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.
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