Blockchain based network for good

Private Blockchains - the Good, the Bad and All the Misconceptions

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You are responsible for your own computer security. If your machine is compromised you will lose your ether, access to any contracts and possibly more. You are responsible for your own actions. If you mess something up or break any laws while using this software, it's your fault, and your fault only. You are responsible for your own karma. Don't be a jerk and respect the rights of others. What goes around comes around. Prior to any use of the Ethereum Platform, the User confirms to understand and expressly agrees to all of the Terms.

All capitalized terms in this agreement will be given the same effect and meaning as in the Terms. The user acknowledges the following serious risks to any use the Ethereum Platform and ETH and expressly agrees to neither hold Ethereum Stiftung nor the Ethereum Team liable should any of the following risks occur:. The Ethereum Platform and ETH could be impacted by one or more regulatory inquiries or regulatory actions, which could impede or limit the ability of Stiftung Ethereum to continue to develop the Ethereum Platform, or which could impede or limit the ability of a User to use Ethereum Platform or ETH.

It is possible that alternative Ethereum-based networks could be established, which utilize the same open source source code and open source protocol underlying the Ethereum Platform. The Ethereum network may compete with these alternative Ethereum-based networks, which could potentially negatively impact the Ethereum Platform and ETH.

It is possible that the Ethereum Platform will not be used by a large number of external businesses, individuals, and other organizations and that there will be limited public interest in the creation and development of distributed applications.

Such a lack of interest could impact the development of the Ethereum Platform and potential uses of ETH. It cannot predict the success of its own development efforts or the efforts of other third parties. The User recognizes that the Ethereum Platform is under development and may undergo significant changes before release. The User acknowledges that any expectations regarding the form and functionality of the Ethereum Platform held by the User may not be met upon release of the Ethereum Platform, for any number of reasons including a change in the design and implementation plans and execution of the implementation of the Ethereum Platform.

The Ethereum Platform rests on open-source software, and there is a risk that the Ethereum Stiftung or the Ethereum Team, or other third parties not directly affiliated with the Stiftung Ethereum, may introduce weaknesses or bugs into the core infrastructural elements of the Ethereum Platform causing the system to lose ETH stored in one or more User accounts or other accounts or lose sums of other valued tokens issued on the Ethereum Platform.

Cryptography is an art, not a science. And the state of the art can advance over time. Advances in code cracking, or technical advances such as the development of quantum computers, could present risks to cryptocurrencies and the Ethereum Platform, which could result in the theft or loss of ETH.

To the extent possible, Stiftung Ethereum intends to update the protocol underlying the Ethereum Platform to account for any advances in cryptography and to incorporate additional security measures, but it cannot predict the future of cryptography or guarantee that any security updates will be made in a timely or successful manner. As with other cryptocurrencies, the blockchain used for the Ethereum Platform is susceptible to mining attacks, including but not limited to:.

Any successful attacks present a risk to the Ethereum Platform, expected proper execution and sequencing of ETH transactions, and expected proper execution and sequencing of contract computations. Despite the efforts of the Ethereum Stiftung and Team, known or novel mining attacks may be successful. Under such a scenario, the entire Ethereum Platform could become destabilized, due to the increased cost of running distributed applications.

Instability in the demand of for ETH may lead to a negative change of the economical parameters of an Ethereum based business which could result in the business being unable to continue to operate economically or to cease operation. If the Ethereum Platform is rapidly adopted, the demand for transaction processing and distributed application computations could rise dramatically and at a pace that exceeds the rate with which ETH miners can bring online additional mining power.

Insufficiency of computational resources and an associated rise in the price of ETH could result in businesses being unable to acquire scarce computational resources to run their distributed applications. This would represent revenue losses to businesses or worst case, cause businesses to cease operations because such operations have become uneconomical due to distortions in the crypto-economy.

We recommend any groups handling large or important transactions to maintain a voluntary 24 hour waiting period on any ether deposited. In case the integrity of the network is at risk due to issues in the clients, we will endeavor to publish patches in a timely fashion to address the issues. We will endeavour to provide solutions within the voluntary 24 hour waiting period.

All disputes or claims arising out of, relating to, or in connection with the Terms, the breach thereof, or use of the Ethereum Platform shall be finally settled under the Rules of Arbitration of the International Chamber of Commerce by one or more arbitrators appointed in accordance with said Rules. All claims between the parties relating to these Terms that are capable of being resolved by arbitration, whether sounding in contract, tort, or otherwise, shall be submitted to ICC arbitration.

Prior to commencing arbitration, the parties have a duty to negotiate in good faith and attempt to resolve their dispute in a manner other than by submission to ICC arbitration. The arbitration panel shall consist of one arbitrator only, unless the ICC Court of Arbitration determines that the dispute is such as to warrant three arbitrators. If the Court determines that one arbitrator is sufficient, then such arbitrator shall be Swiss resident. All nominations must be Swiss resident.

If a party fails to nominate an arbitrator, the Court will do so. The Court shall also appoint the chairman. The place of arbitration shall be Zug, Switzerland. The language of the arbitration shall be English. In deciding the merits of the dispute, the tribunal shall apply the laws of Switzerland and any discovery shall be limited and shall not involve any depositions or any other examinations outside of a formal hearing. The tribunal shall not assume the powers of amiable compositeur or decide the case ex aequo et bono.

In the final award, the tribunal shall fix the costs of the arbitration and decide which of the parties shall bear such costs in what proportion. Every award shall be binding on the parties.

The parties undertake to carry out the award without delay and waive their right to any form of recourse against the award in so far as such waiver can validly be made. Ethereum is a decentralized platform that runs smart contracts: These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property.

This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past like a will or a futures contract and many other things that have not been invented yet, all without a middleman or counterparty risk. The project was bootstrapped via an ether presale in August by fans all around the world.

It is developed by the Ethereum Foundationa Swiss non-profit, with contributions from great minds across the globe. On traditional server architectures, every application has to set up its own servers that run their own code in isolated silos, making sharing of data hard. If a single app is compromised or goes offline, many users and other apps are affected. On a blockchain, anyone can set up a node that replicates the necessary data for all nodes to reach an agreement and be compensated by users and app developers.

This allows user data to remain private and apps to be decentralized like the Internet was supposed to work. The Ethereum Wallet is a gateway to decentralized applications on the Ethereum blockchain. It allows you to hold and secure ether and other crypto-assets built on Ethereum, as well as write, deploy and use smart contracts.

Create a tradeable digital token that can be used as a currency, a representation of an asset, a virtual share, a proof of membership or anything at all. These tokens use a standard coin API so your contract will be automatically compatible with any wallet, other contract or exchange also using this standard. The total amount of tokens in circulation can be set to a simple fixed amount or fluctuate based on any programmed ruleset.

Do you already have ideas that you want to develop on Ethereum? Using Ethereum, you can create a contract that will hold a contributor's money until any given date or goal is reached. Depending on the outcome, the funds will either be released to the project owners or safely returned back to the contributors.

All of this is possible without requiring a centralized arbitrator, clearinghouse or having to trust anyone. You have to hire managers, find a trustworthy CFO to handle the accounts, run board meetings and do a bunch of paperwork. Or you can simply leave all that to an Ethereum contract.

It will collect proposals from your backers and submit them through a completely transparent voting process. Now it's your turn: Could your business be enhanced by operating on a cryptographically secure, decentralized, tamper-proof network?

And since you'll be among the first developers in the world that are able to program decentralized applications, some of them might need your help. If you feel more comfortable around a terminal, you can download our command line tools. Please agree to this before downloading. Build unstoppable applications Ethereum is a decentralized platform that runs smart contracts: Smart money, smart wallet The Ethereum Wallet is a gateway to decentralized applications on the Ethereum blockchain.

Hold ether or any Ethereum-based token in safe wallets. Easy template-based contract creation. Your accessible interface to blockchain applications. Ethereum Join the Community Donate.

Learn Soliditya new language for smart contracts. Design and issue your own cryptocurrency Create a tradeable digital token that can be used as a currency, a representation of an asset, a virtual share, a proof of membership or anything at all.

A tradeable token with a fixed supply A central bank that can issue money A puzzle-based cryptocurrency. Kickstart a project with a trustless crowdsale Do you already have ideas that you want to develop on Ethereum? You can even use the token you created earlier to keep track of the distribution of rewards. A crowdfund to pre-sell a product A crowdsale to sell virtual shares in a blockchain organization An auction of a limited number of items.

A virtual organization where members vote on issues A transparent association based on shareholder voting Your own country with an unchangeable constitution A better delegative democracy.

Build a new kind of decentralized application Now it's your turn: Get the command line tools If you feel more comfortable around a terminal, you can download our command line tools. Install the command line tools.

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Get to know this game-changing technology and how to start using it. Everyone is watching how blockchain's distributed ledger technology is revolutionizing the way organizations conduct their business transactions. Let's look at how a blockchain network operates, how you can take advantage of it, and how IBM and other companies are collaborating to advance the technology across a spectrum of industries.

First, a little background is in order. A distributed ledger is a type of database that is shared, replicated, and synchronized among the members of a decentralized network. The distributed ledger records the transactions, such as the exchange of assets or data, among the participants in the network. Participants in the network govern and agree by consensus on the updates to the records in the ledger.

No central authority or third-party mediator, such as a financial institution or clearinghouse, is involved. Every record in the distributed ledger has a timestamp and unique cryptographic signature, thus making the ledger an auditable, immutable history of all transactions in the network.

In today's connected and integrated world, economic activity takes place in business networks that span national, geographic, and jurisdictional boundaries. Assets can be tangible and physical, such as cars, homes, or strawberries, or intangible and virtual, such as deeds, patents, and stock certificates. Asset ownership and transfers are the transactions that create value in a business network.

Transactions typically involve various participants like buyers, sellers, and intermediaries such as banks, auditors, or notaries whose business agreements and contracts are recorded in ledgers.

A business typically uses multiple ledgers to keep track of asset ownership and asset transfers between participants in its various lines of businesses. Ledgers are the systems of record for a business's economic activities and interests. View image at full size. Current business ledgers in use today are deficient in many ways.

They are inefficient, costly, and subject to misuse and tampering. Lack of transparency, as well as susceptibility to corruption and fraud, lead to disputes.

Having to resolve disputes and possibly reverse transactions or provide insurance for transactions is costly. These risks and uncertainties contribute to missed business opportunities. At best, the ability to make a fully informed decision is delayed while differing copies of the ledgers are reconciled. If you hesitated, you're not alone! Our Blockchain primer really breaks it down. Read it and you'll be ready to regale your family, neighbors, and co-workers with your new-found fluency!

A blockchain is a tamper-evident, shared digital ledger that records transactions in a public or private peer-to-peer network.

Distributed to all member nodes in the network, the ledger permanently records, in a sequential chain of cryptographic hash-linked blocks , the history of asset exchanges that take place between the peers in the network. All the confirmed and validated transaction blocks are linked and chained from the beginning of the chain to the most current block, hence the name blockchain.

The blockchain thus acts as a single source of truth, and members in a blockchain network can view only those transactions that are relevant to them. Take the Blockchain essentials course for developers , and you'll learn the ins and outs of asset transfers. At the end of the free, self-paced course, take a quiz, get a badge, and start planning useful blockchain applications for your business network.

Instead of relying on a third party, such as a financial institution, to mediate transactions, member nodes in a blockchain network use a consensus protocol to agree on ledger content, and cryptographic hashes and digital signatures to ensure the integrity of transactions. Consensus ensures that the shared ledgers are exact copies, and lowers the risk of fraudulent transactions, because tampering would have to occur across many places at exactly the same time.

Cryptographic hashes , such as the SHA computational algorithm, ensure that any alteration to transaction input — even the most minuscule change — results in a different hash value being computed, which indicates potentially compromised transaction input. Digital signatures ensure that transactions originated from senders signed with private keys and not imposters. The decentralized peer-to-peer blockchain network prevents any single participant or group of participants from controlling the underlying infrastructure or undermining the entire system.

Participants in the network are all equal, adhering to the same protocols. They can be individuals, state actors, organizations, or a combination of all these types of participants. At its core, the system records the chronological order of transactions with all nodes agreeing to the validity of transactions using the chosen consensus model. The result is transactions that cannot be altered or reversed, unless the change is agreed to by all members in the network in a subsequent transaction.

In legacy business networks, all participants maintain their own ledgers with duplication and discrepancies that result in disputes, increased settlement times, and the need for intermediaries with their associated overhead costs. However, by using blockchain-based shared ledgers, where transactions cannot be altered once validated by consensus and written to the ledger, businesses can save time and costs while reducing risks. Blockchain consensus mechanisms provide the benefits of a consolidated, consistent dataset with reduced errors, near-real-time reference data, and the flexibility for participants to change the descriptions of the assets they own.

Because no one participating member owns the source of origin for information contained in the shared ledger, blockchain technologies lead to increased trust and integrity in the flow of transaction information among the participating members. Immutability mechanisms of blockchain technologies lead to lowered cost of audit and regulatory compliance with improved transparency.

And because contracts being executed on business networks using blockchain technologies are automated and final, businesses benefit from increased speed of execution, reduced costs, and less risk, all of which enables businesses to build new revenue streams to interact with clients.

What makes a good blockchain solution? Blockchain was first introduced to the market as the technology underpinning Bitcoin exchanges , but its practical uses in the world of business extend far beyond cryptocurrency transactions.

For example, in finance, blockchain networks allow securities trades to be settled in minutes rather than days. In supply chains, blockchain networks allow the flow of goods and payments to be tracked and logged in real time. To determine whether your use case is a good fit for blockchain, ask yourself these questions:. If you answered yes to the first question and to at least one other, then your use case would benefit from blockchain technology.

A network always needs to be involved for blockchain to be the right solution, but the network can take many forms. The network can be between organizations , such as a supply chain, or the network can be within an organization. Within an organization, a blockchain network could be used to share reference data between divisions or to create an audit or compliance network, for example.

The network can also exist between individuals , who might need to store data, digital assets, or contracts on the blockchain, for example. See industry examples of how diverse organizations — in banking and financial markets, supply chain, healthcare, and transportation, for example — are adopting blockchain to support new business models.

Hyperledger is an open source effort to advance cross-industry blockchain technologies for business use. The Hyperledger Fabric framework supports distributed ledger solutions on permissioned networks, where the members are known to each other, for a wide range of industries. Its modular architecture maximizes the confidentiality, resilience, and flexibility of blockchain solutions. Hyperledger Composer is a set of free, open source tools for quickly prototyping, defining, and testing a Hyperledger Fabric blockchain network and writing applications to interact with it.

IBM's point of view on blockchain technology. We believe that blockchain is a truly disruptive technology that can transform business networks. We also believe that this innovation has to happen in the open, collaborating with other technology companies and industries. To this end, IBM continues to contribute code to several active Hyperledger projects. From IBM's perspective, industrial-grade blockchain technologies have the following characteristics:.

In addition to these attributes, enterprise blockchain technology needs to meet key industry requirements such as performance, verified identifies, and private and confidential transactions. Hyperledger Fabric has been architected to meet these needs. It is also designed with a pluggable consensus model, allowing businesses to select an optimal algorithm for their networks. IBM is the leader in secure open-source blockchain solutions built for the enterprise.

As an early member of the Linux Foundation's Hyperledger Project, IBM is dedicated to supporting the development of openly governed blockchains. IBM has worked with over clients across financial services, supply chains, IoT, risk management, digital rights management, and healthcare to implement blockchain applications delivered via the IBM Cloud.

IBM offers a flexible platform and secure infrastructure to help you develop, govern, and operate your enterprise blockchain network. Over 40 active networks with multiple organizations are using the IBM Blockchain Platform to exchange assets every day and improve business processes ranging from food safety to trade efficiencies and digital payments.

Learn about IBM Blockchain solutions , and see how you can start using blockchain in your business today. If you're a developer, the easiest, most economical way to learn your way around a real business blockchain and start developing blockchain skills and applications now is to sign up for the IBM Blockchain Platform Starter Plan.

With the new Starter Plan, you can quickly spin up a blockchain pre-production network, deploy sample applications, and develop and deploy client applications.

Blockchain technologies represent a fundamentally new way to transact business. They usher in a robust and smart next generation of applications for the registry and exchange of physical, virtual, tangible, and intangible assets. Thanks to the key concepts of cryptographic security, decentralized consensus, and a shared public ledger with its properly controlled and permissioned visibility , blockchain technologies can profoundly change the way we organize our economic, social, political, and scientific activities.

We'll conclude this introduction to distributed ledgers with six great ways to continue your blockchain odyssey:. Sign in or register to add and subscribe to comments. Introduction to distributed ledgers Get to know this game-changing technology and how to start using it Sloane Brakeville and Bhargav Perepa Published on March 18, Now, could you explain "blockchain" to someone?

Test your blockchain knowledge! Is blockchain is right for you? Comments Sign in or register to add and subscribe to comments. Subscribe me to comment notifications.

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