One of Africa’s fastest growing economies to fund blockchain development in 2020

As one of the fastest growing economies in Africa, Rwanda aims to keep up with the rest of the world on matters in blockchain as it becomes the latest state to allocate a portion of its budget to the industry. According to reports from New Time Rwanda, a local publication, part of the allocation to the ICT ministry will go to blockchain.
Rwanda launches the “Emerging Tech Policy and Strategy”
According to the report, the country will fund research and development in blockchain under the ‘Emerging Tech Policy and Strategy’ plan controlled by the Ministry of ICT and Innovation. The plan was released on Dec. 11 by the minister of ICT in the country, Paula Ingabire, with a special focus on the fourth industrial revolution technologies.
Speaking during the reveal of the plan that will include artificial intelligence, IoT, machine learning and blockchain, she said,
“Blockchain, just like the whole list of fourth industrial revolution technologies is one of the areas that we are very supportive of as a government and how we build that industry and grow it over time.”
Rwanda has been a leader in the East African region in development and research of blockchain technologies. Earlier in the year, the ministry launched its regulatory sandbox in a bid to set controls and measures in the field in a bid to be the continental hub of innovation – similar to Singapore.
The landlocked country has made massive steps in the field in the past few years, launching its first blockchain project in 2018. The blockchain tracks tantalum from the pit-face to the refinery allowing data of minerals to be recorded on an immutable platform. Furthermore, the National bank of Rwanda, plans to launch a digital currency according to reports.
Blockchain on the rise in Africa
Less than a fortnight ago, Twitter’s CEO, Jack Dorsey, stated that Africa will be Bitcoin’s biggest market in the coming years as potential simmers beneath the motherland. He was not wrong. According to data from Coin Dance, Ghana’s BTC volume hit an all-time high as peer to peer exchanges in the country recorded boosted volumes of over 310,000 BTC, representing over three times the volume in January.
In a broader view, in November the total volume of BTC exchanged across the continent surpassed 2017 highs as Paxful got a hold of the market.
The post One of Africa’s fastest growing economies to fund blockchain development in 2020 appeared first on Coingape.
Source: CoinGape

Bitcoin On-Chain Momentum Bullish Again, Traders May Push Prices Higher

While some analysts are still expecting Bitcoin (BTC) to fall further, it appears that fundamentals and on-chain metrics are starting to imply bulls have the upper hand.
Related Reading: Bitcoin CME Futures Gaps Are Filled With 95% Certainty, But Trading Them Is Risky
Bitcoin Preparing to Head Higher Ahead of Halving
Adaptive Capital partner Willy Woo recently noted that on-chain momentum, which the popular analyst has long claimed is correlated with Bitcoin’s macro price trends, is “crossing into bullish” territory after a multi-month downturn.
Woo didn’t give the name of the indicator he was using or the indicator’s details, as “they’re proprietary” to his fund, though the on-chain analyst asserted that investor momentum is starting to turn bullish.
With this in mind, he asserted that the “bottom is most likely in,” meaning that any move lower than the $6,500 plunge “will be just a wick in the macro view.” He added that the unnamed indicator also implies that cryptocurrency investors will start to front-run the impending “halving,” the block reward reduction that will be taking place in May 2020.

On-chain momentum is crossing into bullish. Prep for halvening front running here on in. Can't say what this indicator is, as it's proprietary to @AdaptiveFund, but it tracks investor momentum. The bottom is mostly likely in, anything lower will be just a wick in the macro view.
— Willy Woo (@woonomic) December 7, 2019

Woo isn’t the only one noticing that BTC’s on-chain metrics are starting to favor bulls.
Philip Swift, the founder of cryptocurrency analytics site Look Into Bitcoin, recently posted a 10-part thread in which he noted that Bitcoin’s price bias remains positive due to a confluence of factors.
One such factor was that Bitcoin’s Network Momentum indicator, which tracks the movement of coins to determine the usage of the network, has begun to trend higher, bouncing off bear market levels. This is something often seen six to 10 weeks prior to the beginning of a bull market, Swift remarked.

4/ Also keep an eye on Bitcoin Network Momentum
At this point in prior cycles, we saw rapid increases in on-chain BTC volumes for 6-10wks b4 bull market started
Worth watching for now to see if this repeats following recent uptick@woonomic version with coinmetrics data is
— Philip Swift (@PositiveCrypto) December 5, 2019

There’s also Glassnode, a crypto-centric on-chain intelligence firm, which noted just recently that their metrics suggest that Bitcoin is bottoming and slated to revert higher in a “strong” fashion.
One such metric that Glassnode drew attention to was that the Market Value to Realized Value (MVRV), the ratio between market cap and realized cap, is “consolidating towards one,” which implies that gains are being realized by crypto asset investors. A reading of one for the ratio often marks a bottom for the cryptocurrency market.
Related Reading: Researcher: Bitcoin is Alive and Well, Price Still in Macro Uptrend
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Source: New

Dormant Bitcoin Network Implies “Dramatic Shift” Incoming, But in Which Direction?

If you’ve followed the Bitcoin and cryptocurrency space at all over the past few years, you likely know of the term “HODL,” A misspelling of the word “hold,” HODL is a long-time meme used by industry investors who believe that BTC will appreciate over time.
According to a recent report from the Wall Street Journal, HODL is more than a meme, it’s a reality.
The outlet reported Friday that according to cryptocurrency analytics firm Flipside Crypto, 14% of the 18 million BTC  outstanding were actively traded during the last week of November, a statistic down 50% from October 2018.
Also, the number of Bitcoin transactions taking place every day has fallen to “around 307,000 transactions, according to data from That is down from 370,000 in the spring.”
The trend of market inactivity these metrics shows has been corroborated by top blockchain analytics site BitInfo Charts, which recently observed that 11.58 million Bitcoin — more than 50% of all of the cryptocurrency in circulation, which is valued at over $70 billion as of the time of writing this — has not moved in over a year. This also means that less than 6.8 million BTC has changed hands in the last 12 months.
Eric Stone, the head of data science at Flipside, said the following on the high number of “dormant” Bitcoin:
“A lot of people are sitting at the moment… It can be the precursor to dramatic shifts.”
But that begs the question, where could that dramatic shift take Bitcoin?
Related Reading: Eat My Shorts: Everything You Need To Know About The Bitcoin Bart Pattern
Where Will “Dramatic Shift” Take Bitcoin?
According to a number of analysts, the impending shift will be widely positive.
Hans Hague, a senior quantitative analyst at Ikxigai, recently noted that there is a confluence of reasons why he thinks Bitcoin remains in a long-term uptrend of adoption and thus price.
Per previous reports from this outlet, the confluence includes: Deutsche Bank, the 17th largest bank in the world, recently observed that its estimates predict that the number of individuals using Bitcoin and cryptocurrency will appreciate by over 500% in the next decade;  the CEO of Bakkt has just become a U.S. Senator, meaning that Bitcoin could get its own cheerleader in Washington; and the idea that BTC is entering a long-term buying zone.
Related Reading: Bitcoin CME Futures Gaps Are Filled With 95% Certainty, But Trading Them Is Risky
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Source: New

China leads blockchain patents race in quantity, perhaps 'not quality'

In their recently published China Blockchain Report, Forkast News talked about China’s small, growing blockchain labor force, and how not enough talent and startups want to develop blockchain projecThe post China leads blockchain patents race in quantity, perhaps ‘not quality’ appeared first on AMBCrypto.
Source: AMB Crypto

Major European Firms Harness Blockchain to Track Renewable Energy

Two major companies from the Iberian peninsular have just announced the launch of a blockchain-powered system to verify the sustainability of electricity. Spain’s department store El Corte Inglés will use the system to prove the company’s commitment to reducing its carbon emissions.
Supplying the clean energy to El Corte Inglés stores will be the firm’s long serving electricity provider EDP. A subsidiary of the company, EDP Renováveis, owns five wind farms in Spain that will power the branches chosen to first take advantage of blockchain technology.
Clean Energy Guaranteed by Blockchain?
According to a press release by El Corte Inglés, the Spanish department store chain will guarantee the power used in three of its largest branches is renewable using blockchain technology. The new system, devised through collaboration with the firm’s long serving energy supplier EDP, will allow real-time verification of the origin of power used in-store. The branches named in the release as first to benefit from the so-called “Blockchain Energy Tracking” service are those located in Seville, Malaga and Madrid.

EDP, El Corte Ingles form #blockchain-based #renewables partnership
— Earth Accounting (@EarthAccounting) December 4, 2019

Providing the clean power for the system is EDP ​​Renováveis, a subsidiary EDP. EDP ​​Renováveis is one of the planet’s largest producers of wind energy. It operates a series of wind farms on the Iberian Peninsula. The five powering El Corte Inglés stores are located in the provinces of Malaga, Seville, and Cádiz, and have a capacity of 169.4 MW.
In the press release, El Corte Inglés writes that each of its department stores operating on entirely renewable energy for a year will reduce carbon emissions by the same amount as if more than 100,000 cars suddenly disappeared off the road for a week, or by the amount produced by over 15,000 trees over the course of ten years.
After stating the importance of using the system with a client as large as El Corte Inglés, the CEO of EDP Renováveis, João Manso Neto, commented more generally on using blockchain technology to verify the source of electricity:
“Thanks to the Blockchain Energy Tracking, companies will be able to assure their stakeholders that they meet their environmental objectives and we will be able to advance in the technological and digital disruption of the energy sector.”
Blockchain technology is increasingly finding use in a huge range of industries. The most common application by far is to provide assurances to the authenticity of something. In addition to the new electricity tracking service in Spanish department stores, NewsBTC has recently reported on blockchain systems being use to help guarantee the authenticity of many disparate products, materials, and certifications. These include the artwork of a respected Chinese calligrapher andUS veterinary practitioners’ qualifications.
Related Reading: Bitcoin, the “Biggest Unicorn of the 2010s”: Market Cap Higher Than Uber & Airbnb Combined
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Source: New

Alibaba and Credits Set to Revolutionize Chinese Logistics Market with Blockchain

A joint venture has recently been announced between the decentralized, open-source Credits blockchain platform and Alibaba Cloud. The companies have announced the decision to develop software and hardware solutions for solving trust and payment issues on the Chinese logistics market.
The cooperation between the Credits blockchain platform and Alibaba Cloud foresees the use of innovative business models, such as 3PL. The given model includes the installation of low-cost sensors inside shipping containers for tracking their status and movement via the immutable Credits blockchain.
“China is a thriving market of online purchased goods and the country is actively exploiting this segment. We have developed a lot of solutions that needed to be taken to improve a sector as diverse and immense as logistics in a country with a population of well over 2 billion”, as stated by Credits CEO, Igor Chugunov.
The solutions being offered by the Credits platform and Alibaba Cloud also extend to solving the trust issues of the logistics market in settling transactions between the parties to a delivery process. The Smart Payment Service using Credits platform smart contracts will be involved in monitoring and implementing monetary transactions between buyers and sellers with the involvement of delivery services providers, such as DHL or any other carriers.
 “Actually, there are a lot of aching problems in logistics right now. And blockchain offers the solution, it is the catalyst of global technology development today. Various operations can be easily reconfigured via Smart Contracts and Clouds, which is a great opportunity for customers to help themselves. Both customers and companies really get lots of benefits”, as stated by Yuli Bai, CEO of the Lenovo New Vision.
Blockchain-based software and hardware being introduced by the Credits platform and Alibaba Cloud are capable of offering innovative and technologically advanced solutions to the participants of the logistics market. The use of immutable databases and smart contracts could signify the end of lengthy settlement disputes and the introduction of accurate tracking of cargo container movement.
The post Alibaba and Credits Set to Revolutionize Chinese Logistics Market with Blockchain appeared first on Coingape.
Source: CoinGape

Former SoFi CEO Mike Cagney’s Figure Technologies Raising Additional $100 Million

Former SoFi CEO Mike Cagney’s Figure Technologies Raising Additional $100 Million
SoFi founder Mike Cagney’s Figure Technologies is reportedly aiming to raise an additional sum of $100 million through a Series C funding.
Former SoFi CEO Mike Cagney’s Figure Technologies Raising Additional $100 Million

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Source: CoinSpeaker

Quitting Crypto Now is Akin to Selling Amazon in 2003: Analyst

There is no doubt that the crypto industry hasn’t been doing too hot over recent months.
Since topping in June, Bitcoin (BTC) has collapsed by over 40%, falling from $14,000 to $7,800, where the cryptocurrency sits as of the time of writing this. This price collapse has been marked by a capitulation in investors and other industry participants, with many throwing in the towel as they believe that Bitcoin’s price qualms are a sign that the future of blockchain and cryptocurrency remains in disarray.
Related Reading: Dr. Doom: Ethereum Still a Long Way From $0, Its True “Fundamental Value”
A former partner at Indus Capital and Goldman Sachs, however, believes that this harrowing sentiment is irrational, quipping that quitting crypto now is ” akin to selling Alibaba and other internet startups in 2000-2003.”
Don’t Quit Crypto, Analyst Asserts
A partner of The Spartan Group, a blockchain advisory and investment firm, recently released an extensive Twitter thread regarding their latest thoughts on the crypto industry.
The thesis of the individual, who goes by “SpartanBlack” on Twitter, is that there is a growing sense of despondency spreading amongst industry members, and is “putting crypto’s long-term growth” trajectory at risk.

0/ I used to think that crypto people are crazily optimistic, but lately a sense of despondency seems to be spreading. Even some of the early crypto diehards are sounding the industry’s death knells. This gloomy narrative is wrong and puts crypto’s long term growth at risk.
— SpartanBlack (@SpartanBlack_1) November 29, 2019

Indeed, he went on to explain that there are clear reasons for the pessimism spreading among the market: 1) despite 10 years of development, people within Bitcoin and cryptocurrency are still waiting on the “killer app that brings the industry and technology mainstream; and 2) funding for blockchain startups has collapsed due to a confluence of factors.
Related Reading: Going to Talk Bitcoin at Thanksgiving? Here’s a Good Strategy
Although what Spartan said may induce anxiety in investors, the analyst asserted that what is going on is healthy and that there remains an opportunity for much growth in crypto.
“Many projects are either dead or dying a slow death… This is the law of natural selection and is a healthy development. Investors now play a critical role in identifying who will be the long term winners. Our job is to find the Amazon and Alibaba of crypto out of the wreckage, rather than write-off the whole industry,” Spartan wrote in a seeming bid to reassure his followers.
Spartan continued by likening the current state of the crypto industry to that of the Dotcom industry in the wake of the blow-off top seen at the turn of the millennia, during which Internet stocks shed a majority of their value, projects died, and funding from external entities neared zero.
Should history repeat, the next cycle of innovation, which the analyst claimed will be driven by institutional investors looking to implement crypto into their portfolios, will identify killer use cases for this industry at long last.
Related Reading: Why Bitcoin Price May Soon Jump 15% to $8,500: Trader Who Foresaw Decline to $6,600
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Source: New

HSBC to use Blockchain-Based ‘Digital Vault’ for Securities Worth $20 billion

HSBC is exploring the benefits of blockchain in many of its banking operations. After a test with R3 based Voltron, it plans to conduct banking transactions on a blockchain-based ‘Digital Vault.’ The banking platform will digitalize paper-based records of placements onto a real-time record-keeping platform.
HSBC aims to deploy $20 billion worth of private placement securities on the custody platform. Currently, the records are paper-based and lack standardization. Reportedly, HSBC aims to implement the tech across all it’s $50 billion worth issued financial securities.
The private placements on the platform would permanently reduce the need for mediators, which would reduce the expense of these funds. Moreover, the implementation will also increase the cost-effectiveness by increasing the marketability of these assets.
The bank also projects an exponential growth in the global value of private placements to about $7.7 trillion.
As reported earlier on CoinGape, the Canadian Versa bank also employed a similar technique to issue and store financial securities.
The term ‘digital vault’ echoes around the financial world in several places. For eg., Morgan Stanley has a digital vault for sharing financial details based on an encrypted cloud platform.
As the cryptocurrency hype goes on, the banks are not ignoring the rise of the technology as well. The underlying blockchain technology guarantees transparency and greater security for financial contracts. Moreover, blockchain technology is not only faster but also highly cost-effective and reliable.
Earlier, HSBC made use of the Voltron platform to conduct a yuan based interbank transaction. The details on the digital vault have not been disclosed completely. Nonetheless, the bank seems to be paying serious attention to the use of blockchain in its operations.
Do you think that innovation in banking will erase the cryptocurrency hype? Please share your views with us. 
The post HSBC to use Blockchain-Based ‘Digital Vault’ for Securities Worth $20 billion appeared first on Coingape.
Source: CoinGape

Blockchain to Spearhead Tokenization of Commodities?

Blockchain to Spearhead Tokenization of Commodities?
UAE-based Emirex views its mission in extending the benefits of tokenization to traditional industries. And it has chosen commodities to begin with.
Blockchain to Spearhead Tokenization of Commodities?

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Source: CoinSpeaker