There Is More To The Blockchain App Store Launched By IBM, Barclays, Citi
Why is the blockchain and Bitcoin being viewed to be the trendsetters? Here are the comments of experts in this direction.
Blockchain and Bitcoin ecosystem
It is possible to find standardized, specific blockchain apps on a permissioned blockchain platform for the financial sector. Hence we meet here LedgerConnect that is a dedicated financial blockchain specific app store launched by the enterprise software leader International Business Corp in partnership with the Barclays PLC as well as Citigroup Inc and CLS which is a foreign exchange market infrastructure firm.
This is amid the growing infrastructure of both public and private blockchain where the increasing number of blockchain-based applications provides the necessary support in the development of the distributed ledger technology ecosystem.
Hereby there are more and more banks and financial institutions adapting to blockchain technology appearing a need for utilizing it across a larger range of business activities. It is here that they may include basic data storage processes like know your customer requirements thereafter to complex tasks like trade settlement with a large number of blockchain startups and technology companies that are offering various DLT products whereas a few major banks are working on developing their own. Hereby the leading solution where multiple blockchains exist in their silos is by having distinct offerings whereas many fail to offer compatibility with other systems.
The Need Of The Hour Is Interoperability
Thereafter it is important to draw a parallel comparing it with mobile phones of the early 2000 era as it was that each manufacturer would offer its own set of features and applications on their phones. Thereby it was the introduction of the Google Play Store and Apple App Store that platforms that allowed developers to build compatible apps that could be installed on those phone’s operating systems thereby allowing for the seamless utility and the connectivity.
Thereafter here comes LedgerConnect as an emerging similar platform calling it a blockchain app store where various financial institutions that will be allowed to access various DLT based services for their needs and business process. It is likely to act similar to the central hub to fill up the connectivity and compatibility void that exists in the present-day adoption of the blockchain technology by the financial industry. In this context, while it is hosted on a single permissioned blockchain network, and that expected to act as a one-stop-shop for the financial sector’s blockchain needs, LedgerConnect facilitates the creation, hosting and the usage of the various blockchain applications thereby in a standard format and so targeting the financial industry. Hence as it was that all the currently hosted apps are Hyperledger based LedgerConnect founders are now open to other enterprise blockchain solutions joining the app store.
Thereby according to Keith Bear, IBM’s vice president for financial markets, speaking to CoinDesk, having a secure network and proven infrastructure allowing an app store kind of model where banks can identify applications from certified fintech and software providers that deploy these apps over a seamless blockchain network. It is observed that the DLT platform comes not as widely available yet, where IBM said it could be following the completion of a successful proof of concept, regulatory approvals, and sufficient market demand as reported by CNBC.
How is Bitcoin set To Pop Markets Bubble: Ex-Bitcoin Director
Hereafter it was found in the last few months, rhetoric and news coverage around Bitcoin has mostly been bearish whereas Jon Matonis who is a former director at the Bitcoin Foundation, was seen to inject a bullish tone at a recent Business Insider event in London. Hereby at the event, he turned the conversation about Bitcoin being a bubble on its head, and according to him, the Bitcoin which is decentralized and not subject to government scrutiny has the pin that will pop the bubble of the bond markets and fake equity markets propped up by central banks.
Therefore to be sure Bitcoin itself comes subject to similar accusations where the Bitcoin whales are said to be responsible for its wild price swings as the cryptocurrency exchanges have also been subpoenaed by those regulators after accusations of insider trading.
Thereafter for all his railing against large banks and investment institutions, Matonis is not averse to their entering the cryptocurrency ecosystem because they bring liquidity to otherwise unstable markets. Hereby the Investment bank Goldman Sachs is a clearing agency for Bitcoin futures that is reportedly considering setting up a Bitcoin trading desk. He adds that they are developing futures markets, options markets and even thinking to start to see interest rate markets around bitcoin. Hence they are used to hearing things about Libor, the index for Bitcoin interest rates is Bibor. Hereafter Bitcoin heralded a post- legal- tender age.
Here Are The Concluding Words
Henceforth the governments around the world increasingly sounded ominous warnings about regulating cryptocurrency markets to prevent frauds and scams. Therefore initial coin offerings are especially susceptible to such activity where according to recent reports around 81% of ICOs have been said to be a scam. It is here that despite these damning statistics, Matonis comes with the opinion that they should not be regulated. Hence he comments that let the buyer do his research which is hopefully a forced lot of investors to do more research. Hence no one is forcing them to invest in ICOs and in case you’re worried about the risk just walk away.