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Salesforce is a world famous company well known for its cloud computing software. It provides services related to customer relationship management in various industries, including healthcare, finance, media, retail, and manufacturing. The revenue generated by Salesforce in the year ending January 31st was $10.5 billion. And now Salesforce is ready for its blockchain integration with a brand new idea.

blockchain and cryptocurrency

Parker Harris, the co-founder of cloud software giant Salesforce has confirmed that his company is hoping to develop a product for Blockchain and cryptocurrency support by September 2018.

The same news was being disclosed by CEO of Salesforce Marc Benioff in an interview with Business Insider on March 28. In that interview he also stated that he had finalised this plan to work on Blockchain technology and various forms of digital currency while he had a chance to participate in the World Economic Forum Davos, Switzerland last January. It was simultaneously being held with a cryptocurrency conference, where Benioff’s conversation with another event attendee transformed into the above mentioned idea according to which Salesforce could actively participate in the utilization of blockchain and cryptocurrency into its current operation.

 

He further added that he had been thinking about various ways through which Salesforce’s strategy around blockchain and cryptocurrencies could be finalized.

What is in Benioff’s Mind?

There were a lot of things which the company CEO did not reveal about his forthcoming product in his interview. However, he stated that he was planning to have a blockchain and cryptocurrency solution for Salesforce and for all its clients.

 

However, in a recent briefing for its Configure-Price-Quote (CPQ) software, the company appreciated the revolutionary blockchain technology for verification and maintenance contracts and automation of trust.

Salesforce is not Alone in this Race

In the past Blockchain was just used as a decentralized ledger to log all cryptocurrency transactions, but now its definition has changed. Now a great number of applications and technologies have a strong connection with it. In the present context,  blockchain keeps or is used to keep record of every digital transaction and exchange which might be in the form of goods, services or private data of any sort. With the passage of time it has been transformed into a global spreadsheet running simultaneously on millions of computers around the globe. The beauty of this technology is that every single individual connected to this peer-to-peer system can see all transactions being made, hence there is no need for a middle man.

 

It is clear that the involvement of Blockchain technology is getting deeper and deeper day by day and no field of life will be functional without it.

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Ethereum Sustains Momentum While Crypto-Market Still Remains Unstable

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According to a report, the cryptocurrency market has struggled to sustain its momentum, yet failed to do so, and dropped to $463 billion. Similarly, other major cryptocurrencies including the top cryptocurrency, bitcoin, has struggled to record gains.

Ethereum and Bitcoin:

Only Bitcoin, Ripple, and Bitcoin Cash are the ones amongst the 5 most valuable cryptocurrencies in the global market that have managed to record daily gains. Native cryptocurrency of Ethereum, Ether, has shown a slight upsurge in its value and has increased by 4% after seeing a plunge below $820. Ether still remains in the cryptocurrencies that have shown some upward momentum.

Ether has tended to follow the bitcoin price trend throughout its recovery time. However, in some periods, Ether moved in a different path from other cryptocurrencies including bitcoin. When the price of bitcoin hit the value of $12,000 last week, ICO tokens/ ERC 20 tokens and Ether didn’t perform well. But, Ether has performed a lot better than other cryptocurrencies this week, by moving in a diverse direction to the most leading cryptocurrency in the market.

ethereum momentum

Bitcoin is still priced above the $10,000 mark, and many experts have labelled it as the psychological threshold for both buyers and sellers. It is quite hard to assess the short-term trend of bitcoin at this time when bitcoin, the most leading cryptocurrency in the market, is experiencing massive ups and downs on a regular basis.

Bitcoin price doubled from its yearly low at $6,100 just one week ago and then breached the $12,000 mark later. Even in some regions like South Korea, bitcoin price surpassed the mark of $13,000. But today, the price of bitcoin is valued at $10,769, which shows signs that it would recover back to the $12,000 mark.

A cryptocurrency that is funded by the US dollar, Tether, is an imperative indicator of the short-term performance of the crypto-market. Many investors on most important cryptocurrency exchanges like; Bitfinex and Binance use Tether to hedge the cryptocurrencies worth during the time of volatility, especially when the market commences to drop.

The daily trading volume of Tether is $2.684 billion, on 27th February, which makes it the second most liquid cryptocurrency after Bitcoin. This large daily trading volume of Tether shows that a lot of traders are ambiguous about the short-term trend of most important cryptocurrencies, and are also evading the price of cryptocurrencies in the crypto-market to the US dollar.

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What is driving Bitcoin’s price up?

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What is driving Bitcoin’s price up?

Bitcoin’s price has been soaring sky high the past few months. It takes everyone by surprise how well the cryptocurrency has been doing.

On April 24th, Erik Voorhees had made a prediction of $300 billion market capitalization on Twitter: “Tokens as an asset class have surpassed $30 billion. I predict over $300 billion within 4 years.”

So, what could be the factors contributing to driving Bitcoin up to new heights?

Through estimates and statistics, it still shows that 85% of the Global Bitcoin trading comes from China. Remaining countries have had a lesser impact. Obviously, due to a large amount of data flowing in from all sides, it’s hard to keep track of the accuracy of everything.

Economists, market analysts and financial experts, like CFA Prableen Bajpaiare, report current fears in China and Asia that the yuan could deflate due to the increased investments in bitcoin.

Other analysts have agreed to this as well: “Signs indicate Bitcoin’s price has become linked to a number of macroeconomic factors in China,” said Vijay Michalik, a research analyst for digital transformation at consultancy Frost & Sullivan.

“It highlights growing concerns about yuan currency deflation, as bitcoin’s appeal has grown as an alternative asset class for a population deprived of many investment choices.”

“The most likely explanation appears to be linked to market confidence in the Asia region, with low confidence in local currencies providing a major boost to bitcoin demand,” said James Lynn, U.K. managing director at investment company Billon Group, in a 2016 CNBC interview.

There has also been a big devaluation of currencies in other emerging markets such as India and Russia. For example, the Indian Rupee had gone down by 20 percent in 2017 compared to the US Dollar.

Even if the USD is rising compared to other currencies, people around the world are still looking for alternatives to it and Bitcoin has seemed to won that competition.

Russia

In 2016, Russians were exchanging their depreciating rubles to bitcoins by a large number. Due to tumbling of the ruble, the Russian Ministry of Finance came up with statements regarding money laundering and the possibility of taxing and regulating Bitcoin as an asset. Deputy Finance Minister Alexey Moiseev told Bloomberg in an interview in April 2017. He also added that “The state needs to know who at every moment of time stands on both sides of the financial chain”.

Blockchain companies funding

Bitcoin start-ups that attracted large investments in Bitcoin and blockchain companies, with total funding of $550 million are now increasing the demand for bitcoin in 2017. This had a huge impact on the Bitcoin’s value, causing it to shoot up.

Back to China

Due to the deflation of the yuan currency, Bitcoin value has been very appealing to Monetary policies, Chinese companies, and rich individuals. Also, several big investors are being tempted by Bitcoin. They are all demanding for Bitcoin in China since it is much more stable right now.

Japan, important growth

Things have started to get very interesting in Japan as well. In the last 6 months, what happened to be just 0.91 percent of the total bitcoin trading volume has surprisingly risen to 6 percent in just 30 days. Based on unofficial estimates and data provided by coinmarketcap.com and data.bitcoinity.org. There has been a sudden increase in the demand of Bitcoin in Japan.

What is driving Bitcoin’s price up

Can anything wreck the path Bitcoin is on?

Anything, such as the increase in the price of gold would cause a drop in the value of bitcoin, but this won’t be happening anytime soon. Gold is down 4.58 percent in the last 30 days, which is in favor of Bitcoin.

Also, the altcoins have been grabbing a lot of attention the past few months, but they’re still risky and unstable investments. Whereas, Bitcoin is in a much better shape than most and will be reaching new heights in the near future.

Tags: Bitcoin’s driving price

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Bitcoin who’s who

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A number of individuals are directly involved in the acceptance of the Bitcoin around the world. There is a compiled list of folks, who make sure that Bitcoin is the future of the digital world. They admitted and make investments in the bitcoin.

  1. Satoshi Nakamoto (Father of the bitcoin)

A person anonymously created a worldwide cryptocurrency, and still, it is a mystery that who is Satoshi Nakamoto. A white paper introducing and describing the Bitcoin, published in 2008. Whereas, first Bitcoin software was released in 2009. But at the mid of 2010, Bitcoin software was conferral to the Gavin Andresen. Where the reason behind this act was the contact between Nakamoto and Bitcoin community getting fade. While other domains of the bitcoin were controlled by the other member of the bitcoin community. The rumor about Nakamoto is that he has one million bitcoins, cost over one billion dollars.

According to Bitcoin news, the identity of the real Satoshi Nakamoto is still a mystery. Some think that Satoshi is an individual while other’s think Satoshi Nakamoto is a name of a team.

 

 

Mark Karpelès

Mark Karpelès was basically from France. He was started investment in bitcoin in 2011. When he took the charge of Mt.Gox at 88% from Jed McCaleb. He is one of the founding members of the bitcoin foundation. This foundation was established for the promotion and standardization of the coins.

Unfortunately, in February 2014 Mt. Gox was declared as bankrupt. And, a mark was sentenced to the jail for a year. Whereas Mark declines the claim in front of the public.

Gavin Andresen

One of the successors of the Satoshi Nakamoto. He is the chief scientist of the Bitcoin Foundation. He is the person who holds the alert key which gives him the strength to send an important message to the whole community of bitcoin at once.

 

Roger Ver

Roger Ver is well-known as Bitcoin Jesus. He is an early adopter of this technology and invests millions of dollars into the new startup of the Bitcoin such as blockchain.

Ver is operating an online store to purchase or sell custom discounted transceiver, hardware and memory. In addition, he introduces the different designs module use in mining devices. Which became the mainstream business later.

Ver starts an online store and sells thousands of the product with bitcoin. This was another attempt to introduce bitcoin among the people. And, today there is a number of online and land-base store accept bitcoin as a payment.

Erik Voorhees

Erik is the advocate for bitcoin and move from place to place both in the US and out. Erik keeps all of his money in bitcoin and believer of separation of money and state.

Erik is the Coinapult’s founder. Coinapult is a company who transfer bitcoin through email and text messages process. In 2012, he founded a bitcoin gambling site named SatoshiDice, later this site for over 100,000 bitcoins. In addition, at that time site’s market value was $11.5 million. This was the bitcoin’s big achievement of that time. Whereas, he performed his duties as the director of the marketing at BitInstant.

 

 

Vinny Lingham

Vinny is the early adopter of the bitcoin, CEO, and founder of the Gift, Yola Inc, Silicon Cape.com and NGOs in South Africa. He also served his duties on the board of ChessCube, Yahoo, Personera and SkyRove. And, he was appointed to the board of the Bitcoin in 2014.

 

Ivan Montik

Ivan is the CEO and founder of Casino software provider SoftSwiss. In 2013, Ivan made bitcoin payments into the software and have seen an achievement in creating bitcoin casino.     

Perianne M. Boring

Perianne is the author of the Boring Bitcoin Report and also the president of the digital commerce. She is the first women within bitcoin who’s who. And, we believe that she will generate wonderful changes in bitcoin strategy plan in few parts of US by using her skills.

 

You can also suggest the bitcoin personality.

For further bitcoin information, check back on our blog to learn more. Goodluck!

 

 

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EU Officials Declare “No Legal Ban for Bitcoin Mining”

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European Commissioner, Mariya Gabriel, has confirmed that European Commission is going to pay attention to the growing electricity consumption in the European Union, for the cryptocurrency mining, as she supervises and manages digital economy and the social order. A notice was posted on the European Parliament website and according to that notice, this issue was addressed by Gabriel in response to a question that was presented in the parliament.

Cryptocurrency mining

The Issue of Power Consumption

Gabriel mentioned, that the Commission is well-aware of the issues like growing electricity consumption for cryptocurrencies and blockchain technology. This issue is going to be perilous, especially for bitcoin, as the cryptocurrency mining is intense in China. Whereas, according to some estimates, two-third of entire mining takes place in China, and some of the mining is done in other places.

The statement also noted that no legal basis is there to avert or limit energy consumed inside the EU at this time. However, specifying that electrical consumption is an economic movement, it is an issue for EU regulations that also apply to energy proficiency, greenhouse gas emissions and the power sector. The cryptocurrency mining business model is based on providing a high assessment of cryptocurrencies. The growing electricity consumption and the price, both are expected to alter the demand and worth for cryptocurrencies.

Mining Isn’t Illegal

The Commission didn’t invoke in any way to follow the cryptocurrency mining since, it’s not an illegitimate activity. Though, the activity will be reviewed by the Commission as it has an impact on the demand for energy. Gabriel further stated that it’s always essential to keep this thing in your mind that many auspicious applications of blockchain technology usually don’t have an extreme need for processing power.

 

Christine Lagarde, Managing Director at International Monetary Fund, told in January that bitcoin mining is way too much energy intensive. It’s been warned by many environmentalists’ and analysts that the world is already battling with the climate change and that’s why industry’s power usage has turned in to such a huge concern.

EU Plans to Establish Blockchain

Last year, few plans were announced by the European Commission to launch an EU Blockchain Observatory as a response to a mandate of European Parliament for strengthening technical proficiency and governing bulk. In this project, an observatory and a forum will be included to collect the information from the blockchain technology and distributed ledger technology. Their main aim is to launch an EU expertise source for progressive blockchain subjects. The other goal is to contribute the EC for boosting the creation of technologies like these and to advance policy endorsements.

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New Payment System: Bank of England Considers to Analyze Blockchain Features

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On 27th March, The Bank of England stated that it is undertaking a POC (proof-of-concept) to figure out how the new RTGS (Real Time Gross Settlement) facility is capable of interacting with DLT (Distributed Ledger Technology).

blockchain features

Real-Time Gross Settlement

Real Time-Gross Settlement systems are basically special payment systems where the funds transmission is conducted amid banks on a gross basis and in real-time. On the other hand, this means that the transactions are processed immediately after being settled on a one-to-one basis, deprived of connecting with any other transaction. RTGS systems are generally used for “high value” transactions requiring prompt payment and operate by the central bank of a country.

The RTGS blueprint was issued by the Bank of England in May 2017, stating that the new service will be providing a different and flexible variety of settlement models, to make sure that the payment infrastructures have gained access to the money of central bank.

Reason Behind Central Banks’s Announcement

After the announcement by central bank to test blockchain features, it explained the main purpose behind it, which is to develop a payment service, compatible with Blockchain technology. However, in the recent announcement of the central bank, it excluded the idea of transferring to DLT completely due to the immaturity of technology.

The central bank announced that:

“Although the Bank has concluded that Distributed Ledger Technology (DLT) is not yet sufficiently mature to provide the core for the next generation of RTGS, it places a high priority on ensuring that the new service is capable of interfacing with DLT as and when it is developed in the wider sterling markets.”

The UK bank is going to cooperate with the companies that develop payment solutions by using advanced technologies. Following are the names of the companies:

  • Baton Systems
  • Clearmatics Technologies Ltd
  • R3
  • Token

The capability of DLT-based payment systems to interrelate with the renewed RTGS service and to qualify techniques in which the service’s performance could be extended will be examined by the project parties. The bank is also considering to report their conclusions by the end this year. Also, the ECB (European Central Bank) along with the BOJ (Bank of Japan) released their Blockchain’s potential study this week, for altering securities settlements.

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