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Israel Eases Regulation For ICOs and Distinguishes Tokens From Securities

With respect to initial coin offerings or ICOs, the ISA (Israel Securities Authority) is leaning towards more relaxed guidelines that include an apparent distinction between a “utility token” and a security. While a majority of cryptocurrencies are the same as…
By Benjamin Roussey Mar 21, 2018
Block.News

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…
By Benjamin Roussey Mar 20, 2018
Block.News

Joint Economic Committee Sees 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…
By Gene J. Koprowski Mar 20, 2018
Block.News

Blockchain Prevening Theft, Counterfeiting of Drugs in Pharma: Reports Say

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.…
By Gene J. Koprowski Mar 20, 2018
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Chile is going to use Ethereum’s Blockchain to track energy data

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
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EU Governments Should ‘Invest’ in Blockchain Technology, European Commission VP Says

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

Blockchain Technology Used to Close Real Estate Deal in VT, And CO, AZ Are Next

Online real estate marketplace Propy Inc. and the city government of South Burlington, Vermont, this week conveyed the first parcel of U.S. real estate using blockchain technology, and the upstart Palo Alto, Calif.-based firm predicts property deed recorders in Colorado and Arizona are poised to conduct the next blockchain-powered real estate deals. The South Burlington-Propy pilot project included input from the Burlington based legal team of Gravel & Shea — a practice of attorneys focused on the IP law aspects of commercial development using blockchain technology. Propy’s technology team includes blockchain engineers recruited from Fortune 5 companies who specialize in designing cryptographically protected security systems. A pilot project among the partners was announced just in January, and this week’s transaction is its first completed deal. "The City of South Burlington is always interested in taking advantage of technology that enhances its delivery of services to residents,” said Donna Kinville, City Clerk, South Burlington, Vt. Propy positions itself as a “global property store,” with a decentralized title registry. The company last summer completed an ICO. The online retailer will rely on the Propy Registry, built on ethereum blockchain to track global real estate ownership. The firm’s ICO last August raised $15 million. The firm was founded by Natalia Karayaneva.”We are very proud of what we’ve accomplished,” Karayaneva said in an TV interview in Russian. “This is only the beginning. With this transaction, we've broken first ground in putting the $217 trillion real estate market on the blockchain.”  According to papers filed by the company, the company also offers PRO, a utility token to enable the development of a “thriving, self-sustaining ecosystem around this database” for token holders. Prior Deal in Ukraine The Burlington, Vt. deal was Propy’s first American transaction, after hosting the debut purchase of real estate using blockchain last fall in the Ukraine, for a $60,000 apartment in Kiev. TechCrunch founder Michael Arrington purchased the Kiev condo remotely, and is said to be on the board of directors of Propy. "The announcement of a pilot project to utilize blockchain technology in real estate transactions is emblematic of Vermont's long history of innovating business, insurance, and financial technology,” said Vermont Agency of Commerce and Community Development Secretary Michael Schirling. “We are fortunate to have a cutting edge statutory framework that enables the use of blockchain technology, and we will continue to work with the legislature to ensure Vermont remains at the forefront of these innovations."  Currently, Propy has a total market cap of around $17.7 million according to CoinMarketCap. The company currently trading for a little more than $1.00, down around 5.3 percent over a 24-hour period. South Burlington, Vt. began testing Blockchain technologies for use in recording real estate documentation in January. Ukraine’s Agency for E-Governance also started a pilot project with Propy in August 2017, offering properties to foreign investors on Propy’s online marketplace. The technology offering by Propy promises to “revolutionize” the real estate purchasing and registration process globally by creating blockchain-based technologies. The firm’s blockchain-enabled platform comprises an online and mobile “global real estate property store and a transaction recorder” for the remote handling of fiat and other cryptocurrency payments, and a land records registry that is “free of jurisdiction.”             The company has offices in Palo Alto, Calif., Bulgaria, and the Ukraine. According to a statement by the company, executives of Propy, as well as government officials in Vermont, at both the state and the local level, and lawyers there, are going to “continue to study and develop public policy” for the support, and growth of a sustainable and diversified economy in that state around the blockchain technology sector. One expert said that this business model – and at least one other competitor is in the market against Propy – will likely challenge the title insurance market, which could disappear if it does not respond quickly to the technology challenge. --Gene Koprowski is an Emmy Award-nominated technology journalist for his interactive TV work for FoxNews. ...
By Gene J. Koprowski Mar 20, 2018
Block.News

Israel Imposes Capital Gains Property Tax On Cryptocurrencies

The government of Israel has now announced that it will tax Bitcoin and various other cryptocurrencies in the same manner as other properties and assets. The government has issued a notice confirming that Israel’s Central Tax Authority will treat cryptocurrencies as property and not as a currency, which makes digital currencies a taxable asset under the country’s prevailing taxation regime. The notice highlights that any profits that are produced by cryptocurrency related trade are subject to taxation under capital gains ranging between 20 and 25 percent. Furthermore, people engaged in mining or trading of digital currencies through businesses will be levied an additional 17 percent value-added tax or VAT. This taxation rule is in sync with the continuing trend of the Israeli government against cryptocurrencies, especially since the beginning of 2017 when the price of bitcoin started skyrocketing. Even as early as 2013, the government of Israel was looking at potential taxation options for cryptocurrencies. The announcement today was not unexpected based on a draft by the Tax Authority. Officials at the Tax Authority are still identifying taxation regimes and regulations that could significantly affect the cryptocurrency industry in totality. The new announcement by the Israeli government follows another recently issued circular detailing the possible approaches which the government could apply to tax ICOs. The potential ways include determining a minimum token sale limit which would trigger a tax structure for ICOs. Virtual Currencies as Assets The Tax Authority is treating Cryptocurrencies akin to assets for the purposes of taxation. The government highlights that the Bank of Israel which is the nation's central bank does not perceive Bitcoin and various other digital currencies as foreign currencies. Hence, Cryptocurrencies taxation will be based on the existing fixed taxation rates.     The Israeli Tax Authority has specifically stated that digital currencies like bitcoin would be viewed as assets under the Income Tax Ordinance. If these alt coins are sold in the market, the sale will be taxed similar to the sale of a property. On top of this, the income generated from selling Bitcoin and other digital currencies will be considered as “capital income.” Discouraging Bitcoin Adoption The Israeli government appears to be endorsing taxation policies that are aimed at discouraging the use and adoption of bitcoin and other virtual currencies among businesses and the common people in Israel. With significant taxation costs, businesses will be deterred from accepting bitcoin as payment for their products or services. With digital currencies such as bitcoin not being officially acknowledged as a currency (but as an asset), companies accepting payments in digital currencies will need to account for bitcoin sale as “barter” and not as payment for services or goods prior to completion of requisite formalities. This government announcement comes in the wake of repeated questions from the digital currency community in Israel regarding its intended taxation regime for cryptocurrencies. These taxation guidelines in Israel are clearly divergent from the positive and supportive tax structure for cryptocurrencies being adopted by many countries globally. For example, Japan is slated to lift the 8 percent consumption tax rate on the purchase of bitcoin across the nation. Similarly, the government of Australia is presently exploring whether bitcoin should be treated as money because the country wants to eliminate its goods and service tax or GST for digital currency transactions which has created "double taxation" on cryptocurrencies in the nation. Banning Bitcoin Companies on Israeli Stock Exchange Israel’s government plans to create regulations to stop companies dealing in bitcoin and other cryptocurrencies from being listed on the Tel Aviv Stock Exchange. The Chairman of the Israel Securities Authority (ISA), Shmuel Hauser, has stated recently that he will propose this ban to the ISA soon at the Calcalist business convention. If the ban is approved, the bylaws of the Tel Aviv Stock Exchange will need to be modified. Hauser has said that they would not allow businesses that are dealing in cryptocurrencies to list on the exchange, and such companies will be de-listed if they are already being traded on the exchange. ...
By Benjamin Roussey Mar 14, 2018
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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
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Joint Economic Committee Sees 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
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Ontario Securities Commission Seeks Information on Digital Currency Trading Platforms

The Ontario Securities Commission (OSC) has announced that it is collecting relevant information about cryptocurrency trading platforms operating in the region in order to determine the legitimacy of their trading activities. The OSC spokesperson, Kristen Rose, said that the commission had received numerous complaints about some of the platforms selling virtual currencies that might actually qualify as securities. It could be a violation of the securities laws of the province if any businesses (including crypto trading platforms) allow tokens or coins that are securities to be traded on them.  Trading Platforms are Not Exchanges The commission is aware of various crypto trading platforms that operate in Ontario, and is now looking into their trading activities. According to Rose, none of these platforms to date has been recognized as a trading exchange, or received exemption from such recognition. Therefore, any platform that provides for this type of crypto trading may be classified as a marketplace. If so, they would have to be in compliance with the rules that govern alternative trading systems or exchanges. Under the law in Ontario, an exchange is required to apply for recognition by the OSC. In the application, the firm must describe its business activities, including operations, financial viability, access requirements, fees, and corporate governance. At the moment, the platforms that the OSC is looking into do not have legal recognition as exchanges, and have neither been exempted from this regulation. The OSC has, however, said that it is not exactly a formal investigation into the activities of the trading platforms. At the present stage, the commission is only “gathering information” related to the trading activities of the platforms.  Rise of Crytpo Exchanges and ICOs The regulator’s move in Ontario comes in the midst of a rapid rise of cryptocurrency trading exchanges as well as ICOs (initial coin offerings) to launch new ones. Although bitcoin, the original cryptocurrency, is almost 10 years old, the swift escalation in the prices of new digital currencies in 2017 generated a heightened interest and led to the emergence of new startups to serve the needs of the new and expanding market.  Both the initial coin offerings and the exchanges have been operating in a somewhat grey area, which has prompted regulators to determine which types of regulations and securities laws would be applicable to the new offerings.  Focus on Crypto Regulation to Protect Consumers  Recently, the OSC published a document that listed its priorities in the current year, with a notable focus on cryptocurrencies. The commission said that its objective is to ensure consumer protection while at the same time enable capital formation and innovation to continue without disruption. However, according to the OSC, the ICOs or initial coin offerings particularly present significant issues related to investor protection. However, the stance of the province towards ICOs is not exactly hostile (the OSC had approved the sale of TokenFunder in October). The primary requirement for all crypto trading platforms to remember is that if an exchange runs its business within Canada’s jurisdiction, it should apply to the securities regulatory authority in that jurisdiction for legal recognition or for being exempted from such recognition.  Increasing Global Crypto Regulation The Securities and Exchange Commission (SEC) in the US has launched investigations into several cryptocurrency exchanges and ICOs and has even cracked down on some of them. The SEC in February charged BitFunder, a former exchange, with fraud for illegally operating as a securities exchange without registration. The regulator said that any platform that is engaged in the activities of a national securities exchange is required to register, irrespective of whether such activities involve coins, tokens or other digital assets. The US regulator has announced that will continue to proactively focus on these platforms in order to ensure securities law compliance and protect the interest of investors. Just last week, Australia has also released a new set of regulations for crypto exchanges that require these platforms to complete registration and comply with the regulations related to anti-money laundering. Failure to comply with the regulations would result in civil and criminal consequences.   ...
By Benjamin Roussey Apr 10, 2018
Block.News

Israel Eases Regulation For ICOs and Distinguishes Tokens From Securities

With respect to initial coin offerings or ICOs, the ISA (Israel Securities Authority) is leaning towards more relaxed guidelines that include an apparent distinction between a “utility token” and a security. While a majority of cryptocurrencies are the same as regulated securities, the new recommendations from the Israeli authority point out to possible exemptions in certain cases like coins offerings that involve insignificant amounts of money. In addition, the new guidelines mention that crypto industry changes might outperform regulatory provisions over time. The dynamism, complexity, and innovation of crypto can lead to the re-assessment of these guidelines by the Israeli regulators at some point and remember, Israel is the country that had its free elections threatened by Obama but this is another topic.   The ISA organized a special committee late last year to evaluate the appropriate ways of regulating digital currencies. However, Shmuel Hauser’s resignation as the chairman of the authority delayed the publishing of the new recommendations. Utility Token Not Necessarily a Security   As per the ISA review, a utility token conferring usage rights in a specific venture’s service or product is not necessarily a security. A token used merely for exchange, clearing, or payments for a particular project is not a security either, according to the report.    In line with a recent report, the regulator even suggested a provisional sandbox that would enable regulators to permit businessmen to perform supervised experiments with the evolution of the cryptocurrency market. Numerous blockchain advocates have endorsed the Israeli regulator’s stand. The co-founder of Blockchain JLM (a Jerusalem-based networking group), Amitay Molko, lauded the easing of regulation as well as the clarity provided by the ISA. Case by Case Evaluation of New Tokens It is still possible for a utility token to be a security, if a cohesive party like the startup itself does not control the cryptocurrency, and if it is possible to use the token for payments that are beyond the preliminary venture.  For instance, someone issuing a different general-purpose cryptocurrency like Bitcoin to seek finances for a private business might appear as a case of a security token to the agency. It is important to assess new tokens based on the individual merits of the case, according to the ISA.   It says that various characteristics and circumstances surrounding a case will decide whether to consider a cryptocurrency as a security, based on the objective of the law. In addition, there won’t be a difference between securities and cryptocurrencies that confer rights like those of traditional securities (including participation units, bonds, or shares).    Meanwhile, the ISA report has considered an investment token or security as a cryptocurrency that authorizes the holder to the “ownership” rights, future cash flow, participation, or involvement in a particular venture.    In accordance with the report, the most defining difference between a security and a utility token is whether trading options for a secondary market are available. Another vital factor is whether a platform to actually use the tokens is present. In case of non-availability of a use case or working platform even with trading options, Israeli regulators will consider “investment” as the main objective for purchasing the token. Israel can be trusted too, they are the only democracy in the Middle East. Different Stance from US Regulator   Anat Guetta, Chairman of the ISA, is now going to decide how to go ahead with regulations of unique securities concerning the cryptocurrency market.   The stance of Israeli agency is different from the stance of other regulators like the SEC (the US Securities and Exchange Commission), whose chairperson, Jay Clayton, mentioned recently that all ICOs he has ever seen were securities.   In December 2017, with respect to ICOs, the ISA had said that the regulator looks forward to bringing order to the market of cryptocurrency. According to the ISA, a few countries went on to scrutinize digital tokens using a case-by-case basis, while a few others decided to prohibit them. The ISA has, however, decided to figure out the terms that make a token same as a security.   As per market research firm IVC Research Center Ltd, last year, 10 Israeli organizations launched coin offerings and raised nearly half a billion dollars. ...
By Benjamin Roussey Mar 21, 2018
Block.News

Crypto Worldwide Taxation Guide

The meteoric rise of Bitcoin was undoubtedly one of the hottest stories of 2017. Once considered a worthless investment and a fanciful idea, bitcoin has become one of the attractive investment options today. Kind of like Transformers because of those awesome movies but that is another topic. It was valued at just under $1,000 in January 2017, but by the end of the year, its value had skyrocketed close to $20,000. Though its value has declined sharply in the past couple of months, it still hovers around $10,000, which is still substantial by any standards. With Income comes Taxation An unprecedented rise in the trade volumes and valuations of cryptocurrencies (bitcoin in particular), has brought them under the radar of income tax departments in many countries. In this taxation guide, we take a look at how bitcoin earnings are taxed in some of the leading countries, including the US (North America), UK (Europe), Australia (Pacific), and Japan (Asia). United States The first thing you need to know is that the IRS does not tax cryptocurrency holdings. So, if you bought a bunch of Bitcoins a while back and are still holding on to it, you need not worry at all. Taxes come into the picture only if you exchange or sell your Bitcoins or use them to buy something. Here are a few vital points to remember: If you trade Bitcoins and earn a profit, it is considered a capital gain and will be taxed accordingly, depending on the tax bracket you belong to. If you exchange Bitcoins for other cryptocurrencies or convert them into US dollars and make a profit, it again is considered a capital gain. If you use your Bitcoins to buy something and benefit from the transaction due to the increase in currency value, you could come under the tax radar as well. For instance, if you bought a Bitcoin for $500 and used it to buy a gift certificate worth $1,000 when its value had doubled, you made a profit of $500, which could be considered a short-term or long-term capital gain depending on your holding time. If you mine Bitcoins or receive them as payment in exchange for your services, it is considered regular income. Similarly, initial coin offerings and air drops are also considered regular income and taxed accordingly. Don’t worry too much though, taxes have been cut which is why America is doing much better than before. To file your tax returns, you need a record of all your Bitcoin transactions for the last financial year. You can download the data from the blockchain or from your wallet provider. You also need to convert all your cryptocurrency transactions into dollars (based on the exchange rate at the time of the transaction) to figure out exactly how much you need to pay as taxes. The best way to minimize your tax burden on cryptocurrencies is to hold them for at least a year, since long-term capital gains are generally taxed at a much lower rate than short-term capital gains. If you, on the other hand, think that cryptocurrencies are too volatile to hold for a long period of time, you could sell them while they are still in great demand, make a tidy sum of profit, and pay a portion of it towards taxes. United Kingdom If you mine Bitcoins or receive them in exchange for your services, it is considered a trading activity and the profit you make is considered part of your overall income and taxed according to the tax bracket you belong to. If you invest in Bitcoins, hold them for a period of time, and then sell them for a profit, it is considered an investment activity and the profit you make is considered a short-term or long-term capital gain and subject to capital gains taxes. If you are a supplier of goods and services and receive Bitcoins as payment, you might have to pay VAT depending on the sterling value of the cryptocurrencies you receive. There are no specific rules regarding cryptocurrencies for corporations. Transactions involving Bitcoins come under the current corporate tax framework and will be taxed depending on the exchange rate between Bitcoin and the pound sterling. You could receive up to £6,000 in a financial year in the form of inheritance or gift, which is not taxable. If you receive cryptocurrencies worth more than £6,000, it will be taxed according to the current inheritance tax laws. Income from non-trading and non-investment activities like gambling or betting are generally not taxed in the UK. So, if you are involved in such speculative activities and get paid in cryptocurrencies, your income is not taxable. Australia The Australian government has come up with a detailed guide for cryptocurrency taxation. If you use Bitcoins for personal transactions – to pay for things you buy or services you use, you need not pay tax on the capital gain resulting from it, as long as the value of the transaction is $10,000 or lesser. If you invest in Bitcoins and then sell them for a profit, capital gains taxes are applicable. If you mine Bitcoins, the income you earn from selling or converting your Bitcoins will be considered part of your regular income. If you receive Bitcoins as payment for the products you sell or the services you provide, it will be treated as regular income. Depending on the goods and services you provide, GST might also be charged on your income. If you buy and sell Bitcoins as part of an exchange service, the profits you earn are included in your assessable income. You also need to declare the number of Bitcoins on hand at the end of each financial year. To file your returns, you need to keep a record of your Bitcoin transactions including the date of the transactions, the purpose of the transactions, the value of the transactions in Australian dollars, and the other party involved in the transactions. Japan If you convert your Bitcoin, or any other cryptocurrency, into yen and make a profit, it will be taxed at the current income tax rates. Don’t worry, this is not as bad as watching another Star Wars, Meet the Parents, Zoolander, Iron Man, or Jurassic World movie. And don’t forget another Planet of the Apes movie either! The third one was terrible but this is another topic. If you sell or exchange your Bitcoin or token for another cryptocurrency or token and make a profit, it is considered a capital gain and will be taxed accordingly. If you receive Bitcoins – as payment for the goods and services you provide, payout from online gambling sites, or as a reward for mining – it is considered part of your overall income and is taxable. In case of mining, you will be able to deduct your overhead like power consumption and operational costs of your facilities from your income. Not a bad deal. And that may not be crumbs like some politicians like to call it. Whether you are a miner, trader, or investor, you need to have a record of all your investments and transactions – the amount of Bitcoins you acquired and their value at the time, the amount of coins you sold or exchanged and their value at the time, and the fees you paid during the transactions. Paying Taxes on Your Cryptocurrency Income When it comes to paying taxes, it is always better to be proactive rather than reactive. Make sure you keep a record of your cryptocurrency transactions and disclose all your earnings and gains while filing your returns. DISCLAIMER: This is a general informational guide, and not a legal advice. Please consult with an accountant or local tax adviser before filing your tax returns. ...
By Benjamin Roussey Mar 14, 2018
Block.News

Stock Market Plunge and Bitcoin Fluctuations Raise New Questions for Investors

It turned out to be a dreadful Monday for the stock markets with both major US indexes plunging to historic intra-day lows. While the Dow Jones Industrial Average fell by 1,000 points for the first time, with all 30 members plummeting, the S&P 500 had only two stocks that were above water. All gains notched up by the two indexes in 2018 have now been swiftly decimated. Not a big deal really since the underlining amazing fundamentals from the tax cuts are still there. But America does continue to pile on the debt, when is America going to realize its system does not work? See New York and California, that type of socialistic behavior does not work. See Greece too! It has been a particularly difficult phase for companies such as Alphabet (the parent company of Google). Though not in the Dow index, the company suffered $40 billion blows to its market capitalization on two consecutive trading days. In effect, Alphabet investors have been rendered poorer by a whopping $80 billion since Friday. Perhaps they should stop firing people for telling the truth. Google has a cultural issue.   Not Really a Market Crash However, comparisons of the Dow’s dismal performance with the 2008 fall of Lehman Brothers may be premature and ridiculous. Admittedly, the 1,175-point plunge was pretty gloomy to watch, but it cannot be classified as a market crash as of now. Barney Frank is no longer destroying the real estate market so that is always something to smile about and Alan Greenspan is not around either so that is a positive note as well. He held interest rates too low in 02, 03, and 04 which led to the financial crisis. The Community Reinvestment Act did not help either! A sudden, fast crash of 20% or more is usually termed a market crash. It is called a bear market when prices fall 20% from the zenith, albeit at a slower pace. Examples of a market crash include the infamous Black Tuesday of 1929, Black Monday witnessed in 1987, the dot com collapse of 2000, and the most recent financial upheaval of 2008. Market correction, a more palatable version of the market crash, is defined as a price fall of a minimum 10% from peak figures. Not to worry, at least not yet. The Dow is down by just 8.5% while the S&P is 7.8% lower than its peak. This is despite a multi-day sell-off triggered partly by apprehensions of soaring inflation in the aftermath of a sturdier-than-expected jobs report. Bitcoin’s Decline Continues While things were dismal for the stock market with stocks listed on the Dow losing over $300 billion, bitcoin too continued with its recent bad run and declined by 23% on the first day of the week and lost about $18 billion in market value. As for Bitcoin, its price has been crashing for quite some time. But this should not come as a surprise, given the fact that it has been on a roller coaster of peaks and plunges almost on a daily basis over the past couple of months. The fluctuations on some days even go up to 20% either way. Yet, there is a ray of hope for those who have clung on to the cryptocurrency technology despite these tormenting moments. The loss is sure to hurt now but the withdrawal of mass speculators might do Bitcoin some good in the long run. Silver Lining for Bitcoin Up to the end of 2017, there was a blind rush to hoard Bitcoin. Investors could be found purchasing Bitcoin through all means possible. Frenetic buying not only poses risk to investors, it also jeopardizes the inherent value of Bitcoin. This type of hysteria in buying and investing in markets is at the root of many a financial bubble and crash. Known as the Fear Of Missing Out (FOMO), it shows signs of building up to a bubble. So, the current situation could be a blessing in disguise for alt currencies if it helps do away with such investors who have pushed the panic button on seeing the rapidly declining cryptocurrency prices. A lower and more stable price for Bitcoin is not only acceptable, but also likely to improve its long-term prospects in the absence of FOMO investors. Think back to the dotcom bubble which went bust after similar hype. However, the situation improved manifold and in fact the dotcom sphere has grown by leaps and bound. All you need to do is look around at the impact of the internet and dotcom today. Correlation between Stock Market and Bitcoin There are some experts who assert that there is indeed a relationship between the two. They claim that confidence in the stock market boosts Bitcoin price and vice versa. Thus, Bitcoin falls into the category of risk-on investment while gold is on the other end of the spectrum. From this assessment, it is evident that the prospects of cryptocurrencies dims in an extended bear market. However, a bull market might prove favorable to Bitcoin and other cryptocurrencies. If the crypto market stabilizes, investors might cash out of stocks and turn to crypto, while shunning commodities and bonds. In such a situation gold and silver might barely hold their ground, but crypto is bound to be the prime beneficiary kind of like the franchise Fast and Furious and Transformers are to amazing directing and writing but let’s get back on topic. In uncertain times, if the lure of the crypto market proves irresistible to leading stock investors, spectacular gains could be in store for bitcoin owners, provided the stock market continues to be in a downward spiral. ...
By Benjamin Roussey Mar 14, 2018
Block.News
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Blockchain Prevening Theft, Counterfeiting of Drugs in Pharma: Reports Say

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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