Category Archives: Blockchain

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Crypto on the Rock: Gibraltar Gets Its First Regulated Exchange

The tiny British Overseas Territory of Gibraltar located at the southern tip of the Iberian Peninsula is to get its first fully licensed exchange, Coinfloor.

Coinfloor, the UK’s oldest crypto exchange is the first to be fully accredited as a “distributed ledger technology (DLT) provider” under the legislation which requires the government to satisfy itself that 9 operating principles of good practice are being adhered to.

Obi Nwosu, the CEO of Coinfloor, commented that these were all met by his company, including those which guarantee adequate AML and KYC safeguards and security against the risk of cyber attack. He said:

“What impressed us was that this [legislation] was in the works for a long time… It’s been well thought out, well considered. They are focusing in on quality over quantity.”

Gibraltar, known affectionately as “The Rock” among residents and visitors, and home to the only Barbary macaques living in Europe, has begun attracting new and existing fintech companies to its shores. It is attempting to follow in the footsteps of other European countries such as Malta and Switzerland, both of which have seen the arrival of major cryptocurrency players like Binance and Bitmain in 2018. It now holds regular events such as the Gibraltar International Fintech Forum, demonstrating the country’s serious intent when it comes to encouraging fintech companies to do business there.

Coinfloor’s CEO said that he was glad to be able to fulfil the requirements of the new legislation, thereby securing a position in Gibraltar’s blockchain and cryptocurrency ecosystem, particularly as the UK exchange had recently been forced to lay off employees due to weakening demand in the UK through Bitcoin’s fall from its 2017 highs. He argued:

“It’s never desirable to make these changes, but it’s a natural part of the market cycle… The market has contracted and you should make appropriate changes to your team . . . It’s happening across this space.”

Despite some companies looking to Gibraltar as a possible home, it is more likely that Malta, with its vibrant crypto community and favourable blockchain legislation, will be become a favourite with established exchanges and startups, particularly given the ongoing concerns regarding a no deal Brexit.

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Sony Reveals Digital Copyright Management Blockchain

Japanese multinational electronics conglomerate Sony has launched its own blockchain dedicated to managing digital copyrights.

A press release on Monday detailed the new system that specializes in managing the rights of written work on a blockchain, utilizing features that track the original date and time of electronic content creation. Users will also be able to verify themselves as the original content creator and securely share their work on the blockchain, knowing the integrity of their work will be preserved.

While standard copyright management procedures are said to be processed manually by industry organizations or creators, Sony believes that the blockchain can provide a far more efficient way to do so in terms of both time and money.

The electronics firm say that the system will prove compatible with many forms of electronic works, including e-books, music and films and notably various formats of educational content.

While right now it remains for private use, Sony says they are considering commercialization of the system.

Sony added that future blockchain solutions might well be on the way in areas of data management and distribution throughout the company’s various business domains, but right now the emphasis remains on the field of education.

Sony Global Education is cited as ”continuously carrying out technological development and prototyping towards the use of blockchain technology in the educational field.”

China-based news outlet iPR Daily last month indeed revealed that Sony has filed as many as 23 blockchain patents. Further research from iPR shows that IBM and MasterCard have some of the most substantial numbers of blockchain applications, with over 80 apiece.

Despite these major players launching themselves into the blockchain, a recent survey of executives found that the majority of enterprises are finding blockchain adoption more difficult than initially expected.

The 57% that responded this way cited hardware security and scalability as major issues, with over half of non-blockchain dedicated companies struggling to process high volumes of transactions on the blockchain network quickly.

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BitcoinNews.com Daily Podcast 14th October 2018

Listen to the 14 October 2018 BitcoinNews.com Daily Podcast below.

On this edition of the BitcoinNews.com Daily Podcast, we discuss how Tether has drastically crashed below parity with the USD and how Bitcoin prices on Bitfinex have surged well above global market price, both indicating serious problems on Bitfinex. Learn about the failure of the Constantinople hard fork on the Ethereum testnet, and about an easter egg found in Bitcoin’s original code from 10 years ago.

Follow the Bitcoin News Daily Podcast on AnchoriTunesSpotifyGoogle PodcastsStitcherRadio PublicPocket CastsOvercastCastbox, and Breaker. We broadcast a new episode every day, covering the most important topics in the crypto, Bitcoin, and blockchain world!

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McAfee Claims: If in 2020 Presidential Race, “I Will Tell the Truth”

British-American computer programmer and businessman John McAfee has begun making pledges in his run up to the 2020 US presidential elections.

The founder of McAfee Anti Virus software and vocal cryptocurrency advocate stated recently that he would seek a nomination to run in the next US presidential election. In doing so, has expressed a clear aim to advance the stature of cryptocurrency and blockchain on the world’s financial stage. McAfee recently suggested that blockchain and crypto have given new freedoms to the working community who he sees as ‘hired slaves,’ arguing:

“If you want to send Bitcoin, Ethereum or Monero, who do I have to ask? Only the peer… We are creating a permissionless society…We are not slaves for our jobs, we are not slaves to the government, we are slaves to the entire system.”

In his latest pledge as a potential POTUS runner, which would be his second attempt to get his name on the ballot, he has vowed to “tell the truth,” despite also explaining that he has no chance or indeed no intention of actually winning anything. He commented in his latest tweet:

“In truth: the crowd doesn’t want the truth. It is why politicians lie. They cannot win by telling the truth. I don’t want to win POTUS. I just want the stage.”

Running on “Truth” would be a campaign which would certainly get some support in the present political climate in the US. Although, it would be highly unlikely that McAfee, seen by some as a maverick would progress. The comparisons to the potential of Donald Trump to become US President, turning back the clock, are there to be made, however. When questioned back in June about his chances in 2020, McAfee said:

“Don’t think that I have a chance of winning. I do not. But what truly changes America is not the president, but the process of creating one. If my following is sufficient I get to stand the world’s largest stage and talk to everyone, as I did last time, to tell the truth.”

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Christie’s Art Auction House Adopts Blockchain Technology

Christie’s art auction house has announced that they will be integrating blockchain technology into the auction of ‘An American Place: The Barney A. Ebsworth Collection’ during November 2018, where they will be selling numerous pieces of art that are collectively worth USD 300 million. It is major news that Christie’s is going to be using blockchain, since they are perhaps the biggest art auction house in the world. In the first half of 2018 alone Christie’s auctioned USD 4.04 billion of art.

Christie’s will provide successful bidders with an encrypted certificate that includes relevant information about the artwork. The certificate will be immutable and stored on a blockchain and is provided via a partnership with Artory, which runs the Artory Registry — a blockchain powered database for artwork. All information about the lifecycle of an artwork, including past sales, valuations, and exhibitions will be in the database and accessible with the certificate. This certificate stored on the blockchain provides irrefutable proof of authenticity, which protects buyers and sellers, and can increase the value of the artwork. This is better than a typical bill of sale since the blockchain certificate for each artwork cannot be lost as it is immutably stored on a blockchain.

The Chief Information Officer at Christie’s, Richard Entrup, says “Our pilot collaboration with Artory is a first among the major global auction houses, and reflects growing interest within our industry to explore the benefits of secure digital registry via blockchain technology. The entrepreneurial spirit of the Ebsworth family and their embrace of leading-edge technology makes Christie’s November sale of the Ebsworth Collection an ideal platform for our clients to experience this technology for themselves and to explore the advantages of having a secure encrypted record of information about their purchased artwork”.

The CEO of Artory, Nanne Deking, says “We are delighted to work with Christie’s on this industry-leading collaboration. As long-standing participants and business leaders within the global art market, the Artory team innately understands the needs of today’s art collectors and the broader desire within the industry to embrace new technologies that will help the marketplace evolve. This November, Artory is pleased to work with Christie’s and the Ebsworth family to mark the start of a blockchain digital journey for each work in this spectacular collection, and to show the art world how digital encryption technology can benefit buyers and collectors in the future”.

Christie’s has a long history of setting the trend in the art world technology wise, being pioneers in online bidding, livestreaming auctions, mobile bidding registration, augmented reality apps, and now blockchain technology. Perhaps the rest of the art world will begin using blockchain technology in the near future for securely and immutably tracking and authenticating artwork.

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BitcoinNews.com Daily Podcast 13th October 2018

Listen to the 13 October 2018 BitcoinNews.com Daily Podcast below.

On this edition of the BitcoinNews.com Daily Podcast, we discuss how 5 top universities have followed Yale’s lead and invested in crypto hedge funds, and how 1Broker has begun processing customer withdrawals after being shutdown by the United States. Hear about how Coinbase has added 0x, and how Coinbase has shutdown their crypto index fund.

Follow the Bitcoin News Daily Podcast on AnchoriTunesSpotifyGoogle PodcastsStitcherRadio PublicPocket CastsOvercastCastbox, and Breaker. We broadcast a new episode every day, covering the most important topics in the crypto, Bitcoin, and blockchain world!

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Closing Charities’ Accountability Gap Through Blockchain Technology

Humanitarian Blockchain

a BitcoinNews.com series

   Part 3: Closing Charities’ Accountability Gap Through Blockchain Technology

          Welcome to the third installment of the Bitcoin News Humanitarian Blockchain Series. Charity begins at home, but the growing question being asked over the past few years is, where does it actually go?  We try to highlight some of the current solutions being presented by blockchain technology to this essential industry

The track record of the charity industry has been, regrettably, far from exemplary, and in some instances, at worst, disgraceful. Well-publicized scandals over the past few years have seen a decline in the public donations to charitable organizations, with some of those intuitions being brought into disrepute by misappropriation of public funds or inappropriate behavior of field staff.

Even now, a US investigation is looking into fraudulent identity activity in Myanmar where refugees fingerprints from amongst the Chin minority are causing confusion as fraudsters purchase refugees’ identities for their own ends. Also, in Bangladesh many Rohingya refugees in safe-harbor there have been registered multiple times and records of family groups have been almost non-existent,

Using Blockchain to clean up the industry is possibly the only way that many charitable institutions can survive, and regain public trust by demonstrating a greater level of transparency and accountability.

The main barriers to success in the humanitarian field have been lowering the impact of administration, transportation and documentation cost on donated funds, and making every aspect of donations totally transparent from source to final delivery of the benefit to the recipient.

Charities have been slow to take up the obvious benefits that can be offered to the industry. In fact, it is no exaggeration to suggest that there could be no more obvious and beneficial use case for DLT than its solution to the accountability problems that charities are currently suffering.

Luckily some organizations are on board, but far too few. The World Food Programme (WFP) has been quick to realise the potential of blockchain solutions. As Bitcoin News reported in the first of its humanitarian series, the uses in Jordan’s refugee camps has been essential, in not only feeding and providing work for Syrian refugees but also creating a renewed feeling of self-worth, particularly against female escapees from the war in Syria.

Former UN Secretary General Ban Ki-Moon, as far back as 2011, was trying to deal with how to get donated funds from a source. At the time, a massive $40 billion was failing to reach its intended recipients, the money was diverted to corrupt officials and middlemen. Seven years on, the blockchain is now being used by the WFP to tackle this problem. Gustav Stromfelt, one of the project managers working on the WFP’s program commented:

“We have this rapid ability to understand where our money is throughout the process…It improves transparency, accountability, and communication across the board.”

This UN-supported programme in Jordan uses dollars at this stage, not cryptocurrency, but through DLT every cent is accounted for right up to the purchase and delivery of physical goods.

Charities accepting cryptocurrencies, and there have been many, were badly hit by the drop in the value of Bitcoin at the end of 2017 and much of the funds were seriously diminished before funds could be dispersed. Silicon Valley Community Foundation revealed in its 2017 audit 45% of its investment assets were unable to be turned into cash in 2018 due to government restrictions.

Many of these problems are now being overcome through online mining schemes which benefit charities and straight crypto donations fund by such organisations as Children in Need and others.

Binance, the world’s largest cryptocurrency exchange by 24-hour trading volume, has recently tried to address some of these issues with the announcement of a Blockchain Charity Foundation which aims to plug the transparency gap for multiple organisations with its planned donation tracking system: Binance CEO Changpeng Zhao explains:

“Lack of transparency has been a problem for charities today. Some estimate up to 80% of donations does not reach the intended beneficiaries. With the ability to track every single transaction, blockchain technology seems tailor-made to solve this problem.”

Although the Blockchain Charity Foundation is still at concept stage, Binance suggest that the system will allow donors to give to one or as many chosen charities as they want whilst retaining anonymity if they wish: The company commented:

“Each BCF program will have its unique receiving address(es). BCF may choose to donate directly to the ultimate beneficiaries or work with other charity partners who then distributes the funds to the ultimate beneficiaries. Either way, the funds will be tracked in a transparent manner.”

Solutions to past problems are slowly being presented through new technology, but clearly, more urgency is required to reshape the face of the charity industry and restore public face so that charity can transit from home to its needy target and arrive at its destination intact, as was intended from the source.

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Miami is Fast Becoming a US Crypto Trendsetter

Florida staked its claim as a significant name in crypto as two pizzas delivered by Papa John’s in Jacksonville once cost the crypto equivalent of $65 million in today’s money, and now with Miami staking its claim as Bitcoin capital of the US, the dream lives on.

Miami is on a charge and has seen a surge of blockchain and crypto conferences setting up their annual venues there over the years. It’s unsurprising, given that there’s also a history there too, as it was not only the home of the first North American Bitcoin Conference but also witnessed the birth of Vitalik Buterin’s Ethereum experiment.

This year’s North American Bitcoin Conference heralded in even more startups, some 30 in number, raising millions, and now gives way to the next conference in the queue, Blockchain Shift to be held in late October bringing IBM, Tesla, KPMG, Bloomberg into its orbit. It promises to be another extravaganza with late-night dancing and yacht parties scheduled, living up to the current festival mode employed by crypto conference organizers.

Miami started the crypto ATM revolution, with machine provider BitStop out of Palmetto Bay now providing services for client all over the state and in California with a network of 50 transaction points.

One of Florida’s movers and shakers, George Levy, award-winning Lecturer and Senior Instructor on the blockchain, had a hand in starting Miami’s Blockchain Institute of Technology (BIT), an online training academy which teaches people more about cryptocurrency and its technological foundations. Levy now has students in 166 countries around the globe and follows up his online training with personal appearances in many of those. Lately, he’s taken the leap to South America, where Bitcoin raised early interest. He now works alongside the engineering department at the University of Curaçao.

“We’re seeing innovation coming out of Latin America, as well strong developers based in Argentina,” he says, adding that, “The fact that I’m here in Miami gives me a very close spot to be able to engage that. It’s a great hub.”

South Americans have viewed cryptocurrency as an escape from financial oppression for years, as exemplified by Bitcoin’s huge following in Venezuela where the fiat economy is a total burnout. Because of its Latin American connection, Miami has a renewed spark of life as a potential crypto hub for South America as a result of political unrest there, geographic proximity and Spanish speaking population.

With such a vibrant cryptocurrency ecosystem comes regulatory concerns, one of the motivations by State government’s June decision to appoint a “Cryptocurrency Chief” to oversee the industry, according to Florida’s chief financial officer Jimmy Patronis, an “…active, comprehensive and balanced approach” providing an “appropriate level of scrutiny for emerging digital asset technologies.”

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Research: Bitcoin as Stable as “Dollar and Oil”, Cites Cubic Law

New research published in a respected Journal of Nonlinear Science, suggests that cryptocurrencies could soon be as reliable as fiat currency.

Chaos has released a research report titled “Bitcoin market route to maturity?” which maintains that due to the maturing of digital assets over time, many commentators view that Bitcoin and similar cryptocurrencies are volatile, and therefore too unstable to be used as a currency, are largely unfounded.

The basis of many of these commentaries about Bitcoin’s instability stems from the massive price fluctuations of the past year, seeing the flagship cryptocurrency reach a high of almost $20K in December of 2017 only to drop to $6000 in June of 2018.

The report cites influences, not unlike those which effect regular fiat markets, as instrumental in some of the fluctuating fortunes of digital currencies, such as temporal correlations as multi-scaling effects. The authors of the study commented on the Bitcoin movement over time after studying a number of graphic representations:

“Initially, the graphs we got were a bit crooked, which did not augur anything promising … but when we took a closer look at the data, suddenly it turned out that this crookedness originated from the first two years of the analysed period, that is, from the time when the market was just starting to shape itself.” Adding, “Later on, the rates of return fluctuated according to the inverse cubic law.”

Cubic law is a system of judging a market’s maturity where financial analysts plot price changes in one-minute sequences and compare how they match up.

They added that Bitcoin’s maturity was “particularly evident in the last six months of the examined period,” suggesting that the digital currency’s fluctuations corresponded in the same way as rates of return as regular, mature markets, such as the stock, dollar, oil or bond markets; all good news for Bitcoin enthusiasts and cryptocurrency investors in general.

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