The last weeks and months have been anything but rosy for the crypto market. Falling prices and bad news have hit the mood in the crypto ecosystem hard – the buzzword FUD (Fear, Uncertainty and Doubt) hit high waves. In some reports, the impression was quickly gained that the crypto economy was at an end. We consider this a misjudgement and would like to outline in our 10-part article series why 2018 can develop into an outstandingly good year. Goodbye FUD #3.
Bitcoin news: Blockchain for decentralized data
Just recently, the so-called Facebook data scandal made the rounds. The company around Mark Zuckerberg shared data from up to 87 million users with the British data analysis Cambridge Analytica. The data was then used without justification to influence the US election campaign. The result is known. Two of the main problems behind this Bitcoin news scandal are the centralisation of data and the monopoly position of individual companies that own this data: Bitcoin news Twitter, Google, Snapchat & Co. (It’s ironic that these companies prohibit advertising for crypto currencies.)
So far, most of us have tacitly accepted the commercialization of our own data. However, the more such scandals come to light, the more (hopefully) the users become aware of the problem. And thus also a possible way out. Decentralization and the technology that makes it possible: the blockchain. Social networks such as Steemit have already taken up the cause of decentralising data. Blockstack, on the other hand, offers an entire operating system on the blockchain.
Bitcoin news for corporations
But the Bitcoin news topics that make the Blockchain interesting for corporations go much further. The examples are accordingly numerous. There is the ICO Blockshipping, which wants to try to make the container system more effective. Empty containers are to communicate via IOT sensors and determine their own filling in the near future. Sinochem, a Chinese oil company, also uses the technology to export fuels. The US state of Virginia also recognizes the signs of the times and is testing an e-voting system on the blockchain.
Even if the established financial system is still struggling, the blockchain can no longer resist it. Santander announced that it would be using Ripple in the future. Deutsche Börse plans to work with a blockchain solution. This is ultimately intended to make securities processing more efficient. BaFin is currently not quite sure how to deal with crypto currencies – it decides on a case-by-case basis. In return, the IRS recently admitted that crypto currencies function like traditional currencies. However different the opinions may be, one thing is certain: blockchain and crypto currencies are coming. And quite quickly.
Blockchain for states
Interest continues to diversify. While some states are still struggling with regulatory issues and are critical of technology, some are already trying to establish themselves as blockchain metropolises. Malta, for example, welcomed Binance, a stock exchange plagued by bans and warnings, with open arms. Corresponding laws are on the way – there are many taxes to be collected here. Switzerland is also slowly turning into an attractive crypto location. In addition to the „Crypto Valley“ Zug, Miner is currently rediscovering a ghost town for its own purposes. Liechtenstein would also like to become a hotspot for blockchain companies. An extreme example is Venezuela, of course: with its own crypto currency Petro, the crisis-ridden country is trying to revive the economy.
Goodbye FUD #3 – The last point
Blockchain technology can hardly be stopped. There is interest at all levels – whether individuals, banks, large corporations or banks – in the Blockchain technology.