Innovative Blockchain Applications Explored at Necker Island Summit

The recent Block Chain Summit brought together some of the leading minds in the digital currency universe to yield the latest in innovative use cases for the Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term.

There has been a noticeable decline in the number of Bitcoin conferences this year relative to last. This meetup too was less concerned about the traditional areas of consideration, such as wallets, adoption and Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term, and more about practical applications for Bitcoin's blockchain. The summit was to feature "a set of intimate discussions highlighting critical issues and solutions and to lay out the framework for a world where humankind is fully benefiting from the amazing technology behind the Blockchain."

In the weeks leading up to the event, it had attracted some criticism from some who felt it smelled of elitism. Bringing together both tech and non-tech minds, however, venture capitalist and co-organizer Bill Tai saw it differently, telling Wall Street Journal:

"When accomplished people with diverse background can be placed in an unstructured environment where barriers are stripped away, the interaction that occurs allows the spontaneous and serendipitous mixing of ideas that can reformulate themselves into amazing action plans."

Ideas that were explored included several of the "social impact" variety. Among them:

• An indelible public ledger to protect landowner's property rights in Peru to counter competing claims for mineral exploration.
• A record of digital birth certificates, which will protect children from human traffickers.
• "Self-sovereign" digital identities.
• A framework for IBM's vision for the Internet of Things that envisions a network of smart, interconnected devices.
• A light bulb that mines bitcoin (according to BitFury designer Niko Punin, it was created more to promote bitcoin adoption, similar to 21 Inc's aspirations, and less to make money).

The event was hosted on Necker Island, a private island in the British Virgin Islands owned by Sir Richard Branson.