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Blockchain applied
November 8, 2018, Shell announced the world's first oil products trading business using blockchain technology developed with Applied Blockchain. The technology is currently in use within Shell, allowing the company's various businesses to operate by looking at prices in real time from its trading teams.
Founded in 2015, Applied Blockchain develops blockchain technology solutions for some of the world's largest organizations and the most promising start-ups, and was one of the first companies to recognize the potential of blockchain technology for companies.
The company has grown very rapidly, focusing on applications of smart contracts and, more recently, on zero evidence of knowledge, as a way to transfer data, assets, & nbsp; and payments more securely and efficiently.
The focus of the customer and industry of Applied Blockchain includes financial services, energy, trade, supply chain, aviation, automotive industry and shipping: sectors with high value activities and complex multiparty processes.
The big game here is the addition of collateral and provenance of shared assets, as well as the potential for future integrated payment and settlement, the risk is reduced and this paves the way for huge efficiency gains.
Founder and CEO Adi Ben-Ari has a background in computer science and over 20 years of experience in corporate software architecture and in the development of telecommunications and financial services.
Adi was a leading voice in the blockchain technology community and was invited by the British Parliament and House of Lords to represent industry in various forums. He is also a contributor to community projects like Global digital finance, the no profit dedicated to the development of codes of conduct in the sector for the community of cryptographic and digital assets, in which I am involved.
I asked Adi about the Shell & nbsp;theoretical verification and what benefits are the use of blockchain technologies in the field of trade and settlements.
Lawrence Wintermeyer: Adi, can you tell us about this important release and what is Shell doing?
Adi Ben-Ari: Applied Blockchain worked closely with Shell to develop and implement one of the industry's first production blockchain solutions. This is a relatively complex solution used to optimize a core business in Shell. The implementation of blockchain technology in a complete production environment at one of the largest organizations in the world is an important milestone.
The goal of the platform is that anyone in the system is able to look at a particular energy product at any time and understand where it is traded and at what price.
Wintermeyer: What point (i) pain does it solve?
Ben-Ari: The solution allows operations to be performed more quickly and efficiently to manage business needs and exposures as required.
Wintermeyer: How does the use of blockchain technology substantially improve this type of solution?
Ben-Ari: Blockchain technology provides an encrypted basis for commercial agreements. This crystallizes the commercial agreement at prices that offers further guarantees, simplified consolidation and less uncertainty and reconciliation between the commercial parties.
Wintermeyer: What were some of the biggest challenges in developing the solution?
Ben-Ari: We have resolved the identity, data privacy and anonymity of transactions in a shared ledger in a way that would work on any blockchain platform. Applied Blockchain wanted to make the solution future-proof & nbsp; and keep the technology options really open. This was achieved using our Mantle toolkit.
Of course, there are also big differences between the creation of a proof-of-concept & nbsp; and the implementation of a full "productionized" system that uses a new technology for the first time. We had to consider performance, scalability, availability, security, user experience and a whole set of non-functional business requirements.
Wintermeyer: How could we see blockchain and this kind of solution develop in other areas of trading and settlement of securities?
Ben-Ari: The encrypted and secure layer of certainty captured in a blockchain provides a solid basis for trading and settlement, and many initiatives already advance in this space through numerous asset types.
The multiparty guarantee provided by cryptographic tests allows a faster and more efficient negotiation and settlement workflow. Instead of keeping each one's own version of events, trust is delegated to a shared and shared vision that the parties control together. This is a turning point in a space where the parties today are working to reconcile their opinions.
With the emergence of a series of activities, the next challenge that Applied Blockchain is facing is how the different trading and settlement solutions and consortia will interact in the future. This is not as simple as it seems. Blockchain platforms for emerging businesses offer very different and incompatible technical approaches. Bridging is not as simple as it seems, since often the bridges themselves must be considered reliable, or they could act as points of error and data, and cryptographic evidence must be standardized, so that they are recognized and accepted by the parties.
Wintermeyer: Can you give us an overview of the new products on the Applied Blockchain roadmap?
Ben-Ari: Our vision is of open and interoperable blockchain technology standards, especially in the business environment. We have always supported an approach that presupposes open, standard and connected blockchains.
The zero knowledge tests are a new technology that allows us to demonstrate the ownership and provenance of resources (as well as other aspects), without revealing the details of the parties involved in these activities.
Up to now, the problem of data privacy and the anonymity of transactions in smart contracts has been solved using proprietary solutions linked to specific business platforms. The zero knowledge tests allow us to create open and multiplatform solutions without compromising security or data privacy issues.
We are now extending Mantle using zero evidence of knowledge to create a platform-independent solution for trading and supply chains.
Adi Ben-Ari, founder and CEO of Applied BlockchainAdi Ben-Ari
in the & # 39; industry. Adi is a well-known speaker at major industry conferences, with experience in C-suite education blockchain
and serves as a consultant for a number of early blockchain startups. His work was also noted by the UK government, where he was invited to represent the industry at the House of Lords' Blockchain Round Table. In addition, Adi co-invented and designed a series of patents within the blockchain and mobile payment space. Adi holds a Bachelors degree in Computer Science and an MBA from the Tel-Aviv University.
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On November 8, 2018, Shell announced the first worldwide trade in petroleum products by using the blockchain technology developed with Applied Blockchain. The technology is currently in use within Shell, allowing the company's various businesses to operate by looking at prices in real time from its trading teams.
Founded in 2015, Applied Blockchain develops blockchain technology solutions for some of the world's largest organizations and the most promising start-ups, and was one of the first companies to recognize the potential of blockchain technology for companies.
The company has grown very rapidly, focusing on applications of smart contracts and, more recently, on zero evidence of knowledge, as a way to transfer data, goods and payments in a more secure and efficient manner.
The focus of the customer and industry of Applied Blockchain includes financial services, energy, trade, supply chain, aviation, automotive industry and shipping: sectors with high value activities and complex multiparty processes.
The big game here is the addition of collateral and provenance of shared assets, as well as the potential for future integrated payment and settlement, the risk is reduced and this paves the way for huge efficiency gains.
Founder and CEO Adi Ben-Ari has a background in computer science and over 20 years of experience in corporate software architecture and in the development of telecommunications and financial services.
Adi was a leading voice in the blockchain technology community and was invited by the British Parliament and House of Lords to represent industry in various forums. He is also a contributor to community projects such as Global Digital Finance, the no profit dedicated to the development of codes of conduct for the encrypted and digital community, in which I am involved.
I asked Adi about Shell theoretical verification and what benefits are the use of blockchain technologies in the area of negotiation and settlement.
Lawrence Wintermeyer: Adi, can you tell us about this important release and what is Shell doing?
Adi Ben-Ari: Applied Blockchain worked closely with Shell to develop and implement one of the industry's first production blockchain solutions. This is a relatively complex solution used to optimize a core business in Shell. The implementation of blockchain technology in a complete production environment at one of the largest organizations in the world is an important milestone.
The goal of the platform is that anyone in the system is able to look at a particular energy product at any time and understand where it is traded and at what price.
Wintermeyer: What point (i) pain does it solve?
Ben-Ari: The solution allows operations to be performed more quickly and efficiently to manage business needs and exposures as required.
Wintermeyer: How does the use of blockchain technology substantially improve this type of solution?
Ben-Ari: Blockchain technology provides an encrypted basis for commercial agreements. This crystallizes the commercial agreement at prices that offers further guarantees, simplified consolidation and less uncertainty and reconciliation between the commercial parties.
Wintermeyer: What were some of the biggest challenges in developing the solution?
Ben-Ari: We have resolved the identity, data privacy and anonymity of transactions in a shared ledger in a way that would work on any blockchain platform. Applied Blockchain wanted to make the solution future-proof and keep the technology options truly open. This was achieved using our Mantle toolkit.
Of course, there are also big differences between the creation of a proof-of-concept and the implementation of a completely "productionized" system using a new technology for the first time. We had to consider performance, scalability, availability, security, user experience and a whole set of non-functional business requirements.
Wintermeyer: How could we see blockchain and this kind of solution develop in other areas of trading and settlement of securities?
Ben-Ari: The encrypted and secure layer of certainty captured in a blockchain provides a solid basis for trading and settlement, and many initiatives already advance in this space through numerous asset types.
The multiparty guarantee provided by cryptographic tests allows a faster and more efficient negotiation and settlement workflow. Instead of keeping each one's own version of events, trust is delegated to a shared and shared vision that the parties control together. This is a turning point in a space where the parties today are working to reconcile their opinions.
With the emergence of a series of activities, the next challenge that Applied Blockchain is facing is how the different trading and settlement solutions and consortia will interact in the future. This is not as simple as it seems. Blockchain platforms for emerging businesses offer very different and incompatible technical approaches. Bridging is not as simple as it seems, since often the bridges themselves must be considered reliable, or they could act as points of error and data, and cryptographic evidence must be standardized, so that they are recognized and accepted by the parties.
Wintermeyer: Can you give us an overview of the new products on the Applied Blockchain roadmap?
Ben-Ari: Our vision is of open and interoperable blockchain technology standards, especially in the business environment. We have always supported an approach that presupposes open, standard and connected blockchains.
The zero knowledge tests are a new technology that allows us to demonstrate the ownership and provenance of resources (as well as other aspects), without revealing the details of the parties involved in these activities.
Up to now, the problem of data privacy and the anonymity of transactions in smart contracts has been solved using proprietary solutions linked to specific business platforms. The zero knowledge tests allow us to create open and multiplatform solutions without compromising security or data privacy issues.
We are now extending Mantle using zero evidence of knowledge to create a platform-independent solution for trading and supply chains.
Adi Ben-Ari, founder and CEO of Applied BlockchainAdi Ben-Ari
Adi has over 20 years of corporate experience, working as an architect of solutions for blue chip companies and conducting major deliveries of blockchain solutions is widely recognized
in the & # 39; industry. Adi is a well-known speaker at major industry conferences, with experience in C-suite education blockchain
and serves as a consultant for a number of early blockchain startups. His work was also noted by the UK government, where he was invited to represent the industry at the House of Lords' Blockchain Round Table. In addition, Adi co-invented and designed a series of patents within the blockchain and mobile payment space. Adi holds a Bachelors degree in Computer Science and an MBA from the Tel-Aviv University.
