Friday, July 20, 2018

How to decide whether to deploy blockchain - Computerworld


How to decide whether to deploy blockchain
While blockchain may have moved beyond the proof-of-concept phase this year and into limited production systems, that doesn't mean companies watching from the sidelines should plow ahead with their own deployments. But neither can they afford to sit ...

from blockchain - Google News

South Korean Regulator Launches Initiative to Improve Relationship with Crypto

The South Korean financial watchdog, Financial Services Commission (FSC), has created the Financial Innovation Bureau to oversee and nurture the crypto sector as part of the fourth industrial revolution.

Korean Regulator Creates Financial Innovation Bureau to Help Cryptocurrency Ecosystem

Digital currency exchanges and overall businesses within the blockchain and crypto ecosystem are welcoming South Korea’s FSC new step to improve the country’s relationship with the sector. The regulator said in a statement that fintech and big data will also be under the scope of the new entity.

“The FSC plans a major organizational reshuffle to better protect financial consumers and proactively respond to financial innovation in the Fourth Industrial Revolution era. The new Financial Innovation Bureau will also be tasked with policy initiatives for financial innovation, such as innovating financial services using fintech or big data, and responses to new developments and challenges such as cryptocurrencies.”

A report earlier this week from the international Financial Stability Board (FSB) was also received positively as it found that bitcoin et al. pose no material risk to the global financial system, contrary to what some countries and international entities have suggested. The country’s central bank, Bank of Korea, has recently said that the system’s exposure to crypto is insignificant.

Public authorities in South Korea keep on launching new initiatives that aim to adapt its economy and legal framework to the burgeoning cryptocurrency ecosystem in the country. Just last week, policymakers in the country introduced anti-money laundering (AML) requirements for cryptocurrency settlement, which oblige banks to expand due diligence procedures for digital exchanges to their non-client accounts. Banking institutions are also required to share information about overseas cryptocurrency operators with the regulator and halt suspicious transactions in the sector.

South Korea-based FANTOM Foundation, a Directed Acyclic Graph-based (DAG) smart contract platform that solves the issue of scalability and confirmation time of the blockchain, told the Korea Times about the inevitability of digital coins and blockchain technology within any given economy and welcomed the FSC initiative.

“Virtual coin and related blockchain technologies will come to our everyday life sooner or later. I think Korea can be an ideal incubator to test drive new virtual coins and their blockchain systems. Now it is the government’s role to establish a favorable environment for virtual coins and their blockchains,” the FANTOM Foundation said.

In June 2018, the Supreme Court of South Korea ruled that bitcoin is a legally recognizable asset in a case concerning a pornographer arrested on charges of violating the Protection of Children and Juveniles from Sexual Abuse Law in May 2017. The decision allows any cyber assets gained from illegal activity such as gambling, drug deals, pornography, and prostitution to be confiscated.

Featured image from Shutterstock.

The post South Korean Regulator Launches Initiative to Improve Relationship with Crypto appeared first on NewsBTC.

from NewsBTC

Bitcoin Price Increase Turns Long-Term Bear Bullish

Staunch Bitcoin bear Boris Schlossberg, Managing Director of FX strategy at BK Asset Management, has expressed positive sentiment on key matters surrounding the world’s largest cryptocurrency’s recent rally.

TA Driving Breach of Resistance Levels

Speaking to CNBC’s “Trading Nation,” Schlossberg noted a few important points about Bitcoin’s 00 recent price surge. He said:

After consolidating for months around the $6,000 level, bitcoin had a burst of activity over the past few days, rising by nearly 16 percent since Monday alone; much of that gain came from a sudden 11 percent rally on Tuesday as it appeared several technical levels were broken.

Bitcoin saw an unprecedented rise in its price on July 17. The cryptocurrency gained nearly $700 in a little less than 45 minutes, once again grabbing everyone’s attention.

Schlossberg noted earlier this year that should Bitcoin ever fall below $5,000 it will trigger “forced liquidation from all ends.”

However, he is now taking the same bullish stance on the matter as prominent permabulls Tom Lee and Barry Silbert — all of whom attributed the increase to favorable technical analysis and a wave of good news. Much like Lee and Silbert, Schlossberg noted:

As bitcoin appears to rally mostly on technical drivers, for the moment, it could easily squeeze above $8,000. That level is where much more serious resistance lies on the charts.

He also outlined the report regarding BlackRock’s interest towards the field and the news that Steven Cohen was exploring cryptocurrencies as positive catalysts for the spike.

#REKT? Not With Bitcoin! Yearly ROI On Largest Cryptocurrency Still Tops 150%

What’s Next?

More interestingly, Schlossberg acknowledged Bitcoin’s potential, stating:

If blockchain technology becomes increasingly entrenched in the mainstream financial industry, and shows a clear business-use case, bitcoin could be seen as a legitimate store of value going forward.

This fully confirms that the long-time Bitcoin bear gives merit to the cryptocurrency’s latest surge and considers it substantiated rather than just a short squeeze — an observation entirely shared by Digital Currency Group’s Barry Silbert, who said:

When the chair of the Fed says negative things about Bitcoin, and Howard Marks says negative things about Bitcoin, and Ken Griffin says negative things about Bitcoin and Bitcoin doesn’t move, I think that’s a really bullish sign.

Do you think that Schlossberg’s opinion is a strong bullish signal for Bitcoin’s price? Don’t hesitate to let us know in the comments below! 

Images courtesy of Shutterstock,

The post Bitcoin Price Increase Turns Long-Term Bear Bullish appeared first on


South Korea's Finance Watchdog Is Forming a Crypto Division

South Korea's Financial Services Commission has revealed it is setting up a department dedicated largely to cryptocurrencies and blockchain.

from CoinDesk

This Silicon Valley Backs Blockchain Startup Wants to Become the Wikipedia of Data


DIRT, a blockchain startup that plans to develop a trusted platform for structured data, has raised $3 million in a seed funding round. The San Francisco-based company said investment firms that participated in the round include General Catalyst, Greylock Partners, Lightspeed Venture Partners, Pantera Capital and others.

In a Medium post, the company, which describes itself as a "blockchain-based Wikipedia,” wants to make it "economically irrational" for false information to be shared. DIRT is looking to create a protocol for crowdsourcing information using the Ethereum blockchain to organize the world's data and make it freely accessible to everyone.

Flushed with cash, DIRT plans to release its protocol along with its token in the coming months. The tokens will be based on the Ethereum ERC20 standard, and they are central to the company’s plans to crowdsource trusted data at scale.

Speaking to Bitcoin Magazine, DIRT CEO Yin Wu said, "No single company should have a monopoly on information and truth. We're building DIRT because we believe structured data about the world needs to be freely available for new applications to emerge.”

“DIRT is doing to data what Wikipedia did to the encyclopedia — create a database of trusted information that is open and free."

Wu said the protocol would make it possible for third-party DApp developers to create a token curated registry (TCR) similar to how Wikipedia uses its community to verify data.

"Token curated registries use economic incentives to crowdsource information on any topic. Creating lists is at the root of decision making: consider options, rank them, take action. DIRT makes it easy for communities to coordinate and build these lists for an arbitrary number of topics," she noted.

Crowdsourcing and Competition

DIRT plans to create a new way of crowdsourcing trusted information at scale, which it plans to do by incentivizing honesty. A contributor has to deposit tokens before they can contribute to the platform.

Once this is done, the network calls for a vote to attest the information. For accurate information, the DIRT tokens will remain with the data as a form of "bounty for the information's accuracy." Incorrect information, however, will result in a penalty, wherein the user who committed the data will lose their staked tokens.

“Similar to Wikipedia, DIRT allows anyone to contribute information. DIRT maintains accuracy because every contributor needs to deposit tokens to write data. If the data is correct, it is freely shared. If the data is incorrect, anyone can challenge the data and earn tokens for identifying these inaccurate facts. Our protocol and platform make it economically irrational for misinformation to persist in a data set,” a DIRT blog post reads.

DIRT sees centralized data providers and companies exploring verticalized data on the blockchain as its primary competitors but competitors with obvious flaws. The company believes that data marketplaces with existing data curation solutions come with scalability problems, untrusted moderators and more.

The company will focus on cryptocurrency projects once it launches, where it hopes to provide a scalable way to vet information and solve the problems of fraud and plagiarism faced by crypto companies raising funds through ICOs.

This article originally appeared on Bitcoin Magazine.

from Bitcoin Magazine

World's Number Four Telecoms Provider Files Blockchain Contract ... - Cointelegraph


World's Number Four Telecoms Provider Files Blockchain Contract ...
The world's fourth-largest telecoms provider, Japan's Nippon Telegraph and Telephone (NTT), has filed a patent for using blockchain tech for contract ...
A Japanese Telecom Giant Wants to Use Blockchain to Store ...CoinDesk

all 4 news articles »

from blockchain - Google News

Strategic Blockchain: Xceedance and ChainThat Gain Critical Mass - Insurance Journal

Insurance Journal

Strategic Blockchain: Xceedance and ChainThat Gain Critical Mass
Insurance Journal
Xceedance decided to jump on the blockchain bandwagon late last year – but rather than building its own platform, it invested in ChainThat, a specialist provider of blockchain solutions for the insurance and reinsurance industry. ChainThat made a ...

from blockchain - Google News

US Health Care Companies Begin Exploring Blockchain Technologies - Singularity Hub

Singularity Hub

US Health Care Companies Begin Exploring Blockchain Technologies
Singularity Hub
In my work on health care innovation at the Center for Health Law Studies, at Saint Louis University School of Law, I have been following the rise of a technology that may help us address the weaknesses in today's health care record-keeping: blockchain.

from blockchain - Google News

Baidu Launches Blockchain Photo App With Own Token - Investopedia (blog)

Investopedia (blog)

Baidu Launches Blockchain Photo App With Own Token
Investopedia (blog)
Chinese internet search giant Baidu Inc. (BIDU), often referred to as China's Google, has announced the launch of a proprietary blockchain-based crypto token linked to Totem, its photo validating and sharing service, according to CoinDesk. Totem ...

from blockchain - Google News

IBM Stakes an Early Claim on 'Blockchain-as-a-Service' -

IBM Stakes an Early Claim on 'Blockchain-as-a-Service'
In IBM's eyes, blockchain is one emerging technology that's poised to explode. The computing giant staked an early claim in the burgeoning technology, rolling out its IBM Blockchain Platform in March 2017. The platform currently hosts 250 active ...

and more »

from blockchain - Google News