Fear not, China does not ban cryptocurrency

After the financial crisis, in 2008, a document called “Bitcoin: Peer-to-Peer Electronic Cash System” was published, outlining the concepts of a payment system. Bitcoin was born. Bitcoin has gained worldwide attention for its use of blockchain technology and as an alternative to fiat currency and commodities. Named the next best technology after the Internet, the blockchain has provided solutions to problems we haven’t addressed or neglected in recent decades. I won’t delve into the technical side of it but here are some articles and videos I recommend:

How does Bitcoin work under the hood

A smooth introduction to blockchain technology

Have you ever wondered how Bitcoin (and other cryptocurrencies) work?

To date, until February 5, specifically, the Chinese authorities have just introduced a new regulation banning cryptocurrency. The Chinese government did so last year, but many have avoided it through foreign exchange. It has now hired an all-powerful “Chinese firewall” to block access to foreign exchange in an attempt to stop citizens from making cryptocurrency transactions.

To learn more about the attitude of the Chinese government, let’s go back a couple of years back to 2013, when Bitcoin was gaining popularity among Chinese citizens and prices were rising. Concerned about price volatility and speculation, the People’s Bank of China and five other government ministries issued an official note in December 2013 entitled “Bitcoin Financial Risk Prevention Note” (link is in Mandarin). Several points were highlighted:

1. Due to several factors, such as limited supply, anonymity and lack of a centralized issuer, Bitcoin is not an official currency, but a virtual commodity that cannot be used in the open market.

2. Not all banks and financial institutions may provide financial services related to Bitcoin or conduct trading activities related to Bitcoin.

3. All companies and websites that offer Bitcoin-related services must register with the necessary government ministries.

4. Due to the anonymity and cross-border nature of Bitcoin, organizations that provide Bitcoin-related services should implement preventive measures such as KYC to prevent money laundering. Suspicious activities including fraud, gambling and money laundering must be reported to the authorities.

5. Organizations that provide Bitcoin-related services should educate citizens about Bitcoin and the technology behind it and not mislead people with misinformation.

In Layman’s terms, Bitcoin is classified as a virtual commodity (e.g., game credits) that can be bought or sold in its original form and should not be exchanged for fiat currency. It cannot be defined as money: something that serves as an exchange, an accounting unit, and a storehouse of value.

Although the release dates back to 2013, it is still important in terms of the Chinese government’s stance on Bitcoin and as I said, there is no indication of a ban on Bitcoin and cryptocurrency. In contrast, regulations and education on Bitcoin and blockchain will play a role in the Chinese crypto market.

A similar release was issued in January 2017, again emphasizing that Bitcoin is a virtual commodity and not a currency. In September 2017, the rise in the initial coin offering issued a separate note entitled “Note to Prevent the Financial Risk of Issued Tokens”. Soon after, ICOs were banned and Chinese exchanges were investigated and eventually shut down. (The retrospective is 20/20, they have made the right decision to ban ICOs and stop the senseless game). Another blow was dealt to the Chinese cryptocurrency community in January 2018, when mining operations were severely repressed, citing excessive electricity consumption.

Although there is no official explanation for the measures against cryptocurrencies, capital controls, illegal activities and the protection of citizens from financial risk are some of the main reasons cited by experts. In fact, Chinese regulators have imposed stricter controls, such as a foreign exit restriction and the regulation of foreign direct investment to limit capital outflows and ensure domestic investment. The anonymity and ease of cross-border transactions have made cryptocurrency a favorite resource for money laundering and fraudulent activities.

Since 2011, China has played a key role in the meteorological rise and fall of Bitcoin. At its peak, China accounted for 95% of the global Bitcoin trading volume and three-quarters of its mining operations. When regulators take steps to control trade and mining operations, China’s dominance has been significantly reduced in exchange for stability.

As countries like Korea and India continue to oppose repression, there is a shadow over the future of cryptocurrency. (I will repeat my opinion here: countries regulate cryptocurrency, not ban it). We will certainly see more nations coming together in the coming months to control the turbulent crypto market. In fact, the demand was kind of long overdue. Over the past year, cryptocurrencies have never heard of price volatility and ICOs literally happen every other day. In 2017, total market capitalization rose from $ 18 billion to $ 828 billion in January.

However, the Chinese community is very good, despite the repressions. Online and offline communities are flourishing (I’ve personally attended quite a few events and visited a few companies) and blockchain startups are sprouting up across China.

Major blockchain companies like NEO, QTUM and VeChain are getting a lot of attention in the country. Startups like Nebulas, High Performance Blockchain (HPB) and Bibox are also getting quite traction. Giants like Alibaba and Tencent are also exploring blockchain capabilities to improve their platform. The list goes on but you get me; It will be HUGGEE!

The Chinese government has also embraced blockchain technology and has stepped up efforts in recent years to help create a blockchain ecosystem.

In China’s 13th Five-Year Plan (2016-2020), it called for the development of promising technologies including blockchain and artificial intelligence. Fintech also plans to strengthen research on application regulation, cloud computing and big data. The People’s Bank of China is also testing a prototype digital currency based on the blockchain; however, it is likely to be a centralized digital currency that has been trampled on with some encryption technologies, yet to be seen by Chinese citizens.

The launch of the Blockchain Trusted Open Laboratory and the China Blockchain Technology and Industry Development Forum are other initiatives by the Chinese Ministry of Industry and Information Technology to assist the Chinese government in the development of the blockchain in China.

A recent report by the China Blockchain Research Center entitled “China Blockchain Development Report 2018” (link to English version) outlined the development of the blockchain industry in China in 2017 including various measures taken to regulate cryptocurrency on the continent. In a separate section, the report highlighted the optimistic outlook of the blockchain industry and the massive focus on VC and the Chinese government in 2017.

In summary, the Chinese government has shown a positive attitude towards blockchain technology despite its involvement in cryptocurrency and mining operations. China wants to control cryptocurrency, and China will gain control. Repeated enforcement by regulators was to protect citizens from the financial risk of cryptocurrencies and to limit capital outflows. So far, legally, Chinese citizens are allowed to have cryptocurrencies but are not allowed to make any transactions; hence the ban on exchange. As the market stabilizes in the coming months (or years), we will certainly see a resurgence of the Chinese crypto market. Blockchain and cryptocurrency come hand in hand (except for a private chain where a token is not required). Countries can’t ban cryptocurrency without banning great blockchain technology!

One thing we can all agree on is that blockchains are still in their infancy. We have many exciting developments ahead of us and right now is the best time to lay the foundations for a world enabled by blockchain.

Last but not least, HODL!

Introduction to Blockchain Technology for Beginners

Today, technology is reaching new heights of success at an incredibly fast pace. One of the latest victories in this direction is the evolution of Blockchain technology. New technology has had a huge impact on the financial sector. In fact, Bitcoin (digital currency) was initially developed. But now he finds his application in many other things as well.

Getting here was probably easy. But, is there still no Blockchain?

Distributed database

Imagine an electronic spreadsheet that is repeatedly copied to a computer network. Now, think that your computer network is so well designed that it regularly updates its spreadsheet on its own. This is a broad view of Blockchain. Blockchain stores information as a shared database. Moreover, this database is constantly being consolidated.

This approach has its benefits. It does not allow the database to be stored in a single location. The records in it have a real public attribute and can be easily verified. Because there is no centralized version of the records, unauthorized users have no means of manipulating and corrupting the data. The distributed blockchain database hosts millions of computers at a time, making data easily accessible on almost any virtual website.

To make the concept or technology clearer, it’s a good idea to discuss the Google Docs analogy.

Google Docs analogy in Blockchain

After email appears, the usual way to share documents is to send a Microsoft Word document as an attachment to the recipient or recipients. Recipients will take a sweet time to walk through it before sending a revised copy. In this approach, you have to wait until you receive a return copy to see the changes made to the document. This is because the sender is blocked from making corrections until the recipient has finished editing and resubmitting the document. Contemporary databases do not allow both owners to access the same record at the same time. This is how banks maintain the balances of their customers or account holders.

Compared to the established practice, Google doc allows both parties to access the same document at the same time. It also allows you to view only one version of the document at a time. Like a shared book, Google Docs also works as a shared document. The distributed part is important when sharing with multiple users. Blockchain technology is somehow an extension of this concept. However, it is important to note here that Blockchain has no intention of sharing documents. On the contrary, it is just an analogy that will help you to have a clear idea about this cutting-edge technology.

Notable features of the blockchain

Blockchain stores blocks of information on the network, all the same. As a result of this feature:

  • Data or information cannot be controlled by a single entity.
  • There can’t be a single point of failure.
  • The data is in the public network, which ensures complete transparency in the overall procedure.
  • The data stored there cannot be corrupted.

Application for blockchain developers

As mentioned earlier, Blockchain technology has a very large application in the world of finance and banking. According to the World Bank, in 2015 alone, $ 430 billion in remittances were sent through it. Thus, Blockchain developers have a high demand in the market.

Blockchain eliminates the fees of intermediaries in these monetary transactions. The GUI (Graphical User Interface) was invented to make it easier for ordinary people to access computers on desktops. Also, the wallet app is the most common GUI for Blockchain technology. Users take advantage of their wallet to buy things they want using Bitcoin or any other cryptocurrency.

5 Ways Blockchain will transform the life of an ordinary man

When all the media is informed about the prices of cryptocurrencies, you can ask how it affects an ordinary human being. At the heart of cryptocurrency and other digital currencies is Blockchain technology.

There are many industrial and administrative problems that technology can solve for the common human being. Are you a small business but often find it lacking in transparency due to traditional communication methods? Have you ever had higher than usual medical bills? Since you are a business owner, is it a problem for you to find legitimate candidates? These problems are intended to provide a solution to entrepreneurs, startups, small businesses, people and Blockchain technologies to make the life of an ordinary human being much easier through simplified solutions.

Bank

The bank is still focused on high-intensity paper transactions in almost every country, for any money transfer, record keeping or other back-end functions. Blockchain technology can replicate in digital format and create a decentralized book that allows not only bankers but also customers to access a single source of information. This system allows banks to eliminate fraudulent opportunities, digitally verify asset ownership documentation and credentials in their Blockchain library, in a variable format that can be accessed at any time.

Identity theft is also a major problem in the banking sector as it is used to steal citizen information and open fraudulent accounts for illegal activities. According to the Federal Trade Commission’s online complaints database, more than 13 million complaints have been filed for card fraud and identity theft, of which 3 million were filed in 2016 alone. Through a blockchain system, customers can directly view all accounts that own their name and immediately notify their respective banks if they detect any suspicious activity in their bank details. Known examples include the IBM-sponsored Hyperledger Fabric project and UBS’s Utility Settlement Coin.

health

Blockchain technology can incredibly simplify health and make medical data management much easier. The fact that patient records are widely available makes research on drug development much more convenient, and also reduces the effects of counterfeit drugs. Clinical trials and their results are available in a decentralized network for health specialists and researchers to conduct research and find solutions for better health. Accenture is one of the largest companies to start offering innovative healthcare solutions for the medical sector to conduct secure and fraud-free transactions.

Medicare fraud can also be reduced through blockchain billing management, as the billing system can be fully automated without any scope for intermediaries to engage in fraudulent activities. With more than 56 million people under Medicare in 2017, the government has ripped off more than $ 1.3 billion from fraudulent activities by rehabilitation facilities and home health services. Blockchain systems can effectively protect citizens who require medical care from health care providers who overcharge their services through fraudulent billing practices. Centralized data helps medical professionals to provide treatment based on the patient’s and his or her family’s history, but it also eliminates the patient’s chances of remembering past symptoms or disorders badly.

Public records

One of the most important functions of a government’s civic administration is to record all information about citizens. This includes information about individuals and companies regarding their assets and activities. Most of the recorded information is recorded in paper databases, and data management is very difficult even in developed countries.

Blockchain-based systems like Ubitiquity can encrypt all public records in a digital book so that citizen data is not altered by fraudulent activities. Identity theft is a problem that can be very difficult for the administration and digitizing all public information can help prevent manipulation to prevent such cases of criminal activity.

Voting

One of the biggest limitations of the voting system in almost every country is that even today voters have to be physically present at polling stations to vote and make things harder for people who have to travel on election day. More importantly, there is no way to verify the results of the survey to the average citizen.

Blockchain development companies like Followmyvote offer solutions that seek to make online voting a reality. It will allow citizens to publicly view detailed information about the classification and results of surveys and many other statistics. In addition, criminal activities to force citizens to vote in countries in internal or external conflict and to force citizens to vote for specific candidates can be completely avoided.

Hiring companies

Companies of all sizes have difficulty finding the right employees. With blockchain technology, it is possible for companies to verify the credentials of all applicants through a digital database. Blockchain technology can be applied to create a decentralized database of professionals with accredited degrees in a secure library where businesses can refer to hiring candidates. Learning Machine is a New York City company that seeks to address this issue by focusing on recording verifiable information about new employees.

Tax or employment fraud accounts for 34% of all identity theft as of 2016, and the blockchain system makes the hiring process for any business much more secure, as the company would only get valid candidates, reducing the risk of hiring fraudulent employees. . It also helps applicants speed up the recruitment process and helps them find the right jobs and have a smooth application process.

The use of blockchain technologies helps individuals and businesses, and also protects personal information by making relevant data publicly visible. Although the blockchain has the best cryptocurrency application, its use can also be extended to other sectors to provide meaningful solutions to citizens around the world.

Is Blockchain technology really the future of the Internet?

1. Killing Trusted Third Parties:

Blockchain changes, confusing and decentralized – records have the ability to make each concentrated procedure, action, and association completely independent. This means that we can overcome the trust of intermediaries, experts and third parties. Thus easing every business, administration and non-profit movement.

The flow and situation on home loans is the appearance of scenarios, title protection, and the amount of small exchange charges that are important to keep the framework running. These frameworks actually exist because the land exchange has been a procedure that requires a great deal of trust in dated records. In any case, the Blockchain would address these concerns, and the registration of a particular property may have an obvious and accepted history of exchanges, limiting the requirement for foundations to ease opportunities and put stock in administrations, rather than the exchange itself.

2. Blockchain 2018 – Bitcoin’s Past:

This delicate improvement in Bitcoin in 2017 was driven by this advanced money, the blockchain, the sustainable quality of the development used and the favorable conditions used. In 2017, blockchain will continue to become the second word of standard appearance and the advancement of dispersed records will continue to gain importance in several industries that have ended indirectly. The efforts of the blockchain will go beyond the imagery and IoT calculated in funding theory. Countries with official blockchain strategies, such as Malta, are expected to end up near markets.

3. Ensuring the secure Internet of the future:

One of the main advantages of the blockchain over other record schedules is that it depends on the cryptography and changes as it changes, it is not possible to go back to a specific point in the blockchain and change the data. The blockchain has been hacked for 10 years, has never been hacked and will remain so until the technology lives on.

4. Blockchain for digital advertising:

Computerized advertising has difficulties, such as space extortion, bot movement, inaccuracy, and broad fragmentary patterns. The problem is that the impulses don’t adjust, making both promoters and distributors feel like they are on the losing side of the deal. Blockchain is the answer to giving fairness to the store network, as it transmits trust to a state of trust.

5. The impact of remittances on businesses:

We know so much about the payroll interval scheduled every fortnight or periodically that we give it in business and as employees. However, 2018 prints the year when this is an unsolicited standard. An exciting nature of blockchain innovation are the miniaturized parts of the scale. Another is strict contracts. These can be combined into wonderful routes, one of which is to pour money. Although it was predicted a few years earlier, it is happening as expected at this time

After all, blockchain is a great technology to use to store huge amounts of vital documentation in companies, such as human services, coordination, copyright, and more. Blockchain excludes an agent’s requirement to authorize contracts.

Using blockchain technology companies for commercial finance

One of the best industries for blockchain technology is trade finance. Many of the world’s largest banks are putting time into their research and development.

R3CEV, a consortium of 71 global financial leaders, has found much to learn about the potential uses of blockchain technology.

Since 2016, R3 has run several pilots in the market as a complement to their research. These strategies will continue to improve until they are ready to fully enter the market.

So what are some of the potential use findings? Here you have the future of trade finance with blockchain technology companies.

Monitor real-time status and status

One of the members of R3, CBA, is a leading contributor to blockchain technology research. Currently, 3 different projects are being carried out to study the use of the block chain.

They are conducting a test with exporters who ship cotton. A humidity monitor is placed inside the vessel, which is connected to IoT and GPS.

This monitor allows consumers to track real-time shipments. They are also able to assess the condition of the product while traveling.

Other national blockchain technology companies are conducting pilots, similar to this research. In Singapore, Hellosent is conducting similar tests. However, they are studying the import of French wine.

Delete unpaid settlements

The growing problem of grain farmers is the economic loss caused by trade failures. In 2014, approximately $ 50 million was lost as a result of this activity.

A farmer needs approximately 4-6 weeks to receive payment for his shipments. Then, there is often a conflict between farmers and buyers due to payment difficulties (non-payment of the corresponding amount, late payment, etc.).

The Australian start-up, Full Profile, has taken matters into its own hands.

Their blockchain platform allows farmers to receive automatic payment upon delivery of grain. This will significantly reduce the risk of conflict between farmers and buyers.

When the full profile app works fully in the home settings, they will be deployed in foreign trade.

Digitize

Using blockchain technology can also be beneficial in reducing economic loss and risk. After further development, it will be able to digitize sales and legal arrangements.

Trade financing is an unlikely industry that relies on settlements and contracts. Today, most of these agreements are formed in the old fashioned way: paper copies.

Blockchain technology will eliminate the need for this paper system. This ultimately reduces the risk of financial losses, as documents are often lost, mistreated, or soiled.

Electronic documentation can be tracked much more efficiently. It also reduces the need for a third-party verification system.

Interested in learning more about Blockchain technology companies?

Blockchain technology creates transparency in financial trading between buyers and sellers. From the moment the order is placed until the payment is made, the blockchain is able to facilitate the trading process.

Do you want to jump into the world of international trade? You are in the right place. It would be great to know your thoughts and comments.

The future of blockchain technology

What is Blockchain?

The term blockchain has been used in many social and corporate conversations in recent years and it seems that everyone has heard about blockchain technology, but the majority of the population doesn’t really know what it means.

To clearly explain what blockchain technology really means, we can provide brief details about the history of the evolution of money transactions. Historically every time people exchanged valuable objects, the average goal was to record the authenticity of the two parties and build trust between them. These average men are now known as banks. The use of banks and brokers has continued over time and with the creation of digital assets, the need for a more secure method of shares, e-money and intellectual property has arisen. Digital assets are vulnerable to manipulation and theft because they are often files on a computer. Thus, the use of blockchain technology allows the parties to act in an open and transparent manner, ensuring that the exchange is safe and efficient.

The future of Bitcoin

Blockchain has the ability to completely disrupt the financial industry in the same way that social media disrupted major media or Netflix destroyed Blockbuster movies. Blockchain technology has the potential to be used as a platform that provides financial services to all over the world. This includes people in developing countries who may not have access to traditional banking services and may not be able to pay the fees required for large transactions. . This technology has the potential to make great strides in almost every major industry that large corporations tend to manipulate.

Use of Blockchain Technology in Education

Blockchain technology can be used in education to find out who students really need scholarships and who can afford it. This is because some students are avoiding the system and getting funding. In fact, it would almost be to the detriment of the poor students who are affected by the work.

In the end, a large number of the population may have their heads hidden in the sand because they want the chains of blocks to break away, but this part of the technology is nowhere to be found. In the near future we will all be negotiating the blockchain as part of our daily activities as our grandchildren will read about money and ATMs as we read about exchange trading and gold. That’s why it’s imperative to jump in as quickly as possible and adjust before you can necessarily adjust.

How is the Blockchain Technology Improving the World?

Blockchain technology can help tremendously in the banking, insurance, healthcare and pharmaceutical industries, the multi-sector supply chain (agricultural business, luxury, international trade, distribution, wine, aeronautics and automobiles), the music industry, energy and real estate. Most of the centralized “trusted third parties” in the blockchain have the ability to replace banking professions, notaries, land registry, etc. with distributed computer systems.

1. Medicines / Pharmacy

Blockchain technology can be used to improve the integrity of drugs. By clearly identifying drugs and continuing from production to consumption, they can save a million lives a year. DHL is already working with Accenture to implement a track-and-trace serialization system based on blockchain technology.

“At the moment, there are already more than 7 billion pharmaceutical serial numbers in the system. In addition, the system can handle more than 1,500 transactions per second,” said Scott Allison, DHL’s health president.

Allison has not only the power of the system in mind. For example, serialization of tracking and monitoring should reduce costs, increase security and trust, and eliminate the movement of data with errors. Technology can add additional verified information to the item, which cannot be manipulated. Validation is done by all participants.

“THE SYSTEM DOES NOT MEET THE GLOBAL REQUIREMENTS OF SERIALIZATION, IT MEETS THEM,” says Allison

2. Fashion / Fashion

The CGS project allows consumers to follow the entire life cycle of a garment. This brings together companies in the fashion, clothing and consumer goods sector to work together. With this solution, consumers no longer have to look ugly at the value of sustainability fashion. Blockchain technology allows you to track the durability and conformity of clothing

3. Cross-border payments

In developing and underdeveloped countries, access to capital for small food producers is often a major problem. Binkabi is a cross-border agricultural trading platform that is opening up new avenues with the help of a block bridge solution on Sweet Bridge. Thus, a commodity trading system will be developed.

IBM has just announced a blockchain banking solution. This will make international payments faster and more cost effective.

4. Food safety

In the area of ​​food safety, it is working with food manufacturers IBM Dole, Nestlé and Walmart. Thus, the data of growers, suppliers, processors, traders, sellers are available not only to all parties involved, but also to supervisory authorities and consumers. So all the transactions can be found and all the information about the food can be seen. To ensure that all members of the food system have access to the block chain, contaminated food can be quickly removed from the production and supply chain before reaching the shelf.

The Wildlife World Fund (WWF) “monitors” fish and seafood using blockchain technology. In this project, technology should help in the fight against illegal fishing. However, the full traceability of fish and seafood is of interest to large fish sellers as well as fish sellers, who want to prevent their products or brands from being associated with illegal activities.

“CONSUMERS ALSO CRYSTALLIZE FULL FISH AND VESSELS OTHER THAN FISH FILTER,” says Bubba Cook, WWF’s Director of the Midwestern Pacific Tuna Program.

5. Humanitarian crises

Blockchain technology is not only used by companies. The United Nations currently uses blockchain technology in 16 areas, including:

· World Food Program (Refugee Assistance)

· Office for the Coordination of Human Affairs (control of donor financing, surveillance and supply chains)

In addition, he is currently researching how blockchain technology can be used to address current issues, such as child trafficking, according to Mahrinah von Schlegel, managing director of the nonprofit Embassy 2.0.

As part of the ID2020 public-private partnership, Microsoft and Accenture have announced a partnership. The goal is to give 1.1 billion people a legal form of identity and identification using blockchain technology.

6. Jewelry

In partnership with Everledger, the Brilliant Earth jewelry company wants to use blockchain technology to track the exact origin of diamonds and other gems. This ensures that only conflict-free stones are processed.