World Block News


Digital Currencies do Not Threaten Economies

Contrary to the general prevailing apprehensions regarding cryptocurrency, the International Monetary Fund (IMF) appears to be positive in its perspective. The IMF (and this has nothing to do the fictional Impossible Missions Force in those outstanding Mission Impossible movies; though…
By Benjamin Roussey May 14, 2018
Block.News

The Future of Cryptocurrency

Cryptocurrencies have proliferated on a massive scale. Backed by the innovative blockchain technology, they have emerged as an arguably more efficient alternative to fiat currencies. There is virtually nothing that could stop the crypto juggernaut from expanding its influence (ISIS…
By Benjamin Roussey May 14, 2018
Block.News

Blockchain may eliminate fraud in buyer-supplier processes

A Helsinki-based, publicly traded accounting software developer, Basware Oyj (BAS: IV) forecasts that blockchain technology may dramatically eliminate fraud in buyer-and-supplier processes during the next three-to five years, but that artificial intelligence (AI) may have an even bigger edge in…
By Gene J. Koprowski May 14, 2018
Block.News

Goldman Sachs to Launch Bitcoin Trading Operation In Near Future

Big financial institutions have largely had a spotty record when it comes to digital currency. Many storied banks and companies have stayed out of the cryptocurrency world, with a few exceptions. News outlets have started to report on efforts by…
By Kevin O'Brien May 04, 2018
Block.News
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Software engineers threatens blockchain technology implementation

A new report released yesterday by Gartner, Inc. (NYSE:IT) indicates that CIOs are struggling to implement visionary blockchain technology projects, due to difficulties in finding software engineers with the skills needed to work with the new cryptography-based security solution.    "The challenge for CIOs is not just finding and retaining qualified engineers, but finding enough to accommodate growth in resources as blockchain developments grow," said David Furlonger, vice president of Gartner, and an IT fellow there.    According to the new study, which surveyed 293 chief information officers, many firms are already in short-term planning for blockchain projects. But, 23 percent of CIOs said that blockchain requires the “most new skills to implement of any technology area,” ever, while another 18 percent said that blockchain skills are “the most difficult” to find in any job market.     Rushing into blockchain deployments without significant resources in terms of talent could lead organizations to "significant problems" of failed innovation, wasted investment dollars, rash decisionmaking and even an untimely rejection of this game-changing technology, said Furlonger.    CIOs also said that blockchain projects will change the operating and business models of most organizations, and they believe being ready and able right now to accommodate this requirement is vital for survival.   "Blockchain technology requires understanding of, at a fundamental level, aspects of security, law, value exchange, decentralized governance, process and commercial architectures," said Furlonger. "It therefore implies that traditional lines of business and organization silos can no longer operate under their historical structures."   Transition Time for IT   Other IT executives interviewed by Block.News said that developers need to "transition" their skills to blockchain technologies to remain competitive. But that requires some planning.     In an interview by e-mail, Chris Camacho, president & CEO, Greater Phoenix Economic Council, concurred that there is a struggle to find qualified blockchain engineers.     "Blockchain is an innovative and evolving industry, and the talent pool to fully support it is evolving daily. The scale and order of magnitude should be considered as there are many talented developers who have the fundamentals to learn languages such as Solidity that are the basis for blockchain technologies.," Comacho told Block.News. "The learning curve and required training for a developer with experience in programming languages and scripts such as JavaScript, C++, Python, and Haskell is much shorter and allows the industry to cultivate talent in the way that keeps pace with the demand. Thus, this is not a question of a skills shortage, but a question of how to transition our current crop of developer talent nationally and globally to proficiency in languages critical to the development of the blockchain sector."   Some CIOs are worried that employees will falsify their resumes, and that new hires may hype their skills in cryptography in order to get hired due to the urgency of HR needs by some employers.    A technology solution to that has already emerged: Vertalo, a new career web site, uses blockchain to allow employers to verify prospective job candidates entire career background and academic history.   That may well work. But maybe employers can enhance the skills of those they currently work with and avoid the hassle of vetting new hires.    Comacho said that the scuttlebutt in the industry is that this skills transition can take a little as three to six weeks for a seasoned programmer/developer. "We need to identify, train, and establish systems that help developers fill the demand for talent," he added.    Another technology expert, Anoop Nannra, head of blockchain initiatives at Cisco, tells Block.News that it may be easier to train these current IT employees in cryptography skills than to find engineers through new job ads asking for them to come on board with these skills.     "When it comes to obstacles around blockchain implementation, there is definitely a skills shortage in the industry," said Nannra, in an e-mail interview. "This is due to several different factors, the first being that there’s always been a tight competitive market for this type of technical expertise."   What is more, as the technological landscape continues to evolve, there's an increasing demand of engineering talent across all industries, making it even more difficult for blockchain implementation.    Alluring ICOs   "Coupled with the talent that is fully engaged by the allure of initial coin offerings, the jobs of many recruiters and hiring managers in enterprises have become even more difficult in attaining the right talent. Furthermore, many organizations that look to accelerate their own internal blockchain projects typically tend to assume that they must also hire 'blockchain experts.'" said Nannra.   Nannra also suggested that to address the current skills shortage, businesses should look deep into the heart of the technology community in their own firm, as they’ll find that there are other pools of talent that can be easily educated on blockchain, and that may be much easier and more cost-effective than trying to acquire new talent.    "This includes: identifying solid developers (internally) who understand real-time distributed systems, as well as those that understand how the internals of a database really works – beyond just knowing how to create tables, views or queries," said Nannra.    Investing in current employees -- through continuing education seminars, or college classes in crypto -- may be vital to remain competitive for many businesses now with the emergence of blockchain.    "It’s also important to look for people that know how modern cryptography and key management systems work. By broadening the talent search, organizations are able to identify skills that are more readily available. This allows them to have the time and money to invest in people and bring them up to speed on blockchain basics - ultimately driving overall business growth and success," said Nannra.   Business, corporate governance and  strategic operating models, and designed and implemented pre-digital business will take time to re-engineer. This is because of the ramifications blockchain has concerning control and economics, according to the Garner survey.  ...
By Gene J. Koprowski May 14, 2018
Block.News

Blockchain may eliminate fraud in buyer-supplier processes

A Helsinki-based, publicly traded accounting software developer, Basware Oyj (BAS: IV) forecasts that blockchain technology may dramatically eliminate fraud in buyer-and-supplier processes during the next three-to five years, but that artificial intelligence (AI) may have an even bigger edge in the short-term for accounts payable applications. In an interview with Block.News, Sami Peltonen, vice presidentof purchase to pay product manageemnt at Basware, walks readers through the changes that one can reasonably expect in the short-term and long-term. “Blockchain is expected to have a disrupting impact on procurement; however there are still a number of unsolved problems with broader B2B adoption, such as those related to data privacy, for example,” said Peltonen. “As such, we can expect that other technologies, specifically artificial intelligence, will have a bigger impact on improving companies’ processes related to procurement and accounts payable (AP) automation in the short term.” Automated Voice Processing Look for multiple machine learning innovations, including automated invoice processing, predicting late payments and helping procurement end-users with an intelligent chatbot apps, to come to market, soon, based on that kind of strategic thinking. For the long-term, blockchain may help manage cash flow and even mitigate supply chain disruption. “In the longer term, blockchain is expected to have a game-changing impact on procurement and AP automation,” said Peltonen. “The key concept of blockchain is the ability to allow data to be shared among network participants with a high integrity. This is expected to yield many benefits – such as improved compliance, the elimination of fraud, and transaction-less integration between buyer and supplier processes, where both parties can share the same data – which lead to faster throughput times.” New blockchain-base “smart contracts” can be implemented to execute complex contract structures and thus automate compliance of operative procure-to-pay (P2P) processes, he added. A blockchain, originally called block chain, is a continuously accumulating list of records, called blocks, which are connected and secured using cryptography. Each block generally contains a cryptographic hash of the previous block, a timestamp and transaction data. Blockchain is resistent to modification of data. Long-Term Play That means that the long-term play is blockchain technology. “With straight-through processing (STP), companies will be able to reduce manual work, and immediate throughput will enable them to maximize the usage of working capital,” said Peltonen. “Improved supplier relationships not only lead to savings, but also increase competiveness, eventually driving business growth. However, it’s important to remember many of these benefits are achievable today with the latest data-based P2P innovations.” Engineers are already leaving other software-based sectors of the economy to take jobs in blockchain development, another expert says, supporting Basware’s forecast of the technology trend. “To some extent it's just a matter of time; we're starting to see an flood of engineers and computer scientists from Wall Street and traditional tech firms. On the education side, university groups like Blockchain at Berkeley are training hundreds of young engineers that have already started working on leading projects,” said Wes Levitt, the marketing and analytics director at Theta Labs. “emand for blockchain engineers has grown exponentially over the past few years.” ...
By Gene J. Koprowski May 14, 2018
Block.News

Chile is going to use Ethereum’s Blockchain

The government of Chile through the National Energy Commission (CNE) has announced that it will be using the ethereum blockchain for its first distributed ledger network. The ministry of Energy announced that it was going to commit data to the public ethereum ledger so as to increase the level of security in the country and also increase public confidence on data and information. The first teasing process was done in February 2018 where the National Energy Commission said that it was going to integrate market prices, marginal costs and fuel prices with renewable energy got directly from blockchain. The commission took this kind of approach of approach because databases were being tampered with and hijacked. Ethereum would help in distributing records among some of the large nodes that the system has. Most plans have already been put in place as to what needs to be done or achieved though the commission has taken steps further and already committed portions of data to blockchain. Other important information to include: information on the installed electricity-generating capacity, marginal costs, compliance with the law and hydro carbon prices. Due to the fact this is the first study commission by the National Energy Commission; it will study the results and also share their findings with other governmental bodies and companies that would be interested. “We are interested in taking this technology from a conceptual level to a concrete case, understanding that it’s considered to be the most disruptive technology of the last decade by world-class experts, and that it could part of day-to-day life in the next few years,” said Chile’s energy minister Susana Jimenez. The challenge the Chile government is facing Despite the processing steps that the government of Chile is making towards blockchain, it is faced with a number of challenges which include a lack of transparency in their current system. But with the integration of the blockchain technology to its energy sector, the government is certain that it will be able to confirm and ascertain that all the information they provide on open data portal is not altered with. The National Energy Commission of Chile executive secretary Mr. Andres Romero announced the following: “The National Energy Commission has decided to join this innovative technology and we have decided to use blockchain as a digital notary, which will allow us to certify that the information we provide in the open data portal has not been altered or modified and left an unalterable record of its existence.” How the project will work The aim of the pilot project is to boost data security issues relating to the energy sector. The trial phase of the project that the National Energy Commission is working on is going to require its employees to take datasets from a platform called Energia Abierta. The next step of the process is to verify the accuracy of the data and after that the data is hashed and recorded using ethereum’s blockchain. This makes it easier for members of the public to access data through the public GUIs. ...
By Block.News Apr 12, 2018
Block.News

EU Governments Should ‘Invest’ in Blockchain Technology

The European Union should move more swiftly to invest in blockchain technology, as it is increasingly at risk of being “left behind” innovative competitors like Asia and North America, according to Andrus Ansip, the European Commission vice president. During remarks at a conference in Brussels this week, Ansip called on the European region’s leaders to pledge “more resources to the technology sector.” This includes government and private sector firms, he said. “If Europe wants to maintain its status as a leader in artificial intelligence in health care and other fields it has to do more, both politically and financially, in adopting and advancing blockchain technology, “ said Ansip, who was speaking at the EC’s 2018 Digital Day in Brussels. Blockchain technology, the distributed-ledger technology, underpins most digital currencies, like Bitcoin and Ethereum. “Europe needs digital. We all need digital,” said Ansip. “And we need a solid investment in Europe's digital future.” Blockchain Forum Earlier this year, the European Commission set up the EU Blockchain Observatory and Forum, whose objective is to promote growth and generate ideas within the decentralized, blockchain technology community. Government investment in blockchain is becoming increasingly common. On April 9, one-time skeptic China announced the launch of the Xiong’An Global Blockchain Innovation Fund, a 10 billion yuan ($1.6 billion) commitment aimed at investing in startups in the emerging field. Ansip emphasized that it is essential, at this time, for the EU not to be left behind in this technological field. “There is quite some ground to catch up. Other continents are moving ahead quickly,” Ansip said. “Why? Because digital technology can help save lives, encourage healthy living, bring innovation, as well as increase efficiency. Again, the driving force is data.” Digital Single Market Ansip said the emergence of the Digital Single Market in the EU is a primary goal, during his speech yesterday. Eliminating regulatory barriers will boost growth as will government investment. “Without removing barriers that prevent digital growth; without the right legal environment; without adequate investment - Europe will not have much of a digital future,” Ansip said. “As we speak, a strong and functioning Digital Single Market is under construction. More than that: a new legal environment is falling into place and into effect.” According to research by Atomico, an investment bank in the technology sector based in London, the European tech industry identifies AI and “blockchain as the areas where Europe is best positioned to play” a leading role. “However, it is no secret that we have to invest – both politically and financially. There is quite some ground to catch up. Other continents are moving ahead quickly. I would like to see EU countries make a commitment to blockchain technologies – now moving out of the lab and going mainstream. As with AI: we should make the most of this new opportunity to innovate.” Government investment can only do so much in this realm, he said. “Our public purse only goes so far. It represents about 1% of the wealth that EU economies generate every year. National governments and the private sector need to contribute too,” Ansip said. “The future-oriented areas I have mentioned today require significant funding if we are to make the most of them. Funding not only for today and tomorrow, but far into the next decade as well.” In the coming months, new privacy directives are becoming law in the EU. Blockchain could be useful in this regard, maintaining data privacy, as mandated, by law. Europe must transform research into specific products and services that will directly strengthen its cybersecurity. To achieve this will require more EU funding: to develop strong cybersecurity capacities that will protect the Digital Single Market and defend our security more broadly,” said Ansip. According to Ansip, with the new data economy proposal, there are now 14 Commission legislative initiatives on the table which the European Parliament and the Council need to adopt to further build the Digital Single Market. ...
By Gene J. Koprowski Apr 12, 2018
Block.News
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Arizona Set to Pass Law to Protect the Rights of Blockchain Operators

A recently proposed law in Arizona for protecting operators of network nodes of blockchain is moving closer to passage, according to public records. HB 2602 (House Bill 2602) which has been sponsored by Jeff Weninger, member of Arizona House of Representatives, received recommendations of “do pass” from the Committee of the Whole and the Committee of State Senate Rules last week, setting up the measure for voting on it by the Senate. Arizona is the same state that passed HB 1070 which allowed law enforcement to ask suspected illegals if they were illegal or not. This has a fantastic effect. Crime is down in Phoenix. Now people can drive into a Home Depot parking lot and not be harassed anymore while walking into the store or back to their car. Quality of life has improved! According to information received from LegiScan, which tracks the development of legislature in the US, both caucuses of the Senate have given their approval. While it is not clear when the vote will happen, the bill passed House of Representatives of the state in February just days after endorsements of the same kind were made. The measure passed the House previously with a vote of 55 to 4, while one representative abstained from voting, on 20th February. Protection against Regulation for Users of Blockchain Nodes   The bill will protect users (who run blockchain nodes) from facing any kind of local regulation. It states that any town or city may not restrict or prohibit an individual from operating a blockchain node from their residence. The bill prohibits county-level regulations as well. It is currently not clear whether the measure is restricted to miners of cryptocurrency, or once signed into law, it will protect the energy-intensive process as well. The text of the law, however, suggests that it will. The bill states that running nodes on the technology of blockchain means giving computing power to encrypt or validate transactions in blockchains. Developing Arizona as a Blockchain Hub   HB 2603, another bill which was sponsored by Weninger, recently passed the Committee of Senate Transportation and Technology unanimously. If this bill is passed and then signed into law, it will change Arizona’s regulations so that the stored data on a blockchain will become legally recognized. Weninger has said that the objective behind the bill is to minimize regulation that could create obstacles for the development of the technology of blockchain in Arizona, and thus prevent Arizona from becoming a blockchain hub. Weninger said that government bureaucrats and politicians who don’t know much about blockchain technology should not put arbitrary regulations on it. He explained that his interest in the bill is to specifically prevent the interference of the government in the mining of cyptocurrrency in residences. The bill clearly states that a town, county or a city may not restrict or prohibit any individual running a node in their residence on blockchain technology. Multiple Bills Introduced in Arizona to Promote Blockchain   Weninger said that the wordings used in the bill are typically used when you want to stop the localities from placing regulations on industries. Weninger’s focus is particularly on such industries that have a strong future and which should come to Arizona. Arizona is soaking up lots of jobs and businesses from California which is anti-business. When asked why HB 2602 covers residences but not commercial sites, his response was that he didn’t have enough time to figure out the implications that it would have caused and provide solutions to address them in the bill. However, he said that since there are many data centers in the state, and in case they have more capacity, crypto mining farms and operations of digital currency mining could be collocated there. He remarked that after he came to the conclusion that the law of Arizona allows the collocation of those two kinds of commercial ventures, he had himself encouraged an operator of such a facility to begin mining cryptocurrency. Weninger has introduced two more bills related to the technology of blockchain: HB 2601, which authorizes conducting of ICOs; and HB 2603, which will allow the corporate registration of different entities using blockchain technology by Arizona Corporation Commission.  Over the last one year, the state of Arizona has seen the introduction of many other bills relating to cryptocurrency and blockchain technology. It is too bad the NBA made the wrong call when Horry smashed Nash out of bounds in 2007 by suspending Stoudemire for taking one step onto the court but at least Arizona is doing the right thing by being business friendly. This is why Arizona is doing very well compared to other states on the northeast coast and the west coast but this is another topic. ...
By Benjamin Roussey Mar 20, 2018
Block.News

The World watches how South Korea plays out

Recent news out of South Korea about the status of their cryptocurrency exchanges has sent shockwaves across the virtual currency world. Police raided leading digital currency exchanges Bithumb and Coinone last week due to an investigation into purported tax evasion. Local media in the county recently reported about an alleged bill that would see exchanges in the country be completely shut down, which was seen as a big change from a December announcement about how the government was merely looking to improve security within exchanges. The announcement came at a time where many in the South Korean government were taking a hard and skeptical stance against virtual currency. Policymakers in recent weeks expressed worry that the cryptocurrency crazy sweeping across the country was introducing citizens to crime and the frenzy of speculation. The Bank of Korea’s Governor Lee Ju-yeol made headlines by mentioning how virtual currency was not legal and also was not being used properly. News of the legislation drew a swift backlash across South Korean society and within the government. As it spread across the cryptocurrency world, many markets for some of the leading coins plunged into turmoil while thousands of citizens started to sign petitions asking the South Korean president to halt progress of the legislation. Opposition parties in the government characterized the entire bill as an unfair and illegal crackdown since it was being ushered through the government without any sort of discussion. They said any legislation of this magnitude should be introduced in a way that gives all sides plenty of time to discuss and debate about it. Debate about the fate of cryptocurrency has lead to deep divisions among politicians in the country. The Presidential office quelled some fears after releasing a follow-up statement about how the move was still not “finalized,” and a lawmaker in the country said that a final decision could come this week about the government’s thoughts on cryptocurrency exchanges. However, the chairman of the South Korean Fair Trade Commission (KFTC) said on Wednesday that they actually do not have any authority to close digital currency exchanges, even though they are currently investigating 13 of them across the nation. Chairman Kim Sang-Joo said in an interview how the e-commerce law these exchanges allegedly violated does not give regulators the proper authority to close them. He also said the other laws in place are not clear enough to where they could be applied to close exchanges, seemingly putting to rest questions about if another agency could use their power to close an exchange. Kim also countered a previous claim by the nation’s Justice Minister that investment in digital currency was a form of gambling. Despite his statements in the interview, Kim maintained that the ongoing investigation into the exchanges has led to a number of illegal activities being uncovered. He pledged that reforms would be rolled out in the first half of the year, and asserted that regulators would ask lawmakers to write and pass specific amendments in the latter half of the year if they still felt like illicit activity was still taking place. Right now, South Korea’s Financial Services Commission is just thinking about what they can do in the current framework of the law, and is considering ways to either shut down all digital currency exchanges, or just close ones that have blatantly committed crimes. Amid all the discussion about cryptocurrency exchanges in the country, authorities are also taking a long look at the general merits and drawbacks of virtual currency on the economy. Governor Lee of the Bank of Korea said yesterday how the nation’s Central Bank had joined research at the Bank of International Settlements into the long-term effects of cryptocurrencies. He said the Central Bank decided to participate in the research since there is a potential that central banks could one day start rolling out virtual ...
By Kevin O'Brien Jan 31, 2018
Block.News

Donald Trump Has Signed a Defense Bill Authorizing a Blockchain Study

Blockchain technology as a whole has been blowing up in recent months as it has the potential to change and innovate many different industries. Even the government itself is recognizing the potential, as President Donald Trump has recently signed a $700 billion military spending bill. This bill includes an order to perform a blockchain cyber security research study. The bill passed through senate in late September and calls for the Department of Defense (and other agencies and organizations as well) to look into the “potential offensive and defensive cyber applications of blockchain technology and other distributed database technologies and an assessment of efforts by foreign powers, extremist organizations, and criminal networks to utilize these technologies." Simply, the study will look at the various applications and capabilities of the blockchain technology when it comes to the military (both offensively and defensively). The study will also aim to see how others around the world (both good and bad) are using these technologies and how far along they are with them. The study also wants to look at how secure the technology is, and how susceptible it is to cyber-attacks, as the government doesn’t want to have to worry about security issues when dealing with the new technology. Of course, the study will also take a peek at what else the federal government could potentially use the technology for in the future. The study itself is a part of the larger MGT (Modernizing Government Technology) Act, which looks to mainly focus on the government’s cyber security and IT systems, and how they can be improved over time to ensure the government is keeping up with what’s the best and most secure technology to use. According to the text of the study, the results of the study are set to be delivered by Congress sometime within the next 6 months or so. That is a good sign as it means we don’t have to wait too long at all to find out the results of this study and see how the government may plan to use blockchain technology going forward. While it is clearly focused on the military applications and is still a small element of a much larger law for now, it is still quite exciting for blockchain technology as it could be the catalyst that could help lead to even bigger uses and applications for blockchain technology in the U.S. government and beyond, as nearly everyone could benefit from blockchain technology in one way or another. With cryptocurrencies such as Bitcoin, Ethereum and Litecoin skyrocketing in value over the past few weeks, there are more eyes on blockchain technology and its features and benefits than ever before. You would be hard pressed to find a news organization that isn’t talking about cryptocurrency and opening up the technology to millions of new potential users. This is exactly the kind of thing that could help this technology blow up. It has uses in many different areas including finance, government, IT, security, marketing and so much more. The more people know about it, the more demand there is and therefore, the more blockchain technology will continue to explode in terms of growth. In conclusion, while this blockchain study being authorized by the U.S. government is a great thing and is a big step forward, we hope it is only but the start of a blockchain revolution, whereas people can finally see how so many out-dated transactions, technologies and industries can be brought into the 21st century with the help of blockchain technology. ...
By Kale Havervold Jan 25, 2018
Block.News
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Blockchain as ‘Mainstream’ Tech That Can Secure Government Infrastructure

A new report by the Joint Economic Committee of the U.S. Congress last week indicated that federal legislators see the emerging blockchain technology as a “potential tool for securing America’s digital infrastructure” and making the government “more efficient,” especially in health programs like Medicare and Medicaid.              “Blockchain is going mainstream,” the report said. “Blockchain technology could compete with existing mechanisms, goods, and services. Its initial application as a payment medium prompted questions about whether it might replace national currencies and challenge the U.S. dollar,” explained the committee report. “Cryptocurrencies and ICOs create headlines, and the pace of financial innovation in the blockchain space amazes skeptics. Yet, with all the headlines focusing on the financial applications, people may miss the digital revolution now happening with other blockchain applications.” The report notes that blockchain technology offers a “decentralized, secure, and efficient way” to store almost any form of data across multiple platforms for federal government agencies.  MIT Collaboration “On the regulatory side, Representative David Schweikert currently coordinates with institutions like the Massachusetts Institute of Technology and the National Institutes of Standards and Technology (NIST) to develop encryption standards that would protect Americans’ private medical data,” the report’s authors noted. “The United States Department of Health and Human Services (HHS) recently announced the Use of Blockchain in Health IT and Health Related Research Ideation Challenge. The initiative requested 213 white papers examining how blockchain technology could change health information technology. Researchers submitted 77 papers and 15 won awards from their work.” As a result of this success with medical data, the panel is recommending that the federal government, at agencies from the IRS to the HHS, deploy blockchain technology as a way to improve the “efficiency” of their daily operations. The study, furthermore, notes that new technology presents “evolving challenges” and also generates new solutions. “Blockchain technology essentially stores and transmits data securely, in large volume, and at high speeds. So far, the technology has proved largely resistant to hacking, and given this feature, developers first applied it to digital currencies,” the report concluded. “Yet blockchain has many more potential applications, such as portable medical records and securing the critical financial and energy infrastructure.”              The economic researchers recommended the following to Congress:              * Policymakers and the public should become intimately familiar with digital currencies and other uses of blockchain, whose applications are becoming more widespread daily.              *  Regulators should coordinate with each other to ensure coherent policy frameworks, definitions, and jurisdiction.              * Policymakers, regulators, and entrepreneurs should collaborate to ensure developers can deploy these new blockchain technologies quickly and in a way that protects Americans from fraud, theft, and abuse, while ensuring compliance with relevant rules.  Congressional Blockchain Caucus Republican Rep. Schweikert, of Arizona, and colleagues, recently launched the Congressional Blockchain Caucus, a bi-partisan group of legislators whose goal is for the government to help foster the growth of blockchain, but take a hands-off approach as it largely did during the emergence of the Internet during the 1990s. The Congressmen are in this legislative session pushing a bill that would create a structure for taxing purchases made with cryptocurrencies based on blockchain technology, like Bitcoin and Ethereum. As with foreign currency transactions, the new rules allow consumers to make small purchases with cryptocurrency up to $600 without onerous reporting requirements. “Cryptocurrencies can be used for anything from buying a cup of coffee to paying for a car, to crowdfunding a new startup, and more and more consumers are choosing to use this type of payment.  To keep up with modern technology, we need to remove outdated restrictions on cryptocurrencies, like Bitcoin, and other methods of digital payment,” said  Rep. Jared Polis (D-Colo.).  “By cutting red tape and eliminating onerous reporting requirements, it will allow cryptocurrencies to further benefit consumers and help create good jobs.”  Indeed, another report from the consultancy Deloitte indicates the blockchain has the power to “transform the public sector,” mostly behind the scenes. Government agencies in more than a dozen countries—including the U.S., Canada, the United Kingdom, Brazil, and China—are running pilots to examine the architecture as a basis for government services and developing new blockchain-based applications for government use, or monitoring, according to the Deloitte report. An opinion piece in The Wall Street Journal last week by a retired American diplomat, Mounir Ibrahim, embraced this line of thinking, and said blockchain could even be used to authenticate images of human rights violations in Syria, and other rogue states, and as a way to hasten international efforts to “monitor elections, fight fraud, audit supply chains and enforce anti-corruption measures.”  --Gene J. Koprowski is an Emmy Award-nominated technology journalist who has covered IT and public policy issues for more than 30 years. ...
By Gene J. Koprowski Mar 20, 2018
Block.News
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Ethereum Goes Live UK

A startup in the United Kingdom recently made headlines after announcing futures contracts for Ethereum. Crypto Facilities says the move is the first time Ether futures will be traded on a platform that is regulated. They tout themselves as a world leading digital currency trading platform for professionals, “offering individuals and institutions regulated, transparent, and secure trading 24/7/365.” The company said the futures will give investors the chance to expand their investment opportunities and “manage risk more effectively” by taking long or short positions on the digital currency that fuels the Ethereum blockchain. Crypto Facilities is reportedly collaborating with Akuna Capital and B2C2 to assist with backing the futures contracts, which are characterized by Akuna digital asset chief Toby Allen as a “another giant leap in the development of the crypto asset class.” The founder of B2C2 expressed a similar sentiment, saying how the contracts are a “natural next step” for Ethereum. Futures contracts for virtual currencies have been somewhat of a controversial topic, but have become a popular concept as people express concerns with digital currency exchanges and hardware wallets. Bitcoin futures contracts, like ones offered from CME Group and CBOE starting last year, give investors a chance to speculate on the price of the seminal cryptocurrency without actually having to buy it. Some believe people will be more apt to invest in this manner rather than going through the process of verifying identification on an exchange and managing an online (or hardware wallet). Cryptocurrency enthusiasts and outside institutional investors have expressed worries about the security of digital coin exchanges from hackers and thieves, and some are still a bit hesitant to trust hardware wallets. Trading volume for the two Bitcoin futures has steadily risen over the past few months, leading to speculation the future of cryptocurrency could involve a lot more futures contracts. However, others cast blame on CME Group for launching their Bitcoin futures late last year, saying how it was one of the main drivers for massive price dips around the same time. Many believed the launch of the two futures would rope in more institutional investors, inspire confidence, and keep sending the price of Bitcoin higher and higher.   Crypto Facilities is no stranger to the digital currency world, having already offered access to futures for Bitcoin and XRP. Company CMO Timo Schlaefer said the move towards Ethereum was due to its liquidity and its prominence in the cryptocurrency world as a blockchain for smart contracts. Ethereum is currently the second biggest digital currency according to market capitalization data. Schlaefer hopes the Ethereum futures will bring in more investors and foster marketplace liquidity. There’s still a solid amount of uncertainty about how the new Ethereum futures will affect the coin’s value. Current predictions say the digital currency will reach a price point of $2,500 by the end of year. But the cryptocurrency has seen recent price fluctuations amid a raid of the Upbit exchange by South Korean authorities. Others worry about the potential a Mt. Gox trustee could dump more Bitcoin into the market and affect prices. How the introduction of Ethereum futures will factor in is yet to be determined. CME Group also made news after launching two new indexes for tracking Ethereum on Monday, but the company says they do not have any current plans to launch futures. The indexes are (again) calculated by Crypto Facilities based on transaction data from top digital currency exchanges Kraken and Bitstamp. Tim McCourt of CME said the focus right now was on the index itself. The format and structure of the indexes are very similar to the company’s Bitcoin futures.   According to Brian Quintenz of the Commodity Futures Trading Commission, some exchanges have also signalled an interest in listing Ethereum derivatives. But he said at the Consensus cryptocurrency on Monday how this decision is one that needs to be made carefully. ...
By Kevin O'Brien May 22, 2018
Block.News

Crypto-Currency Hedge Fund Gains 83.86% in April

A well-known crypto-currency hedge fund index which tracks seven funds gained 83.86% for April, its first positive month of the year, according to Eurekahedge, the Singapore-based research and data firm.   The April performance was the best monthly return for the fund since November 2013, based on the surge in altcoin prices. Ether, the second largest cryptocurrency by market cap, rose 69.4% in April and Bitcoin Cash added 101%.   The index is an equally weighted index of seven constituent funds.   The Eurekahedge Crypto-Currency Fund Index tracks the performance of these actively managed ‘Alternative-Coin’ funds that carry exposure to Bitcoin, Ethereum, and other crypto-currencies.   One of the leading firms in the index fund, Pantera Capital had a marvelous month. The $1 billion crypto-hedge fund has approximately 10% of its investment portfolio in Bitcoin.   The hedge fund’s Digital Asset Fund, which was launched in November and includes a number of different virtual currencies, surged 46% last month, compared with a 31% gain registered by the biggest digital coin itself.   A “dynamic trading” environment is responsible for the strong performance, a top executive said in a letter to investors yesterday.   “As we improve our order execution, our slippage and market impact will decrease and so will our time to put new positions on, which should substantially improve performance even further,” the fund founded by Dan Morehead said in the letter.   The Menlo Park, California-based firm’s Digital Asset Fund previously posted three straight months of losses as Bitcoin and other digital currencies pulled back astronomical gains from late last year.   The Federal Reserve Bank of San Francisco blames crypto-currency futures for the market troubles late last year.   Bitcoin Futures to Blame   The introduction of Bitcoin futures gave investors an accessible, and liquid, route to bet against the price of the number one crypt-currency. But they “played a significant role” in the crypto-currency price decline in late 2017 into early 2018, the Federal Reserve’s San Francisco regional bank said in a letter.   In the May 7 letter from the Fed, economists there conclude that the introduction of a financial instrument that enables speculators to bet against something can lead to the decline in the price of the underlying asset. Economists compared Bitcoin futures with the securitization of bonds in the early 2000s.   “The subsequent bust was driven by the creation of instruments that allowed pessimistic investors to bet against the housing market years ago,” wrote the Federal Reserve Bank of San Francisco economists. “Similarly, the advent of blockchain introduced a new financial instrument, Bitcoin, which optimistic investors bid up, until the launch of Bitcoin futures allowed pessimists to enter the market, which contributed to the reversal of the Bitcoin price dynamics,” the Fed’s economists said in the note.   For example, on Dec. 17, the CME Group Inc. became the second exchange behind the Cboe Global Markets Inc. to list Bitcoin BTCUSD, +0.05% futures, which coincided with the all-time high in the price of Bitcoin.   Trading Strategies Differ   The constituents for the crypto-currency hedge fund index engage a variety of trading strategies to profit off the price movements in the underlying crypto-currencies, including but not limited to arbitrage, event driven (regulatory driven), momentum as well as shorting on a limited scale given the liquidity constraints.   As with other alternative strategies, the overall objective is to capture some of the upside while minimizing losses on the downside to maximize returns to the crypto-currency strategy from actively timing the market.   Since bottoming out at under $6,000 on Feb. 6, the price of Bitcoin has risen more than 60%, trading at just over $9,300 yesterday, according to the Kraken exchange. The introduction of Bitcoin futures ended the “one-sided, speculative demand,” according to the Fed report by economists Galina Hale, Arvind Krishnamurthy, and Marianna Kudlayak. ...
By Gene J. Koprowski May 14, 2018
Block.News

Digital Currencies do Not Threaten Economies

Contrary to the general prevailing apprehensions regarding cryptocurrency, the International Monetary Fund (IMF) appears to be positive in its perspective. The IMF (and this has nothing to do the fictional Impossible Missions Force in those outstanding Mission Impossible movies; though the second one was not that good) does not believe that cryptocurrency is out to destabilize the global economy in any way (at least not in the foreseeable future). There is an annual report published every year by IMF which provides a detailed outlook on global economy. This year’s report called ‘A Bumpy Ride Ahead’ has a whole chapter dedicated to cryptocurrency, its impact and global standing. Marginal Market Impact The market value held by cryptocurrency together is quite insignificant when compared to regular currency stock. Even after the spectacular rise in the market price of crypto-assets over the past year, their aggregate value turned out to be just about three percent of the total assets held by four largest banks. When cryptocurrency was at its absolute peak, the figure was still only about six percent.   The IMF report also stated that even though there are over 180 cryptocurrency networks in the market on a global level, more than 80% of trading is handled by the top 14. Bitcoin, Ethereum, and Ripple networks have the highest cryptocurrency trading share. In a rather surprising statement, IMF concluded that the FANG stocks [Facebook, Amazon, Netflix (House of Cards is incredible – we know the Underwoods are the Clintons too), Google] have increased the wealth of investors more in comparison to cryptocurrency. In other words, a person who invested in FANG stocks would have enjoyed better returns than a person who invested in crypto over a period of time. IMF has assured that cryptocurrency does not pose an immediate threat to economies of the world; however, as with anything related with public finance, it says that the sector should be regulated. The IMF report mentioned the willingness of IMF to advise and provide ideas with regard to the regulation of crypto-assets. Positive Future of Blockchain Blockchain or Distributed Ledger Technology (DLT) is the technology used in all major crypto-assets. The future of blockchain technology is bright and vast, according to the IMF. As per the report, the uses and applications of Blockchain are myriad and can help create a more efficient economic infrastructure. They help drain the swamp in other words. IMF Chief Stresses the Benefits of Cryptocurrencies Christine Lagarde, Managing Director of IMF, highlighted the advantages of cryptocurrency in one of her commentaries she recently posted on the official website of IMF. According to Lagarde, crypto-assets are fast shaping the public thinking about currency and finance management. She stated that the global methods of saving money, paying bills, and making investments will be considerably influenced by cryptocurrency in the near future; which is again a solid reason for an increased regulatory framework (despite America’s economy growing well because regulations are being cut but this is another topic). She noted that most crypto-assets will perish in the course of creative destruction, while only the top performers will dominate the future of cryptocurrency. Here are some other key benefits of digital currencies that the IMF chief postulated: Fast and Cost-Efficient Financial Transactions Lagarde stated that the benefits of cryptocurrencies range from providing a more flexible currency exchange platform to enabling faster and more cost intensive financial transactions. Overseas money transfers which would take up to days can be completed in a fraction of that time. She also remarked that public banks might soon have to come up with digital currencies of their own, if they continue to believe that private crypto assets are risky. Better Balance in Financial World with Cryptocurrencies The IMF chief felt that with an increase in decentralized applications due to an advent of cryptocurrency, the financial infrastructure will undergo major diversifications. However, there will be better stability and balance between centralized and decentralized service providers making the market more flexible and adaptive towards any changes. No Immediate Threat to Financial Stability Cryptocurrency poses no threat to the global financial stability as per Christine Lagarde. However, she stated that banks and other financial institutions might face challenges and have their work cut out for them if crypto-assets became a preference over government issued currency in the future. In such a scenario, central banks and regulators will have to come up with more effective ways to manage global finance and put sufficient safeguards in place for the stable functioning of economies.   ...
By Benjamin Roussey May 14, 2018
Block.News

The Future of Cryptocurrency

Cryptocurrencies have proliferated on a massive scale. Backed by the innovative blockchain technology, they have emerged as an arguably more efficient alternative to fiat currencies. There is virtually nothing that could stop the crypto juggernaut from expanding its influence (ISIS used to think the same way but with a strong America, ISIS is not growing like it used too), except the regulatory hurdles that many governments around the world want to impose on it. However, if there is one resource that will determine the future path of crypto-assets, it is the availability of engineering and design talent. This ‘talent hunt’ for blockchain developers is intensifying around the world. Being a fast developing market, cryptocurrency faces various challenges from ever changing technology and increasing regulations. Developers with advanced programming skills and experience can successfully lead the scaling of digital currencies towards a bigger and more impactful future. Talent Migration will occur in the Face of Resistance There are many countries that might lose their talent base because they are banning or resisting cryptocurrency. The best talent will migrate to nations which have a more conducive environment to allow for the growth of blockchain technology and digital currencies. Economic opportunities, minimal regulatory hurdles, and tax incentives will allow nations to attract technological talent for the development of cryptocurrencies. The advantages of having dynamic and ambitious talent moving to a nation are quite obvious. The human resource is the biggest capital of any country. For technology driven people a place with autonomy and freedom of expression proves to be more attractive. Rapid Pace of Innovation Requires Matching Talent The growing acceptance of cryptocurrencies as a means of financial exchange has created a need for more talent. There are ‘point of sale’ options for Bitcoin in almost every big store in South-East Asia. It is almost as common as finding a Starbucks in Seattle. Even Richard Branson, the founder of Virgin Group, is accepting Bitcoin payments for reserving seats on its space voyage, ‘Virgin Galactic’. But if you are worried about watching Thor III, Guardians of the Galaxy II, The Hateful Eight, Carrie, and other disappointing movies on this flight, no worries, there is probably many other choices! When businesses become part of major change, they require the best talent. Some large organizations are already seeking dynamic talent to be part of this global change and disruption. A job posting by Morgan Stanley recently stated that knowledge of cryptocurrency will be an advantage. Irrespective of the fluctuations in the bitcoin market, there are many major players like Amazon and Facebook that have started thinking and planning for cryptocurrency and blockchain technology leverage and are looking to hire professionals with expertise in this area. Shortage of Top Talent Currently, there is a serious dearth of talent in the virtual currency sector. There are very few senior developers and executives who thoroughly understand the workings of crypto tech. Although there are some top software consultants who understand the workings of blockchain and cryptocurrency, but they are not experts in implementation and execution or large software development projects. This has led to a gap between individuals who understand crypto tech and the executives who can unleash its potential by implementing that vision. Individuals who understand cryptocurrency can think, plan, and integrate it across the various industry verticals, but they need to be matched with equally competent blockchain programmers. A conference called ‘Scaling the Edge’, was held in November 2017 wherein, academics from Standard University and other influential persons from the blockchain industry came together to discuss this key issue of scalability of cryptocurrencies. The participants at the conference were unanimous in their view that the shortage of developers and programmers is the chief cause for the cryptocurrency virtual infrastructure not growing at its potential pace. Fostering New Talent In recent times, many of the leading educational institutions such as NYU, Cornell, Duke, Carnegie Mellon, Princeton, and MIT have started offering undergraduate courses in cryptocurrency and blockchain development. They are among the first universities to have ventured in this area, and many more are likely to follow. Furthermore, several private equity investors and venture capitalists are also addressing the issue of a gap between technological and commercial aspects of cryptocurrency by directing investments to support top talent. However, the future of cryptocurrencies shall continue to face challenges unless the government agencies and large public and private sector corporations start recognizing the legitimacy of virtual currencies and direct their resources to encourage good talent to participate in their development. ...
By Benjamin Roussey May 14, 2018
Block.News
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Blockchain Prevening Theft, Counterfeiting of Drugs in Pharma

A pair of new pilot projects in the pharmaceutical industry are demonstrating that blockchain technology is an effective prophylactic  against counterfeiting and theft of prescription drugs during transportation through the global supply chain, according to new research released this week.              This is a vital public health concern, as, according to Interpol, about one million people die yearly, as a result of counterfeit prescription drugs, now an estimated 30% of all pharmaceutical products sold overseas.            One thriving pilot is led by DHL and Accenture, which is monitoring pharmaceutical products from manufacture to prescription, and clamping down on counterfeit medicines entering the supply chain. Another pilot, MediLedger, uses distributed ledger technology to create an “interoperable system” to enable management of ownership records and transfers of Rx drugs in the U.S. Genentech and Pfizer are collaborating, as is WalMart.              Driven by required compliance with regulations stemming from the Drug Supply Chain Security Act (DCSA), which was passed in 2013 by the U.S. Congress.              “Every link in that chain must be secure: From the moment finished drug products leave manufacturing facilities to final delivery to pharmacies or providers’ offices where medicines are ultimately dispensed to patients,” said Dr. Scott Gottlieb, commissioner of the U.S. Food and Drug Administration (FDA), the regulatory agency charged with pharmaceutical safety, in recent remarks at the public meeting in White Oak, Md. “While the U.S. drug supply chain is among the safest in the world, complacency isn’t an option. Continued improvements in supply chain security are vital because we face increasingly sophisticated criminal organizations who intend to profit from the introduction of fake, adulterated, or diverted drugs into the U.S. system.” Counterfeits Booming             Doctor Gottlieb said that counterfeit pharmaceuticals are “increasing rapidly” globally, and that technological advances in the supply chain are the primary means to stop the criminal activity.             The MediLedger project utilizes blockchain technology to track and trace prescription medicines, an end-of-year, 2017 report, released this week, indicates. The project also aims to demonstrate industry and government’s ability to prevent counterfeit medicines from entering the supply chain.  Compliance with the DCSA has a number of “staggered effective dates,” according to the MediLedger report, and over the past several months, the MediLedger Project has developed a blockchain-based system for tracking legal change of ownership of prescription medicines.  “The project's blockchain-based system appears to fully meet the requirements set forth by DSCSA and is capable of acting as the interoperable system for the pharmaceutical supply chain prescribed in the Act,” the report said. “ In addition, MediLedger has proven that it can meet the data privacy requirements of the pharmaceutical industry itself.  In particular, it can guarantee that all supply chain handshake transactions posted to the blockchain are fully obfuscated, ensuring that no business intelligence is leaked.  This will allow nodes in the blockchain system to be hosted by numerous unique parties while both safeguarding sensitive transactions and ensuring the immutability of each supply chain handshake transaction.” Trade Identifiers             What is more, MediLedger blockchain technology is being used to identify the origin of serialized global trade identifiers (SGTINs) and to trace the provenance of drugs back to “their original manufacturers.  Since each transaction forward in the supply chain can reconfirm the integrity of a specific product, the movement of products without an authentic pedigree can be prevented.  This functionality has the potential to expedite investigations and recalls, making illicit drug movement detectable and greatly strengthening safety capabilities in the industry,” the report indicated.             The project being led by DHL and Accenture, in the meantime, has completed its proof of concept phase. The partners utilized blockchain technology to track pharmaceuticals from their manufacture to their prescription to patients. The company’s CIO, Keith Turner, said in a statement that the “irrefutability” of blockchain technologies is preventing tampering with products during supply-chain transportation and delivery, and may actually wind up saving lives of prospective patients.           For the DHL and Accenture project, partnerships with formed with manufacturers, warehouses, distributors, pharmacies, hospitals and physicians. Simulations performed by DHL and Accenture found that blockchain could handle more than “seven billion unique serial numbers and 1,500 transactions per second.” Further technological development is required, as well as collaboration between all partners in the supply chain of big pharma, experts said. Chain of custody is a forthcoming area of study, and improving the speed of processes is as well. ...
By Gene J. Koprowski Mar 20, 2018
Block.News

Do You Know ICO’s Have Started Changing Tech Startups?

In the recent past, it was a reliable revenue model to scrap a flat fee off of a user’s transaction. But now a new wave of startups is setting their sight on something different with the advent of cryptocurrencies. Brands like Kik and Telegram which are considered as mainstream brands have started embracing an alternate model. Cryptocurrencies might be used by such companies in a more equitable way to distribute revenue. Just like bitcoin and either this digital asset might give users an actual tradable stake in a platform’s growth. A certain amount of crypto tokens issued by the companies could be presently used on a platform or they can be preserved for future. In order to interact with that platform, users may purchase tokens if they witness value in the platform. However, the value of crypto token goes up and down because of supply and demand since its amount is limited. According to the announcements, it is pretty much clear that to get involved you do not have to be a new company. With proceeds from the coin offerings, payroll is covered in the early years and sales revenue is being replaced with asset appreciation effectively. YouNow CEO Adi Sideman talked to Coindesk stating that the company’s revenue strategy has changed because in December $24 million worth of its etherium based tokens were sold. According to Mason Borda, this trend will continue. He is CEO and co-founder of a token sale company named Token Soft Inc. "The more ethnically pure way to look at this is the company will be rewarded because their metrics will go up because they will have been able to drive user engagement," he stated. About the Switch All the companies might not be benefited. In fact, few of these companies may not be able to execute on the switch to a revenue model which relies on crypto. In making the transition YouNow has a head-start. Since years this company possesses a traditional virtual currency called “bars”. YouNow believes that an equivalent of $24 million is spent by the users every year on the bars and they use it for buying virtual gifts including digital stickers and super-likes. Hence they are able to shower videos and content creators with whom they enjoy. Money spent by the users is shared by YouNow on the purchase of digital gifts on a broadcasters channel with the creator. Till 23rd of February, the company plans to release a new App called Rize. Similar to Bars it would be a virtual currency and it would be termed as coins and it might work in tandem with the cryptocurrency props. Would This Be a Slow Transition? Users will earn the cryptocurrency props for engaging content and they will buy coins to purchase digital gifts on the platform. The number of digital gifts sent will increase with such an engagement which might garner revenue for the company. It is possible as the company keeps 30 percent of 1 million tokens issued not just from the bar sales but also from the new users interested in trading props. In an effort to see the rising value of prop YouNow is focusing on building new products and services into the platform. Earlier the company maximized its gains through person to person payments. Future Perspective Many people are still skeptical but YouNow recently called ICO’s a new lifeline for failing or stalling startups. Many other people also echoed such statements. "I’m very bullish on the crypto space in general," founder and managing partner of crypto hedge Aranna Sympson said, "but to think all of these networks are going to have billions of dollars in value accrue on top of them is a little bit naive." Simpson believes that majority of those who issue ICO are taking advantage of an un-skeptical market which may buy any pitch. Although Kik seems to be interested in earning and spending crypto tokens on its platform because the company recently published a new beta test report on its crypto token along with the app’s most engaged users. ...
By Block.News Mar 14, 2018
Block.News

How Wastes in the Logistics Industries will be eliminated by the Introduction of Blockchain Technology

One of the key things that is brought about through the use of blockchain technology is the elimination of intermediaries in the various industries. Disruption in the blockchain technology has brought lots of efficiency in most of the industries such as the logistics industry, real estate industry and the health sector. International trade has been continuing to expand hence leading to a robust and efficient system or method that can be used to deliver services. Despite all these, certain limitations are there that make it necessary to implement blockchain technology. It is expedient to have a process where you can be able to keep track of all your goods and services. Blockchain helps in eliminating human interference We all know that human elements will always remain as the main destruction to any kind of logistics systems. The processes that are involved in the logistics system include data entry or auditing and these are prone to errors or delay since all of them involve the human element. It is also good to note that there companies such as VISA Europe that are looking at ways of integrating Bitcoin and blockchain technology into their systems for better efficiency during the transfer of funds. To improve efficiency in the logistics industry, there has also been to develop a robust accounting system that uses blockchain technology that will create instant auditing that is devoid of human errors. Blockchain technology is will save the logistics industry in the United States a lot of money probably close to $400 billion USD yearly that goes to expenses. Security levels will be improved With the rapid growth of technology in the world, there has also been an improvement in the internet in terms of security. Blockchain technology has one of the best systems since its security systems are on a higher level hence making it possible to reduce intermediaries. It is also good to note that such security systems also help in curbing corruption cases that are rampant in the logistics industry. The logistics industry is one of the largest industries in the world since it has the largest percentage of those who are employed. This has led to creation of innovations that will much and meet that kind of population. Eliminating wastes One of the main or biggest challenges in the supply chain is to have a system that is really redundant. To have such a system leads to huge frictions in the supply chain. Most government agencies or organizations spend a lot of time in the verification of items that they are not supposed to and this leads to a lot of cost that is incurred by the customer hence wastage. Blockchain technology is a blessing to those who want change in the logistics industry and hence it helps in eliminating wastages that are inherent. ...
By Block.News Feb 05, 2018
Block.News
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