The FX trading strategies would be hassle free with new technology called Blockchain and essence of continuous trade hedging would be in better shape.
A platform blockchain originally block chain is a growing list of records, called blocks, that are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data (generally represented as a Merkle tree).
By design, a blockchain is resistant to modification of the data. It is "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way". For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for inter-node communication and validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without alteration of all subsequent blocks, which requires consensus of the network majority. Although blockchain records are not unalterable, blockchains may be considered secure by design and exemplify a distributed computing system with high Byzantine fault tolerance. Decentralized consensus has therefore been claimed with a blockchain.
Blockchain was invented by a person (or group of people) using the name Satoshi Nakamoto in 2008 to serve as the public transaction ledger of the cryptocurrency bitcoin. The invention of the blockchain for bitcoin made it the first digital currency to solve the double-spending problem without the need of a trusted authority or central server. The bitcoin design has inspired other applications and blockchains that are readable by the public are widely used by cryptocurrencies. Blockchain is considered a type of payment process. Private blockchains have been proposed for business use.
Blockchain a great platform for Startups
As a technology pioneering innovation, blockchain attracts companies of every size, funding and geography. According one study by PwC, 84 percent of executives surveyed said their companies are actively involved with the technology. We have seen companies in every industry — from supply chain to healthcare — drawing on their subject matter expertise in the field and bringing major players together.
As a startup, you have the advantage of moving swiftly to develop your blockchain solutions, but you may need the additional support of deep technical experts and a scalable enterprise-grade platform.
Process to be accomplished to enable Blockchain platform
1. Blockchain platform selection
The success of a solution starts with the right blockchain framework that provides the appropriate permissions, flexibility, and performance to support the use case. We have to choose the platform which offers Hyperledger Fabric as our underlying distributed ledger framework because the Blockchain platform should offer the features like immutability, provenance, and transparency.
2. Configure the cloud enterprise platform
To establish Blockchain framework , We believe that cloud and data storage requirements shouldn’t be a barrier to growing a blockchain network, so one should create Blockchain Platform to support multicloud infrastructure and flexible deployments strategies. There are so many vendors in marketplace to offer cloud functionality however few offers pay-as-you-grow pricing based on the amount of resources allocated.
This means the organization can focus on building network and developing your application, while maintaining complete control of and optimizing the resource utilization of your network managed by cloud infrastructure vendor.
3. Build inhouse technical experts
While many business industries and ideas are ready for a blockchain solutions, a solutions can’t come to life without the right technical experts. So its recommended to have a blockchain technical expert on your team who can speak to blockchain architecture and build your blockchain proof of concept (POC).
We are working on a proposal to partner with Blockchain technology vendors for so that we can accelerate our presence in the marketplace
Intellicops would be working on blockchain strategy for Banking and Financial services soon.
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