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According to Fintech Finance reports, Smart Package, which is an application of US trade giant Walmart, has been released by the US Patent and Trademark Office (USPTO) on 1st March. Smart Package patents employ a tool, based on blockchain to track down the location, environmental conditions, package contents, and other details. The main purpose of such blockchain applications is to be used in the latest technologies like unmanned drones etc.

blockchain applications

Such blockchain applications help in recording the main addresses like; seller private key address, a buyer private key address and a courier private key address. According to this application, the current tracking instruments don’t offer such coveted functionality yet. Fintech Finance also reported that Smart Package application was first filed by Walmart in August 2017. This application isn’t the first one, in which Walmart has utilized Blockchain technology because, Walmart merged with IBM, back in 2016.

UPS, which is a US shipping company joined BiTA in November 2017 because, blockchain technology is quite popular among delivery and shipping companies. Publication of a non-conditional patent application occurred almost 18 months before its initial precedence date in the US. Once it’s published, USPTO can use a patent application to reject the third-party patent applications for the correlated technology.

 

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Bitcoin On The Rise – Extends Record Climb

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Bitcoin on Monday continued leaping towards record highs, extending its record run-up of about a week since the currency split into two: Bitcoin and Bitcoin Cash.

Main Story:

A single BTC was up by 3.5% and trading at $3,369.82 – the highest the currency has ever gone since its creation in 2009. The spike took the total market cap of Bitcoin to $55 billion, highest ever in the history of Bitcoin.

A single BTC was up by 3.5% and trading at $3,369.82 – the highest the currency has ever gone since its creation in 2009. The spike took the total market cap of Bitcoin to $55 billion, highest ever in the history of Bitcoin.

A few speculations in market recommend that this rally in Bitcoin is a result of deceptive trading tactics employed by some deep-pocketed investor(s) whose sole intention is to create an illusion that a potential buyer is willing to buy Bitcoin at a grand cost. Consequently, the price is going higher, providing bidders an opportunity to cancel the trade and sell at inflated rates – says The Cointelegraph.

 

Related: Buy Bitcoin online

 

Bitcoin Cash, on the other hand, is down by 57% after initially hitting $727 on August 2.

Bitcoin’s price has surged ever since the occurrence of hard fork on August 1 where a new currency, known as Bitcoin Cash (BCH) was born. BCH is an attempt to solve the processing problems that Bitcoin has been facing over the years due to the increased load of transactions and to take the block size from 1MB to 8MB.

Generally, a large portion of the cryptocurrency-network is going through the same trend in terms of price growth. Ethereum’s token currently went up 0.4%, taking the total value of Ethereum network to $25 billion. Similarly, other cryptos are also on a high.

News and Image Credit: marketwatch.com

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While We’re Living In 2017, This Indian Bitcoin Gang Is Already In 3017!

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Ever heard of Bitcoin gang?

No?

Well, it’s a thing now in India!

According to the news coming from India, a local businessman got abducted and looted by Bitcoin Gang. Probably the first ever incident of its kind.

Remember that Bitcoin is still not legalized in India and chances of it being legalized are very slim in future.

The Backstory:

So this businessman (identity unrevealed) posted a requirement of Bitcoins worth $55000 on localbitcoins.com, a site which enables P2P trade of Bitcoins/fiat in the same country. A large portion of you can already envision this is a major sum in India, equaling around INR 3594937.50. A seller then contacted this guy to sell Bitcoins. He wanted to pay online but the dealer talked him into paying in cash, by offering him a discount.

Cheeky I see!

I am certain the seller would have given him the reason of tax avoidance and protection from Govt as well!!! The seller was a young lady in her graduation, probably the biggest reason the guy went for a physical exchange.

Anyways, the soon to be victim packs his $55,000 in a briefcase and goes to meet this woman. She, alongside her boyfriend, has officially set the trap for this person. When he meets this woman, an armed gang shows up and snatches all his fiat from him!!!! Also, they gave him some great beating, punch marks, purple eyes, and life threats if he tells about this ordeal to anybody!!!

However, the good thing is that the gang was caught and the cash that had been looted was returned to the owner. But looking at the bigger picture, events like this don’t really give Bitcoin a good name. Particularly in a country where it is already struggling for legalization. A government which is apparently in no mood to legalize Bitcoin may go on putting further restrictions on Bitcoin and other cryptos.

So, let’s see what the future holds for Bitcoin India. Fingers crossed!

Tags: bitcoin news india, bitcoin india

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The Avant-garde Bitcoin Desk in Wall Street- Goldman Sachs

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Due to extreme volatility and back and forth fluctuations of Bitcoin noticed previously, the most talked about the argument is that if Bitcoins and its peers are overruled or still intact. Financial institutions and similar authorities have managed to maintain a safe distance from this digital currency market during the whole stretch. Embracing all the risks and jeopardies, Goldman Sachs has risen with the plan of establishing the first Bitcoin trading desk in the Wall Street.

crypto investor

But what resulted in the giant wall street titan like Goldman to dip toes in the crypto world? According to a Goldman executive, this step was taken keeping in regard a lot of queries and requests by the clients and also crypto investors. A good number of people showed their interest and curiosity in holding Goldman Sachs Bitcoin as their alternative asset.

The First desk

Goldman has hired Justin Schmidt as their first digital asset trader to grip the daily operation. Having a former experience with a hedge fund, Schmidt is determined to navigate the client’s interest in exchange and transaction of the Bitcoin. With an extensive past experience and knowledge, Justin Schmidt has joined one of the most vaunted banks as a vice president and head of Digital Asset Market in the institution’s Securities division.

Being the first major U.S bank to take such initiative, holding the reputation for always staying ahead of its peers, the institution is dedicated to measuring possibilities and options to entertain their clients play with digital crypto if they wish to.

The Breakdown of The Protocol

The facilitation and assistant Goldman is giving to the crypto world will definitely raise institutional transaction and trading of Bitcoin. Raising these legitimacy bars, the cryptocurrencies are beginning to rise up to the ‘seen’ surface levels.

Though following by many significant absurd comments, Goldman is very hopeful and certain about its position. Goldman concludes that they don’t think Bitcoin is a fraud and they honor their client’s interest to hold Bitcoin as a valuable commodity. After receiving inquiries from hedge funds and clients who received the donations in the form of these digital currencies and weren’t aware how to deal with it.

Being extremely volatile and unpredictable, a great deal of uncertainty comes readily with this currency. After a massive hit seen by the start of the year, the prices of Bitcoin have recovered certainly. being fully aware of the risks and certainties of the nature of the initiative, Goldman claims to be knowing what they are getting into.

Insight

Goldman Sachs Bitcoin trading will not be initiated right away. To entertain and engage crypto investors, they have planned on trading Bitcoin Futures using their own money on the clients’ behalf at start. Running the trade via its New York desk, they are expected to launch its own version of futures too. So, it will not be an actual trading of the crypto, just the trade of non-deliverable forward futures. These trades will further be settled in regulated fiat currency it was quoted in.

The follow-up

Following the footsteps of Goldman Sachs Bitcoin as the first regulated financial institution to propose such a service, it is expected other banks in line to follow the same lead. But the biggest name ruling out the scenario is the British multinational investment bank, Barclays. According to the presenters, they think this crypto world to be fraud, infectious and delusional. But the key point is a market grown as big as this one, for how long you can ignore it. This initiative by Goldman Sachs shows how far this crypto market has traveled and come under limelight to be considered worthy in the eyes of these wall street titans.

But it is highly hoped, this initiative is not just stopping right here. After reaching its peak by the end of last year and its recession by the start of this year, the hopes with this digital currency has risen. Despite a downfall by 48%, the volatility of this currency is expected to be increased during time due to the more people entering down the pool of this crypto world. It is expected to cross by $50,000 by this year. There are more and more acceptance and support expected in the following next five years in regard to this cryptocurrency.

Despite the firm faced criticism, Goldman Sachs has proven itself as the utmost technologically sophisticated institution on wall street.

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Ethereum News: Will the Price of Ethereum triple in 2018?

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There’ve been many Ethereum Price Predictions before; however, according to the co-creator of Ethereum, Steven Nerayoff, the growing interest in cryptocurrency will increase the value of Ethereum and the cryptocurrency can triple this year.

ethereum predictions

Steven Nerayoff said:

“You’re seeing a tremendous amount of growth across a wide variety of industries. Fintech is actually the natural area, but now you’re seeing it becoming increasingly more creative — you find projects in the oil and gas industry, you’re finding government using it in their applications, you’re seeing it in gaming, all kinds of different areas.”

Ethereum Price Prediction

In the past few days, Ethereum has moved up to new heights consistently and is emerging as a major cryptocurrency.  Likewise, as compared to 2017, it has increased by almost 3600% and that’s why the majority of the investors are considering Ethereum as a long-term investment.

At this same time, an important question arises related to the future price of Ethereum. Ethereum is quite different from tokens that are only for investment, which means that the Ethereum’s value would upsurge in the upcoming time. It’s expected that by the end of 2019, Ethereum’s value would be almost $ 14,000. Likewise, it is expected that Ethereum would hit $31,000 by the end of the year 2020.

When it comes to Ethereum, keep one thing in mind that if more platforms are used, the price of the token will also get higher. Following this reason, you can ensure that the value of Ethereum would also upsurge in the future. According to the market cap, it’s also expected that Ethereum is going to become the second most valuable cryptocurrency. So, whenever you want to invest in a cryptocurrency, the perfect idea would be to go for Ethereum.

 

Views of Balaji Srinivasan

Majority of the people who are hopeful about cryptocurrency apparently agree that the leading cryptocurrency Bitcoin and its newer competitive Ethereum are here to stay. According to the CEO of Earn.com, Balaji Srinivasan:

“In terms of 5 to 10 years, Bitcoin and Ether will be around I bet.”

According to the CEO and co-founder of Blockchain, Peter Smith, his company, was primary to Bitcoin, as it only started to warm up to newcomer Ethereum.

Views of Kathleen Breitman

There’s no doubt that Bitcoin and Ethereum have stolen the show at this time, but the innovation will not end there. Kathleen Breitman, who is the co-founder of Tezos is optimistic that her own blockchain bet is going to fill a place that solves problems with existing blockchains. Particularly, she is designing Tezos to automatically push the updates of software out to the network, which means evading the disruptive feuding over upgrades that afflicted systems like Bitcoin for the past few years.

 

Market Manipulation

For the moment, token sales appear to be a great way of raising a hefty amount of money real-quick. Peter Smith believes that the manipulation of market and insider dealing is extensive amid purveyors of ICOs.

Smith said:

“We’re cautious about it in the short term – But you have to temper that with the idea that every new technology is going to be like that in the beginning.”

CEO of Ripple, Brad Garlinghouse also said:

“Heavily regulated markets are typically heavily regulated for a reason – Frauds are happening, people are going to jail.”

 

Regulations

Elena Kvochko is a chief information officer of the security division at Barclays. According to Kvochko, her bank had a talk with watchdogs about blockchains, Bitcoin, and their ilk. In the meantime, as the governments settle down on sets of instructions of the road, countries like Singapore, Estonia and Switzerland are shoving to advance frameworks that simply accommodate the innovative technology. According to Smith, they’re looking for displacing geographic officials and becoming hubs for developing business financing.

Smith said:

“If you’re a U.S. person or business, you have a good deal to be concerned about.”

 

Speculations

The prices of cryptocurrency fluctuate way too much, but there’s still a reason to believe that the markets are going to become more stable. On the other hand, Srinivasan introduced another possible scenario. Referring to a fundamental-reality in which everybody is disheveled in the future, Srinivasan said :

“All your waking hours are spent in the Matrix.”

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Crypto Regulations – South Korea’s Impact on the Crypto-world

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One of the largest markets for cryptocurrencies after Japan and U.S. is South Korea, as it’s believed by many. South Korea’s population is equivalent to Arizona and California if they’re put together. The cryptocurrency speculation looks like it has been overhyped unreasonably and South Korea’s government wants to take some fundamental steps now, to control this cryptocurrency trend in the crypto world.

South Korean’s Crypto-Market – Current Situation

At this time, you can clearly see a lot of chaos in South Korea. It all started when the government of South Korean officially legalized Bitcoin service back in July 2017, which caused a momentous progress in the demand for cryptocurrency trading all around the country.

North Korean hackers targeted South Korean Bitcoin exchanges in August 2017, and by the end of September, there were many rumours that South Korea was planning to execute stricter regulations on cryptocurrencies. These rumours turned out to be more serious by December and based on speculations, it changed into an absolute ban on cryptocurrency exchanges and had a bad impact on the crypto world.

crypto world

South Korea Influence on the Cryptocurrency Prices

According to an estimation by The Blockchain Industry Association, South Korea has many cryptocurrency exchanges, including;

  • Coinone
  • Bithumb
  • Korbit

This tells us that even with 50 million people in a country, the demand for cryptocurrencies is so high that it has traded at more than a 30 % higher price than other countries.

80% of the investors in South Korea have earned from investments in cryptocurrency and almost one-third of salaried Koreans have an average of $5,000 in cryptocurrency, which is a huge acceptance of an unapproved investment based only on speculation.

How are cryptocurrency traders operating in South Korea?

Many banks including the second largest one in the country, Shinhan Bank, offer local cryptocurrency exchanges with computer-generated bank accounts. Each investor/user can use these virtual bank accounts for depositing or withdrawing huge amounts of Korean Won without using their real bank accounts, which takes a lot of time and is costly at the same time.

The industry is currently under the government’s radar, amid other fears, that illegal funds will be entering the market and management of price of cryptocurrencies will be based on speculative investments.

How’s 2018 been so far for Cryptocurrencies in South Korea?

More regulatory plans have been announced by the government to ban this anonymous cryptocurrency, in order to control cryptocurrency speculation. Meanwhile, after this announcement, several South Korean exchanges were removed by the CoinMarketCap from its website, stating that extreme price divergence is the main reason for this. Around $20 billion was wiped off Ripple’s market cap as a result. After a statement by the Ministry of Justice, news of a whole cryptocurrency ban arose once again.

Is there going to be any ban on the cryptocurrencies?

The government started to notice huge speculation that drove instabilities in the cryptocurrency market since September 2017 and in order to evade money laundering and other crimes related to it, strategies to prohibit anonymous trading on local exchanges were testified in December 2017.

The Prime minister of South Korea, Lee Nak-Yeon, warned about the hazard of cryptocurrencies being an easy way for the younger generation especially students, to get involved with such illegal activities.

Regardless of the media misrepresentation of more stricter rules for cryptocurrencies, at the beginning of 2018, Kim Dong-yeon (the Finance Minister) ensured that there’d be no ban of cryptocurrencies in South Korea. The government also proclaimed that there’ll be tax on cryptocurrency exchanges around 24%. Apart from banning anonymous trading, they’ll be banning foreigners and minors from opening any other new cryptocurrency accounts as well.

How South Korean government will enforce bans?

The south Korean government has restricted the opening of new virtual accounts and cryptocurrency traders won’t be permitted to make any deposits into their virtual currency exchange wallets. They’ll be only able to deposit it only if they’ve the name of their cryptocurrency exchange and it matches that of their bank accounts.

It’s been demanded by financial authorities to the cryptocurrency exchanges to revamp their AML (Anti-Money Laundering) and KYC (Know-Your-Customer).

Are These planned regulations of South Korean affecting the crypto-industry?

Because South Korea has such a huge cryptocurrency market, this means that these regulatory decisions of government will have a huge impact on the crypto market worldwide.

During all these rumoured reports of the government banning cryptocurrency, the total market cap of all coins was declined by 40% in just one day. But shortly afterwards, the market cap started to rise once again.

All the rumours have played a big role in the cryptocurrencies’ price, and any change in the economic decisions or law made in the hubs of major crypto, will always result in such instabilities.

However, there’s always a possibility that it will climb back to the pre-crash levels.

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