Blockchain Consultants

Blockchain Transformations Done Here

South Korea

CoinMarketCap removes South Korea crypto exchanges from Bitcoin price tracker

by

Crypto price trackin website CoinMarketCap has removed many South Korean exchanges from its calculations for the price of Bitcoin as the coin dipped under $58,000 again.

As of today, CoinMarketCap’s Bitcoin price tracker shows no data from major South Korean crypto exchanges including Upbit, Bithumb, Coinone, and Korbit. The website uses data from many exchanges to estimate the average price for cryptocurrencies. At the time of publication, the price of Bitcoin (BTC) is $57,721, having fallen more than 2% this morning.

Speaking to Cointelegraph, CoinMarketCap content manager Molly Jane Zuckerman said the removal was due to the premium observed on crypto exchanges based in South Korea. The crypto analytics provider estimates the BTC price to be roughly 6% higher than that on other exchanges.

“If the prices on South Korean exchanges stabilize, then we will add the data back in, but that hasn’t happened yet,” said Zuckerman.

The last time the price tracking website took similar action was in 2018, when CoinMarketCap announced it had “excluded some South Korean exchanges in price calculations due to the extreme divergence in prices from the rest of the world and limited arbitrage opportunity.”

During roughly the same time three years ago, the price of XRP was falling significantly after reaching an all-time high of $2.96 on Jan. 2. However, the token is looking bullish today, having briefly surpassed $1.00 for the first time since 2018 after it rose more than 20% in the last 24 hours. The price has since fallen to $0.9694 at the time of publication.

CoinMarketCap said only its Bitcoin price index was affected today, given the large volume of the crypto asset on South Korean exchanges. Last month, the volume of transactions in the South Korean digital currency market — driven in part by the price of BTC reaching an all-time — briefly exceeded the daily average transaction amount of the country’s stock market.

CoinMarketCap removes South Korea crypto exchanges from Bitcoin price tracker

Source

Which Industries Have Adopted Blockchain Technology?

by

Which Industries Have Adopted Blockchain Technology

Are you a Blockchain enthusiast? Wondering which industries have adopted Blockchain and how? Well, you have landed on the right page. This article enlists top industries that have adopted Blockchain for good. 

Table of Contents

  • Top Industries Leveraging Blockchain Technology 
  • Concluding Lines: Is Blockchain a Room for Development?

Top Industries Leveraging Blockchain Technology 

The majority of people understand Blockchain in relation to cryptocurrency. However, a number of mainstream industries, including finance, supply chain, gaming, and others, have started to use blockchain technology without any digital currencies. 

Let’s have a look at how such industries are using Blockchain for their operations. 

Finance 

Finance is one of the most crucial applications of Blockchain. In fact, it is easy to see how Blockchain’s properties make it ideal for financial applications. Banks and other financial institutions are already using Blockchain for seamless cross-border payments, clearing settlements, digital identity management, and for other varying purposes. By offering decentralization, immutability transparency, and security, it can facilitate international payments and help perform worldwide financial transactions. By removing irrelevant intermediaries, it can simplify the entire transaction process and allow instant payment solutions globally. 

AIB, Bank of Cyprus, China Banking Association, DNB, and many others are using Blockchain. 

Want to become a Certified Blockchain & Finance Professional? Why wait? Get started today!

Supply Chain 

As various top companies have started realizing the potential of Blockchain, they have started implementing it for real-time data access, privacy, traceability, and auditability for their supply chain management.

For instance, Walmart, a well-known American multinational retail corporation, is utilizing Blockchain technology to add transparency, reliability, and traceability to its food supply ecosystem by digitizing the entire food supply chain process. Similarly, De Beers, the world’s biggest diamond producer by the value of its gems, is using Blockchain to track every natural diamond from the mine to the retail counter.

Apart from this, FedEx, United Parcel Service(UPS), and others are using this technology for their efficient supply chain.

According to the WEF study, Blockchain could contribute to a $365 billion savings by reducing food loss and waste in the food supply chain by 2030. 

As demand for Blockchain professionals is increasing in the Supply Chain Industry, become a Certified Blockchain & Supply Chain Professional today!

Gaming Industry 

Blockchain has entered the gaming industry as well, and it is positively profiting both developers and gamers by providing a reliable and secure environment for developers with encryption techniques to secure crypto transactions. Also, with the concept of tokenization, it is enabling gamers to buy and sell game assets securely. Moreover, smart contract functionalities enable players to transfer all their in-game assets to their public addresses, thus providing complete control over digital assets.

Unlike traditional games, where powers are in the hands of players where they can abruptly shut down games, blockchain-based games give much access and control to players over their games.  

Age of Rust, Crypto Space Commander, CryptoWars, Gods Unchained are some of the interesting Blockchain-based games. 

Pharmaceuticals

Blockchain technology continues to attract attention in the pharmaceutical domain. Amid the COVID-19 pandemic, government institutions globally have incorporated Blockchain technology. Blockchain can help in maintaining a supply chain visibility, providing real-time logging and data visualization of disease spread, early detection of epidemics, verifying communities and workplaces that are risk-free from the coronavirus outbreak, and much more. 

In 2020, several government institutions made announcements regarding plans to adopt DLT for multiple use cases, including the healthcare space. For instance, recently, it was announced that Cyprus’s Mediterranean Hospital utilizes the VeChain platform to store its COVID-19 vaccination records. Similarly, in November 2020, it was announced that South Korean hospitals aim to usher in the new healthcare era by utilizing Blockchain technology. 

Looking for the best Blockchain Certification? Get enrolled and become a Certified Blockchain & Healthcare Professional now!

Voting 

Blockchain can play a significant role in voting as well. It can help in maintaining digital identity, prevents hacking and fraud, and allows anonymous voting. Moreover, Blockchain-based voting eliminates electoral malpractices like manipulations, tampering, recording errors, etc.

For example, South Korea has considered moving to the Blockchain for security reasons. Similarly, it was announced that the Indian state of Telangana is developing a blockchain-based electronic voting system to facilitate remote voting. Apart from this, Russia, the United States, and many others have already used a blockchain electronic voting system. 

 Concluding Lines

Of course, these aren’t the only industries that are exploring Blockchain, but the ones that have taken active steps towards near future implementation. If you are interested in learning more about Blockchain technology and its use-cases, check out the best Blockchain Certification courses at Blockchain Council and become a Certified Blockchain Expert.

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

Which Industries Have Adopted Blockchain Technology?

Source

South Korean Blockchain Advocacy Group Calls for Tax Laws Postponement 

by

However, while adoption appears to be on the rise in South Korea, industry experts have also urged the government to create an encouraging environment or players. 

A Short Implementation Window 

Most notably, industry experts have called on the government to nix its proposed crypto tax plan for now. Earlier this week, local news source News1 Korea reported that the Korea Blockchain Association (KBA), a blockchain and crypto advocacy group, requested that the government postpone implementing its crypto tax framework for 18 months.

The South Korean government’s proposed tax plan has been a particular sticking point for many in the country’s crypto space. The plan was published by the Ministry of Finance and Economy in July, with the Ministry stipulating that taxation for digital assets is a necessity as these assets continue to penetrate the traditional financial system. 

Under the new framework, the Ministry plans to categorize all gains from digital assets and intangible assets as taxable income. However, any income below 2.5 million won (about $2,000) per year falls below the Ministry’s minimum threshold and will be tax-exempt. All income above the minimum threshold will be subject to a 20 percent tax rate, on par with the tax rates for most other capital gains and taxable income in the country.

The tax laws apply to local and foreign transactions that trade digital assets via South Korean exchanges.  Under the new rules, exchanges will be responsible for all tax deductions and paying the monies to the Korean customs office. 

While the laws should come into effect on October 1, 2021, the BKA asks for a delay until January 1, 2023. As News1 Korea explained, the window for adjustment is too short, and exchanges won’t effectively adapt to the new tax regime. As the advocacy group explained, exchanges will be allowed to report on trades using the soon-to-be-outdated tax policy until the end of September. A 24-hour period will be too short for them to make the necessary changes.

Ineffective Reporting 

Oh Gap-soo, the BKA’s Chairman, also explained that a suspension of the tax code would be necessary since it is the first time the government is getting involved in digital asset taxation. He pointed out the possibility of regulators not accepting crypto firms’ reports – a possibility that could lead to sub-optimal operation

“The industry is having a great deal of difficulty in preparing for taxation because it is not equipped with a tax infrastructure in a situation where it is uncertain whether or not the business will continue ahead of the enforcement of the Special Payment Law.”

Besides the taxation laws, South Korean exchanges are also fighting back against the government’s mandatory identity verification rules. As Digital Today reported last week, the new regulations require exchanges to collect several details from their customers, including and especially social security numbers. However, that is a direct contradiction to the country’s Personal Information Protection Act.

South Korean Blockchain Advocacy Group Calls for Tax Laws Postponement 

Source

A Comprehensive Guide on Blockchain Patent

by

Wondering what makes a patent a Blockchain Patent? You have landed on the right page. This article will provide you with a detailed guide on Blockchain patents, focusing on which country is at the lead and what are the major companies in this domain. So let’s get started. 

Table of Contents 

  • What is Blockchain Patent?
  • Alibaba takes the Lead in Blockchain Patent
  • Other Major companies Dominating the Patent World
  • Concluding Lines 

What is Blockchain Patent?

At present, Blockchain is the most emerging technology that is revolutionizing how industries and businesses operate. Blockchain is a growing list of records, known as blocks, which are linked through the cryptography mechanism. Instead of relying on a middleman/third party, it stores, corroborates, and transfers data over a distributed network, thus providing security and reliability in a cost-efficient manner.

In simpler words, Blockchain patents are exclusive rights that are issued by an official authority. Just like other patents, such patents grant its owner the right to exclude others from utilizing the patented technology. 

Patent applications related to Blockchain have been increasingly growing globally. A detailed study and examination of the patent environment for Blockchain shows that their patents are being filed worldwide for all sectors, including financial and non-financial domains. 

Alibaba takes the Lead in Blockchain Patent

China has always been a king with the highest Blockchain patent filings. According to a patent application filed with the State Intellectual Property Office of China (SIPO) in 2018, the bank planned to use a distributed ledger infrastructure to enhance the efficiency of certificate issuance and save users from constantly sending the same report to different entities. 

Blockchain patents are skyrocketing at present, and compared to the year 2019; there have been more Crypto / Blockchain patents issued. Although Chinese companies are listed as “top 10” Blockchain patent lists, they are not pure companies of the Blockchain.

Dr. D’vorah Graeser, founder and CEO of KISSPatent, believes that analyzing such patents is challenging, and therefore, he decided to introduce an innovative way to analyze the current state of the Blockchain patents. 

According to the report from intellectual property consultancy KISSPatent, Alibaba Group is the largest Blockchain patent holder, capturing ten times the number of patents held by IBM. Alibaba has registered more than 200 patents, while IBM filed a little over 100 patents. The above stats indicate that distributed ledger technology and cryptocurrency solution patents are becoming a thing again in 2020. A report notes that more patents related to Blockchain were published within the first semester of 2020 in comparison to 2019, a year when three times more Blockchain patents were published than in 2018.

Other Major companies Dominating Patent World

Other U.S. companies such as Bank of America and Mastercard have also filed multiple patent applications other than Alibaba and IBM, which reached the list of Blockchain-related patents, exceeding the total for the U.S. The study indicated that it is only big corporations that dominate the field of patents. In terms of Blockchain patents held, behind 

IBM and Mastercard are Nchain and Walmart. The new report by Kisspatent reveals that the U.S. has 2,112 patents, followed by 350 patents from the Cayman Islands and 118 Blockchain-related patents from Canada. Japan with 108, South Korea with 87, and China with 

77 patents in total are the remainder of the top six.

Dr. Graeser. mentioned that, “about half of all Blockchain-related patents we analyzed fell into the fintech category.”

The detailed analysis also illustrates that the Fintech domain dominates Blockchain patents. Applications that concentrate on cryptocurrency exchanges and financial transactions with Blockchain are the most dominating category. The other category that is most common is decentralized business solutions implemented over the Blockchain. 

Healthcare, conventional banking services, and general business services are other crucial categories related to Blockchain patents. 

Concluding Lines 

Blockchain is not just a technology; it even acts as an enabler for other futuristic technologies such as Machine Learning, the Internet of Things, Artificial Intelligence, etc. Presently, there are more than hundreds of million users of Blockchain applications, which also include several Blockchain patent apps. Well-established FinTech companies, including Walmart, Mastercard, and others, desire to file patents for Crypto/Blockchain technologies, and with each passing year, tech giants are filing such patents appear to be increasing. Undoubtedly, Blockchain is here to stay, and it will act as a powerful force in the disruption of technology very soon. 

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

A Comprehensive Guide on Blockchain Patent

Source

Cryptocurrencies Fall as Korean Exchange Says $32 Million of Coins Stolen

by

Cryptocurrencies dropped after the second South Korean exchange in as many weeks said it was the victim of a theft, renewing fears about the security of digital-asset trading venues.

Bithumb, ranked seventh in the world by traded value on Coinmarketcap.com, said on Wednesday that about 35 billion won ($32 million) worth of coins were stolen. The exchange said it will compensate victims, adding that it has halted cryptocurrency deposits and withdrawals and moved investor assets to a so-called cold wallet that’s disconnected from the Internet and less vulnerable to hacking.

Bitcoin, the largest cryptocurrency, dropped as much as 2 percent and was trading at $6,598 as of 10:06 a.m. in Hong Kong, bringing this year’s decline to 54 percent, according to Bloomberg composite pricing. Other tokens including Ripple, Ethereum and Litecoin also retreated.

Enthusiasm for virtual currencies has waned this year partly due to a string of cyber heists, including the nearly $500 million theft from Japanese exchange Coincheck Inc. in late January. Last week, a South Korean venue called Coinrail said that some of the exchange’s digital currency appeared to have been stolen by hackers, but it didn’t disclose how much.

Read more: Crypto’s Wild West Traders Get Some Pointers From Financial Pros

South Korea was at the center of last year’s global crypto-mania, playing host to some of the world’s most active exchanges. Demand for Bitcoin was so extreme at one point that it lifted prices in the country 50 percent higher than those in America.

The speculative fervor has since cooled amid a government crackdown, but Korean exchanges are still among the world’s most active. The country’s policy makers are debating comprehensive regulations for cryptocurrencies, with proposals ranging from shutting down local exchanges to allowing them to operate under increased supervision.

Click here for a QuickTake explainer on cryptocurrencies in South Korea.

Some Asia-listed stocks with exposure to digital currencies fell on Wednesday. South Korea’s Omnitel Inc. and Vidente Co. retreated at least 9 percent.

    Read more: https://www.bloomberg.com/news/articles/2018-06-20/cryptocurrencies-fall-as-korean-exchange-says-coins-were-stolen

    Bitcoin Whipsaws Investors as Bubble Shows Signs of Bursting

    by

    Bitcoin whipsawed investors, falling below $8,000 for the first time since November before recovering most of Friday’s losses, as a miserable 2018 continued for cryptocurrencies.

    Since reaching a record high of $19,511 on Dec. 18 shortly after the introduction of regulated futures contracts in the U.S., Bitcoin has wiped out more than half its value amid waves of negative news. Setbacks included escalating regulatory threats from authorities around the world including India, South Korea, China and the U.S., a record $500 million heist at Japanese exchange Coincheck Inc., fears of price manipulation and Facebook’s ban on cryptocurrency ads.

    PMorgan Chase & Co. and Bank of America Corp., the nation’s two largest banks, said Friday they’re halting purchases of Bitcoin and other cryptocurrencies on their credit cards. Japanese authorities raided Coincheck’s offices Friday morning, a week after the robbery, hauling out documents and computers as evidence. The inspection was conducted to ensure security for users, Finance Minister Taro Aso said.

    “Bitcoin is in trouble,” Lukman Otunuga, a research analyst at foreign exchange broker Forextime Ltd, wrote in a note Friday. “Price action suggests that bears are clearly in control, with further losses on the cards as jitters over regulation erode investor appetite further.”

    The largest digital currency dropped as much as 16 percent to $7,643, before trading at $8,646 at 4:47 p.m. in New York, according to consolidated Bloomberg pricing. Bitcoin tumbled 21 percent during the week, the biggest five-day decline since Jan. 16. Rival coins Ripple, Ether and Litecoin tumbled at least 28 percent as losses continued to spread across cryptocurrencies.

    Nouriel Roubini of Roubini Macro Associates said Bitcoin is the “mother of all bubbles,” and its bubble is now bursting, speaking in an interview on Bloomberg Television. He said “virtually every” Group of 20 country is talking about cracking down on the phenomenon as policymaker worries grow.

    For more on cryptocurrencies, check out the podcast:

    Related news and information:
    Bitcoin’s Huge Arbitrage Play Just Vanished as Korea Bubble Pops
    Roubini Says Bitcoin Is the ‘Biggest Bubble in Human History’

    To see Bloomberg’s cryptocurrency monitor, type VCCY

      Read more: http://www.bloomberg.com/news/articles/2018-02-02/bitcoin-drops-below-8-500-as-cryptocurrency-misery-continues