distributed ledgers
Auto Added by WPeMatico
Auto Added by WPeMatico
In the United States, critical city, state and federal infrastructure is falling behind. While heavy investment, planning and development have gone into the U.S. infrastructure system, much of it is not keeping up with the pace of new technology, and some of it hasn’t had a proper update in decades, instead just adding new systems onto old systems. This can be allotted to a combination of liability structures in the U.S., difficulty in enabling interconnection between infrastructure in different jurisdictions, worry over introducing large-scale security risks and an attempt to mitigate that risk.
There is interest in upgrading city systems to be more efficient, to be more in line with real-time demand and to move into the 21st century, but it’s going to take work. It’s also going to take new technology.
Distributed ledger technology (DLT), when applied correctly, can do for a city’s infrastructure what existing technologies cannot. Where existing technologies are heavy, requiring expensive servers and a larger energy draw, distributed ledger technology is light and can be implemented on individual nodes (code environments) and directly onto things like traffic light sensors. It also allows for more oversight from a privacy perspective. The ability to bring distributed ledger technology into lightweight frameworks allows for more security and upgrades to critical infrastructure.
The biggest impact of smart infrastructure is that it enables local governments to focus on the reason they’re there in the first place; to increase the quality of life of the local residents, bring stability and culture to local businesses, and create a welcoming and frictionless environment for tourists or visitors. Governments can create stability, streamline sources of revenue, and integrate a frictionless operational environment for people and organizations in their jurisdiction.
Consider transportation infrastructure. A lot of revenue in cities and states comes from things like tolls and roadside parking, and of course taxes. States control the highways, interstates, and tolling infrastructure commonly through collaboration with service providers. Cities control the local roadside and passthrough streets and the revenue accrued through parking solutions. With the pandemic, these resources have dried up due to people staying at home, social distancing, using less public transit and working remotely.
This now offers an opportunity for an expanded example of the desire to understand the transportation flow. If cities had more real time insights into this, they’d be able to understand the demand and have a more fluidly flowing traffic condition. This can be done through new technologies such as what are seen deployed in Singapore like green link determinings systems, parking guidance systems, and expressway monitoring systems allowing for enhanced traffic awareness and guidance.
There are also keen ways to incentivize traffic guidance while bringing stability to local small and medium businesses throughout cities such as using parking guidance systems to enable local businesses to offer discounts for parking nearby.
An open transportation grid (in the sense of data points gathered for streamlining and managing) can create smoother traffic patterns in cities with smaller road grids. Transportation centers could communicate with delivery services, understanding their routes and setting up parking reservation windows. Traffic flow could be managed so that delivery services are able to get in and out without causing back-ups on tight, busy roads.
Another offering of smart infrastructure can be seen with cross border connections for transportation of goods and services. The ownership of infrastructure in the U.S. is highly fragmented; with cities owning local and neighborhood roadsides, and states owning highways and interstates. This also means that the infrastructure supporting this is highly distributed, because each entity has to have it’s own systems in place to support their infrastructure, typically using different solutions, services and data structures.
Powered by WPeMatico
For the last few years, blockchain startup Kadena has been working on a vision of bringing blockchain to the enterprise. Today it announced the final piece of that vision with the launch of the Kadena public blockchain.
In earlier releases, the company offered the ability to build private blockchains on AWS or Azure. Company co-founder and CEO Will Martino says the public network brings together for the first time public and private chains in a hybrid vision.
“The big exciting thing is that the public chain is out, smart contracts are about to turn on, and that allows us to then go and hit the market with what we’re calling these hybrid applications. These are applications that run both on a private blockchain, but have public smart contracts that allow people on the public side to interact with the private chain,” Martino explained.
The smart contracts are a set of rules that must be met and validated for the private and public chains to interact. Only valid actors and actions as defined in the smart contract and will be allowed to move between the two chains.
One of the major challenges with building a chain like this has been scaling it to meet the needs of enterprise users. Martino says that his company has solved this problem and can scale from the 10 chains today to 10,000 or more in the future as the company grows. He further claims that his company is the only one with a tractable roadmap capable of achieving this.
Martino says this could help push companies who have been dabbling in blockchain technology in the last couple of years to take a bigger leap. “This is a watershed moment for enterprises. Up until now, they’ve never had a platform that they could go and use on a public blockchain platform and know that it’s going to have the throughput they need if the product they deployed on that blockchain has legs and starts to take off.” Martino says this blockchain has that.
Kadena public blockchain in action
Kadena has also developed an open-source smart contract language called Pact that Martino says allows a lawyer with Excel-level programming understanding to write these contracts and place them on the chain.
“There are a lot of lawyers who are good with Excel, so you can actually hand the smart contracts to a lawyer and have them review them for compliance. And that’s a crazy idea, but we think it’s fundamental because when you’re representing core business workflows that are sensitive, you need to be absolutely certain they are compliant.”
The company is making all of the basic pieces available for free. That includes the private chain development tools on AWS and Azure, the public chain released today, along with the Pact smart contract language.
Martino says there are a couple of ways for the business to make money. For starters, it’s building partnerships where it helps companies in various sectors, from financial services to insurance and healthcare, build viable hybrid applications on the Kadena blockchain. When they make money, so will Kadena.
Secondly, they control a bushel of tokens on their public network, which have value, and if the vision comes to fruition, will have much more over time. They will be able to sell some of these tokens on the public market and make money. Right now he says the tokens have a value of between 20 cents and a dollar, but he expects that to increase as the network becomes more viable.
The blockchain has lost some of its luster as it has moved through the enterprise hype cycle in recent years, but if Kadena can succeed in building a fully decentralized, scalable blockchain, it could help push the technology deeper into the enterprise.
Powered by WPeMatico
Hyperledger, the open source blockchain project from the Linux Foundation, released Hyperledger Sawtooth 1.0, its latest open source digital ledger project. Sawtooth joins its sister project, Hyperledger Fabric which reached 1.0 in July last year. Among the features in this latest open source distributed ledger product is on-chain governance, which lets members adjust the rules on the fly… Read More
Powered by WPeMatico
Interest in blockchains is at an all-time high, but there are still plenty of technical issues to solve, especially for enterprises. For them, issues like throughput, latency, governance and confidentiality are still major stumbling blocks for using blockchains. With its new Coco Framework, Microsoft wants to solve these issues and make blockchains more suitable for the enterprise. Read More
Powered by WPeMatico