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The Blockchain Ecosystem | What Direction Can we Expect to See it Go?

Bitcoin remains the primary and first use case for blockchain technology, though there remain doubts as to its efficacy as not just a currency, but also as a payment rail that can reliably facilitate global transfers.

This has led to three alternative proposals, none without their issues but all envisioning a better solution which is scalable—a key concern to be addressed if widespread adoption is ever going to be plausible.

The First Alternative: A Faster and Cheaper New Cryptocurrency

A more efficient new currency which also bases itself on blockchain technology is a popular suggestion. The most prominent examples are Litecoin (LTC) and Bitcoin Cash (BCH), which on paper offer much more room to scale though they are yet to be comprehensively tested. One of these alternative currencies could be set to replace Bitcoin although they still might run into the problems inherent with blockchain technology.

The Second Alternative: A Multi-Layered System for Bitcoin

Technologies such as the Lightning Network and Segwit introduce new layers to Bitcoin, through which transactions can become faster while retaining the security that makes BTC so strong. Many of these proposals are still in testing but they could usher in a trend of developers creating layers on Bitcoin in order to provide fixes for the currency’s challenges.

The Third Alternative: An Entirely Different Technology

With the idea that verification on blockchain is simply too expensive to be plausible for thousands of constant micro-transactions – and too slow to be as effective as existing systems – fundamentally different technologies are being considered by some. IOTA have the Tangle on DAG, while Hashgraph and CyberVein are others exploring the possibilities of Directed Acyclic Graph (DAG). 

Multi-layers and DAG architecture are still so new that it is hard to say whether they hold a solution. There is a greater risk for those developing here, but if the technology is solid then there could be substantial rewards for these startups. 

A DAG Network Also Creates an Immutable Distributed Ledger

The move towards Directed Acyclic Graph architecture is a reaction to a current reality of blockchain verification; it is too slow and expensive to compete with credit cards and ineffectual when it comes to micropayments.

A DAG, like blockchain, directs nodes from earlier to later in a linear sequence which finalizes transactions when they are successfully verified. Links between the nodes are made which creates a network that can be used for payments, smart contracts, among other things.

The CyberVein DAG – Redistributing Data

CyberVein believe that a DAG architecture can be used to create a decentralized database which takes storage from the devices of users. This design does not have miners as the transaction is verified at the node.

In theory, they could eliminate data centers and replace them with a p2p network that relies on users donating disk space in return for crypto tokens. This reward is assigned according to proof of contribution, which measures the storage capacity that a node gives to the network.

IOTA and the Data Marketplace

IOTA follows a similar concept, though they aim to design a marketplace for data streaming from Internet of Things devices. A key tenet of the platform is to allow data producers to sell their data to interested parties.

Hashgraph: Solutions for Enterprise

Though using the same technology as IOTA and CyberVein, Hashgraph has taken a fundamentally different approach. They have patented their technology – while IOTA remains open source – as they try to establish predominance in the space for designing enterprise permission networks. 

The advantage for Hashgraph is that there is no need for an incentive system based on crypto tokens. Instead, the node is owned by the company as the desire here is for a reliable, secure, and ultimately centralized network for businesses.

Other Startups Are Also Now Designing DAG Architectures

Perhaps most prominent 0f these are DAGCoin and Byteball who are also racing to claim a spot as the premier DAG platform. That is, if the technology takes off, as it is impossible to predict where advancement will take us. Who knows—the next big thing might be just around the corner.

Featured Image: DepositPhotos/ migfoto

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Blockchain Technology | Is the Tourism Sector Next for Blockchain?

Each day, more and more blockchain technology-based solutions are being developed across various major industries and applications globally. It’s also evident how the blockchain revolution has brought about great success, especially in the financial sphere. In fact, as time goes by, we expect to see more industries adopting this technology.

The nascent rise of blockchain technology offers great potential for human efficiency. This can revolutionize some of the significant aspects of the technology, governance, and business. Also, it is tamper-evident, trust-free, and has cryptographic security features. In fact, corporations, governments, and individual investors have adopted blockchain-based systems to test and integrate the technology to use.

One of the major implications of blockchain technology is in the banking and finance industry. Blockchain-based systems offer more secure, cost-effective, and time-efficient financial transactions. While the technology is still new in the market, other industries also have an opportunity to adopt it for efficient outcomes.

Important Areas of Adoption

In this article, we will discuss how blockchain technology can be used in the travel and tourism sector. For instance, hotels, airlines, travel agencies, restaurants, and departments in the hospitality industry can use the technology to improve services, profitability, and guest satisfaction among other benefits. Let us look closely at these highlights.

ID and Security

One of the major concerns in the tourism sector is the identification and the security services of their customers. With blockchain technology in place, however, passengers would no longer need to show their identity at various stages when traveling. A shared digital database can be created to save and verify passengers’ information. This can reduce the verification waiting time and also save money.

Blockchain-based systems in the tourism sector can also help solve the problem of identity theft. In most cases, passengers are required to present their IDs for security measures in airports, hotel rooms, and other amenities. This makes passengers vulnerable to identity theft, and also other important details may be stolen.

With blockchain, important personal documents such as birth certificate, ID, social security number, driver’s license, and passport no longer need to be presented. Also, blockchain can eliminate the possibility of forgery identification.

Data Security and Method of Payments

Where online payments are involved, companies are required to store the information of their users securely. With blockchain technology, the companies can now create a secure digital record of their clients and restrict their access to specific authorities. Also, airports can hold important data such as customer passports and credit card details. Safety is a critical measure in any industry. The tourism sector can surely benefit from blockchain technology.

Another obvious way that blockchain technology will change the tourism sector is adopting cryptocurrencies as a method of payment. For instance, you can use a Bitcoin debit card to pay for airline tickets, accommodation, or restaurants. Millions can be saved through this kind of payment. Already, cryptocurrency platforms offer the selling and buying of important cryptocurrencies.

Booking

With a blockchain-enabled system, customers can now book an airline or hotels directly through the smart contract technology. This would eliminate all the 3rd parties such as Hotels.com, thereby making the process easier and cheaper.

Also, cases of lost or inaccurate hotel bookings can be solved. Considering the stress and anxiety involved in the travel experience, loss of important documents can be expected. With a blockchain system, a new model has been designed to avoid such irritating issues while still providing consistency in the extracted value.

The system will enhance the customer experience in this sector by recording all the entries in the blockchain digital ledger. This helps to reduce the likelihood of lost or mistaken bookings and also reduces the chain between customers and sellers. Crypto assets can also be used to book hotels and other services.

Loyalty Programs

Loyalties are important for customer satisfaction and return. Blockchain technology and tourism merge in the management of loyalty schemes. Loyalty management is enhanced, therefore making it easier for customers to access and redeem their points. Also, blockchain can help distribute digital tokens that can be used for other services anywhere at any time.

Also, for businesses, customer reward is important and should reflect better data and transparency in the industry. Therefore, the targeted customers will be able to benefit from the rewards and could contribute to more profits and loyalty for the company. This is because the customers will get security tokens that show proof of their identity.

Baggage Tracking

When traveling, a passenger’s luggage usually changes hands several times. Therefore, it would be better if it were possible to track one’s luggage. A blockchain system can have a feature that shows luggage tracking. So even in cases where passengers don’t travel with their luggage, they can be able to track and note the progress. Also, the centralized feature of blockchain allows companies to share and access relevant data more efficiently and securely.

Better Revenue Management

Major companies are now using private blockchain systems to handle their internal processes and also to manage the various distribution of the hotel inventory among other assets. The blockchain and tourism sector can also present a new way of collecting information. This way, it will not only be a centralized database, but it will also be about managing a system of the data record.

Those are just some of the major ways on how the blockchain technology is changing the tourism sector. More innovations are expected in the sector to provide the best services. The same way blockchain technology has disrupted some of the biggest industries including the finance sector, we can agree that the implementation of the blockchain revolution will also bring a significant impact on the tourism sector.

Conclusion

It is worth noting that many companies are currently considering the adoption of blockchain technology. This will facilitate better, cheaper, and faster experiences in corporate processes. In the days ahead, we will see how blockchain technology can materialize into a cheaper, transparent, and efficient ecosystem for organizations.

>> Kingdom Trust Secures Crypto Insurance from Llyod’s of London

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Cryptocurrency Hype | Going Beyond the Hype with Blockchain

Bitcoin has been on a roller coaster ride in its price, its value reached as high as $20,000 in late 2017 to as low as $6,000 within a time frame of just six months. The highly volatile nature of Bitcoin is certainly a blotch on its reputation and certainly this could be why Goldman Sachs’ head of Global Investment Research, Steve Strongin holds the view that most cryptocurrencies ultimately will not survive in the long run and compares it to the dotcom bubble where only a few companies around that time survived. While Bitcoin’s volatile nature is a cause for concern, the fact that the cryptocurrency has never faced any issue concerning its security is noteworthy. The reported hacking incidents in Bitcoin exchanges, the place where the coins can be traded for assets, typically, fiat currencies was due to the lax security measures taken at these exchanges and is not a failure of Bitcoin’s technology. While Bitcoin is inherently built on a technology that is making great waves for its security features, Bitcoin exchanges are not set up the same way. Nevertheless, Bitcoin has grown in popularity and as a consequence, it has garnered significant interest for its underlying technology. Riding on Bitcoin’s fame, its technology, the Blockchain, is now creating a greater hype than Bitcoin itself.

Blockchain technology is the only reason Bitcoin has been shot into the limelight. What made Bitcoin attractive was its decentralized feature, wherein, no single regulatory body can completely control it, making it a truly democratic currency. In addition, Blockchain set a new standard for transparency by removing the requirement of a third party in the transactions and bringing down the transaction fee to a minuscule amount. All these features together ultimately propelled a convincing case for the creation of cryptocurrencies and its mining. However, experts are divided in their opinion as to how successful cryptocurrencies could be in the future. Blockchain, on the other hand, is now going beyond the hype it has created and has found its way into many potential applications. According to a report, the global blockchain market is expected to reach $7.59 billion by 2024. Following is a quick glimpse of the features that outline the reasons for jumping onto the blockchain bandwagon.

 

  • Decentralization – Blockchain is widely known by the name “distributed ledger technology” and as it suggests, it is about decentralizing authority from a central body. Decentralization is made possible by having all the data on a public ledger in a peer to peer network. Hence, when a transaction is made, it is seen and verified by all the peers in the network, rather than only the centralized authority. Thus, it removes intermediaries and facilitates direct peer-to-peer transactions.

 

  • Immutability – One of Blockchain’s strongest suits is its immutable nature. Due to its decentralized nature, no single entity has the authority to validate a block. This validation is done by establishing a consensus among its peers. Hence, only through a majority consensus can blocks be added to the existing ledger. Therefore, in simple terms, as the network is completely hosted by its peers, once a block has been generated, verified and added to the chain, it is impossible to make any modifications to it without having the consensus of the majority of peers in the network.

 

  • Security – Blockchain is considered to be one of the most secure ways of making transactions. Along with all of the above, blockchain also employs cryptography. Each block is digitally signed by a unique private key and is made secure by a cryptographic hash in order to be linked to the previous blocks to form a blockchain.

 

Due to the above features of the Blockchain, it has attracted interest in a wide range of applications such as digital payment transactions, bank operations, IoT security, supply chain management, ID management etc. Following are few companies that have very interesting and real-world applications of blockchain technology:

Naviaddress

Looking to completely redefine the way location addresses are currently represented,  Naviaddress seeks to create a unique digital ID for any place and object. By using only digits to represent the address, Naviaddress is envisioned as a universal addressing system that reflects the modern society. The Naviaddress platform is currently being built on the Blockchain that can support token based transactions for services such as to create, modify or own a digit address. As of January 2018, it is reported that there are already 1.5 million Naviaddresses registered. As Naviaddress only constitutes digits, it removes the language barrier since currently most local addresses are expressed in the local language. As per ICObench, Naviaddress has raised close to $17 million through their ICO.

DiscoveryIoT

Lead by Selvam VMS and Kumar T, DiscoveryIoT is an IoT based supply chain startup that is set to transform the supply chain business through their solution. By creating an IoT tag called Cliot and utilizing a community of smartphone users to process the information received from the tag on those phones, Discovery is essentially building an IoT network. Interestingly, Discovery makes use of blockchain in their network to secure it and facilitate certain functions in it. Blockchain is used in order to serve four major functions which are pairing Cliot tag with phones through private key authentication, securing data on the phones, maintaining the anonymity of the smartphone user by de-granulizing data and the disbursement of rewards through smart contracts. Currently, Discovery is in the pre-sale phase of their DIS tokens which will be followed by ICO rounds that begins in September 2018.

Medicalchain

Medicalchain is a healthcare startup that makes an excellent use case for Blockchain in the health sector. They are building a platform that will allow a secure storage and use of medical records of patients. With this solution, users can provide access to their digital medical record to any healthcare professional from anywhere in the world at a time of need. Besides, each interaction with a user’s medical data is recorded as a transaction in the blockchain making it a secure and transparent platform. They are also developing a telemedicine application and a health data marketplace alongside this platform. The telemedicine application allows users to consult a doctor remotely for a small fee, payable directly to the doctor. The marketplace allows users to sell their health record to third parties for medical research purposes. Medicalchain has secured over $20 million through their token sale.

 

As seen above, Bitcoin has paved way for an even bigger and better implementation of the Blockchain. While cryptocurrencies have become notorious for their association with many criminal activities, here is Blockchain, the same technology that powers cryptocurrencies is now proving to be worth all the hype created around it and it does seem like Blockchain is here to stay.

Featured Image: DepositPhotos/ denisismagilov

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Goonhilly and Spacebit Partner | Space Exploration with Blockchain

Goonhilly Earth Station, the UK satellite communications innovator and space gateway, has today announced that it is collaborating with space blockchain technology pioneers, Spacebit, to develop the use of blockchain technology for space-based data applications and mission deployment. Blockchain technology has the potential to introduce new techniques to accelerate space exploration by creating an ecosystem that fosters access to space data. The partnership is seeking to lower the barrier to entry to access to space communication and application networks.

The Goonhilly-Spacebit collaboration, with initial agreement signed at the Farnborough International Air Show in the UK (FIA18), will result in applications utilising tokenised ground station and spacecraft data, blockchain-based data management, new communications protocols for security and the Internet of Things (IoT), as well as advanced data provenance systems using distributed ledger technology (DLT).

Blockchain technology will allow Goonhilly to create new business models using a decentralized data management system for communicating between spacecraft and ground stations. The creation, management and easy access to data, whilst maintaining security and a historical record of each data transfer, will accelerate the development of commercial space activities.

Blockchain-based systems allow data to be distributed, or decentralized, while maintaining highly accurate records of movement, thereby removing the possibility of data tampering. Whether it is used to automate complex sequencing of data in support of spacecraft launches, solving GPS issues or creating systems for inter-space and Earth-to-space communication, blockchain creates the founding principles upon which solutions can be built and accessed at a lower cost by private and public organizations or individuals.

Goonhilly and Spacebit Partner

Ian Jones, CEO of Goonhilly Earth Station said, “Exploring the new commercial opportunities in space requires new ways of thinking. Many of the underlying techniques used in blockchain technology have strong parallels in existing secure communication technology. We look forward to working with Spacebit to discover innovative use cases and business models for blockchain-enabled space communications and showing how these might be applied.”

Founder of Spacebit, Pavlo Tanasyuk, said: “Goonhilly shares our passion for exploration, and a disruptive, entrepreneurial approach to business. Today’s partnership is targeted at driving forward new economic models around space communication. We firmly believe space exploration should be available to everyone; blockchain lies at the heart of that ambition and will galvanize the new space economy by laying the building blocks for the automation of space communications and democratizing access to space data and satellite communications.”

About Goonhilly:

Goonhilly is a global communications services hub and satellite station located in Cornwall, UK. It provides a comprehensive range of leading-edge connectivity and operational solutions to the space industry, GEO, MEO and LEO satellite fleet operators, broadcasters, as well as a wide diversity of enterprises seeking to grow their businesses on earth and in near and deep space. Customers include SES, Intelsat, Eutelsat, Inmarsat, and Hispasat, as well as space agencies, governments, broadcasters and others. Having saved Goonhilly from the wrecking ball, since 2014 the partners in Goonhilly Earth Station Ltd. set about building the company from the ground up and rejuvenating the site. Goonhilly has Enterprise Zone status – the government’s flagship programme for technology parks. www.goonhilly.org

About Spacebit: Spacebit is a space blockchain pioneer, led by a team of consultants, astronauts, entrepreneurs, engineers and rocket scientists, driven to democratize access to space by tokenising commercial space missions around the Earth, the Moon and beyond. Spacebit is changing the future of space exploration by driving forward publicly directed space missions and new economic models around space communication, allowing private and public enterprises to shape the future of humanity in our universe and the new space economy. http://www.spacebit.com

For media enquiries, please contact:

For Spacebit

Ed Brown

spacebit@pagefield.co.uk  

+44 20 3327 4084

For Goonhilly

Cynthia Ritchie

cynthia@whitetigercommunications.net

+44 20 3514 2525

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The information on this website has been prepared for information purposes only and does not constitute an offer to sell or trade, a solicitation to buy, or recommendation for any security, cryptocurrency, ICO or related product, nor does it constitute an offer to provide investment advice or other related services by Market Jar Media Inc., or any of its principals, agents, owners, members or anyone else affiliated with the company, either expressly or indirectly. In preparing the information contained on this website, no individual financial or investment needs of the recipient have been taken into account nor is any financial or investment advice being offered. Any views expressed in on this website were prepared based upon the information available at the time such views were written. Changed or additional information could cause such views to change and Market Jar is under no obligation to provide notice of such information or update such views.

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ABCC Token | It’s Uniqueness, Value, and Approach

Most crypto experts and watchers keeping track of the ICO phenomenon agree that the trend in the last few months has been for tokens to experience a sharp drop in prices: increase in the short-term but drop in the long-term. This has been one of the most significant challenges in the crypto verse and is being investigated by the Singapore-based trading platform, ABCC.

In a world driven by so much hype and the fear of missing out, crypto enthusiasts and even experts are increasingly finding it difficult to identify genuinely viable projects. While I do agree that there are certainly many things to consider when deciding whether the tokens of a project would increase in value over time, the most immediate evaluation criteria should be its uniqueness – what makes it stand out of the crowd. Other important features to consider are the Business Plan behind the token, the managerial antecedents and the executive profiles of its Team leaders.

ABCC Exchange’s new Token, AT seems to have all these features and even more checked! ABCC has an entirely different and unique approach that has never been seen on the Blockchain platform. While crypto experts see this concept as one of the most promising opportunities since the creation of Bitcoin, it also sets itself apart from other tokens and virtual currencies in so many ways. Unlike other Cryptocurrencies, ABCC Token (AT) will not inflate in the long term due to its half-life cycle. While other Tokens can only be used in voting with little further rewards, AT can be used in voting for coin listing, rewards, airdrops, private sale, extra mining power and much more. Also, AT will assist blockchain projects in building consensus among their investors and users, obtaining trading services and attracting the desired liquidity of their coins.

AT is the medium through which different parties can share value in a more open and convenient manner and plays a critical role in building consensus and creating and sharing value in the community.

In the wake of many failed blockchain projects, investors and speculators are wary of investing in new coins, fearing of entering a scam or a project that won’t deliver on its promises. To address these rightful concerns, AT has been designed to reward holders, not those who want to make a quick cash grab by entering pump-and-dump schemes. 80 percent of daily transactions fees of the network go to AT holders, which is an incentive toward more active participation in the community.

ABCC TOKEN

ABCC is set to deliver a groundbreaking agenda, developed on an advanced platform, policy, and mechanism which guarantees that the ABCC Token (AT) will be the most stable cryptocurrency on the market. By adapting the Platform Token 3.0 model AT is currently the only platform token whose rewards can be predicted and whose value can be estimated based on a P/E ratio – amazing isn’t it?

As the trading volume of ABCC Token skyrocketed immediately after the issuance on July 9th, the company promises a steady growth and that’s what users have been witnessing. This reflects the transparency of the company and has significantly increased the confidence of users in its sustainable model and mechanism.

An analysis of market cap ranks of tokens signifies that ABCC Token (AT) may exhibit the biggest increase in market cap ranking. It moved up Global No. 5.

Let’s take a look at the Team leaders, investor, and advisors.

ABCC was founded by Calvin Cheng who is a media magnate and former member of Singaporean parliament. He has an experienced team of four advisors, this includes Dr. Michael Frendo, former minister of foreign affairs of Malta. Zhang Lei, product manager and serial Entrepreneur (he was also the founder and CEO of Tapas Mobile before it merged with Baidu Mobile Security BG), Weixing Chen, blockchain investor who has invested in several blockchain projects and Forrest Chen, co-founded of Umeng which was acquired by Alibaba.

With a team with such experience and expertise, ABCC is uniquely positioned to achieve its short and long-term goals. It has not only succeeded in facilitating investments by helping individuals identify valuable blockchain assets, but it has also offered users a secure online platform on which to trade seamlessly.

The exchange also has three institutional investors credited to its name viz. Funcity Capital, Patrik Dai, who is behind Dream Seeker Capital (QTUM), and BlockOrigin Capital of Shi Yi (OCN).

ABCC Token will be utilizing blockchain technology with the ultimate goal of creating a system that provides financial incentive to virtually any and everyone. With all the above indications the ABCC Token has proven to set itself out of other trading systems and tokens. It is truly unique and has proven to be promising just within the past few days with its increase in trade volume. While there are a lot of scams out there, you can trust the ABCC as it promises to be a valuable token in the long run.

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