BTC-ECHO reports from the Blockshow Europe 2017

Two weeks ago we reported about the CeBit, now the next event was coming up, the Blockshow Europe 2017. We were in Munich and as media partner of the Blockshow Europe 2017 we heard many interesting lectures and met Blockchain-Startups.

We were especially happy to meet some of the winners of the raffled tickets to Blockshow Europe – thanks to Kurt Lakner, Matthias Twerdy and Björn Pusch (all together in the photo below), as well as the community.

A big topic of the Bitcoin news were the Initial Coin Offerings

On Thursday, April 6th, various blockchain companies met in the old congress hall in the immediate vicinity of the Theresienwiese Munich (Oktoberfest). But there were also established companies and management Bitcoin news consultancies, such as Deloitte or the largest Russian e-commerce company Ulmart, on site to listen to lectures and pitches and to make contacts like this

These have been overturning lately and it is becoming more and more difficult to keep track of them. Not only Humaniq, who recently launched their ICO very successfully, was there, but also many small, quite unknown startups, who presented their new crypto currency solutions (you can find out exactly what Humaniq does in our article, which we published earlier this week).

These still young startups had the opportunity to hold a pitch with the aim to convince the jury of the Blockchshow Europe and to bag prize money of over 13.000 Euro.

The whole thing was called Bitcoin formula

There was also no shortage of presentations. We particularly liked the presentation by Mika Lammi, Head of IoT Business Development at Kouvola Innovation Oy, a Finnish public logistics company. Lammi reported on the problem that although many logistics companies work highly efficiently themselves in Bitcoin formula conjunction with other companies involved in the supply chain, they are inadequately linked. In short, there is a lack of uniformity and transparency. Accordingly, Kouvola Innovation Oy is in the process of constructing an open blockchain so that the entire logistics network can be optimised as a whole. Soon the blockchain will be used to track merchandise and optimize processes in order to save time and money and obtain greater legal certainty in disputes.

We also liked the presentation by Matej Michalko, CEO of Descent. Michalko had reported that he had deleted a negative hotel rating from a portal. The fact that this way falsified ratings, whether for hotel rooms or restaurants, arise is not secret knowledge. To combat this, Michalko is working on content distribution on a blockchain basis. Among other things, this should prevent bad ratings (e.g. only 1 out of 5 stars) from being deleted. The blockchain can help to prevent this manipulation and thus prevent fake reviews.

Further information about exciting Blockchain companies, which we got to know at the Blockshow Europe, will follow in the next days.

We were also pleased to meet the Cointed team from Austria. Due to the high demand for Bitcoins, the Bitcoin Exchange has set up several Bitcoin ATMs in Austria. This shows that Austrian regulation offers some advantages over German regulation. At present the setting up of Bitcoin ATMs in Germany is associated with such high requirements on the part of BaFin that there are no Bitcoin ATMs in Germany.

For the gamblers among our readers, Beyond the Void might be worth a look. The real-time strategy game uses the Ethereum blockchain. Based on this blockchain, the so-called Nexium tokens are used to process all payment transactions (e.g. purchase of items).

IT providers for stock exchanges hardly dare to approach blockchain technology

More and more companies and institutions are enthusiastic about the blockchain technology. Since blockchain technology can be used to store all kinds of data in a tamper-proof and transparent way, it is used in a wide variety of areas. As Nasdaq reported on June 26, technology companies that provide IT infrastructures for stock markets and stock exchanges tend to hold back in this development. What is behind this?

This is the result of a study commissioned by Nasdaq and conducted by Celent, a market research firm advising financial institutions in the technology sector. For this, Chief Information Officers, Chief Technology Officers and other technology managers from 20 leading market infrastructure companies worldwide were interviewed.

Development at best at an early stage

One would expect that exchanges, custodians and other market infrastructure providers that track complex transactions, investments and trades would gratefully embrace distributed ledger technology. Instead, Celent found that such a development among market infrastructure operators worldwide is at best at an early stage. One fifth of the operators have no plans whatsoever to use the blockchain in the future. 5 percent openly admit that they do not have the necessary expertise for this. Although 70 percent are working on pilot projects, only 5 percent are already using some kind of DLT. According to The Wallstreet Journal, 70 percent of respondents use automated process automation, 40 percent rely on cloud computing and 35 percent even use artificial intelligence. A general rejection of advanced technology cannot therefore be assumed here.

Both banks, large software companies and governments are increasingly relying on blockchain technology. It is used in retail, manufacturing, distribution and other areas and is even referred to as a „must-have“. On June 26, The Wallstreet Journal reported that IT providers for stock exchanges have so far tended to avoid the blockchain rather than benefit from the technology as well.

The reasons

According to the Nasdaq study, there are very different reasons for blockchain sloth. On the one hand, there is a cost problem. For example, the IT budget is already being used for the maintenance of existing systems, leaving hardly any resources for innovations. On the other hand, strict guidelines regarding the IT structure of the stock exchanges put a stop to many blockchain ideas even before they are implemented.

According to Arin Ray, Celent’s senior analyst, strict security regulations inhibit the implementation of blockchain projects. For example, „the prevention of failures, the security and stability of the systems are very important because market participants are highly regulated and play a crucial role in the functioning of the markets“. The introduction of a new technology usually takes some time. In addition, security gaps may occur during this process. The fear of such possible complications when switching old systems to blockchain technology therefore seems to be the main reason why IT operators are reluctant to develop new systems.