There's a lot of blockchain hype, but money-transfer start-up Veem is using it today
- Veem, formerly known as Align Commerce, uses three methods of sending money: Treasury, SWIFT and blockchain.
- SWIFT (Society for Worldwide Interbank Financial Telecommunication) is the decades-old system that banks use for sending international payments, which can take days to settle.
- In the fourth quarter, Veem's blockchain-based volume more than doubled from a year earlier and accounted for 62 percent of its total transactions, Forzley told CNBC.
- In order for Veem to move money on blockchain from the U.S. to Mexico, for example, the company transfers dollars to bitcoin locally and then from bitcoin to pesos on the other side.
- While blockchain now accounts for the bulk of Veem's transactions, it only handled 10 percent of the total amount of money sent in the fourth quarter.
Blockchain could be a game changer for legal marijuana
- It's the Feb. 1 announcement that Emerald Health and DMG Blockchain Solutions are in the process of finalizing a joint venture, which will be called CannaChain Technologies, to provide blockchain-based supply chain and e-commerce marketplace for the marijuana industry.
- The new solution will provide extensive plant, growing, third-party testing, and handling data, as well as offer enhanced trust of origin, quality, and safety based on the blockchain's ability to maintain immutable records as cannabis products flow from seed to sale through the supply chain.
- A few things to keep in mind However, before you get too excited about the potential of combining what could be the two hottest investments on the planet (marijuana and blockchain), understand that blockchain may not pay immediate dividends for Emerald Health or the cannabis industry.
As smart contracts get smarter, the rules of development will change
- Blockchain projects like Chronicled and Qtum already support access to trusted off-chain data sources (“oracles”) and Internet of Things (IoT) sensors to allow off-chain events to trigger clauses in smart contracts.
- And each additional line of code carries with it an additional portion of risk: that between business case and code, some meaning has been lost; that the smart contract will not execute as the developer intends or as the business stakeholder demands; and that money will be irretrievably lost.
- Current smart contracts cannot handle the large volumes of data from multiple different “oracles” that is needed to automatically execute complex agreements.
- Instead, IBM and Maersk, and anyone else wanting to exploit the convergence of IoT and blockchain, will need to build these new, more complex smart contracts from scratch.
Can Blockchain Technology Survive Without Cryptocurrencies?
- However, probably due to the increased level of awareness and the literal monetary value of the current price dip, the anti-crypto campaigners found a reason to make loud their criticism of the technology.
- Michael Vogel, CEO of Netcoins does not share the opinion that the recent slump in price of Bitcoin and other altcoins signifies failure of the technology.
- Gaurav explains that the recent pullback only came after the Bitcoin price reached the hockey stick growth stage which was frequently predicted in past due to the slightly parabolic growth throughout its history, and is now back again at a less drastic growth which is more in line with the past years.
- Despite these solutions, Gaurav explains that had it not been for cryptocurrencies, we may have never seen the ongoing blockchain involvement throughout the institutions, as it was what sparked everyone’s interest, and also as it created the wealth enabling the ongoing innovations in the industry since its beginning, even before traditional investors came in.
ShapeShift Gets Pulled Into BTC/BCH Debate Over Partnership With Bitcoin.com Wallet
- Two days ago, ShapeShift announced that it has integrated its full API to support Bitcoin.com wallet user exchange between BTC and BCH and vice versa.
- The ShapeShift integration expands the features in allowing the wallet’s users to exchange BTC for BCH.
- Bitcoin.com, which provides a free wallet, states on its website that the Bitcoin Core network is in trouble due to high fees and slow transaction times, and that Bitcoin Cash (BCH) is the upgrade that solves these problems, and provides a guide for people to learn more about Bitcoin Cash.
- Roger Ver, who owns Bitcoin.com, applauded ShapeShift for making the exchange between BTC and BCH easy.
- Bitcoin Cash was created by a hard fork in the bitcoin blockchain on Aug. 1, 2017.
- Others, however, claim BCH was created by the Aug. 1 hard fork and is therefore not the original bitcoin blockchain.
Blockchain 3.0 with Directed Acyclic Graphs (DAG) for ten of thousands of transactions per second | NextBigFuture.com
- Bitcoin was Blockchain 1.0 and the decentralized Ethereum is Blockchain 2.0 and Blockchain 3.0 could be Direct Acyclic Graph (DAG).
- A DAG is a directed graph that has a topological ordering, a sequence of the vertices such that every edge is directed from earlier to later in the sequence.
- Above – A topological ordering of a directed acyclic graph: every edge goes from earlier in the ordering (upper left) to later in the ordering (lower right).
- A directed graph is acyclic if and only if it has a topological ordering.
- With the advancement of DAG, we’re looking at a future where high functioning and minimum transaction fee chains are possible.
- That means users can send micro-payments without heavy fees like Bitcoin or Ethereum.
- IoT Chain (ITC) is built on DAG and can handle over 10,000 transactions per second.
Can Machines Save Us From the the Machines?
- Even as companies and consumers get better at playing defense, a host of new cyber threats is at our doorsteps—and it’s unclear if anyone can keep them out.
- The use of browser plug-ins to launch such attacks is part of a familiar strategy by hackers—treating third parties (in this case the plug-ins) as the weakest link in the security chain, and exploiting them.
- One option is to cross our fingers that new technologies—perhaps Microsoft’s blockchain-based ID systems—will help defeat phishing and secure our browsers.
- It’s a new book by Andrew Keen, a deep thinker on Silicon Valley culture, that proposes reconstructing our whole approach to the Internet by putting humans back at the center of our technology.
- Welcome to the Cyber Saturday edition of Data Sheet, Fortune’s daily tech newsletter.
Game Developer Atari Unveils Blockchain-Fueled Dual-Cryptocurrency Gaming Reboot
- Atari’s projects are comprised of a crypto entertainment platform for the Atari Token as well as a casino platform for cryptocurrency gaming activity.
- Now Atari is tipping its hand to more of its strategy, which involves taking a 17.5% equity stake in Gibraltar-based blockchain startup Infinity Networks, to which the game console company has licensed out its brand.
- Meanwhile, Atari also has its sights set on the casino market and is taking its relationship with online gaming platform Pariplay, whose platform is fueled both by fiat money and cryptocurrencies.
- Nostalgic gamers will be glad to see some of their favorite Atari games on the online casino sites, though the company doesn’t identify which ones yet.
- Meanwhile, Gibraltar, which is where Atari’s blockchain partner Infinity Networks is domiciled, is on track to emerge as the maiden territory to unveil ICO regulation.
Even Congress is jumping on the blockchain bandwagon — and IBM is urging it on
- The digital ledger technology that underlies bitcoin is ready to be used for everything from paying taxes to tracking food and drug shipments to newer, more secure identification cards, said Jerry Cuomo, vice president of blockchain technology at IBM, at a hearing Wednesday organized by the Congressional Blockchain Caucus.
- Meanwhile, IBM is working with the Food and Drug Administration and the Centers for Disease Control and Prevention on some blockchain projects, including one that could speed the CDC's ability to develop new drugs.
- In an interview with Business Insider, Cuomo predicted that blockchain-based digital identities will be the first big project to take off at the federal level, because officials can build off the work going on in the states.
- When Yiannas told lawmakers that the process of tracking down particular food products has gone from seven days to to 2.2 seconds, thanks to blockchain technology, they were in awe, Cuomo said.
ABN AMRO Launches Blockchain Bank Accounts to Kill Escrow Accounts
- Dutch ‘big four’ bank ABN AMRO has launched a new service wherein bank accounts are issued to individual clients via the blockchain, as alternatives to escrow accounts.
- The Amsterdam-based banking giant has announced a new service wherein individual client within non-bank organizations entrusted with client funds – think brokers, notaries, exchanges etc.
- Used by fund managers without banking licenses, escrow accounts see clients transfer funds into these accounts before the capital is accessed by the organization.
- The new blockchain product effectively negates the need for escrow accounts with the transfer of funds between the organization and clients included in the payment process.
- Amsterdam-based FinTech stock exchange operator Nxchange will become the bank’s first client to use the blockchain-based bank accounts.
- The launch comes after a number of blockchain R&D initiatives undertaken by the Dutch bank in recent years.