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Tag Archives: Cryptomarket

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How Reconciliation of Competing Thought Lines is Hindering Blockchain Integration in Business

  by David Drake     Blockchain technology has become a buzzword in the business world. With the promise of transparency, security, decentralization and reduction in transaction costs, businesses, the the popularity of this technology has risen fast as companies pilot it with the hope of integrating it into their operations, even without clear-use cases. “A great example is Long Island Iced Tea Corporation, a publicly traded company,” notes Bryan Stone, the CEO of HFC Coin. “The company changed its name to Long Blockchain and the stock skyrocketed. However, the beverage maker had no confirmed business plan involving blockchain. Blockchain played no part in their business. The use of blockchain was simply to hype the stock, not make their Long Island Iced Tea any better or more efficient. As a result, they were delisted from the Nasdaq Exchange,” he adds. Nonetheless, numerous innovative projects have been created, and continue to be ... Read More »

Will Predictions by Forrester Research about Blockchain Come True?

  By David Drake   A report by Forrester Research paints a gloomy picture for blockchain, saying that up to 90% of active blockchain initiatives in the US will end up being abandoned, and will “never become part of a company’s operations.” The market research firm further predicts that the majority of blockchain-based projects in the US will be put on hold this year, while at least 90% of these will not form part of operations in companies that initiated them. In addition, the research firm says companies that have been striving to incorporate the distributed ledger technology in their businesses are now scaling down on their ambitions and pulling back. These statistics show that many issues need to be considered by businesses before deciding to integrate blockchain into their processes. Among these are connectivity to a partner ecosystem, enterprise integration with internal systems, compliance and regulatory requirements, interoperability requirements, ... Read More »

80% of Companies Lack Interest in Blockchain, Does this Spell Doom for the Technology?

  By David Drake   A report published by Forrester Research on blockchain in business shows that 90% of all blockchain initiatives across industries in the US will never reach fruition. The US-based market research firm predicts that 2018 will witness abandonment of many blockchain-based projects. In fact, it notes that in some cases, they will never be integrated into the daily operations of most companies. Since blockchain got introduced globally, companies have sought to diversify their business endeavors by integrating the technology into their operations, or at least, that was the initial idea. Over the last two years, blockchain technology has been used to develop innovative projects that solve real problems. For instance, URAllowance uses blockchain-based family smart contracts while IOU is using the technology to foster online customer satisfaction. At the same time, BQT is applying the technology in hedge fund and crypto trading while Gath3r is utilizing ... Read More »

Why Running a Blockchain Suitability Test Could Save Your Business Time and Money

  by David Drake     Blockchain, the technology that underlies cryptocurrencies, has become popular among American companies due to its ability to enhance business efficiency. Earlier this year, Walmart made public its intention to apply the technology in managing its supply chain, particularly in tracking food products. Around the same time, Amazon launched AWS blockchain templates that allow its users to access preset frameworks enabling them to build blockchain projects for use in their businesses. Blockchain is not just bound to change the way businesses run, it has also facilitated development of innovative solutions to problems experienced on a day-to-day basis. Over the last 18 months, numerous startups have developed blockchain-based ideas to address gaps across sectors. In the social sector, such startups include the family-smart contracts platform, URAllowance, online customer satisfaction platform, IOU, and social interactions platform, ONe Network. In the business space, blockchain-backed solutions include digital asset portfolio ... Read More »

90% Project Failure: What Does this Mean for the Cryptocurrency Market?

  By David Drake   Forrester, a market research firm has forecasted a grim future for blockchain. In a report released recently, the firm estimates that up to 90% of active blockchain projects will either be put on hold or abandoned altogether. The report, further states that adoption of distributed ledger technology in businesses has reduced drastically in the United States. Though these market predictions may not sound encouraging for the nascent blockchain and crypto market, market players see them as positive signs of market growth, where hype is differentiated from reality. According to Aljaž Pogorelčnik, media consultant at BehaviourExchange, the predictions are results of simple market logic where too much hype has been used as a marketing tool. He says, “The way we see it is that many of the so-called blockchain projects – wanting to jump on the hype train – tried to create an artificial need for ... Read More »

Will South Korea’s Move to Embrace Cryptos Improve Support for ICOs?

  by David Drake    Since January of this year, South Korea has been making headlines for taking drastic measures in the cryptocurrency industry. The country was the first to pass regulation requiring players in the industry to synchronize their trading details with those in the bank. The country even went further to  place a ban on initial coin offerings (ICOs). Despite all this, South Korea is now on the path to lessen these restrictions. The regulatory agency in the country, the Financial Services Commission (FSC), has made public its plans to actualize cross border regulation of cryptocurrencies. At the same time, the Bank of Korea has said that digital currency investments pose no threat to the financial market in the country. According to the bank, the balance of cryptocurrencies in domestic banks accounted for 8% of the total $1.79 million deposited in brokerage houses by the end of 2017. ... Read More »

How South Korea is Positioning Itself to become a Crypto Market Leader

  by David Drake     South Korea has been a key contributor to cryptocurrencies but in this country, the industry has had to contend with big challenges. Such challenges include an initial coin offerings (ICOs)  ban, regulatory changes and hackings that led to the loss of huge amounts of money, almost bringing the industry to its knees. However, things are beginning to take a turn for the better. The Bank of Korea has gone public saying cryptocurrency investments pose no significant risk to South Korea’s financial market. To back up its claim, Bank of Korea says domestic banks held cryptocurrencies valued at $1.79 billion by the end of December 2017, which translates to 8% of all deposits make in brokerage banks in the country. No Opposition Similarly, the Korean Financial Services Commission (FSC) confirmed that it is not opposed to cryptocurrencies because they do not pose significant risk to the ... Read More »

Will Korea’s Stance on Crypto Sway other G20 Summit Nations?

  by David Drake    After taking a series of hostile actions against the crypto market, South Korea’s Financial Services Commission (FSC) has declared that it does not oppose cryptocurrencies. For many people, this statement comes as a surprise considering that early this year, the regulatory authority launched a massive crackdown on crypto exchanges, shutting down a number of them, and even called for an initial coin offering (ICO) ban in the country. Across the globe, ICOs have gained popularity, raising upto to $13.7 billion in just five months of 2018 which more than double the amount raised in the whole of 2017. Some of the blockchain-backed ICO ideas that address real problems across sectors include IOU that provides consumer satisfaction solutions, Bitque in the decentralized system space and OptDyn in the cloud computing space. In the banking sector, Bank52 is improving collaboration and networking while in the social space, ... Read More »

How South Korea is Removing Obstacles of Crypto Development, Brick by Brick

  by David Drake     The Central Bank of Korea, also known as Bank of Korea has ‘affirmed’ its position that cryptocurrencies do not pose significant threat to the local financial landscape.  According to media reports, the bank stated that the level of investment in digital assets is not big compared to that in local financial institutions and equity markets. As such, the potential risk that digital assets pose is insignificant and so the Bank of Korea does not expect crypto-assets to have widespread impact on the financial market in South Korea.   Positive Reception The announcement was received positively by the cryptocurrency community. According to Antonio Sainz, co-founder and CEO at INCLUSIVITY, South Korea has made it clear what path it wants to take with cryptocurrencies. He says, “In the cryptocurrency market there are two positions, those who want to lead the market and not lose this opportunity and ... Read More »

What Benefits Will Institutional Investments bring to the Cryptoworld?

by David Drake Several events rocked the cryptocurrency market as we embarked on 2018. Market capitalization see-sawed losing more than 48% of its value on the first quarter of the year. From $612 billion, crypto market capitalization went down to $261 billion by the end of March while Bitcoin’s value went down by more than 50%. Japan, the United States and other countries went after crypto firms suspected of scamming investors after issuing warnings on the need to follow regulations, although not so clear yet. Thereafter Facebook banned crypto ads, Twitter and Google also announced similar bans. These events have caused many to ask whether this is a crypto dotcom bubble all over again. But some hard critics of the cryptocurrency industry are now changing tune and George Soros is one of them. After issuing a strong statement that the crypto market was a bubble in n January this year, ... Read More »

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