Sometimes the centre of gravity in tech is very clear, but as we enter 2022 there are lots of areas where trillion dollar questions are wide open. These are the questions I wonder about today, from crypto to cars to fast fashion - there are others.
Farid Mheir's insight:
WHY IT MATTERS:Â this list of technology questions for 2022 feels like an answer to the question "what is digital disruption?".
We have reached a moment in time where old technologies - eCommerce or videoconferencing for example - are finally breaking into established industries. And the impact, at scale, cannot be found in technology but rather in every single industry it disrupts.
This report presents LibraBFT, a robust and efficient state machine replication system designed for the Libra Blockchain. LibraBFT is based on HotStuff, a recent protocol that leverages several decades of scientific advances in Byzantine fault tolerance (BFT) and achieves the strong scalability and security properties required by internet settings. LibraBFT further refines the HotStuff protocol to introduce explicit liveness mechanisms and provides a concrete latency analysis. To drive the integration with the Libra Blockchain, this document provides specifications extracted from a fully-functional simulator. These specifications include state replication interfaces and a communication framework for data transfer and state synchronization among participants. Finally, this report provides a formal safety proof that induces criteria to detect misbehavior of BFT nodes, coupled with a simple reward and punishment mechanism.
Farid Mheir's insight:
WHY IT MATTERS: Facebook announcement of its cryptocurrency called LIBRA will generate many comments but I expect few will take time to look at the technology behind the solution. Here, the blockchain state machine is explained in a detailed whitepaper.
IMHO this is the most interesting piece as it lays out the required components to implement a blockchain solution. This will require knowledge and expertise that today few have. If LIBRA is a commercial success then expect others to leverage the same technology in their solutions. Thus, worth reading.
We present Move, a safe and flexible programming language for the Libra Blockchain. Move is an executable bytecode language used to implement custom transactions and smart contracts. The key feature of Move is the ability to define custom resource types with semantics inspired by linear logic: a resource can never be copied or implicitly discarded, only moved between program storage locations. These safety guarantees are enforced statically by Move’s type system. Despite these special protections, resources are ordinary program values — they can be stored in data structures, passed as arguments to procedures, and so on. First-class resources are a very general concept that programmers can use not only to implement safe digital assets but also to write correct business logic for wrapping assets and enforcing access control policies. The safety and expressivity of Move have enabled us to implement significant parts of the Libra protocol in Move, including Libra coin, transaction processing, and validator management.
Farid Mheir's insight:
WHY IT MATTERS: Facebook announcement of its cryptocurrency called LIBRA will generate many comments but I expect few will take time to look at the technology behind the solution. Here, the LIBRA new programming language MOVE is explained in a detailed whitepaper.
IMHO this is the most interesting piece as it lays out the required components to implement a blockchain solution. This will require knowledge and expertise that today few have. If LIBRA is a commercial success then expect others to leverage the same technology in their solutions. Thus, worth reading.
The Libra Blockchain is a decentralized, programmable database designed to support a low-volatility cryptocurrency that will have the ability to serve as an efficient medium of exchange for billions of people around the world. We present a proposal for the Libra protocol, which implements the Libra Blockchain and aims to create a financial infrastructure that can foster innovation, lower barriers to entry, and improve access to financial services. To validate the design of the Libra protocol, we have built an open-source prototype implementation — Libra Core — in anticipation of a global collaborative effort to advance this new ecosystem.
Farid Mheir's insight:
WHY IT MATTERS: Facebook announcement of its cryptocurrency called LIBRA will generate many comments but I expect few will take time to look at the technology behind the solution. Here, the LIBRA blockchain is explained in a detailed whitepaper.
IMHO this is the most interesting piece as it lays out the required components to implement a blockchain solution. This will require knowledge and expertise that today few have. If LIBRA is a commercial success then expect others to leverage the same technology in their solutions. Thus, worth reading.
To get a deeper understanding of the lifecycle of a Libra transaction, we will follow a transaction on its journey from being submitted to a Libra validator to being committed to the Libra Blockchain. We will then “zoom-in” on each logical component of a validator and take a look at its interactions with other components.
Farid Mheir's insight:
WHY IT MATTERS: Facebook announcement of its cryptocurrency called LIBRA will generate many comments but I expect few will take time to look at the technology behind the solution. Here, the life of a LIBRA trransaction is explained.
IMHO this is the most interesting piece as it lays out the required components to implement a blockchain solution. This will require knowledge and expertise that today few have. If LIBRA is a commercial success then expect others to leverage the same technology in their solutions. Thus, worth reading.
WHY IT MATTERS: Facebook announcement of its cryptocurrency called LIBRA will generate many comments but I expect few will take time to look at the technology behind the solution. Here, the life of a LIBRA trransaction is explained.
IMHO this is the most interesting piece as it lays out the required components to implement a blockchain solution. This will require knowledge and expertise that today few have. If LIBRA is a commercial success then expect others to leverage the same technology in their solutions. Thus, worth reading.
The Libra Blockchain is a cryptographically authenticated distributed database, and it is based on the Libra protocol. This document briefly describes the key concepts of the Libra protocol. For a detailed description of all the elements of the Libra protocol, refer to the Libra Blockchain technical paper
Farid Mheir's insight:
WHY IT MATTERS: Facebook announcement of its cryptocurrency called LIBRA will generate many comments but I expect few will take time to look at the technology behind the solution. Here, the LIBRA protocol is explained.
IMHO this is the most interesting piece as it lays out the required components to implement a blockchain solution. This will require knowledge and expertise that today few have. If LIBRA is a commercial success then expect others to leverage the same technology in their solutions. Thus, worth reading.
Between Initial Coin Offerings, new patents being announced, and new pilots being initiated, seemingly every day, blockchain-related activity is exploding. Here is the latest round up of developments that apply to retail.
Farid Mheir's insight:
WHY IT MATTERS: blockchain has a negative aura since the bitcoin debacle but it doesn't change the fact that it represents a a major technology breakthough that should be considered by retailers that face issues in a number of use cases - way beyond payment. For example, product traceability in the food business or personalized coupons represent low hanging fruits that companies are starting to address by providing new solutions that leverage the blockchain.
A company’s optimal strategic approach to blockchain will fundamentally be defined by the following two market factors, which are those they can least affect:
market dominance—the ability of a player to influence the key parties of a use case
standardization and regulatory barriers—the requirement for regulatory approvals or coordination on standards
Farid Mheir's insight:
WHY IT MATTERS: it is essential to position your company as a leader or follower regarding regarding any new - and possibly disrupting - technology. This article explains how to determine your strategic position regarding the blockchain technology.
Blockchain might have the disruptive potential to be the basis of new operating models, but its initial impact will be to drive operational efficiencies. Cost can be taken out of existing processes by removing intermediaries or the administrative effort of record keeping and transaction reconciliation. This can shift the flow of value by capturing lost revenues and creating new revenues for blockchain-service providers.
Farid Mheir's insight:
WHY IT MATTERS: blockchain is fundamental for certain record keeping and transactions and this analysis of 90 use cases shows that 70% provide short term cost reduction as the most value.
The economic incentives to capture value opportunities are driving incumbents to harness blockchain rather than be overtaken by it. Therefore, the commercial model that is most likely to succeed in the short term is permissioned rather than public blockchain. Public blockchains, like Bitcoin, have no central authority and are regarded as enablers of total disruptive disintermediation. Permissioned blockchains are hosted on private computing networks, with controlled access and editing rights.
Farid Mheir's insight:
WHY IT MATTERS: companies often dismiss the blockchain because of bitcoin failures. However this article suggests that there are other use case that should be considered first.
Blockchain’s core advantages are decentralization, cryptographic security, transparency, and immutability. It allows information to be verified and value to be exchanged without having to rely on a third-party authority. Rather than there being a singular form of blockchain, the technology can be configured in multiple ways to meet the objectives and commercial requirements of a particular use case.
Farid Mheir's insight:
WHY IT MATTERS: blockchain is fundamental for certain record keeping and transactions - this diagram summarizes the key use cases.
Blockchain is a distributed ledger, or database, shared across a public or private computing network. Each computer node in the network holds a copy of the ledger, so there is no single point of failure. Every piece of information is mathematically encrypted and added as a new “block” to the chain of historical records. Various consensus protocols are used to validate a new block with other participants before it can be added to the chain. This prevents fraud or double spending without requiring a central authority. The ledger can also be programmed with “smart contracts,” a set of conditions recorded on the blockchain, so that transactions automatically trigger when the conditions are met. For example, smart contracts could be used to automate insurance-claim payouts.
Farid Mheir's insight:
WHY IT MATTERS: this article summarizes well the potential of blockchain.
Our analysis suggests the following three key insights on the strategic value of blockchain: – Blockchain does not have to be a disintermediator to generate value, a fact that encouraages permissioned commercial applications. – Blockchain’s short-term value will be predominantly in reducing cost before creating transformative business models. – Blockchain is still three to five years away from feasibility at scale, primarily because of the difficulty of resolving the “coopetition” paradox to establish common standards.
Farid Mheir's insight:
WHY IT MATTERS: an in depth article about the strategic potential of blockchain in every industry.
Designer Martine Jarlgaard has launched a pilot initiative that uses the blockchain to enable both transparency and trust around her collections as part of this week's Copenhagen Fashion Summit. Each garment has a unique digital token, enabling Provenance to verify every step of its production and create a digital history of that information including location data, content and timestamps, all of which is presented to consumers via an interface they can access through their item’s QR code or NFC-enabled label (so that it works on both Apple and Android devices).
Farid Mheir's insight:
WHY IT MATTERS: real-life applications of blockchain for traceability in the retail industry are starting to appear. With a global push towards fair-trade and local sourcing of products, we can expect solutions like this to be part pf every product tag in the future.
Blockchain disruptive nature is derived from its ability to transform almost any process, from basic documentation to settling complex contracts across geographies.
Farid Mheir's insight:
WHY IT MATTERS: we focus on the financial use cases of the blockchain. However there are many more - and potentially more important - use cases for blockchain outside payment and financial transactions. They must be considered careful by anymore preparing a digital strategy today.
Keynote at Andreessen Horowitz's annual 'Tech Summit' conference, talking about the state of tech today and what's likely to happen in the next decade: mobile, Google / Apple / Facebook / Amazon, innovation, machine learning, autonomous cars, mixed reality and crypto-currencies.
Farid Mheir's insight:
WHY IT MATTERS: Benedict Evans from a16z always manages to summarize exactly where we are and where we are going. This presentation is a must see.
Disruptive technologies are transforming all end-to-end steps in production and business models in most sectors of the economy. The products that consumers demand, factory processes and footprints, and the management of global supply chains are being re-shaped to an unprecedented degree and at unprecedented pace. Industry leaders who were consulted believe that new technological solutions heralded by the Fourth Industrial Revolution – such as advanced robotics, autonomous systems and additive manufacturing – will revolutionize traditional ways of creating value. As the costs of deploying technology continue to fall, international differentials in labour costs will no longer be a decisive factor in choosing the location of production.
The resulting greater spatial and temporal flexibility brought about by technology will bring locations of production and sale closer together, and drive major changes in the design of future value and supply chains. These trends will change the shape and form of globalization, and thereby impact the trajectory of goods. Regional and local flows will become more important, to the detriment of intercontinental trade.
Farid Mheir's insight:
WHY IT MATTERS: the world economic forum keeps putting out great reports on the impact of digital transformation. I love the illustrations, great summary of key trends and their adoption. Must read.
Whether Amazon chooses bitcoin, ethereum, or something else altogether, their choice will have dramatic consequences on the existing cryptocurrency landscape. Cryptocurrency and the technology behind it are here to stay, but bitcoin and its reign as the number one cryptocurrency might not be.
Farid Mheir's insight:
WHY IT MATTERS: believe in blockchain technology but be careful about bitcoin. This article raises very valid concerns that should make anyone take very careful steps with their bitcoin investments - as it could all disappear the day that another "better" or more stable cryptocurrency appears on the market...
The dot-com boom and bust is often compared to the Gold Rush. But Amazon.com founder Jeff Bezos says its more like the early days of the electric industry.
Farid Mheir's insight:
WHY IT MATTERS: I've used the electricity metaphor many times before to explain the digital transformation potential impact on businesses. Jezz Bezos here gives us a great presentation that I believe also applies to more current technologies that are artificial intelligence and the blockchain. Well invested 15min video (or 7.5min at 2x speed ;-)
Taiwanese e-commerce platform OwlTing wants to change the way consumers think about their food. This year, it launched the world’s first blockchain-based app for tracing food products — including pork. And the process is pretty simple: by scanning a sticker on a slab of pork, OwlTing customers can quickly access information about everything from a piglet’s date of birth, to the vaccines it received before its slaughter. There’s a lot more to blockchain technology than learning obscure facts about a pork chop, however. For producers, using blockchain-based technologies to trace food through processing and shipping means that they might be able to avoid widespread food waste should a contamination arise — and even save lives. And it is not just small companies that are interested in this technology. The largest retailer in the world, Walmart recently partnered with IBM to develop their own pilot blockchain system. VICE News Tonight visited Taiwan to see how blockchain is affecting pork production, and then to Walmart to find out why the company thinks consumers are going to benefit from this technology.
Farid Mheir's insight:
WHY IT MATTERS: blockchain is the technology behind the crypto-currency bitcoin. It has applications in many industries and this short video shows how it can be used in to track food products and prevent illnesses.
Erik Brynjolfsson and Andrew McAfee of the Massachusetts Institute of Technology point out that when automotive transport arrived, a whole group of workers—horses—were displaced, never to be employed again. They lost their jobs and vanished from the economy. I would add another historical precedent. Offshoring in the last few decades has eaten up physical jobs and whole industries, jobs that were not replaced. The current transfer of jobs from the physical to the virtual economy is a different sort of offshoring, not to a foreign country but to a virtual one. If we follow recent history we can’t assume these jobs will be replaced either.
Farid Mheir's insight:
WHY IT MATTERS: the article very well sums up the changes that will impact us all - and the conclusion is bleak. When production is plentiful, very few have jobs. Having access to what is produced becomes the issue - if you don't have a job, you don't have the means to buy what gets produced. We will enter an era of social tensions and can only hope it will not be resolved in a 3rd world war.
CRYPTO20 is an autonomous token-as-a-fund allowing you to invest in cryptocurrencies like bitcoin and ethereum in a diversified index fund.
Farid Mheir's insight:
WHY IT MATTERS: this is a blockchain based on ethereum that is composed of 20 cryptocurrencies that is about to start trading. I wonder if I should buy into it? Would you? If so why would you or would you not?
Over the past several years, Gowling WLG has been at the forefront of the blockchain space. In that time, we’ve leveraged our sophisticated understanding of both the technology and the surrounding legal context to help numerous clients navigate this complex area. We look forward to building on that reputation by continuing to advise businesses, institutions and other organizations on their blockchain strategies.
Farid Mheir's insight:
WHY IT MATTERS: digital technologies impact every business, not just retailers and manufacturers. Professional services - law and accounting in particular - will be hit most in coming months. This is just one example. Bravo for taking the lead!
In a remarkably frank talk at a Bank of England conference, the Managing Director of the International Monetary Fund has speculated that Bitcoin and cryptocurrency have as much of a future as the Internet itself. It could displace central banks, conventional banking, and challenge the monopoly of national monies.
Farid Mheir's insight:
WHY IT MATTERS
The potential for blockchain to disrupt Financial institutions has been discussed for a few years by techno leaders and bitcoin enthusiasts. What makes this important is that Christine Lagarde, IMF top gun, said it. Take note!
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WHY IT MATTERS:Â this list of technology questions for 2022 feels like an answer to the question "what is digital disruption?".
We have reached a moment in time where old technologies - eCommerce or videoconferencing for example - are finally breaking into established industries. And the impact, at scale, cannot be found in technology but rather in every single industry it disrupts.
Very thoughtful piece, very good questions.