce reports and conduct research on this technology.
The first blockchain-based storage initiative available to everyone. User data is encrypted and stored in blockchain to keep it secure and available.
An online certification service for any type of document. It allows users to save documents in blockchain, which can never be altered or deleted.
According to a survey conducted by the consultancy firm Deloitte, 74% of the companies asked consider blockchain to be an improvement for the business and plan to invest in this technology, while almost half of them already have blockchain implemented in some way in their business.
Without doubt, blockchain has turned the immutable and decentralized layer the internet has always dreamed about into a reality. This technology takes reliance out of the equation and replaces it with mathematical fact.
Cecilia Pastorino9 Oct 2018 – 02:00PM
COEUR dALENE Imagine a world without the internet, without smartphones, without wireless technologies. The world of the 1980s was a clickity-clack world of typewriters, ringing phones mounted to walls, and cords stretched like trip hazards across kitchen floors while kids waited for commercials to be over so they could watch cartoons.
The technological changes of the past decades have made 2018 far different. Workers make calls on phones that fit in their pockets, cooking parents access recipes from online catalogs, and kids stream videos that used to be controlled by movie theater execs, Blockbuster clerks, and television network programmers.
Just as the world has changed in our lifetimes due to technological advancements, the world may change yet again thanks to the emerging technology known as blockchain. You may have heard of its famous cousin bitcoin and a host of other cryptocurrencies. They became famous overnight when their values shot up toward the end of 2017, reaching a high of more than $20,000 per bitcoin last December.
Bitcoin and other cryptocurrencies are like skyscrapers that attract the attention of passers-by, but they cant stand without solid foundations, streets, and other public works infrastructure undergirding them. That infrastructure is blockchain. Just as streets and infrastructure undergird everything from schools to homes to skyscrapers, blockchain may soon undergird everything from your health care records to your bank accounts to your cryptocurrency wallets.
Coeur dAlene has its own blockchain innovators at Krambu. Dont let the name fool you. Krambu isnt short for anything. It has meanings in two different languages, but essentially its just a memorable way to remember the unique work Krambu does: making the worlds best blockchain hardware.
Coeur dAlene High School class of 2006 alumni Travis Jank joined forces with Oregon transplant Lawrence Sowell to create the company in 2017. They already had decades of experience in entrepreneurship, computers, and blockchain under their belts. Jank set world records for building the worlds fastest computers, servers, and workstations. He has consulted for Intel, Invidia, Microsoft, AVD, and other major players. Sowell has started up businesses since he was 18 years old. He also runs Codera, an app development company, and has been in the tech space for more than a decade.
When Jank and Sowell formed Krambu in 2017, they established that transparency would be one of the companys core values. Theres a lot of misinformation about blockchain thanks to the hype surrounding cryptocurrencies, Jank explained.
Its not bitcoin that matters, its blockchain that matters, he said.
Krambu chief information officer Ben Meyer said, Blockchain is like the freeway, and cryptocurrencies are most of the semi trucks on the freeway.
Blockchain works in this way: Imagine a single ledger that contained every transaction consumers in Kootenai County had made in 2018. If a hacker could alter that ledger, the hacker could profit from wreaking havoc on others records. But what if every consumer in Kootenai County had an identical copy of that ledger on his own device or computer? What if the past transactions could not be changed, and the future transactions would be invalid, if a hack was identified? The sheer difficulty of hacking into all of those devices, and altering all of those ledgers, at the same moment, undetected, is what makes blockchain so superior to legacy systems, Jank said.
The processing power required to forge a transaction on the network is the sum of all the processing power, all the computers, all the internet connections, and all the infrastructure needed to do the hack, he explained. The cost of that is massive. The only entities that could pull off a hack like that, Sowell said, and get away undetected are nation-states.
The most powerful governments will have the most powerful blockchains, he said.
Thats why 86 percent of all blockchain-related research and development is being funded by governments and companies worth more than $3 billion. Another 8 percent is being funded by companies worth between $1 billion to $3 billion. Only 6 percent is being funded by small players in the market, Sowell said.
So far governments are playing catch-up with the quickly-evolving world of blockchain and cryptocurrencies.
Its been like the Wild West, said Jank, which isnt necessarily good for the technologys growth. People and companies dont feel comfortable adopting the technology.
Regulation needs to be drafted with close communication and work with those that are fundamental in the blockchain and cryptocurrency space, he said.
But because blockchain solves problems of security, reliability, and trust with all forms of electronic communication, Jank explained that blockchain will revolutionize technology in the way that the internet protocol suite TCP/IP did. Blockchain will be adopted by existing companies and integrated with existing technologies to provide cost savings, and to increase performance and security.
For example, banks and governments will adopt blockchain to replace their legacy systems, Jank said. Once that happens, its not going to change the dollar bills or credit cards you carry around, but the blockchain technology will lead to cost savings, mitigate fraud, theft, and counterfeiting, he said.
Krambus founders had been involved in blockchain long before last years bitcoin hype, and they want to one day become what IBM, Microsoft, and Apple have been to the world of personal computing. Thats because they dont just make stuff to speculate on bitcoin or to take advantage of thirsty investors. Like Steve Jobs, theyre out to make the worlds best blockchain technology beautifully.
Krambu builds hardware for enterprise-level companies. Everything they build, they design and build from scratch right here in Coeur dAlene. Krambus staff comes up with solutions, writes patents, builds prototypes, and does integration, testing, and assembly here at its R&D lab on Government Way. Once the hardware is internally validated, its shipped to the Krambu data center in Newport, Wash., for additional field testing, Sowell said.
Were one of the first companies in the blockchain space. We build it first and make sure it works before shipping it out to customers, Jank said. Most other blockchain hardware companies dont do that, he said.
Jank distinguished between companies that focus on cryptocurrency, and those that deal with blockchain.
Blockchain companies are few and far between, he said, though noting that in the aftermath of the 2017-18 bitcoin surge, many cryptocurrency companies rebranded themselves as blockchain companies. Theres a difference between traders trying to turn a quick buck and innovators engineering real blockchain technology, he said. Sowell and Jank hope that energy consumption issues can be addressed with regional power companies, many of whom dont know the needs and benefits of blockchain.
The Krambu staff works on designing and building the technology that blockchain will need 10 years from now.
Our mission is to do tough stuff, Jank said. Its motivating to look at a problem and solve it.
The Krambu team wants to build up Coeur dAlene as a high-tech hotspot where innovators can live, work, and change the tech world.
It was my dream to stay here. I worked so hard and took odd jobs just to survive, to stay here near friends and family, and be close to the outdoors, Jank said.
We believe in the technology. Our hearts and minds are in the right place. This isnt for getting rich quick. This is to enable blockchain for the masses.
09 Oct 2018 — French-headquartered retail giant Carrefour has joined the IBM Food Trust blockchain network, adopting the game-changing technology to improve traceability of certain food products with plans to expand to all Carrefour brands by 2022. A number of retailers, logistics firms and growers are working with IBM-developed blockchain technology – and now Europe’s largest retailer is adopting blockchain which will quickly help trace food back to its source within seconds, unlike traditional transactions.
The blockchain-based cloud network offers businesses and food industry providers with data from across the food ecosystem to enable greater traceability, transparency and efficiency.
The network is now generally available after 18 months in testing, during which retailers and suppliers have tracked millions of individual food products.
The move by Carrefour comes just a couple of weeks after Walmart, an early proponent of blockchain technology, announced that its leafy green suppliers would be required to capture digital, end-to-end traceability event information using IBM Food Trust. You can read more on this here. The US retail giant lauds the benefits of the database that can quickly and efficiently identify contamination.
Walmart has been piloting the new technology in collaboration with numerous suppliers and IBM over the last 18 months to demonstrate that meaningful enhancements to food traceability is possible and expects all suppliers to have all systems in place by this time next year.
Rapidly pinpointing potential food contamination is one of the significant virtues of blockchain technology which speeds up food contamination investigations. Enhanced ability to trace food back to its source can help companies and government agencies to identify the source of foodborne disease outbreak and coordinate effective recalls of foods thought to be contaminated.
“The currency of trust today is transparency”
Carrefour stores will initially use the solution to highlight consumers’ confidence in a number of Carrefour-branded products, as part of the retailer’s Act for Food program.
“Being a founding member of the IBM Food Trust platform is a great opportunity for Carrefour to accelerate and widen the integration of blockchain technology to our products to provide our clients with safe and undoubted traceability,” says Laurent Vallée, general secretary of Carrefour. “This is a decisive step in the roll-out of Act for Food, our global program of concrete initiatives in favor of the food transition.”
Although so far there have been few examples of its large-scale application, blockchain is a burgeoning technology and many agile companies within and the food industry are adopting it as a transparency solution. Other industries such as finance and retail are also using blockchain solutions.
The attributes of blockchain and the ability to permission data, enables network members to gain a new level of trusted information. Transactions are endorsed by multiple parties, leading to an immutable single version of the truth, says IBM, as momentum grows among users and third-party data suppliers on the network.
The IBM Food Trust network has expanded to focus on optimizing the food supply, including generating insights on product freshness, reducing waste and making the supply chain more collaborative and transparent.
IBM Food Trust uses a decentralized model to allow multiple participating members of the food supply chain – from growers to suppliers to retailers – to share food origin details, processing data, and shipping information on a permissioned blockchain network. A separate entity controls each node on the blockchain and all data on the blockchain is encrypted. The decentralized features of the network enable all parties to work together to ensure the data is trusted.
“The currency of trust today is transparency and achieving it in the area of food safety happens when responsibility is shared,” says Bridget van Kralingen, Senior Vice President, IBM Global Industries, Clients, Platforms and Blockchain.
“That collaborative approach is how the members of IBM Food Trust have shown blockchain can strengthen transparency and drive meaningful enhancements to food traceability. Ultimately, that provides business benefits for participants and a better and safer product for consumers.”
The scale of the food system is so huge, it is virtually impossible for any single entity to track – but blockchain changes that and can increase trust, traceability and security in the supply chain.
In addition to Carrefour, other organizations joining IBM Food Trust include:
IBM says that members joining the growing ecosystem of the IBM Food Trust have helped build a powerful global business solution that is interoperable and built on open standards. It’s designed to enable organizations in the food industry to run their businesses more effectively and provide safer food at lower costs.
“Blockchain helps us be more transparent. It transforms how the food industry works by speeding up investigations into contaminated food, authenticating the origin of food, and providing insights about the conditions and pathway the food traveled to identify opportunities to maximize shelf-life and reduce losses due to spoilage,” explains Ed Treacy, Vice President of Supply Chain Efficiencies at the Produce Marketing Association.
IBM Food Trust runs on the IBM Cloud and features enterprise-class security, reliability and scalability. The foundation of the technology relies on Hyperledger Fabric, an open source blockchain framework hosted by the Linux Foundation. In addition, the network includes compatibility with the GS1 standard used by much of the food industry to ensure interoperability for traceability systems, according to IBM.
Participants can select from three IBM Food Trust software-as-a-service modules with pricing that is scaled for small, medium and global enterprises, beginning at US$100 per month. Suppliers can contribute data to the network at no cost.
By Gaynor Selby
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