Garuda Indonesia Colours Magazine May 2019 - Page 133

Business / Outlook and better compliance support for permission blockchains. A consortium might have 20 companies within it, whereas a private network might be just one company, but both are controlled only by those permitted to do so. For corporates, the most obvious choice of network is a permission-based one – you don’t want anonymity and you need to maintain control. A supplier-vendor relationship would be an example, where you can both see some details of a smart contract, but as the supplier you may wish to hide your own costs, sources and freight history from your vendor. Fintech writer Audrey Nesbitt says that once you’ve chosen between a public or permission blockchain, there are six key considerations when creating a blockchain project: 1. Use Case – is your technology actually solving a real-world problem? 2. Scalability – as the project grows, can the blockchain network accommodate it? 3. Community Support – support is crucial, so how accessible are the platforms for feedback? 4. Skill Availability – with this sphere still in its infancy, there are a limited number of programmers working in the new languages (Python, Simplicity and Solidity are three such coding languages), so which platforms allow you to use a coding language they already know? 5. Multifunctionality and Adaptability – Will the blockchain platform you choose need to adapt to an existing technology? What functions would it require? 6. Security – has the platform been peer-reviewed and tested? Is it ready for market or still in experimental mode? NEO is being used by San Francisco outfit Thor Token as a system for gig economy workers (such as Upwork, and Uber) to access affordable healthcare, job market and retirement planning. Here, we take a quick look at two blockchain partner companies, whose suite of ready-made dApps ease the cost and time to market for individuals and enterprises; Morpheus Labs, and Quant Network. Singapore-based Morpheus Labs is a Blockchain Platform-as-a-Service (BPaaS), offering a comprehensive and inclusive suite of enterprise-grade blockchain solutions without the need to create them from scratch, allowing enterprises and developers to rapidly prototype their ideas and validate potential markets in a cost- and time- efficient manner. Pick a dApp, clone it, then customise it to your needs. Morpheus Labs is creating an ever- expanding portfolio of strategic partners such as VeChain, QuarkChain and NULS, and has been recently endorsed and onboarded as a Standard Technology Partner within the Amazon Web Services (AWS) Partner Network. The vision of the company is to find solutions to problems that otherwise hinders mass adoption of the blockchain. Users subscribe to their suite on a combination of fixed, recurring fees and one-time initial fees, with each tier  Apps can be written d in any language and are most often open- source, ensuring anyone can build on top of it, but no one person owns the application. accessing different levels of support and service. Users can see a suite of new and popular dApps in the Morpheus Labs Application Library, which they can tag while in development. Coding languages include Python, Node.js, Java, PHP, C++ and more. At the heart of its solution sits the MITx token, the fuel that powers the Morpheus Labs ecosystem. Like all tokens, a small percentage gets ‘burnt’ for every transaction, with supply limited. In March this year, it announced that up to 45 per cent will be burnt over the next 48 months, employing basic principles of economics with scarcity driving a healthy price for the MITx token. Introducing dApps Just as any developer can build an app for Apple’s App Store, decentralised applications (dApps) are products that developers can build to sit in the Ethereum smart contracts system. dApps can be written in any language and are most often open-source, ensuring anyone can build on top of it, but no one person owns the application. Currently, most dApps sit on the Ethereum network, but there are other choices, such as EOS – which is being used by Oracle’s own OracleChain and the point-of-sale system, and by ONEPAY, which allows vendors to receive cryptocurrency as payment – or NEO, which enjoys a strong development community through open-source languages including Solidity, C, C++, Java and JavaScript. 131