Cryptocurrency tax issues may make the headlines, but an additional impact of blockchain may be revolutionizing the audit and reporting space.

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The American Institute of CPAs (AICPA), the largest member association representing the accounting profession in the world, has published numerous whitepapers on the idea of a continuous auditing and reporting process. Blockchain might just be the missing piece of the technology puzzle that can make this desire a reality.

Accounting and auditing might not always make the same kind of headlines that cryptocurrency price swings do, nor capture the attention of market participants, but they play an important role in a well-functioning marketplace. Especially during this time of the year, tax season, cryptocurrency price volatility and associated tax liabilities can overshadow virtually every other blockchain and crypto headline. That said, looking a bit closer at the underlying issues reveals just how important a blockchain based audit will be, even for those individuals and institutions not directly involved in the audit or accounting space.

First things first, however, it is important to recognize and acknowledge the information asymmetry that exists with regards to what an audit means. Individuals and otherwise well- informed individuals and firms can have a misunderstanding as to what exactly an audit represents. Put simply, this incorrect perception can be that an audit involves a 100% review of transactions and other associated information; the reality is dramatically different. Obviously, the specifics will differ from engagement to engagement, but the audit itself usually only consists of a relatively small sample of entries and other data.

Once again, the market provides evidence that the global leaders - the Big 4 accounting firms - in the audit space understand the need for an improved audit process. All of these global multinational leaders in the accounting space have published multiple whitepapers on the subject. Audit effectiveness and efficiency are both at the center of this increased push toward addressing and resolving audit issues.

Even with this increased interest, however, making continuous auditing a reality has not yet occurred.

Compounding these issues is the time delay that is inherent with an audit, no matter how comprehensive the engagement is. Most publicly traded organizations in the United States have a fiscal year end of December 31st, but audited financial statements may not be finalized and issued until March and April. In a business landscape where headlines and trends can change in a moment, this delay of several months is unacceptable moving forward.

So, where does blockchain fit into this conversation? A blockchain augmented or blockchain connected audit tool and system can deliver several quantitative benefits for all parties involved. Lets take a look at several of these benefits.

More comprehensive audits. This is perhaps the most obvious benefit and upside related to blockchain-based or blockchain augmented audit tools. If an audit firm is a member of a private or permissioned blockchain, this firm and the employees of the firm can access transactional data as it is entered, as opposed to only performing tasks at certain predefined times. This deeper level of access and transparency will allow a larger percentage of transactions and information to be examined, tested, or otherwise factored into the audit itself.

Faster reporting. Financial markets, crypto affiliated or not, rely on a consistent and transparent flow of information to assist market participants with the decision-making process. The price volatility that has been underway in both the cryptocurrency sector as well as a certain few equity securities is, of course, a facet of the market itself, but are also potentially connected to the flow of information not being as accessible for all participants. In other words, getting higher quality data to all market participants on a more continuous basis is a universally good thing.

Improved reporting quality. Restatements are a part of the reporting process, but they do not have to occur nearly as often if the original reporting and disclosures are correct in the first place. Building on the previous point, combining the potential for faster and higher quality reporting will benefit every market participant. This includes regulators, investors, and the very organizations themselves; data is the lifeblood of business decision making and improving the quality of that data will only deliver benefits.

Blockchain has a wide range of applications and potential use cases, but one that can be overshadowed by price volatility and headlines is the more mundane task of auditing and reporting data correctly. Audits, for all of the issues that exist with this process, play an integral role in any well functioning marketplace. Blockchain technology can, and already is, improve the quality of the output of audits, help ensure participants have the high quality data required to make effective decisions, and potentially reduce the need of audit errors, restatements.

Cryptocurrency, and cryptocurrency tax issues might make the headlines and generate the conversation, but blockchain for audits might actually be the more impactful store in the long term.

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Crypto Taxes Make Headlines, But Blockchain Might Be The Key To Real Time Reporting - Forbes

SUKU, a blockchain startup that tracks luxury goods, among other things, is moving its high-end sneaker authentication system to Hedera Hashgraph because the fees on Ethereum became too high.

The first SUKU application to migrate to Hedera is called INFINITE, and it uses non-fungible tokens (NFTs), one-of-a-kind digital watermarks, to authenticate and enable easy secondary trading in limited-edition kicks, which tend to command prices of $2,000 and upward.

The sneaker authentication app has a physical NFT tag inside the shoe, combined with the unforgeable identity token. (Its not the first time rare and valuable sneakers have been crossed with NFTs.) The cost of creating an NFT on Ethereum at current gas prices is over $80, as opposed to $1 to mint a one-off token on Hedera, explained Yonathan Lapchik, CEO of Citizens Reserve, the creator of SUKU.

Dont get me wrong, we love Ethereum, said Lapchik. But now we are getting a lot of users of the app and we need to make those fees as low as possible, and on Ethereum it really wasnt possible to scale.

Lapchik said three sneaker authentication platforms, Legit Grails, Legit App and StockX, have been integrated into the INFINITE app. The secondary market in rare trainers is well established but it lacks the kind of digital titles that tend to accompany luxury watches, for example.

We are really tackling the issue of tags that authenticate sneakers that really dont work nowadays, said Lapchik. If you have a pair of sneakers and want to resell back to the platform you got them from, or to someone else, you need to get them authenticated again. What weve built is valuable for secondary marketplaces but also for brands.

The SUKU blockchain journey started some three and a half years ago, using a mix of Quorum, the privacy-centric fork of Ethereum designed by JPMorgan, as well as the public chain. SUKU continues to be enterprise-focused (its OMNI platform also does supply chain track-and-trace), and hence Hedera is well suited to the firms needs, said Lapchik.

Under the hood, Hedera uses a variation of distributed ledger technology that can handle very high transaction volume but isnt really blockchain. The network is governed by the Hedera Governing Council, which includes firms such as Google, IBM and LG running nodes.

A key part of the migration, SUKU will be the first firm to leverage Hederas Token Service in a way similar to the non-fungible ERC-721 token standard on Ethereum, Lapchik said.

We have created the same foundation that we have with ERC-721 and brought that to Hedera Token Service NFTs, he said.

Original post:

Rare Sneaker App Switches From Ethereum to Hedera to Skip Blockchain Fees - CoinDesk - Coindesk

IBM has cut its blockchain team down to almost nothing, according to four people familiar with the situation.

Job losses at IBM (NYSE: IBM) escalated as the company failed to meet its revenue targets for the once-fted technology by 90% this year, according to one of the sources.

IBM is doing a major reorganization, said a source at a startup that has been interviewing former IBM blockchain staffers. There is not really going to be a blockchain team any longer. Most of the blockchain people at IBM have left.

IBMs blockchain unit missed its revenue targets by a wide margin for two years in a row, said a second source. Expectations for enterprise blockchain were too high, they said, adding that IBM didnt really manage to execute, despite doing a lot of announcements.

A spokesperson for IBM denied the claims.

Our blockchain business is doing well, thank you, Holli Haswell, a director of public relations at IBM, said via email. We have realigned some leaders and business units to continue to drive growth we do that every year.

A former IBM staffer who had been working on enterprise blockchain, however, said there have been a succession of Resource Actions, or RAs, which basically means firing people based on business performance as opposed to personal performance.

I would wager less than 10% [of the blockchain product and engineering team] is still working on IBM Blockchain, said the ex-IBM source. There have been tons of reorgs. Pretty much everyone is gone. IBM is now 100% focused on hybrid cloud, so everything that doesnt support that is deprioritized.

IBM has pumped a lot of money into blockchain since 2016, when it began talking about the technologys potential to transform the way industries do business.

If IBMs blockchain innovation work is now confined to some R&D, and does not even extend to consulting, as one of the sources said, this sounds an ominous note for the enterprise blockchain space in general perhaps particularly for the Hyperledger collection of blockchains, to which IBM was a key contributor.

In its recent full-year results statement, IBM as a whole reported revenue fell 6% on an annualized basis. Looking back to its 2017 financial statement, IBM called itself the blockchain leader for business. All mention of the technology is now absent from the companys statements.

In the past several years, IBM has pushed ahead with a series of blockchain networks built on Hyperledger Fabric. Big Blues major blockchain networks are FoodTrust, a farm-to-supermarket tracking system backed by Walmart; and TradeLens, a shipping container logistics blockchain backed by Maersk. IBM has also added the Trust Your Supplier network and previously had a go at payments via World Wire.

While cryptocurrencies and public blockchain networks appear to have flourished in 2020, the economic shock of COVID-19 has impacted innovation departments inside large firms, to the extent that areas not immediately generating revenue such as blockchain have been trimmed.

Another source, an enterprise blockchain engineer with former ties to IBM, estimated more than 100 blockchain-related jobs were cut at Big Blue over the last year.

The source also pointed out that Jerry Cuomo, IBMs head of blockchain and an evangelist for the tech going back to 2016, has been moved and is now working on artificial intelligence.

Jerry is indeed overseeing additional strategic, high-growth parts of the IBM business but is still involved in blockchain, said Haswell, the company spokesperson. He is a very senior technical leader and that is what we do in IBM peoples roles expand.

After publication of this article, Haswell further disputed the reporting, adding:

"IBM maintains a strong team dedicated to blockchain across the company. We have shifted some resources but remain committed to the technology, blockchain ecosystem and services. We see blockchain as a driver for our cloud business."

Zack Seward contributed reporting.

UPDATE (Feb. 1, 19:42 UTC): Adds additional comment from IBM spokesperson Holli Haswell.

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IBM Blockchain Is a Shell of Its Former Self After Revenue Misses, Job Cuts: Sources - CoinDesk - Coindesk

As oil majors rally from last years dip in demand and price, most are looking for new technologies to ensure the safety of their future. Driving down costs and enhancing green practices is at the top of these companies priority list going into the next decade, and blockchain is offering them a way to do this. The latest company to buy into blockchain technology is Norwegian firm Equinor. Equinor is 70 percent owned by the government, meaning oil production must go hand in hand with environmental policy. To this end, CEO Anders Opedal aims to make Equinor carbon-friendly, the first net-zero oil company by 2050.

Johan Sverdrup, Equinors new 300-foot-tall platform, incorporates cutting-edge blockchain technology, installed with sensors that track the drilling of new wells, the quantity of oil being produced, and many other core functions. The information is all being transmitted to a startup based in Houston, Data Gumbo, which compiles this vital information into its blockchain ledger GumboNet.

We are seeing more and more oil tech startups emerging in Houston, putting it at the forefront of the digital revolution of gas and oil. In 2020, many companies invested heavily in new technologies and digitalization as a means of modernizing to ensure cost-cuts and more efficient practices in the future.

Instead of relying on human input, monitoring, and evaluation to manage contracts with suppliers, the blockchain system allows for the use of smart contracts. The technology will indicate when suppliers have fulfilled their contracted work commitment, ensuring the work is being carried out as planned. It can also manage payment with digital currencies.

Following a pilot project in 2019, Equinor decided to invest $6 million in Data Gumbo, and expects to roll out its technology across 10 other projects following the initial success of Johan Sverdrup. To date, Equinor estimates savings of $20 million in its first year of operations.

Interest in blockchain technology grew in 2020, as several companies looked to adapt their practices to the digital era. The OOC Oil & Gas Blockchain Consortium, consisting of

10 companies including ConocoPhillips, Equinor, Exxon Mobil Corp, Repsol, and Royal Dutch Shell, tested Data Gumbos ability to automate payments for oilfield water-handling.

Companies found that the use of blockchain reduced the workflow process from 90-120 days to one to seven days by cutting nine steps. Other companies are expected to follow in Equinors footsteps after the success of the pilot scheme made it clear that companies can save both time and money using this technology.

Shell has already pledged to become an early adopter of blockchain technology to establish trust and security among others in the sector. Shell believes using blockchain to track equipment, parts and products will enable it to manage its supply chain better.

Related: A Glimmer Of Hope For Oil Markets

In addition to aiding supply chain management, supplier payment, and data security, blockchain can also monitor and evaluate carbon emissions. Instead of some of the current methods of estimation, blockchain technology can accurately evaluate the carbon footprint of an oilfield project.

The accuracy provided by blockchain could, therefore, allow for better certification processes going forward, as regulators push for stricter standards when it comes to carbon emissions. Moreover, understanding the current carbon footprint of a project will allow companies to be more transparent and work towards better environmental practices.

Seeing the clear success of Equinors first blockchain project, 2021 could be the year when several oil majors follow suit. After a decade of slow progress in this area, companies are finally starting to pick up the pace when it comes to digitalization, with blockchain offering a means of cutting costs, improving efficiency, and cutting carbon emissions.

By Felicity Bradstock for Oilprice.com

More Top Reads From Oilprice.com:

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Another Oil Giant Joins The Blockchain Bandwagon - OilPrice.com

Blockchain doesnt just improve existing industry applications, it overturns our very understanding of how those industries can operate.

Blockchain and cryptocurrency continue to occupy the top of the hype cycle, but what do you know about the full potential of blockchain? The underlying technology revolutionizing our concept of money is bringing rapid change to many areas of our lives we never thought needed to change, much less would.

See also: Blockchain, Unchained: 5 Key Use Cases

Deloitte expects that 2020 will mark the start of the Blockchain decade. Theres no reason to suspect otherwise. Everyone from banking to car sales is taking advantage of the technology that was the driving force upending our understanding of how currency even works.

Blockchain is a virtualledger. It processes enormous amounts of data by recording transactions in anearly corruption-proof format. Each transaction gets recorded into a blockof information and attached to the previous transaction before it. The ledgerremains unchanged in history but continually updates to reflect any newactions.

Bitcoin exploded thanks to blockchain, but entrepreneurs in other industries quickly noticed applications in other areas besides finance. Use cases are endless when were talking about a totally transparent, perfect record thats not easily falsified.

Now, everywhere youturn, industries are talking about it. Blockchain doesnt just improve existingindustry applications; it overturns our very understanding of how thoseindustries can operate. Skeptical? Here for the approval of Industry 4.0, Ipresent: Blockchains Great Upheaval.

Finance is reeling overthe possibilities, but what about other fields? Some exciting applications youmay not have considered are just on the horizon (if not already here).

Industrial IoT: Oh yes. Our newest industrial IoT phase is coming thanks to the telco edge, 5G, and a sprinkle of blockchain. In fact, it could be just the thing large enterprises need to manage truly large-scale IoT solutions to the ends of the earth.

Blockchain allowscommunication between incomprehensible amounts of devices. IBM and Samsung, forexample, are putting it to the test with the ADEPT network, allowing devices towork autonomously, managing things like software updates or energy management.

These use cases span arange of industries from energy companies to large scale agriculture or evenoil or natural gas. Blockchain provides solutions designed for autonomy,releasing these enterprises from the burden of centralized control.

Supply Chain Management: Blockchain enables a secure record of each stage of the production process. Much like purchasing or financial transactions, the supply chain is its own series of transactions.

Companies are lookingfor clearer and more efficient ways to check for compliance, sourcing, and manyother challenging aspects of operating in a global business world. Consumerswant to know not just where products are manufactured but where materials comefrom and when.

Blockchain might offersolutions to that issue. With blockchain records, the supply chain componentscould have transparent records that are nearly impossible to forge. Consumerscan check up on each portion of the production process themselves. Companieslike Walmart have joined IBMs Food Trust Network, a distributed ledger tracingfood origins.

Energy Management: Blockchain could provide distributed solutions to a historically centralized industry. Eliminating the middleman could bring down the cost of energy while providing better efficiency across the board.

It may also help solve challenges in delivering renewable energy. Two companies in Spain are experimenting with using blockchain to verify that power is clean, while a Brooklyn startup is using blockchain to allow consumers to buy and sell energy between neighbors.

Decentralizing energyopens up many options for providing energy and keeping down costs. Blockchainfacilitates many new ideas in the energy field that could also help energycompanies keep up with changing regulations, populations, and energyavailability.

Governance: Smart contracts. Verifiable transactions. Backgroundchecks. Businesses can use blockchain for a number of business applications.These ledgers provide compliance for contracts, ensure consistency, andfacilitate organization.

Blockchain can helpcompanies manage their entire workforce and operations with greatertransparency. The tool could also help companies overcome difficulties hiringworkers from overseas or overcoming border difficulties executing contracts orprojects from country to country.

Social purpose: Younger generations are forcing companies to reconciletheir actual business practices with their proposed mission statements.Blockchain could allow companies to verify their business practices and attractcustomer loyalty, a challenging prospect in the world of global eCommerce.

The fundamental shiftcould be a great thing. Consumers will have more control over the companiesthey support, choosing ones with missions that align with personal values.Companies will stand out in a crowd by offering records of things like sourcingor production methods.

Federal Mail: Yes, the post office could be up for an evolution. Adistributed ledger has the potential to reduce tracking costs and improvedelivery and streamline supply chain management. It could also streamline thefinancial side of the post office, helping a giant organization track thingslike money orders and verify customer identities.

In fact, the post office released a report back in 2016 outlining the potential of blockchain. The organization found numerous examples of

Blockchain is enablingcompanies to reach customers and empower them to operate without heavycentralization. Blockchain allows companies to make changes in their corebusiness models.

Beyond market forces,blockchain may contribute to the flexibility and transparency required forbusinesses to operate in a world of disruptions. Blockchain may also helpcompanies pivot and lean up operations, providing more customer-centricoperations in the process. Its exciting to see what will happen.

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The Decade of Blockchain: What That Means for Industry - RTInsights

Even in a pandemic, energy innovators are developing blockchain technology to implement powerful changes. From automating crude oil trading to amplifying the impact of renewable energy sources, innovations harnessing blockchain technology are likely to change the energy industry in profound ways. Inventors, enterprises, and investors who act today to obtain patent protection for their early blockchain-based inventions will find themselves in an enviable position tomorrow to capitalize on their early visions. This article explains some basics of blockchain technology, highlights two exciting applications of energy-related blockchain technology, suggests patenting strategies, and recognizes challenges to patentability and enforcement of such technologies.

Blockchain is a software-based technology used to track and secure a list of continuously growing data records (blocks) that are linked together (chain) using cryptography, over a network of computers (nodes). It was introduced along with the cryptocurrency Bitcoin. However, innovators are now developing applications of blockchain technology beyond cryptocurrency.

Blockchain technology is often called distributed ledger technology to emphasize the distributed or decentralized nature of its list of records (that is, its ledger or database), in contrast to a traditional, centralized database. Conventionally, databases have been secured by entrusting them to third-party intermediaries having administrative privileges. However, blockchain technology secures a database, without the trusted third-party, through a combination of three core enabling technologies: peer-to-peer networks, digital signatures, and consensus algorithms.

Peer-to-peer computer networks account for the decentralized nature of blockchain technology. In a conventional client-server network, one central computer (server) stores data and responds to requests from numerous computers (clients). In contrast, each node in a peer-to-peer network can act as a server and a client. If a server fails, a client-server network fails. However, if a node fails, a peer-to-peer network continues to work.

Digital signatures provide the integrity and authenticity for transactions that make up a blockchain ledger through cryptographic hash functions and public-key encryption. Consensus algorithms allow the nodes in a blockchain network to agree on the current state of the ledger while making it virtually irreversible and tamperproof. Different types of consensus algorithmssuch as, Proof-of-Work and Proof-of-Stakeare being developed to better serve the needs of specific applications of blockchain technology.

Smart contracts allow agreements to be automated through terms and conditions preprogrammed into a blockchain. Smart contracts are where blockchain technology becomes unleashed from its cryptocurrency origins.

In the energy industry, blockchain technology is being developed to dramatically alter the supply, demand, and distribution of energy. For example, VAKT Global Ltd., a European company, is developing a blockchain-based energy commodity trading platform, with no cryptocurrency involved. As of April 8, 2020, the platform was in use in the North Sea BFOET crude oil market. The platform makes physical commodity markets more efficient by becoming a single source of truth for the trading parties and ecosystem participants: terminals, surveyors, agents, ship owners, brokers, banks, etc. By transforming conventional paper-based processingwhich tends to be slow, complicated, and error-proneinto a digital process that is fast, secure, immutable and private, VAKT intends to become the digital backbone of commodities trading within the energy industry and beyond.

Energy Web Foundation (EWF) is also developing an energy-specific blockchain called the Energy Web Chain (EW Chain), which uses a Proof-of-Authority consensus mechanism for reduced energy consumption. This blockchain aims to accelerate the global transition to a decentralized, democratized, decarbonized, and digitalized energy system. EWF has collaborated with Wirepas and Vodafone Business to combine blockchain technology with the Internet of Things (IoT) to develop systems for connecting renewable energy assets to energy grids. By providing the core digital infrastructure connecting utilities, distributed energy resources, and consumers, EWF sees itself as the digital backbone of the futures low-carbon electricity systems.

Importantly, such digital platforms are likely to exhibit network effects. That is, digital networks of energy providers and consumers are likely to become more valuable to their users as they gain more users and, at some point, an expanding energy network may prevent competitors from entering the market. Accordingly, pioneering energy platforms may have a head start to dominate energy-related industries through the power of network effects.

The database of the U.S. Patent and Trademark Office (USPTO) suggests that energy-related blockchain patent application filings have continued to increase since the first of such applications was filed in 2016. Nevertheless, the energy-related blockchain patent landscape is currently not a crowded one. Thus, the time is ripe for energy innovators to claim valuable patent rights. Patent owners may use patents defensively and offensively to gain an edge over competitors and realize significant business value.

A defensive approach to patenting allows patent owners to benefit without suing. For example, patents can deter competitors from copying and encourage them, instead, to seek a licensing agreement or focus their research efforts elsewhere. Furthermore, patents are considered assets of a company and therefore increase the companys valuation and provide leverage in negotiating business deals.

An offensive approach to patenting allows patent owners to enforce their rights through litigation in a federal district court, or at the U.S. International Trade Commission (ITC). Courts may award a successful patent owner litigant remedies including injunction, lost profits, reasonable royalties, andfor egregious intentional infringerspunitive/enhanced damages. As importantly, the ITC provides a quicker process than the courts and is able to stop patent infringers from importing infringing products or services into the U.S.

To adequately benefit from patent ownership, a patent application must be prepared to overcome the statutory hurdles to patentability, without giving up valuable scope of protection. Software-based technologies, like blockchain technology, are often rejected under the subject matter eligibility hurdle of the U.S. Patent Law (35 U.S.C. 101). To overcome this hurdle, care should be taken to ensure that the disclosure of the invention in the patent application emphasizes a practical, and advantageous, technological application of the invention to prevent the rejection of the patent application based on an unpatentable abstract ideasuch as, a mathematical concept, a method of organizing human activity, or a mental processand/or provides for additional elements amounting to an inventive concept beyond a mere abstract idea.

For example, patent claims describing a method of renewable energy trading using IoT sensors, processors, and memory to autonomously measure, record, and analyze energy supply and usage data through a blockchain ledger may be rejected by the USPTO based on the grounds that they are directed to a method of organizing human activity (that is, measuring, recording, and analyzing energy data may be considered as organizing human activity or a fundamental economic practice). Furthermore, the USPTO may reason that merely recording and analyzing energy-related data through a generic blockchain ledger provides no practical application of the fundamental economic practice and that the recitation of generic IoT sensors and computer hardware does not provide an inventive concept beyond the fundamental economic practice.

Such a rejection may be avoided altogether by drafting the application with a technological problem-solution emphasis and identifying how problems of existing approaches are overcome by the applicants invention. This approach would help ensure that the patent claims are not drafted to preempt all future technological improvements, but to focus more reasonably on the relevant technological area of invention. For example, claims incorporating features of an energy-specific data structure to be stored in a blockchain to improve the processing of transactions would likely remove the claims from the abstract idea realm, because the invention would not threaten to preempt virtually all applications of blockchain technology as applied to energy trading.

Furthermore, inventions that improve the functionality of blockchain technology itself may avoid or overcome a rejection under 35 U.S.C. 101. That is, improvements to distributed storage, distributed processing, cryptography, security and authentication, data structures, and data exchange protocols would not likely be interpreted as being directed to an abstract idea. For example, proof-of-work consensus algorithms provide security for many cryptocurrencies, but they intentionally slow down processing and waste electricity. Accordingly, an invention involving an energy-specific consensus algorithm that provides adequate security with greater energy efficiency and faster processing would not likely be rejected under 35 U.S.C. 101.

Additionally, patent claims should be drafted to facilitate investigation and the collection of facts to support an infringement allegation. For example, patent claims related to distributed renewable energy assets and linked via blockchain technology should allow for a finding of infringement by one infringer in one location, rather than requiring a series of steps to be performed by multiple parties in multiple jurisdictions.

While blockchain technology is in its infancy, choosing to invest and become a patent holder for early blockchain inventions could pay dividends as the technology matures to become widely popular and useful, particularly in energy-related industries. To benefit from the maximum scope of patent protection, it is important to seek out counsel with the experience and sufficient understanding of the legal and technical issues to handle the challenges associated with patenting software-related technologies.

Raymond R. Tabandeh and Kurt S. Prange are Intellectual Property attorneys with Lewis Roca Rothgerber Christie LLP.

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Blockchain and Energy Innovation Marches On POWER magazine - POWER magazine

The government will explore the use of blockchain technology for digital economy, Minister of State for Finance Anurag Singh Thakur said in response to a question raised in Rajya Sabha on Tuesday. The comments from the Ministry of Finance come just days after the Reserve Bank of India (RBI) mentioned plans to bring a digital version of the Indian Rupee. The central bank stated that it was exploring the possibility as to whether there was a need for a digital version of fiat currency, and in case there was then how to operationalise it.

Thakur also reiterated that the government's current stance on Bitcoin and other crypto-based payment systems is that they are illegal: It was announced in the Budget Speech of year 2018-19 that the government does not consider cryptocurrencies legal tender or coins and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system. He was responding to Member of Parliament Sanjay Raut on whether the government is considering the possibility of introducing India's own cryptocurrency.

In April 2018, the RBI had effectively banned cryptocurrency transactions via banks and e-wallets in the country. It was initially supported by the Supreme Court, though the top court later quashed the ban in March last year.

Earlier this week, the government listed a bill titled The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 that is aimed to provide a framework for creation of an official digital currency to be issued by the RBI and prohibit all existing private cryptocurrencies. Experts, however, believe that it would take some time for the country to bring any changes.

Here is the full text of the question and answer between MoS Finance Anurag Thakur and Member of Parliament Sanjay Raut in Rajya Sabha.

Sanjay Raut:

Will the Minister of Finance be pleased to state:-

(a) whether Government is aware that many business companies are using cryptocurrency for international transactions during the last one year:

(b) if so, the details thereof and Government's response thereto:

(c) whether Government is considering the possibility of introducing India's own cryptocurrency; and

(d) if so, the details thereof and, if not, the reasons therefor?

Answer

Minister of State in the Ministry of Finance

Shri Anurag Singh Thakur

(a): No, Sir.

(b): In view of reply to part (a) above, the question does not arise.

(c) and (d): No, Sir. It was announced in the Budget Speech of year 2018-19 that the Government does not consider crypto-currencies legal tender or coins and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system. The government will explore use of the block chain technology proactively for ushering in digital economy.

What will be the most exciting tech launch of 2021? We discussed this on Orbital, our weekly technology podcast, which you can subscribe to via Apple Podcasts, Google Podcasts, or RSS, download the episode, or just hit the play button below.

More:

Government Will Explore Blockchain for Digital Economy, Union Minister Says About India's Own Cryptocurre... - Gadgets 360

Key Takeaways

Forbes has published its Blockchain 50 list, outlining some of the most notable blockchain companies in operation today.

The list includes several notable crypto exchanges, such as Binance and Coinbase, alongside derivatives exchanges such as CME Group and the Intercontinental Exchange (via Bakkt).

A number of payments companies are also on the list, including Square (which supports Bitcoin payments and is led by Twitter founder Jack Dorsey), PayPal (which recently added crypto sales) and Visa (which has just announced support for Bitcoin banking).

The list also includes several blockchain friendly banks, including Credit Suisse, which uses Paxos to settle stock trading. It includes HSBC, which uses blockchain for forex trading, and ING Group, which uses blockchain for AML compliance. JPMorgan Chase, with its interbank blockchain Liink, is also on the list.

Investment companies are featured as well. Grayscale and Fidelity Digital Assets, both of which offer institutional Bitcoin investment funds, have both made the list.

The remainder of companies listed largely use blockchain for data management and supply chain purposes. The list includes household names such as IBM, Microsoft, and Walmart.

This publication is Forbes third annual list. 21 new companies were added, while previously high-ranking companies such as Facebook, Google, Amazon and Ripple were removed.

All of [those companies] are still active in blockchain but kept lower profiles in the space over the past 12 months, Forbes writer Michael del Castillo noted in the piece.

Newly added companies this year include the crypto investment group the business intelligence firm Microstrategy, which invested $1 billion in Bitcoin last year, and NBA, which has launched a series of blockchain collectibles called Top Shots. Other notable additions include the Digital Currency Group, Oracle, and Boeing.

Though Forbes selection is subjective, all companies on the list have revenue or a valuation of at least $1 billion, meaning that the companies above are notable by any objective measure.

At the time of writing this author held less than $50 of Bitcoin, Ethereum, and altcoins.

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

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Forbes Publishes Its Top 50 Blockchain Firms of 2021 - Crypto Briefing

On Monday February 1, Saxion Blockchain Week gets underwaya week long online conference for the blockchain sector. At a time when blockchain adoption and understanding continues to develop at pace, the event is a chance for blockchain developers, academics, business and other stakeholders to learn more about the technology and its real-world applications.

Among the topics scheduled for discussion is Blockchain Legal 2.0, Blockchain & Finance, Blockchain & Real Estate and Blockchain & Health, each of which is broken down into numerous individual online meetings, seminars and sessions of interest.

Theres also the Saxion Blockchain Challenge, giving developers a chance to demonstrate their skills, as well as the Blockchain & PhD day for those with an academic interest in the technology. Theres also the Blockchain & Top Talent Day as part of the weekly lineup.

The event culminates in a presentation from Bitcoin Association Founding President Jimmy Nguyen, who will address the benefits of Bitcoin SV (BSV) as a protocol for blockchain developers.

His keynote presentation, alongside Saxion Executive Board member Timo Kos, coincides with the launch of the worlds first Massive Open Online Course in Bitcoin SV.

Its an exciting time for us at Bitcoin Association. The launch of the Bitcoin SV MOOC in partnership with Saxion University is our latest education-focused initiative designed to help make learning about Bitcoin easy, accessible and accurate, says Ngueyn.

Developed by Bitcoin Association in partnership with Saxion University of Applied Sciences, the course will run from February 5 to September 1, giving an extensive insight into the workings of Bitcoin SV from a technical and practical perspective.

The course is aimed at students, developers and decision makers, designed to give an introductory overview to Bitcoin. Additional supplementary modules are also available for those who want to explore further, covering a full range of topics, including Bitcoin history, economics, development, and regulatory compliance issues.

The event and course launch are set to be the next milestone in educating the world about the benefits of blockchain and Bitcoin SV.

Register now to attend the virtual Saxion Blockchain Week event.

New to Bitcoin? Check out CoinGeeksBitcoin for Beginnerssection, the ultimate resource guide to learn more about Bitcoinas originally envisioned by Satoshi Nakamotoand blockchain.

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Jimmy Nguyen to explore benefits of Bitcoin SV at Saxion Blockchain Week - CoinGeek

Over the past decade, blockchain has surpassed the hype realm into a real transformative solution for industries. Several companies are investing billions of dollars on the network; it topped LinkedIns list of in-demand hard skills in 2020, and articles about its potential are now littered on every finance blog. Ask those who had experienced the early internet days, and they will certainly have a lot to tell you about the feeling of deja vu that has diffused the tech space.

Mainstream maximalist circles have touted blockchain as the magic solution for many industries healthcare probably being the neediest. Forbes report revealed that up to 112 million healthcare data records were either stolen, lost or compromised in 2015. While theres no telling how many wrecks this has caused, healthcare data is delicate, and every solution must be examined carefully.

Of course, blockchains potentials could unlock a different side to medicine and bring solutions to age-long problems in the profession. On the other hand, a lack of proper understanding of the pitfalls could massively hinder the potential locked up in this partnership. Lets highlight four crucial drawbacks to adopting blockchain in healthcare.

Stakeholders involved in healthcare patients, payers, care providers and researchers generate thousands of pieces of data every second, from background patient data to test results, images, medications and a host of other data that need to be constantly updated. Among all of this, confidentiality is at the very helm of medicine, and all health data must be carefully accounted for.

However, it is one thing to digitize health data, and another thing is to transfer tons of data to a publicly encrypted database. Dealing with different personnel and actual blockchain experts to transfer and update health data ironically leaves room for a massive data breach or improper documentation of health data. Besides that, the time required to arrange and update tons of health data systematically would be significantly alarming.

Vitalik Buterin, co-founder of Ethereum, coined the term blockchain trilemma, a term that describes the infeasibility of getting all three desirable properties of any blockchain-based use case decentralization, security and scalability. In simpler terms, it is impossible to have all three components in one project. One has to be sacrificed for the other two. Considering blockchain is predicated (for the most part) on decentralization and security, it is quite glaring which one is the sacrificial lamb.

The degree of scalability dictates the capacity of any network and must be addressed before implementation. In an attempt to secure a blockchain network, the amount of data processed per second was limited by the developers. For blockchains exponentially growing, this has created a scalability problem as more people swarm the network. Poor blockchain scalability would mean healthcare stakeholders would be very limited in processing real-time data. Besides being unsuitable for emergency healthcare, the implication is that healthcare workers would have to do more with less.

In the long run, blockchain will ultimately save a lot of money for both patients and healthcare providers. For supply chains in pharmaceuticals, patient records and health insurance, healthcare costs will eventually be optimized. A BIS research suggests that blockchain would save up to $100 billion over an eight-year period.

However, blockchains early adoption in healthcare will certainly not come easy in terms of cost. The cost of building applications, reorientating stakeholders into a new system, security and maintenance is enormous. A blockchain network covering the entire United States healthcare system would cost hundreds of billions and would require patient investors and help from the government. However, optimal systems within a blockchain network can emerge with time and cut these potentially enormous fees.

Health data is highly sensitive, hence the strict regulations guiding healthcare professionals to do their job. Since the introduction of electronic health records, these regulations have continued to increase as health professionals seek to insulate themselves from medical malpractice.

The introduction of blockchain would be an entirely new and cumbersome method of handling health data; it would certainly go through rounds of policy reviews worldwide. Moreover, health professionals would be potentially exposed to thousands of lawsuits, and they might not be receptive to the technology.

This article was co-authored by Joshua Esan and Motolani Victor.

The views, thoughts and opinions expressed here are the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Joshua Esan is a fourth-year medical student at the University of Ibadan,Nigeria. He has worked with various companies and blogs since the blockchain revolution began.

Motolani Victor is an entrepreneur, investor and aspiring physician. He has always been passionate about healthcare and artificial intelligence and is now interested in how blockchain can bring revolution to the digitized world.

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Blockchain will revolutionize healthcare Just not any time soon - Cointelegraph

The government will explore the use of blockchain technology proactively for ushering in the digital economy, the Rajya Sabha was informed on Tuesday.

Minister of State for Finance Anurag Singh Thakur said it was announced in the Budget Speech of 2018-19 that the government does not consider crypto-currencies legal tender or coins and will take all measures to eliminate the use of these crypto-assets in financing illegitimate activities or as part of the payment system.

On cash circulation in the country, he said that as per the weekly statistical supplement of the RBI, the Notes in Circulation (NIC) was Rs 17,741.87 billion as of November 4, 2016, and Rs 27,712.43 billion as of January 8, 2021, thereby recording an increase of 56.2 percent in a span of around four years two months.

The growth in NIC depends on various macro-economic factors such as expected growth in GDP, inflation, interest rates, and growth in non-cash modes of payment, the minister added.

Digital payments transactions have been steadily increasing since the last few years post demonetisation.

The total transaction volume increased from 2,071 crore in FY2017-18 to 3,134 crore in FY2018-19, which corresponds to a growth rate of 51 percent, Thakur informed.

During 2019-20, the number of card payment transactions carried out through credit cards and debit cards increased by 23.5 percent and 16.1 percent, respectively, while the value increased by 21.1 percent and 35.6 percent to Rs 7.3 lakh crore and Rs 8 lakh crore, respectively.

Prepaid Payment Instruments (PPIs) recorded a volume growth of 15.7 percent on top of the 33.2 percent a year ago, while transactions value at Rs 2.2 lakh crore increased by little more than 1 percent.

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Government to explore use of blockchain technology for ushering in digital economy - YourStory

PALO ALTO, Calif., Jan. 29, 2021 /PRNewswire-PRWeb/ --Global blockchain pioneer HashCash Consultants ventures on to modernize the trade landscape through its efficient solutions and blockchain applications. HashCash, finding repose in the industry of trade finance, aims to reduce fraud and disputes, thereby enabling the transparency of trade asset movement. When implemented globally, HashCash's solutions aim to eliminate the possibilities of terror funding and money laundering associated with the trade finance industry.

With HashCash's solutions, the trade finance industry can look forward to reaping the benefits of successful blockchain applications. Other than that, HashCash's solutions aim towards seamless delivery and payment certainty, thereby facilitating the flow of trade receivables resulting in increased automation, collaboration, and oversight in trade.

In an interactive session with the media, Raj Chowdhury, CEO of HashCash Consultants, commented, "HashCash is looking forward to applying innovative blockchain solutions in the industry of trade finance that aims to ease processes like payment method automation, trade asset tokenization, and payment instrument digitization. My team intends to carry out all transactions from initial trade to the end settlement over the Blockchain platform, thereby making it transparent and traceable throughout."

Using distributed ledger technology and blockchain, HashCash eradicates fraud and helps enhance the overall transparency of the trade finance industry. When it comes to recent applications, recently, HashCash collaborated with a renowned global US-based diamond supply chain company to help them launch its ICO. Other than that, HashCash lately has partnered with major oil corporations to help them with blockchain solutions, thereby aiming for a transparent oil supply chain.

Eliminating paperwork throughout digitization, HashCash aims to ease the sharing and tracking of documents among counterparties. Lately, HashCash collaborated with a USA-based bank to help them in financing their corporate trade, thereby aiming for capturing the complexity of business systems and seamlessly integrating with core processes of banks and ERPs of corporates.

HashCash is a global software company offering solutions in Blockchain, AI, Big Data, and IoT through its platforms, products & services. HashCash Blockchain products enable enterprises to move assets across borders in real-time for Remittances, Trade Finance, Payment Processing, and more. HashCash runs a US-based digital asset exchange, PayBito & Digital asset payment processor, BillBitcoins. HashCash offers white label crypto exchange solutions, Payment processor software, ICO services, and customized Blockchain use case development. It propels advancement in technology through Blockchain1o1 programs and its investment arm, Satoshi Angels. HashCash solves the toughest challenges by executing innovative digital transformation strategies for clients around the world.

Media Contact

JOANNE FOSTER, Commercial Concern, +14158003465, joanne.foster@commercialconcern.com

SOURCE Hashcash Consultants

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HashCash's Blockchain Solutions to Act as a Game Changer in the Trade Finance Industry - WFMZ Allentown