Author: Anna Galvez

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Crypto News

Western Union, Volkswagen, And AT&T Filed The Patents For Apps Based On Blockchain Technology

As a sign of the current exploration of the blockchain technology benefits for big companies, the U.S. Patent and Trademark Office (USPTO) publicized, on July 5th, some patent applications based on this technology filed by Volkswagen, Western Union, and AT&T.

Volkswagen adopts blockchain technology for vehicle-to-vehicle communication

Volkswagen’s patent, the Method application, is a digital storage medium for vehicle-to-vehicle communication. The system is an exchange of messages between vehicles, in which every message is connected to the previous one and cryptographically encrypted

In this system, which employs the immutability and encryption of the blockchain technology, no party can modify the previously released data, presenting a complete negotiation.

Western Union patented its own blockchain technology app

Western Union filed a patent application for a system of notifications of recurrent secure transfers and payments. This app, based on blockchain technology, would permit receiving and processing transactions and data transfer in various domains within electronic networks.

The unprecedented thing with this patent application, however, is that Western Union included cryptocurrencies among the assets that can be transferred on its system’s blockchain.

AT&T to introduce a token as a mean of exchange

AT&T launched the “System and Method for Generating a Secure Token from a Service Provider” which debates the generation of a token by an online service provider based on user account information. This token would be employed as a means of exchange between AT&T and the user for upcoming apps and systems which could be related to an online gaming platform.

The document from AT&T refers to the generation of a secure token and suggests other data that the provider will manage, including the user’s account data. Before, the telecommunication company had already obtained the acceptance of another patent. Namely, in June 2017 AT&T got the green light to implement blockchain technology and cryptocurrency in the collection of its domestic services.

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Crypto News

Blockchain Technology Attracts 75% Of Large Corporations, According To A Deloitte Study

According to a Deloitte study conducted on more than 1,000 executives in seven countries, the consulting firm found that three-quarters of companies see blockchain as an “irresistible business case. Even if it’s not in its prime, blockchain is close to its tipping point,” as reported.

Deloitte’s units dedicated to global practices of blockchain technology, conducted the study between March 26th and April 5th, as “an investigation to obtain more visibility on attitudes and investments in blockchain as a technology.” Online interviews were conducted with 1,053 executives in management positions in companies with annual revenues of $500 million or more. The study was conducted in 7 countries, such as Canada, the United States, Mexico, France, Germany, the United Kingdom, and China.

Interest in blockchain technology is undergoing a transition from a focus on education and exploring the potential of technology to the identification and development of practical business applications, says Deloitte. Executives with more knowledge about blockchain technology, the study says, have more pragmatic positions and are interested in investing in a wide range of cases over the next 12 months.

For example, 74% of respondents report that their organizations see an “irresistible business case” for using blockchain, and many of these companies are already moving with the technology. Nearly half (34%) say their companies are already advancing with technology. Additionally, about 40% of respondents reported that their organizations will invest $5 million or more in blockchain technology next year.

Deloitte Consulting

Deloitte revealed differences in the attitudes regarding blockchain technology from one country to another

When comparing the proportions of companies surveyed by country and by income level, Mexico shows the highest percentage of large organizations. For example, 61% of the Mexican companies involved in the study have an income of more than $5 billion, compared to 39% in China, and 33% in the United States.

Regarding investments in the recruitment of specialized personnel in blockchain technologies, China is the one that stands out, with 86% of the organizations that are currently investing, followed by Mexico with 56%, and Canada with 51% of current investments.

In a similar study carried out by Deloitte in 2016, which included 522 senior executives, 39% of respondents said they had little or no knowledge of blockchain technology, while in this year’s study, when asked to assess their knowledge level on this technology the percentages are very high, suggesting that blockchain technology is slowly but steadily becoming essential for businesses worldwide.

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Crypto News Tech

IOTA To Revolutionize The Internet Of Things With LiFi Technology For Lightning Speed

The IOTA is disclosing more details on its approach to powering the Internet of Things at lightning speed with its LiFi technology.

More than 26 billion devices will be linked to the Internet by 2020, says the research firm Gartner. That paves the way for a whole new dimension of digital intelligence, where you can transfer massive volumes of data from one device to another with no human-to-human or human-to-computer interactions. That may well dramatically impact the way we live, building smart cities and reshaping virtually all industries, from the producing industries and agriculture to supply chain management and healthcare.

IOTA is attempting to leverage its distributed general ledger technology to power the revolution of the Internet of Things and link billions of devices together and surmount a significant bottleneck, namely, the bandwidth.

Currently, the more devices are connected, the more limitations occur. On WiFi networks, for example, only three channels can operate concurrently without a glitch.

IOTA works on LiFi technology to power the Internet of Things at lightning speed

To tackle the bandwidth bottleneck, IOTA is currently investigating the full capabilities of LiFi, a relatively new technology that makes use of the light spectrum and generates infinite channels.

LiFi is a technology developed to harness existing LED technology to transmit data at lightning speed.

Bandwidth is undoubtedly the last bottleneck. I can’t do anything about the speed of light. But the theoretical limits of LiFi are in terabytes per microsecond in the magnitude range.

IOTA Ecosystem Fund Director John Licciardello, on Reddit

On Discord, according to Hello IOTA, an IOTA code developer also debated the advancements LiFi could bring to the Internet of Things. On the other hand, the IOTA founder David Sonstebo also talked about the LiFi technology on Twitter.

No, we always stress that the speed of LIGHT cannot be exceeded. The coordinator is not part of the IOTA protocol, it is an integration tool.

David Sonstebo, on Twitter

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Crypto Markets News

Flow Traders NV, The European Leading Trading Company, Entered The Cryptocurrencies Market

Flow Traders NV, based in Amsterdam, has entered the cryptocurrencies market despite warnings from the Dutch Authority for the Financial Markets (AFM).

Europe’s largest trader of listed funds, Flow Traders NV, is reportedly the first company to buy and sell quoted tickets based on Bitcoin (BTC) and Ethereum (ETH). According to Bloomberg, these publicly traded notes could increase the attractiveness of cryptocurrencies by making it easier and cheaper to invest in such assets.

Flow Traders NV Co-Executive Director Dennis Dijkstra said that cryptos are underestimated, and added that cryptocurrencies market “is big, and it’s going to be regulated very soon. Market participants are much more professional than people think. Institutional investors are interested. We know they are because they ask us to.”

The AFM did not share the enthusiasm of Flow Traders NV, but while the FMA can make recommendations and public warnings, it can do little to prohibit a company from trading in regulated securities on a regulated market.

We discourage activities in cryptocurrency by both consumers and professional licensees. Because of its novelty and the anonymity it potentially offers, it is very prone to abuse. Given its inability to serve the promised purpose as currency, we do not consider it an asset class.

Nienke Torensma, a spokesman at the Authority for the Financial Markets (AFM).

The Dutch Authority for the Financial Markets is concerned about cryptocurrency investments, while the Dutch government militated for a balanced regulatory framework for cryptos in May

According to Dijkstra from the Flow Traders NV, the company was hedging its cryptos transactions with futures contracts managed by CME Group Inc. and Cboe Global Markets Inc. He stated that the new approach has “great indirect benefits” for the development of Flow Traders NV’s foreign exchange trading business.

According to Bloomberg, in the first quarter of 2018 Flow Traders NV traded the equivalent of $284 billion in Euros of ETFs worldwide, including the equivalent of $167 billion in Europe, making the company the largest trader on the “Old Continent.”

The Authority for the Financial Markets raised concerns about investments in cryptocurrency in mid-June by sending a letter to market participants seeking to offer investment opportunities in cryptocurrency. The regulator said the related risks meant that these companies might not live up to their licensing obligations.

On the other hand, one month before that, in May, the Dutch government released a report stating that cryptocurrency poses a low risk to the country’s financial stability. The report predicts that the risks associated with crypto will increase with greater involvement of government financial institutions and stresses the need for balanced financial regulation.

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Crypto Markets News

Binance Cryptocurrency Exchange Expects Profits Of $1 Billion In 2018

Binance, the renowned cryptocurrency exchange platform, anticipates that its revenues will grow to $1 billion by the end of 2018, according to Binance CEO Changpeng Zhao during an interview with Bloomberg from today, July 6th.

Binance cryptocurrency exchange platform ranked the first today in cryptocurrencies trading volumes

Talking about how Binance platform is recouping after a stressful week in which tradings were momentarily suspended, Zhao revenues estimations defy the idea that the profits of cryptocurrency exchanges are dependent on the cryptos prices. For example, although Bitcoin (BTC) is under $7,000 for nearly a month and a half now, Binance’s profits for the first half of the year was around $300 million, according to Zhao.

Binance, which consistently ranks at the top of the world’s most significant daily cryptocurrencies trading volumes, is now #1 with approximately $1.2 billion in transactions in the last 24 hours.

Binance profits estimations encourage the company to extend its operations around the world

The tremendous gains of $1 billion, estimated by Binance for this year, are fuelling an aspirational expansion agenda that will shortly include Binance’s emergence on markets such as Uganda and Bermuda. That after Binance cryptocurrency exchange platform moved its headquarters to Malta, a crypto-friendly country, to avoid strict cryptocurrency regulations, earlier this year.

On the other hand, there are currently approximately 10 million users on the platform, according to Zhao, Binance CEO.

Binance expansion plans are not devoid of competition, too, as other major cryptocurrency exchange platforms, such as Huobi and Coinbase, are also entering new markets. For example, just yesterday, Huobi rolled out in Australia and planned to commence operations in London in the Q3 2018, while services in the United States will also begin in the foreseeable future.

Coinbase, in the meantime, is considering moving its headquarters to Japan and is still waiting for a US banking license.

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