Connect with us

Bitcoin

The real reason for embracing Blockchain in your business

Published

on

Blockchain in business

Understand the need for incorporating Blockchain into supply chain management..

The ultimate basis for any kind of business is the demand and the supply loop. Both of them play a crucial role to keep the game going. But from the recent incidents of, the closure of almost two-thirds of KFC’s 900 restaurants in the United Kingdom due to the shortage of chicken, makes a point very clear that the supply can play a critical role amongst both.

Finally, it was investigated that the failure was due to, not any shortage of chickens, but due to human error. This particular incident leads to an undoubted conclusion that maintaining the record of the supply chain and account are critical. But there is absolutely no need to worry as the blockchain technology is here to provide an amazing solution to this problem.

 

Blockchain wave in supply chain management

There is a very wrong notion of some of the people that the Blockchain Technology is only used to develop cryptocurrencies but it has a lot many other applications as well. The most widely used digital record keeping method, the Blockchain Technology can intelligently be used in order to maintain the supply chain data integrity.

The unique way in which the Blockchain Technology helps in preventing data tampering is through sharing it to a number of nodes. Since all the members of the network have a copy of it, no one person can alter the data. The Blockchain Technology is also centralized in nature which means that there is no single Central authority who owns the entire system, but it is of a distributed type which means the authority is somewhat distributed equally among all the members of the network.

It’s amazing ability to provide security to a database through the distributed network storage system has made it a very important technology to be used in many Business models. Through this feature, it will also build the trust among its customers which is very important in this competitive edge.

The initial companies which will readily adopt blockchain technology in their business model in order to gain the trust of its customers will have an early movers advantage. Below are a few etiquettes to be followed in order to incorporate Blockchain Technology into your business.

 

Do not adopt the blockchain technology just because of the hype

In this millennial generation, the youngsters tend to adopt almost any technology just to try it out because it stirs up a lot of excitement in them. It is also one of the reason most of the big companies try out the technology just because they can, and, end up wasting valuable resources. This particular hype is very similar to that of the internet hype which occurred a few decades ago.

At last, it is to be kept in mind it is a viable option only if the business really needs to incorporate trust into its transactions. Trust is all about proof, we must be very clear in our minds what do you need to prove, and whom do we need to do it.

For an instance, if the supply chain management has a lot of transactions, then we must be releasing the need for trusting the data through the application of Blockchain Technology. Questions like, do my supply chain management list really needs to be verified? or do I need to verify just a part of it?

We live in a very fortunate world where there is absolutely no shortage of resources to learn a new particular Technology. Also read, 8 Influential women creating benchmark in Blockchain technology.

#Exchange

Vietnam launching a regulated cryptocurrency exchange

Published

on

Vietnam is all set to launch a regulated crypto exchange as two companies have just signed an MOU for the development and licensing for a crypto exchange.

Vietnam is all set to launch a regulated crypto exchange as two companies have just signed an MOU for the development and obtaining licensing for a cryptocurrency exchange.

Partnership for the cryptocurrency exchange:

According to an article published by PRNewswire, Linh Thanh Group, which is the biggest distributor in the country is partnering with Kronn Ventures AG, a blockchain company located in Switzerland for the development of the cryptocurrency exchange.

Recently, Kronn Ventures AG created an association with the financial committees around Asia which included countries like Bangladesh, Sri Lanka, Cambodia as well as Vietnam. The motive of the association is to use blockchain technology to create a worldwide wiring system that suits the environment of the Asian continent.

According to the report, Linh Thanh Group has officially stated that partnering with the Kronn Ventures AG will help both the companies in creating a cryptocurrency exchange that is world class. Kronn Ventures is quite famous for their work in the field of blockchain in Switzerland.

 

Regulation in Vietnam:

The government of Vietnam had earlier seized the domain name of the biggest BTC exchange in the country as the company was accused of allowing e-commerce services without seeking regulations from the authorities.

Also at the end of last year, Vietnam’s ministry of justice had proposed various methods which could help in regulating cryptocurrencies in Vietnam. The regulatory authorities had also explored the pros and cons of cryptocurrency regulations in the country.

Continue Reading

#Exchange

Mt Gox: Has the time come when Mt.Gox Creditors will be paid?

Published

on

As reported by the Mt Gox trustee, They still have 141,000 BTC and 142,000 BCH and the trustee seems to be taking charge to return the funds to the victims.

The small cryptocurrency community back then was in shock when the biggest bitcoin exchange Mt Gox (at that time) was hacked and around 850,000 BTC were stolen which were worth around $450 million back then and around $3.4 billion according to today’s price. Years have passed since the incident, however, only a few the victims have received their share and most of them are still waiting for their lost funds.

 

Mt Gox to credit victims?

As reported by Nobuaki Kobayashi, the Mt Gox trustee, Mt Gox still has more than 141,000 Bitcoin and 142,000 Bitcoin Cash and the trustee seems to be taking charge to return the following funds to the victims. The victims were super excited to hear this and Twitter seems to be full of tweets claiming that the exchange has finally made its decision of returning the lost funds to the victims.


However, it is worth noting that Mt Gox might have more than $631 million worth of Bitcoin and Bitcoin Cash, the number of funds to be compensated are likely much more than this amount. The other documents on the website claim that the victims shall be sent a notification regarding the approval or disapproval of their claims based upon their type of filing (online or email).

 

Nobuaki Kobayashi said that after a few days, the Rehabilitation Trustee of Mt Gox will be announcing the results of the claims filed by the victims. The result will showcase whether or not their claims have been accepted.

 

Missed the deadline?

If you are one of the victims and you’ve somehow missed submitting your claim, you can still download the claim form from the Mt Gox website. However, if these claims made after the deadline shall be accepted for refunds will be decided by the court.

 

Is there any timeline for the claims?

According to Nobuaki Kobayashi. he will contact the victims soon. So there is no specific timeline as to when the funds will return to the victims. However, it is still great news for the people who have been waiting for over 5 years and they are surely happy about the fact that they will soon be compensated.

 

Cryptocurrency investors are now wondering how will this affect the bitcoin price? What do you think? Tell us in the comments section below.

Continue Reading

#Bitcoin

Cryptocurrency Price Analysis: Great Week for the top 10

Published

on

The current week has proved to be quite amazing for the cryptocurrency market as all major coins are holding green. The total cryptocurrency market rose by around $1.5 billion yesterday night with the price of bitcoin reaching $4100.

 

Bitcoin:

BTCUSD Price Chart

BTC/USD Weekly Price Chart

Bitcoin broke the $4000 resistance level on 17th March and has been over this range since then. Bitcoin has turned the previous resistance into strong support now and has moved upwards slowly currently trading around $4120 (according to Bitfinex chart) with around 1% increase in the last 24 hours. If bitcoin is able to maintain its position above $4100 range for long, it might soon move ahead towards the major long term resistances such as $4500 and $4600.

 

Altcoins:

ETHUSD Weekly Chart

ETH/USD Weekly Chart

Ethereum also saw a nice bullish momentum this week after reaching the highest point of $143. Currently, Ethereum is trading nicely around $140 and is experiencing a few dips while trying to move upwards.

Unlike other top 10 coins, Ripple market is experiencing volatility from the last week but the momentum is still quite bullish.

LTCUSD Weekly Chart

LTCUSD Weekly Chart

Litecoin has been following trends and is steadily trading around $60 from the start of the week. Litecoin has increased more than 1.67% in the last 24 hours which makes it the best performing crypto of the day (in comparison with the top 10 cryptos according to market capitalization). LTC is currently trading around $61 (according to Bitfinex chart).

 

The overall cryptocurrency market is in a bullish momentum with sings of further gains. After a long bearish trend, cryptocurrency analysts are now believing that the bull market might be coming soon.

Continue Reading

Keep up with Bitcoin & Blockchain Technology Trends

Simply enter your email address in the box below and sign up for emails from Coinnounce regarding trending cryptocurrency, bitcoin & blockchain topics and offers.

This information will never be shared with third parties.