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Which Industries Have Adopted Blockchain Technology?

February 24, 2021 by Blockchain Consultants

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. 

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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?

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Filed Under: blockchain, blockchain technology Tagged With: article, Bank, Banking, Banks, blockchain, blockchain certification, blockchain council, blockchain expert, blockchain-technology, China, Companies, coronavirus, COVID-19, crypto, cryptocurrency, Currencies, Cyprus, data, decentralization, developers, Digital, digital currencies, DLT, encryption, Environment, finance, Food, fraud, Games, Gaming, government, Hacking, healthcare, identity management, korea, Mainstream, other, payments, Privacy, Russia, security, smart contract, South Korea, Space, Study, supply chain, Technology, United States, voting, Walmart

Cointelegraph Consulting: Research outlines how DeFi can merge with traditional finance

February 23, 2021 by Blockchain Consultants

Whilst public adoption of crypto assets is increasing, the global regulations continue to progress and recognise decentralized technologies as a suitable infrastructure for the dematerialisation of securities. In Luxembourg, the country that is second in the world in terms of assets under management, the country’s regulator adopted a bill that explicitly recognised the possibility of using distributed ledger technology for the dematerialisation of securities. 

The regulation is moving quickly elsewhere across Europe: Tokenized securities now fall under the same rules and regulations as traditional financial instruments in many other European countries including France, Switzerland, Germany, Italy, the Netherlands, Romania, Spain and the UK.

Read the ebook to discover how you can be part of this emerging digital asset industry. Download the full report here.

What next for the industry? Due to the increase in public adoption and the favourable regulatory environment, demand from the financial industry to access digital networks is on the rise. So far, banks have digitized the retail industry but not much has evolved in capital markets.

The digitization of this industry is now possible through the blockchain, an infrastructure now widely recognized by the largest governments globally for financial instruments. Funds and asset managers can now upgrade their distribution channels by launching Digital Asset Marketplace (DAM) and connecting to others via decentralized networks.

DAMs will help their customers discover new opportunities, manage their investments and even open secondary market possibilities. In this ebook, industry participants explain how capital market players can benefit from blockchain by launching a DAM and maximizing the monetization of their investor base.

Financial institutions are beginning to publicly embrace and adopt the technology. So far they have started, as expected, with crypto-assets. Once they begin to trust the technology and it becomes embedded within their portfolios, it will mean one thing: curiosity will peak and these institutions will realise the operational benefits of decentralized technology.

Driven by increased confidence in the technology, and pressured by DeFi replacing many traditional banking functions, institutions will begin to learn that the technology can solve long-standing and deeply entrenched industry problems, particularly in the opaque and highly illiquid private markets.

Digital Asset Marketplaces, i.e. primary and secondary venues where investors meet, will be the driver for this according to the study. However, open source standards like the Token for Regulated EXchanges (T-REX), are required to enforce compliance onchain in a heavily regulated world.

Cointelegraph Consulting: Research outlines how DeFi can merge with traditional finance

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Filed Under: blockchain technology Tagged With: Adoption, Banking, Banks, blockchain, Capital Markets, Cointelegraph Consulting, Compliance, crypto, decentralized, Decentralized Finance, DeFi, Digital, driver, Environment, Europe, Exchanges, finance, France, Germany, Infrastructure, Investments, Italy, Ledger, Market, Markets, Netherlands, open source, other, Regulation, spain, Study, switzerland, Technology, uk, world

Why are Blockchain Professionals Salaries Going off the Charts?

February 15, 2021 by Blockchain Consultants

Wondering why the salaries of Blockchain Developers and Blockchain Architects are soaring? This article will illustrate why Blockchain is the most lucrative profession and will throw light on their salaries patterns.   

Table of Contents 

  • Who is a Blockchain Expert?
  • Blockchain: The Most Lucrative Profession
  • Blockchain Developers Salaries Higher Than Other IT Professions 
  • Future Scope for Blockchain Specialists: Concluding Lines 

Who is a Blockchain Expert?

Guided by the advancement of robust scalability solutions, the exponential growth of Blockchain technology has caught industries and enterprises’ attention worldwide. Blockchain development has made significant progress in the most desired programmer skills, and the expenditure on Blockchain solutions globally is projected to grow from 1.5 billion in 2018 to an expected 15.9 billion by the year 2023.

A Blockchain Expert is a professional who understands Blockchain technology profoundly and can build Blockchain-based applications for businesses. But one has to be incredibly experienced in a single niche to call himself a Blockchain specialist. More so, you will need to have functional and practical knowledge in the Blockchain/Crypto space. 

At present, the demand for Blockchain developers and Blockchain architects are soaring. Before we understand why their salaries are going off the charts, let’s understand who is a Blockchain Architect, and what do they do?

Blockchain Architects offers end-to-end solutions to its customers using Blockchain technology and helps develop an overall Blockchain ecosystem engagement strategy. Experts who understand business components and technical elements of Blockchain architecture are high in demand. 

Blockchain: The Most Lucrative Profession

Many non-technical consumers consider this technology, especially in relation to cryptocurrency, which is not true. Today Blockchain has its scope in almost all industries, and therefore it is becoming impossible to ignore its emergence. Technology is now being seriously considered by tech giants, governments, startups, and even by FDAs, and therefore, they are looking for developers and architects all over the world. According to a study by LinkedIn, it is found that Blockchain tops the list of most in-demand skills for 2020, which indicates the demand for Blockchain professionals is soaring. According to the “Future of Nature and Business” study, “Emerging business opportunities across Blockchain in energy and mining supply chains, manufacturing, and forestry could create over $3.5 trillion worth of annual value and almost 87 million jobs by 2030. 

However, identifying individuals who possess the right skills needed to build Blockchain solutions is proving difficult for organizations of all sizes. 

Blockchain Developers Salaries Higher Than Other IT Professions 

With a limited talent pool, Blockchain professionals are in huge demand. As the Blockchain job market is exploding, industries and enterprises are searching for skilled Blockchain professionals. 

As per Hired, Blockchain experts’ average salary lies between $150,000 and $175,000 per year in the hi-tech regions of the US, such as Silicon Valley, whereas Glassdoor specifies $94,000 as the US national average for a Blockchain Developer. 

Talking about New York City, Glassdoor reports that the average base pay of a Blockchain Software Engineer is $ 97,215 / yr. Senior Blockchain Developers tend to have high packages as compared to entry-level Blockchain developers. According to indeed.com, the average salary of a Senior Blockchain Developer is $126,410 per year. Codementor reports that in freelance markets, the average hourly rate of a Blockchain Developer is around $81-100.  

As we already mentioned, Blockchain Architect is the other most-in profession that recruiters are searching for. According to Glassdoor, the average Blockchain architect salary in the US ranges from $146,258 to $157,987. 

Future Scope for Blockchain Specialists: Concluding Lines 

Blockchain developer jobs are hot right now, and this popularity is expected to grow in the coming years by leaps and bounds. Blockchain technology offers tremendous career opportunities as one can be a Blockchain Developer, Blockchain Architect, Hyperledger Developer, Solidity Developer, Quorum Developer, Corda Developer/Architect, and much more. But remember, the right skills along with certifications, is all you need to get a high paying job. 

Blockchain Council, a globally renowned online training and certification organization in blockchain space, is a one-stop solution if you are wondering about taking your career in the Crypto/Blockchain world. Getting enrolled in Blockchain Council can help you achieve the success that you are looking for. 

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

Why are Blockchain Professionals Salaries Going off the Charts?

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Filed Under: blockchain, blockchain technology Tagged With: article, blockchain, blockchain council, blockchain developer, blockchain expert, blockchain-technology, Business, Career, cryptocurrency, developers, energy, engineer, Hyperledger, Jobs, linkedin, manufacturing, Market, Markets, mining, New York, other, silicon-valley, Software, solidity, Space, Startups, Study, tech, Technology, us, world

Top 5 cryptocurrencies to watch this week: BTC, DOT, LINK, XLM, THETA

February 7, 2021 by Blockchain Consultants

Bitcoin (BTC) has attracted several institutional investors in the past few months, but with the market capitalization sustaining above $700 billion, many more institutions are likely to contemplate buying Bitcoin. Similarly, Ether (ETH) with a market cap of about $180 billion also cannot be ignored by the investors. 

The institutional adoption of the top two cryptocurrencies is likely to attract numerous venture capitalists and early investors into smaller projects that have gained a decent size but have not yet reached their full potential. Although the risk is high in such investments, the returns could be equally attractive.

Crypto market data daily view. Source: Coin360

For such investors, there are multiple projects to choose from because over 50 digital assets command a market cap of over $1 billion, giving them unicorn status, a term used in legacy markets for companies with a market cap of over $1 billion.

If large players jump into these unicorns, they are likely to rally strongly, which will benefit the early retail investors who have a head start over the institutions. While these gains may take a long time, traders can benefit in the short term from the sharp up-moves in several altcoins.

Let’s study the charts of the top-5 cryptocurrencies that may resume their uptrend in the next few days.

BTC/USD

Bitcoin broke above the $38,000 overhead resistance on Feb. 5 and followed it up with another up-move on Feb. 6, but the bulls could not sustain the higher levels as seen from the long wick on the day’s candlestick.

BTC/USDT daily chart. Source: TradingView

The failure of the bulls to sustain the price above $40,000 has attracted profit-booking today and the bears are attempting to pull and sustain the price below $38,000. If they succeed, the BTC/USD pair could drop to the 20-day exponential moving average ($35,386).

If the pair rebounds off the 20-day EMA, the bulls will once again try to resume the uptrend. A breakout of the $40,000 to $41,959.63 overhead resistance zone could signal the start of the next leg of the uptrend to $50,000.

On the contrary, if the bears sink the price below the 20-day EMA, the pair may dip to the 50-day simple moving average ($32,840). If this support also cracks, the pair may drop to the $28,850 support.

BTC/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the bulls had pushed the price above the $38,000 to $40,000 overhead resistance zone, but the pair turned down from $40,952.16. This shows the bears are active at higher levels.

The pair has dipped below the 20-EMA and the relative strength index (RSI) is just above the midpoint, which suggests the momentum may be weakening. The pair could now drop to the 50-SMA.

If the pair rebounds off the 50-SMA, the bulls will make one more attempt to resume the uptrend, but if the 50-SMA cracks, the correction could deepen to $32,000.

DOT/USD

Polkadot (DOT) is in a strong uptrend. The bulls pushed the price above the $19.40 resistance on Feb. 03 but they have not been able to build upon the breakout. This suggests the bears are attempting to stall the uptrend.

DOT/USDT daily chart. Source: TradingView

However, the positive sign is that the bulls have not allowed the price to sustain below $19.40. This suggests traders are not booking profits aggressively and are buying on every minor dip.

If the bulls can now propel the price above $21.7321, the next leg of the uptrend could begin. The target objective on the upside is $24.08 and then $30. The rising moving averages and the RSI above 61 suggest the bulls are in control.

Contrary to this assumption, if the bears sink and sustain the price below the 20-day EMA ($17.43), it will suggest that the bullish momentum has weakened. The DOT/USD pair could then spend some more time oscillating between $19.40 and $14.7259.

DOT/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the formation of a symmetrical triangle, which generally acts as a continuation pattern. The bears attempted to sink the price below the triangle but the sharp rebound off the 50-SMA shows aggressive buying at lower levels.

If the bulls can propel the price above the triangle, it will shift the advantage in favor of the bulls. The pattern target of the break above the triangle is $24.1621. On the other hand, if the bears sustain the price below the triangle, the pair could drop to $15.8379.

LINK/USD

Chainlink (LINK) broke and closed above the $25.7824 overhead resistance on Feb. 5 but the bulls could not sustain the momentum the next day. This shows the bears are aggressively defending the $25.7824 to $27 resistance zone.

LINK/USDT daily chart. Source: TradingView

However, the long tail on today’s candlestick shows the bulls are buying the dip to the 20-day EMA ($22.83). The upsloping moving averages and the RSI in the positive zone suggest the path of least resistance is to the upside.

If the bulls can drive the price above the overhead resistance zone, the next leg of the uptrend could begin. The next level to watch on the upside is $30 and if that is also crossed, the up-move may reach $33.

On the contrary, if the bears sink the price below the 20-day EMA, the LINK/USD pair may extend its range-bound action between $20.1111 and $25.7824 for a few more days.

LINK/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the formation of an ascending triangle pattern. If the pair rebounds off the current level, the bulls will make one more attempt to push the price above the overhead resistance zone. If they succeed, the pair could rally to the pattern target of $31.4537.

Conversely, if the bears sustain the price below the support line, the pair could drop to $22.61 and then to $21.65. The marginally downsloping 20-EMA and the RSI in the negative territory suggest a minor advantage to the bears.

XLM/USD

The tight range trading between $0.325 and $0.35 resolved to the upside on Feb. 6, which shows the bulls have overpowered the bears. If the bulls can now sustain Stellar Lumens (XLM) above $0.40, the next leg of the uptrend could begin.

XLM/USDT daily chart. Source: TradingView

The upsloping moving averages and the RSI near the overbought zone suggest that bulls are in command. Above $0.40, the XLM/USD pair could rally to $0.50 where the bears may again mount stiff resistance.

If the bulls fail to close the price above $0.40, the pair could again dip back to $0.35. A strong rebound from this support will suggest the bulls have flipped it to support, which will increase the possibility of a break above $0.40.

Contrary to this assumption, if the bears sink the price below the 20-day EMA ($0.315), it will suggest the current breakout was a bear trap.

XLM/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the pair has broken out of a symmetrical triangle, which has a target objective at $0.445. Both moving averages are sloping up and the RSI is in the positive zone, suggesting the bulls are in control.

If the price rebounds off the 20-EMA, it will indicate traders are accumulating on dips and that will enhance the prospects of the resumption of the uptrend. Conversely, a break below the 20-EMA will be the first sign that the momentum may be weakening.

THETA/USD

THETA is currently consolidating in an uptrend. The price action of the past few days has formed a bullish ascending triangle pattern that will complete on a breakout and close above $2.51.

THETA/USDT daily chart. Source: TradingView

The bulls had pushed the price above $2.51 on Feb. 5 but they could not sustain the breakout. This suggests the bears are trying to defend the resistance at $2.51.

However, the positive sign is that the bulls have not allowed the price to dip below the 20-day EMA ($2.09). If the price rebounds off the current levels, the bulls will again try to thrust the THETA/USD pair above $2.51.

If they succeed, the pair could resume the next leg of the uptrend. The pattern target of the breakout from the triangle is $3.56. This bullish setup will invalidate if the bears sink the price below the triangle.

THETA/USDT 4-hour chart. Source: TradingView

The 20-EMA on the 4-hour chart has started to turn down and the RSI has dropped into the negative territory, indicating the bears are attempting to make a comeback. A break below $2.10 could pull the price down to the support line of the triangle.

On the other hand, if the price turns up from the current levels or the support line of the triangle, it will suggest the bulls are buying on dips. They will then again try to push the price above the $2.51 resistance.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Top 5 cryptocurrencies to watch this week: BTC, DOT, LINK, XLM, THETA

Source

Filed Under: blockchain technology Tagged With: Adoption, altcoins, author, Bitcoin, btc, BTC/USD, Chainlink, Companies, correction, Cryptocurrencies, data, Digital, ether, head, index, investment, Investments, LINE, Market, Markets, opinions, other, Polkadot, price analysis, signal, Stellar, stellar-lumens, Study, THETA, Trading, tradingview, unicorn, view

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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Blockchain Governance in Estonia may be Inspiration for the Entire World

January 20, 2021 by Blockchain Consultants

Blockchain Governance in Estonia may be Inspiration for the Entire World

This article talks about how Estonia has implemented the Blockchain for various purposes, especially in governance, creating inspiration for the rest of the world. 

Table of Contents 

  • Estonia: The First Digital Republic in the World 
  • Tiger Leap for the Development and Expansion of Internet Network
  • How the Estonians Way of Voting is Unique 
  • Other Ways Estonia is Utilizing Blockchain
  • Concluding Lines 

Estonia: The First Digital Republic in the World 

Estonia is a small nation in the Baltic region that offers the most widespread governmental online services in the world. Right from voting to healthcare and tax returns, the small nation has persistently adopted the concept of digitization. And this is the reason it is recognized as a ‘digital republic.’ Since 2005, the citizens of the nation are able to cast their vote digitally, and surprisingly, Estonia has digitized 99% of its public services, including tax returns, voting, healthcare treatments, and much more. In an era when trust in government services is declining, Estonians have a higher level of trust in their government and parliament than the EU average, according to the Eurobarometer study conducted back in 2014. 

Estonia is implementing Blockchain technology for governance, and this is the reason why it outperforms compared to other countries in terms of online governmental services. 

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Tiger Leap for the Development and Expansion of Internet Network

The invention of a digital society started in the year 1997, when only 1.7% of the world’s total population had access to the internet. The government of Estonia envisioned creating a digital society where all citizens would be technologically educated, and governance would be automated, decentralized, transparent, and secured. Keeping in mind the aims, the government launched a project called Tiigrihüpe, also known as ‘Tiger Leap’ in 1997, spending heavily on development and the expansion of internet systems and creating a knowledge-based society. Within a year, almost all schools gained internet access, and by 2000, Estonia became the first country to pass legislation declaring internet access as a basic human right for all citizens.

In 2001, Estonia created X-Road, an anti-silo data management system to enable both public and private organizations to share data securely without worrying about privacy. But this effort was dissipated as it was seen that X-Road experienced various cyber-attacks. This presented a need to adopt more powerful and advanced technology such as distributed ledger technology that is resistant to cyber-attacks. Thus, keeping in mind, the nation became the first country in 2012 to use blockchain technology for governance purposes.

How the Estonians Way of Voting is Unique 

Estonia is considered to be a world leader in electronic voting. This is because, since 2005, Estonians are able to cast their votes irrespective of their geolocation. Where most countries are still only contemplating the possibility, Estonia has already implemented a remote voting system using Blockchain for voting purposes. 

The tiny Baltic nation of Estonia has redefined its ‘Estonia’s i-Voting system’ that allows citizens to cast their vote from a remote location using a government-issued smart card. Unlike traditional voting mechanisms, this voting system offers a simple, elegant, and secure solution and is currently used by 46.7% of the population.

This system allows Estonia citizens to log on with their digital ID card and cast their votes multiple times during the pre-voting period, with each vote canceling the last, empowering voters to change their voting decision later. This unique solution has safeguarded Estonian voters against fraud and other manipulations. It was stated that while using this electoral system, the total time saved in the last elections was 11,000 working days.

Other Ways Estonia is Utilizing Blockchain

Apart from voting, there are other ways the tiny nation is utilizing DLT. Deploying Blockchain not only ensures protection against cyber attacks or any kind of future attacks but also poses other benefits. For instance, instead of filling the different forms with the same personal information when they need to access public services, citizens only need to input their personal information once with Blockchain. This is because technology ensures that data is immediately accessible when required.

Moreover, citizens have a valid digital ID, and they have full control over their information, ensuring that no one can access their personal data beyond what is approved by them. This is facilitated by Blockchain technology.

If you want to gain an in-depth understanding of Blockchain technology and become a Certified Blockchain Developer, we are here to assist you!

Concluding Lines 

From the above discussion, we can conclude that the Blockchain governance of Estonia may be an inspiration for the entire world. The future of Blockchain is near, and if implemented on a global level, we will experience a world full of transparency and trust. 

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

Blockchain Governance in Estonia may be Inspiration for the Entire World

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Filed Under: blockchain, blockchain technology Tagged With: article, blockchain, blockchain council, blockchain developer, blockchain info, blockchain news, blockchain-technology, data, decentralized, Digital, DLT, Elections, EU, fraud, government, healthcare, information, Internet, Ledger, Legislation, other, personal data, Privacy, Study, tax, Technology, voting, world

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