Rise of Bitcoins causes stir but questions linger

Anthony Mburu and his fiancée Elizabeth John at Nation Centre on November 22, 2017 for an interview. Mburu paid part of his dowry using Bitcoin

Rise of Bitcoins causes stir but questions linger

Anthony Mburu and his fiancée Elizabeth John who recently attracted curiosity when he paid part of his dowry using Bitcoins, a form of digital currency, in Naivasha Kenya,considers himself a non-conformist.

Having quit university in 2010 after just one semester of his engineering course, 26-year-old Anthony Mburu does not fancy formal education, for instance.

“Formal education is good. It will give you an average life. You’ll eat, have your mortgage, car loan and all that — live an average life; struggle through life to the end,” he opined.

WALUBENGO: Kenya's uneasy dance with Bitcoin

DOWRY

He currently makes a living out of “mining” Bitcoins and he says that is the source of income that has enabled him buy a parcel of land in Naivasha, stay in a rented house and has given him something to buy and maintain his car among other fortunes.

“Everything is Bitcoin. Where I live, Bitcoin; what I drive, Bitcoin; investment, Bitcoin,” he said.

The computer-generated currency, he says, enabled him pay part of his dowry.

On November 11, as he headed to the home of his fiancée Elizabeth Chege in Naivasha, he had already negotiated with his in-laws that the goats portion of his dowry be settled with Bitcoins.

MOBILE APPLICATION

There are some components of the dowry process he paid for in hard cash.

His father-in-law, John Thion’go Chege, a retired KenGen employee, bought the idea.

They helped him download a mobile phone application that works as a Bitcoin wallet.

“We told him, ‘You just receive this and keep it. In a few months, you will have double the dowry. And if you keep [real] goats, they’ll still be the same goats,’” Mr Mburu said.

Ms Chege, the 6th born in a family of nine children, said her parents did not ask many questions despite the fact that Bitcoin is not a well-known concept in Kenya.

“They can’t refuse because they believe in me,” she said.

CBK

Mr Mburu’s unprecedented action has drawn mixed reactions since Bitcoin is a currency the Central Bank of Kenya has told the public to eschew because it is not backed by any regulator.

In a recent interview, Central Bank of Kenya Governor Patrick Njoroge reiterated his disdain for Bitcoin, saying the way the currency’s value has shot up is proof that it could be a Ponzi scheme.

“Our point is that there is risk and it is important that everybody knows that those risks can come back to haunt us and have financial stability concerns,” Dr Njoroge said.

VALUE

Those who are in Dr Njoroge’s school of thought have been criticising the Bitcoin dowry deal.

“Ikicollapse nayo? Give back the bride…” a commentator on NTV’s YouTube channel joked.

Another viewer wrote: “That family better cash in on those Bitcoins. The Bitcoin bubble will burst… Eventually.”

But the currency is fast gaining prominence in Kenya as many people try their luck with this fortune whose value has been sharply rising, much that by Saturday , one Bitcoin was selling for close to Sh900,000 locally.

The value was barely Sh10,000 a year ago.

On the global scale, one Bitcoin was selling at $8,480 (Sh875,984).

SELLERS

On Saturday afternoon on localBitcoins.com, one of the platforms where Bitcoins are sold by Kenyans to other Kenyans, there were at least 10 active sellers.

One in Nairobi was selling 0.150544 of a Bitcoin for Sh140,000, which they wanted to be sent to him via M-Pesa.

Another one in Nakuru wanted Sh250,000 sent to his bank account before he could load any willing buyer’s Bitcoin account with 0.26153363 of Bitcoin.

There are many ways of making money though Bitcoin, and Mr Mburu’s preferred way is through “mining”.

PURCHASE SHARES

He is a member of Bitclub Network, which helps Kenyans and other people across the globe buy shares in the Bitcoin enterprise.

The Kenyan chapter of the club, which has more than 1,000 members, meets in Nairobi every Tuesday, Thursday and Saturday.

Asked what one needs to do to get into mining, Mr Mburu replied:

“Just buy shares. The company dealing with that is Bitclub Network. And one unit is going for $599 (Sh61,876).

"So, you buy Bitcoins worth that much and buy that mining capacity; like you buy a machine. It’s a real machine called Antminer S9.”

He adds: “Once you buy it, it’s stored in our facility in Iceland, and there’s a 30-day period of paying that you’ll not be earning.”

GOATS

Ever since he discovered Bitcoin — which he says brings him at least $5,000 (Sh515,500) per month — he has not looked back and he is planning for a wedding in April 2018. “It will be a Bitcoin wedding,” he said.

Mr Mburu was also dismissive of those who say he might have taken his in-laws for a ride.

“They don’t know what it is. Bitcoin has been there, and it’s going nowhere,” he said.

The Bitcoins he paid were and equivalent of 25 goats. He still has 75 to go “which are yet to be paid in Bitcoins” as he put it.

GROWTH

His fiancée runs a clothes shop in Nairobi and she has also been accepting payment via Bitcoin, though the mode of exchange is yet to gain ground in Kenya.

Mr Michael Kimani, the chairman of the Blockchain Association of Kenya, has been dealing with cryptocurrencies since 2012 and says the field will grow exponentially.

“A lot of opportunities are going to emerge from this and I’m trying to position myself with this industry because I honestly think in the next five years, this is going to be so big that people will forget how we used to live without cryptocurrency,” he said.

 

Author: ELVIS ONDIEKI

 

Posted by David Ogden Entrepreneur
David Ogden Cryptocurrency Entrepreneur

 

David

3 Reasons the Bitcoin Price Hit $8,000 Today

3 Reasons the Bitcoin Price Hit $8,000 Today

3 Reasons the Bitcoin Price Hit $8,000 Today

The bitcoin price touched the $8,000 mark on Friday morning (or Thursday night, depending on your time zone), enabling the flagship cryptocurrency to check another milestone off its to-do list before it reaches five-figure territory.
 

Bitcoin Price Touches $8,000

Just days prior, the bitcoin price had been trading below $6,000, but a mid-week rally raised bitcoin back to its pre-dip level and ultimately vaulted it to a new all-time high of $8,040 on cryptocurrency exchange Bitfinex.


BTC Price Chart | Source: BitcoinWisdom

At present, the bitcoin price is trading at a global average of $7,741, which translates into a $129.2 billion market cap.

 

3 Factors Behind Bitcoin’s Rally

While a multitude of factors contribute to the movement of the bitcoin price, three stand out as primary drivers of the present rally:
 

1. Wall Street’s Anticipated Entry Into the Markets

Ever since regulated U.S. derivatives exchange operator CME announced it would add bitcoin futures contracts to its product offering, analysts have been counting down the days until Wall Street makes its first major entry into the cryptocurrency ecosystem. Anecdotal evidence indicates that prominent institutional investors are eying the markets with interest — enough interest that Coinbase is launching a cryptocurrency custodial service specifically targeted at institutional investors with more than $10 million in crypto assets.

Related to this is the fact that Wall Street investors are increasingly bullish on publicly-traded companies that enter the bitcoin or blockchain space. Payment processor Square, for instance, received a significant bump to its share price after it rolled out a bitcoin pilot program to a limited number of users of its Square Cash app.

square-cash-bitcoin-price-nov17

2. Successful Lightning-Based Atomic Swap

Though less likely to make its way into the mainstream press, another factor influencing bitcoin’s rally is the successful completion of the first off-chain atomic swap. Accomplished using lightning network technology, developers at Lightning Labs traded testnet bitcoin for testnet litecoin trustlessly and without leaving a record of the transaction in either blockchain. Once the lightning network reaches mainnet implementation, this feature will enable the creation of decentralized cryptocurrency exchanges.

 

3. SegWit2x

Finally, some analysts believe that the bitcoin price received a small bump due to the fact that a minority percentage of miners continued to signal for SegWit2x even though the fork’s most prominent advocates had called for its cancellation. Spencer Bogart, head of research at Blockchain Capital, had told Bloomberg Quint that he believed “some capital is rotating out of other crypto-assets and into bitcoin to make sure they receive coins on both sides of the fork” in the event that it did execute as planned. However, the fork did not occur — or at least has not yet — and fork-compatible nodes remain stuck at block 494782.

 

Author: Josiah Wilmoth on 17/11/2017

 

Posted by David Ogden Entrepreneur
David Ogden Cryptocurrency Entrepreneur

David

Bitcoin Wallet Blockchain: ‘Buy Some Ether’ to Make Transactions After SegWit2x

Bitcoin Wallet Blockchain: ‘Buy Some Ether' to Make Transactions After SegWit2x

Bitcoin Wallet Blockchain: ‘Buy Some Ether’ to Make Transactions After SegWit2x

Crypto wallet Blockchain has announced its intention to join with Xapo in following the blockchain with the most accumulated difficulty following the proposed SegWit2x. The wallet service advised its users to “buy some ether” if they intend to make transactions immediately following the fork.
 

Blockchain Wallet to Follow Chain With Most Difficulty

In mid-November, the Bitcoin blockchain is expected to split into two, competing chains following SegWit2x, a hard fork designed to upgrade the Bitcoin network and enable it to scale more effectively. The proposal appears to have strong support from miners and crypto firms — although this support has steadily waned as the fork has gotten closer — but it is opposed by the Bitcoin Core developers, as well as many other businesses and users.

Consequently, bitcoin services have to decide how they will approach the hard fork. Some, such as Bitfinex, are treating the SegWit2x fork as a separate cryptocurrency, while others, including Xapo, state that they will assign the label “Bitcoin” to the blockchain with the highest accumulated difficulty.

Crypto wallet Blockchain — a SegWit2x supporter — has signaled its intent to follow Xapo’s example and determine which chain will receive the label “Bitcoin” based on the amount of accumulated difficulty each blockchain obtains.

Blockchain chief executive Peter Smith made the announcement in a blog post, stating that the service will provide users with access to the coins on the minority chain if they have “significant value”. Like Xapo, they will label the minority chain either BC1 (incumbent) or BC2 (SegWit2x)
 

Buy Some Ether’

Smith goes on to say that Blockchain may suspend outgoing bitcoin transactions following the fork until the networks have stabilized. He suggests users “buy some ether” if they plan to make transactions in late November following the fork.

During this period, it may be necessary to temporarily suspend outgoing bitcoin transactions for a period of time during network instability. However, even in this scenario, your funds will remain safe and you’ll be able to monitor them from within the wallet. You’ll also be able to use all Ethereum related functionality.

“If you have transactions to make around late November,” he adds, “we suggest you buy some Ether in our wallet today.”

 

Author: Josiah Wilmoth on 16/10/2017

 

Posted by David Ogden Entrepreneur
Davkid Ogden Cryptocurrency Entrepreneur

David

Chinese money dominates bitcoin, now its companies are gunning for blockchain tech

Chinese money dominates bitcoin, now its companies are gunning for blockchain tech

Chinese money dominates bitcoin, now its companies are gunning for blockchain tech

Beijing, China

It’s a sweltering summer night when I’m invited to join a bitcoin miner from Shenzhen at a “bitcoin club” somewhere in downtown Beijing. I’ve just returned from visiting one of the world’s largest bitcoin mines and find myself at a gathering of cryptocurrency enthusiasts at a craft beer brewery in the Sanlitun nightlife district.

I excuse myself from the bitcoin meetup and resort to jumping in a pirate taxi because I don’t have a mobile wallet from Alibaba or Tencent—the primary way to hail and pay for taxis in the city. After paying in cash—now a rarity in China’s mobile payment saturated cities—I disembark, then get lost amid Beijing’s ancient hutongs, the narrow alleyways that link China’s traditional courtyard residences.

My host puts me out of my misery by sharing his location on a real-time map over our WeChat direct messages. Now drenched in sweat, I meet Jack Liao, who runs a bitcoin mining firm called Lightning Asic. He leads me through a dark hutong, coming to a set of carved wooden double-doors. Pushing them open, we enter into the courtyard of a palatially renovated villa. This is my first look at the elusive “bitcoin club.”

The club is located in a 2,000-square-foot villa with a staff of 15, including cooks, cleaners, and wait people. It has two guest rooms, a dining room that hosts two dozen people, a professional Texas Hold ‘Em table emblazoned with the legend, “Faith in Bitcoin,” an automated mahjong table; shelves stacked with fine wine and liquor, a room for practicing Chinese caligraphy, and so on. The table stakes are bitcoin, AliPay credits, and sometimes even yuan, the only non-virtual currency accepted. Guests can sleep, eat, drink, and gamble for free if they’re acquainted with the miners who run the place. “People come here just to chat about projects,” Liao says.

The eye-popping villa bankrolled by bitcoin mining is a symbol of just how lucrative the cryptocurrency industry has been for some on the Chinese mainland. China is home to the world’s largest bitcoin mines, thanks to abundant and cheap electricity, and at one time the country accounted for 95% of the volume traded in global markets. Its central bank is experimenting with a blockchain-backed digital currency, and its biggest companies, from tech giants to industrial conglomerates, are racing to bake blockchain tech into major new projects.

All this points to a central question: How did stateless cryptocurrencies get so big in China, a country where the national currency—along with so much else—remains tightly controlled by the government? Why has bitcoin, along with other cryptocurrencies, flourished with so much vigor here in China? A two-week journey through bitcoin trading operations in Shanghai, mining operations in Inner Mongolia, and the club in Beijing hasn’t answered the question definitely—but it’s gotten me much closer.

Bitcoin is a political statement

Bitcoin began as an experiment in economics and politics, as a project to create electronic money that anyone could use but no one controlled, especially a sovereign authority. The code behind the new currency gave life to libertarian ideals like: money free from government controls on spending and taxation; transactions that could ignore a global, sometimes corrupt banking system; and freedom from central bank targeting of interest rates and inflation. It was also rebuke to the very notion of conventional money.

Bitcoin’s pseudonymous creator, Satoshi Nakamoto, encoded a headline from the Times of London in the first block of transactions ever created on the bitcoin blockchain. It read: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.”

Given bitcoin’s political bona fides, it’s a great irony that Chinese companies and individual users are so dominant in its daily activities. The world’s biggest bitcoin miner is a Beijing-based company called Bitmain, which operates two mining pools that control nearly 30% of all the processing power devoted to bitcoin mining. It might seem that Chinese bitcoiners are carrying out some kind of libertarian protest against China’s ruling communist party, subverting the status quo by processing cryptocurrency transactions towards a yet-to-be-revealed political end.

They aren’t.

“In China, bitcoin is one thing and in America and Europe it is another thing,” Liao said as we sipped tea from porcelain cups on the villa’s top floor. Our host, Wu Bi, explains there is no competition between cryptocurrencies and the government-controlled renminbi, at least as the government sees it. “In China our government says bitcoin is not a currency, it is a commodity, so there is no chance it will compete with the renminbi,” Wu told me in Chinese, with Liao translating. “Bitcoin is a great idea, but in China we care more about blockchain.”

Wu and his Chinese compatriots are focused not on the currency, but on the technology behind it. Blockchain is simply a technical way to record encrypted transactions that are distributed across a computer network; once entered they cannot be altered. Instead of using blockchain, or bitcoin, as a permissionless cryptocurrency, banks want to shoe-horn some of bitcoin’s features into current transaction systems to create a low-cost network that, crucially, would require administrators to grant users access. Those administrators, of course, would be banks, or central banks. “Different countries may have different ideas about what is government, and what is the liberty of individuals,” Wu says.

Bitcoin users I met in Beijing were similarly dismissive of bitcoin’s libertarian politics. They did not want to be named or quoted directly, but their argument was essentially this: People in China simply aren’t interested in bitcoin’s potential for political change. And besides, China’s closely controlled economy has delivered prosperity for now—what benefits does bitcoin bring besides as an investment that might appreciate?

Object of speculation

Ordinary Chinese bitcoin users I spoke to, and those who are served by the exchanges and wallet providers, are far more interested in the ability to speculate on bitcoin’s wild price swings—it’s just another way to make money as China continues to adopt characteristics of a market economy.

As it happens, bitcoin arrived just as a class of retail investors in China is growing in size, and seeking better returns than those offered by a restricted financial products market. Even the market for property in China’s top-tier coastal cities, usually reliable for spectacular returns, has been subjected to ever tightening lending restrictions by a government eager to curb speculation. “[Chinese consumers] have had such limited channels for so long, and [bitcoin] was finally one that was not tightly controlled by the government,” says Martin Chorzempa, a research fellow specializing in Chinese internet finance at the Peterson Institute for International Economics in Washington DC.

One seasoned observer of the Chinese bitcoin scene concurs. Eric Zhao is n engineer at the Chinese Academy of Sciences in Shanghai and runs the widely followed Twitter account CN Ledger. Bitcoin became popular almost by default, because of the paucity of products for the Chinese retail investor, he says. “There are not many good investment choices for common people in China. Many people worry about inflation and lots of people feel insecure about their financial status,” he says. “They buy it simply because they believe it will appreciate in value.”

Uncorrelated to major asset classes and generally disconnected from the Chinese economy, bitcoin has been hugely attractive to Chinese investors already overweight domestic stocks and property. Indeed, research from Pantera Capital, a venture fund for blockchain companies, shows that bitcoin is almost completely uncorrelated to major equity, debt, and commodity asset classes. “Because [bitcoin] is globally connected, it’s not easily affected by the Chinese economy,” says Isaac Mao, a longtime entrepreneur and investor in China’s technology scene. “It may be the only economic activity fully connected to the global economy.”

Crackdown

The wild ride on bitcoin in China, however, braked to a stop Sept. 4, when China’s central bank began to take steps to halt domestic bitcoin trading. It started with a ban on “initial coin offerings,” followed by a shutdown of local bitcoin exchanges. China’s authorities have clamped down on bitcoin trading before, most notably in 2014, when the cryptocurrency was on a historic rally driven, in part, by Chinese money.

Now rumors are swirling that a ban on bitcoin mining may be enacted. But if the government has found bitcoin to be a potentially dangerous element in the country’s socio-political mix, why didn’t it crack down before? Instead, it has been relatively tolerant of a technology that was designed to weaken the state’s grip on money.

The rare true believer in bitcoin’s libertarian properties is Bobby Lee, an American who runs the world’s oldest bitcoin exchange, BTCC, in Shanghai. His firm was forced to shut down domestic trading through its BTCChina arm, although it still runs an exchange for non-Chinese traders. When we spoke before the crackdown in August, Lee was enthusiastic about government regulation, saying it would help the market mature. But he also struck a defiant note, saying that bitcoin’s design made it impossible for China’s regulators to shut down. “There is nothing [the Chinese government] can do. That is the beauty of [bitcoin],” he said.

I pointed out that the government could seize exchanges, and even bitcoin mining facilities, and compel their owners to run certain types of code or mess with transactions, thus damaging the cryptocurrency. Lee was sanguine. “They’ll want to control it, but bitcoin was not meant to be controlled,” he said. “You can make all the rules you want, and the question is, can they be enforced? With guns you can say, let’s make guns illegal. But with bitcoin, there’s nothing physical. It’s information, and there’s plausible deniability.”

The reality may be more prosaic. Bitcoin and cryptocurrencies are simply too small to bother the Chinese government much, says Isaac Mao, the investor and entrepreneur and one of China’s earliest bloggers. “The [Chinese Communist Party] doesn’t recognize it as a threat, so bitcoin actually grows very quickly in China,” he told me at a cafe in Hong Kong, where he is now based. “But it’s too small. There is no scale. The market capitalization of bitcoin is about the same as PayPal,” or about $70 billion.

I spoke to Mao in August, but the crackdown doesn’t signal any political threat, writes Chorzempa of the Peterson Institute. It’s more likely that bitcoin trading is just collateral damage from a wider set of restrictions on alternative financial products that have caused billions in consumer losses. Regulators have reigned in not just crypto trading but peer-to-peer loans, trusts, and lending to non-bank institutions this year, Chorzempa writes: “The clampdown thus fits into a broader set of efforts to lessen financial market risks perceived by Chinese policymakers.”

Everyone hates inflation

To the extent that bitcoin trading and mining is a political statement, it’s a demonstration against inflation. Prices in China grew rapidly in the aftermath of the financial crisis in 2008, hitting their highest level in decades in 2007. Inflation has moderated since then, but ordinary Chinese say they still feel the pinch.

Bitmain’s Micree Zhang, who developed its proprietary mining chips, says worry about inflation chewing up his earnings was one reason why he first became interested in bitcoin. “Before I knew about bitcoin I disliked, and was very worried about, inflation. Especially in China in the last 10 years,” he said when I visited with him at Bitmain’s main facility in Inner Mongolia. “When I discovered bitcoin, I knew it was a good idea, very quickly.”

One bitcoin user I met in Beijing told me he was attracted to the cryptocurrency because the government couldn’t devalue it by printing more money, unlike the yuan. The Chinese government controls its currency far more tightly than other major economies.

This level of control can lead to panics. In 2015, the Chinese government devalued the yuan in an attempt to boost economic growth, sending shockwaves through global markets. While today the central bank’s move is seen as astute, at the time Chinese consumers were hit hard, worrying about paying more for everything from Australian beef to New Zealand milk.

Digging for digital gold

China has been the world’s largest electricity producer since it surpassed the United States in 2011. Cheap electricity is the crucial ingredient for a profitable bitcoin mining operation—and China has it in spades. So it’s no surprise that China has become a world center for the activity.

Take Beijing-based Bitmain, for instance. It’s the world’s biggest bitcoin miner, but the company doesn’t divulge its financial data, and there’s no easy way to find out because its beneficial owner is a trust in the Cayman Islands. But one longtime commentator in the bitcoin space, Jimmy Song, has performed an analysis of the firm’s likely profitability. His estimate: $77 million in mining profits for the firm this year, of which electricity and other operational costs come up to about $23 million.

It’s estimated that two-thirds of the world’s processing power devoted to mining bitcoin resides in China. These bitcoin mines take the form of giant warehouses filled with thousands of custom-designed machines and chips, all whirring away to check bitcoin transactions and compete for a slice of the 12.5 bitcoins awarded to a miner every 10 minutes. Collectively, bitcoin miners have collected more than $2 billion in revenue over the cryptocurrency’s nine-year lifespan.

Bitmain leads the pack as both a creator of bitcoin mining rigs and chips, and an operator of vast server farms. It’s now raised $50 million from marquee Silicon Valley investors including Sequoia Capital to expand to the US—perhaps reducing its exposure to Chinese regulations—and to develop a new set of chips for artificial intelligence.
 

Sheer scale

Bitmain’s position as the world’s largest miner is only the tip of Chinese industrial interest on blockchain technology. Last May, a Chinese company called Wanxiang Group, one of the world largest automotive parts makers, sponsored a blockchain hackathon at the Deloitte offices in Rockefeller Center in New York. Wanxiang plans to embed blockchain technology into a new “smart city“—a nine square kilometer plot of land with a planned population of 90,000 people and $30 billion in investment—that it is building from scratch near Hangzhou in eastern China. It was looking for the world’s brightest blockchain developers.

Wanxiang was offering $15,000 to teams who came up with an enticing blockchain project for the smart city, with an additional $1 million in funding. As Wanxiang executive Peter Liang clicked through his slides detailing how blockchains would power everything from the city’s electricity grid to its traffic control system and be embedded in Wanxiang’s factories, the handful of programmers in the room grew both skeptical and awed. “It’s so huge, it’s hard to even believe,” one developer told him.

Wanxiang isn’t the only Chinese conglomerate with blockchain dreams. Beyond cryptocurrencies like bitcoin, some of China’s biggest firms are betting on the technical ideas behind it to revolutionize their businesses. They’re placing much bigger bets than their counterparts elsewhere in the world, who are mired in small-scale trials, proofs of concepts, or slow moving consortia. Chinese companies “are not only moving faster, but the scale of their blockchain ambitions dwarf what we’re seeing elsewhere,” says Garrick Hileman, of the Cambridge Centre for Alternative Finance.

The Chinese e-commerce giant JD has already launched a food supply tracking system using a blockchain in Beijing supermarkets and online stores. The tech giant Tencent has partnered with Intel to develop a blockchain architecture. And the People’s Bank of China, the country’s central bank, has said it’s researching blockchain technology as a way to potentially digitize the yuan.

Blockchains for industry

Unlike firms elsewhere in the world, Chinese companies sense an opportunity to unify the fragmented data flows flowing through their stupendously large and complicated factory floors and supply chains by marrying a blockchain data layer with Internet of Things devices. Conveniently, these applications are also free of the regulation and scrutiny that can slow down financial applications. “I personally believe that non-financial [applications] will go commercial sooner,” says Vincent Wang, Wanxiang’s chief innovation officer.

Foxconn, one of the world’s largest contract manufacturers of electronics and best known for manufacturing Apple’s iPhone, sees blockchain as way for its suppliers to get easy financing. “In China, 85% of SMEs can’t get financing,” Foxconn executive Jack Lee told a conference in New York in May. “They have to go to shadow banking … so it’s very inefficient and costly.” If Foxconn can leverage its current data on small businesses through blockchain, it could create a highly efficient supply chain that could also track delivered goods.

Just as mobile phones allowed China and emerging economies to leapfrog the rich world’s telephone landlines, blockchain technologies could help its industries skip the development of antiquated financial services models. After all, Chinese tech firms Alibaba and Tencent are already processing trillions of dollars through their mobile payments businesses. “We are more interested in getting to a next-generation financial services business,” Foxconn’s Lee says. “That’s the key. As a side benefit for Foxconn, it will streamline the supply chain.”

Those kinds of observations make less worrisome the recent drop in China’s share of bitcoin trading volume as well as rumors on Telegram chat groups about an imminent crackdown on even China’s powerful bitcoin miners. Because Chinese money’s waning influence over the bitcoin markets may be replaced by control over an even greater prize.

As it continues to move from a rural to an industrial economy, China needs to leapfrog the incumbents and assert itself as a technology leader. Bitcoin and the ideas behind its blockchain may be one way to do that—and it may be why China has been a leader of a stateless cryptocurrency for so long.

 

Author: Joon Ian Wong

 

Posted by David Ogden Entrepreneur
david ogden cryptocurrency entrepreneur

David

Why Bitcoin and Ethereum will soon be everywhere

Why Bitcoin and Ethereum will soon be everywhere

Why Bitcoin and Ethereum will soon be everywhere

Bitcoin, Ethereum and blockchain technologies are all the rage. Initial coin offerings (ICOs) are raking in millions in mere minutes, and every day a new initiative is announced with ever-increasing hype.

With all of this going on, you’d expect cryptocurrencies to be mainstream fare, right?

Unfortunately, they’re not quite there — yet.

As of now, your grandma probably isn’t wagering Ethereum with her bridge buddies. Heck, even buying pizza with cryptocurrency sounds like science fiction. The fact of the matter is that for people outside of the hardcore crypto-enthusiast community, the whole idea is still mysterious.

This article will help you get a better grasp of the future of cryptocurrency. After you finish it, you’ll clearly see how these technologies are poised to join the mainstream.

So, when will this dizzying race come to an end? Is there real value in the blockchain craze? Can it possibly live up to the expectations created by so many rivers of newsprint?

Below, you’ll find answers to all of these questions and more.
 

The true potential of blockchain technology

As it turns out, distributed blockchain ledgers do have a future.

Not only can they reduce skyrocketing IT costs, but the promise of faster, less-expensive financial transactions has the potential to accelerate growth in a host of industries.

With this great potential comes some bad news, though … you won’t see these possibilities become a reality until the technology becomes useful in the real world.

uber

What will this look like exactly? Well, when you can pay for a ride to a cafe and buy a coffee in crypto — without needing a master’s degree, mind you — its use will be pretty standard.

When crypto goes mainstream transactions won’t be measured in millions of dollars, but trillions.

The explosion of the global sharing economy illustrates how cryptocurrency can go mainstream.

Several companies are already changing the way things are done in this sector. They’re taking products and services that are already in existence and turning them into economic opportunities for millions of people.

In their industry, Uber and Lyft have transformed the way the world thinks about traveling by car. They’ve also empowered people who couldn’t otherwise find work to generate income.

With these businesses, it’s easy for drivers to get started, and they can work on their terms. Due to these reasons and more, Uber and Lyft have taken off like wildfire.

Air B&B

Airbnb also challenges the status quo to provide worldwide accommodations for its users. Not only has it reinvented the way people think about traveling, but it’s been an absolute game-changer when it comes to bringing more money into various communities.

Currently, initiatives like Open Money are laying the foundational groundwork so that software developers can make the vision of universal cryptocurrency acceptance possible. Their platform provides the technological infrastructure that will integrate cryptocurrency transactions into practical, everyday applications.

At the end of the day, companies like Uber and Lyft don’t just change the way we think about the world — they change the world. When it comes to cryptocurrency, companies like Open Money will significantly expand the acceptance of cryptocurrencies by facilitating their incorporation into the software people are already using.
 

Can cryptocurrency acceptance in consumer apps open the floodgates?

Now all of this sounds pretty amazing, but what is needed to bring this vision to reality?

Companies will need to develop strategies that are based on proven market principles to succeed. Namely, they’ll need to empower app developers from all over the world to quickly and easily integrate cryptocurrencies into their applications.

The booming consumer applications market is the ideal starting point for bringing cryptocurrencies into the mainstream. According to a recent research study by We Are Social, more than half of the world’s population now connects to the internet with a smartphone, generating over 50 percent of all internet traffic.

Overall, 3.5 billion people around the globe consistently use mass-market consumer software.

around the world

The real motor of consumer software lies in the hands of software developers. All around the globe, these individuals are innovating solutions that engage their users in powerful ways.

Unfortunately, they don’t currently have the tools they need to make this possible.

Though others are likely to follow in its footsteps, Open Money is the first initiative to provide a state-of-the-art REST API, SDKs and industry best practices designed to facilitate blockchain integration.

Built by developers and for developers, with this solution, it won’t be necessary to start from scratch. Instead, they can leverage an established infrastructure to transition their currently successful apps into the cryptocurrency market, finally enabling you to pay for your pizza in cryptocurrency.

“We want to be the catalyst that takes blockchain technology and puts it in the hands of billions of people around the world. By empowering developers of all sizes to harness the true potential of this amazing technology, we will be contributing to a world that is more efficient, equitable and productive. That’s what the Open initiative is all about,” explained Ken Sangha, COO of Open Money.

The Opportunity

Cryptocurrency is on the brink of change. Soon, app developers from around the globe will empower everyone — including grandparents— to use cryptocurrency with ease. (Nostalgia: $12 checks written by older folks will soon be a thing of the past, so get your cryptowallet ready.) If they succeed, they’ll create a new market that’ll change the economic system forever.

 

by NATHAN RESNICK

 

Posted by David Ogden

David Ogden Cryptocurrency Entrpreneur

 

David

Get started in cryptocurrency with this beginner’s directory

Get started in cryptocurrency with this beginner's directory

Get started in cryptocurrency with this beginner’s directory

The wonderful world of cryptocurrency has grown from a budding idea to a full-fledged market bonanza. Hopefully you’re savvy to the terminology and ready to start putting your money where your technology is. This directory should provide you with the basic starting points to begin building your fortune in digital money.

(Don’t forget that cryptocurrency is an investment, and you shouldn’t trust your finances to an article you read on a news-source. We strongly advise contacting a financial adviser before risking your money.)

Bitcoin was founded in 2009. It represented the first decentralized cryptocurrency. It’s the oldest, and, as of August 17th it reached an all-time high of over $4,500. Just six months prior it was worth about $900. While you’re trying to wrap your head around that, keep in mind Bitcoin isn’t the only cryptocurrency.

How many cryptocurrency offerings are there? Over 850 are currently listed on CoinMarketCap. Before you decide which one to blow your speculation money on, make sure you have all your crypto-ducks in a row.

You need a wallet

Before you can buy into an initial coin offering (ICO), purchase cryptocurrency, or execute smart-contracts you’ll need a wallet. There are hardware wallets and software wallets; for now we’re only going to worry about software wallets.

Here’s a few to start you off:

  1. Blockchain – possibly the most popular cryptocurrency wallet

  2. Electrium – has been around since 2011

  3. Gemini – boasts regulation by New York State Department of Financial Services (NYSDFS).

Buy an established coin

You don’t have to start off trying to predict which ICO is the best investment. There are numerous ways to aquire cryptocurrency from an established coin. Here are some of our favorite coins to get your research started:

  1. Bitcoin – The big one. If you’ve got $4,000+ to fork out for a Bitcoin you can get in on the over/under $5,000 action. For what it’s worth there are experts on both sides of that fence.

  2. Ethereum – Things get a little more complicated here, but worth listing as a currency simply because ETH is second only to Bitcoin in popularity.

  3. Litecoin – Launched in 2011 billing itself the “silver” to Bitcoin’s “gold”.

  4. Bitcoin Cash – Bitcoin managed to fork itself and now there’s this.

  5. Siacoin – Sometimes cryptocurrency comes in the form of cloud storage.

  6. World Coin Index — provides a great listing to check valuations out

  7. Coin Market Cap — another listing of coin valuations

Or just find an ICO and dive in

Which is easier said than done. It seems like there’s an ICO for everything. We’re hesitant to even list any here, simply because you should research an ICO much more in-depth than would be prudent for the purpose of this directory. However, we’re happy to provide some links that might help:

  1. Coin Schedule – provides analysis on current and upcoming ICOs

  2. Smith and Crown – A curated list of ICOs

  3. ICO List – One of the most popular international sites concerning ICOs

It’s time to hit the exchange

Depending on which coin you’re investing in you’ll either visit an exchange, or use whatever method of purchase or trade the offering requires. You may be able to set up an online store that accepts Bitcoin or ETH, for example. Or perhaps you know someone who will sell you some. One of the most common ways to get cryptocurrency is to visit an exchange.

  1. Coinbase – probably the most popular exchange there is

  2. Kraken – you’ll find this one is well-reviewed by insiders

  3. Bittrex – US based and supports nearly 200 cryptocurrencies

  4. Buy Bitcoin Worldwide— provides country-specific exchange information

The above links should provide you with enough information to get you started on a path to dominate the cryptocurrency markets and become rich beyond fantasy. Or you could lose a bunch of money.

by TRISTAN GREENE — 13 hours ago in EVERGREEN

 

Posted by David Ogden
Entrepreneur

David

Why connecting all the Blockchains is the final step for mass adoption of Cryptocurrencies

Why connecting all the Blockchains is the final step for mass adoption of Cryptocurrencies

Dr. Julian Hosp, 16 Jun 2017 – Development, Opinion, Protocol

Dr. Julian Hosp is the co-founder and CVO of TenX, a Singapore based FintechCompany that makes any Blockchain asset spendable instantly by offering a debit card payment system to its users on the frontend and by connecting any Blockchain at the backend.

Since the start of Bitcoin in January 2009, we have seen the introduction of a multitude of blockchains across all kinds of areas and financial markets. Today we can count hundreds of public blockchains that amount to a total market cap of almost 100 Billion dollars, excluding many more private blockchain installations.

Last year we saw the emergence of precious metal backed tokens, derivatives, entirely new asset classes representing entire ecosystems, and even ETF tokens to invest into other blockchain assets. One such example is Initial Coin Offerings (ICOs) or token sales that are gaining in popularity. The World Economic Forum is even going as far as predicting that 10% of the global GDP will be stored on the blockchain in less than 10 years. In terms of today’s global GDP that would be $7.8 trillion.

Here a challenge arises: If we as a community do not find a way to connect blockchains, these 7.8 trillion dollars will be dispersed in such a way, that its true value is a lot lower. So what is the solution? The solution is one that we have seen in a similar way being executed around 30 years ago already:

Before the invention of the TCP/IP protocol the Internet was also dispersed in many local networks, so-called Intranets. These provided local efficiency over the more traditional point-to-point communication (such as letter, fax, telephone calls). The real breakthrough only came in 1973, when different Intranet networks realized that they could use a unifying Internetwork protocol to communicate among each other, thereby extending reach by compatibility even more.

With the requirements for an Intranet to join the so called Internet dropping to the bare minimum, it became possible to add almost any Intranet, no matter how basic or sophisticated their characteristics were.

The initial adoption by users was relatively slow, as the services offered at the beginning were limited. There was one major factor however, that eventually sped it up significantly. The same providers that were already offering mail, FAX and phone services, could now add Internet services to their portfolio giving them extra revenue streams. User adoption came easily, as a trust basis between the customers and these services providers was already established for years or even decades. Early adopters started, the late adopters followed.

Today the Internet spans across the entire world and information that used to be accessible only locally is now accessible from anywhere, even from the moon. Information is stored by servers all over the world while routers create the backbone. Internet service providers (ISP) give the average end-user easy and quick access to this vast database of information by opening a communication channel to their customers and to other ISPs, servers and routers.

Once the average user accesses the Internet through his or her communication channel with the ISP in order to gain information from the Internet, the user does not have to worry about how the information is retrieved exactly. All she has to do, is to type in the destination from where she wants to retrieve the information (URL). The ISP, to which she has the communication channel to, does not know the exact path to the destination either. However, through the TCP/IP protocol, the request is routed through from one communication channel to another using routers, servers or ISPs, who then either know the location or continue the process.

The important point is, neither one of them has to know the entire way. All they have to do, is to trust the TCP/IP protocol, which has the task of delivering packets from the source host to the destination host, solely based on the IP addresses in the packet headers. Its routing function enables internetworking, and essentially establishes the Internet.

How does this translate into connecting blockchains? What if there was a way to connect literally any blockchain, without creating a new larger blockchain, like some companies have suggested. Creating a new blockchain would be like a large intranet, that all the other intranet would have to trust. It would be way more difficult to convince everyone. It is easier to leave everyone on their blockchain/intranet and just connect them.

With that in mind, I therefore suggested a Cryptographically-secure Off-chain Multi-asset Instant Transaction network (COMIT) at the end of 2016 and wrote a white paper on that: www.comit.network.

What does such a network look like? Just like in the Internet, we need a stable and trustworthy backbone. In our opinion any large blockchain provides exactly that. It can be any blockchain, because just like on the Internet, different modalities will be interconnected (For example: the initial Internet never foresaw mobile app messaging services, but these have been implemented without any problems). The same will be true for COMIT, where any new blockchain can be connected to an existing one through the use of the COMIT Routing Protocol (CRP).

A user today, who is using crypto-currencies, currently has to wait minutes if not hours before a transaction is accepted by the counterparty. With the adoption of payment channels, such as the Lightning Network, Raiden or many others, such users can transfer assets instantly from person A to person B. If person B then opens another payment channel to person C, person A can also transfer assets to person C via B instantaneously, as long as person B provides enough liquidity. In theory there can be an infinite chain of participants in between person A and C, as long as they all provide enough liquidity. Again, such transactions are immediate without person A needing to know which route the assets took to end up at person C. She can trust this system as the routing protocol ensures its correctness, plus the cryptographically secured payment channels, which will be described in the next chapter, ensures flawless functionality.

What we end up with, are cryptographically-secured instant payments off-blockchain that can even be transferred from one asset to another via hashed time-lock contracts (those will also be described in the next chapter). In order for this network to have enough liquidity (in the example above person B needs to provide enough liquidity to enable a transaction between person A and person C), we introduce the concept of Liquidity Providers (LP). LPs can be seen or understood as hubs or nodes in the COMIT network, that create payment channels to users, other LPs and businesses. They are a core part in COMIT. Just like servers, routers and ISPs are to the internet.

Adoption of this system will be seamless, fast and will bring great benefits to all of its participants, just like the Internet did. Some of the benefits of COMIT include:, but are not limited to:

  • Open source infrastructure
  • True instant, frictionless and cheap payments for users all over the world
  • True global access without limitations to any asset or business process connected to a blockchain
  • Cryptographically secure trustless global transactions network
  • Amazing new business opportunities for companies
  • New recurring revenue streams for banks and other liquidity providers
  • Rapid adoption based on existing networks build with new cheap and secure infrastructure

We have already checked and over 95% of all the blockchains (especially the large important ones can) can be connected. In the next article I will discuss in great detail what the 3 requirements are for such a system to work and how it looks from a technical perspective. With COMIT our vision for the world seems to become reality: Sending money as cheap and seamless as sending a WhatsApp message.

Source: Why connecting all the Blockchains is the final step for mass adoption of Cryptocurrencies » Brave New Coin

Waste Not Want Not
Mike Prettyman
Chief Information Officer
Green Fire Engineered Reclamation
Member GreenFire DAO

Whatsapp only Phone:    1-602-315-1571 
Skype: mike.prettyman

David

Top 3 Reasons Not to Use an Exchange Wallet to Participate in a Cryptocurrency ICO

Top 3 Reasons Not to Use an Exchange Wallet to Participate in a Cryptocurrency ICO

Top 3 Reasons Not to Use an Exchange Wallet to Participate in a Cryptocurrency ICO

Even though cryptocurrency ICOs have been going on for quite some time now, a lot of basic questions continue to show up. It appears there is a lot of confusion as to why one should never send funds to an ICO from their exchange wallet directly. There are several good reasons as to why this should not be done, though, as we outline below.

3. TRANSACTION DELAYS CAN COST MONEY

Contrary to what some people may think, exchange wallets do not always send out withdrawals right away. In some cases, it can take an hour or longer until your withdrawal is effectively processed. Depending on which cryptocurrency we are talking about, it may take even longer to get the necessary network confirmations. This is anything but a fun experience, especially when it comes to dealing with a cryptocurrency ICO.

These ICOs often provide early investors with some sort of a bonus. Having to wait until the exchange sends out your funds can result in buying less ICO tokens than initially anticipated. It is not something anyone wants to deal with. Even if an ICO is scheduled to last multiple days, there is no reason not to transfer funds to your own wallet first before participating in a crowdsale.

2. AN EXCHANGE WALLET IS NOT YOUR WALLET

It may be hard for novice users to understand this principle, but a cryptocurrency wallet is not like a bank account. With a bank account, you rely on a third-party service provider to safeguard your funds. That is exactly what exchange wallets are, yet they do not let users spend their funds as they want. You always need “permission” from the exchange wallet service provider to move funds around, which is both annoying and risky.

There is a big difference between an exchange wallet and a private wallet. With a private wallet, you are the only one controlling the wallet address and its associated private key. An exchange wallet is generated on your behalf, yet you have no control over it whatsoever. Although you can freely use an exchange wallet, it is not your digital property by any means. Unless you own its private key, it’s not yours, nor is any of the money associated with it.

1. YOU WON’T GET YOUR TOKENS (RIGHT AWAY)

Perhaps the biggest complication that arises when using an exchange wallet is how the purchased ICO tokens are not yours to control by any means. In most cases, a cryptocurrency ICO smart contract will send money back to the address the deposit was made from. If that wallet is an exchange wallet, the exchange is the actual owner of the tokens you purchased using their wallet. That is a rather disturbing way of buying ICO tokens, yet the end user cannot claim ownership of the tokens, as they do not own the wallet’s private key.

Granted, in some cases, exchanges will eventually support these ICO tokens and return the purchased amount to the customer. However, one has to keep in mind they have no legal obligation to do so by any means. If you send money to a cryptocurrency ICO address from a wallet, you do not fully control as the sole owner, it is your own fault. All ICOs clearly warn users not to send funds from an exchange to avoid any complications.

 

David Ogden
Entrepreneur

 

Author: JP Buntinx

David

TradeCoinClub

TradeCoinClub

THIS may well be the best I have found, perhaps ever….

I have been laying low a bit lately while searching out and researching the best stuff online today, trying to fully and carefully apply whatever wisdom I’ve gained in some 16 years of working in this minefield.  And… I am SO happy to have MAJOR News for you! THIS may well be the best I have found, perhaps ever….

BITCOINS, YES –

Most knowledgeable online workers now prefer to use Bitcoins in business, for many very good reasons. Among the most knowledgeable, many have been looking for a TRADING PLATFORM for CRYPTOCURRENCIES and using Bitcoin, but there has not been anything genuine to date.  THAT HAS NOW CHANGED. 

WE CAN NOW –

–>> PASSIVELY EARN FROM FULLY AUTOMATED TRADING OF THE TOP TEN CRYPTOCURRENCIES.
–>> LEVERAGE BITCOIN AND EARN DAILY PASSIVE BITCOIN
.–>> DIVERSIFY PASSIVE BTC EARNINGS IN A POWERFUL NEW WAY.
–>> ACTIVELY EARN STILL MORE BTC BY REFERRING TO THE PLATFORM.

TCC: WHAT IT IS –

Trade Coin Club is an offshore registered company offering an automated trading platform for major cryptocurrencies.  Management is international and highly qualified. TCC trades in cryptos with licensed software that performs many millions of trades per day in ten of the major cryptocurrencies like Litecoin, Dash, BTC, etc. TCC itself works entirely with Bitcoins. Globally in a launch and pre-launch in different regions.

The company is full-function and earning and paying now

The site is sophisticated and well developed already and fully activated. TCC is uniquely well positioned in a high-demand global niche.  It is super-attractive for builders and leaders as well as for those who simply want to remain passive and leverage their Bitcoins into ever larger numbers.   Miners too will find it a highly attractive diversification that will likely earn a lot more strongly for them.

BENEFITS –

PASSIVE:
Recent member reports  daily “trading” profits with no losses – in dynamic rising Bitcoins!  Set it and let it run.  Those returns are substantially better than “mining”.

ACTIVE:
Members who refer receive 10% on both levels one and two, and lesser amounts down to as many as 8 levels.  Plus referrers can earn 8 to 10% daily from a binary structure too.  And there are MORE referral bonuses. It’s rich, but it is also very smart.
Compounding of one’s choice of all or some earnings is available. Withdrawal of earnings is on demand.

Ride the BTC Rise: 
We are working 100% in Bitcoin, so as BTC rises we enjoy the full benefits of its rise – to who knows what heights!  This is in contrast to some online options that actually work in dollars and only use BTC for pay-in’s and out’s.  In these, as BTC rises your dollar based payout in BTC falls.

GUIDANCE –

It is scant on the site at the moment, as it is so early in the life of TCC, so the guidance to signing up, getting set up and learning, etc., is currently best obtained in Youtube videos and not so much in the back office… as yet

Learn more:
TCC Details and OVERVIEW Videos and PDF –

TCC Presentation and background by boss, Joff Fortune, short, 20 min:  https://youtu.be/NiI7Joi_kag
TCC office in Belize: https://youtu.be/JHEDZ3PXx5Y
TCC PDF manual:  http://dreameagles.info/TCC/TCC_Manual_2-23-17.pdf

My personal advice is to dig in and enjoy these resources.  But do not get bogged down and too delayed in your explorations.  There can be good benefits to making your move quickly.  Be sure to have some Bitcoins, and a wallet to use for business.  I am personally using Coinbase and Blockchain as my bitcoin processors.  There are several choices.

How to Proceed –
Let’s keep this smooth and simple and let the videos take care of the heavy lifting.  Use them to ease your way and to avoid simple errors.
Cost Notes:  Joining is free, so you can do that immediately.
Minimum to participate actively is 0.30 BTC (0.25 plus a one time 0.05)  Other entry levels are at 1 BTC and the highest at 5 BTC from which one will earn the most the fastest.
Referring?  Edit this info page if you wish with your reg link.  Duplicate the process of sharing these resources if you decide to build teams, pass these instructions on. 
(Note: You need to be upgraded to at least the lowest Apprentice level package to refer.)

REGISTRATION LINK -> https://office.tradecoinclub.com/register/INFORMATION
Be sure your sponsor is listed as:  INFORMATION

INSTRUCTIONS VIDEOS, use these as detailed guides, follow these.

1. SIGN UP PAGE:
https://www.youtube.com/watch?v=p8dFkcWlEF4&feature=youtu.be&hd=1

2. BUY YOUR PACKAGE:
https://www.youtube.com/watch?v=LPnZaKO4mnA&t=633s

3. HOW TO ACTIVATE YOUR WEEKLY AUTOMATIC TRADE: https://youtu.be/sneX_yRH8Og

. PLEASE MAKE SURE TO LOGIN EACH WEEK BETWEEN SUNDAY EVERY WEEK, WE MUST NOW SET OUR TRADES BECAUSE OF LEGAL DEPARTMENT RECOMMENDATIONS4PM PST AND MONDAY 3:59PM PST TO RESET YOUR TRADES ACTIVATION.

4. SUBMITTING DOCS CORRECTLY:  (AT YOUR CONVENIENCE)  documents can be submitted later but before requesting withdrawals.
https://youtu.be/zVAM7jDlwOk

5.  Refer if you wish.  Edit this email to make it your own, with care to the signup link, and share it with your favorite contacts and friends.

6.  WHY IS THE EXCHANGE RATE WALLET ONLY SHOWING HALF OF YOUR DEPOSITS?

https://youtu.be/WeTx3yxIxlI

7.  HOW TO COMPOUND YOUR EARNINGS.

https://www.youtube.com/watch?v=4mHr6jcHIfw&t=370s

8.  More info:  http://www.tradecoinclub.info

9.  ENJOY A BETTER LIFE IN A RICHER WORLD. 

Once again…

REGISTRATION LINK -> https://office.tradecoinclub.com/register/INFORMATION
Be sure your sponsor is listed as INFORMATION

P.S. keep this page for future reference and edit it to suit your needs.  Thank you. 

David Ogden
Entrepreneur
.

David

U.K. Land Registry Looks to Register Property on a Blockchain

U.K. Land Registry Looks to Register Property on a Blockchain

U.K. Land Registry Looks to Register Property on a Blockchain

 

Her Majesty’s Land Registry, a U.K. government agency responsible for registering land ownership, has announced it is seeking three non-executive board members as it undertakes a project using blockchain technology to register property.

The posting noted that the agency recently committed to making HM Land Registry “the world’s leading land registry for speed, simplicity and an open approach to data.” It referenced the project as the most substantial transformation in the registry’s 150-year history.

State-Backed Ownership Guarantee

The registry, an executive agency of the Department for Business, Energy and Industrial Strategy, provides state-backed guarantee of ownership on the register rather than requiring title insurance.

To meet its objectives, the registry will have to become more digitized. It plans to launch a live test in the near future of a “Digital Street” to allow property ownership changes to close instantaneously. The Digital Street will also allow the registry to hold more granular data than is presently possible.

Digital Street would be the world’s first such registry, having great transformational potential for the property market, the posting noted. Blockchain technology is an underlying technology for the project.

 

Three Positions Needed

The registry seeks three non-executive board members to ensure the right mix of expertise. Experience in transformational/digital issues is being sought, along with finance and legal issues.

The transformational/digital member is expected to have experience delivering transformational change to provide service improvements and cost savings.

The person will have to deliver change across most transformation disciplines, including technology, process and people. The candidate is expected to have knowledge of information technology developments, including the delivery of digital services to customers and in data rich organizations.

The closing date for applications is June 22, 2017. Remuneration is £20,000 per annum.

 

Other Governments Have Similar Tests

The U.K is not the only country to explore blockchain technology for registering and managing property.

In February, the Republic of Georgia teamed with Bitfury Group, a provider of blockchain infrastructure, to use the bitcoin blockchain to validate property related transfers, marking the first time a national government used the bitcoin blockchain to validate and secure government actions.

Blockchain technology has also be tapped to improve land ownership in developing countries.

Last year, a team of blockchain technology pioneers from Ghana, Denmark and the U.S., launched the Bitland initiative to establish usable land titles and free up trillions of dollars for infrastructure development in West Africa.

The Bitland initiative will educate the population about technology and provide the benefits of documented land ownership to those who don’t have it. It will begin in Ghana and expand throughout Africa, with hopes of catapulting infrastructure development and strengthening democracy.

 

David Ogden
Entrepreneur

 

Contributor: Lester Coleman

David