Matthew Griffin, described as “The Adviser behind the Advisers” and a “Young Kurzweil,” is the founder and CEO of the 311 Institute, a global futures think tank working between the dates of 2020 to 2070, and is an award winning futurist, and author of “Codex of the Future.” Regularly featured in the global media, including AP, BBC, CNBC, Discovery, RT, and Viacom, Matthew’s ability to identify, track, and explain the impacts of hundreds of revolutionary emerging technologies on global culture, industry and society, is unparalleled. Recognised for the past six years as one of the world’s foremost futurists, innovation and strategy experts Matthew is an international speaker who helps governments, investors, multi-nationals and regulators around the world envision, build and lead an inclusive, sustainable future. A rare talent Matthew’s recent work includes mentoring several Education and Lunar XPrize teams, building the first generation of biological computers and re-envisioning global education with the G20, and helping the world’s largest conglomerates ideate the next 20 years of intelligent devices and machines. Matthew's clients include three Prime Ministers and several governments, including the G7, Accenture, Bain & Co, BCG, BOA, Blackrock, Bentley, Credit Suisse, Dell EMC, Dentons, Deloitte, Du Pont, E&Y, HPE, Huawei, JPMorgan Chase, KPMG, McKinsey, PWC, Qualcomm, SAP, Samsung, Sopra Steria, UBS, and many more.
WHY THIS MATTERS IN BRIEF
Mining blockchain has become a contentious issue because of the amount of energy it uses and its speed, Microsoft are trying to solve both problems.
Hot on the heels of its interest in Iota, a blockchain-like peer to peer cryptocurrency that does away with the need to use blockchain miners, that are the lynchpins of traditional blockchains, software giant Microsoft has debuted a new Blockchain as a Service (BaaS) product on it’s Azure cloud platform that allows enterprise organisations to deploy their own flexible instances of Ethereum, but unlike traditional blockchain products Microsoft’s, in what has to be a hat tip to Iota’s approach, doesn’t use miners. And it could be the start of an increasing trend to eliminate miners from the blockchain ecosystem.
Announced this week, Ethereum Proof-of-Authority on Azure allows enterprises to build applications on an Ethereum blockchain that is not secured by a Proof-of-Work (PoW) consensus algorithm and consequently does not require mining — features that are better suited for networks in which participants do not trust one another.
PoW “works great in anonymous, open networks where cryptocurrency promotes security on the network,” said Azure Global software engineer Cody Born. “However, in private or consortium networks the underlying ether has no value.”
Born explained that, since all participants on an enterprise blockchain network are known and reputable, governance can be separated from network operation.
To this end, the Proof-of-Authority product features a built in decentralized application (dApp) called the “Governance DApp” that provides consortium members with the authority to govern the network or delegate their voting power to others. Network participants can also delegate other nodes to vote on their behalf in the event that their primary nodes go offline, ensuring that all members maintain continual consensus participation.
Network administrators, in turn, can use on-chain voting to vote on and alter network authorities in a transparent and auditable manner.
Along with Azure’s original, PoW-based Ethereum product, blockchains using this new consensus model can be deployed in as little as five minutes, providing enterprises with what Microsoft call a “Single-click” Distributed Ledger Technology (DLT) solution.
To further increase the product’s usability, Microsoft has also integrated support for smart contracts built using Parity’s WebAssembly (Wasm) toolkit, enabling developers to write smart contracts in familiar programming languages such as C, C++, and Rust in lieu of learning Solidity, Ethereum’s primary programming language.
Increasingly miners, which are some of the world’s largest energy users which is a problem in itself, are seen as adding an extra layer of complexity into the blockchain which in many cases has made organisations think twice about how and where they adopt the technology, but as we continue to see the rise of “Miner Free” blockchains we can also no doubt expect the number of enterprise adoptions to rise aswell.