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The current state of blockchain regulation, Mobile Payments Today

The current state of blockchain regulation

With fresh technologies, it takes a while for regulation to catch up. Blockchain technology is no exception. While we are leisurely beginning to see standards emerge — for example, Fresh York state’s fresh BitLicense regulations — the reputation of blockchain is still marred by the criminal aspects of bitcoin.

Bitcoin itself recently took a hit when the SEC ruled against the Winklevoss twins’ proposal for an exchange-traded fund for bitcoin. The SEC voiced concern about the capability of powerful, unregulated Chinese exchanges to manipulate the price of bitcoin. This underscores a key aspect of virtual currency regulation: It is still in its infancy.

“The current regulatory landscape when talking about [distributed ledger technologies] is at the same time immature and complicated, and it depends on what component of the DLTs we are talking about: cryptocurrencies; blockchains; collective ledgers; clever contracts; etc.,” Javier Sebastian Cermeno said in a report by BBVA Research. “The regulatory treatment of each of these components is different, albeit [the] lack of specific regulation is a common factor.”

Presently, countries such as Brazil, Canada, the United States and many European nations at least permit bitcoin technologies. Others such as China and India have a less friendly relationship with bitcoin, and some — including Russia — are outright hostile, according to the BBVA report.

Even among governments that do permit trading in bitcoin and other virtual currencies, regulation can be inconsistent. For example, the European Parliament believes it should take a hands-off treatment to virtual currency regulation and should simply analyze it. However, the European Banking Authority, a regulator agency of the EU, recommends that banks stay away from virtual currency.

In the U.S., the Financial Crimes Enforcement Network was the very first government agency to release a statement on virtual currency. FinCEN was followed by the IRS, according to a blog by Liz Prehn, a tax attorney for Moskowitz LLP. The IRS regulations for taxation, however, leave a number of unanswered questions. For example, how should bitcoin mining be treated for tax purposes?

“Is virtual currency that is held by a merchant considered a capital or an ordinary asset?” Prehn wrote. Is it a “commodity” subject to mark-to-market accounting?”

Other questions relate to how virtual currency should be reported and how to determine the exchange rate of virtual currency for tax purposes.

While the IRS views virtual currency as property, other regulatory agencies see it differently. FinCEN treats it as money, whereas the Commodity Futures Trading Commission treats it as a commodity. This has led to difficulties in court cases related to bitcoin in which judges have had to determine exactly how to treat virtual currency, according to the BBVA report.

For example, in 2016, Judge Teresa Pooler of the 11th Judicial Circuit Court of Florida ruled on the case of a man charged with helping two undercover agents launder money with bitcoin. Judge Pooler threw out the case telling that bitcoin is not money, thus the defendant could not be charged with money laundering.

From a global perspective, regulatory initiatives around the broad field of distributed ledger technologies are in their initial stages, Cermeno said.

Most regulatory bods now have working groups and task coerces in place analyzing virtual currencies and DLTs, however, there still is relatively little progress toward enforceable regulation.

In the case of blockchain technology regulation, Cermeno asserts that it doesn’t indeed exist yet. But users of the technology will come up against existing regulations for activities — such as clever contracts — as they migrate to blockchain technology.

“Any wise contract defined on the blockchain will have to serve at least with the regulation on contracts applicable on the correspondent jurisdiction, as exposed in the commercial and trade law,” Cermeno said. “Then, depending on what kinds of financial services are being suggested on the blockchain (payments, lending, investment, etc.), regulation on these services will have to be applied. For example, KYC and AML regulation, capital markets regulation, lending regulation, and so on.”

Related video:

Running a total Bitcoin knot on AWS

Running a total Bitcoin knot on AWS

UPDATE – 10th August 2014: The results are in

The knot stayed stable via July and the free tier benefits ran out before that so the following is the accomplish cost.

The main contributions to this were (incl. VAT @ 20%):

| Data Transfer | | | |:————–|—|—| | $0.120 per GB – up to ten TB / month data transfer out | 135.096 GB | $Nineteen.46 |

| EC2 | | | |:—-|—|—| | $0.020 per On Request Linux t1.micro Example Hour | seven hundred forty four Hrs | $17.86 | | $0.05 per one million I/O requests – US East (Northern Virginia) | 23,715,799 IOs | $1.43 | | $0.05 per GB-month of Magnetic provisioned storage – US East (Northern Virginia) | 48.000 GB-Mo | $Two.88 |

I just want to know how much it will cost to run a utter bitcoin knot on an EC2 example. The two main factors being disk usage (the size of the block chain at the time of writing being around 17GB) and IO (how much traffic I may have to pay for to permit incoming connections on port 8333).

  1. I embark with a t1.micro example running Ubuntu 14.04 (LTS) sixty four bit.
  2. For now I accept the default 8GB root volume and add an extra 40GB EBS volume on which I’ll store the blockchain (Originally I began with 20GB but this did not last long before running out of space and crashing the knot – i’m sure less would suffice for a while but i don’t want to resize the disk again every few days/weeks)
  3. I configure any IP access on port twenty two for SSH (I have to be able to configure my server – albeit I could restrict the IP addresses permitted to connect on this port for added security)
  4. I configure any IP access on port eight thousand three hundred thirty three (I want this to be a useful knot and not a leech! So other knots have to be able to connect)
  5. I create a fresh key pair to access the server using SSH and launch the example!

Next I have to connect and install/configure bitcoind. To simplify things I’ll add a

/.ssh/config file to point to my fresh key and awkward public DNS name

This permits me to connect with a elementary ssh bitcoin-node

So, now to install bitcoind …

And configure it as a service…

Before I commence the bitcoind service I want to configure it to use my EBS volume for the blockchain. The very first step of which is to initialize and climb on the volume. Run the following directive to get the device name

As you can see, in my case I have an unitialized volume at /dev/xvdb ( lsblk strips the /dev/ from the device name). So I use the following directive to initialize an ext4 filesystem

Next, I need to configure this to be mounted on boot. Very first I will create a climb on point

Then we can add the following line to /etc/fstab to climb on the volume on boot in future

Run the following to climb on the volumes listed in /etc/fstab

Now add a bitcoin system user, setting its home directory on the EBS volume

To configure bitcoind we now need to add a config file to /data/bitcoin/.bitcoin/bitcoin.conf

Now set the permissions on it

Now we can add an upstart config at /etc/init/bitcoind.conf

Before we can begin the service we need to make sure that the machine does not run out of memory and crash it. This will happen after a fairly brief time. The solution is to add a swapfile.

This creates a 1.5GB (a little over twice the RAM of 0.613GB on a t1.micro example) exchange file and activates it. In order to ensure it is activated on reboot we need to add another entry to /etc/fstab

To ensure that the swapfile is only used when it’s indeed needed we should set the swappiness. This is an optimization of the kernel. A high value (maximum of 100) would tell the kernel to favour the exchange file, we will set a low value of ten to favour RAM when it is available.

These directions set the current swappiness value and set the kernel configuration to the same value on reboot. To finish configuring the swapfile, set its permissions so that it cannot be read by other users.

Only now should we register the service and embark it…

And there we go, the bitcoin knot should be running and downloading the blockchain. I have no intention of actually using it as a wallet but hopefully it will be providing the useful services of a participating total knot. Now let’s see how the costs stack up.

Related video:

R3 Consortium Acknowledges Corda Has No Blockchain Infrastructure

R3 Consortium Acknowledges Corda Has No Blockchain Infrastructure

It is evident mimicking the bitcoin ecosystem can't be done in a workable way.

Across 2016, there has been a lot of hype regarding the R3 blockchain consortium. With backing from some of the world’s largest banks, the future of private blockchains seemed secured. An interesting slide from the R3 Corda presentation tells a very different story, tho’. In fact, R3 is not using a blockchain as they “don’t need one”. A rather unusual statement that raises more questions.

Many people have questioned the viability of R3’s Corda project . Using private blockchains has always been controversial among cryptocurrency enthusiasts. In most cases, private blockchains do not provide immutability as they are managed by a centralized entity. This makes the entire concept a bit odd, as the involved parties could just use a traditional SQL database instead.

R3 concedes defeat: "No Block Chain, because we don't need one" pic.twitter.com/tHE3I6U8mN

One thing that makes blockchains so appealing is how they speed up transactions. For some reason, the R3 consortium feels they no longer need a blockchain in the very first place. That is a very controversial statement, to say the least. The fatter question is what type of technology they use for Corda if it is not a distributed ledger. To some people, this acknowledgment is evidence of how Corda never used a blockchain in the very first place.

Corda Is A Giant Waste of Money

One Twitter user argues private blockchains are even inferior to SQL databases. Even non-developers agree on that point. There is no point in using a distributed ledger if there is no ensure recorded data is tamper-proof. So far, there has been no private distributed ledger able to provide immutability. None of these projects use a proof of work mechanism, which seems to be a must for keeping records safe from harm and tampering.

Keeping in mind how R3 received millions in funding, it emerges all of that money has been a waste. It is unclear what the money is spent on in the very first place, but it certainly isn’t blockchain technology. Telling they “don’t need” a blockchain is ridiculous for a blockchain-oriented project. It is unclear what will happen to R3 next. The entire project can be chalked up as a waste of time and effort, tho’.

Interestingly enough, this news only bodes well for bitcoin and normal blockchain technology. It is evident mimicking the bitcoin ecosystem can’t be done in a workable way. That is not a surprise either, yet some institutions will proceed to give it a attempt. Corda will be JVM based moving forward, which is the same as taking three steps backward. It is a shame to see so much money go to waste due to a project everyone knew would not succeed in the very first place.

R3 Consortium Acknowledges Corda Has No Blockchain Infrastructure

R3 Consortium Acknowledges Corda Has No Blockchain Infrastructure

It is evident mimicking the bitcoin ecosystem can't be done in a workable way.

Across 2016, there has been a lot of hype regarding the R3 blockchain consortium. With backing from some of the world’s largest banks, the future of private blockchains seemed secured. An interesting slide from the R3 Corda presentation tells a very different story, tho’. In fact, R3 is not using a blockchain as they “don’t need one”. A rather unusual statement that raises more questions.

Many people have questioned the viability of R3’s Corda project . Using private blockchains has always been controversial among cryptocurrency enthusiasts. In most cases, private blockchains do not provide immutability as they are managed by a centralized entity. This makes the entire concept a bit odd, as the involved parties could just use a traditional SQL database instead.

R3 concedes defeat: "No Block Chain, because we don't need one" pic.twitter.com/tHE3I6U8mN

One thing that makes blockchains so appealing is how they speed up transactions. For some reason, the R3 consortium feels they no longer need a blockchain in the very first place. That is a very controversial statement, to say the least. The thicker question is what type of technology they use for Corda if it is not a distributed ledger. To some people, this acknowledgment is evidence of how Corda never used a blockchain in the very first place.

Corda Is A Giant Waste of Money

One Twitter user argues private blockchains are even inferior to SQL databases. Even non-developers agree on that point. There is no point in using a distributed ledger if there is no ensure recorded data is tamper-proof. So far, there has been no private distributed ledger able to provide immutability. None of these projects use a proof of work mechanism, which seems to be a must for keeping records safe from harm and tampering.

Keeping in mind how R3 received millions in funding, it shows up all of that money has been a waste. It is unclear what the money is spent on in the very first place, but it certainly isn’t blockchain technology. Telling they “don’t need” a blockchain is ridiculous for a blockchain-oriented project. It is unclear what will happen to R3 next. The entire project can be chalked up as a waste of time and effort, however.

Interestingly enough, this news only bodes well for bitcoin and normal blockchain technology. It is evident mimicking the bitcoin ecosystem can’t be done in a workable way. That is not a surprise either, yet some institutions will proceed to give it a attempt. Corda will be JVM based moving forward, which is the same as taking three steps backward. It is a shame to see so much money go to waste due to a project everyone knew would not succeed in the very first place.

Related video:

Qué es blockchain y cómo funciona?

¿Qué es blockchain y cómo funciona?

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Los negocios pueden estar al borde de un cambio fundamental gracias a una nueva tecnología: blockchain. Blockchain es una tecnología que permite, a través de técnicas criptográficas, agilización de transacciones complejas.

La tecnología está basada en cuatro fundamentos: el registro compartido de las transacciones (ledger), el consenso para verificar las transacciones, un contrato que determina las reglas de funcionamiento de las transacciones y finalmente la criptografía, que es el fundamento de todo.

Una vez creada la crimson de negocios, se definen cuáles serán las transacciones y procesos que utilizará como base el blockchain. Aquí, destacamos algunos criterios básicos para ayudar en la clasificación de los procesos elegibles:

Procesos extremadamente complejos (y lentos) que mantengan una cadena de validación en varios niveles;

  • Transacciones que requieran trazabilidad;
  • Transacciones que exijan registros únicos y no alterables;
  • Procesos de identidad;
  • Necesidad de aumento (o establecimiento) de relación de confianza entre los miembros de la crimson de negocio;
  • Nuevos modelos de negocio.

Elegido el proceso, se incluye blockchain como una capa intermedia de transacciones entre la capa de systems of insight y la capa de estructura legada. Se programan en el blockchain el contrato (reglas de negocio aplicadas a los sistemas) que llamamos chaincodes. En esta programación también incluimos los niveles de acceso de los miembros de la crimson a la información contenida en el ledger.

A partir de ahí, todas las nuevas transacciones serán registradas y operadas de acuerdo con lo programado.

En el 2005, Linux Foundation creó el proyecto Hyperledger, con el objetivo de crear un estándar abierto cross-industry para el desarrollo de tecnologías utilizando blockchain. Son más de one hundred thirty miembros de distintas industrias, incluyendo IT, Finanzas, Salud y Transporte.

Este consorcio tiene la función de desarrollar proyectos de código abierto en torno a la tecnología blockchain. Uno de estos proyectos es el Hyperledger Fabric, que es la crimson blockchain corporativa utilizada por IBM para la implementación de soluciones de negocios con sus clientes.

Seguridad de blockchain en la nube

IBM utiliza Hyperledger Fabric en su solución segura de blockchain, High Security Business Network o HSBN. Esta solución se puede ejecutar tanto en bluemix como on-premise para habilitar sus proyectos de blockchain de forma segura e inmediata. Todos los datos transitados por la crimson y los sistemas se cifran, garantizando un nivel máximo de seguridad para proyectos de blockchain.

Las empresas pueden utilizar bluemix para colaborar y probar sus ideas, y desarrollar lo que se espera que sea una nueva generación de aplicaciones transaccionales basadas en el concepto de blockchain.

La crimson IBM Blockchain de alta seguridad está construida sobre una infraestructura que mantiene la crimson a salvo de amenazas internas y criminales cibernéticos. Esta infraestructura es IBM LinuxONE, un sistema Linux desarrollado y basado en la tecnología que integra la seguridad de hardware a través de contenedores seguros y un módulo de seguridad de hardware (HSM) que protege las claves de encriptación. Con incidentes de crimen cibernéticos cada vez mayores, este tipo de ambiente seguro es esencial para blockchain.

IBM z Systems está diseñado para blockchain

La plataforma z Systems es el centro de TI de la economía global, que sirve como sistema central para ninety two de los one hundred mejores bancos, twenty three de los twenty five principales minoristas y las ten principales aseguradoras del mundo. La plataforma IBM z Systems es conocida por su procesamiento de transacciones. La combinación de estos sistemas de procesamiento de transacciones líderes de la industria con blockchain proporciona a los clientes una integración empresarial entre blockchain y sus sistemas de registro. Permite a los clientes ampliar sus inversiones en plataformas corporativas esenciales para generar un valor más profundo en áreas como la gestión y análisis de fraudes y agilizar las interacciones reguladoras. Permite acelerar el time to value para las iniciativas empresariales y proporcionar una experiencia más rica al cliente.

Construido para la velocidad

Las grandes capacidades de crimson de memoria de la plataforma z Systems pueden acelerar la interacción entre el blockchain y sus datos empresariales existentes en procesos de CICS, IMS, TPF, DB2, VSAM, entre otros.

Construido para la seguridad

Una mayor seguridad y rendimiento son posibles cuando su plataforma admite tasas de codificación de transacciones de bloque superior. Generando firmas digitales o encriptación de hash para la cadena, z Systems utiliza aceleradores de cifrado que no son comunes en plataformas x86 para cloud públicas.

Construido para escalabilidad

El mainframe ofrece la disponibilidad y el rendimiento que sus transacciones de blockchain exigen. Con la capacidad de soportar hasta 8.000 máquinas virtuales con hasta ten TB de memoria y one hundred forty one núcleos de procesador dedicados, z Systems puede realizar las cargas de trabajo más pesadas y críticas – de forma rápida y segura.

Blockchain: ¡Un futuro emocionante!

Tiempos emocionantes están por delante de los negocios y el comercio. Como dice el proyecto Hyperledger, “Desde la web en sí, no hay tecnología que haya prometido una revolución más amplia y más fundamental que la tecnología blockchain”.

Obtenga más información sobre el potencial de blockchain y IBM z Systems ¡aquí!

Related video:

Protocol Labs – BlueYard Capital – Medium

Protocol Labs

The internet is one of the — if not the — most impactful and significant technology in the history of humanity. The internet gives us superpowers we could not have imagined prior to its existence: we can connect to half of the planet, at any time and from almost anywhere; we can access the most finish compendium of human skill in seconds; we can solve difficult problems across former boundaries; we can work, play, and be together at a distance; we can conjure systems of digital and mechanical agents to do work for us. Thanks to the internet, we can switch the world, we can save lives, and we can wield all the powers of our species — for good and bad — with a sequence of keystrokes. And surely, this is only the beginning.

However, the internet has become increasingly centralized and vulnerable. Our current system of servers and clients strung together by http strings has enabled the creation of vast data monopolies and the capability to mute voices of organizations and individuals. It’s a fragile system that is frequently under attack. In brief: if we want the internet to proceed to thrive and proceed to enable permissionless innovation and freedom, then the protocol stack of the internet needs upgrading, from the protocol layer up. Inject Protocol Labs, a research, development, and deployment lab for entirely fresh network protocols aiming to upgrade the internet. Read all about their mission here.

Protocol Labs are the makers of the Interplanetary File System (IPFS) . If that sounds familiar, it is because you may have seen the race to secure US climate data on IPFS shortly after Trump came to office, or more recently you may have seen IPFS being used to bring Wikipedia back online in Turkey. IPFS has also already seen widespread adoption in the decentralized space and has become a key protocol for that ecosystem. Since the creation of IPFS, the team has gone on to create a larger ecosystem of interrelated protocols, projects and products that all have much to do with decentralized data distribution:

  • The InterPlanetary File System (IPFS) is a fresh protocol to decentralize the web. IPFS enables the creation of entirely decentralized and distributed applications, using content addressing and digital signatures. IPFS makes the web swifter, safer, and more open.
  • Filecoin is a cryptocurrency-powered storage network. Miners earn Filecoin by providing open hard-drive space to the network, while users spend Filecoin to store their files encrypted in the decentralized network.
  • libp2p is a modular networking stack. libp2p brings together a multiplicity of transports and peer-to-peer protocols, making it effortless for developers to build large, sturdy p2p networks.
  • IPLD is the data model for the Decentralized Web. It connects all data through cryptographic hashes, and makes it effortless to traverse and link to.
  • The Multiformats Project is a collection of protocols to future-proof systems, today. Self-describing formats make your systems interoperable and upgradable.
  • CoinList is a protocol token fundraising platform. AngelList meets Kickstarter meets Protocol Tokens.
  • SAFT is a legal framework for protocol token fundraising.

Not only is Protocol Labs creating a next generation web protocol stack; it is also a fresh kind of company: part Silicon Valley startup, part decentralized tribe, with a large open source footprint. It is more akin to a movement. We think that is what you’ll need to switch the foundations of something at internet scale.

Protocol Labs is going to capture value from its work through holding market protocol assets. A market protocol is a system that mediates some economic activity, and lodges value exchanges using a cryptographic asset. This structure solves economic problems in asymmetric peer-to-peer resource sharing, scaling, services, maintenance, and development. Filecoin is going to be the very first market protocol asset to be released, and we’ll be able to talk more about Filecoin and our involvement in the token sale shortly.

There are now increasingly high stakes — both economically and as a society — to avoid a web that is increasingly centralized and vulnerable. Protocol Labs’ fresh protocols provide a way to re-architect the web back to being decentralized and less vulnerable. Our bet is elementary: that IPFS and its other protocols can become a fundamental building block of a better version of the internet.

We’re backing Protocol Labs together with Union Square Ventures, Y Combinator, Naval Ravikant, and a few other folks we are very glad to be working with.

Related video:

Predictive analytics, Blockchain, Big data AI and Machine learning are the technologies shaping the…

Predictive analytics, Blockchain, Big data AI and Machine learning are the technologies shaping the fresh business world.

The way the world conducts businesses is switching at a prompt tempo, the world has leaped from an era of traditional advertising, marketing and sales to an era where almost every digital data has a strong media elements including boring office productivity contraptions. The most significant ingredient today is data and while the contest of who controls most of the world’s data seems to have been won by the GAFAs (Google, Amazon, Facebook, and Apple) including the likes. Meantime, there’s still a big power tussle as to who will make the most sense of the juggernaut size of data the world is producing at an alarming rate. With the current situation, what is more serious than having this data is being able to extract the potentials of this data. Real-time data analysis that even predicts future outcomes and trend even by a fraction of minutes might just be the differentiating factor and this is how most businesses are operating and will operate.

Presently, different types of businesses use predictive analytics like the financial services where this is majorly their life force, other business like e-commerce stores and online movie streaming services all of these businesses have loved the sweet power of predictive analytics.

Predictive analytics is just another modern marketing device, knowing that prediction is of no use if significant meaning cannot be translated from a large data set.

The joy part is that many software companies are beginning to come up with interesting ways on how to make these technologies interesting by making them fairly interactive and user-friendly and this is switching how we sell, do business and even portray brands.

Big data is the word associated with most corporations having limitless data sets and information, data can be lightly generated and when things go well they can grow at a quantum rate which could translate into a mess if not decently organized. However, interesting and beautiful solutions are popping around all corners due to data growth, forcing scientists to come up with even more brilliant algorithms and entrepreneurs more ground cracking solutions. As data creation and consumption grows, it only indicates that there is more data evolution to come.

Blockchain is the underlying technology that powers bitcoin. In latest times, it has become a frontier for cyber security, IOT, digital ledgers, and other data technologies respectively. Albeit, a lot of research and investment still goes into the advancement of this technology due to its massive potential and uncountable application it offers. Good news is it is only but a few years away from becoming a massive marketing implement. Blockchain is also tipped by many to be the most significant technological breakthrough since the invention of the internet and it will be a very significant part of many businesses in the coming years.

AI and Machine Learning sounds fairly futuristic and geeky but it is the most friendly of all watching how bots are taking over the web space in a viral manner. There’s no doubt to the power of this chunk of technology. AI is gaining practical use and is becoming inseparable from daily life activities, gaining relevance across almost sectors ranging from banking, health, transportation defense etc. With a broad and an almost endless multitude of application, we are most certainly in the dawn of an automated world.

Therefore, it doesn’t matter if it’s blockchain, big data, predictive analytics, AI or machine learning, these technologies share so much in common because they all need each other to become an effective solution. so when you hear any of this terms for most people what comes to mind is robotics or advanced tech, “yeah the are fairly advanced” but what should come to mind is the transformative power of these tech in all business sphere such as; marketing, sales, customer service, growth hacking etc. With clear benefits of AI to humanity, it is imperative to think AI to any solution. Judging by the trends this helps us understand why humans interact more with businesses that adopt AI solutions due to convenience.

Businesses are have become competitive and techy therefore the fresh generation of sales force are the ones who can effective sell with the aid of tech.

A hazy view of what is to come outperforms finish darkness. Now that almost all electronic devices have gone clever why not businesses? My definition of a clever business is one that can suggest wise services that could lead to exponential growth.

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OnlineNaira, Payment Gateway & eCurrency Exchanger

1 bitcoin to naira

Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like naira or dollars – they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems. Bitcoin was invented on 31 October 2008 in a research paper called “Bitcoin: A Peer-to-Peer Electronic Cash system”. It was implemented as open source code and released in January 2009. Once it was released into the wild, the bitcoin currency ecosystem operated on a public, inalterable schedule. We know exactly how many bitcoins there are in existence today (12,446,725) and how many there will eventually be in total: when the twenty one millionth bitcoin is minted, the plates automatically self-destruct.

OnlineNaira is the preferred deposit method for Africans to fund Bitcoin accounts and this page is dedicated to helping you understand how best to use OnlineNaira to Bitcoin.

Bitcoin Deposits

In order to FUND your Bitcoin account, you will very first need to make a deposit into OnlineNaira by using either cash or card.

To deposit with CASH – Please login into your OnlineNaira account and click on DEPOSIT MONEY. Inject the amount you want to deposit in Naira and choose "Cash" as the deposit method. When you submit the form, you will find bank account details on the following page. It is significant that you embark your deposit from within OnlineNaira just as described above. We charge a cash deposit fee of two % + N 250 when you pay by cash. To deposit with CARD – Please login into your OnlineNaira account and click on DEPOSIT MONEY. Inject the amount you want to deposit in Naira and choose "Nigeria Card" as the deposit method. When you submit the form, you will be redirected to the card payment interface where you ould be able to inject your card details. We charge a deposit fee of three % + N 250 when you pay by card.

Placing your Bitcoin Order

In order to place your Bitcoin order, login and click on SEND MONEY, choose Bitcoin in the Payment Options and come in the $ amount to fund. Provide your Bitcoin Wallet Address and submit.

Please send your bitcoins to our wallet address as shown below. As soon as we have received your btc is confirmed, it would be placed in your OnlineNaira account and you would then be able to withdraw it into your bamk account. Ask a member of staff for a valid wallet addres or use the following:

  • 1K5kfbFZdQUZmX3X4cwViGFNsV8RaGBM9E
  • 3N7KQDBTz7VPX59cWmShoS9ppVnKSxaXGG

Frequently Asked Questions

A – There could be many reasons why your card is not accepted for payment and it should be understood that our staff do not have control over what card is accepted. We suggest you attempt like two or three times as it may be due to network issues in Nigeria. If the problem persists after a few trials, please use alternative deposit methods such as Cash into Bank or Internet Banking.

A – Yes, you need to signup with OnlineNaira in order to fund your Bitcoin account. When you sign-up, you will be able to manage your details, manage your many deposits and withdrawals.

A – MyBTC is our way of providing you with your own bicoin wallet address with which you could receive your own bitcoins. When anyone wants to pay you, you just need to give them your bitcoin wallet address. When you receive money, we would place th ereceived money less any fees into your OnlineNaira account within 5mins. To get your own wallet address, login and click on MyBTC on the left-hand menu and we’ll setup your wallet.

QThe dollar I received is less than the dollar I sent, why?

A – OnlineNaira does not send dollar, but btc. When you place a bitcoin order, we tell you exactly how much bitcoin we would send and that does not switch. We cannot assure the amount of dollar you receive, but we are able to ensure the btc value we send.

QCould I deposit without login into OnlineNaira?

A – No. Every bitcoin tranaction has a different address and you would nee dto provide us with the fresh address each time. When you make a cash deposit into our bank account, be sure to add your OnlineNaira Username as the depositor.

Related video:

Microsoft Unveils Coco: An Open-Source Blockchain Framework, News & Opinion

Microsoft Unveils Coco: An Open-Source Blockchain Framework

Up to this point in its evolution, blockchain’s potential for business has been largely hypothetical. Beyond the public blockchains underlying Bitcoin, Ether, and other cryptocurrencies, blockchain’s decentralized network and immutable ledger technology has attracted lots of enterprise interest and development across the financial sector, all the big-name tech giants, and a host of other industries. What we haven’t seen is many blockchain deployments in production. As expected, this is because the nascent tech hasn’t been ready yet.

Blockchain transaction speeds are too slow, and making consensus switches to the underlying software is difficult. Another challenge is that the collective transaction history inbetween parties also requires layers of extra obfuscation and encryption to keep data confidential. That’s a lot of obstacles, but Microsoft wants to help the blockchain space leap all of these hurdles at once with the release of its Coco Framework, a fresh open-source foundation for enterprise blockchain networks.

Coco (brief for Confidential Consortium) is an open-source framework Microsoft plans to release on GitHub in 2018. The company also published a manifesto-sized white paper this morning. Coco gives enterprises a distributed governance model for blockchain networks built into the software, permitting networks to configure their own voting rules and vote on upgrades or fresh members in the same style as validating a transaction. The framework also introduces a construct called a Trusted Execution Environment (TEE), which you can think of like a trusted black box for data. Using Coco, each knot in an enterprise blockchain network would have a confidential computing environment. Through the TEE, each knot controls the encrypted data coming in and out for different transactions, brainy contract agreements, and data exchanges inbetween distributed applications (DApps) built on the blockchain.

“We think blockchain is going to potentially convert just about every industry,” said Mark Russinovich, Chief Technology Officer (CTO) of Microsoft Azure. “But for enterprises to process transactions in today’s blockchain systems, there’s high throughput and latency, and a lack of confidentiality requiring elaborate cryptography to obfuscate transactions. In supply chain, for example, you don’t want suppliers to be able to see each other’s inventories and orders. Coco gives you configurable constitutions to govern membership, and Trusted Execution Environments to get rid of today’s distributed consensus algorithms and the mining requirements where latency is mixed in.”

Coco integrates with existing blockchain networks and protocols, including Ethereum, JPMorgan Pursue’s Quorum platform, the R3 consortium’s Corda financial ledger, and Hyperledger Sawtooth . The framework essentially adds a fresh trust layer underneath permissioned or private blockchains. According to Russinovich, this eliminates the need for blockchain’s compute-intensive Proof of Work model, providing enterprises the capability to manage confidential data on a blockchain while speeding up spectacle to more than 1,600 transactions per 2nd.

“Processing transactions inwards the TEE, in which all parties trust that code, can help a distributed network achieve centralized database levels of latency and throughput while treating votes directly in the blockchain,” said Russinovich. “Votes are transactions. Fresh members are transactions.”

Inwards Microsoft’s Enterprise Blockchain Pipeline

Microsoft has been developing enterprise blockchain tech for the past several years, but the company built out its blockchain infrastructure in stages atop its Microsoft Azure cloud platform. By using devices such as Azure Resource Manager (for creating sophisticated cloud apps) in combination with its Blockchain-as-a-Service (BaaS) platform, the company built an environment designed to make it effortless for enterprises to spin up their own blockchain networks, and then develop, test, and deploy cloud apps on top of them.

Then Microsoft added more identity and security features, integrating its BaaS platform with Microsoft Azure Active Directory , introducing fresh secure interoperability components called Cryptlets , and layering on network monitoring capabilities to witness out for anomalies and outages as well as monitor transactions and knot health.

Russinovich told PCMag that the purpose is to create fully managed networks that are turnkey: ready-made private blockchain networks for use cases from finance to supply chain management and beyond. But he also said that blockchain has limitations. The Coco Framework is the next step in that blockchain tech stack.

The open-source framework will be loosely available on GitHub in 2018, but Russinovich said Microsoft’s BaaS platform will also include the capability to create TEEs hosted on its cloud infrastructure. It’s all part of that fresh “trusted network” facilitating permissioned transactions on a distributed ledger.

“Coco is independent of Azure. But because of the distributed nature of the blockchain, somebody’s going to have a Coco knot on Azure, another will be in their own on-premises data center, etc.,” explained Russinovich. “It’s effectively creating a trust network inbetween the knots.”

As for what exactly these TEEs are, one example is Microsoft’s Virtual Secure Mode (VSM). Microsoft has also worked with Intel to support the company’s Software Guard Extensions (SGX) as another TEE, and will work to support more of these confidential computing “enclaves” going forward.

“Software Guard Extensions permit an application to create a protective enclave that’s only accessible to that application,” said Rick Echevarria, VP of Intel’s Software and Services Group and GM of Platforms Security. “The processing is encrypted, the memory is encrypted, and there’s no other process in your compute: no operating systems, nothing else within that environment that can access the enclave. You bring data and compute into the TEE to keep it confidential while enabling that trust.”

Each member or knot in a blockchain built by using Coco would have a TEE. For blockchain to achieve mainstream commercial adoption, Russinovich said it needs not just greater speed and scale but better distributed governance and data confidentiality in how the network achieves consensus and verifies transactions. Coco introduces a number of innovations, but the TEEs and distributed governance model exemplify how the framework approaches and modifies one of the fundamental tenets of blockchain: Proof of Work.

What Is Proof of Work?

Proof of Work is one of the core consensus rules pioneered by the Bitcoin blockchain. Bitcoin mining is a competitive process, one which plays out like a lottery every time a fresh block is created. Every ten minutes or so, one of the decentralized knots is randomly selected as a block validator and will receive the prize (Bitcoin) for mining a fresh block. For the Bitcoin miners contesting to create and validate fresh blocks of transactions, Proof of Work, a mechanism that measures compute cycles expended when a miner generates a hash , is the miner’s lottery ticket.

“If you want to participate in fresh block creation, you have to prove that you’ve consumed resources to come in what’s basically a lottery selecting the block validator for a given period,” said Peter Van Valkenburgh, Director of Research at Coin Center, a nonprofit organization focused on the policy issues facing cryptocurrencies. “Because it’s decentralized, you need a fair and meaningful way to pick one computer on the network to set the canonical record that wouldn’t invoke a centralized authority or identification system.”

“Proof of Work means that anyone who wants to be chosen for a period of time to validate a block and get the mining prize will be chosen randomly, like a lottery. But the problem with a lottery is, you can buy one ticket or a thousand. So, in a consensus network like a blockchain, you need to make these lottery tickets expensive,” said Valkenburgh. “They can’t cost dollars, so the innovation is to make it cost through compute cycles; running this algorithm with random data to generate a hash. One Proof of Work equals one lottery ticket.”

This mechanism is key to the success of Bitcoin and innumerable other blockchain networks, core to maintaining distributed consensus and independent verifiability. The issue with Proof of Work from a business viability perspective, as Microsoft’s Russinovich explained, is that it’s very inefficient. Coco re-imagines Proof of Work as we know it, eliminating the need for traditional mining and distributed consensus algorithms by providing that trusted environment underneath. Without the compute-intensive mining process, you get much swifter transaction speeds.

“Proof of Work is fine for a network where no one trusts anyone else, and you prove that trustworthiness with a lot of computing work in the way transactions are transmitted and verified on the Bitcoin or Ethereum network,” said Russinovich. “What the TEE does—if you trust the environment and the code it’s going to produce—is establish that trust for this consortium network, and it’s configurable for any given batch of transactions where you determine what data you want to share or make public.”

Coco in Activity

Coco’s architecture violates down into a duo different layers. At the base is that trust network made up of TEE knots. Above that, the distributed governance and configurable transaction mechanisms provided by the Coco Framework itself. Atop this foundation is where the blockchain networks themselves come in (Ethereum, Corda, Quorum, Hyperledger Sawtooth, and others). Eventually, running on top of those are brainy contracts and decentralized apps enabled by blockchain tech.

To test whether Coco actually accelerates transaction speeds to enterprise-grade levels of throughput and latency, Microsoft ran a demo of a blockchain network running on the Coco Framework against one using a private Ethereum blockchain. There was also another demo featuring Mojix, a playmate company using RFID and Internet of Things (IoT) tech for the retail supply chain and inventory management. The demo involved a brainy contract transaction sending a purchase order from a retailer to a supplier.

Microsoft said it’s optimizing the framework for consortiums of several hundred knots, based on the number of parties that might make up a private enterprise blockchain network.The aim was to process Two,000 transactions per 2nd.

There were a few stops and starts in the demos, but the end results were successful blockchain apps deployed in production: purchase orders sent and verified in minutes via clever contract, and more than 1,700 transactions processed on the Coco network compared to fifteen on Ethereum (using a batch of actual transactions from the public Ethereum blockchain). Average latency was diminished from more than 68,000 milliseconds (ms) on the Etherum network to a shade below one hundred seventeen ms using Coco.

Amber Baldet, Executive Director, Blockchain Program Lead for JPMorgan Pursue, said Coco’s cross-blockchain compatibility, trust and confidentiality innovations, and transaction acceleration are significant. Baldet is also the banking chair of the Enterprise Ethereum Alliance , and attended the Coco briefing indicating Quorum.

“Broadly across industries, information sharing is what powers business,” said Baldet. “We see a lot of chance in mutualization of infrastructure and being able to share information not only quickly but with a high degree of security and trust in the veracity of that transaction. Blockchain and distributed ledgers help us do that. Specifically in financial services, there’s the added chance to transfer value within these systems, which could entirely revolutionize capital markets and wholesale banking work in the future.”

Baldet sees Coco as another chunk to layer extra degrees of security and spectacle on top of what Quorum, Corda, Hyperledger Sawtooth, and other enterprise blockchain protocols are already doing. The next hurdle, she said, will be integrating blockchains with legacy systems. Coco isn’t an interoperability framework—you can’t send transactions from one blockchain to another—but with the framework and TEEs as a foundation, she said Coco has potential not only in legacy integrations but with cross-chain information transfer.

For Microsoft’s Russinovich, Coco represents a collective resource to get enterprise blockchain distributions to that production-ready stage. Regardless of the ledger, be it Ethereum, Quorum, etc, Russinovich said solving for confidential data control and distributed governance is the key to blockchain’s future in business.

“Coco and the TEEs turn confidentiality into an access control problem. You can make it so parties in a bank or consortium can’t see any transaction but their own, but an auditor can come in and oversee the entire transaction log,” said Russinovich. “Coco is the plasticity for numerous ledgers to integrate these capabilities. For Ethereum, we only had to make minor tweaks to the open-source code for existing clever contracts and DApps. This, we believe, will be the foundation of blockchain for businesses.”

Microsoft Unveils Coco: An Open-Source Blockchain Framework, News & Opinion

Microsoft Unveils Coco: An Open-Source Blockchain Framework

Up to this point in its evolution, blockchain’s potential for business has been largely hypothetical. Beyond the public blockchains underlying Bitcoin, Ether, and other cryptocurrencies, blockchain’s decentralized network and immutable ledger technology has attracted lots of enterprise interest and development across the financial sector, all the big-name tech giants, and a host of other industries. What we haven’t seen is many blockchain deployments in production. As expected, this is because the nascent tech hasn’t been ready yet.

Blockchain transaction speeds are too slow, and making consensus switches to the underlying software is difficult. Another challenge is that the collective transaction history inbetween parties also requires layers of extra obfuscation and encryption to keep data confidential. That’s a lot of obstacles, but Microsoft wants to help the blockchain space hop all of these hurdles at once with the release of its Coco Framework, a fresh open-source foundation for enterprise blockchain networks.

Coco (brief for Confidential Consortium) is an open-source framework Microsoft plans to release on GitHub in 2018. The company also published a manifesto-sized white paper this morning. Coco gives enterprises a distributed governance model for blockchain networks built into the software, permitting networks to configure their own voting rules and vote on upgrades or fresh members in the same style as validating a transaction. The framework also introduces a construct called a Trusted Execution Environment (TEE), which you can think of like a trusted black box for data. Using Coco, each knot in an enterprise blockchain network would have a confidential computing environment. Through the TEE, each knot controls the encrypted data coming in and out for different transactions, brainy contract agreements, and data exchanges inbetween distributed applications (DApps) built on the blockchain.

“We think blockchain is going to potentially convert just about every industry,” said Mark Russinovich, Chief Technology Officer (CTO) of Microsoft Azure. “But for enterprises to process transactions in today’s blockchain systems, there’s high throughput and latency, and a lack of confidentiality requiring complicated cryptography to obfuscate transactions. In supply chain, for example, you don’t want suppliers to be able to see each other’s inventories and orders. Coco gives you configurable constitutions to govern membership, and Trusted Execution Environments to get rid of today’s distributed consensus algorithms and the mining requirements where latency is mixed in.”

Coco integrates with existing blockchain networks and protocols, including Ethereum, JPMorgan Pursue’s Quorum platform, the R3 consortium’s Corda financial ledger, and Hyperledger Sawtooth . The framework essentially adds a fresh trust layer underneath permissioned or private blockchains. According to Russinovich, this eliminates the need for blockchain’s compute-intensive Proof of Work model, providing enterprises the capability to manage confidential data on a blockchain while speeding up spectacle to more than 1,600 transactions per 2nd.

“Processing transactions inwards the TEE, in which all parties trust that code, can help a distributed network achieve centralized database levels of latency and throughput while treating votes directly in the blockchain,” said Russinovich. “Votes are transactions. Fresh members are transactions.”

Inwards Microsoft’s Enterprise Blockchain Pipeline

Microsoft has been developing enterprise blockchain tech for the past several years, but the company built out its blockchain infrastructure in stages atop its Microsoft Azure cloud platform. By using instruments such as Azure Resource Manager (for creating sophisticated cloud apps) in combination with its Blockchain-as-a-Service (BaaS) platform, the company built an environment designed to make it effortless for enterprises to spin up their own blockchain networks, and then develop, test, and deploy cloud apps on top of them.

Then Microsoft added more identity and security features, integrating its BaaS platform with Microsoft Azure Active Directory , introducing fresh secure interoperability components called Cryptlets , and layering on network monitoring capabilities to see out for anomalies and outages as well as monitor transactions and knot health.

Russinovich told PCMag that the objective is to create fully managed networks that are turnkey: ready-made private blockchain networks for use cases from finance to supply chain management and beyond. But he also said that blockchain has limitations. The Coco Framework is the next step in that blockchain tech stack.

The open-source framework will be loosely available on GitHub in 2018, but Russinovich said Microsoft’s BaaS platform will also include the capability to create TEEs hosted on its cloud infrastructure. It’s all part of that fresh “trusted network” facilitating permissioned transactions on a distributed ledger.

“Coco is independent of Azure. But because of the distributed nature of the blockchain, somebody’s going to have a Coco knot on Azure, another will be in their own on-premises data center, etc.,” explained Russinovich. “It’s effectively creating a trust network inbetween the knots.”

As for what exactly these TEEs are, one example is Microsoft’s Virtual Secure Mode (VSM). Microsoft has also worked with Intel to support the company’s Software Guard Extensions (SGX) as another TEE, and will work to support more of these confidential computing “enclaves” going forward.

“Software Guard Extensions permit an application to create a protective enclave that’s only accessible to that application,” said Rick Echevarria, VP of Intel’s Software and Services Group and GM of Platforms Security. “The processing is encrypted, the memory is encrypted, and there’s no other process in your compute: no operating systems, nothing else within that environment that can access the enclave. You bring data and compute into the TEE to keep it confidential while enabling that trust.”

Each member or knot in a blockchain built by using Coco would have a TEE. For blockchain to achieve mainstream commercial adoption, Russinovich said it needs not just greater speed and scale but better distributed governance and data confidentiality in how the network achieves consensus and verifies transactions. Coco introduces a number of innovations, but the TEEs and distributed governance model exemplify how the framework approaches and modifies one of the fundamental tenets of blockchain: Proof of Work.

What Is Proof of Work?

Proof of Work is one of the core consensus rules pioneered by the Bitcoin blockchain. Bitcoin mining is a competitive process, one which plays out like a lottery every time a fresh block is created. Every ten minutes or so, one of the decentralized knots is randomly selected as a block validator and will receive the prize (Bitcoin) for mining a fresh block. For the Bitcoin miners contesting to create and validate fresh blocks of transactions, Proof of Work, a mechanism that measures compute cycles expended when a miner generates a hash , is the miner’s lottery ticket.

“If you want to participate in fresh block creation, you have to prove that you’ve consumed resources to come in what’s basically a lottery selecting the block validator for a given period,” said Peter Van Valkenburgh, Director of Research at Coin Center, a nonprofit organization focused on the policy issues facing cryptocurrencies. “Because it’s decentralized, you need a fair and meaningful way to pick one computer on the network to set the canonical record that wouldn’t invoke a centralized authority or identification system.”

“Proof of Work means that anyone who wants to be chosen for a period of time to validate a block and get the mining prize will be chosen randomly, like a lottery. But the problem with a lottery is, you can buy one ticket or a thousand. So, in a consensus network like a blockchain, you need to make these lottery tickets expensive,” said Valkenburgh. “They can’t cost dollars, so the innovation is to make it cost through compute cycles; running this algorithm with random data to generate a hash. One Proof of Work equals one lottery ticket.”

This mechanism is key to the success of Bitcoin and uncountable other blockchain networks, core to maintaining distributed consensus and independent verifiability. The issue with Proof of Work from a business viability perspective, as Microsoft’s Russinovich explained, is that it’s very inefficient. Coco re-imagines Proof of Work as we know it, eliminating the need for traditional mining and distributed consensus algorithms by providing that trusted environment underneath. Without the compute-intensive mining process, you get much quicker transaction speeds.

“Proof of Work is good for a network where no one trusts anyone else, and you prove that trustworthiness with a lot of computing work in the way transactions are transmitted and verified on the Bitcoin or Ethereum network,” said Russinovich. “What the TEE does—if you trust the environment and the code it’s going to produce—is establish that trust for this consortium network, and it’s configurable for any given batch of transactions where you determine what data you want to share or make public.”

Coco in Act

Coco’s architecture cracks down into a duo different layers. At the base is that trust network made up of TEE knots. Above that, the distributed governance and configurable transaction mechanisms provided by the Coco Framework itself. Atop this foundation is where the blockchain networks themselves come in (Ethereum, Corda, Quorum, Hyperledger Sawtooth, and others). Ultimately, running on top of those are brainy contracts and decentralized apps enabled by blockchain tech.

To test whether Coco actually accelerates transaction speeds to enterprise-grade levels of throughput and latency, Microsoft ran a demo of a blockchain network running on the Coco Framework against one using a private Ethereum blockchain. There was also another demo featuring Mojix, a playmate company using RFID and Internet of Things (IoT) tech for the retail supply chain and inventory management. The demo involved a brainy contract transaction sending a purchase order from a retailer to a supplier.

Microsoft said it’s optimizing the framework for consortiums of several hundred knots, based on the number of parties that might make up a private enterprise blockchain network.The purpose was to process Two,000 transactions per 2nd.

There were a few stops and starts in the demos, but the end results were successful blockchain apps deployed in production: purchase orders sent and verified in minutes via clever contract, and more than 1,700 transactions processed on the Coco network compared to fifteen on Ethereum (using a batch of actual transactions from the public Ethereum blockchain). Average latency was diminished from more than 68,000 milliseconds (ms) on the Etherum network to a shade below one hundred seventeen ms using Coco.

Amber Baldet, Executive Director, Blockchain Program Lead for JPMorgan Pursue, said Coco’s cross-blockchain compatibility, trust and confidentiality innovations, and transaction acceleration are significant. Baldet is also the banking chair of the Enterprise Ethereum Alliance , and attended the Coco briefing signifying Quorum.

“Broadly across industries, information sharing is what powers business,” said Baldet. “We see a lot of chance in mutualization of infrastructure and being able to share information not only quickly but with a high degree of security and trust in the veracity of that transaction. Blockchain and distributed ledgers help us do that. Specifically in financial services, there’s the added chance to transfer value within these systems, which could totally revolutionize capital markets and wholesale banking work in the future.”

Baldet sees Coco as another lump to layer extra degrees of security and spectacle on top of what Quorum, Corda, Hyperledger Sawtooth, and other enterprise blockchain protocols are already doing. The next hurdle, she said, will be integrating blockchains with legacy systems. Coco isn’t an interoperability framework—you can’t send transactions from one blockchain to another—but with the framework and TEEs as a foundation, she said Coco has potential not only in legacy integrations but with cross-chain information transfer.

For Microsoft’s Russinovich, Coco represents a collective resource to get enterprise blockchain distributions to that production-ready stage. Regardless of the ledger, be it Ethereum, Quorum, etc, Russinovich said solving for confidential data control and distributed governance is the key to blockchain’s future in business.

“Coco and the TEEs turn confidentiality into an access control problem. You can make it so parties in a bank or consortium can’t see any transaction but their own, but an auditor can come in and oversee the entire transaction log,” said Russinovich. “Coco is the plasticity for numerous ledgers to integrate these capabilities. For Ethereum, we only had to make minor tweaks to the open-source code for existing clever contracts and DApps. This, we believe, will be the foundation of blockchain for businesses.”

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KPMG: India Will See FinTech Regulation, Blockchain Development Rises

KPMG: India Will See FinTech Regulation, Blockchain Development Rises

The Indian government could soon introduce regulations for the burgeoning FinTech industry with investors betting big on payments and blockchain technology.

According to an industry report [PDF] by services and auditing giant KPMG, the Indian government could soon introduce regulations for the local FinTech space as interest and investments in the Indian industry grew in the very first quarter of the year.

An excerpt from the report read:

[T]he government is expected to release regulations for fintech, particularly related peer-to-peer lending, which could lead to extra activity.

Payments and lending solutions gained most of the investment during the quarter, with India’s mobile wallet provider PayTM the benefactor of a $200 million funding round in March. Led by China’s Alibaba Group, the funding round is the largest round of investment in Asia so far this year.

FinTech providers like PayTM are now among the thickest latest success stories in the Indian industry following an unprecedented November cash-ban by the Indian government in its agenda to thrust digital payments and online banking.

There is also a marked increase in blockchain development in India, with a number of banks signing up to explore bitcoin’s underlying technology.

The report stated:

On the blockchain front, a number of banks formed consortia with fintechs to develop blockchain proof of concepts. Interest in blockchain seems to have enlargened in the insurance space.

In mid-February, government-owned State Bank of India (SBI), the largest bank in India, announced ‘Bankchain’, a financial consortium that includes public- and private-sector banks developing blockchain solutions with technology companies the likes of IBM and Microsoft.

In March, a FinTech accelerator headed by major private lender Yes Bank included a handful of blockchain startups. Earlier this year, another private lender, Axis Bank, confirmed its tie-up with US-based FinTech stiff Ripple to tap the latter’s blockchain technology for cross-border remittance. Last year, one of India’s largest private banks, ICICI, successfully executed a money transfer to a fucking partner bank in Dubai over a blockchain. These are but a few among a number of notable examples of the Indian banking industry venturing into exploring blockchain applications toward commercial and corporate rollouts.

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Is Google Working on its Own Bitcoin? Why Blockchain Doesn t Suit Conventional Banks

Is Google Working on its Own Bitcoin? Why Blockchain Doesn’t Suit Conventional Banks

Blockchain is only one of many technologies within Bitcoin which powers its peer-to-peer protocol. It essentially is like a database that stores, secures and facilitates transaction data for Bitcoin users.

Blockchain is only one of many technologies within Bitcoin which powers its peer-to-peer protocol. It essentially is like a database that stores, secures and facilitates transaction data for Bitcoin users.

Over the past few years, leading banks and financial institutions have focused on building Blockchain-based systems including cross-bank payment facilitation implements, inter-ledger protocols and numerous layer financial solutions. Billions of dollars have been allocated for the development of so-called “private Blockchains or ledgers” and banks are yet to demonstrate the commercial success of the Blockchain.

One major reason why banks proceed to fight to adopt the Blockchain and demonstrate its usability within the financial industry is the regulatory conflict which arises due to the decentralized nature of Blockchain.

By money transmission and financial policies, banks are required to rigorously oversee transactions and financial activities. If a public Blockchain network-based system is implemented, banks will not be able to manipulate transactions and thus lose control of their network.

Basically, a public Blockchain network cannot be adopted due to regulatory hurdles. Private Blockchain networks can’t be applied either due to severe security issues. Over time, investors and Blockchain consortia realized that Blockchain doesn’t suit the financial industry and corporations such as the R3CEV have moved on to Blockchain-inspired technologies.

Is Google working on its own Bitcoin?

Google-funded Currencycloud is following a roadmap that is similar to the R3 consortium. Instead of pegging their system on Blockchain, Currencycloud is injecting the financial industry with a Blockchain-inspired technology that is actually applicable to a broad range of operations such as transaction facilitation.

Recently, Currencycloud raised another $25 mln funding round from Google’s venture capital arm GV, which puts their total funding to date at almost $55 mln, acquired from prominent venture capital firms and technology companies including Sapphire, Notion Capital and Japanese e-commerce giant Rakuten’s fund Anthemis.

Essentially, the infrastructure of Currencycloud works as a cross-bank ledger that permits instantaneous transactions in a more secure yet cheaper ecosystem. With a plain API, banks can utilize Currencloud’s infrastructure to optimize settlement of payments.

Currencycloud CEO CEO Mike Laven stated:

“GV looked at that and looked at empowering developers and making it effortless for them to tie up to global services and said that is consistent with our view of the world, a contraption that's part of globalization. That was part of the theme of the investment. We've been telling all along, we're not just a payments company, not just an FX company. We're a platform with API access to the world of global payments."

A rapidly emerging group of fintech companies and Blockchain-inspired infrastructure developers are targeting banks and financial institutions that can utilize their solutions to optimize large commercial projects. So far, Blockchain technology, or to be more specific private Blockchain network-based platforms, haven’t proved its worth in the financial industry despite billions of dollars being invested in the technology.

The question remains if Blockchain technology is relevant in the field of finance and if it actually can improve banking services. Concerns of investors on fintech and Blockchain startups is that banks are beginning to realize Blockchain without Bitcoin or the main digital asset, hash power and an open community of developers isn’t at all efficient.

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