Category: Smart Contracts

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The Accounting Blockchain has launched its Private Placement – The Future of Accounting at your fingertips

Categories ICOs, Malta, Smart Contracts, E&S Group, Technology, New ICO - Accounting Blockchain

The Accounting Blockchain has launched its Private Placement – The Future of Accounting at your fingertips.

E&S Group is proud to announce that its client The Accounting Blockchain has launched its Private Placement.

 

E&S Group is pleased to be working with The Accounting Blockchain assisting them in this exciting project. The aim of this blockchain based platform is to incorporate smart contracts,  helping companies processing triple entries in the platform thus saving time and money. This project is tailor-made to match the current market of accounting software packages. In addition, The Accounting Blockchain came up with a solution for companies that need to invoice each other and how payments are processed through the supply chain reaching the end consumer. AB Tokens are issued to their clients, where they can enjoy savings provided by the platform.

E&S Group is proud to be advising and supporting this innovative project, incorporating blockchain and smart contracts guiding companies to the future of doing business through cryptocurrencies. To learn more about The Accounting Blockchain, please visit their website: https://www.theaccountingblockchain.io/

 

Planning an ICO or simply want more information on ICOs, Blockchain or Crypto? Click here to read more about ICOs or contact us on [email protected].

 

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Blockchain can cut costs from vehicle data storage.

Categories Blockchain, Cryptocurrency, Smart Contracts, Technology

Blockchain can cut costs from vehicle data storage.

A Middle Eastern archipelago, The Kingdom of Bahrain, is looking into ways how to minimize costs of maintaining its vehicle registration data. They came up with a solution to this problem, by adopting the blockchain technology.

This plan was announced on the 10th of May during the Gateway Gulf Forum, by Bahrain General Directorate of Traffic (GDT) backed by Bahrain’s crown prince. The blockchain platform is set to register all vehicles in a storage data system bypassing third-party costs. In addition, the GDT is searching for a technical company to develop this blockchain who will focus on design and implementation.

In a statement, GDT director general, Shaikh Abdulrahman bin Abdulwahab Al Khalifa said:

“This registry will be a vital advancement in reducing the overall cost of maintaining critical vehicle information, offer greater efficiency in terms of supply chain management, and ensure a high level of transparency for all stakeholders in the vehicle registration ecosystem.”

The beginning of the Blockchain era

The government is taking a proactive approach in helping private sectors through a partnership to adopt blockchain technology platforms. In fact, Bahrain has seen a lot of important financial institutions adopting blockchain initiatives to their business.

Only last year, did the Monetary Authority of Singapore, seek advice from Bahrain’s government regarding a national blockchain pilot.

With regards to this collaboration, the CEO of Bahrain Economy Development Board, Khalid Al Rumaihi, had previously stated that “The ability for blockchain to be adopted at the country level is a huge opportunity for Bahrain to move into the spotlight as a pioneer in this space.”

If you have any questions in relation to ICOs, please contact us on [email protected]

 

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Huawei has set up BaaS platform – as the Blockchain Service.

Categories Blockchain, Smart Contracts

Huawei has set up BaaS platform – as the Blockchain Service.

Last Tuesday, 17th April, Huawei announced their intention to emerge their company in the blockchain sphere. The news was revealed during Huawei’s analyst conference in Shenzhen, with the introduction of their platform entitled (BaaS) blockchain-as-a-service also known as the Blockchain Service (BCS).

Huawei designed BaaS, to provide services to companies using their blockchain, moreover, creating smart contracts within a distributed ledger network. According to Hu Ruifeng, an engineer for Huawei who also co-authored their white paper revealed that BaaS solution is based on Hyperledger Fabric 1.0.

Key factors discussed in BaaS white paper.

A white paper was launched on Huawei’s official website with detailed description about how BaaS blockchain service works. In the white paper, the company voiced their utmost concern to introduce their blockchain service in several industries. Such industries that can pave their way into this blockchain service are supply chain, finance IoT (Internet of things) based logistics and connected cars to name a few. In addition, the whitepaper discussed the need for security advancements when planning and building a blockchain. In effect, Huawei’s blockchain service is made up of three layers; these are cloud, pipe and devices, in synergy with both hardware and software protection providing a secure and reliable system.

When the news was out, a blockchain and cryptocurrency admirer stated that:

“It’s good to see all the top companies around the globe embracing blockchain technology. They know what the real deal is and are stepping forward to shape a better future. Blockchain will definitely pave path to an easier and secure future.”

E&S Group is a leading law firm offering various services with regards to ICOs. Feel free to contact us directly on +356 20103020 or by email at [email protected] to find out how E&S can help you in ‘making things happen’.

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What does the future have in store for Blockchain?

Categories Blockchain, Cryptocurrency, Smart Contracts

What does the future have in store for Blockchain?

When we first heard the word “Bitcoin” back in 2009, no one could quite get their head around the idea of a decentralised digital currency, “who would ever use a digital coin instead of a real one?”. Back then, a single Bitcoin was worth just a couple of measly dollars.

Almost a decade later, Bitcoin and the whole concept of digital currencies has exploded, with a single Bitcoin going for around $7000 at the time of writing. Over the last six months especially, anyone involved in cryptocurrency has been on a bit of a rollercoaster ride in terms of its volatility, and they have also been exposed to its stiffest competition- Ethereum.

What makes Ether such a threat to Bitcoin is the fact that it functions on its own unique Blockchain technology and therefore has way more functionality rather than just its monetary potential. A feature unique to Ethereum is the concept of Smart Contracts which essentially automate any kind of process in a trusted way. One of the main selling points of cryptocurrency is the fact that you can send or receive money without needing a third-party mediator such as a bank or payment provider. A Smart Contract allows you to do this while being able to program a set of rules in the form of if-then statements and when particular qualifications are met, the next step is released.

All of these contracts are publicly and permanently recorded and cannot be tampered with in any way meaning they are more trustworthy and reliable than any third-party intermediary could ever be.

A good example of this would be selling a car. First of all, you need to find a buyer, exchange money, transfer the title and record the whole process with the relevant authority. If you can link the transaction to a smart contract on the Blockchain, all of this process can be automated and each step executed upon the completion of the previous step. A website such as Autotrader could integrate a Blockchain application that would take care of the entire process including the record of ownership, titles, and registrations.

It is examples like this that can give us an idea of the impact Blockchain will have on the Internet of Things. We are still in the early stages of discovering the potential of this disruptive and innovative new technology, but its cases for use seem almost unlimited.

Another example would be the use of Blockchain technology in the counterfeit wine industry, something which is a particular problem in China. It is estimated that around 70% of all imported wine in China is fake due to counterfeiters buying empty bottles from renowned vineyards and then filling it with cheaper, fake wine. Through the use of Smart Contract technology, microchips could be attached to the wine bottles to create an unforgeable digital identity for each bottle so that they could not be copied, cloned, or corrupted in any way.

Of course, as with any technological advancements, there are also elements of moral hazards. Take, for example, something as innocent as your toothbrush. What if one day, your personal use of your toothbrush could be stored on a pubic Blockchain? Your insurance company could see that you have not been using your toothbrush as often and they could increase your dental premium as a result. The good news is that there is already a global discussion on data ownership with steps such as the GDPR which comes into force in May 2018, that seeks to give ownership of data back into the hands of the individual.

What is important is that members of the public begin to educate themselves on the various innovations that are happening with Blockchain technology and they are prepared for its uses and implications for the future.

The future of Blockchain is happening quicker than anyone anticipated, make sure you are ready for it!

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Contact us directly on +356 20103020 or by mail at [email protected] to find out more.

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