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Crypto and blockchain: What the Brazilian market can expect for 2021

January 22, 2021 by Blockchain Consultants

2020 will be remembered as one of the most difficult years for contemporary societies: Countries and entire populations have faced lockdowns and economic crises, financial markets still suffer from the severe impacts of the economic recession, and more than 2 million lives have been taken by COVID-19.

Despite this, other sectors have been impacted in other ways during the severe global health crisis — which still seems far from over, even though vaccines are beginning to be distributed in wealthy countries. Economies have radically digitalized, hedge assets have attracted mistrust, and the crypto market has had one of its most important years since 2009, the year of Bitcoin’s (BTC) launch.

In fact, the crypto and blockchain markets have stood out in the face of a crisis that has spared almost no sector. Cryptocurrency funds are among the most profitable of the year, Bitcoin and the biggest altcoins reach new historic highs, large institutions and investors in the financial markets have allocated investments in Bitcoin, and blockchain technology has broken down barriers in the financial sector and in the production chains of the most varied of sectors.

Faced with a year of profound changes, what is to be expected for the future? Cointelegraph Brasil invited some of the country’s top crypto and blockchain experts to chart the next steps for the market.

Institutional investment

Institutional investment was highlighted in 2020, finally reaching the cryptosphere, and it promises another year of growth in 2021.

According to Rodrigo Borges, founding member of the Oxford Blockchain Foundation, large Bitcoin contributions by institutional investors — which have even bought more BTC than the production capacity of miners — will intensify in 2021: “Regarding Bitcoin, I imagine that there will be an increase in demand for institutional investors, enabling the emergence of new products with exposure to Bitcoin,” analyzed Borges. He also sees “2021 as a year of consolidation and strong development in the sector.”

As for Tatiana Revoredo, MIT blockchain expert and Cointelegraph Brasil columnist, the custody of cryptocurrencies by traditional financial institutions and the adoption of stablecoins will be key in the new year:

“In the financial sector, we will see applications for custody of crypto assets being launched in Brazil, with the possible participation of the traditional market. And if the regulatory authorities allow it, stablecoins will have an expressive role in the Brazilian market, with the turnover being able to quadruple in size.”

Crypto markets

Crypto markets experienced a year of extreme optimism — or greed, as demonstrated by the Crypto Fear & Greed Index. Bitcoin reached a dramatic bottom close at $3,800 in March, and it beat its 2017 historic high of $20,000 on Dec. 16. In Brazil, the currency set a new historical record in November when it reached $106,000 Brazillian reals.

Cointelegraph Markets reporter Marcel Pechman highlighted the behavior of the market despite the setbacks suffered during the year. He recalled: “The Bitcoin and Ethereum markets developed in 2020 as never before imagined, both in terms of trading volume, price and the contribution of renowned investors like Paul Tudor Jones and Stanley Druckenmiller.”

Pechman said that despite the crypto market suffering some setbacks, the impact of those setbacks on market performance was not so significant: “We had, for example, the US Department of Justice suing BitMEX — at the time, the largest derivatives exchange — and KuCoin’s $280 million hack, and none of those affected the market.”

Pechman also recalled that the 2020 DeFi race led to expensive transaction costs on the Ethereum network but did not impact market sentiment.

OriginalMy CEO Edilson Osório agreed with the promising future of the DeFi sector, but he cautioned against fraud:

“This is an experimental and very promising market, but it must be given extra attention because of malicious groups applying scams and fraud in general. As it is a very new market, platforms may have problems with hacks, and due to the great centralization that exists (even with many platforms presenting themselves as decentralized), there is still a risk of exit scams.”

About 2020’s innovations, and the digitalization imposed by the COVID-19 crisis, Pechman also said that it will go even deeper in 2021:

“Successive innovations, which include Taproot, Schnorr and Lightning Network in Bitcoin, in addition to the launch of Ethereum 2.0 phase 0, pave the way for the next wave, with increasingly larger, scalable applications, and interconnected with traditional finance. The final proof? Fidelity offers loans covered in cryptocurrencies.”

On the domestic markets, Osório is betting on the tokenization market in Brazil, which is already used by the country’s largest crypto exchange, Mercado Bitcoin. According to him, 2021 will be a year for “maturing the security tokens market.”

“Existing protocols are beginning to be well regarded by regulators, since most of them provide for greater participation and visibility on the part of the regulator itself and allow the mitigation of various risks inherent in this market. In this race, there is a great chance that Brazil will gain prominence because the local regulator has established a regulatory sandbox and the first projects are already beginning to mobilize to have their applications running in a more legally secure environment,” – noted Osório.

Another player at the Brazilian crypto markets, João Paulo Mayall — head of operations at QR Asset Management — is also optimistic about the tokenization market in 2021. He highlighted the role of regulators in the sector’s expansion in the South American country: “I believe that the future is the tokenization of assets, debentures, court bonds, government debts. Brazil is very advanced in its banking system and we will have many surprises in this sector, so I am very optimistic. Tokenization is a billion-dollar market, but it lacks the infrastructure. Innovation came in front of the regulators, but I think they are open to listening and working on it. I think [the regulation] will happen next year, even before March 2021.”

Finally, blockchain expert Tatiana Revoredo argued that crypto adoption in Brazil, which saw its currency melt in 2020, will intensify, with Bitcoin once again asserting itself as an economic-protection asset. She believes that the crypto markets will see “an increase in the interest of Brazilians, with consequent increase in the Brazilian market, with a prominent role for Bitcoin being adopted as a protective asset.”

CBDCs and national governments

The digitization of economies has placed the discussion of central bank digital currencies, or CBDCs, at the center of debates by financial authorities around the world. One of the countries that has definitely entered this race is China, which is already conducting real tests of the digital yuan in the country. Its main geopolitical rival, the U.S., announced that for the time being, it does not intend to digitize the dollar, but it is already seeing internal pressure from not following the Chinese leadership in the sector.

The Central Bank of Brazil has also commented on the transformation of the Brazillian real into a digital currency a few times, although there are no concrete plans for that in the short term.

Osório believes the European Union will join the hype soon, further accelerating the global race for CBDCs: “Although China appears to be leading the CBDC race, other countries are also beginning to move in this direction. Among them, Estonia, which recently started an internal consultation for the launch of its currency in the digital version. In particular, I believe that in Europe a more comprehensive and organized movement should take place in this sense, given the incentives promoted by the European Union.”

Many experts try to predict the impacts of CBDCs on economies — one of the main concerns of economic regulators. Governments, which largely study the adoption of blockchain in their public processes, should also enter the debate on privacy and the digitization of money.

According to Tatiana Revoredo, “in the government sector, the forecast is for the growth of [blockchain] applications in document registration and health applications, as well as a greater concern, by the citizens, regarding the relationship between privacy and CBDC.” She also claims that payments processors should closely monitor this innovation:

“Those who should be more attentive to these movements are the means of payment, such as PayPal and their peers. They will have to look deeply into their business models as soon as governments start issuing their currencies digitally. ”

Blockchain adoption

Governments have also viewed blockchain technology through a positive lens. In Brazil and Latin America, several state entities already use the technology to certify documents, including customs and notary offices. Big companies are also adopting blockchain to certify production, with use cases that are only expected to grow going forward.

Borges said that the acceleration of blockchain adoption by large companies and governments can positively impact crypto assets:

“Within the scope of blockchain technology, I see the development of interesting solutions, with the increasing involvement of traditional players, especially in the financial and agribusiness sectors, which may result in increased liquidity for certain assets.”

Revoredo agreed and highlighted the advancement of technology in the agricultural sector: “There has been a significant advance in agribusiness, with use in the identification of devices (drones, for example), integration with IoT and artificial intelligence to provide greater reliability and certify quality of agricultural production.”

Osório defended the growth of the blockchain market in 2020 and its prospects for the near future: “When we look at advances in blockchain with applications beyond digital currency, we see a growing market in the area of ​​decentralized digital identity, including with the approach of governments. We have seen movements in governments in the US and Japan, interested in modernizing their digital governance models. And the pandemic has certainly helped to accelerate and advance discussions on the issue around the world, as it understands that the digitization of analog and traditional services is a necessity.”

The end of 2020 was a milestone that closed out one of the most dramatic years in the history of contemporary societies, but it also revealed ways to combat global economic and health crises.

Blockchain technology has helped societies fight corruption, adopt more transparent processes and even contributed to the certification of medicines and vaccines during the most serious health crisis of the last 100 years, in addition to helping companies to improve procedures, products and services.

Meanwhile, Bitcoin has strengthened as an economic protection and investment product, has attracted institutional investment giants, and — together with other crypto technologies — has even laid the foundation for central banks around the world to start implementing their own digital currencies.

We still do not know the depth of the revolution we are experiencing with the digitalization of societies and the weakening of national currencies around the world, but by the end of 2021, we will certainly know many of the answers to the questions that still plague us at the beginning of this new year.

Crypto and blockchain: What the Brazilian market can expect for 2021

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New Members and Certified Service Providers Joined Hyperledger for Annual Member Summit

September 30, 2020 by Blockchain Consultants

Curious to know who all new members and Certified Service Providers joined the Hyperledger annual Member Summit? What was the agenda of such a Member Summit? This article will answer all your questions.

Table of Contents

  • Introduction to Hyperledger 
  • Hyperledger Umbrella 
  • What is the Hyperledger Member Summit?
  • New Members Who Became Part of Annual Member Summit 
  • Concluding Lines 

 

 Introduction to Hyperledger 

Hyperledger is an open-source group whose mission is to increase business Blockchains’ adoption through global open source collaboration. It partners with more than 250 member companies, including the global leaders in finance, banking, supply chains, IoT, manufacturing, etc. Launched in 2015 by the Linux Foundation, it aims to develop enterprise-grade and distributed ledger applications to support cross-industry blockchain technologies. Due to its advancements, it has multiple projects under it; however, four are widely used. Even though Hyperledger has advanced a lot already, it is still evolving and maturing enough to draw the attention of businesses interested in creating more affordable and easier blockchain solutions. 

Want to gain in-depth knowledge of Hyperledger Technology and become a Certified Hyperledger Expert? Sign up for Blockchain Council.

Hyperledger Umbrella 

Let’s briefly define all the projects under the Hyperledger community

  • Hyperledger Fabric provides a platform for the development of different products, solutions, and applications based on Blockchain for business use. 
  • Hyperledger Burrow is a permissioned Ethereum smart-contract blockchain node that handles multiple transactions and executes smart contract code on the Ethereum Virtual Machine.
  • Hyperledger Sawtooth is an enterprise-level, permissioned, scalable blockchain platform that uses Proof of Elapsed Time(PoET) consensus mechanism.
  • Hyperledger Besu is an Ethereum client designed to be enterprise-friendly for public and private permissioned networks.
  • Hyperledger Indy is a distributed ledger that supports several tools and libraries for digital identities rooted in blockchains.
  • Hyperledger Aroha works on Linux and Mac OS, with several mobile and desktop libraries and can be used for interbank settlement, healthcare, logistics, etc.

What is the Hyperledger Member Summit?

The Hyperledger Member Summit is held each year, bringing together the Hyperledger group to learn about the latest innovations, share best practices and work together to accelerate rapid progress across the industry. This year it was scheduled on September 10-11, 2020. However, this time the Hyperledger community announced that Member Summit took place in a virtual format to meet wider audiences.

New Members Who Became Part of Annual Member Summit 

As the Hyperledger group welcomes the virtual Member Summit’s new participants and certified service providers, it showcases eight new members and seven firms that have been Hyperledger Certified Service Providers (HCSPs). 

Eight new organizations have joined for the annual member summit, including Chainstack, SIMBA 

Chain, SIX Digital Exchange, and Visa, to engage with Hyperledger ‘s global group. 

To become a Hyperledger Certified Service Provider (HCSP), the training criteria were successfully completed by various companies, including Creativehill, DeepDive Technology Group, NEC, SAP, SwissCom, Tech Mahindra, and Tencent. 

Behlendorf, Executive Director, Hyperledger, believes that Member Summit is crucial for grounding points for our community. In his words, 

“The pace of adoption for enterprise blockchain is accelerating, and our members are a driving force for critical new technologies and solutions. Our latest members will be important new voices as we set agendas and roadmaps that will keep us pushing this market forward in the year ahead.”

Chainstack Chainstack aims to make launching and scaling of decentralized networks and applications easy. On any cloud, it offers enterprise-grade, managed blockchain services, and aims to offer scalability, flexibility, and transparency.

Creativehill aims at building fintech solutions to find new opportunities in digital finance systems. It aims at building permissioned blockchain systems and offers consultation to those fields where Blockchain can be applied.

DeepDive Technology Group aims at building intuitive and complex blockchain solutions and believes that the Hyperledger community plays a leading role in the advancement of enterprise blockchain. 

EMURGO is a multinational blockchain technology company providing solutions for developers, startups, enterprises, and governments. It aims at developing Blockchain and smart contracts solutions for organizations of all sizes. 

SIMBA Chain is a cloud-based, smart-contract-as-a-service network that enables users to deploy globally accessible decentralized apps (dApps). Such apps allow safe, direct links between users and suppliers, removing third-party intermediaries.

Apart from these, SIX Digital Exchange and Valid Network were also a part of the Member Summit 2020.

The Verdict

Hyperledger provides technological and business governance-supported community-driven infrastructure that aims at building enterprise-grade, open-source, distributed ledger systems, and codebases to facilitate business transactions. The Hyperledger community trains the public about the market opportunity that technology holds. Due to its flexibility, scalability, and security, Hyperledger certifications have gained a lot of public attention. If you want to become a Certified Hyperledger Expert, you can sign up to Blockchain Council!

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

New Members and Certified Service Providers Joined Hyperledger for Annual Member Summit

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Filed Under: blockchain, blockchain technology Tagged With: Adoption, Apps, article, Banking, blockchain, blockchain certification, blockchain council, blockchain courses, blockchains, Business, cloud, Companies, decentralized, developers, Director, Enterprise, ethereum, exchange, executive, finance, fintech, format, healthcare, Hyperledger, Infrastructure, innovations, iot, Ledger, linux, Logistics, manufacturing, Market, Mobile, NEC, open source, sap, security, smart contract, smart contracts, Startups, swisscom, tech, Technology, Tencent, us, visa

Chinese state-endorsed public chain to act as a global DeFi bridge, says Conflux CEO

September 24, 2020 by Blockchain Consultants

Conflux Network, a permissionless blockchain project which is endorsed by the Chinese state, told Cointelegraph on Sept. 22 that the project has officially launched its Tree Graph Research Institute with the Shanghai government. 

According to Fan Long, CEO of Conflux, the Tree-Graph Blockchain Research Institute will experiment with local states to build a regulatory compliance platform that can bridge global DeFi applications and government regulations. He added that: 

“DeFi is a new world and while it appears as though it may pose a challenge for regulators, they appear willing to listen. At this stage, the most important thing is to maintain a reliable communication channel between two sides— the DeFi innovators and the regulators.” 

When it comes to new techniques and innovations, the Chinese government has shown signs of tolerance for experimentation in the past. Fan indicated that the complexity surrounding DeFi and other relevant distributed innovations will make open communication crucial for continued legislative acceptance. He stated that: 

“Regulators need a reliable way to learn what the new technique is about and where it might lead us to. Innovators need a way to understand the concerns and red lines of regulators.” 

At the moment, Conflux is working with the Shanghai government on several sandbox projects. Fan told Cointelegraph that these projects include integrating blockchain borrowing and lending services into Shanghai’s Pudong Development Bank, and leveraging the Shanghai free trade zone’s unique regulatory framework to devise a unique stablecoin for the region, The CEO explained: 

“Shanghai Free Trade Zone is outside of capital control of China where RMB is offshore with its own set of rules, so we are trying to come up with some regulation breakthroughs with experimenting under the free zone framework.” 

Compared with the central bank’s digital currency, or CBDC,  Fan pointed out that  although a CBDC will allow the central government to maintain control of the financial activities, it would be hard for such a centralized form of digital currency to be accepted outside of China. 

Conflux is trying to either create a free zone stablecoin or build a public permissionless cross chain for the CBDC.

The project, which began its life as a research project at Tsinghua University, has been working to provide a robust and cheap framework for developers to build decentralized finance applications. Fan explained that: 

“Conflux Network seeks to provide a POW network with transaction speeds an order of magnitude faster. The key enabler technique is a novel DAG-based ledger structure together with an optimistic concurrency control to achieve a consistent order of transactions among all the nodes in the network.”

Fan believes that DeFi projects will only be able to go mainstream through willfully enacted compliance measures which evolve alongside government regulations. Blockchain and DeFi are new areas for regulators. Although he cannot speak to how regulators will go about this, his predicts that: 

“Decentralization will make it more difficult for regulators to control DeFi products, but there are still possibilities to exercise controls at the boundary between the decentralized world and the centralized world.” 

The Shanghai Municipal Government, one of the states endorsing the project, is interested in exploring how the city can leverage blockchain techniques to integrate traditional finance with decentralized financial services, says Fan.

In order to connect global DeFi projects and regulations, the company also created the Conflux Open Defi initiative. 

Members include: Sequoia Capital, Blockpower Capital, Antelope Holdings, dForce, DeBank, and MCDEX along with Chinese state support through the Shanghai Science and Technology Committee. Fan says Open DeFi aims to unite Eastern and Western DeFi markets through three globally focused program tracks: risk management, new liquidity strategies, and incubation & innovation.

Chinese state-endorsed public chain to act as a global DeFi bridge, says Conflux CEO

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Filed Under: blockchain, blockchain technology Tagged With: Bank, blockchain, CBDC, ceo, China, Compliance, compliant, Currency, decentralized, Decentralized Finance, DeFi, developers, digital currency, finance, financial services, Go, government, innovations, Ledger, Markets, other, Regulation, Risk Management, science, Sequoia, sequoia capital, shanghai, stablecoin, Technology, us, world

It is ignorant not to embrace crypto at this time, says Binance U.S. CEO

September 22, 2020 by Blockchain Consultants

Chief Executive Officer of crypto exchange Binance US branch, Catherine Coley, explained that businesses who adopt cryptocurrency may find it easier going forward in this pandemic period.

During an interview with Tracy Alloway and Joe Weisenthal on Bloomberg, she said cryptocurrencies can offer “uses beyond speculation” as investors can apply cryptocurrencies in real-world scenarios like driving new businesses and engaging in e-commerce transactions. She pointed out that startups that do not think about integrating digital assets into their systems will be ignorantly going about their business, particularly in the precarious period.

She also revealed that firms should learn a lot of lessons from cryptocurrency, as it has made conversations about money more accessible to professionals in the mainstream sector as well as more digestible for everyone. She also said crypto has made a lot of people stay off the streets, including her. There are loads of benefits to gain from the cryptocurrency and its industry. Although it is still underestimated, cryptocurrency has a huge role to play in the mainstream finance sector, she pointed out.

Coley has been serving as the chief executive officer of Binance US since last year. In August the exchange revealed that it has been granted full regulatory permissions to expand operations to Georgia, Alabama, and Florida. With the new legislation, the crypto exchange can make it easier for all crypto traders to enter the U.S. market by next year.

Binance’s Crypto Card Provider Swipe Plans a US Launch

Bridging the gap between fiat and cryptocurrencies

Many market observers are taking Coley’s stance on the benefits of cryptocurrencies in the traditional finance market. The development of digital technology is moving at a high pace, prompting some crypto experts to believe cryptocurrency will become highly relevant in finance in the next few years. This is because there are several positive signs of transactions involving cryptocurrencies that are not seen with the Fiat currency. Apart from transaction efficiency, there is another benefit that cryptocurrencies will usher in more financial participation for everyone.

Coley is bemused that some companies are still skeptical about integrating cryptocurrencies into their platform even after seeing the immediate and future benefits of digital currencies.

Fintech companies should tap into cryptocurrency growth

The fintech project started some decades ago when the first credit payment credit card rolled out its services. And the invention of self-service devices, ATMs, and banks started moving the financial industry forward.

The financial sector has been affected by a series of innovations at different stages. Right now, cryptocurrency and Bitcoin is the rave of the moment. While some fintech firms are trying to work their way to integrate the digital currency, others are still backing out, fearing regulation concerns.

People lost confidence in the classical financial system after the 2008 global financial crises. Coincidentally, digital currencies were introduced at that period, which is quite different from the Fiat currency. Several experts have predicted that fintech companies who will take advantage of the present benefits of the cryptocurrency will reap the reward in the future, as the world changes its financial and monetary course.

It is ignorant not to embrace crypto at this time, says Binance U.S. CEO

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Filed Under: blockchain, cryptocurrency Tagged With: Banks, Binance, Business, ceo, chief, chief executive officer, Companies, conversations, crypto, crypto exchange, Cryptocurrencies, cryptocurrency, Currencies, Currency, digital currencies, digital currency, e-commerce, exchange, executive, fiat, finance, Financial sector, fintech, Florida, innovations, interview, Legislation, Market, money, Regulation, Spotify, Startups, Technology, Trading, u.s., us, USA, world

5 Things You Need to Know Before developing blockchain applications?

August 8, 2020 by Blockchain Consultants

Codezeros

Currently, blockchain technology is majorly affecting the design, financial markets, and the construction industry. However, developers are trying to integrate this technology into other industries too. Many companies are putting their hands in this technology to certainly have a competitive edge over their competitors. Also, no one wants to miss out on the amazing opportunities that this next-generation technology can bring to the businesses.

Blockchain is an evolving technology, so it is important to understand the basics of it. Keeping that in mind, let’s learn about things you should know before developing blockchain applications:

Simply a database

If you will search about blockchain on Google or ask a developer, you will get responses like distributed ledger technology, mining, global ledger, or immutable record. Quite confusing, right? But, when you look into all these technological terms, you will learn blockchain is simply a database.

Moreover, this groundbreaking technology posses a special design feature that changes the base layer of the internet to secures the users’ data. Blockchain pairs a private and a public key to enable decryption and one-way encryption.

Reduces the risk of hacking

In the blockchain, a decentralized transaction ecosystem has been used to provide a real-time database to multiple parties. Here, the parties have a complete copy of the latest as well as the previous history of transactional data.

The access is distributed as decentralized and the risk is reduced to an extent that no single party can breach or temper the data. Therefore, no hacker can record ransom, or hold any data as everyone involved has a complete copy of the database and its history.

No middleman needed

Blockchain provides tokens with digitized services and those tokens can be shifted through the internet without any help of the third party to verify or proceed with the transaction. An algorithm is used to process the decentralized blockchain technology.

Even the medical industry is trying its hands on blockchain innovations relating to the womb to tomb medical records. The industry experts are researching to enhance and improve the record-keeping system of the medical history of every patient. This can help patients to seek holistic care and securely manage their health records. However, the patient can provide access to their health care history to the healthcare centers through a private and cryptographic key. So, the days are gone when patients need to recollect the paper files about their past health records for their future health care provider’s use.

Became popular across the country

In 2018, legislation related to the potential of blockchain software development is in consideration of passing in 14 state legislatures. Most of them have explicitly mandated for the agencies to utilize blockchain technology or establish the study to understand blockchain technology. When compared with last year’s data of active legislatures exploring this technology, this year the increased number of exploration has indicated that the blockchain is here to stay and continue to grow.

Represent transformational changes

The design and construction industries are using several use cases to connect to the blockchain. In these industries funding, planning, designing, maintenance, operation, and construction is needed to manage different projects. Blockchain might ease the communication between stakeholders to streamline this complex process.

Another blockchain area to look into is the Smart Contract. Enabled with blockchain development services, it is an automated self-enforcing contract. Similar to the traditional contract, it governs the relationship between the parties but also governance-on-wheels as the flow and funds are connected to help and automate a series of events.

A complex transaction for the construction or design industry can be brought down with blockchain development services into a series of actions that are connected to the payments. Therefore, the document can govern the service agreement between parties and behaves as a project management platform. For example, after the payment of one blockchain services is automatically done, the other is notified to start with the work.

Blockchain is designed with advanced accessibility and enables investors to invest directly through the purchase of tokens. The investors can also redeem their interest on the bonds through tokens rather than cash. Moreover, it is difficult to predict the future applications of this fast-paced technological development and machinations. If you are planning to integrate the blockchain application, you can consult an enterprise blockchain development company. It will help you to understand where this technology can fit best in your business.

5 Things You Need to Know Before developing blockchain applications?

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Filed Under: blockchain, blockchain development, blockchain technology Tagged With: blockchain, blockchain-development, blockchain-technology, Bonds, Business, Companies, data, database, decentralized, design, developers, encryption, events, funding, google, health, healthcare, innovations, Internet, Ledger, Legislation, Markets, mining, other, payments, smart contract, Software, software development, Technology

Looks like Trump is cracking down on Venezuela’s Petro cryptocurrency

March 18, 2018 by Blockchain Consultants

Venezuela launched its own bitcoin called Petro last month.
Image: pixaby

Last month, the Venezuelan government launched Petro, the world’s first state-issued cryptocurrency, in hopes of boosting its struggling economy and circumventing U.S. and European sanctions.

The Trump administration, however, isn’t buying into the country’s new digital currency, which has been called “snake oil” by some financial experts.

SEE ALSO: Venezuela’s national cryptocurrency is officially up for sale

Donald Trump is reportedly planning to impose additional sanctions on Venezuela restricting the use of Petro for U.S. financial transactions, according to McClatchy.

The report claims the new, tougher sanctions could go into effect as early as Monday after Trump signs an executive order.

The new sanctions “are likely to be part of a larger package of measures that also include several individual sanctions against Venezuelan officials and/or associates.” The U.S. already has sanctions on “more than 20 current and former Venezuelan government officials in recent months, including [President Nicolás Maduro].”

Even before it launched, Petro was criticized from all sides. Though Maduro claims the cryptocurrency is backed by crude oil, Petro doesn’t actually translate to any concrete assets.

“They’re setting up a stand on the front porch of Venezuela to sell snake oil that’s essentially backed by nothing,” Russ Dallen, a managing partner at the investment bank Caracas Capital Markets, told McClatchy. “People believe its backed by oil, but if you read the contract, it’s really not.”

Trump’s hardened stance on Venezuela’s Petro could send a ripple around the world warning other sanctioned countries (such as Russia) against launching their own state-backed cryptocurrency that could undermine international sanctions.

WATCH: This space heater mines bitcoin while keeping your house warm

Read more: https://mashable.com/2018/03/17/trump-issue-new-sanction-venezuela-petro-bitcoin/

Filed Under: digital currency Tagged With: Bitcoin, cryptocurrency, innovations, petro, politics, tech, trump

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