Digital currency has been around since 2009. In the last two years (4 years in the case of Aurovine Ltd and subsequently BLOCKPOOL) large financial institutions and a myriad of other sectors have started to consider the technology underpinning digital currency – commonly called ‘the blockchain’ or ‘blockchain’.While many of these potential applications are medium term the development cycles in the industry mean that now is the time for companies to begin asking how this technology could benefit them.
IT IS TIME FOR SOME REAL WORLD BLOCKCHAIN APPLICATIONS
After launching as a music platform in 2011 (Aurovine.com) and exploring the benefits of blockchain solutions for the music industry. Aurovine Ltd realised that the potential impact of blockchain applications could be hugely significant for other verticals. The creation of BLOCKPOOL was a logical step to take in response to the widespread requests for advice and consultancy that the company were receiving.
BLOCKPOOL provide specialist blockchain based solutions via custom forks of blockchain code. Although much of the blockchain framework code is open source, it is the manipulation and modification of this code (for example to create private blockchains) that yields its true value. BLOCKPOOL's core code will always be open source but our IP is the way we can provide plug-ins and custom coding solutions so that organisations can take advantage of the power of the blockchain. Our specialist API's and plug-ins form an integrated solution with legacy systems and therefore assume an associated IP that can be purchased outright.
The beauty of the blockchain is that it can yield both permissioned (and un-permissioned) distributed and immutable ledgers. Permissioned ledgers are often of most interest to enterprise and business services.The game changer is called “consensus”. Like consensus in a room full of people, computers use algorithms to reach consensus about the truth. This contrasts with today, where every business relies to a certain extent on a paper trail. Our blockchain solutions negate the need for traditional paper trails, thus providing elegant efficiencies and improvements to traditional business workflows.
“ The technology most likely to change the next decade of business is not the social web, big data, the cloud, robotics, or even artificial intelligence. It’s the blockchain, the technology behind digital currencies like Bitcoin.”
Harvard Business Review 2016
BLOCKPOOL have been focusing resources on ‘Delegated Proof of Stake’ and ‘Smart Contracts’. You can think of a smart contract as a layer that sits on top of the blockchain making everything work. A set of rules that may for instance control the working parts of an agreement for a property sale, distribution of royalty rights for artists or even allocating fixed clauses to financial contracts.
The possibilities are so significant that it’s a question of how quickly these applications will emerge. BLOCKPOOL are already consulting on a solution for a major copyright and collection society with a framework agreement on how the blockchain will integrate with legacy systems. We are also in the initial stages of consulting for other substantial blockchain based contracts.
BLOCKPOOL’s knowledge, experience and resource pool puts it several steps ahead of more rigidly structured competitors and enables a flexible approach to real world solutions. The flexibility of offering a ‘plug-in’ or licensing based contract as well as a ‘transaction fee’ based model means that our clients can accurately budget spend over medium to long term projects.