Ford Uses Blockchain Technology to Track Its Green Miles Project

Ford Uses Blockchain Technology to Track Its Green Miles Project

In yet another innovative application of blockchain,

American automaker Ford has decided to use open ledger technology along with geofencing techniques to track the distance covered by its energy-efficient vehicles. The company has given the name “Green Miles” to this project. Ford has announced the expansion of its pilot project involving plug-in hybrid electric vehicle (PHEV) to Cologne (Germany). The Pilot project is currently running in Europe, and the company is analyzing the various kinds of benefits realized owing to the use of PHEV. The areas in which Ford is tracking the benefits primarily include the improvement in the air quality (environment) and the difference it makes in the life of the owners of the vehicles. During this expansion phase, one Tourneo Custom Plug-In Hybrid people mover and nine Ford Transit Custom Plug-In Hybrid vans will be inducted.

Blockchain Role

All the metadata related to emissions will be recorded on the blockchain, which will be then be used to find whether these PHEV have made some significant differences in improving the quality of the environment and life of the customers or not. Mark Harvey, director, Commercial Vehicle Mobility, Ford of Europe, said that the company is committed to the goals of sustainability and environment protection, and by expanding the operational scope of this project, Ford is confident of achieving its goal of providing cleaner air quality to citizens.

So that you know, many cities in Europe are introducing stricter emission norms to help cut the menace of air pollution and rapidly degrading environment quality. Ford is quite confident that by combining the prowess of blockchain and geofencing, it is going to achieve its goals on the sustainability front. Gunnar Herrmann, chairman of the management board, Ford-Werke GmbH, said that the blockchain technology used by the company in Cologne is very secure and its ability to provide tamper-proof data will help them to have a genuine record of emissions data related to these PHEV. That, in turn, will prove beneficial as all the stakeholders will have genuine data to further work upon.

Article Produced By
Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

https://www.cryptonewsz.com/ford-uses-blockchain-technology-to-track-its-green-miles-project/46309/

Nasdaq Includes AI-Powered Index CIX100 in its Top 100 Coins

Nasdaq Includes AI-Powered Index CIX100 in its Top 100 Coins

Nasdaq, the 2nd biggest stock exchange in the world,

has listed the well-known cryptocurrency data provider Cryptoindex’s CIX100 index powered by Artificial Intelligence. The update was shared through an official press release dated October 15, 2019.

A cryptocurrency market benchmark

CIX100 has become a benchmark in the cryptocurrency market as it utilizes an algorithm based on a neural network for analyzing data for the topmost 100 digital currencies. The index analyzes and filters the crypto data after considering more than 200 factors. In addition to that, it apparently employs an exclusive formula that is designed in such a way that all the coins with forged rankings and volumes get excluded. The tool is human-free and is targeted at both the professional investors and new entrants in the industry.

As the press release notes, this AI-powered index derives data from 9 biggest digital currency exchanges from across the world. It also considers trade results, data from social media, as well as news releases. Moreover, only those coins that have succeeded in finding a place in the top 200 consistently for a minimum of 3 consecutive months get added in the index, which is rebalanced every month. It is vital to note that prior to the Nasdaq listing, Cryptoindex CIX100 got listed on TradingView, Bloomberg, and Reuters. Apparently, it has also gained over 1100 percent since its formation in the month of May 2017. The data aggregator’s AI-powered price predictions are 82 percent accurate on a daily average.

The firm seems to be excited to have acquired a listing on Nasdaq, which they believe would place them as a prime crypto indices player. Austin Kimm, Cryptoindex’s advisor, expressed that the team was honored with this listing since Nasdaq is considered an important platform when it comes to monitoring classical indices for the institutional investors. Adding further, Kimm said that their firm’s methodology not only meets the requirements of extremely regulated asset managers but also of professional and institutional investors.

Article Produced By
David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

https://www.cryptonewsz.com/nasdaq-includes-ai-powered-index-cix100-in-its-top-100-coins/46332/

The Perth Mint Issues a Digital Token Backed by Physical Gold Reserves

The Perth Mint Issues a Digital Token Backed by Physical Gold Reserves

The issuance of new digital currencies has almost become a given in this day and age.

Not all of these currencies are linked to companies active in the world of blockchain and cryptocurrency. The Perth Mint Gold Token is a good example. It is issued by a recognized financial institution and aims to revolutionize payments.

Back to the Gold Standard?

It is somewhat remarkable to see so many companies and service providers show a desire to go back to a form of money tied to physical gold. Although the gold standard was removed from the equation many decades ago, there appears to be a chance it will make a comeback. Whether that will be through digital currencies or other means, remains to be determined. For the Perth Mint, a digital currency is seemingly the way to go.  Earlier this week, the institution introduced its own currency, known as the Perth Mint Gold Token. It may not be the catchiest name by any means, but it does serve a purpose. This currency is tied directly to a real commodity in the form of gold. Those god reserves are located in a physical vault owned by the Perth Mint. It is a sensible business model, and one that may help put digital currencies on the map as a whole. 

What is its use?

There are several reasons as to why the Perth Mint decided to take this course of action. Although the trading of gold has been going on in physical form for some time now, it is not all that easy to trade it in a digital format. Several service providers exist, but it seems investors and traders have waited for a legally recognized entity to get in on the action. The Perth Mint is a major institution in Australia, thus their venture will undoubtedly attract a lot of attention. Clients who use the Perth Mint Gold Token can exchange it to cash through a mobile application. The mint also confirms the value of the currency will be certified. Users can have the physical product – i.e. the gold linked to this digital currency – delivered to their door for safekeeping. In doing so, the Mint instills a lot of trust, as the user is not reliant on their vault to move money around. All of the tokens are tracked using a proprietary blockchain, which will allow for instantaneous transactions between users at all times. 

An Interesting Venture

Regardless of how one feels about this new digital currency, it sends an interesting signal to the financial sector. Gold often gains popularity during times of financial instability and looming recession. It is no coincidence the Perth Mint decides to embark on this journey at this exact moment. There has been plenty of volatility across all financial markets, and investors have flocked to gold as a result. By digitizing this commodity, it suddenly becomes a lot more accessible for everyone to get their hands on bullion, at least in Australia. 

Article Produced By
JP Buntinx

https://themerkle.com/the-perth-mint-issues-a-digital-token-backed-by-physical-gold-reserves/

BitGo Confirms Tron Will Receive Institutional-grade Support

BitGo Confirms Tron Will Receive Institutional-grade Support

Most active service providers in the cryptocurrency space
– other than wallets and exchanges
– tend to focus on a handful of currencies at all times.

BitGo is one of those companies which primarily supported the top cryptocurrencies at first. In a new update, it seems Tron will be added to this platform. The current goal is to enable TRX support by November 2019. 

BitGo is Expanding

It is good to see a well-established service provider such as BitGo focus on expanding the support for additional cryptocurrencies. The company is best-known for providing cryptocurrency solutions that cater to institutional clients. Primarily those who seek secure storage solutions and multisignature solutions can benefit from what BitGo has to offer. Although it has been quiet on the company’s front lately, it seems their time has been well spent. More specifically, the company has officially confirmed they will add another cryptocurrency to its services in the near future. That currency will come in the form of Tron, or TRX. The choice for this particular currency is rather intriguing, primarily because Tron has not necessarily seen any institutional interest to date. Then again, there are more currencies than just Bitcoin, Ethereum, and XRP.

Custody Services Galore

It is evident BitGo has positioned itself in the world of cryptocurrency custody services. Their clients include exchanges, brokers, and futures contracts providers, among many other business models. They are also the oldest custody provider in the cryptocurrency space today. For Tron, this means they receive a proverbial nod of approval from a well-established company. According to the company, there has been a growing interest among clients who want to see custodial support for TRX. It remains to be seen which kind of use cases this will unlock over time, as there are many different opportunities to explore. The BitGo team had a previous collaboration with Tron’s developers, as they helped build the first institutional-grade mutisig wallet. The move to on-chain multisig is rather logical.

The Impact on TRX

When good news arises for any cryptocurrency, the asset in question will often see an artificial and orchestrated brief uptrend. Whether or not this will happen following the BitGo announcement, is a different matter altogether. While there is seemingly a demand among institutional clients regarding TRX, that would not necessarily result in a price increase across the different exchanges and trading platforms. 

Article Produced By
JP Buntinx

https://themerkle.com/bitgo-confirms-tron-will-receive-institutional-grade-support/

ESports as a Growing Factor for Cryptocurrencies

ESports as a Growing Factor for Cryptocurrencies

After Satoshi Nakamoto mined the genesis block in 2009,

Bitcoin, and cryptocurrencies as a whole, struggled to achieve legitimacy and acceptance. Ten years later, there are over 1,600 unique cryptocurrencies worth billions of dollars. There are about 40 million blockchain wallets scattered throughout cyberspace and that number increases every day. Some purchase virtual cash as an investment. Crypto has made several savvy individuals immensely wealthy. For others, it is a secure and convenient way to pay for goods and services. Of course, Bitcoin is cryptocurrency’s gold standard.

So, who buys these cryptocurrencies? Cryptocurrency owners are typically males between the ages of 18 and 34. Coincidentally, this demographic is also the primary driver behind the growth of eSports and eSports betting. For those who aren’t familiar with the phenomenon, eSports is basically competitive video gaming. With so many crypto-friendly online bookmakers offering odds on eSports, it should come as no surprise that eSports betting with Bitcoin and other digital currencies is on the rise.

More and more of those between 18 and 34 are turning their backs on traditional sports and embracing eSports. In their infinite wisdom, bookies figured out that supporting cryptocurrency and putting eSports on their betting menus is an effective way of attracting this fickle age group. Interestingly, players aren’t the only ones to get a thrill out of League of Legends, Dota 2, and the dozens of other popular eSports. These competitive games also draw millions of spectators. ESports are expected to surpass MLB and NBA viewership by 2021. Again, most of these onlookers are between 18 and 34, and a lot of them own cryptocurrency. There will be over 10,000 eSports events with a total of $189 million worth of cash prizes up for grabs in 2020. That represents hundreds of thousands of betting opportunities. Not including skin betting, there are three main ways to bet on eSports using cryptocurrency.

  • Betting with eSports bookies just as you would bet on traditional sports. Most eSportsbooks present bettors with dozens of wagering options for each individual match.
    Fantasy eSports which is pretty much the same as playing traditional fantasy sports. Pick your dream eSports team and compete against other dream teams.
  • Head-to-Head betting in which eSports players bet against each other.

Americans wagered about $5.5 billion on eSports in 2016. Experts predict that 6.5 million Americans will generate upwards of $13 billion in eSports bets by 2020. A significant portion of those wagers will be made using various cryptocurrencies. And let’s not forget how wildly popular eSports are in many regions of the world where payment options are limited. This doesn’t only affect crypto betting sites; it also has an effect on the bottom lines of game providers that rely on in-game purchases to make their money. Valve is one company that saw crypto as an ideal solution to this problem. They started processing Bitcoin payments for in-game purchases through BitPay in 2016.

Using Bitcoin, Ripple, Ethereum, and other cryptocurrencies to bet on eSports isn’t much different from using cash to wager on traditional sports. However, using virtual currency at online betting sites has some distinct advantages. Transactions are anonymous and fees are minimal if not non-existent. Deposits are nearly instant and withdrawals are often processed within minutes. A lot of eSports betting sites even offer nice bonuses to those who use crypto. It doesn’t matter if you are betting or buying in-game items; cryptocurrency gives users a better payment system.

ESports and cryptocurrency intersect in other areas too. Actually, cryptocurrencies have been fully integrated into several eSports ecosystems. Built on the Ethereum blockchain, FirstBlood is a popular crypto-based eSports platform through which players can bet without using middlemen. DreamTeam also offers blockchain-powered eSports competitions. These and other crypto-based eSports platforms only fuel the use of cryptocurrency. Ripple recently invested $100 million into the development of blockchain-based games. In fact, many game developers are using cryptocurrency to finance their projects. Reality Gaming Group used an initial coin offering to raise $3.5 million, which went into the development of their augmented reality shooter game.

Cryptocurrency and eSports were both once viewed as little more than passing fads. While both still have their share of detractors, they have become huge successes and they aren’t showing any signs of slowing down. They definitely have a symbiotic relationship and an influence on each other’s growth. Expect eSports to continue being a factor in the growth of cryptocurrency moving forward.

Article Produced By
Torsten Hartmann

Torsten Hartmann has been an editor in the CaptainAltcoin team since August 2017. He holds a degree in politics and economics. He gained professional experience as a PR for a local political party before moving to journalism. Since 2017, he has pivoted his career towards blockchain technology, with principal interest in applications of blockchain technology in politics, business and society.

https://captainaltcoin.com/esports-as-a-growing-factor-for-cryptocurrencies/

Dogecoin Price Analysis: DOGE Volume Spikes A Bull’s Glimmer Of Hope

Dogecoin Price Analysis: DOGE Volume Spikes A Bull’s Glimmer Of Hope

  • Major resistance level: 31 satoshis if the first notable resistance, the major one is at 44 sats but that one is definitely out of reach for Doge in the short-term
  • Upside potential: breaking the 31 sats resistance and making it its new support
  • Downside potential: dropping back to the 27 sats or in case of a bigger sell-off to the 22 sats
  • Most likely scenario: no major moves, keep hanging in the tight area of 25-32 sats.

DOGE is currently at $0.0025 or 31 sats, being negative in the last 24 hours on the USD pair by 0.46% and 0.06 % respectively. Since DOGE price movements are highly susceptible to the market wide oscillations, we will first examine the total market cap before delving into the Dogecoin price analysis.

Total market cap analysis

Broad crypto market is stuck in the area between $220 and $230 billions. If we plot a chart of its price action, we can see that the market is hovering above a strong support area of $214 billion (data from Tradinview, off by approx $8 billion to CMC data). The price is squeezed between the EMA20 and horizontal support line at $216 billion. If we zoom out and throw a glance on the weekly chart price action, we can see that the price might touch on the Fib382 level at $205 before bouncing back up to the Fib50 at $240 billion. We need to take this into account before charting any individual coin price action.

DOGEBTC

  • Major support level: 27 satoshis
  • Major resistance level: 31 satoshis if the first notable resistance, the major one is at 44 sats but that one is definitely out of reach for Doge in the short-term
  • Upside potential: breaking the 31 sats resistance and making it its new support
  • Downside potential: dropping back to the 27 sats or in case of a bigger sell-off to the 22 sats
  • Most likely scenario: no major moves, keep hanging in the tight area of 25-32 sats.

On the 4H time-frame, we can see couple of volume spikes that sent Doge to the current height of 31 sats, right on the border of the sturdy resistance. The volume needs to be maintained if we are to see Doge detaching itself from this level, making the sturdy resistance to its new stable support level.

Trading volume and buy support

Trading volume is meager – reported volume in the last 24hrs is only $11m and “Real 10” (trading volume on the exchanges that provably prevent wash trading) volume is even lower – $3.8 million. This means that DOGE’s liquidity is highly inflated and overstated by 3x which indicates that a lot of the alleged interest in DOGE is manufactured and not organic.

On the other hand, DOGE comparatively has a solid buy support, according to coinmarketbook.cc. Buy support is measuring sum of buy orders at 10% distance from the highest bid price. This way we can eliminate fake buy walls and whale manipulation and see the real interest of the market in a certain coin. DOGE currently has a sound $4.5m of buy orders measured with this method, which sets DOGE buy support/market cap ratio at 1.44%, an above average value. Bitcoin and Ethereum have a 0.20% and 0.28% ratios, respectively. This novel metric indicates there are a lot of manipulations, inflated liquidity and fake orders on all crypto trading pairs, including DOGE pairs.

Article Produced By
Rene Peters

Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.

https://captainaltcoin.com/dogecoin-price-analysis-doge-volume-spikes-a-bulls-glimmer-of-hope/

 

CFTC Chairman Confirms That Just Like Bitcoin Ethereum Is Also a Commodity

CFTC Chairman Confirms That Just Like Bitcoin, Ethereum Is Also a Commodity

                                

The CFTC chairman confirmed that Ethereum qualifies to be a commodity

and all the forked assets like the Ethereum Classic shall be subjected to similar regulatory considerations.According to the latest report from Yahoo Finance, the chairman of the United States Commodities and Futures Trading Commission called Ethereum (ETH) a commodity. Speaking at the Yahoo Finance Summit, CFTC chairperson Heath Tarbet said that the ETH token falls under the regulatory oversight of CFTC. He further added that in the near future, one cannot rule out the possibility of having Ethereum futures in the market.

Tarbet said:

“We’ve been very clear on bitcoin: bitcoin is a commodity. We haven’t said anything about ether—until now. It is my view as chairman of the CFTC that ether is a commodity.”

Besides, the CFTC chairman also expressed his wish of the U.S. taking the leading role in the blockchain and digital assets market.

He said:

“I want to stress the importance of blockchain and digital assets to the United States, and in particular, as CFTC Chairman, I want the U.S. to lead in this technology.”

Besides, he also stated that the CFTC is closely working with the SEC on these two cryptocurrencies. These two regulators commonly agree that Bitcoin and Ethereum are not securities. Speaking on this matter, Compound Finance General Counsel Jake Chervinsky pointed out:

 

Forked Digital Assets to Get the Same Regulatory Status

Chairman Tarbet was also asked whether the same rules are applicable to forked cryptocurrencies. He said that any forked asset, Ethereum Classic, in this case, will get the same regulatory status as Ether.

He added:

“It stands to reason that similar assets should be treated similarly. If the underlying asset, the original digital asset, hasn’t been determined to be a security and is, therefore, a commodity, most likely the forked asset will be the same. Unless the fork itself raises some securities law issues under that classic Howey Test.”

Apart from Ether, Tarbet also answered questions on Facebook‘s Libra project. He said major regulators are looking into it and yet to determine is the Libra stablecoin falls under the security classification. “Is it a security, first and foremost. And if it isn’t a security, it is most likely a commodity,” he said. When it comes to having regulations for digital assets, Tarbet’s views are quite similar to his predecessor Christopher Giancarlo. The ex-CFTC chairman is known popularly as ‘Crypto Dad’ for his pro-crypto stand.

Article Produced By
Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

https://www.coinspeaker.com/author/bhushan_akolkar/

 

Top 5 Pain Points of Companies and How Blockchain Can Solve Them

Top 5 Pain Points of Companies and How Blockchain Can Solve Them

In this article, we’re going to explore the challenges of managing Enterprise IT infrastructure,

how blockchain helps Enterprise IT infrastructure, and unique challenges of integrating blockchain technology into your organization.Technology is constantly changing the way companies do business. Some technologies, ‘game-changing’ ones, actually go further than that and change the way companies are constructed and built. The competitiveness of a company these days is a direct function of its technological adoption and prowess.

However, it’s very challenging to manage new implementations of technology in a cost-effective way. IT solutions implemented incorrectly might be needlessly complex, and might be too transformative, requiring substantial retraining of employees in the organization. By harnessing technology appropriately, your organization can gain a competitive advantage – but you do need a roadmap to prevent you from becoming lost in the jungle of solutions. Blockchain technologies are currently becoming a hot topic for organizations, and I’d like to help provide this blockchain roadmap for companies out there.

5 Common Pain Points Companies Face

Trust Is Expensive Which Makes Collaboration Hard

There are obvious benefits when two organizations collaborate effectively. Many organizations form consortiums to leverage mutually beneficial ways to collaborate. Naturally, the challenge always comes down to trust. Organizations are run by groups of people, and groups of people don’t trust each other readily. Companies – even the ones who are in decade-long partnerships – may have competing interests and differing agendas. Who owns the servers that the shared system uses? Who has access to the cloud account that runs the apps? What happens when one organization wants to leave the consortium? How are decisions made between separate entities?

Data Jealousy Leads to Less Valuable Data

In 2017, the Economist proclaimed that data is more valuable than oil. Ginny Rometty of IBM declared it a ‘natural resource.’ The biggest and most powerful companies on our planet (Google, Facebook, Amazon, Apple, etc.) own the most data. Unfortunately, this mindset has led some companies into the rabbit hole of ‘data jealousy.’ This is the practice of refusing to share data, even with partnering companies. Big Data is only valuable if it’s big enough, and most companies only own data from “their point of view.” They struggle to leverage their data effectively because they only have access to the limited dataset they produce.

This is, of course, another systems issue. Companies that try to share data with each other on regular centralized systems come directly face to face with the questions: Who owns the actual data? Who can access the data and how frequently? How can I be sure that no one in my partner company tampered with the data? How can I be sure that my own data is accessed on a ‘need to know’ basis? The inability to answer these questions has led to investments in big data and analytics that do not show an ROI to an organization.

Reliance on Physical Documents Makes Audits Slow and Expensive

Most companies today still heavily rely on physical documents to ensure their business runs smoothly. This causes all kinds of headaches, especially during audits. It’s easy to digitize the documents. The challenge is keeping sensitive digital information secure. Since digital documents are easy to tamper with, they often cannot be relied upon for audits. This makes the audit process tedious and costly. During an audit, each division has competing interests with other divisions. Every division wants to pass the audit, even if it means another division fails. This is why we can’t use centralized systems’ digital documents as a basis for audit – they can be tampered with, and even server logs can be tampered by the IT division.

Automation Between Separate Companies Is Hard to Execute Fairly

While many companies seek to automate their operations, the challenge becomes ensuring that automation between companies is completed in a fair manner. For example, if two companies are partnering and have a business process automation solution in place to manage their collaboration, which company gets to own the server that runs the solution? No matter how well designed the centralized system is, the company that owns the server will have more control over the initiative. Even if you have a system that is really well-programmed, a server owner can still – literally – pull the plug on the automation.

Disaster Recovery and High Availability Systems Get Really Complicated and Pricey

Here’s how you create an Enterprise system these days: Maintain production uptime by adding a High Availability (HA) server. Maintain a failover system between Prod and HA. To ensure disaster preparedness, find another data center far away and put a server in there to act as a DRC. In case of further paranoia, get the DRC site an HA server as well. What about ‘putting it on the cloud’? Behind every cloud, there are computers too. Enterprise infrastructure is very familiar with declarations of ‘down for maintenance’ from every brand-name cloud. So you still set up DRCs or HA servers that interlink multiple cloud infras, just to make sure the business does not lose money from the downtime.

Companies today must maintain high availability of their IT systems. They must also ensure proper disaster recovery processes are in place. Unfortunately, these tools are continuing to rise in cost, which makes it hard for companies to stay profitable. Although technologies have become cheaper, customer expectations have become sky-high for constant access to apps and services, and are continuously increasing. This creates more demand for high-availability and DRC – not less. Even as companies shift towards cloud services, these enterprise data services can still become cost-prohibitive. Lower margin businesses are going to be priced out first.

How Blockchain Technology Helps Enterprise IT

Blockchain Enables Trusted Partnerships

The biggest challenge when creating systems of collaboration in a business consortium or partnership revolves around ensuring fairness between the parties. A blockchain can be used to ensure that each partner in the collaboration has control of the system – since each partner has a node of their own. If one partner tries to change the data in his or her node, the other nodes will immediately ostracize that node and ‘heal’ the data. Rather than having every partner put absolute trust to the company that runs the system, each partner can be secure in the understanding that its partners cannot tamper with decisions, data, or control.

Blockchains Enable Smaller Companies to Benefit From Big Data

Instead of small companies being stuck with their small silos of data, they can combine their data with other companies through the use of a blockchain, while maintaining the sovereignty of their data and their customers’ data. This enables more companies to access big data analytics instead of only the largest companies benefiting.

Blockchain Eliminates the Need For Physical Documents

Currently, it’s really hard to keep digital documents secure and safe. This forces many companies to keep paper records which are notoriously clumsy to work with. Imagine how much time is wasted trying to reconcile data across piles of paper? Time wasted is money wasted. Thankfully blockchains increase the ability to keep digital documents secure, which reduces the need to maintain physical paper documents for audit purposes or otherwise. This enables companies who leverage blockchains can reduce the time and money required to complete audits which will save money.

Blockchain Enables Business Process Automation With Smart Contracts

One of the most powerful concepts that blockchains enable is the use of smart contracts. Smart contracts are software contracts that execute predefined logic based on the parameters coded into the system. In other words, you can replace many business processes with software. For example, instead of hiring a team to handle contracts and procurement, you could run smart contracts that enforce the same procedures more effectively at a lower cost.

Some blockchain technologies (e.g., Nxt) use ‘smart transactions’ instead of smart contracts. Unlike smart contracts, which embed code inside the blockchain every time, smart transactions put the code inside the node that runs it, while referring to and using process templates inside the blockchain. This is less prone to coding errors and allows easier future tweaking of the code in Enterprise environments.

Other blockchains use different ways to ensure this type of flexibility, which is important since business processes in Enterprise environments constantly change. You need to be able to revise code you’ve deployed, in an agile fashion, quickly. This same concept can be more broadly applied to any business function that relies on multiparty business logic. Here’s a cheat code: Automation between parties enables better business SLAs, and blockchain enables automation between parties.

Blockchain Can Improve Data and Infrastructure Resilience

Traditional network architectures are heavily reliant on high availability & DRC servers to make sure the network data stays in sync. If there is a disaster scenario where one node is compromised, then the network is reliant on the backup server. This architecture is vulnerable to being compromised, whether by attacks, exploits, mismanagement, or disaster situations. In an equivalent blockchain architecture, there are two key advantages: data resilience and infrastructure resilience.

Data resilience is gained from the increase in total nodes on the network. Each node enforces consensus rules and prevents attackers from spreading false information. Infrastructure resilience is gained because each node can act as a backup server in case some nodes are taken down or compromised. This is a huge improvement over traditional infrastructure where the network might only rely on a single backup server. Lastly, the more nodes in a blockchain network, the more resilient the system is, whereas the opposite is true with traditional IT architecture.

Challenges When Implementing Blockchain Technology

While blockchains have the potential to improve the IT infrastructure of your organization, getting them integrating into your current systems requires some effort. Here are a few challenges to overcome when implementing a blockchain inside your organization.

Getting Buy-in From Upper Management

In order for any strategic initiative to be successful, the project leaders need to get support from management. Hiring a top tier blockchain consulting firm helps convince upper management that blockchain is worthy of company resources.

Ensuring Your Staff is Capable Of Supporting Blockchain

Whenever you’re considering adding new technology into your organization, it’s critical to consider your current staff. How advanced is your current IT staff? Do they have the time and ability to get skilled up?

Choosing the Right Blockchain For Your Needs

Not all blockchain projects are created equally, and each blockchain implementation makes necessary tradeoffs to maximize the intended use case. Be sure to define your needs upfront and ensure the correct blockchain is matched to your needs. Starting with a pilot project makes sense for many organizations.

Architecting the Right Solution Is Challenging

In order to maximize the chance of a successful implementation, it’s crucial that your organization gets the high-level architecture right. The best tool in the world is only effective if it’s used properly. If you don’t have expertise in house, consider hiring a consulting firm to guide the solution architecture.

What Should Be On-chain? What Should Stay Off-chain?

Blockchain technologies are incredible tools, but that doesn’t mean we should try to run our entire business on a blockchain. In fact, there are many use cases where a distributed ledger doesn’t make sense. Spend time upfront planning before moving into the implementation phase. It’s better to start small than trying to bite off more than you can chew.

Let’s Wrap Up

Blockchains are incredible tools, but they need to be approached with care. In order to maximize their benefit, consider hiring a reputable consulting firm to see if blockchain can help your business, and starting with a pilot project. As your team gets more comfortable with the technology, you can continue to build your footprint, letting the technology grow in value as you collaborate more.

Article Produced By
Ms. Pandu Sastrowardoyo

Ms. Pandu Sastrowardoyo is a Co-Founder of Blockchain Zoo, Supervisory Board Member of Asosiasi Blockchain Indonesia, Senior Partner of Blocksphere, Co-Founder of Human-ID.org and Kendi.io, Former IBM ASEAN Senior Consultant & Territory General Manager of MSPs. Listed among 100 global blockchain leaders.

https://www.coinspeaker.com/pain-points-blockchain-can-solve/

SEC Halts Telegram TON Sale: How Does it Differ From the EOS Case?

SEC Halts Telegram (TON) Sale: How Does it Differ From the EOS Case?

News broke yesterday that the US Securities and Exchange Commission has temporarily halted the token sale of Telegram’s TON cryptocurrency. According to documents, the SEC’s reasoning is that the token sale is unregistered and fails to comply with regulations. Let’s examine the differences between this episode and what recently happened with EOS. 

Telegram’s Token Sale Halted

Back in January 2018, Telegram raised a substantial amount of capital – over a billion dollars worth – to develop its own blockchain, dubbed the Telegram Open Network. As CryptoPotato reported, the company was supposed to launch its cryptocurrency wallet in either October or November of this year. However, it appears that Telegram’s plans may be for naught, as the SEC has stepped in, obtaining a restraining order against Telegram and the Telegram Open Network. According to an official release, the commission found that the cryptocurrency sold during last year’s sale was done so unlawfully. 

Stephanie Avakian, Co-Director of the SEC’s Division of Enforcement, noted:

Our emergency action today is intended to prevent Telegram from flooding the U.S. markets with digital tokens that we allege were unlawfully sold. […] “We allege that the defendants have failed to provide investors with information regarding Grams and Telegram’s business operations, financial condition, risk factors, and management that the securities laws require.

Adding to the point was Steven Peikin, another co-director of the Commission, who stated that Telegram had sought to obtain the benefits of a public offering without complying with existing regulations. Just last week, the SEC slapped EOS with a $24 million fine for conducting an unregistered ICO which raised upwards of $4 billion. 

What’s Different With the EOS Case?

Following the SEC action against EOS, CryptoPotato spoke to Tomer Ravid, CEO at BloxTax, who explained at length the merits of the charge and why the amount was insignificant given the amount of capital that Block.one had managed to raise. Following the Telegram action, we reached back out to Ravid, and he explained how the two situations differed. According to him, the main difference is that EOS had little to no business activity prior to its Initial Coin Offering. Hence, there was little to disclose. On the other hand, Telegram is a real company with real activity, so there is the expectation that it would have needed to disclose a lot of information. He also said that the SEC seemingly believes that there may have been fraudulent activity, which is something that wasn’t part of the case against EOS. 

Additionally, Ravid noted a similarity with the claims that the SEC made against Kik. He said that there had been a lack of disclosure and a failure to provide information that a reasonable investor would need to have in order to formulate an investment decision. This was also claimed in KIK’s case, which was the basis for the fraud claim against the company. Although we have yet to see how the situation will develop, it’s clear that the SEC is stepping up and taking serious actions against companies that seek to access the US capital market through an initial coin offering or other kinds of token sales. 

Article Produced By
George Georgiev

Georgi Georgiev is CryptoPotato's editor-in-chief and a seasoned writer with over two years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping.

https://cryptopotato.com/secs-telegram-ton-halt-why-is-it-different-from-the-eos-case/

Want to Buy Bitcoin? Sweden’s Debt Collection Agency Is Auctioning Some Off

Want to Buy Bitcoin? Sweden’s Debt Collection Agency Is Auctioning Some Off

                                  

Kronofogden, the Swedish Enforcement Authority, is about to auction off 4.59 BTC. This will be the agency’s second auction, as another one took place back in 2017. The auction is set to take place today, and it will be conducted entirely online.

A Bitcoin Online Auction in Sweden

Kronofodgen, Sweden’s Enforcement Authority, has obtained 4.59 BTC and is ready to auction it off to the highest bidder. The market price is currently around 370,000 kronor ($37,600), or about $8,191 per Bitcoin. The agency’s operations developer, Johanees Paulson,

explained:

“Many people ask us why we’re auctioning off the currency and not converting it ourselves. The answer is that there isn’t an infrastructure which meets our needs. We need to do it in a quality-assured way, in order to be sure that the money won’t disappear on the way.”

History is on the agency’s side, as it conducted a successful auction before. In 2017 Kronofodgen sold 0.6 BTC with an estimated market value of 27,600 kronor at the time. The winning bid was placed by an undisclosed buyer who paid 43,000 kronor. Back then, the agency claimed that it had acquired the cryptocurrency by assessing a debt against a company. This year, there is no official word on where the significantly higher amount of Bitcoin has come from.

Other Governments Have Held Bitcoin Auctions

Bitcoin auctions have been held by other governments and entities. In 2016, the U.S. Marshals Service seized 2,700 bitcoins from the illicit Silk Road marketplace and later sold them for $1.6 million. Only 5 people placed bids, and the winner was anonymous. Bitcoin’s price has skyrocketed since then, and today the same amount would be worth over $22 million. An even more sizable portion of bitcoins was sold by Ernst & Young in 2017. The Australian government had confiscated 24.518 bitcoins from yet another Silk Road user a year prior. It was reported that the auction was successful, with 5 winners obtaining around $16 million worth of Bitcoin. The aforementioned Silk Road was the biggest anonymous black market for illegal drugs. It was shut down by the FBI in 2013, and the agency reportedly seized 144,000 bitcoins. Later, 44,000 of them were sold to 4 winners and they gathered $14.6 million.

Article Produced By
Jordan Lyanchev

Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain.

https://cryptopotato.com/want-to-buy-bitcoin-swedens-debt-collection-agency-is-selling-in-an-auction/