Search Results For: william mougayar

Illinois Blockchain Strategy: a new working group

The U.S.A. State has created a new Illinois Blockchain Working Group for integrating the technology within the government.

This working group, created at the beginning of 2016, includes several representatives from public agencies, including the Department of Innovation and Technology, Department of Financial and Professional Regulation and the Department of Insurance.

Its main goal is identifying how the distributed ledger can improve government services and making it easier for users doing business with State agencies.

Director of the state’s Department of Insurance, Anne Melissa Dowling says her office is involved in a strong education campaign, to be the first agency in the U.S.A. to use the blockchain.

“Right now we’re trying to determine if we become a first mover in this space by developing a distributed ledger vision for government. But we’re doing a lot of listening and learning.”

During an interview, she explained that the distributed ledger can be used to make it easier relationships among Illinois insurance companies, regulators and policy holders.

So, the state wants to explore how the ledger can help to speed up this process.

“In concept its an absolutely beautiful thing. But we need to have a little more experience we need to spend a little more time with the data.”

Illinois Blockchain and Regulators

William Mougayar, author of “The Business Blockchain”, said that a semi-private blockchain developed by the state would be a strong basis to welcome in market stakeholders. According to him, the real challenge will be getting regulators on board, or the National Association of Insurance Commissioners.

“I suspect that the regulatory aspect is a more critical hurdle that will need to be addressed,” he said.

At the moment Dowling and her group are still thinking about the options they have. She explained that she studying the technology and its potential use cases for her agency, so she’s still learning more and more about the blockchain.

As part of that process, Dowling will participate in a blockchain regulatory panel held in Chicago on November 8th and she says that her first goal will be learing as much as possible.

Also, Dowling comments she is observing working models that can explain how blockchain can be implemented in insurance groups.

These were here words:

“These efforts are really on behalf of consumers to ensure we can serve them in the most efficient and cost-effective way. Illinois wants to look at everything possible to achieve that goal.”

Credit: Coidesk.com

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Amelia Tomasicchio

9 Sep 0

Blockchain use explained with Google Docs

To explain how the blockchain use to the newbies it is easier to compare its functionality to Google Docs, the popular document tools I’m using to write this article.

“The Business of Blockchain” author, William Mougayar, in fact, said that the two tools have something in common and this comparison is very useful to explain the blockchain use.

Everyday you can find new use cases of the distributed ledger and the more people understand how it works, the more we will see an improvement in this revolutionary technology.

Who invented the blockchain didn’t probably imagine all of its possible applications, which is the reason why nowadays there are more and more experts with a deep knowledge in a particular side of the technology.

But, the first step is having a good expertise in the blockchain use.

Blockchain Use is similar to Google Docs

The blockchain is similar to a database, but the ledger doesn’t revolution databases themselves, but how they get synchronized, explained Mougayar in his article appeared on Coindesk.

If two banks need to update their own account balances, they need to spend a lot of time and energy to coordinate, synchronize and ensure that each transaction works correctly.

In this case, money is held by the sender until it is received by the beneficiary.

But with the blockchain, this process changes a lot because there is only a single ledger and not two separate databases.

This is similar to Google Docs: what happens when you share a document and users need to edit it?

With traditional text editors users need to transfer the documents back and forth, losing time, energy and likely losing track of the versions.

With Google Docs, instead, all the users involved have access to the same document at the same time, and that document together with the updates are always visible real-time to each of them.

The same thing happens with the Blockchain compared to traditional ledgers.

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Satoshi

5 Sep 0

Why governments should embrace the Blockchain

William Mougayar, author of “The Business Blockchain” and member of the Ethereum Foundation, explains why governments should embrace the blockchain.

A few days ago we published an article where ICAP suggested on why banks must adopt digital currencies; today we want to talk about this new important opinion by Mougayar, who is convinced that the distributed ledger could improve government services.

Government services, in fact, are one of the most important and revolutionary use cases for this technology , so it is not a surprise that governments are working to develop their own blockchain-based applications.

During this year several cities and governmental institutions made their own plans for the ledger.

Singapore, Delaware, Estonia, Georgia, Ghana, Sweden, Switzerland, UK are just a few of many countries that developed a project related to the blockchain.

So, if your government is not working on the blockchain, they should, explained Mougayar.

As the blockchain is an early stage technology, it is easier to implement solutions at smaller scales.

How governments should embrace the Blockchain

What can your government do with the blockchain? There are four main areas:

Verification: licenses, proofs of records, transactions, processes or events.
Movement of assets. E.g. Transferring money from one person/entity to another.
Ownerships: the blockchain is a perfect ledger to custody any asset.
Blockchain can be used to give e-identities to its citizens, enabling a safer kind of voting.

So, government leaders should:

Study the blockchain and explore its potential.
Let people develop a blockchain strategy.
Start experimenting with blockchain technology
Develop new ideas to improve the quality of life of the citizens

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Satoshi

15 Mar 0

Ethereum Launches Homestead

Blockchain project Ethereum has just launched Homestead, the first release of its software implemented at block 1,150,000.

Here you can read the full documentation about the Homestead release.

ethereum launches homestead, homestead release

This new implementation comes at a time when more and more financial institutions and startups are revealing their interest in Ethereum and in creating projects related to the blockchain.

Just a few days ago, in fact, we talked about how Ethereum now is bigger than ever.

Special advisor at Ethereum Foundation, William Mougayar, explained that Ethereum processes almost 25,000 transactions per day: about 10% of the number of Bitcoin.

“You need to look at the growth of the Ethereum network via the growth of its nodes, sitting at 5,100 versus bitcoin’s about 6,000 roughly. That’s quite significant and shows the stability and global nature of the Ethereum network,” commented Mougayar.

Homestead vs Frontier

Homested is preceded by Frontier, that was released in July 2015.

Co-founder of ConsenSys Enterprise, Andrew Key, commented that Homestead will help users to expand their possibility on Ethereum and the simplicity that will allow them to be able to build proof-of-concept products.

Keys said to CoinDesk:

“Homestead’s arrival will begin to demonstrate the next generation of blockchain technology, whereby anything we can dream of, can be accomplished in a decentralized manner using Ethereum.”

“We’ve seen Microsoft and IBM doing projects on Ethereum. There’s a lot of coders. It’s exciting to see something you were in on in the early stages growing and bearing fruit,” said Ethereum co-founder Anthony Di Iorio.

Ethereum helps Car Charging

In Germany the startup called Slock is working with RWE on a project to use Ethereum for car charging uses.

This project debuted at the Lift 2016 conference in Geneva, Switzerland and it will play out within 2017.

According to the RWE, customers will use charging stations by accepting a smart contract programmed on the Ethereum blockchain.

william mougayar

Search Results For: william mougayar

Illinois Blockchain Strategy: a new working group

Illinois Blockchain and Regulators

Blockchain use explained with Google Docs

Blockchain Use is similar to Google Docs

Why governments should embrace the Blockchain

How governments should embrace the Blockchain

Ethereum Launches Homestead

Homestead vs Frontier

Ethereum helps Car Charging

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