Russian Gas Company will Use Blockchain ​​Technology to Execute Contracts

Maria Rodríguez
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Russian Gas Company will Use Blockchain ​​Technology to Execute Contracts

The blockchain technology will improve and automate the processes in the development of new contracts

According to a recent official announcement by the important Russian gas company Gazprom, it was known that they will start making their next hiring with a blockchain platform. This will permit the preparation and monitoring of all business contracts that are valid in their client portfolio, using blockchain technology.

The news was revealed during a meeting held in Moscow by Alexey Miller, CEO of the company, who held the assembly with the Russian Prime Minister, Dmitry Medvedev. In that conference, Miller assured the Prime Minister that the company is “ready to implement the process”, referring to the automation and digitalization of all gas procedures performed by the company, but now through Distributed Accounting Technology.

Similarly, Miller referred to the state Bank Gazprombank, which is an important subsidiary of Gazprom, and the fourth largest bank in the Russian Republic. Gazprombank has developed a technological platform, which is able to streamline all its processes, as well as perform an automated control and make gas payment calculations in an integral way. “They developed a prototype for a technological platform that will automate the process of concluding, monitoring and executing contracts”, he said.

As it is common in the platforms that support Distributed Accounting Technology, all those involved in the project will have access to the changes and processes that take place within the hiring process. This converts the execution of the contract into a process “completely protected”, against any alteration not known by the parties, as well as cyber-attacks. In this way, Gazprom is in the process of supplying information to all its main consumers and industrial customers, in order to implement the platform.

In another sense, the Russian Prime Minister, Medveded, was enthusiastic about the initiative of using these technologies in the Russian economy, since, in his opinion, this idea will be an important part in the future of global negotiations. And he is convinced it is a great step forward for companies like Gazprom.

It is not the first time that Gazprom has researched and tested the blockchain technology in order to enhance its procedures. Last year, Gazpromneft-Aero, a subsidiary of Gazprom, used smart contracts and blockchain technology to streamline and automate the planning and quantity of fuel supply in aircraft.

In February of 2018, the oil subsidiary Gazprom Neft began to use blockchain technology to improve its management and functionality. And at the end of the same year, Gazprom Neft partnered with Raiffeisen Bank International, in order to grant bank guarantees using blockchain technology as a basis.

Months later, Gazprombank even announced it would allow entrepreneurs and millionaire personalities to use their banking platform to trade with cryptocurrencies, all of this without giving more details about the matter.

All these measures of blockchain adoption are part of the idea of ​​the standardization of new procedures, using the advantages offered by Distributed Accounting Technology, smart contracts and the encryption of institutional information.

By María Victoria Rodríguez

“Unfair” Mining Operations are Subject to a Fine Of $500,000 and Jail Time in Hong Kong

Andres Chavez
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“Unfair” Mining Operations are Subject to a Fine Of $500,000 and Jail Time in Hong Kong

Crypto-related activities, such as mining, have huge profit potential if done properly. However, there are also associated risks given how difficult it has been to regulate the industry and establish an appropriate legal framework that can determine what is right and what is illegal.

Hong Kong took a step forward towards a clearer outlook when it comes to finding common ground to crypto mining operations’ rules. The secretary of Hong Kong’s Financial Services and the Treasury recently said that they are regulated by the local trading legal instrument. A written reply to the sovereign state’s Legislative Council was revealed this week, on April 3rd.

Falling into TDO’s Reach

Upon the Council’s interest in knowing more about the possible risks and fraudulent activities in relation to digital assets and related performances, like mining, the response was that indeed, mining falls under the Trade Descriptions Ordinance, or TDO, which is a bill passed in 2012 that determines punishment for illicit trading acts in the Asian location.

The response was courtesy of the Secretary James Lau, who clarified that mining and the sale of related hardware or related products to digital assets will fall under the TDO’s legal reach. Among the mentioned illicit or unfair practices are misleading omissions, wrongly accepting payments, false trade descriptions, and others.

Penalties for those that incur in unfair crypto or mining-related practices or activities can be harsh, to say the least. Lau explained that infractors can be fined up to $500,000, or even worse, they could spend five years in jail, depending on several legal factors.

“Regarding the sale of mining machines or other products related to virtual assets, a trader who, in the course of business, engages in unfair trade practices prohibited under the Trade Descriptions Ordinance (TDO), including “false trade descriptions”, “misleading omissions”, “aggressive commercial practices”, “bait advertising”, “bait-and-switch”, and “wrongly accepting payment”, commits an offence. A maximum fine of $500,000 and imprisonment for five years may be imposed upon conviction,” he replied.

Prominent Cases

The Secretary spoke about one specific fraudulent case that rose to prominence in its time. Local police took three people into custody when they reportedly tricked 20 innocent investors into providing funds (more than HK$3.7 million, or approximately $471,400) to purchase crypto-related hardware, services, and equipment.

A similar sum (HK$3 million, a little under $400,000) was also mentioned as part of another criminal case that involved BTC investor Wong Ching-kit. He, along with his 20-year-old associate, were arrested in Hong Kong following a conspiracy to defraud 20 people, also by selling them crypto and mining-related equipment.

Ching-kit is a famous personality in Hong Kong, having appeared in a video in Epoch’s Facebook page asking people if they thought money could fall from the sky – at that moment, the equivalent of $764 on stacks of bank notes fell from the roof. An incident followed and he had his day in court, although he was released on bail.

By Andres Chavez

BTC Mass Adoption Will Be Possible if Volatility is Controlled, according to Experts

Maria Rodríguez
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BTC Mass Adoption Will Be Possible if Volatility is Controlled, according to Experts

According to Coinbase’s CEO, using stablecoins could minimize the volatility of Bitcoin prices. There are research teams working on improving the stability of cryptocurrencies

Although cryptocurrencies are not being used in a massive way, its use has been increasing. In the same vein, there is also an increasing larger community that has decided to venture into the cryptographic industry, either for its benefits as a digital currency, as a way to overcome economic crises in their different countries, or simply to see in them an investment opportunity for the future.

The truth is that many experts say the industry has had a promising growth, but it is not yet ready for final adoption until certain principles of economic stability are met and practical tools for the management of these assets are created.

Bitcoin (BTC) is the first and best known among other cryptocurrencies, its use has been the main factor by which now this industry has been maintained, allowing its growth. However, due to its main virtue, which is being a digital currency, it has lacked reliability and financial security for many global economic markets. This has caused that the volatility is high and that cryptocurrencies’ prices have suffered important falls and increases, generating great fears in potential investors.

About this aspect, last Tuesday, April 2nd, Brian Armstrong, CEO of the most popular exchange company, Coinbase, answered a question posed by a user in an AMA session, “ask me anything” about the adoption of BTC in a massive way to which Armstrong explained that the future of Bitcoin will depend on how much is achieved to improve its scalability, its ease of use and, of course, minimizing its volatility in the market. This would cause greater confidence and stability, thus attracting a large number of investors.

For this to be possible in an acceptable period of time, Armstrong considers that the use of stablecoins is necessary in order to keep their prices stable within the market. He added that there are already several teams of experts and industries working on improving the stability of BTC.

Among these groups, it is highlighted the investigation of the digital micro-payments network Lightning Network, which is developing a system that will improve the speed of transactions with Bitcoin. Thanks to this solution, users can reach 500 transactions at 5000 per second, and compete directly with the Paypal and Visa figures.

In another sense, the financial analyst Andreas Antonopoulos is sure that the adoption of Bitcoin will be massive if more and better applications are developed to improve its ease of use. He ensures that the global financial market will be flooded if there is a large number of applications supported on platforms that help the transactions with digital currencies to work effectively. “What we are doing today is trying to simulate the existing system with fewer intermediaries and centralization, so that we can quickly exceed and start making applications that are absolutely impossible with the current centralized financial system”, he explained.

Antonopoulos, also said that the adoption of cryptocurrencies will not occur without any support, the job must be done to improve processes in an organized and quality manner, and that very few people use cryptocurrencies actively since many other people do not fully understand technology.

He concludes by setting a clear example of why he has increased the use of these assets as an emergency alternative and not as a concrete financial security option. “They are only being adopted in places where the pain of the current financial system is so extreme that people are forced to use something that is difficult to understand, difficult to secure, with very poorly designed applications and a very difficult wording”.

By María Victoria Rodríguez

Bitcoin Cash Soars to Double Digits!

Willmen Blanco
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Bitcoin Cash Soars to Double Digits!

Daniel Jimenez, an engineer and a passionate Blockchain and Bitcoin follower, explains the reasons why Bitcoin Cash has succeeded in reaching two digits

Undoubtedly, the crypto asset market is experiencing one of its best moments in months. The stampede of Bitcoin (BTC) prices and its altcoins have resulted in excellent gains for those long-term investors.

That is the case of Bitcoin Cash (BCH) that can be seen through its price increase, which opened at a rate of 25.79% at the time of writing this article and does not seem to be reaching a limit for the moment. BCH is trading above $210 and its capitalization market has soared to $3.7 trillion dollars, to stay in the sixth place of the general ranking.

For the short term, BCH presents a ceiling of $215 that it seems to be able to meet without any problem in the next hours, provided that the optimistic environment continues. The Exponential Moving Average 25 (EMA 25) indicator has made a bearish crossover projected for the next 10 hours.

The Aroon indicator remains bullish, although it gives signs that there may be a possible correction around the corner.

The Chaikin Money Flow (CMF) stays at a good level, which indicates that there is a good flow of money into the BCH ecosystem.

The Moving Average Convergence Divergence (MACD) has made a bullish crossover alongside the Bitcoin rally, although it has already distanced from the moving midline to project itself a little less optimistically in the short term.

Regarding the mid-long term horizon, BCH has a strong bullish trend, as a pronounced upward channel has been created for the cryptocurrency, with R1 levels at $224 and Support levels at $159.89.

The Parabolic SAR (Stop and Reverse) is completely bullish, drawing the trend lines below the prices in the candlestick chart.

The Bollinger Bands are shown less contracted, synonymous with the strong volatility of the ecosystem, and they indicate with the breaking of the last candlestick above the upper band that it is the best entry moment.

The Stocastico indicator is also bullish and it shows sustained overbought levels.

In conclusion, the short-term horizon is precautionary, with possible price corrections, but the scenario for BCH in the long-term seems promising; that is, very bullish.

The History behind Bitcoin Cash

Bitcoin Cash emerged on August 1st, 2017, when Bitcoin got a hard fork. There have been many BTC forks, of which BCH remains the most recognized.

It was developed to increase the size of the BTC block, which would allow conducting more transactions within each block. At the same time, more transactions could be processed in a shorter period of time at lower rates.

This seemed like a reasonable solution to the scalability problem that has plagued BTC since its creation. However, there were many who believed that this cryptocurrency should not change.

There is evidence that supports their claim: BTC still has the highest market capitalization and remains the most dominant despite its many forks.

In contrast, BCH experienced a hard fork in 2018, about a year after the first BTC fork produced losses in the market prices and capitalization. Besides, Bitcoin Lightning Network promises another solution to the scalability problem, which could make BCH a redundancy.

By Willmen Blanco

Blockchain Would Allow Global Applications to Obtain Profits of $ 1.37 Billions

Maria Rodríguez
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Blockchain Would Allow Global Applications to Obtain Profits of $ 1.37 Billions

A report ensures that the annual growth of blockchain technology in the area of ​​communications is at least 77.9%

According to a recent report issued by the prestigious commercial market research company, Research and Markets, global applications based on blockchain technology oriented to the world of telecommunications could generate large profits in the next five years.

The report, published on Tuesday, April 2nd, is called: “Global Blockchain in Telecom Market Forecast up to 2024” and details an exhaustive study, recently made by the Research and Markets company, about the future of blockchain technology in the world of global telecommunications.

The company responsible for making the report ensures that the adoption of blockchain technology will be staggered with an annual rate close to 77.9%. As it would produce a profit of approximately 1.37 billion US dollars for the year 2024.

The research projects the use of blockchain technology as a significant and necessary advance that will have an increase in projection, as well as it will participate in the development of new methods of communication and sending vital information for public and private networks.

 It is also mentioned that the most prominent advances will be focused on the main sectors such as protection and security, implementation of the 5G network, information fraud management, Hyperledger, among other important blockchain consortiums such as the Carrier Blockchain Study Group (CBSG).

Similarly, the report also mentions other important companies that will be important agents in this telecommunications market. The document explains how would be the fusion with blockchain solutions. Among the main companies there are: IBM, AWS, Huawei, Clear, Guardtime, Microsoft, and others.

Research and Markets would have already mentioned, a few years ago, that the growing industry of blockchain technology would contribute an approximate of 1 billion dollars to global telecommunications by the year 2021, as well as it would also bring about a net profit of 46.6 million dollars per year.

Other Growth Reports

Among other reports, it is also known that the company has predicted that, also by 2024, the global market for cryptocurrency ATMs would grow 46.6% per year, generating commercial traffic in cryptocurrencies equivalent to 183.7 million dollars. This would show an important growth with respect to the year 2018, when only 18 million dollars were generated.

In this recent report from the leading market research company it is assured that Europe and the United States would be the main contributors in the correct and early adoption of these alternative technologies, in addition to playing a fundamental role for its development.

On the other hand, also in China, the blockchain technology is having a great advance and growth, taking important roles in the global cryptocommerce and assuming important initiatives directed to the technology oriented to the industrial sector.

According to some local statistics, the Asian country has created about 263 projects oriented to blockchain technology and cryptocurrencies. This supposes 25% of all the world-wide investigation develops in this matter.

By María Victoria Rodríguez

Okta Ventures Fund Wednesday Makes Initial Investment in Blockchain ID Company

Andres Chavez
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Okta Ventures Fund Wednesday Makes Initial Investment in Blockchain ID Company

Okta, a company listed by Nasdaq, has joined the blockchain fever. According to an announcement made by the firm itself, it set up a brand new $50 million VC fund with the intention of investing in tech startups that are in the beginning phase; among those are blockchain projects.

With each passing day, more companies and investment firms see potential applications and extraordinary benefits in the blockchain technology, which can provide a necessary trust element that had been missing in many industries.

Okta and its Involvement in the Trusted Key Project

Okta is known for offering identity management services and solutions. The new fund is called Okta Ventures Fund Wednesday. Actually, the project is already underway since the newly-created fund has already made an investment in Trusted Key, an identity startup based in blockchain technology. The precise amount of the investment is not yet known.

Trusted Key seems to have all the right ingredients to succeed, and the Okta Ventures Fund Wednesday has seen the potential. The former is known for offering decentralized digital identity solutions that let companies and organizations “work together as ecosystems to share strongly proofed user identities with user consent.” The Trusted Key startup has a solid team with experience in its field: it was founded by former Oracle, Microsoft, and Symantec executives.

Okta wants to take full advantage of its venture fund to provide investments to startups that shift their focus and resources to build innovative solutions that use artificial intelligence (AI,) blockchain, and machine learning, among others. The company is based in San Francisco, California (The United States.)

Investing in a Growing Ecosystem of Startups

The firm’s chief operating officer and co-founder Frederic Kerrest stated that “In line with Okta’s vision of enabling any organization to use any technology, Okta Ventures will invest in the growing ecosystem of startups tackling issues like identity, security, and privacy.”

Okta not only offers investment capital, but it also has intentions to provide its portfolio firms with other resources and support ways, such as the use of its software, access to expertise, SDK and API design partnerships, and co-marketing opportunities, among others.

“Beyond investing in industry-wide innovation, we also recognize how valuable these advancements can be for our customers, who are often looking for solutions to some of the hard problems these companies are solving. We expect the partnerships with our portfolio companies to extend our platform, and we’re committed to providing significant value to these early stage startups. Trusted Key is a perfect example of a young company working on a big idea, and we look forward to collaborating to shape the future of identity,” continued Kerrest.

High-Profile Investors

Okta has been around in the community since 2009, and to date, it has raised more than $229 million in funding. The numbers are courtesy of Crunchbase. Okta has another exciting aspect going on for it: a number of high-profile investors back up the company, including Khosla Ventures, Andreessen Horowitz, Sequoia Capital, and more.

The firm went public in the United States in April 2017, thanks to a successful IPO (Initial Public Offering) that helped it raise over $187 million. Shares were sold at $17 each, and more than 11 million of them were issued. Since then, the company’s popularity and success has soared, and each share now costs $89.

By Andres Chavez

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