An official announcement on 27 August released a statement declaring that Samsung SDS, the IT backbone of large tech company Samsung, is developing BankSign which is a certification apparatus based on blockchain for banks.
Samsung SDS makes this development as a joint venture alongside KFB – Korea Federation of Banks. The initiation of BankSign is to provide customers to use a simple transaction method using only one certification from one bank and allow transaction within various banking systems.
This certificate can get verified on the place by using fingerprints, passwords, and patterns to confirm your identity.
A recent announcement stated that the BankSign would enable its customers for requiring a certificate which has three years validity and it is a replacement for the existing certification system. It will require yearly renewal, authentication, and registration but with every bank individually at that time.
Hong-Jun Yoo, Vice President of Samsung SDS finance business, claims that BankSign will be the first example of blockchain application to banking services. Moreover, he says that Samsung as a company is expanding the digital transformation expansion in business. It shall enhance the effectiveness of the banks and other financial institutions.
KFB revealed back in June to develop BankSign and intend replacement for the complicated and a very old traditional verification system, working on for 20 years. It makes it important for the banks to make use of an efficient system of blockchain and consider it as a backbone for a new initiative.
At the same time, there were also reports which suggested that BankSign operation might even become Nexledger which would be a private enterprise and a transaction organization tool. The reports also suggested that this tool was underway under the command of Samsung SDS.
Samsung SDS also released a collection of several blockchain centered products in this same year. Back in June, Samsung SDS released CelloSquare 3.0 which is a product that implements blockchain in targeting the global logistics ground.
Before that Samsung SDS also announced the launch of a finance platform named Nexfinance, which is also powered by blockchain. The Samsung SDS also states that these products have the potential of incorporating the characteristics of artificial intelligence, large data analytics and advanced IT technology such as the Intelligent Process Automation.
It can be a solid foundation for Samsung SDS with this new and improved technological advancement for giving the banks a new phase of blockchain for certification and authentication.
Ibinex is one company which has been creating a buzz in the market for various reasons, be it gaining access to the license of Estonia to launching the whitepaper, Ibinex is one company which has been creating headlines. It is now in the news because it has lately gained access to the Blockchain of Australia. Ibinex is now a part of the Australian Digital Commerce Association has started offering the CRM system as well as EU regulation norms. There are also other changes that Ibinex will have to inculcate in its system to adapt to the Australian requirements.
Changes in the services provided by Ibinex are already in place with it launching its V2 version recently. This new version, according the CEO of Ibinex, Simon Grunfeld, will see to it that the customer information will be better managed in the future with its efficient feature which has come to be known as Customer Relationship Management or CRM. This new version is said to have more advanced Know Your Customer feature, better liquidity offers and the kind of user interface that would be more convenient for the users.
Australian Digital Commerce Association is a group that advocates non-profit blockchain; it has 58 members who have implemented or are implementing directly, blockchain or Distributed Ledger Technology. There are several corporate giants who are in this association. A major motivation for Ibinex to join this group is to assist with adoption of blockchain technology across various sectors of the economy.
Ibinex has come a long way in its journey and has been in the news for all the right reasons up until now. It can be believed that it will attain the goal of a more convenient and user friendly sector of virtual currency in the future.
Cryptocurrency is yet in its initial stages, it has not reached a state where it can be believed that there is anything that is constant about this market. It is a completely unconventional market which is yet to come up with its own rules. It is therefore necessary to understand that there is something that can be learnt about the market through the means of the booms and slumps which are taking place. There are a lot of examples in the market of the investors who might have something to say about the changes which are overtaking the market.
An example of such an investor is Pete Roberts; he is from Nottingham, England. He had invested an immense amount in the cryptocurrency at a time when cryptocurrency was in its booming phases, however, lately, when the prices have gone down drastically, it has left Roberts with an astoundingly meager sum of money. In an interview, he had stated that he had been too quick in investing in cryptocurrency, specifically, because there was a chance that he thought more money could be made through it. However, following the slump, his economical situation is in tatters. It is not just Roberts; there are several other people across the world that would be going through the similar situation right now. This is because there can be noticed a significant decrease in the prices of several currencies at a time. Several currencies have lost all that they had earned the previous winter.
The hard truth of the slump faced by crypto markets is that even though the markets will recover, it is the reputation of cryptocurrency that has taken a severe toll. There were already a lot of suspicions in the market regarding influence of cryptocurrency and now that the values of several cryptocurrencies have declined, it can be believed that they would now be associated with arbitrariness and financial decline. It is also necessary to understand that how exactly the markets and the investors have come to this stage. So many investors had invested when cryptocurrency was at its peak, when it was doing well, however, in the recent times; these investors have realized that the condition in the market will rarely ever be stable. It is for this reason that they no longer have faith in cryptocurrency markets. It is yet to be determined just how many people have suffered in the sector and what are the inferences that all of them have been drawing from the changes in the market. What can be believed for sure is that the reputation of cryptocurrency has taken a toll and the investors might think twice before undertaking any venture at this point of time.
China based FCoin which is one of the renowned cryptocurrency exchanges is changing the dynamics of the industry by introducing its most rewarding model called Trans-FeeMining with the revenue distribution function in place. It became fully operational for trading in May this year.
Trans-Fee Mining model through its unique feature in place has attracted numerous users. At a time of introduction, FCoin issued its coreTokens – ERC20 (approximately 10billion FTs) out of which 51% expected to be mined through Trans-Fee Mining mechanism in place. Technically, Trans-Fee Mining model is so apt that users can get FTs when they get their transaction fees. With this, numerous users execute the incremental amount of transactions in order to get more FTs. This, in turn, increases the liquidity and trading capacity of the platform. Those who have FTs they can receive the proportion of FCoin’s revenue estimated to be 80% of the daily revenue from the transaction fee.
As per the valid source from CoinMarketCap, FCoin’s was the first global exchange in terms of trading volume. Besides FCoin, the other cryptocurrency exchanges started using “Trans-FeeMining with Revenue Distribution Systems in place. The Founder of FCoin, Zhang Jian analyzes the whole scenario as a Test-Run of a Token Economy. Further, he considers a token (as an invention on par with the building company system) a certificate of value estimated on the blockchain which is an invention. He further explains that each economic entity can be tokenized through the blockchain technology in place.
Just in July this year, FCoin introduced its Tokenization Experimental Zone that focuses to tokenize the traditional industry, big internet platforms, innovative global projects well balanced on Token Economics. Needless to say that Token Economics powered by the FCoin will change the traditional economics while utilizing blockchain technology that streamlines them through the tokenization process.
Let us not forget that every story has a big start. When the FCoin introduced the value-added model “Trans-FeeMining” with Revenue Distribution in place is run by the industry veteran Zhang Jian who was the Chief Technology Officer of Huobi which is one of the renowned Chinese Cryptocurrency Exchanges. He has written the book on Blockchain naming “Blockchain: Defining the Future of Finance and Economics” which was the best one amongst the financial books on JD.com which is the biggest China’s e-commercial platforms.
The fall in cryptocurrency has startled the economic sector. And therefore, several speculations are already being made about them, up until now, it was being said that the reason the major cryptocurrencies are falling is because of the outpouring of investment and developments in the Initial Coin Offerings. Even though the crypto markets are recovering, it will be a while before they reach the stage they had reached the previous year. However, speculations will not cease to be in the market for the longest period of time.
It was also noticed that the fall for Ethereum was much worse compared to Bitcoin, and the experts in the market attributed it to changes in the status of Ethereum, however, Mati Greenspan, who is a senior analyst in EToro has stated that there can be something wrong with this analysis. According to this expert, the values of cryptocurrency have simply been responding to the value of the local currencies and thus are in turn, inversely proportional to the value of USD. This is another theory which has its roots in the influence of the US currency on the markets across the world. AS the dollar is getting stronger, a lot of people are losing the will to put in their money in the cryptocurrency sector. But because the growth in the value of dollars has stopped, a chance has been provided to the other currencies to recover their lost value to some extent. To render more evidence to this theory of cryptocurrency, it can also be noticed that the recovery in cryptocurrency is coinciding with the decrease in the value of the dollar. Even though this recovery is substantial, virtual currency has a long way to go considering the loss was of humungous $190 billion. But the stability in the value of the US dollars, the fact that there are no variations anymore is supporting development of cryptocurrrency.
There are also arguments going on in the market as to why is it that only Bitcoin has remained safe in these tumultaneous times and the verdict from the majority of the experts in the market is that the value of Bitcoin has not decreased drastically because of the fact that it is the most popular currency in the market as well as because it is considered to be the safest one in the market.
Following yet another hazard, Foreshadow attack has found its way even into the most secure computer processors powered by Intel. A security flaw as such was discovered all around the tech world which also includes the cryptocurrency agents looking for security leverage among other hardware devices. The foreshadow attack is typically a bug that creates an attack on your processor and gets the access to all the sensitive files from it.
The SGX processors by Intel were specially programmed to give the customer safety, security and guarantee against any such bug or other viruses that attack your secured files. Because it was very heavily secured, the SGX was the preferred system for the cryptocurrency investors and marketers. It was because the SGX always had an extra-secure region which no bug could penetrate until a few days ago Foreshadow attacked all the tight security regions and almost everything that the computer holds.
So, even a processor which specifically designs for warding off the hackers was attacked by some people out there. It jeopardizes the future of cryptocurrency and the security availability along with it. There were other bugs such as Meltdown and Spooky who did the same work and got into all your files; Foreshadow attacks SGX processors in particular. It is because of its use in the technology investor market the ramifications can be serious.
SGX has been the center of all investments, and therefore there have to be some renovations done before launching any new projects with it. Considering the global positioning of cryptocurrency, it impacts a larger audience. But the good thing is that that the attackers used the ‘responsible disclosure process’ which is responsible for bugging reveal and send an alert to Intel before working so that the techs can come up with a plan to solve or decode it. But the buzz in the market is because the investors realized that this might not be enough.
Since many systems are slow to upgrade because many of these bug fixes also need to result from hardware upgrades, there is a long-time potential vulnerability towards such attacks. If not till then, it wouldn’t be a complete surprise that the attackers use this virus to steal cryptocurrency shortly.
Two Sides of the Coin
However, just like everything, this bug comes with both – good and bad news. Now you might wonder what is good about a bug. Well, the world isn’t yet running on any high-end SGX projects for cryptocurrency for securing the real money. So, it is a good thing that SGX hasn’t yet powered through the global space by its use in real terms yet.
The bad news is that there are more than many projects in the market right now who wishes to use the SGX for their plans of cryptocurrency and very soon. It may not be the best idea considering the security vulnerability of their transactions, and more threat towards your money. One such company is MobileCoin who is looking for miner replacement for securing cryptocurrency and build a more efficient wall. But there are many others with their plans revolving around SGX.
Professor Patrick McCorry deemed the attack to be “devastating” and tells us how there is research group who are discussing the possibly efficient ways of deploying these bugs. It will be able to add that extra needed security in the future of cryptocurrency. The bug can take away the privacy, integrity, and security even from the most trusted hardware if it relies on SGX. So even a tight-knit security detail should always be believed to be broken at some time and thus should have defensive strategies inbuilt in the time of trouble.
The new and upcoming projects that decide to venture with SGX forefront should evaluate and keep in mind the vulnerable security and always look at the updates from hardware with caution. It is regretful to realize that if this attack can be so severe, the future will be seeing even better attacks and this makes everything more impactful.
However, some people are continuing the trend of not relying on SGX chips for future, whereas there are others who believe that this attack will make SGX even better in the future, especially to hold something as crucial as a cryptocurrency. But SGX will need to be strong and impenetrable in the hardware lines to play that role.
It can be believed that the relationship of South Korea with digital currency has been strained. However ministry of Science and ICT in South Korea has stated that the training in the sector of cryptocurrency will be arranged for a large number of people as a part of the “4th industrial revolution”. Moreover, this training is underway as it is a part of the numerous courses which are being offered by the scientific department of the government. According to the department of Science, the country is walking towards the fourth industrial revolution and is therefore aiming at the kind of environment which is conducive for this all round growth.
There are a number of industries which would function on the basis of innovation; these have been called the “innovation growth industries”. These industries are blockchain industry; data based industries, artificial intelligence, autonomous vehicles etc. The courses which are designed for the purposes of the better opportunities for the youth include a spectrum of these subjects which can empower the youth and equip them better for a different tomorrow. The ultimate goal is to see to it that the new generation of the employees lives up to the vision of the companies that hire them.
There is a prominent group of organizations, corporations, institutions which have been recognized by the government and are involved with the training of the youth. The various groups which have been given this task are PWC, Seoul National University hospital, Saltlux, SAP, Unity Technologies, Hancom MDS and Oracle. This is an impeccably designed program with the goal of changing the way the new generation of employees as well as pioneers deal with the financial sector and the measures that can be taken to see to it that there is a force in the market that ensures that progress takes place.
The project plans as well as the trainee recruitment will take place in this month itself and the promotions related to the same will take place through the means of Internet, that is, through the websites and other such prominent means.
South Korea has come a long way in terms of its progress in the sector of virtual currency. Right now, it is amongst the top three nations in the field of virtual currency. United States of America and Japan are amongst the first two. Important news for the well-wishers of cryptocurrency in South Korea is that the second largest bank of the country, Shinhan bank has partnered with KTcorps, the telecom giant to come up with the a platform for blockchain.
This week has seen an astounding fall in the prices of cryptocurrency. Not only has there been a fall in the price of Bitcoin but also in the prices of several other coins in the market, like Ethereum and Ripple. On Wednesday, every other important currency in the market was trading in the red section. That is, Bitcoin and Ethereum were down by 8 percent and this in a span of 24 hours and Ripple had faced a loss of 15 percent in the market value. This loss gravely affected the progress made by different coins on Monday. Ethereum classic has not been faring very well as well; it fell by over 13 percent. The best performance in these bad times has been of Tether Coin whose behavior is similar to that of USD.
It can be believed that the total value of the virtual currency market was down by 13 percent and this startling reduction in value took place in merely 24 hours. Even though virtual currencies are known for the volatility they bring in the financial sector, this has been a major shock for the experts as well as the users of this currency. It is because of this that it is necessary to analyze what went wrong with the sector. A major reason for this crash was the ambitions of the corporate, it is due to the delay in these ambitions that the prices fell and the market suffered.
Securities and Exchange Commission had been examining the application for the formation of an ETF and it has been examining the ETF of BZX exchange. Moreover, the ETF will come to be known as SolidX Bitcoin shares. However, the formation of this kind of an ETF would require the rules of Securities and Exchange Commission to change. Moreover, the conditions for the impending rule change have been brewing for a while now. Also there has been an increased demand for the formation of an ETF and it has to do with the fact that an ETF would allow the interested parties to participate in the cryptocurrency sector without risking investment.
The change of the rule was supposed to happen this month, however it did not and the decision was delayed to the month of September. This decision was very important because it would be a major step ahead because cryptocurrency would be able to gain more validation from the authorities. However, because this decision was delayed, the prices of all the major coins fell back. CBoe’s attempt was another effort for an ETF which was delayed by SEC.
A major reason for the setbacks of this kind is that there are still a lot of suspicions in the market regarding the crypto sector and even as there is an increasing demand for an ETF, its fate hangs in balance.
San Francisco based asset management company, Permian Capital Management LLC adds a key person, Josh Kernan as Global Head of Distribution to its team of Hedge Fund. Permian Capital Management LLC is one of the renowned asset management companies in the USA specialized in investing in digital assets and blockchain based technology companies. The company has gained deep insights in digital engineering with a couple of experience in finance in place. At present, it focuses on digital assets that is highly impacted by the new age technology called the blockchain technology.
Josh is an expert industry veteran having a strong domain in finance that understands the demands of institutional investors as stated by Shaunak Mali, Partner, and Co-founder of Permian Capital Management. Further, he proclaims that Josh’s expertise will be used with the mission that Permian’s has in place to bridge the vague digital assets world sprawling with traditional finance.
On Josh’s credential front, he brings more than 24 years of experience to manage alternative investment products on a variety of investment platforms. He initiated his career at Charles Schwab & Co. where he founded the Alternative Investment Department and spent 15 years as the Director of Alternative Investments. He also worked for Schwab that he left to set-up the Hedge Fund Simple Alternatives. He has recently served as Senior Vice President for Partners Group, a Swiss-based private markets firm.
Josh is so excited to join Permian Capital where he states that “I am incredibly excited to join this talented and dedicated team,” said Kernan. “What sets this team apart as investors are their deep experience as blockchain engineers, computer scientists, and technology entrepreneurs.”
Let us not forget that if you would like to scale up your company at the highest level and would like to create a hallmark for success globally, you must require the best team in place that has strong domain expertise. Only then you may say that “Hurrah, I am on Cloud Nine!!
The human mind is eclectic as it always finds that where to get comfort. The online gaming industry has already accelerated its footprints globally, people are always inclined to use it either in a leisure time or online playing. Let us not to forget that playing a game is such an exciting to de-stress yourself however one can suffer if the gaming result is frustrated. However, the blockchain technology is competent enough to transform the industry which is really required a change. Needless to say that the change is the law of life. Since the inception, the gaming industry is known as disputed and untrustworthy space due to lots of legality of gambling involved. The regulations differ from country to country. However, there is some industry-friendly country like Malta that has recently announced and introduced the crypto-based gambling which is absolutely legal to use. The Malta Gaming Authority (MGA) issues the guidelines for distributed ledger technology (DLT) and virtual currencies that protect the interest of customers and ward off crime and other unethical practice involved like money laundering. Malta’s main goal is to introduce the blockchain technology that brings transparency back to the game so that it can lure more people from around the world that can use it profusely.
On the characteristics of the technology’s front, the one that brings transparency to the gaming industry that we have already lost. So far the casinos and online gaming base their victory on players that organize the higher bets instead of an absolute manner that result in declining the number of players as they refrain from using the online games. However, the blockchain technology in place, it is said to be an open source technology that creates a platform where a transaction can be verified. Let’s not forget that the blockchain technology is completely de-centralized one where transactions are open to all those persons that are involved. The casino games once utilize the blockchain platform, players get a chance to verify and to make sure that their winning is distributed transparently and confirm the payments that are made at the end of the game. Blockchain technology lets the transactions be faster and more secure.
Erstwhile if a player wants to withdraw from the online casino, so it was not easy to get out of it. However, with the help of smart contracts (incorporated through the blockchain technology) are utilized in online transactions. It records all types of details including bet details and confirm the bet’s results and pay out the winnings automatically without any delay. The blockchain technology eliminates all the complexities that also included human manipulation. With this, no one can change the technology because of its registration in place especially on the blockchain. All the transactions that are executed on the blockchain platform, are recorded automatically and can not be deleted. This is one of the best alternatives that the industry can use it, especially when it comes to using cryptocurrency used as payment, collecting winnings of players in a secured way among other invaluable benefits that the blockchain technology offers.
Additionally, the blockchain based games can have numerous features in place like transaction, trade and collect digital assets. Eventually, it has come to change the way businesses do by a variety of mechanism and value-added features in place. With this, the blockchain technology is competent enough to offer online games and casinos as one of the trusted platforms where players can make the safest bets and may have secured transactions. We have already seen the industry struggling with a bad reputation and that we have to change that with the help of an awesome technology in place. The industry has faced numerous complexities like payment related frauds, pre-arranged gaming results among others problems.
Let us not forget that the blockchain technology will not only change the dynamism the way businesses do, however it will fructify the gaming industry by making it a reputed one that you can play with pride!! So what you are waiting for? Just go online and start betting on blockchain platform!!