Blockchain & IT Infrastructure
Advancements in blockchain technology have certainly had a major impact on the cryptocurrency market. As new tokens present alternatives to old financial systems, many people are perhaps overlooking the power of blockchain technology behind the projects themselves. Let’s take a look at some of the biggest blockchain projects on the market today and how they can potentially influence the future of IT infrastructure.
When most people think of file storage from a traditional standpoint, it seems like a binary system. Either you have enough storage or you don’t. Just a few decades ago, people had to rely upon CDs and floppy disks, which were slow and added very minimal amounts of memory. Of course, external hard drives improved this. Finally, today there are cloud storage solutions like Dropbox, OneDrive, iCloud, and others that offer some degree of improvement. While these solutions are better, they are still far from optimal.
Blockchain projects like Filecoin (FIL) and Storj (STORJ) could be the solutions that change the future of file storage. First of all, these solutions are considered to be much better than today’s most popular cloud storage products because they promise to have higher bandwidth and fewer unexpected outages. In addition, decentralized file storage applications also address the issue of privacy. Because traditional cloud storage products hold data in centralized databases, every user’s files are at risk of being hacked. In fact, this happened to Dropbox back in 2012 when 68 million users were hacked. The most alarming thing is that the company didn’t even report this issue until 2016. With decentralized file storage solutions, hacks are extremely more difficult to execute, and any data breach wouldn’t affect nearly as many users.
Another vital component driving the adoption of decentralized file storage is the fact that prices will be much lower than current solutions. That’s because files will be stored across a P2P network instead of via expensive database centers. This will likely be done by using cryptocurrency payments as incentives for individual users to join the network.
Check out our complete guide to decentralized file storage solutions.
Mesh networking has grown from a commercially-used technology to a consumer-level technology in just a few short years. Today’s products like Eero, Luma, and Google Wi-Fi all help to decrease wireless internet connection dead spots and boost connectivity levels for devices. Mesh networks work by adding nodes to Wi-FI network so that devices have multiple possible connection points, not just the single connection point offered by traditional routers and existing IT infrastructure.
Projects like Althea and SmartMesh (SMT) can be applied to solve internet connectivity problems in previously unconnected, remote places as well as those with high network congestion (i.e. sport stadiums and concert venues). Because data with SmartMesh, for example, doesn’t have to go through centralized networks and can instead remain within the mesh network, connection speeds are faster and electricity consumption is lower. Althea goes beyond just offering wireless internet to coffee shops and airports. It offers the ability for communities to create their own decentralized ISPs, which also make browsing private and neutral by default. Decentralized mesh network projects won’t just make the internet itself faster and more widely available but will also advance the capabilities of newer technologies like IoT and IoE.
While the computing power of regular computers is increasing every year, the capabilities of one machine are still no match for that of a supercomputer. That’s why projects like Golem (GNT) and iExec RLC (RLC) have become popular.
Allowing people to buy and sell computing power necessary to complete more complex tasks essentially allows anyone to create a supercomputer from using the power of multiple computers across the network. For now, Golem is focusing on a single use case: CGI rendering. However, as the projects like these continue to develop their technologies, it’s easy to see how this concept could also be applied to solve current computation limitations. For example, scientific modeling, data science, machine learning, and many more potential applications could all benefit from decentralized computation.
Decentralized computation will allow businesses to scale their IT infrastructure by giving them more computing power at lower costs. Instead of having to buy a supercomputer which could run in the millions or even billions of dollars, businesses could one day have access to a similar level of computing power at a fraction of the cost. The best part about this model is the flexibility it can offer for those needing extra computing power. Instead of having to buy a large amount of dedicated equipment, users would simply pay the network only when extra amounts of computation are required.
File storage, mesh networks, and computation will all see the benefits of advancements in blockchain technology. Even though the above-mentioned projects have already produced some promising results, there could very well be even more projects that will change these and other important sectors of IT. In the coming years for IT infrastructure, we will likely see increased security and privacy as well as decreasing costs.
Germany’s central bank chief is not alarmed by Facebook Libra
- Germany’s central bank chief, Jens Weidmann, believes that Libra must answer all the questions before they go ahead.
- He feels that if Libra delivers on its purposes, then it can be “attractive to consumers.”
The president of Germany’s central bank and European Central Bank policymaker, Jens Weidmann has stated that he is in favor of Facebook’s Libra. As per Reuters, Weidmann said at a G7 meeting:
“There’s no reason to be alarmed but there’s reason to be vigilant.”
Weidmann also said that Facebook should only go ahead with Libra after answering all the questions posed to them. Facebook’s blockchain lead, David Marcus, recently revealed to U.S. senators and congressional representatives, that Libra will go ahead only after it has satisfactorily addressed all regulatory and ethical concerns. Weidmann also believes that if Libra delivers on all its promises, then it can be “attractive to consumers.”
Someone Is Trying to Trademark ‘Samsung Coin.’ It’s Not Samsung
Someone in South Korea appears to be trying to take advantage of Samsung’s blockchain efforts by nabbing the “Samsung Coin” trademark.
According to filings with the Korean Intellectual Property Office (KIPO), an application to register the trademark in both English and Korean was submitted on July 10 by an individual called Kim Nam-jin.
The filing was made under categories related to computer programs, such as “downloadable electronic money computer program,” “electronic money card,” “electronic encryption device,” and “IC card with electronic money function.”
However, when contacted, a Samsung representative told CoinDesk that the tech giant was not behind the application.
“We don’t work this way,” they said.
While the trademark application does not specifically state whether it’s related to blockchain or cryptocurrency, the filing follows CoinDesk’s previous report that Samsung is developing its own blockchain using ethereum tech, and may eventually issue its own cryptocurrency, possibly called “Samsung Coin.”
In a possible clue as to their motivation for the filing, the same individual has previously tried to lodge trademarks relating to cryptocurrency work by other major technology companies.
The KIPO database shows that Kim Nam-jin also filed an application on July 10 seeking to trademark “ThinQ Wallet.”
However, on July 2, LG Electronics, also based in South Korea, filed trademark applications both in South Korea and in the U.S. for “ThinQ Wallet.”
Based on the LG application details, the wallet would provide a variety of mobile services including “software platform for blockchain” and “mobile electronic wallet for cryptocurrency.”
The “Samsung Coin” filing was initially covered by a few news sources that incorrectly indicated Samsung is applying for the trademark.
CoinDesk Korea’s Shinjae Yoo assisted with reporting.
WATCH: A FinTech Lawyer Breaks Down Libra’s Legality
Joel Telpner, Chair of Fintech and Blockchain Practice Group at Sullivan & Worcester LLP, isn’t surprised that Facebook is getting a grilling on Capitol Hill. In fact, he’s pleased.
“These are attacks on Facebook itself that really has nothing to do with crypto has nothing to with Libra it’s just Facebook being bad boys you know [they’re] concerned about [their] privacy policies,” he said.
His point, quite simply, is that any scrutiny of crypto in DC is vital.
“Parts of the hearing so far where they’ve actually been able to get into conversations about Libra and about crypto have been interesting because on that side of it you’ve seen some Senators that have been skeptical,” he said. “But overall it’s kind of it’s been encouraging to hear some of the senators talking about ‘Hey, this is a good thing.’”
Telpner joined CoinDesk editor Pete Rizzo in a wide-ranging conversation about the legality of Libra and, in the end, what Facebook and the Government will have to do to come to terms with the future of crypto.
You can read our complete Libra coverage here and watch our CoinDesk LIVE interviews here.