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The Looming Blockchain Disruption in The CGI And Creatives Industry

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The CGI and creative industry impact on our lives in countless ways. From the movies we watch to the advertisements we see on social media, we are constantly being infiltrated with creatives.

As our world becomes increasingly more visual, the need for creatives grows. And as our world becomes more technologically advanced, the creatives need to follow suit.

Technological advancements are clearly seen in the movies we watch. Each year the visual effects get better and more realistic. CGI has much to do with this. It created realistic dinosaurs in Jurassic Park. Then CGI moved to cartoon films made popular by Pixar. Eventually, CGI was used to capture an actor’s motion to create characters like Gollum in The Lord of the Rings. This is now a common feature in modern films. Recently, Disney recreated a live action version of The Jungle Book without using a single live animal. They could have fooled me.

As technological advancements continue to be made, every other aspect of the CGI and creatives industry needs to keep up. One of those aspects is rendering. And the way that is being tackled is through blockchain.

Recent Developments: The Blockchain Disruption

It seems that blockchain has disrupted every industry, and now it is disrupting the CGI and creative industry. Blockchain, the driving technology behind cultural revolutions like Bitcoin and Ethereum can do more than just be an investment for a quick buck. It provides a decentralized and open network where users can pool together resources for a common goal. In the case of CGI and creatives, this is being applied to rendering videos and images.

Rendering speed can be a problem for quickly pushing out creatives at a high resolution. Rendering is what transforms line drawings into photorealistic images. It’s what creates the final product of a dinosaur or ape that makes it look so realistic. But the rendering process takes a long time, even on a powerful computer. Time is money. And that’s why one company is turning to blockchain to speed up the process.

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Google Co-Founder Has Been Mining Ethereum With His Son

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Sergey Brin, co-founder of Google, revealed at this year’s Blockchain Summit that he is mining Ethereum with his son. He also weighed in on the potential of zero-knowledge proofs – Zcash’s underlying privacy option.Blockchain is “Extraordinary”

Sergey Brin, co-founder of Google and current president of its parent company, Alphabet, spoke at the Blockchain Summit – an annual event hosted by Sir Richard Branson – on July 8. Brin, whose estimated net worth is roughly around $52 billion, revealed that he is mining Ethereum with his son.

Brin, who was a last-minute addition to the summit, said that has been mining Ethereum with his 10-years old son.

A year or two ago, my son insisted that we needed to get a gaming PC. […] I told him, ‘Okay, if we get a gaming PC, we have to mine cryptocurrency.’ So we set up an Ethereum miner on there, and we’ve made a few pennies, a few dollars since.

Apart from casually mining the world’s second largest cryptocurrency, Brin admitted that he doesn’t know a lot about cryptocurrencies. Yet, he referred to their underlying technology and its potential as “extraordinary”.

Interestingly enough, the former drummer of Guns ‘n’ Roses, Matt Sorum, also spoke on the panel, highlighting the potential of blockchain to defend the intellectual property (IP) rights of artists. He reiterated on unauthorized and, therefore, unpaid usage of IP and urged for a solution, which could be provided by blockchain-based technology.

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IBM Secures $1 Billion Australian Dollar Blockchain Deal

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The Australian government has chosen IBM as its central technology partner for the next five years in a deal worth $740 million dollars. The agreement will cover technology services provided to government departments, including services which will use IBM’s automation and blockchain technologies. Technology’s Youth Key to the Project

IBM will provide services to federal government departments including defense and home affairs, as well as create platforms to protect citizens’ data. The Australian government estimates the partnership will provide around $100 million AUD worth of savings to its citizens.

Harriet Green, IBM’s Asia Pacific Head, told Bloomberg the “youth of the technology,” alongside the employment of Australians, would be the hallmarks of the new partnership.

Reprieve for IBM After Past Failure

The new agreement is significant for IBM after the century-old U.S multinational was criticized over the failed provision of an Australian national census in 2016. Within minutes of its launch, the digitized survey — which was compulsory for Australians — was hit with four major Distributed Denial of Service (DDoS) attacks. The resulting 40-hour outage led to IBM recompensing Australia to the tune of $30 million dollars AUD.

Some experts have criticized the new agreement after the census project failure, including information and communications advisor Dr Wissam Raffoul, who told the Australian Financial Review:

If you engineer a bad experience like the census, why do you expect IBM can do a better service.

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IBM to Develop Blockchain and Tech Initiatives for the Australian Government

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The IBM company has won a landmark contract offered by the Australian government to develop blockchain and other digital initiatives for the country. The announcement was made on Thursday, June 5th, and indicated that the deal was a five year contract that was worth AUD $1 Billion or approximately $740 million. This contract is part of the Australian government’s efforts to have the country become one of the top 3 digital governments in the globe by 2025 through investing in the research and development of blockchain technology, quantum computing as well as artificial intelligence.

David La Rose, the Managing Director of IBM Australia & New Zealand, expressed the willingness of both the government and IBM to transform the future with respect to technology. He was quoted as saying that:

This agreement is a testament to our forty-year partnership with the Australian Government. It shows trust and belief in our ability to transform and provide world-leading capabilities, leveraging our investments locally in AI, blockchain, quantum and cloud. We look forward to helping the Australian Government to re-define the digital experience for the benefit of all Australians.

The exact details of the contract and partnership were not disclosed but IBM already has agreements in place with four federal agencies in the country. This new contract, spearheaded by the Digital Transformation Agency (DTA), will allow the partnership to expand to the remainder of the government.

One of IBM’s notable partners in the blockchain industry, is Stellar (XLM). IBM is already currently using 9 Stellar nodes as part of its backbone to settle cross border payments across the globe.

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Blockchain and Cannabis Industries Together can Clear Regulatory Hurdles

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As the cannabis industry around the world begins what is sure to be a long road to finding compliance with governments and establishing security in both logistics and financial transactions, it could find support in another emerging industry that faces many of the same issues.

Blockchain Could Solve the Cannabis Cash Problem

Cryptocurrency entrepreneurs have already created bridges to the cannabis world by creating at least a dozen cannabis-focused blockchain projects competing to provide the framework for the nascent industry to grow on. While the multi-billion dollar a year (in the US alone) cannabis industry offers blockchain and cryptocurrency companies a massive source of revenue.

Though cannabis is already legal in 30 of the 50 states in the US it is still classified by the federal government as a schedule 1 narcotic. Therefore, the cannabis industry remains a cash in hand business, despite the $10 billion dollars transacted in sales every year. Anyone involved in the business chain of a marijuana operation, from farmer to end user, is liable to federal prosecution leaving businesses with limited financial service options.

This undermines one of the main reasons for legalization, which is to eliminate the violent crimes that a cash-based business attracts. Howard Mann, who started as an internet gambling pioneer, saw this problem as an opportunity and launched Alternate Health Inc. As he recently explained to Green Entrepreneur,

“If the only way to do a legal transaction was in one specific blockchain currency, then all transactions in that currency are immediately trackable, traceable, and verifiable to the stakeholder in the State compliant cannabis transaction.”

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Cryptocurrency and Blockchain Will be Key to Japan’s Economic Resurgence

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The CEO of SBI, one of Japan’s financial giants and longtime Ripple partner in Asia, said he believes that investment and early adoption of cryptocurrency and blockchain technology will be key to the country’s next economic boom.

SBI CEO Looks to Blockchain for Economic Boom

At the first annual Japanese Blockchain Conference in Tokyo CEO Yoshitaka Kitao talked about his belief in blockchain to get Japan’s economy back on track to regain the global position it once held. The Chief Executive Officer of one Japan’s largest financial service providers was quoted by Forbes:

“We want to take blockchain beyond financial, there’s a lot of speculative demand around cryptocurrencies, which is why the price is going up so quickly, but people need to think about how these technologies are being used in real life and how they can improve people’s businesses.”

Japan had the second largest GDP in the world (after the US) from the mid – 1970’s through the 1980’s. By the 1990’s however, things changed and the country fell into an economic slump known as the lost decade in Japan.

SBI is investing in tech companies focused on improving mobile connectivity with 5G technology, artificial intelligence and the Internet of Things (IoT) through the $460 million AI & Blockchain Fund the company established earlier this year.

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TRON (TRX) Providing a Model for Top-Down Decentralization

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TRON (TRX)–Yesterday TRON celebrated a milestone in the currency’s development, by claiming June 25th as Independence Day. While the coin’s Main Net was launched at the end of last month, Monday marked the official start of TRON’s independent blockchain (migrating away from its ERC-20 roots), with the creation of the TRX genesis block. The event saw a coordinated effort between founder Justin Sun and the various members of the TRON team, conducting a live feed event in addition to highlighting upcoming projects for the currency. In particular, Sun hinted at the next major date for TRX as July 30th, with the release of TRON’s Virutal Machine (TVM) and a to be announced “secret project.”

For those investors and industry enthusiasts who have been paying attention to cryptocurrency for the past year, TRON has had one of the most storied journeys to its current position as 11th in total market capitalization. The coin was first released to the market in September 2017, amidst the crackdown and rumored ban being imposed by the Chinese government on cryptocurrency and ICOs. While the coin struggled to gain price traction through its first three months on the market, December brought one of the largest pumps in all of cryptocurrency history. TRX started the final month of 2017 trading at 0.002 USD and peaked in the first week of January 2018 at 0.30 USD, constituting a price increase of 14900% (to put that figure in perspective, BTC experienced 1900% price growth from the beginning of 2017 to its peak in December). The subsequent fallout in price, which hit 0.025 USD at its lowest point, brought both media and investor backlash in the form of FUD and other frustrations.

However, Justin Sun and the TRON team continued moving forward with their project, meeting the March 31st deadline for the launch of Test Net (the precursor to Main Net), in addition to community-based projects such as the bounty program, TRON loans and the 2 billion USD Project Genesis reward fund.

Sun has been on the receiving end of harsh criticisms, at times unfairly, for his forthright approach to marketing. In December, his frequent twitter updates were viewed by some as attention grabbing ploys to pump the price of TRX. However, Sun and the TRON Foundation have been at the forefront for handling the conundrum of top-down decentralized currencies.

TRON Setting the Standard For Decentralized Projects: 

The most powerful feature of cryptocurrency is the decentralized protocol of the technology and ethos of the community. Yet investors have clearly given preference to the familiarity of central authority figures. Litecoin struggled in the aftermath of founder Charlie lee selling his stake in LTC, but has overall benefited from his steady presence in the industry. Bitcoin Cash is almost entirely at the mercy of Roger Ver and his divisive tactics. Ethereum, despite having a broad base of GitHub commits, takes its cues from Vitalik Buterin.

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Blockchain CEO Says Bitcoin Adoption Will Take Long Time, Survivors Will Win

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CNBC’s Brian Kelly believes that sentiment surrounding the cryptocurrency market has hit the bottom, along with adoption rates. But Peter Smith, CEO of Blockchain, believes that this should be of no worry as users should stay in the market “for the long haul.”

Declining Sentiment: Should You Be Worried?

The last few months have been far from kind to the cryptocurrency market, with prices collectively declining by over 70% since the January highs. However, as Brian Kelly noted on CNBC, Bitcoin’s price is still up by over 125% compared to last June.

Despite growth over a longer timeframe, speculators in the market for the short-term have lost faith, taking a substantial amount of liquidity with them. However, an article from the Financial Times reminds us that true believers should hold their undying faith in the industry for years to come.

Peter Smith, co-founder, and CEO of well-known cryptocurrency infrastructure firm Blockchain acknowledged this faith in a recent tweet. Smith noted how the aforementioned FT article, which he wrote, is “still quite valid.” Further mentioning that the growth of this world-changing industry will “take a long time,” so users should “be prepared for the long haul.”

The Internet, despite its revolutionary capabilities, was expected to fail by many of its critics, as the Internet wasn’t widely adopted on its arrival. Looking back now, it is clear to see how mistaken these critics were. Some believe that users should take a similar perspective while looking at the cryptocurrency market, taking a longer-term optimistic approach while looking at the current state of the market. This belief is a direct contradiction with the short-term profits which speculators have focused on, nearly deifying 2017’s cryptocurrency bull run. 

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Blockchain Startup Power Ledger Brings Electricity Sharing to Silicon Valley

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Australian based peer to peer energy trading platform Power Ledger will collaborate with Silicon Valley Power to track the renewable energy use of electric vehicles.

First Carbon Credit Project

Perth startup Power Ledger has been pioneering blockchain based peer to peer renewable energy projects in countries around the world. Now the company has announced its first carbon credit project as it partners with Silicon Valley Power in Santa Clara, California and the Clean Energy Block Chain Network to create a digital record of Low Carbon Fuel Standard (LCFS) transactions. With its aim being to reduce both the processing time and cost of LCFS credits.

The project has two main goals, using Power Ledger’s cutting edge blockchain technology which tracks energy production, storage, and use in a transparent, auditable record. To be used in order to manage the consumption of low-carbon energy from Santa Clara solar and batteries at one of California’s largest public electric vehicle charging facilities. While also cutting the time and cost of processing LCFS credits by digitizing the management system that tracks low-carbon electricity as a fuel path.

The platform aims to cut out the need for additional software, hardware or engineers to connect the city-owned PV and SVP electric power grid by utilizing API data from pre-existing meters.

Power Ledger Managing Director and Co-Founder David Martin was quoted about the project,

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Vietnam Internet Crackdown Damages Plans to Become Blockchain Hub

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Vietnam legislators approved a cybersecurity bill on June 12 putting tighter rules on tech companies from the start of 2019. Vietnam has been recognised as a potential hub for blockchain activity but doubts still remain over regulatory uncertainty.

New Cybersecurity Bill Approved

The new bill requires tech companies to hold important personal data locally which means they will need to have a physical presence in the country. It also makes sweeping bans over using the internet in ways that may undermine the state or spread incorrect information.

Lieutenant-general Hoang Phuoc Thuan, director of the ministry’s Cybersecurity Department, had spoken to major tech companies including Facebook in the run-up to the bill being passed.

He told VnExpress:

“They said that this [law] was appropriate and that they will research to modify their companies’ strategies accordingly,” and added, “Providing customers’ data to security authorities is not a violation of privacy.”

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Asian Blockchain Investment Accelerates as Crypto Hedge Funds Falter

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The Financial Times has reported that profits for cryptocurrency hedge funds have taken a sharp decline, in direct correlation with the negative price action seen with the overall cryptocurrency market.

Cryptocurrency Hedge Funds Down 35% In 2018

Hedge Fund Research, a reputable hedge fund analysis firm, has found that cryptocurrency hedge fund performance is down 35 percent in the first half of 2018 alone according to the FT. Despite posting an average gain of 45 percent in April, these hedge funds still declined in value over the other four months included in the HFR report. HFR’s research specifically targeted hedge funds that allocated a majority of its assets towards investing in cryptocurrency and blockchain projects alike.

However, it has become clear that these hedge funds took some action to mitigate risk, with the whole cryptocurrency market dropping by over 70%, but hedge funds only losing 35% on average since the start of the year.

This may have been due to the fact that these hedge funds invest into other classes of assets, which are still linked to the cryptocurrency industry. Some of these investments might have included startups, ICOs, and long-established cryptocurrencies firms that still produce profits in a market downtrend.

Despite 2018’s losses, the hedge funds analyzed were still profitable while looking at longer timeframes, with these funds increasing in value by over 2700% in 2017 alone. This staggering gain has been directly tied to the collective market cap of all cryptocurrencies, which rose by over 3000% in the span of 12 months.

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World’s Smallest States Attracting Biggest Players in Blockchain

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Blockchain technology, which is the backbone to everything crypto and the key to decentralization, has the potential to be implemented in almost every existing industry to enhance security, information sharing, and transparency. Innovators in the tech sector predict its effects will be as far reaching as the development of the internet itself, yet the countries that would seem the obvious choices to embrace and develop the technology, US, UK, Japan, Korea are hindering its progress with regulatory red tape leaving some of the world’s smallest, autonomous regions open to welcome cutting-edge tech companies.

Blockchain Companies Flocking to the World’s Smallest States

City-states with small populations and limited industries see tech companies with major financial backing as a path to future economic growth. While the tech companies get the kind of access to legislators and regulators that would be impossible to reach in countries like the US or Japan.

For instance, the tiny, mountainous micro-state of San Marino has gone into business with Estonian backed Polybius to create a ground-up ecosystem for blockchain innovation. In exchange for the company’s financial investment, the government has given them complete support. Sergio Mottola, executive chairman of San Marino Innovation, was quoted in the BanklessTimes saying,

“The Government of the Republic is willing to take the lead on this transformation and is superbly placed to promote digital innovation through the constitution of a forward-looking legislation and jurisdiction to favor the growing blockchain infrastructure.”

Gibraltar, which already has links to two industries expected to be substantially affected by blockchain, financial services, and online gaming, is well suited for fintech companies to move in. The country is already home to multiple financial institutions familiar with anti-money laundering (AML) and know your customer (KYC) requirements that are becoming de rigor in the cryptocurrency space.

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Mastercard Considers Blockchain a Viable Asset Against Fraud

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Do you think blockchain technology can help fight credit card fraud? Let us know in the comments below.

Even though cryptocurrencies remain somewhat controversial, their underlying blockchain technology is very different.  In fact, it has become apparent there are quite a few issues Mastercard can solve with this new technology.

Ending Fraud with Blockchain

Blockchain has been heralded as a major revolution for the financial sector. Mastercard holds out high hopes for this technology moving forward. With close to thirty blockchain patents in its portfolio, the card issuer can explore many different options. In this world of growing financial fraud, something has to change. Utilizing blockchain technology for this specific purpose can yield surprising results.

For now, there is still some uncertainty as to how Mastercard will incorporate the blockchain, although different business models can be explored in the coming years. For major credit card issues, dealing with payment fraud will be one of the top priorities. Merging that with distributed ledgers will be challenging, although one patent hints at an interesting concept.

More specifically, Mastercard holds a patent to put credit cards on a public blockchain. As such, the ledger will be used to validate and verify payments. Whether this will happen by encoding the information directly or using intermediary mediums remains unclear. The use of a publicly-accessible chain will especially raise a lot of questions in this regard.

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Blockchain Offers Viable Alternative to Outdated Online Advertising

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Can blockchain technology disrupt today’s woefully outdated online ad tech? Let us know what you think in the comments below.

Even a decade ago, television was the sole king of advertising, while the internet had to take its dust together with billboards and radio ads. Over the years, however, the situation has changed: last year, online advertising has outgrown television for the first time in history, with more than $200 billion spent on ad campaigns on the internet.

It is fairly obvious that the internet provides advertisers with an incomparably wider range of tools that TV could possibly offer. Television is incapable of allowing them to address to a specific audience, and the coverage of TV ads is gradually declining as more and more people prefer to use the internet for entertainment. Still, television has one significant advantage over the online environment when it comes to advertising: it has never seen as many problems as the internet related to ad campaigns.

The Plagued Industry

There are numerous issues plaguing online advertising that old-fashioned media could not even imagine. They include but are not limited to various frauds, lack of user consent to see ads, imprecise targeting, banner blindness, and privacy concerns. All in all, the model widely accepted in the existing online ad industry has let down both advertisers and audiences.

Added to that are thousands of intermediaries and utter intransparency of payments that tangle the matter even worse. For example, existing real-time bidding platforms that enable advertisers to compete for the chance to show you that ad you’ve already gone really sick of before that YouTube video you really want to watch, never disclose the bids or provide any other substantial information to prove that the highest bidder is actually the highest bidder. All they do is state the highest bid, and that’s it.

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Blockchain Real Estate Platform: ‘Security Token Would Kill Our Business’

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Industry experts and lawyers discussed whether companies should issue security tokens in a panel debate at real estate-focused event BitcoinCRE on June 14.

Part of London Tech Week, the event looked at regulations across the world and happened hours before Ether was declared ‘not a security‘ by the SEC.

In favour of issuing a security token, Lior Abehassera, co-founder of Leaseum Partners, a real estate agent token backed paying out dividends, said that it isn’t the easiest option, but that if done with good partners, ‘will help you from ending up in jail.’ He advised to be wary of market restrictions and to commit to performing know-your-customer (KYC) and anti-money laundering (AML) checks on investors.

Abehassera said: “The challenge is what happens on the secondary market where there can be money laundering. If you’re selling a security token, you don’t want that. How to deal with compliance on the secondary market? You embed into your token a whitelist. When anyone has your token they have to go through whitelisting.”

In contrast, the founder of CPROP, Sandy Selman, highlighted the risks of tokens being classified as securities and blamed the lack of global regulation on the lack of consensus between regulators.

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Ripple: Blockchain is About Growth Not Cost Savings

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A Ripple Executive has downplayed the cost-savings of blockchain technology over traditional banking arguing that growth is a stronger message for attracting business clients, including banks.

Blockchain: Next Evolution of the Internet

Danny Aranda, Managing Director of Strategic Growth at Ripple, discussed how the firm attracts banks to their payment solutions and how they work with regulators. In an interview at the CryptoCompare MJAC conference in London, he said the crypto community need to look past cost savings to the element of growth.

Aranda said:

“I don’t think the real value proposition will come around cost savings. I think it’s about growth, about revenue potential. A lot of times when we speak with banks it’s more about how you can offer a new kind of service to your customers and how you will be able to pursue new customers and break into new kinds of markets.”

Aranda also argued that the lack of a global bank and global payments system provides the problem for blockchain technology to solve. He said that “blockchain is the next evolution of the internet. There will be a new internet and money will be embedded in it.”

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Blockchain to provide real value to millions of migrants

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Often we hear about the blockchain technologies disrupting industries such as investment, finance, data security or healthcare. However, for many people living in developing countries and unfamiliar with bitcoin and latest IT trends, the concepts of “blockchain” or “digital currencies” seem to be not just ‘terra incognita’ but also an impractical innovation. How can blockchain be applied in their real life and solve vital problems?

Dollars wrapped with love

Migration is one of the main demographic trends of the last decades. According to the UN statistics, as of 2018, there are 258 million migrants in the world. The reasons for this demographic phenomenon can vary from political instability and natural disasters to the search for a better life and, of course, work.

Labor migration is typical for developing regions such as Africa and Asia. Residents leave their homeland to earn money and help financially their families left at home.

As stated in the UN report, in 2017 the total amount of money transfers exceeded

$596 billion, of which $450 billion was sent to developing countries. In such regions remittance payments quite often make up the bulk of the budget on which the families live. This money is used to meet basic needs, including food, clothes, education, transportation or medical services. In other words, for millions of people in Asia or Africa the adequate standard of living almost entirely depends on remittance transfers received from relatives working abroad. Moreover, even the economy of these states is based on them. For example, in the Philippines over 10% of its GDP comes from remittances.

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Jimmy Wales: Blockchain Can’t Be Banned

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The name Jimmy Wales (born August 7, 1966), may not sound familiar to those outside the world of IT, but when it is taken into consideration that his name appears in the Time magazine as one of the 100 most influential people of 2006, his credibility and prestige begin to prove evident.

“Jimbo” (his moniker) became world famous thanks to the success of Wikipedia, which has already become an international reference for the search for information.

He is currently working on a new project: WikiTribune, which seeks to revolutionize the world of journalism through a platform that promotes impartiality and fights fake and unsubstantiated news.

During the BlockShow Conference in Berlin, Jimy Wales was interviewed by Cointelegraph about his career prospects. The vision he showed about the world of cryptos and blockchain technologies is quite compelling.

Concerning cryptocurrencies, Catherine Ross, the interviewer, asked him if he was still holding to his previous statements in which he said he considered cryptocurrencies to be a bubble. Jimmi Wales joined the “Crypto is a Bubble” team, but with a reasonably objective vision:

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Blockchain Technology is Gaining Ground – But Not Where You’d Expect

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Do you agree or disagree with our findings? Are there other blockchain projects that should be on this list? Let us know in the comments below.

When blockchain first started to capture global attention, everyone predicted it would take the world by storm, disrupting major industries starting with finance. Since then, we’ve come to realize that progress has been slower than we initially anticipated, not to say there hasn’t been any.

A lot of people have been wondering if there are any fully realized blockchain projects actively in use. There are, in fact, many, and the patterns both agree with and go against the early predictions. Keep in mind, these projects are active, and in use, but they are still being added to and improved upon.

Contrary to predictions, the industry in which blockchain has shown greatest promise and progress so far is not finance, but rather, logistics and supply chain. In fact, almost all actively used blockchain-based platforms are in some way connected to the logistics and supply chain industry. Why that particular industry? According to experts at BlockchainDriven:

The use case for logistics and supply chain is simple, so it stands to reason it would be built out faster. The benefits of blockchain technology for this particular use case are more immediate and apparent. Because of the simplicity of the use case, it is easier to measure the results from initial field testing and implementation.

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Blockchain Will Reduce Dominance of Tech Giants Over Consumers’ Daily Lives

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Blockchain technology can transform many business models known today. Distributed ledgers are making vast inroads among various sectors and industries. Especially in the technology industry, powerhouses such as Google, Facebook and Amazon may be on the brink of losing their dominant position.

Tech Companies Embrace Blockchain

For most technology firms, innovative technologies are always worth checking out. This also means these companies are experimenting with blockchain and distributed ledgers. Although most efforts are kept under wraps rather than made public, these undertakings shouldn’t be ignored. This space will primarily be dominated by banks, but other companies are making their mark.

Apple, for example, is relatively quiet on the blockchain front. That doesn’t mean the company isn’t actively exploring these opportunities. A recent patent filing shows Apple wants to use DLT to timestamp specific data. A rather vague development, albeit one with potentially major implications. Having an immutable record of timestamps and data can be of great value to any technology firm.

Additional companies are also looking into this industry as of right now. That list includes Microsoft, Alphabet, and Walmart, among others. It is evident there is a bright future ahead for distributed technologies. What all these companies are trying to achieve exactly, remains to be determined. A lot of different options remain on the table at this time.

Threatening the Dominance of Companies

While it is good to see these technology giants focus on blockchain, there are some caveats too. More specifically, these companies have such a dominant position thanks to their centralized position.  As such, it is a bit counterproductive to see such firms explore technology which can effectively render them irrelevant in the long run. Not all technology companies will suffer such a fate, but some companies may be replaced by blockchain solutions in the long run.

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