Monthly Archives

November 2019

Scalability Enhancements Kept Bitcoin Decentralized: BitMex Research

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Bitcoin (BTC) node synchronization would be impossible if it were not for the improvements that have been made to the software, according to the research arm of crypto exchange BitMex. BitMex Research measured the Initial Block Download (IBD) times of Bitcoin Core software releases from 2012 to 2019 needed to download the blockchain and verify it and shared their conclusions in a blog post published on Nov. 29. The research team claims that the older version of the Bitcoin Core software may be impossible to synchronize now and that the scalability improvements made to the software are essential to the operation of

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Why Eurasian Debt, Economic Uncertainty Make a Bull Case for Bitcoin

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Bitcoin (BTC) bulls will no doubt keenly watch talk of the need for “a new, neutral global reserve asset” at the heart of the traditional financial sphere. Financial Times business columnist and associate editor Rana Foroohar published an opinion piece on Nov. 25, pointing to the renewed, half-justified “paranoia” of the “gold bugs,” which has only been compounded by comments from investors and central bankers in recent weeks. “You have to really believe the sky is falling in order to hoard physical bars in a digital age,” Foroohor writes. And while she does not put her faith in gold itself, the very

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Research: Bitcoin Futures Settlement Date Suggests 4% Gains Likely

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Bitcoin (BTC) is statistically likely to gain in the coming week as a new futures expiration event comes and goes, according to new data. Compiled by trader an analyst Luke Martin on Nov. 25, figures charting Bitcoin price performance before and after each expiration show that overall, higher levels appear afterward. Data: BTC stands to gain next week Martin used CME Group’s monthly futures as a basis. Among the first futures to hit the market in December 2017, their settlement dates — of which Friday was one — have already attracted attention as a force for moving price. Bitcoin price movements around futures settlement dates. Source: Luke Martin/

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American Citizen Arrested for Educating North Korea on Blockchain and Crypto

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Today United States prosecutors announced the arrest of Virgil Griffith, who allegedly traveled to the Democratic People’s Republic of Korea (DPRK) to deliver a presentation on how to use cryptocurrencies and blockchain technology to circumvent sanctions. According to the November 29 announcement, the 36-year-old Griffith was arrested at the Los Angeles International Airport, and will be charged with conspiring to violate the International Emergency Economic Powers Act (IEEPA). The charges carry a maximum term of 20 years in prison. U.S. Attorney Geoffrey S. Berman stated: “As alleged, Virgil Griffith provided highly technical information to North Korea, knowing that this information could

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Study: Blockchain Can Reduce Food Fraud By $31 Billion Within 5 Years

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The food industry could save up to $31 billion in global fraud savings by tracking food on its way from farms to consumers via the blockchain. A Nov. 25 study by Juniper Research reveals that blockchain technology, in combination with Internet of Things (IoT) sensors and trackers, will greatly reduce retailers’ costs by streamlining supply chains, while simplifying regulatory compliance, offering more efficient food recalls, and tackling fraud. The study points out that the increased adoption of blockchain and IoT in the supply chain industry will add significant value to the food business’s supply chain. By stacking these innovative technologies, the food

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IBM Files A Blockchain Patent For Fighting Package Theft By Drone

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IBM has filed for a patent of a system that uses blockchain technology to prevent drone-enabled package theft. According to a filing published by the United States Patent and Trademark Office (USPTO) on Nov. 12, IBM will track drone altitude using an Internet of Things (IoT) altimeter, while continuously uploading that data to a blockchain secure platform. Drones might be a thief’s perfect tool It might become ordinary for drones to be used for stealing packages in the future. The idea is that packages will be outfitted with an altitude sensor that is set to trigger an alarm if a

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EU Fights Corporatization of AI and Blockchain With Massive Investment

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The European Union’s announcement of a new 110 million euro fund to support research on artificial intelligence and blockchain comes at a critical time for the AI industry, when issues at the intersection of privacy, security and AI are the focus of acute attention by government, the tech industry and the general public. Blockchain technology has the promise to radically transform the way society handles data as well as how AIs are trained and taught with this data. It has the potential to create a world in which control over and reward from data and AI is distributed more broadly

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Disgruntled Investor Sues Stox Prediction Market and Founder

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Israeli crypto entrepreneur Moshe Hogeg and his blockchain firm Stox (STX) are facing a lawsuit from a disgruntled investor in the United States. A Vancouver-based investor has accused Hogeg of major breaches of contract and alleged fraud that caused him losses of at least $430,000, according to a lawsuit filed Nov. 25. The complaint is filed with the United States District Court for the Western District of Washington. In the 43-page lawsuit, the plaintiff Sean Snyder claims that the company failed to perform its obligations under its whitepaper by issuing a larger amount of tokens than originally announced and eventually

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US and China Battle for Blockchain Dominance

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When Chinese President Xi Jinping announced strong support for blockchain technology last month, pundits suggested that China would soon overtake the United States in dominating blockchain innovations. Our patent research at the Blockchain Center of Excellence at the University of Arkansas finds that China is already winning the Intellectual Property arms race against the U.S. We examined blockchain-related patents that were granted from January 2014 to October 2019 by China’s patent office, the National Intellectual Property Administration, or CNIPA, and the U.S. Patent and Trademark Office, or USPTO. During this period, the CNIPA awarded 2,218 blockchain patents compared to 227

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Largest Indian State to Pilot Blockchain-Based Solar Energy Trading

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The Indian state of Uttar Pradesh (UP) will pilot a peer-to-peer (P2P) solar power trading project in partnership with Australian blockchain energy company Power Ledger. The state power utility UP Power Corporation Limited and UP New and Renewable Energy Development Agency have partnered with Power Ledger to launch a trial of P2P solar energy trading to examine its practicability, according to a Nov. 28 press release. The first phase of the project is set to be completed by March 2020. During the trial, Power Ledger will integrate its blockchain-based platform with smart meter systems to enable residents with rooftop solar

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