Inshorts

Global correction of cryptocurrencies. The cryptocurrency market correction began on the 8th of July and in recent days the vast majority of cryptocurrencies continued the downward trend. According to the coinmarketcap website, all top-10 in marketcap cryptocurrencies have undergone a correction. Bitcoin in comparison to others, faced the smallest correction, what confirms once again its relatively low volatility. The cut in prices of most crypto assets has returned the marketcap values ​​to the spring’s rates of this year. Pavel Kravchenko, the founder of the blockchain company Distributed Lab, explained regarding the decreased capitalization that it can be a result of mass withdrawal of funds earned on ICOs. Koles Coin experts expect the situation to stabilize within two weeks.

The University of Sydney has recently introduced a new blockchain-based system that can perform more than 440,000 (four hundred forty thousand) transactions per second. According to CoinIdol, the system was named after one of Australia's most deadly snakes – red belly. According to academic Dr. Vincent Gramoli, who heads up the Concurrent Systems Research Group developing the blockchain has a game-changing potential for the industry of financial transfers. “Red Belly” may help to solve one of the major weaknesses of the bitcoin blockchain performance. 

IT giant IBM is developing a financial blockchain platform for Europe's seven largest banks. The Digital Trade Chain Consortium includes: Deutsche Bank, HSBC, KBC, Natixis, Rabobank, Societe Generale and Unicredit. According to ibtimes.co.uk, the blockchain-based trade finance is focused on small and medium enterprises. It is designed to simplify and facilitate domestic and cross-border trade in Europe, and to increase overall trade transaction transparency. The new solution is developed on the basis of Hyperledger Fabric technology and will be available on the IBM Cloud platform. The launch of the new platform is expected at the end of this year.

Colombia caught the attention of the cryptocurrency community in late 2016 when reports began appearing that the country had outlawed digital currency. Jorge Castaño Gutiérrez, Head of the Financial Superintendency of Colombia restated that Colombia does not recognize cryptocurrency as a legal form of monetary exchange and users should be skeptical of online services guaranteeing profits. However, this does not mean that they’re illegal in Colombia. It is only safe to say that Colombia has left digital currency regulation wide open.

The news headlines regularly receive information about bitcoin ransomware attacks. As news.bitcoin.com reports, the number of new varieties of malicious programs are growing every year, but ransomware, such as WannaCry and Petya, is only a small percentage of the total number of viruses. In the first quarter of 2017 alone, almost 2 million viruses were detected. G DATA security labs predicts large increases in new malware types for 2017 with ransomware only representing a small fraction of this increase.

The technology of the blockchain is increasingly being tested to see how it can change the various services around the world. According to bitcoinist agency, from the very beginning China was at the forefront of bitcoin and blockchain technology. In Asian countries, the Indian authorities are considering the possibilities of blockchain technologies for replacing electronic electoral machines in elections in the country. The voting system based on blockсhain will be completely protected from unauthorized access and allows citizens to verify the legitimacy of the elections themselves. 

Khanty-Mansiysk plans to use blockchain. According to CoinIdol newsportal, the governor of Khanty-Mansiysk has proposed using Blockchain technology in projects for the sustainable development of regions near the Arctic Circle. During the closing meeting of the Northern forum, an international organization of twenty-four sub-national or regional governments from ten countries near the Arctic Circle, participants discussed the strategy for further development of the organization and the launch of new projects for the development of the Arctic and the North. Natalia Komarova, the governor of the Khanty-Mansiysk Autonomous Area – Yugra, stated, that the growing capabilities of blockchain can be used in finance programs proposed by the forum.

LG CNS, the IT subsidiary of South Korean multinational giant, is testing a financial blockchain platform Corda, developed by the blockchain consortium R3, the portal BusinessKorea reports. Corda is a highly specialized tool developed for financial organizations. LG opted for the Corda platform, as it provides the opportunity for selective disclosure of information stored in its decentralized database. The blockchain system with permissions will allow only specific trading partners share information in a secure ledger that will enable straightforward and more-efficient deal-making between companies.

Disclaimer. These videos are brought to you by CoinIdol.com in partnership with Koles Coin News Channel. This information is provided by a third-party source and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds in any company.

The Ministry of Internal Affairs and Communications of Japan will test the opportunities of using the blockchain technology for processing government tenders. Pilot testing of the project will last until March 2018. According to Nikkei Asian Review, at present the agency selects applications from companies wishing to participate in tenders. The Government of Japan intends next year to lay out a roadmap for incorporating the blockchain technology in e-government systems, as well as to apply the capabilities of this technology in various areas and key infrastructure projects.