Inshorts

Blockchain Saves from Ransomware Attacks
May 26,
2017
Bitcoin Expects Hardfork and Segregated Witness Activation

Bitcoin industry key figures signed an agreement on bitcoin network scaling solution. The developers from Bitcoin Core and Bitcoin Unlimited, including Jihan Wu from Bitmain Technologies announced the activation of the Segregated Witness protocol after reaching an 80 percent support level of the mining power. Bitcoin also expects hardfork with an increase of the blocksize to 2 MB within six months, which will speed up the transactions processing.

Blockchain in Emerging Markets

Developing countries are turning to blockchain technology with greater benefit than developed markets. A report on the popular business journal, Harvard Business Review gives an example of the telecom sector in Kenya and South Africa, where the countries directly implemented 3G networks, skipping the older copper cables and optic fiber. The signs of leapfrogging to cryptocurrencies are already visible on the African continent where platforms like BitPesa are enabling the population to send and receive money. Another example is the use of Aadhar biometric identity system in India. Experience is showing that the developing nations and markets are going to benefit the most out of it. 

Blockchain Saves from Ransomware Attacks

Last Friday hospitals in the UK were hit by a large ransomware attack that officials are calling WannaCrypt. According to futurehealthcaretoday.com, attack was one of the world’s largest coordinated cyberattacks. Because of the attacks, patients were turned away, surgeries had to be postponed, and ambulances were rerouted. Damage from the attack could have been much worse if it wasn’t stopped sooner. Blockchain protects users without needing to upgrade your system. Taking blockchain as a standard may be part of the answer to preventing this type of attack in the future.

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.

IBM Launches More Live Blockchains
May 23,
2017
Bank Blockchain Pilot in India

An Indian bank is launching a bank blockchain pilot. Kotak Mahindra Bank has partnered with Deloitte to use Blockchain to reduce trade finance processes from weeks to hours. According to cointelegraph.com, JPMorgan Singapore was the partner bank for the international transactions. The keen interest is unabated even for Bitcoin, despite confused regulatory approaches to decentralized innovation in India. The State Bank of India has, meanwhile, encouraged the use of Blockchain with regard to data sharing, streamlining the documents process under a scheme it dubbed “Bankchain.”

USA Congress Interferes the Trial of Coinbase


USA Federal agency seeks for answers from the Internal revenue service (IRS). Case on possible tax evasion of Coinbase users drew attention of the Congress representatives, as reported by Coindesk. Senator Orrin Hatch questioned whether it is correct to get the data of all exchange users. In his letter to tax agency officer he expressed uncertainty that cryptocurrencies are involved at all. Besides, the Congress asks to clarify whether the tax agency is going to apply more positive approach to digital currency to make their implementation easier. The letter is supposed to be answered in early June.

IBM Launches More Live Blockchains

IBM is launching its IBM Blockchain Founder Accelerator. Jerry Cuomo, the company's VP of blockchain technologies explained, that the best thing they can do is to have more live networks. The IBM will pair serious builders with more specialized support. In total, eight founders will be selected for the program, they will gain enhanced access to workshops and bootcamps, its founder mentors and specific blockchain technology solutions that IBM has built with partners over the last year. The paid program aims to be selective and the most successful projects are able to access code and legal reviews. Cuomo also said that scholarships and financial support may be made available to selected candidates.

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.

UK and Hong Kong to Collaborate over FinTech Innovation
May 18,
2017
Poloniex Again Faces Technical Issues

Crypto exchange is facing technical difficulties. Poloniex is increasingly experiencing technical issues. In particular, connection with server periodically interrupts resulting in the increase of complaints on the delayed withdrawals. Representatives of exchange have not yet commented on the reasons of the observed issues.

UK and Hong Kong to Collaborate over FinTech Innovation

London confirms its status of the world’s go-to FinTech Hub. The UK’s Financial Conduct Authority has signed a cooperation agreement with Hong Kong’s Securities and Futures Commission. Under the terms of the agreement, both parties will share information on financial technologies to foster development and innovation.

Skandiabanken Enters the Digital Age

Skandiabanken enters the age of digital currencies. Skandiabanken, internet-only banking service, announced on its integration with the cryptocurrency platform CoinBase.According to the company’s representatives, Skandiabanken will further develop towards the digital assets, not the strategic promotion as it was before. Christoffer Hernes, executive director at Skandiabanken, stated: “We recognize cryptocurrency as an investment class on an equal footing with other securities”.

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