Day: July 24, 2018

Global Blockchain Spending to Hit $11.7 Billion in 2022: Report

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Enthusiasm for blockchain technology in businesses and organizations continues to gather steam, with global spending on blockchain solutions expected to rise almost tenfold between 2018 and 2022. According to market research firm International Data Corporation, the global expenditure on blockchain is expected to grow at a compound annual growth rate of 73.2% to reach a figure of $11.7 billion in 2022. This year, $1.5 billion is expected to be spent on these solutions. Worldwide Spending on #Blockchain Forecast to Reach $11.7 Billion in 2022. Learn more: https://t.co/Hv30XRWg96 pic.twitter.com/47m1YvqqNp — IDC…

Bitwise Files With US Securities and Exchange Commission to Launch Crypto ETF

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Digital asset manager Bitwise has filed with the U.S. Securities and Exchange Commission (SEC) to launch a regulated exchange-traded fund (ETF) for cryptocurrency, according to a July 24 press release. The Bitwise HOLD 10 Cryptocurrency Index will include 10 cryptocurrencies, and will track the Bitwise HOLD 10 Private Index Fund that was founded in November. According to the press release, the HOLD 10 Index captures around 80 percent of total market capitalization of the cryptocurrency market. An ETF is a marketable security that tracks a group of assets and is…

Controversial Blockchain Project Tezos to Be Audited by ‘Big Four’ PwC

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The Tezos Foundation has announced that the international professional services giant PricewaterhouseCoopers Switzerland (PwC) will conduct an external audit of its finances and operations. In an official announcement Monday, July 23, the Foundation claimed to be the “first large-scale blockchain organization” to be edited by PwC. PricewaterhouseCoopers, headquartered in London, U.K., is one of the four largest professional services networks in the world, known collectively as the “Big Four.” Self-described as a “self-amending” blockchain, Tezos has managed to raise about $232 million – the largest-ever amount at that time –…

S. Korea’s Top Telephone Company Reveals Its Own Blockchain Network

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State-owned KT Corporation, South Korea’s largest telephone company, has announced the launch of its blockchain-powered commercial network. The firm has built a blockchain layer on top of its existing nationwide network in order to make it “more secure and transparent,” according to an article by The Korea Herald published Tuesday, July 24. The news outlet reports the head of KT Blockchain Center Seo Young-il as saying that blockchain tech can be used in telecommunications for secure and efficient data management. Seo added: “The whole point of applying blockchain to networks…

Bank of England to Open New Payment System to Blockchain Users

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The Bank of England is executing a complete overhaul of its interbank payment system, and officials have now confirmed that it will open the network to fintech firms that process transactions across a blockchain network. The British central bank on Monday published a report evaluating its recent Proof-of-Concept (PoC) with several firms operating in the distributed ledger technology (DLT) space, a test intended to examine the feasibility of connecting blockchain firms to an updated version of the bank’s Real-Time Gross Settlement (RTGS) service. The RTGS facilitates settlements between financial institutions,…

One of Top IT Industry Trade Associations Publishes Blockchain Guidebook for Public Sector

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The Computing Technology Industry Association (CompTIA) has published a guidebook on blockchain technology, aimed at the public sector workers. The report, titled “Harnessing the blockchain revolution,” was released Tuesday, July 24. One of IT industry’s top trade associations, CompTIA has published a guidebook tittled “Harnessing the Blockchain Revolution: CompTIA’s Practical Guide for the Public Sector.” The report includes recommendations for federal and state governments on how “to help manage risk, drive economic development and develop a strong regulatory regime,” using blockchain tech. “Blockchain technology is perhaps the most talked about…

Online Monero Wallet to Mitigate Security Risks by Fixing Flaws Uncovered in Audit

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The Monero web wallet says it has undergone a successful security review by an independent provider, with analysts concluding “a number of potential vulnerabilities” have now been fixed, with their risks mitigated. XMRWallet’s infrastructure was audited by New Alchemy, a blockchain strategy and technology advisory group. During its tests in June 2018, the application’s web traffic and user interface were inspected, all with the aim of uncovering security flaws that could affect trustworthiness. In its report, New Alchemy concluded: “The XMRWallet application exhibits a high-quality user experience, a modern development…

Prominent Investors Bullish on Bitcoin Reaching $8,100 With Strong Volume

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Large-scale hedge fund operators, cryptocurrency traders, experts, and exchange operators have expressed their enthusiasm towards the short-term rally of bitcoin. Experts React On July 24, the price of BTC surpassed a major resistance level at $8,000, reaching $8,300 within a matter of hours. The daily peak of bitcoin was established at $8,363, but the dominant cryptocurrency has fallen to $8,160 since then. The sudden surge in the price of BTC was triggered by a massive increase in its daily trading volume, which has increased from $3 billion to $6.8 billion…

US SEC Delays Decision on Direxion Bitcoin ETF Until September

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Investment firm Direxion has had the review of its Bitcoin exchange-traded fund (ETF) application postponed until September 21. The news about the delay comes from an official document released by the U.S. Government Publishing Office July 24. An announcement from the U.S. Securities and Exchange Commission (SEC) said it was “appropriate” to delay its decision, which only affects Direxion’s offering. “The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to…

Bitcoin’s Price Is Nearing $10K On a Single, Troubled Exchange

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Cryptocurrency exchange WEX continues to see prices well out of step with the broader market amid a near-total freeze on customer withdrawals. As CoinDesk reported, customers of WEX – a kind of successor to the now-defunct cryptocurrency exchange BTC-e – have been on tenterhooks since July 12, as they’ve largely been unable to get outbound payments processed. The only exceptions have been for the crypto assets tether and zcash (along with lower-volume, lesser-known alternatives like namecoin and novacoin) and the price disparities suggest that some WEX users are utilizing these…