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If You Suffer From These Problems, Perhaps You Need The Blockchain

If You Suffer From These Problems, Perhaps You Need The Blockchain

Business owners across the globe are operating outside of the blockchain, facing daily problems that might not exist if the business migrated to using blockchain based products and services. This is the sort of predicament that led to the revolution of the internet, businesses found that it could make their lives a hell of a lot easier. Though, as we know, the internet brings with it a range of other problems too, problems that can be solved by using blockchain technology instead.

The problem is however that blockchain technology is not widespread and the majority of us don’t know too much about it, so, exactly how do you know if your business will benefit from the blockchain? How do you know what products could work for you and exactly how can business owners plan ahead for a blockchain migration, when they don’t even understand the technologies themselves?

Forbes, have recently published an article that talks us through some of these problems, providing an interesting solution to a number of normal day to day problems that businesses suffer, problems that can be addressed with blockchain technology.

Does your business share a central database, with lots of other people and businesses? If so, you might find that changes made by one entity is not reflected across the whole database, for a number of reasons, however:

“Everyone on a blockchain network has access to the same information. If they change that information, and the change meets the rules of that specific blockchain, it’s reflected upon everyone else’s version of the ledger.”

Does your business require a tight audit trail? Often in this instance, steps are missed and when this happens, the data is left to be falsified or even corrupted. Not with blockchain technology though:

Blockchain transactions are immutable and secured by cryptography. Transactions are stored in blocks, and each block is connected to the previous one by a special cryptographic key, created by hashing the previous block’s data. This leaves a verifiable audit trail all the way back to the very first block in the chain.”

Does your business use written contracts between many parties? Contracts are tedious and time-consuming, with the blockchain, however, businesses don’t need to keep chasing up contracts and signatures:

“Smart contracts are pieces of code laid on top of a blockchain to perform a function once certain conditions are met. Say, for example, you were exchanging contracts on the sale of a house. Once both parties submit signed electronic contracts, a smart contract could release deeds or funds without involving your realtor.”

Do you get the picture?

To most of us, it’s pretty clear how blockchain technology can help finances, but it’s got the potential to do so much more than just that. By helping and improving businesses on any level, the blockchain will see growth, and the services that are provided to us all on a daily basis will get better. Our jobs will become easier and our entire way of thinking can be changed by a technology that promises to fix so many of the globe's problems.

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“PayString” trademark filed by Ripple in the United States - what could it be?

“PayString” trademark filed by Ripple in the United States - what could it be?

Quick take

1 minute read

  • Another new trademark has been filed with the United States patent and trademark office by the San Francisco blockchain company Ripple.
  • Filed earlier this month, the filing for the trademark doesn’t give much away in regards to what kind of business or product will be marketed under its name. 

Another new trademark has been filed with the United States patent and trademark office by the San Francisco blockchain company Ripple.

Filed earlier this month on the 6th of November, the filing for the trademark doesn’t give much away in regards to what kind of business or product will be marketed under its name. Known as PayString, this trademark registration is very similar to that of the Ripplenet filing earlier in 2020.

The description indicates that PayString would cover a variety of different categories of electronic financial services.

Furthermore, this could be used for Fiat currency and digital currencies for omittance and gifts.

Earlier this year in August, the company failed to more trademark applications with the patent and trademark office in the US. This included the same application descriptions of PayString and Ripplenet.

You can see the filing here.

This year has been somewhat lacklustre for the XRP token. The price action for the currency has been slow to say the least but some believe that it could be getting ready for some further excitement before the end of the year.

It will also be interesting to see where the PayString trademark goes and what kind of product it will end up becoming.

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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CNBC’s Brian Kelly predicts bullish YEAR for bitcoin

CNBC’s Brian Kelly predicts bullish YEAR for bitcoin

Quick take

1 minute read

  • Brian Kelly predicts a bullish future for bitcoin.
  • Bitcoin surpasses $16,000.

Brian Kelly, a well-known advocate for bitcoin recently said on the Fast money show for CNBC that the gains that bitcoin is currently making could be extended to a full year following the halving.

In an interview earlier this week on the 12th of November on the show, Brian said that the spike in high-profile and institutional investors that are moving towards cryptocurrency and specifically, bitcoin, could indicate an exciting and bullish future for the king coin.

“There's a lot of scope for upside. Most of the gains that come are the year after the halving, and we’re seven months into that year after the halving, and Bitcoin’s doing what it should do.”

The host, Melissa Lee said:

“So there could be five more months here of pretty good upside.”

Bitcoin has had a very exciting week this week after it surpassed the $16,000 key resistance level following what was a very exciting time during the United States presidential election. Bitcoin has seemingly come out on top with many people now predicting big things in the short and long-term for bitcoin.

You can see his interview here:

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

 

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How Ethereum 2.0 good see strong recovery for ETH

How Ethereum 2.0 good see strong recovery for ETH

Quick Take

1 minute read

  • As we come to the end of the year, there are numerous things occurring in the crypto space that no one could have predicted. 
  • With bitcoin jumping in value over the past few weeks/month, the alternative crypto market is quietly making gains simultaneously.

As we come to the end of the year, there are numerous things occurring in the crypto space that no one could have predicted. With bitcoin jumping in value over the past few weeks/month, the alternative crypto market is quietly making gains simultaneously.

Joseph Young, an analyst on Twitter has said that the second biggest cryptocurrency in the space, Ethereum has been performing extremely well over the past two months.

The upcoming Ethereum 2.0 deposit contract announced that the network upgrade would go live on the 1st of December. This has more than likely had a big impact on that open and how it has flourished in value over the past few months.

With the release of Ethereum 2.0, it would remove minors as the proof of work model is substituted for the proof of stake protocol. From here, users will be able to collectively verify transactions on the network without any need for a third-party to get involved.

You can see the tweet here from Joseph below:

Experience for users on the platform is more than likely going to change following the increase of the transaction capacity across the overall network.

The co-founder of Ethereum, Vitalik Buterin has confirmed that what was once a 15 transaction per second on chain processing speed could be increased to somewhere up to 5000 transactions per second on the blockchain upgrade.

The stagnation for Ethereum has technically allowed for the network to consolidate above significant moving averages and will be good for the future of the project.

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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How South Africa's scam history has made its investors stronger

How South Africa's scam history has made its investors stronger

South Africa is a country with great diversity and has a rich history which attracts about 2.5 million tourists into the country every year. But what’s more appealing about South Africa is its gold mining industry which is one of the aspects of the country that makes it very attractive to foreign investors. And it comes as no doubt that South Africa has the most industrialized economy in the continent as a whole. Besides natural endowments history and tourism, South Africa is one of the countries in Africa where the activities of the financial market are widespread. Due to its attractiveness, many individuals have fallen victim to scammers in the country in an attempt to make a decent investment. 

According to numerous reports, many investors and visitors have been scammed by South African citizens or even scammers who are established in South Africa because it is a hub for foreign investment. Scammers go a long way to defraud people and it is always almost genuine, which makes it difficult for the investors to notice. Some examples of these activities involve scammers posing as airport staff, engaging in unexpected chats, stealing from backpacks or carry-on bags, or even fake taxi drivers that take passengers to unknown destinations to defraud them. These scammers go as far as telling passengers to get a receipt for some kind of taxi voucher, bus card, or airport receipt, take them to the ATM to get that non-existent voucher, and then try to see you type your PIN before creating a distraction to snatch and run with your card. 

It does not only end at that the height of this was when several South African investors lost over $13 million to a bitcoin scammer. This is one of the most thought out scams in the history of forex scams in South Africa and there are several more of this magnitude or even worse. 

In this case, the mastermind of the bitcoin scam, Willi Breedt who was the CEO of Vaultage Solutions now defunct, allegedly scammed several investors of over 227 million rands ($13.35 million) and escaped to another country when things got messy. It all started when the scammer abruptly severed all connection and communication between his clients and going on vacation. After several reports from his investors to the authorities, he was under criminal investigation, during which he closed shop, it is alleged that he went into hiding as the investigations went on. Reports by local news outlets indicated that Breedt claims that his troubles started in 2019 when the crypto market slumped. However, the truth of the matter is that the markets immediately recovered sufficient enough for him to recover all his losses. Because the slump was short-lived as it occurred only between one day and recovered the next so all losses were recovered. But Breedt claims to have been bankrupt by the slump and went into hiding to avoid his clients. Investigations on his bank account uncovered fraud as some of his investors stated that they had about $3.15 million in their account and the next day there was nothing and Breedt was nowhere to be found.

The members of the crypto community in South Africa have not been amused by Breedt’s actions because it reflects back to them as untrustworthy. But what’s more, is that it has been so common in the country that investors are becoming more accustomed to it. Although scamming is still prevalent in the country, investors are becoming more cautious when investing in South Africa. They have been scammed so much so that they are now stronger and more aware of scamming activities in the country, making it an even harder task for scammers to cook up any story because they’ve seen all and heard all.

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