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JPMorgan’s Career Pages Brings Up Blockchain Job Positions

March 8, 2021 by Blockchain Consultants Leave a Comment

According to the latest announcement, JPMorgan’s career pages post several jobs for Blockchain enthusiasts.

It was noted that it bought 56 open positions, with 34 including the tech in the job title.

Last year, JPMorgan continued on a Blockchain rampage by bringing multiple jobs to the industry. At that time, Indeed.com reported JPMorgan Chase as the only financial firm in the top 10 companies posting jobs related to Blockchain, cryptocurrency, and Bitcoin. 

The report mentions that most job openings posted this year are spread across the U.S., India, and Singapore, indicating that technology holds a futuristic career all across the globe. Talking about job openings, many of the jobs relate to Onyx, the division created to oversee JPM Coin, the bank’s wholesale payments token. 

JPMorgan is a U.S. multinational investment bank and financial services holding company headquartered in New York, serving corporations and individuals in more than 100 countries.

JPMorgan is Continuing on a Blockchain Rampage

As U.S. mega-bank JPMorgan posted about Blockchain job positions, the report mentions that most Blockchain engineer roles are focused on integrating JPM Coin and Liink into JPMorgan’s payments architecture.

Last year in October, JPMorgan rebranded the Liink banking network, which is based on a fork of Ethereum. At the time of rebranding, it was noted that Liink invites its 400-plus financial institutions to start building on top of the platform. 

Apart from JPMorgan, several other big banks are making a lot of noise in the cryptocurrency space, focussing on areas such as crypto custody and potentially trading digital assets. Reports also highlight that in contrast to JPMorgan’s career page, Goldman Sachs and Morgan Stanley have only two blockchain job openings, whereas NY Mellon has four job positions. 

Specifically talking about JPMorgan jobs, the report mentions that 13 jobs related to Onyx and Link, majorly based in the U.S. Apart from this, there are also active positions for a marketing manager for Liink and blockchain adjacent positions in commercial real estate, the report reads.

As the bank sees blockchain technology as a viable solution, recently, it was announced that JP Morgan had tested a transaction of Blockchain in space. It was further noted that the Blockchain transaction testing was carried out by a Danish space firm named GomSpace’s satellites.

Blockchain space is booming, if you are interested in mastering the core concepts of Blockchain and becoming a Certified Blockchain Expert, you can get enrolled to Blockchain Council. 

To get instant updates about Blockchain Technology and to learn more about online blockchain certifications, check out Blockchain Council.

JPMorgan’s Career Pages Brings Up Blockchain Job Positions

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The reformed Bitcoin Maxi who saw the light: Erik Voorhees

March 3, 2021 by Blockchain Consultants

“We felt like we were doing God’s work,” explains cryptocurrency payments pioneer Erik Voorhees as he recalls trying to convert the unbelievers in the early days of Bitcoin.

The man whose gambling platform SatoshiDice was once responsible for half of all Bitcoin transactions, is now an elder statesman of crypto and the CEO of the ShapeShift exchange.

He remembers Bitcoin being written off as a joke at the Money 2020 conference in Las Vegas back in 2012. At the time he was working for BitInstant, one of the first Bitcoin exchanges, and they had a booth right next door to PayPal.

“I remember the PayPal people nearby kind of snickering at us. A couple of them had maybe heard of Bitcoin. If they’d even heard about it, it was a total joke — a stupid scam on the internet, or something. It was a totally unproductive conference.”

History has not been kind to the snickerers and scam-sayers, many of whom have since been converted. In 2020, eight years after the conference, Paypal finally joined the fray, enabling users to buy and sell crypto, and it will soon add it as a method of payment at 29 million merchants.

Voorhees spread the gospel of Satoshi at the conference alongside Charlie Shrem and Roger Ver. Shrem was the founder of BitInstant, viewed by some as a martyr to the cause after serving two years in prison on a case related to an exchange user reselling Bitcoin on the darknet marketplace Silk Road. Ver was perhaps the biggest believer of all, earning the nickname ‘Bitcoin Jesus’ for his charismatic promotion of the currency.

“In terms of proselytizing, Roger was the absolute best. He was a total maniac about it” Voorhees recounts with a chuckle.

“Even for Charlie and I, who were very much supportive of the general sentiment, It was pretty overwhelming and just incessant.”

“Everyone that works at a startup feels a little bit like they’re changing the world, that they have this huge mission, and certainly every company tries to amplify that,” he says, being a CEO himself. But for Bitcoiners, Voorhees clarifies, “it is really a ‘change the world’ kind of thing, and to change the world on a fundamental level. It’s to change the institution of money itself — that is a profoundly tall order.”

Vorhees explains that he sees Bitcoin as nothing less than revolutionary:

“It’s not just a better user-interface for the money that people had before. It’s a different type of money that changes government, changes culture, changes social and economic relationships on a very very deep deep level. That’s why it’s taken so long to to catch on, to get recognized, because it is trying to move into such an entrenched institution.”

It’s 2012. @ErikVoorhees @rogerkver and I decided to pool our money together for the first #Money2020 event. We told them we wanted the best booth we could afford, but we needed to be next to the @PayPal booth so we can show the world OUR financial system!

Welcome, Paypal! pic.twitter.com/5BzvQDfvFb

— Charlie Shrem (@CharlieShrem) October 21, 2020

Libertarian roots

Now 35, Voorhees spent his early ‘90’s childhood in the mountains of Colorado before moving to the University of Puget Sound near Seattle in 2003. He studied international economics and business but doesn’t really feel like he learnt either.

“In the entire major of economics, though I had courses in the history of economic thought, I never learned about the Austrians,” he says, referring to the Austrian School of economics. Often ignored by mainstream Keynesian economists, Austrians are obsessed with things like hard money and decry unbacked fiat currencies so they have been embraced by gold-bugs and the Bitcoin community, which is after all, often called ‘digital gold’.

A freshly minted graduate in 2008, Voorhees left to pursue adventure in Dubai where “anyone with a college degree could immediately get a job, because they were growing so fast.”

Working as a marketer for a real estate agency, he watched from a distance as the world he thought he knew began to buckle under the weight of the unfolding Global Financial Crisis. Dubai did not feel its effects until half a year later, he recounts, describing the intervening time as “this very weird period where Dubai was going through this massive economic boom, and the rest of the Western world was falling apart.”

From this desert oasis spared from the global drought, the business and economics graduate “started really understanding money on what I felt was a very fundamental level.” For Voorhees, the story of money is a simple one: “money emerges as the good that is bartered for most frequently.” That used to be gold and is currently fiat money, but it could just as well be something else, if a more useful and efficient money was embraced.

Upon this realization, Voorhees took on a “very strong aversion to fiat currency and to government control of money” because as a believer in a market economy, he felt that no government should control the price or distribution of any goods. “Money was actually the most important good of all, and thus most important to not be centrally planned. And yet it was even in, you know, allegedly capitalist economies,” he says.

“A capitalist economy that has a government-managed money system seemed completely antithetical, but I didn’t have any answers or solutions to that other than some kind of return to the gold standard, which seemed somewhat anachronistic.”

Voorhees returned to Colorado after two years abroad, soon moving to New Hampshire to join The Free State Project, an organized political migration which he describes as “a multi-decade initiative to move 20,000 radical libertarians to one small jurisdiction [New Hampshire] to hopefully have an outsized influence on the political structure.” It was there, in the company of fellow radical libertarian political activists, that Voorhees encountered Bitcoin in 2011.

“At that point I got completely hooked, and a year later ended up leaving New Hampshire and moving to New York to join Charlie Shrem at BitInstant.” There, he took the reins of marketing as employee number three.

It was around that time that Charlie Shrem, Roger Ver, and Erik Voorhees — each of whom would go on to become crypto-luminaries in their own right — pooled their money together to set up a Bitcoin booth at the Money 2020 conference in Las Vegas. “We needed to be next to the PayPal booth so we can show the world OUR financial system,” Shrem recounted. Vorhees says they failed to convert anyone to Bitcoin at the conference despite their best efforts.

Belief in false profits

Vorhees admits he used to be a Bitcoin Maximalist, a believer in the one true coin who rejected all false currencies. “I used to be a maximalist. Obviously when I got into Bitcoin, it was kind of the only coin,” he says.

“As other coins came out I dismissed them, scoffed at them, and generally didn’t like them because I felt like they were a distraction from the important project.”

Though he tried to focus on Satoshi’s vision, the new projects started gnawing at him and he realized that many of them “were doing things that Bitcoin wouldn’t do or couldn’t do.” By mid 2014, his conversion was in full swing.

“My whole mindset began changing. One of the most important things about Bitcoin is that it is decentralised. And it seemed to me antithetical to have a decentralized digital economy where there is only one chain — you know, one code base, one chain, one set of economic rules. It seemed very appropriate that you would get multiple different digital assets, and that was actually part of the decentralization, part of the virtue of Bitcoin was that Bitcoin isn’t the only thing there.”

He tempers this by adding the usual provisos — most tokens are garbage, many are scams, a majority will fail. “It’s only a minority of them that are interesting, but a minority is a lot more than one.”

ETH Folks… try not to become to Binancechain what the Bitcoin Maxis are to Ethereum 🙏

— Erik Voorhees (@ErikVoorhees) February 19, 2021

He still has empathy for his “shortsighted” maximalist peers, who he sees as victims of human nature’s tendency toward tribalism, which expresses itself in lots of ways, “Certainly it expresses itself in religion. And it has expressed itself in crypto, and some portion of people- their mind twists itself into complete advocacy of one flag and complete derision of all others.”

“[It’s] a group psychological phenomena and I don’t know how that stops, but I do think it is really harmful for the growth of decentralized digital finance generally.”

Gambling with Satoshi’s dice

Only a year after learning about Bitcoin, Voorhees launched Bitcoin-based gambling site SatoshiDice in 2012, which took the young crypto community by storm.

“On Reddit, this guy posted that he had created this casino-like mechanism where there’d be this dice roll, and based on the dice roll, a user would either get their coins sent back or lose them. I tried it, and there was magic in it immediately […] So I started working with him.”

This was groundbreaking because “it allowed any person in the world to place a bet by sending a Bitcoin transaction” no matter where they were from or how their local laws governed online gambling.

What’s more, the player did not need to trust SatoshiDice, because “it was provably fair,” meaning that it worked like a transparent machine where all odds and inner workings were open for anyone to inspect. Governments around the world have various commissions to regulate and audit gambling operations, but SatoshiDice’s function potentially made such organizations obsolete, powerless, or both.

“SatoshiDice showed you what the odds were. It was transparent with the odds, and you could prove that the rules were fair.”

The simple, trusted, and permissionless nature of SatoshiDice brought huge success to the platform. Within months of launch, the game was responsible for as much as half of all Bitcoin transactions.

SatoshiDice had an unofficial IPO on the MPEx exchange, a sort of Bitcoin stock market where unregistered Bitcoin companies offered shares and paid dividends denominated in BTC. These were the forerunner of the ICO boom several years later, and attracted similar attention from authorities for breaking securities laws.

Though the casino was “making a tonne of money,” it was also overwhelming as Voorhees felt his job of “running the world’s biggest Bitcoin casino” was distracting him from his greater calling of preaching the good word of Satoshi. Despite ongoing growth, he reluctantly sold the business in 2013 for 126,315 BTC which was then worth $12 million. That would be a cool $6.25 billion today.

Fighting the system

Voorhees did not enjoy calm for long, as the US Securities and Exchange Commission (SEC) soon came after him for making a public offering of unregistered securities. Voorhees considered this unfair, seeing that his investors had made exponential returns. He ended up settling for $50,000.

“That was nine months of total misery, dealing with them. If I didn’t despise the government before, I certainly did it after that. It was such bullshit.”

A core value of his is that people should be free to transact with each other voluntarily, and that no government agency has the right to come in between them. In his worldview, “institutions and government exist purely to curtail people’s power over money,” whereas “crypto gives people total economic power to make transactions in any way they wish, and no one can stop it.” As Voorhees sees it, these two forces will inevitably clash.

Voorhees’ company Shapeshift allows users to trade cryptocurrencies without identity verification. Things were not always that way — in 2018 Voorhees says his company fell under the same rules as traditional banks and therefore had to implement Know Your Customer, or KYC, identity verification procedures, making anonymous transactions impossible. “That was absolutely miserable. Our customers hated it. I hated it.”

But by 2020, decentralized exchanges (DEX’s) which allow users to trade without depositing their funds with a third party were gaining ground and made it possible for Shapeshift to reorient its business and re-align with its libertarian values. All KYC was abandoned, and the platform became a gateway for users to trade on various DEX’s. “I had learned with Satoshi Dice that an economic relationship didn’t need anything other than a public key to send in a transaction, and anything else could be based around that,” he says.

Voorhees says that his opposition to KYC is not down to ideology but his desire to protect users against things like identity theft.

“Identity theft in the US alone is something like a $30B to $40 billion a year problem. It is more costly than all forms of property theft combined. It’s this massive thing, and crypto comes along and solves that problem.”
But how committed is he to this principle? Would he class it as theft if a government accessed user data to tax a client’s unreported financial transactions. “Yeah, exactly. Taxation is absolutely theft,” he responds with blunt matter-of-factness.

The WSJ investigates

ShapeShift’s ethos has proven controversial among adherents to the rules and regulations around traditional finance. An investigation by the Wall Street Journal alleged Shapeshift users had laundered $9 million via the platform. However a third-party analysis by blockchain intelligence firm CipherBlade suggested the investigation was flawed in assuming that funds were illicit even after passing through four different hands, causing the $9 million figure to be inflated by a factor of four. It is clear that Voorhees, who is normally calm and composed, was deeply affected by this.

“Here’s The Wall Street Journal coming after us, calling us the money launderer, when their own inflated number would put us as far better [at combating money laundering] than any of the major banks that they write about all the time.”

There’s a noticeable quaver in his voice. The battle is personal.

We spend the last minutes comparing attitudes toward money in different societies. In the Nordic countries for example, all taxes are a matter of public record. Voorhees finds this disturbing, adding that “a lot of people with money feel guilty about it” whereas creating wealth in an ethical way he believes is a good thing for society.

“I would like to see people who become very wealthy, first of all be proud of that, so long as they did it in an ethical way, and to use those resources in whatever way they think is best. I think that’s how that’s how economies grow and I think there’s nothing wrong with that.”

The reformed Bitcoin Maxi who saw the light: Erik Voorhees

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Enterprise meets DeFi: Organizations work toward adopting blockchain tech

March 2, 2021 by Blockchain Consultants

Decentralized finance is quickly maturing. While the total value locked in DeFi is over $45 billion, financial institutions and large corporations are starting to implement DeFi concepts to automate business processes. This is known as “enterprise DeFi.”

For instance, invoices and other financial products can be tokenized to ensure that transactions are valid and should be processed for payment across multiple parties. Coke One North America is one of the first large corporations to demonstrate this.

CONA is leveraging the Baseline Protocol — a project that coordinates confidential workflows between enterprises using messaging, zero-knowledge cryptography and blockchain — to tokenize invoices. CONA aims to “baseline” its entire supply chain by giving internal bottlers and external suppliers access to a private, distributed integration network.

Through use cases like CONA, such solutions are quickly gaining traction. There are also a number of vendors entering this infrastructure market including Provide, an enterprise middleware provider, and Big Four firm Ernst & Young. Most recently, ConsenSys — one of the leading blockchain software companies — announced plans to use Baseline Protocol as a solution for its enterprise clients, further demonstrating the importance of enterprise DeFi adoption.

How ConsenSys plans to drive enterprise DeFi

Specifically, ConsenSys Codefi — ConsenSys’ fintech suite that connects financial use cases to blockchain counterparts — will soon offer a baseline-compliant solution for its enterprise clients.

Didier Le Floch, institutional products and engineering lead at ConsenSys Codefi, told Cointelegraph that while the Baseline Protocol was developed by EY, ConsenSys and Microsoft, Codefi has been taking steps to ensure that its products will eventually be fully compatible with it:

“We want to enable the use of digital assets and the financing of those assets for payment use cases. These use cases will generate maximum business value, combining automation of business processes and payments using things like stablecoins, for example.”

In order to achieve this, Floch explained that the Codefi tech stack will be combined with the Baseline Protocol to deliver an effortless user experience for cases such as financing supply chains. Floch remarked that this is a first step in the right direction, as Codefi strongly believes that the enterprise sector will soon converge with the DeFi market: “There will be ebbs and flows, and it will be a journey with various steps, but we’ve already seen the promise of this convergence in the DeFi market.”

To his point, MakerDAO — the protocol behind the stablecoin Dai — announced support in June 2020 to use non-crypto-native assets, such as invoices and music streaming royalties, as collateral for its Dai stablecoin. Maker also voted to support a protocol from blockchain startup Centrifuge to bring real-world assets on its platform. Known as “Centrifuge Chain,” this is built on Parity’s blockchain development framework, Substrate.

Asset originators can use the Centrifuge Chain to mint nonfungible tokens of real-world assets, converting them to ERC-721 tokens. These assets can then be added to Tinlake, which is Centrifuge’s Ethereum-based DeFi protocol for decentralized asset financing.

A Centrifuge spokesperson told Cointelegraph that the company is currently working with MakerDAO to bring New Silver, an online real-estate lender, on to the Maker platform as an asset originator. As such, NewSilver would be the first asset originator using Tinlake to get to the MakerDAO executive vote, ultimately allowing asset originators to generate Dai as a credit facility.

DeFi protocol Aave also introduced a diversified money market to support real-world assets back in October 2020. According to the Aave blog post, this money market would make it easy for the Aave community to onboard real-world assets into the protocol, allowing investors to lend against assets, such as invoices, real estate and inventory finance. “Right now, it’s at a small scale, but there are DeFi lending protocols already taking steps to incorporate real-world assets into their protocols,” said Floch.

Breaking down barriers hampering adoption

Many enterprise DeFi concepts are still in early development, as a number of barriers exist. For instance, there are concerns regarding publicly available sources to determine the price of collateralized assets. Furthermore, many DeFi protocols venturing into the enterprise space only allow solutions for borrowing in crypto, which may be unappealing to mainstream organizations. Moreover, paying transaction fees in cryptocurrency may also be problematic for enterprises that typically deal in fiat payments.

Floch explained that Codefi’s use of Baseline Protocol is intended to address these concerns. For example, he noted that there will be an “Infura ITX” integration that will enable corporations to pay gas fees in dollars rather than Ether (ETH) when using the Baseline Protocol. Since the platform leverages the Ethereum network as its mainnet of choice, or as a common frame of reference for complex workflows, this integration will ensure a better user experience overall.

In addition, Floch mentioned that ConsenSys’ open-source zero-knowledge proof library, known as “gnark,” will be leveraged to ensure enterprise data remains private, yet verifiable.

While notable, Codefi’s implementation of the Baseline Protocol isn’t the only solution intended to solve the challenges related to enterprise DeFi adoption.

For example, EY has been heavily involved in the blockchain space, specifically in terms of enterprise DeFi development. Paul Brody, global blockchain lead at EY, told Cointelegraph that the firm has been working on DeFi enabling solutions since 2016, with the goal of making the inputs and outputs of enterprise business processes tokenized and then transactable:

“This means purchase orders, invoices, receivables, inventory — everything in traditional business-to-business processes should be ready to integrate into a DeFi ecosystem.”

Of course, Brody is aware of the challenges regarding this vision, noting that the first element to be tackled is achieving an acceptable level of privacy for enterprise users. Once this is accomplished, Brody explained that necessary standards need to be established where bodies, such as the Enterprise Ethereum Association, can be key partners in the pursuit of these goals.

Brody further mentioned that as an industry auditor, EY will not be offering financial services involving DeFi. Rather, the firm is devoted to ensuring that enterprise clients will be able to plug their business operations into existing DeFi solutions. For example, Brody explained that EY’s Network Procurement solution is designed to manage purchase orders and fulfillment, which would allow enterprises to exchange tokens for purchase orders, contracts, invoices and inventory transfers. “As soon as we see standards we can leverage, we hope that our enterprise users will be able to take advantage of these markets,” said Brody.

Institutions show interest in DeFi?

In addition to a growing number of enterprise DeFi solutions in development, there is now interest in DeFi from large organizations and financial institutions. This was recently demonstrated by the leading digital currency asset manager, Grayscale. On Feb. 26, 2021, the firm announced consideration to offer investors access to DeFi assets, including Aave, Compound’s COMP, MakerDAO’s MKR, Reserve Rights (RSR), SushiSwap’s SUSHI, Synthetix Network Token (SNX), Uniswap’s UNI and Yearn.finance’s YFI.

Although this is separate from enterprises using DeFi protocols to find real-world assets, Floch noted that this demonstrates more institutional players are ready to invest in prominent DeFi protocols:

“For institutional customers of Grayscale to start investing in those tokens is definitely a sign that they’re getting more comfortable with Defi, while understanding the value of those protocols (asset management, collateralized lending and trading automated in smart contracts).”

Enterprise meets DeFi: Organizations work toward adopting blockchain tech

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Blockchain has the Potential to Fight Root Causes of Poverty

March 2, 2021 by Blockchain Consultants

Blockchain has the Potential to Fight Root Causes of Poverty

You must have come across various use-cases of Blockchain. Do you have any idea how this distributed ledger technology can fight the root causes of poverty? This article talks about how Blockchain can help lift poor people out of poverty in developing countries.

Table of Contents 

  • Overview 
  • General Causes for Poverty and How Blockchain can Deal with it
  • Conclusion: Is Blockchain the Solution to End Poverty?

Overview 

While various technological advancements have significantly reduced global poverty to a great extent, it is still existing. Blockchain, which is a P2P decentralized distributed ledger technology, is assumed to have the potential to create significant political, social, and economic gains for developing countries. Although a Blockchain-based database isn’t enough to solve these difficulties, it can definitely change the poor economy’s facet. 

According to NASSCOM that stands for National Association of Software and Services Companies, Blockchain-led improvement in productivity and cost reduction can create a value of around US$5 billion in the Indian economy in the next three years from now.

Interested in learning blockchain technology and become a Blockchain Expert? Check out the best online blockchain certification courses at Blockchain Council.

General Causes for Poverty and How Blockchain can Deal with it

Poor record-keeping methods and inaccurate registry are the significant challenges that make it nearly impossible for people to prove they own the land. Citizens of developing countries do not have a secure ledger to record and store their crucial information. Without the ability to verify deeds, people are unable to buy or sell their land, access loans, and other financial tools that are necessary to improve their financial position. They are still relying on third-party intermediaries for managing their documents, and therefore, their property records are typically vulnerable to inconsistencies, tampering, damage, and data loss. Lack of legal land ownership is one of the biggest causes of poverty in developing countries.

Distributed ledger technology like Blockchain can be piloted in novel ways to address such concerns. 

Using a blockchain to record transactions ensures that it is not susceptible to tampering. Since Blockchain records a clear history of modifications, including who did what and when thus records stored on the distributed ledger is virtually impossible to change. 

Using this technology for property ownership registration protects the rights of the owner and enables easy resolve of disputes, if any, prevents cheating, and makes the correct transfer of ownership after-sale possible. Thus, technology can be used to establish credit, allowing owners to open bank accounts and perform monetary transactions, thus enabling higher financial inclusion, paving the way to sound futures.

Lack of identity is another crucial issue in developing countries. According to the World Bank’s global financial index, around a quarter of the world’s population is unbanked, and due to this, people are unable to open their bank accounts and access financial services.

Blockchain can deal with this problem by providing a Blockchain-powered digital identity that could be utilized by all those who don’t have proper identification. Such identities can be used globally and hence enable poor people to access financial systems and transactions. Moreover, Blockchain-based smart contracts can also help in the verification process for availing the desired services in a truly independent manner. People no longer have to be dependent on higher-authorities for verifying their details for processing transactions.

Apart from this, Blockchain can also provide other benefits too. Like for instance, it can make the transferring of the land process easy and straightforward. Instead of relying upon central authorities like going to a public registry house to transfer their land, which costs heavily, moving the entire process onto the Blockchain can drop the cost and streamline the entire process.

Curious to learn more about the smart contract and become a Certified Smart Contract Developer? We are here to assist you.

Conclusion: Is Blockchain the Solution to End Poverty?

The living conditions of billions of people are improving, and all credit goes to advances in technology such as Blockchain. But this technology is solely not responsible for breaking the cycle of poverty. Technologies such as the IoT, 5G combined with sound economic and social policies are also the key players in this direction. Despite the promise of Blockchain, there are various fundamental challenges for its implementation. Also, bureaucrats may oppose using that technology that reduces their power and privileges.

If you are looking for the best Blockchain Certification courses, you can get enrolled in Blockchain Council and become a Certified Blockchain Developer/Expert.

To get instant updates about Blockchain Technology and to learn more about online Blockchain Certifications, check out Blockchain Council.  

Blockchain has the Potential to Fight Root Causes of Poverty

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Blockchain in 2021: Accessibility, Authenticity, and Artificial Intelligence (AI)

March 2, 2021 by Blockchain Consultants

Codezeros

With the usher of the New Year 2021, it promises a new age wave for many industries in particular, and blockchain is no different. With several studies and forecasts, the blockchain industry in 2021 offers varied promising benefits and ways more than one. The past year was a year of disruption marked with a number of challenges, making it difficult for the boats to sail. Despite the challenges, this pandemic has attained the right push it needs and is creating waves across places.

In this blog, let us focus on the latest trend in the sphere of blockchain and how they are different from the rest.

Global blockchain market size is bound to grow:

Although this was not one of the assumptions made, however, the blockchain industry is going to explode this year. Businesses around the world are seeing a growing interest to adopt the technology and further enhancing the business procedure.

With the pandemic accelerating the digital transformation in areas, global blockchain marks the list too. Hence, the market size is expected to expand from USD 3.0 Billion to USD 39.7 billion by 2025, growing at a rate of 67.3% during these four years.

Utilization of digital health credentials:

The pandemic has largely accelerated the popularity of digital health credentials allowing individuals proof of health status. This proof is offered to employers at the workplace, for travel, or even for recreational activities.

The industry is working towards initiating individuals’ control over managing their health and personal data. Thereby, we can say that Covid 19 has successfully contributed to creating an incentive for the testing providers to all work together and curate the digital infrastructure required to support the credentials. Feel free to contact blockchain development service providers and explore its potential benefits.

AI and Automation

AI and automation are helpful to unlock further value while being integrated with reliable data offered by blockchain. For example, several business modules can recommend products to be recalled from the store shelves due to expiration.

The digital record presents attractive insights into the framework behind AI and thus reduces the distrust and mystery. Several business modules can pair the two prominent technologies, AI and automation, to leverage business solutions’ efficiency. This will be highly beneficial in attaining transparent and secured data.

Increased Accessibility:

Through the passage of time, the timeline and costs to achieve a positive ROI have fallen as blockchain slowly became integrated with distinctive solutions. As a result, enterprises are largely benefitted from choices and specific present in the networks around them. Improved flexibility through hybrid cloud and the greater ability to meet demand has been successful for organizations to view value.

A shortage of staple food during the pandemic has leveraged the need for an increased supply chain visibility and resilience.

Improved Vaccine Distribution:

With the Covid vaccines slowly rolling out, the process is becoming challenging. The technology can be largely beneficial in such a sector and help offer an accurate inventory reflection, further optimizing vaccine allocation. It can further help in maintaining cold chains while aiding to combat fraudulent activities. Simultaneously, it can also bring an improved trust and efficiency to the distribution and supply of vaccines.

The vaccine distributors tend to look for technologies such as crypto anchors, which helps to mitigate the underlying problem. It does so by tying a digital identifier to an object, which is extremely difficult to clone and transfer to another. Get in touch with the right developer for blockchain app development services and curate professional application for your business.

Accelerating Inventory Digitization:

This is being benefitted through tokenization, which can also be referred to as representing the physical assets and digitally. This will offer an additional sense of security, with the next evolution being completely a digitized inventory. These inventories help increase the source of supply chains by logging the working capital while offering an increased understanding of the liquid assets. As a result, this can be beneficial in helping them make informed decisions.

The assets can limit the number of paperwork required by economic participation and effectively address the liquidity concern. With organizations on their way to increase efficiency and eliminate costs, the New Year will witness more efforts to integrate the tokens.

Conclusion:

The past year has been a challenging one; however, technologies like these help keep the boat sailing amidst all difficulties. The challenges have delivered clarity, helping efficient vaccine distribution, supply chain management, and more. Thus, as predicted before, the technology’s impact is on the soar and is expected to grow more in years to come. It is ideal to get in touch with a professional blockchain development company and discover its potential.

Blockchain in 2021: Accessibility, Authenticity, and Artificial Intelligence (AI)

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Filed Under: blockchain, blockchain technology Tagged With: ai, artificial intelligence, authenticity, blockchain, blockchain-technology, Business, cloud, crypto, data, Digital, Food, Go, health, Infrastructure, Market, personal data, security, supply chain, Technology, Tokens, view, world

Google Finance Adds Dedicated Data Tab on Bitcoin and Ether

March 1, 2021 by Blockchain Consultants

Google has finally hopped on the crypto bandwagon. With the crypto industry now worth a mouth-watering $1 trillion, it can no longer be disregarded.

Google Adds ‘Crypto’ Tab To Feed

With many institutions coming into the crypto space in the last year, and many more projected to make a move soon, Google is making the crypto transition, as many had expected.

Through its Google Finance domain, the American tech company will enable its Google Finance users to get up-to-date price movements for their favorite cryptocurrencies. The domain platform, which originally catered for stock and currency markets, will see ‘crypto’ debut in its “compare markets” finance segment.

The new addition will let users know the latest price changes for popular virtual assets like Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.

Google had taken a stand-offish approach to the emerging blockchain technology previously. During the early years of cryptocurrencies gaining steam, the Alphabet subsidiary had banned crypto adverts on its platform. It went as far as bringing down videos on its Youtube platform that discussed cryptocurrencies.

But in a 2018 Blockchain Summit in Morocco, Sergey Brin, co-founder of Alphabet Inc., noted that the company had clearly missed it when it came to the nascent technology. Rumors are now making the rounds that the company is quietly acquiring crypto startups and investing in established crypto businesses. Ripple Labs’ is also mentioned as one of its crypto partners.

Crypto Now Gaining Global Attention

Bitcoin has played a vital role in cryptocurrencies reaching the enviable heights it is now on. With the premier digital asset owning a large share of the $1.6 trillion crypto market, global institutions and tech companies have found it hard to ignore it. 

MicroStrategy, a business intelligence firm based in Virginia, United States, has been beating the crypto drums for some time now. With its remarkable investments in BTC, it now holds a sizable share of BTC available in the ecosystem.

Electric car company Tesla Inc. also moved into the crypto space with an initial $1.5 billion investment in BTC. It is also looking to use the virtual asset as a payment solution, just like Mastercard and Visa plan to do.

The increased demand is making global financial regulators jittery as the sector is largely decentralized. TUS Securities and Exchange Commission (SEC) commissioner Hester Peirce have called for a dynamic regulatory framework. Peirce says this will better aid the development of the nascent technology and reduce its potential for misuse.

Google Finance Adds Dedicated Data Tab on Bitcoin and Ether

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Filed Under: blockchain, cryptocurrency Tagged With: alphabet, Better, Bitcoin, bitcoin cash, blockchain, btc, Business, car, Cash, Co-founder, Companies, crypto, Cryptocurrencies, cryptocurrency, Currency, Currency Markets, data, decentralized, Digital, ether, ethereum, exchange, finance, google, Investing, investment, Investments, Litecoin, Market, Markets, mastercard, ripple, SEC, Securities and Exchange Commission, Space, Startups, tech, Technology, tesla, United States, visa, youtube

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