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IBM Watson uses the Blockchain in Singapore
IBM Watson and blockchain
Also, at the beginning of 2016, Chris Ferris, CTO at IBM, became the project leader of the aforesaid open-source blockchain project.
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Trump’s Pro-Crypto Agenda: A New Era for Digital Assets
As Donald Trump prepares to enter the White House, the cryptocurrency world is buzzing with speculation and optimism. His campaign promises have positioned him as a staunch advocate for digital assets, signaling a potential seismic shift in the United States’ regulatory approach to cryptocurrencies. A centerpiece of his plans is a **pro-crypto executive order**, which he has pledged to sign on his first day in office. But what does this mean for the cryptocurrency ecosystem, and how will it shape his presidency?
A Shift in Trump’s Relationship with Crypto
Donald Trump’s stance on cryptocurrencies has seen a remarkable evolution. In the past, he was critical of Bitcoin and other digital assets, once calling them a potential threat to the U.S. dollar. However, during his recent campaign, Trump not only embraced crypto but made it a cornerstone of his economic vision.
He boldly declared that he wants the United States to become the **“crypto capital of the world.”** This ambitious vision includes fostering innovation in blockchain technology, creating a strategic Bitcoin reserve, and providing a clearer regulatory framework for digital assets. This shift, while surprising to some, aligns with the growing realization that crypto and blockchain technologies are here to stay.
What to Expect from the Day-One Executive Order
Trump has promised sweeping changes in his administration’s approach to crypto, starting with an executive order he plans to sign on his first day in office. Here are some of the key components reportedly being drafted:
1. Establishing a Presidential Crypto Council
– The proposed council would include leaders from the blockchain industry, financial regulators, and policymakers. The goal is to create a unified vision for integrating crypto into the U.S. financial system while addressing concerns like fraud and illicit use.
2. Addressing “Debanking” of Crypto Firms*
– Many crypto businesses have struggled to gain access to banking services due to regulatory uncertainty and skepticism from traditional financial institutions. Trump’s executive order is expected to tackle this issue, making it easier for crypto-related firms to thrive.
3. Repealing SAB 121
– A guideline from the SEC requiring companies to classify digital assets as liabilities has long been a pain point for the industry. Its repeal could unlock significant opportunities for businesses to engage with crypto more freely.
4. Tax Reforms for Crypto Investors
– Trump has hinted at simplifying tax reporting for crypto investors and potentially reducing capital gains taxes for long-term holdings. This could encourage more Americans to invest in digital assets.
Crypto Markets Respond with Optimism
The mere announcement of Trump’s pro-crypto agenda has already had a profound impact on the cryptocurrency market. Following his election victory, Bitcoin surged to an all-time high of over $100,000. This monumental rise reflects investor optimism about the incoming administration’s potential to create a more favorable environment for digital assets.
Major altcoins, including Ethereum and Solana, have also seen significant price increases as confidence grows in the future of decentralized finance (DeFi) and blockchain innovations under a pro-crypto administration.
A New Regulatory Era?
If Trump delivers on his promises, his administration could usher in a new era of crypto regulation that balances innovation with oversight. Historically, the U.S. government has taken a fragmented and sometimes hostile approach to digital assets. Trump’s campaign rhetoric suggests a departure from this approach, favoring clarity and collaboration over conflict.
However, there are concerns that this approach might face pushback from certain regulatory agencies and traditional financial institutions that have resisted the rise of crypto.
Challenges Ahead
Despite the optimism, Trump’s pro-crypto plans are not without challenges:
1. Regulatory Resistance
– Federal agencies like the SEC and CFTC have long been at odds over how to regulate digital assets. Aligning these agencies under a unified crypto policy could prove difficult.
2. Market Volatility
– Rapid policy changes often lead to uncertainty, and while the crypto market has reacted positively so far, volatility could return if Trump’s administration stumbles in executing its plans.
3. Global Competition
– The United States is not alone in vying for crypto supremacy. Nations like Singapore, Switzerland, and the UAE have already implemented favorable regulations to attract blockchain businesses. Trump’s administration will need to move quickly to ensure the U.S. remains competitive.
4. Security Risks
– The rapid growth of crypto has been accompanied by a rise in fraud, hacking, and other security concerns. Ensuring robust protections while fostering innovation will be a delicate balance.
Industry Hopes and Skepticism
While many in the crypto world are optimistic about Trump’s entry into office, some experts urge caution. James Van Straten, a cryptocurrency analyst, has expressed skepticism about the feasibility of some proposals, such as the creation of a strategic Bitcoin reserve. He believes such moves, if they happen, might be done discreetly rather than through bold public announcements.
Others argue that Trump’s past inconsistency on various policy issues could mean that his crypto-friendly stance may change under political pressure or unforeseen challenges.
A Defining Moment for Crypto in the U.S.
Donald Trump’s entry into the White House could mark a defining moment for cryptocurrency adoption and regulation in the United States. His pro-crypto rhetoric has already ignited enthusiasm, but translating campaign promises into actionable policies will be the true test of his administration.
If successful, Trump’s initiatives could position the United States as a global leader in the crypto space, attracting innovation, investment, and talent. However, the road ahead is fraught with challenges, and the outcome will depend on the administration’s ability to balance innovation, regulation, and security.
As we stand on the cusp of a potentially transformative era for crypto, all eyes will be on the White House and the first 100 days of Trump’s presidency. Whether he delivers on his promises or falters under pressure, one thing is certain: the world of digital assets will never be the same.
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France Bitcoin Tests by the Central Bank
France Bitcoin tests have been revealed by the French Central Bank last week.
The Banque de France published a press release on Friday where it talks about its technology tests for use in the management of SEPA Credit Identifiers.
According to the French central bank, one of the key participants in this project is the Caisse des Dépôts et Consignations, and the Paris-based startup called Labo Blockchain.
The project began in July 2016 and culminated in October with the creation of prototypes for creating and managing SEPA Credit Identifiers.
The central bank also explained how meetings were held with stakeholders as the project moved forward, indicating that more details about the project will be revealed in 2017.
France Bitcoin project and more central bank efforts
This is not the first time a central bank test the distributed ledger.
A few months ago, in fact, central banks in Japan, Sweden and Singapore launched similar projects.
Also, earlier this month, the US Federal Reserve published its first major research paper on the ledger you can read here.
Credits: Coindesk.com
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OCBC Blockchain: new tests on the ledger
In this article we will talk about the new OCBC Blockchain tests.
One of the major banks in Singapore, in fact, decided to test a distributed ledger payment service, with the goal to develop new commercial products created thanks to this revolutionary techonolgy.
OCBC started to use the ledger to send money between its operations in Singapore and Malaysia, as well as do transactions with the Bank of Singapore, one of its own private financial group.
To do so, the bank explained it worked with the BCS Information Services, a local financial brand that helped to do the OCBC Blockchain tests.
This is only the latest test in the Asia’s banking sector. Read more news about the blockchain tests and researches made in Asia previously this year.
OCBC senio vice president, Praveen Raina explained to Coindesk:
“We hope this will be a catalyst for more banks to adopt the blockchain technology so that, together, we can achieve efficiency and cost effectiveness while delivering more high-value financial services to our consumers.”
The bank announced its news on its official website, but currently the details of this announcement appear to have been removed.
Stay tuned for the next updates related to the blockchain and follow HolyTransaction on Facebook.
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IBM Blockchain to solve delivery issues
Singapore startup FreshTurf is working on a IBM Blockchain project to develop a network for solving issues related to delivery and storage lockers.
According to a press release, the two companies wants to create a network to track delivery shipments and storage lockers through the blockchain with the objective of providing a faster and safer service to the customers.
This way, in fact, users will be able to track their packages more easily thanks to a distributed ledger platform.
This is not the first project for the IBM’s BlueMix garage, a wordwide network of innovators that provides a hub for startups and companies to test and study the blockchain.
The BlueMix is a part of IBM blockchain broader strategy for fintech applications.
The two companies commented in a press release that their goal is providing a system for clients to check the status of their packages in real time.
“Not only can the application of blockchain technology help provide visibility across the fulfilment chain, allowing users to track their parcel and delivery status from the convenience of their phone, it can help stakeholders to conduct shipping transactions in a highly secure and trusted environment.”
This distributed system, currently in development, works through the IBM blockchain.
It is not still clear if the companies will sell the technology for commercial use.
IBM Blockchain and Australian Postal Service
Blockchain has been used for several use cases, including package delivery.
In fact, Australian Postal Service released a report explaining how they could use the distributed ledger to track packages movements. Read more about Australian Postal Service new project by clicking here.
Also, US Postal Service discussed its idea to create a new digital currency called PostCoin.
And this is not the first time IBM works on a blockchain-related project. Read more news about the IBM Blockchain here.
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Why governments should embrace the Blockchain
How governments should embrace the Blockchain
- Verification: licenses, proofs of records, transactions, processes or events.
- Movement of assets. E.g. Transferring money from one person/entity to another.
- Ownerships: the blockchain is a perfect ledger to custody any asset.
- Blockchain can be used to give e-identities to its citizens, enabling a safer kind of voting.
- Study the blockchain and explore its potential.
- Let people develop a blockchain strategy.
- Start experimenting with blockchain technology
- Develop new ideas to improve the quality of life of the citizens
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Bank of Tokyo works on a Blockchain project with Hitachi
Bank of Tokyo works on a blockchain project with Hitachi
Universal Wallet for Digital Currencies
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Bank of America to use the Blockchain to authenticate bank data
Bank of America to use the Blockchain
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5 reasons Bitcoin price is rising
Reasons Bitcoin Price is rising
Halving of Rewards
More interests in the Blockchain
Chinese Domain
FIAT Currencies Flow
UK out of Europe
Universal Wallet
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Imagine a Bitcoin Valley…!
- Build a big, beautiful, fully equipped technology park;
- Mix in R&D labs and university centers;
- Provide incentives to attract scientists, firms and users;
- Interconnect the industry through consortia and specialized suppliers;
- Protect intellectual property and tech transfer; and,
- Establish a favorable business environment and regulations.
Except … this approach to innovation clusters hasn’t really worked. Some have even dismissed
these government-driven efforts as “modern-day snake oil.” Yet
policymakers are always searching for the next Silicon Valley because of
the critical link between tech innovation, economic growth and social
opportunity.
Previous efforts at such clusters failed
for a variety of reasons, but one big reason is that government efforts
alone simply don’t draw people. That’s why a recent crop of experiments
has focused more on building entrepreneurial communities, urban hubs and districts, and hackerspaces. Still, we’re “splitting the logic” on how to create an innovation ecosystem, according to MIT expert Fiona Murray in Technology Review:
We’re either going top-down by focusing primarily on
infrastructure—plunking down an office park next to a university—or
bottom-up by focusing on just the networks. None of these efforts
successfully pursue both paths at once, with government, academia and
entrepreneurial communities proceeding together in lockstep—as was the
case in the development of Silicon Valley.
Valley. Instead, they should be figuring out what domain is (or could
be) specific to their region—and then removing the regulatory hurdles
for that particular domain. Because we don’t want 50 Silicon Valleys; we
want 50 different variations of Silicon Valley, all unique from each other and all focusing on different domains.
Imagine a Bitcoin Valley, for instance, where some country fully
legalizes cryptocurrencies for all financial functions. Or a Drone
Valley, where a particular region removes all legal barriers to flying
unmanned aerial vehicles locally. A Driverless Car Valley in a city that
allows experimentation with different autonomous car designs,
redesigned roadways and safety laws. A Stem Cell Valley. And so on.
a key difference from the if-you-build-it-they-will-come argument of
yore. Here, the focus is more on driving regulatory competition between
city, state and national governments. There are many new categories of
innovation out there and entrepreneurs eager to go after opportunities
within each of them. Rethinking the regulatory barriers in specific
industries would better draw the startups, researchers and divisions of
big companies that want to innovate in the vanguard of a particular
domain—while also exploring and addressing many of the difficult
regulatory issues along the way.
previous innovation-cluster efforts where governments contrived to do
something unnatural, this proposal flows from what governments naturally
do best: create, or rather, relax laws.
advantage of this approach is that it’s a way for clusters to
differentiate from each other and successfully compete for resources.
Think of it as a sort of “global arbitrage” around permissionless innovation—the
freedom to create new technologies without having to ask the powers
that be for their blessing. Entrepreneurs can take advantage of the
difference between opportunities in different regions, where innovation
in a particular domain of interest may be restricted in one region,
allowed and encouraged in another, or completely legal in still another.
For example, the laws and guidelines for using drones or taxing bitcoin already vary widely across the globe, just as they do for ride-sharing services across different cities in the United States.
the biggest advantage of the 50-different-Silicon Valleys approach
isn’t just in what it affords isolated regions or entrepreneurs—it’s in
accelerating innovation everywhere. Removing regulations across
different regions allows multiple innovation categories to advance
together at once, in parallel, without being bottlenecked by time or
place.
that advanced regions will essentially outsource or “regulate away”
their own risk at the expense of less advanced ones. To get ahead,
poorer countries may become more tempted to take on the very things
wealthier countries are fencing out of their borders. But as long as the
innovations aren’t life-threatening—and many of the restricted domains
aren’t (the restrictions are often protecting incumbent interests)—a
model like this one provides a much faster and more feasible way for
developing regions to catch up. Especially when you consider the
advantage that previous innovation clusters didn’t have: mobile.
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