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Blockchain-based platform Ethereum has successfully updated its code with a planned hard fork, as part of its Ethereum Improvement Protocols (EIPs), which aim to improve the platform as a whole.
This marks the implementation of the first phase of a large-scale upgrade planned since 2015, the second phase of which does not yet have a release date.
The update will result in a number of changes designed to make the platform more efficient — for example, it will decrease the rewards miners get, thereby making the creation of new blocks cheaper and faster. In turn, that will allow faster applications to be built on the platform.
Due to the structure of the fork, it is highly unlikely that a new cryptocurrency will emerge, counter to what we saw happen with Bitcoin this summer. That’s probably why, despite some oscillation, the price of Ether, the cryptocurrency belonging to Ethereum, hasn’t seen any wild drops or gains. Additionally, while there have been some concerns about the update, with bugs found in the code only days before release, it has been running without any issues since implementation on Sunday morning.
The smooth and successful update is good news for Ethereum, as it indicates that the platform can adapt and scale, and may encourage more developers to use it for their own blockchain-based solutions.
Sarah Kocianski, senior research analyst for BI Intelligence, Business Insider’s premium research service, has compiled a detailed report on blockchain in banking that:
- Outlines banks’ experiments with blockchain technology.
- Details blockchain projects at three major banks — UBS, Credit Suisse, and Banco Santander — based on in-depth interviews.
- Discusses the likely trends that will emerge in the technology over the next several years.
- Highlights the factors that will be critical to the success of banks implementing blockchain-based solutions.
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