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Bitcoin is a digital crypto-currency with no single point of failure due to its decentralized peer-to-peer architecture. The source code is publicly available and changes to the reference Bitcoin client are made via concensus within the community. Advantages of Bitcoin include irreversible transactions (i.e. no possibility of chargebacks as with credit cards), pseudo-anonymous, limited and fixed inflation, near instant transactions, multi-platform, no double-spend and little to no barriers to entry and more. It was created by an anonymous person known as Satoshi Nakamoto. Find out more at WeUseCoins.com.

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Op Ed: How One Investor Is Riding the Cryptocurrency Token Wave

Op Ed: One Investor Rides Cryptocurrency Token Wave

I was yanked down the rabbit hole hard and fast when I first caught the Bitcoin Bug in late 2013. Before I even knew what a “blockchain” was I had founded what is now known as the Blockchain Education Network (then called the College Cryptocurrency Network), and was voraciously trading “altcoins.”

Back then, the term “altcoin,” which was used to describe any cryptocurrency besides Bitcoin, felt quite suitable. Most of those altcoins, including the most popular still in existence today, such as Litecoin and Dogecoin, were forks of Bitcoin’s code and were merely alternative “coins” with different rules or hashing algorithms. Watching these strange new financial vehicles violently fluctuate in value was both addictive and impossible to resist trading into. While I was slow to inoculate myself against that masochistic urge, I was quick to realize that few of these protocol tokens (that is, crypto-assets that incentivize validators, such as miners or stakers, to secure a blockchain) provided much value beyond Bitcoin’s own use case. Admittedly, I am shocked that many of these tokens still exist today.

On the other hand, as the blockchain ecosystem began to evolve, more novel iterations of Satoshi Nakamoto’s revolutionary financial tool began to appear. The rise of Ethereum, BitShares, MaidSafe and Omni, amongst others, represented a paradigm shift that went far beyond decentralized digital currency. Soon enough, I dropped out of school to focus on this industry full-time, and ended up cofounding Augur, a decentralized prediction market platform.

Lessons from Augur

When we first designed Augur, we wrote a white paper that outlined how to build a prediction market platform using Bitcoin’s source code — sort of like an altcoin. However, Bitcoin’s UTXO model did not jibe well with the sort versatility required for such a complication decentralized application. Soon after we published our white paper, despite the promise of Blockstream’s recently released sidechains proposal, our advisor and Ethereum Founder Vitalik Buterin convinced us to build Augur on his yet-to-be-launched smart contract–enabled blockchain. In hindsight, deciding to build Augur on top of what was then referred to as “vaporware” was a decision a more seasoned entrepreneur would have determined to be … “batshit insane.” But, the potential of the platform was too great, so we felt as if we had no other option.

Soon after deciding to build atop Ethereum, we began to realize that there was no way to create a decentralized oracle solution (i.e., a means to determine the outcome of markets without a centralized arbiter) unless we issued our own token. I went to game theorists, computer scientists and anybody else I could get to listen, to see if there was an alternative and whether it even made sense to do this. After much consultation and internal debate, we came to the decision to build an unstoppable betting engine that predicted the future, with no central point of failure (such as those that exist in a platform such as Gnosis), with a native token used by “reporters” around the world, to assert the outcome of events, was our only option. Thus Augur’s native asset, Reputation, known as REP, was born.

Venturing Into ICOs

2014 was winding to a close as we came to these conclusions, and the thought of performing a crowdsale was terrifying. (We would, for a short time, eradicate the term “ICO.”) Most conversations about Ethereum and recent token sales would lead to speculation about when regulatory authorities, namely the SEC, would bring down the hammer on token issuers.

With no other option, however, I hit the books and started reading about all sorts of securities laws and case law, in addition to prediction market and gambling regulations. I quickly earned the nickname “JG Esquire” within Augur, and spent much of early 2015 working with our legal team and advisors to find a compliant structure for the REP token sale. By the time our sale came about in late summer 2015, all involved parties had a fairly high degree of confidence that we had developed a token and offering that would not fall afoul of regulations.

Expanding Investment Opportunities in the Token Economy

While our sale raised over $5 million and was quite a success for the time, shortly after the Augur sale ended bitcoin and ether prices began to stagnate. Both the confidence and companies created during the first boom began to falter. In my mind, Augur was a ripple in the current before a tidal wave of new financial instruments to come, but it was unclear whether I was right and there was considerable coding remaining for the project.

With time before Augur’s launch, I joined Blockchain Capital as an entrepreneur-in-residence. I became an advocate for tokens backing legitimate networks and spoke about the matter frequently. However, it still took quite a while for the token economy to sprout. Then out of the blue in late 2016, ether began to rally in price, and token offerings, more popularly referred to as Initial Coin Offerings (ICOs), started popping up out of the blue, often raising millions in a matter of days, or even minutes.

This new trend was alarming to me, though in hindsight I suppose it shouldn’t have been. Ethereum, with its ERC-20 protocol, which allows the straightforward development of crypto-tokens on top of its blockchain, made the urge to create new assets irresistible. Instead of requiring developers to create entirely new blockchains and protocol tokens, which had to be secured by miners or stakers (a costly, challenging undertaking), a team could create a new token that was backed by the security of Ethereum’s blockchain in a matter of hours.

For the following few months into the new year I watched these developments from the sideline. It was apparent the biggest crypto-asset rally since 2013 had begun in earnest. I had sizable investments in ETH, BTC, XRP and, of course, REP. I couldn’t believe that this bull run and new trend of ICOs could be sustained. Not, at least, without the return of serious outside interest in the crypto-realm.

And then, of course, it started to come. Hedge funds, banks and consumers, many of whom had already begun professing their love of “blockchain technology” (albeit not Bitcoin), started funneling money into crypto-tokens new and old. Around this time, my friend Olaf Carlson-Wee, the first employee at Coinbase, announced that he would be investing in these strange financial instruments through a new type of hedge fund, Polychain Capital.

As I was busy working as a venture capitalist investing in traditional companies at Blockchain Capital, Olaf’s new fund was a means for me to gain exposure to this crazy new trend without falling into the crypto-asset rabbit hole as I had back in college. I quickly signed on as both a General and Limited Partner, and sent Polychain my first (but not last) wire.

Blockchain Capital’s Venture Fund

For most of early 2016, I was content to let Olaf (and his new partner, the talented Ryan Zurrer) review and manage any new ICOs I was sent. But the trend maintained. It appeared this new generation of crypto-assets was more than a massive pump-and-dump. In fact, my firm began to explore tokens much more seriously. Though it had often been teased that it was only a matter of time before I went to jail for Augur, there was an evolution in our thought process surrounding tokens and their corresponding offerings. Soon enough, we became convinced that Blockchain Capital should offer its own token, BCAPs, in order to provide a new sort of venture fund.

This decision would lead us to reevaluate the traditional scope of our investments mandate. Crypto-tokens, as I had long argued, could be revolutionary (or, at least, useful) financial instruments, and it would be foolish throwing out the crypto-asset babies with the altcoin bathwater.

Projects such as 0x, Maker, Golem and Filecoin demonstrated how much alternative crypto-tokens had evolved since the dodgy days of Doge and Darkcoin. Because of this evolution, I officially decided to take the plunge and deep-dive down the token rabbit hole once again with Blockchain Capital. In addition to my roles investing and as an entrepreneur-in-residence, I will be focusing considerable energy on the new token economy, evaluating new ICOs for the firm.

It is impossible for a firm such as Blockchain Capital, the earliest venture fund to state its commitment to this novel economy outside of Bitcoin, not to participate in this remarkable new chapter of the blockchain revolution. New platforms, such as AngelList’s Coinlist, will standardize and add further legitimacy to such offerings.

I am still extraordinarily skeptical of most ICOs and tokens in general, but I am more excited than ever about blockchain technology and all the ways it is bound to disrupt ingrained, outdated institutions. If decentralized applications and crypto-assets are the harbinger of such change, then I am on board.

It’s going to be a rocky road, and there will surely be corrections (if not dramatic drops), but I can’t say I haven’t seen it before. I look forward to sifting through the white papers, ponzis and pumps sure to fill my inbox in the coming months in order to find the game-changing diamonds in the rough. It’s going to be a wild ride. So buckle up, bring a barf bag and watch as the Crypto Rodeo brings out the bulls and bears.

This op-ed is a guest post by Jeremy Gardner. The views expressed are his own and do not necessarily represent those of Bitcoin Magazine.

The post Op Ed: How One Investor Is Riding the Cryptocurrency Token Wave appeared first on Bitcoin Magazine.

Posted on 22 May 2017 | 5:15 pm

ShapeShift Breaks New Ground With 'Prism' Digital Asset Portfolio Product

ShapeShift has unveiled a new product called 'Prism', one that brings a whole new style of investment to the cryptocurrency markets.

Source

Posted on 22 May 2017 | 12:00 pm

Consensus 2017: BitPay CEO Calls Bitcoin Fork 'Only Option' For Businesses - CoinDesk


CoinDesk

Consensus 2017: BitPay CEO Calls Bitcoin Fork 'Only Option' For Businesses
CoinDesk
BitPay's chief executive made the case for a fork at the bitcoin scaling discussion panel at CoinDesk's Consensus 2017 conference. The two-year debate has centered on the size of transaction blocks on the bitcoin network, passing through a few phases ...

Posted on 22 May 2017 | 11:38 am

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Consensus 2017: BitPay CEO Calls Bitcoin Fork 'Only Option' For Businesses

A panel focused on bitcoin scaling drew crowds at Consensus 2017 today, though panelists painted a somewhat murky picture of potential paths forward.

Source

Posted on 22 May 2017 | 11:30 am

Toyota's R&D Division is Building a Blockchain Consortium

Toyota Research Institute (TRI) is going big with a bold blockchain strategy unveiled as part of its exhibit at Consensus 2017.

Source

Posted on 22 May 2017 | 11:00 am

RSK Raises $3.5 Million, Launches Bitcoin Smart Contract Testnet

RSK Labs has received $3.5m in pre-Series A funding and opened up its production testnet to the public.

Source

Posted on 22 May 2017 | 10:59 am

Consensus 2017: IBM Thinks Blockchain Could Save Shipping Industry 'Billions'

Blockchain technology is poised to recover billions of dollars lost to coordination costs in both capital markets and the shipping industry.

Source

Posted on 22 May 2017 | 9:28 am

PwC Teams Up With Alibaba For Food Supply Blockchain Test

PwC Australia is partnering up with Alibaba and others on a trial that will find it seeking to provided added trust to the food supply chain.

Source

Posted on 22 May 2017 | 9:21 am

Consensus 2017: EU, India Governments See Path to Global Blockchain Adoption

Speakers during the opening panel of Consensus 2017 agreed that blockchain is set to go global – but differed on how the technology will get there.

Source

Posted on 22 May 2017 | 9:15 am

DCG Signs Up IBM, MasterCard And More For Enterprise Blockchain Effort

Digital Currency Group is launching a fourth subsidiary, one that finds the investment company branching out into enterprise blockchain development.

Source

Posted on 22 May 2017 | 8:59 am

Citi, Nasdaq Partner on Blockchain Payments Solution

Global financial institution Citi and stock exchange Nasdaq have partnered on a new blockchain payments initiative.

Source

Posted on 22 May 2017 | 7:54 am

JPMorgan Partners With Zcash on Blockchain Security

JPMorgan has partnered with the makers of zcash to provide a new layer of privacy to the users of its enterprise-grade blockchain.

Source

Posted on 22 May 2017 | 7:18 am

CoinDesk Previews New 'State of Blockchain' at Consensus 2017

See a sneak preview of CoinDesk's 'State of Blockchain' from our Consensus 2017 conference.

Source

Posted on 22 May 2017 | 6:30 am

AlphaPoint Taps into ICO Popularity With Token Launch Toolkit

Digital currency exchange software provider AlphaPoint is expanding into the market for ICOs with a white-label toolkit.

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Posted on 22 May 2017 | 6:00 am

Healthcare IT Firm Joins Hyperledger Blockchain Project, Codebases Activated

US firm Change Healthcare has joined the Linux Foundation-backed Hyperledger blockchain consortium.

Source

Posted on 22 May 2017 | 6:00 am

Blockchain Startup Libra Hires Former Siemens Chief Risk Officer

Blockchain startup Libra has announced a new hire as it expands its suite of enterprise-focused auditing tools.

Source

Posted on 22 May 2017 | 5:20 am

Bitcoin 'Activists' Redecorate Bitmain's Israeli Office With Protest Signs - CoinTelegraph


CoinTelegraph

Bitcoin 'Activists' Redecorate Bitmain's Israeli Office With Protest Signs
CoinTelegraph
“The Israeli Bitcoin community have experience organizing similar protests against Israeli banks and corrupted officials, so it was natural for us to apply that model to Bitmain,” it said. Reactions in r/Bitcoin were less than positive, however, with ...

Posted on 22 May 2017 | 5:04 am

China's Best-Funded Blockchain Startup is Rebranding for Expansion

One of China’s top-funded blockchain startups, Juzhen Financials, is rebranding to reflect its planned expansion into new industries.

Source

Posted on 22 May 2017 | 5:00 am

Bitcoin Miners Agree in NY on SegWit Activation "Before September": Sources - CoinTelegraph


CoinTelegraph

Bitcoin Miners Agree in NY on SegWit Activation "Before September": Sources
CoinTelegraph
The Bitcoin price run to $2,200 could be a result of SegWit activation coming to Bitcoin sooner than September 2017. On May 21 in New York, Bitcoin miners have reached an agreement to go for SegWit, according to miners sources. It has marked a good ...
Rumour Has it SegWit Will be Activated On The Bitcoin Network SoonnewsBTC
UASF - Bitcoin's emergency plan to enact SegWitBrave New Coin

all 5 news articles »

Posted on 22 May 2017 | 3:11 am

Banks Offering Cryptocurrency Services? A New Reality Is Arriving

Skandiabanken customers can now link bitcoin holdings to bank accounts, a signal cryptocurrency is finding its place in the broader fintech arena.

Source

Posted on 22 May 2017 | 3:00 am

Bitcoin Options Service LedgerX Raises $11.4 Million in Series B Funding

The parent company of bitcoin options exchange operator LedgerX has raised $11.4m in a Series B funding round.

Source

Posted on 22 May 2017 | 12:00 am

Bitcoin Options Exchange Raises $11.4 Million in Funding - U.S. News & World Report


U.S. News & World Report

Bitcoin Options Exchange Raises $11.4 Million in Funding
U.S. News & World Report
FILE PHOTO - A Bitcoin (virtual currency) paper wallet with QR codes and a coin are seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, May 27, 2015. To match Special Report BITCOIN-WRIGHT/PATENTS REUTERS/Benoit ...
Bitcoin Options Service LedgerX Raises $11.4 Million in Series B FundingCoinDesk
Bitcoin Surge Continues as Cryptocurrency Tops $2100 Amid U.S. Dollar PullbackTheStreet.com
$100 in bitcoin in 2010 now worth almost $73 millionRT
Investing.com -Finance Magnates -MyBroadband
all 13 news articles »

Posted on 21 May 2017 | 10:32 pm

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Consensus 2017: Smart Car Tech 'BlockBox' Wins CoinDesk Hackathon

BlockBox won CoinDesk's Consensus 2017 hackathon for its bid to make drones and smart cars safer to operate with blockchain. Black boxes have long been used to collect critical data during crashes and accidents, as explained Samuel Brooks, one of the team members, during BlockBox's presentation. But the team wanted to expand that idea to drones and […]

Source

Posted on 21 May 2017 | 7:35 pm

IRS Probe of Bitcoin Goes Too Far, GOP Warns - Fortune


Fortune

IRS Probe of Bitcoin Goes Too Far, GOP Warns
Fortune
A closely-watched fight between the Internal Revenue Service and a popular bitcoin exchange took a new twist last week, as senior Republicans in Congress sent a sharply-worded letter that suggests the tax agency is overstepping its powers. The letter ...

Posted on 21 May 2017 | 3:10 pm

IoT and Blockchain Technology Collide in the Payments Industry

IoT and Blockchain Technology Collide in the Payments Industry

The Internet of Things (IoT) and blockchain-based advancements in the payments industry were among the many themes explored at TRANSACT, a tech-centric, payments industry conference held on May 10–12 in Las Vegas.

A panel discussion entitled “How IoT is Revolutionizing Payments” included a brief discussion regarding the emerging intersection between the Internet of Things and blockchain technology in this industry.

On a similar trajectory as the blockchain, much attention has been given to the future of IoT, defined as an ecosystem of physical devices — from mobile phones to wearable tracking sensors — that gather and share electronic information with one another.

Research firm IHS Markit estimates that 30.7 billion IoT devices will be communicating with one another by 2021. This complements a global blockchain technology market that’s expected to grow from $210.2 million in 2016 to $2.3 billion by 2021 according to Market Reports Hub.

The collision between the IoT and blockchain worlds portends some important payments industry developments around the efficient tracking of device payment history, all supported by a ledger of secure data exchanges among devices, web systems and users. Further, this technological convergence also shows promise in terms of the use of smart devices that are programmed to conduct a variety of transactions such as the automatic issuance of invoices and payments.  

Dan Loomis, vice president and director of mobile product management at the business and financial software firm Intuit, is firmly entrenched in this evolving IoT/blockchain conversation through his work in creating payment experiences for businesses that operate on a global scale, and brought this expertise to the TRANSACT panel discussion.

In an exclusive interview with Bitcoin Magazine, Loomis remarked that for the small, emerging business clients he works with, cash is king. “For our team at Intuit, it all comes down to how we can help these businesses create immediate operating capital. The ability to quickly onboard clients into a payment service and to get paid quickly is really important. Their mantra is often ‘Pay me, pay me faster, and how can we as a business accept all methods of payment?’”

Loomis says that at his company and for the payments space in general, the thought of leveraging the blockchain’s immutable, permanent, auditable features is fascinating on a variety of levels. He notes that specific to Intuit, there is a lot of investigation going on into blockchain technology and how it may be applied to their payment models.

“We facilitate a lot of invoice, payable and receivable experiences for our clients. Aspirationally, being able to track these logistics in a manner that’s clear and transparent via blockchain [technology] would be very appealing. It has a high level of integrity as a technology and cannot be questioned in terms of its functionality.”

Healthcare is one vertical market that Intuit is targeting. Loomis says that in this industry there is always a trail of information that’s important to unravel and look at, from medical record information to who the patient’s service provider is. “I think that blockchain [technology] can help wrap this together and be a critical vehicle for a healthcare space that’s somewhat arcane and at the same time leading edge.”

When asked about the immense possibilities around blockchain technology and IoT in terms of it being fully leveraged at Intuit, Loomis remarked, “I have no doubt that a developer in our company ecosystem is at least thinking about this closely.”

Loomis believes that IoT and blockchain technology will emerge at Intuit when these technologies have a strong, demonstrated fit that can actually be matched with end user value. “I think market deploy in this space is one of those things we’ll see come to fruition when the time is right and it meets our customer benefit.”

The post IoT and Blockchain Technology Collide in the Payments Industry appeared first on Bitcoin Magazine.

Posted on 19 May 2017 | 2:10 pm

Bitcoin Price Analysis: Nearing a Bubble...but We’re Not There Yet

Bitcoin Price Analysis

Bitcoin has now shown about eight weeks of consecutive buying, leading into new all-time highs (ATHs) for the past three weeks. Trying to stay objective with mild to extreme euphoria in times like this can be difficult. As someone who was a new trader during the 2013 bubble, the chart is beginning to look very similar.

Market capitalization and trading volume both on exchanges and over-the-counter markets have hit ATHs as well.

Screenshot 2017-05-19 at 6.34.52 AM.png

Screenshot 2017-05-19 at 6.37.51 AM.png

Screenshot 2017-05-19 at 6.46.22 AM.png

Despite being in price discovery mode, there is an established, longstanding trend we can compare the current price against, as well as the entire left side of the chart. Past results don’t always predict the future, but they can influence it.

There are a few questions we can investigate:

  1. Is the price near an interim top?

  2. Is the price nearing parabolic conditions?

  3. Will the price continue on the previous trend at the same rate?

Looking at the monthly Bitstamp chart, there have not been too many candles of this proportion. This would suggest we are nearing bubble-like conditions.

stamp monthly.png

Price has also begun to close outside of the longstanding trend. This weekly candle has not closed yet, but if it does close outside of the diagonal, it will be the first weekly candle to do so. This again points to breaking the trend strongly to the upside.

stamp channel.png

Fibonacci retracement and extensions are admittedly partly magic voodoo, but there are plenty of traders who use and watch them to make the resistance and support levels legitimate. Drawing this Fibonacci from the local high established on March 10, 2017, to the low on January 14, 2015, several Fibonacci extensions emerge as well.

fib from low to local high.png

These can be seen as resistance levels, the next being the 1.618 at $2,088. Although the horizontal levels are arbitrary, we can confidently predict resistance based on the fit of the previous horizontals. Most of the prior “Fibs” match the price. This should be seen less as curve fitting and more as levels that just make sense. Based on the Fibonacci levels alone, there is not necessarily evidence for top or bubble just yet.

We can tease apart the trend even further by using the Fibonacci tool on each previous high and low.

stamp fibs.png

In the trend, a consolidation from the previous high to low has yielded a price that has seen resistance at the 2.272 Fibonacci extension. Currently, the price has exceeded the previous 2.272 Fibonacci extension and shown it was supported based on the multiple candle touches. This suggests price is moving faster than the previous trend as well as closer to bubble-like conditions.

For low-timeframe, intra-day trading, there was a long entry signal when the price cleanly broke the consolidation triangle. On the next correction, pullback or consolidation event, I’d expect the support diagonal (green) to remain the same.

coinbase triangle.png

Remember that splashy gold parity headline? BTC is now sitting several hundred dollars above it.

xau vs usd.png

Summary

  1. Bitcoin is making ATHs by almost every available metric: price, market capitalization, volume, hashrate, difficulty and fee per transaction.

  2. Although $2,000 is the next milestone and resistance target, the price will likely exceed that level based on the strength and rate at which the price is exceeding current trends.

  3. Watch for signs of a large pullback or correction in the near future, two to three months at the latest, based on previous price history.

Trading and investing in digital assets like bitcoin is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTCMedia related sites do not necessarily reflect the opinion of BTCMedia and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.

The post Bitcoin Price Analysis: Nearing a Bubble...but We’re Not There Yet appeared first on Bitcoin Magazine.

Posted on 19 May 2017 | 1:15 pm

How Blockchain Identity Trust Is Fostering New Applications in Healthcare

How Blockchain Identity Trust Is Fostering New Applications in Healthcare

Can identity trust be integrated with blockchain technology? The answer to that question appears to be yes, according to a recently completed proof-of-concept study conducted by Peer Ledger, a Canadian blockchain company; SAFE-BioPharma Association, the organization managing the global SAFE-BioPharma digital identity management standard; and Synchronoss, a leading provider of standards-based digital identities.

This development is believed to have significant implications for the use of distributed electronic ledgers (i.e., blockchains) for medical, pharmaceutical and other health system applications.

The purpose of the study was to demonstrate that cyber identities that comply with the SAFE-BioPharma standard may, via Peer Ledger APIs, enable blockchain identities to be de-anonymized, thereby fulfilling a requirement for double-blind clinical trials, audits and responsible supply chains. Prior to the study, identities associated with distributed electronic ledgers were entirely anonymous.

“Identity trust” means that there is trust in each cyber identity, using a process that proves the individual’s identity before linking it to the cyber credential. In general terms, it means that the credential can be trusted to represent the vetted identity of the individual one is doing business with but has never met face-to-face. This is critically important to the pharma/life sciences space because of several factors, including deterrence of hackers seeking valuable patient records and intellectual property, as well as compliance with regulations protecting patient data.

These discoveries underscore the power of blockchain technology to disrupt traditional practices for drug discovery, patient engagement and monitoring, payments and participatory healthcare delivery. Here, the technology leverages its quality as a shared, synchronized, distributed ledger of transactions, fostering security and decreasing fraud by providing a permanent record of who accessed ledgers and what activities they engaged in.  

The proof of concept demonstrated that SAFE-BioPharma-compliant digital identities can be tied back to the blockchain to assure trust in the identity of each person engaged in the transaction. Transactions can be anonymous until the end of a clinical study and “chained back” to the proven identity of the user, if needed, for regulatory or clinical purposes. Alternatively, the identities associated with each block can be known throughout the process, such as in track-and-trace applications for the medical supply chain.

Blockchain technology’s use of a group-consensus algorithm can be used to catch intentional or inadvertent double spending of an asset. For example, an accounts-receivable blockchain application can provide “multiple eyes” to prevent double invoicing. Similarly, a counterfeit-catching purchasing blockchain application can prevent harmful substances and devices from entering the medical system.

Ultimately, for blockchain technology to reach its full potential in any sector, myriad systems must be interoperable. Currently, healthcare technologies rarely work in a highly synchronized way with one another, which is why pharmaceutical and other medical companies that already have powerful identity management tools are trialing a number of different blockchain-based applications.

Thus far, these apps have been unable to bridge to the systems pharma companies use to establish identity credentials for their personnel. This is the problem addressed in the proof of concept. Peer Ledger has therefore developed software that now maps a trusted identity, from the Synchronoss-implemented Verizon Universal Identity Services system to blockchain credentials.

“Every SAFE-BioPharma-compliant identity credential accurately represents the proven identity of the person using it,” explains Mollie Shields-Uehling, president and CEO of SAFE-BioPharma Association. “Teaming these credentials with anonymous blockchain ledger postings enables use cases critical for overall cybersecurity across healthcare and the life sciences.”

When asked about future applications of all of this for healthcare, Shields-Uehling and Dawn Jutla, CEO and founder of Peer Ledger, highlighted three major areas of blockchain intersection.

Blockchain and clinical trials: In order to co-partner in the discovery of cures, patients may give pharmaceutical companies direct access to their digitized healthcare records, thus improving both data used for research and the speed of patient treatment. Britain’s Chief Scientific Officer, Sir Mark Walport, has argued that the National Health Service, which provides healthcare for 65 million people, should use blockchain technology to improve such tasks as the sharing of health records.

Blockchain and data collection: Earlier this year, IBM Watson Health announced it would work with the FDA to develop a secure, efficient and scalable exchange of health data using blockchain technology. Oncology data will be the initial focus.

Blockchain and personalized precision medicine: Blockchain technology’s cryptography will secure economical home healthcare sensor feeds. Trusted identity will be important to ensure that the right test results are associated with the right patient.

The post How Blockchain Identity Trust Is Fostering New Applications in Healthcare appeared first on Bitcoin Magazine.

Posted on 19 May 2017 | 12:41 pm

Bitmain May Be Infringing on the AsicBoost Patent After All

Bitmain may be infringing copyright

The AsicBoost controversy has added another chapter to its book.

Yesterday, law firm Getech Law published an open letter, which was subsequently confirmed to be legitimate by Timo Hanke, the initial submitter of the AsicBoost patent application. In the open letter, the law firm states that several chip producers and sellers are infringing on the intellectual property derived from the pending AsicBoost patent. As such, these companies should “cease production and sales activities of any products in connection to the pending patent application.”

While the letter does not state it explicitly, and Getech Law preferred not to name specific companies when asked by Bitcoin Magazine, the open letter seems to refer to recent revelations of Bitmain’s implementation of AsicBoost in their specialized Bitcoin mining (ASIC) chips. Indeed, if the letter’s claims hold up, Bitcoin’s biggest mining hardware producer may be unable to sell most of their hardware for the time being.

Otherwise, as Getech Law attorney Jun Ye told Bitcoin Magazine:

If the potential infringements cannot be stopped by the announcement and subsequent cease-and-desist letters, we will have no choice but to seek damages in court once our pending application is issued by the USPTO and other patent offices.

AsicBoost

AsicBoost has had a controversial history within the Bitcoin industry so far.

Initially patented by mathematician and former CoinTerra CTO Timo Hanke, AsicBoost is perhaps best described as a sort of “shortcut” that exploits a weakness in Bitcoin’s proof-of-work algorithm. By reusing some of their work, miners can save between 10 and 30 percent of the energy costs associated with mining. This can add up to a significant increase in profits over time — perhaps in excess of over $100 million per year if no other miners use it.

And it could be the case that no other miners would use it precisely because of AsicBoost’s pending patent. The patent application is therefore controversial, as some believe that such a state-enforced monopoly on using technology could further centralize and skew Bitcoin’s mining ecosystem. About a year ago several Bitcoin developers even proposed changing Bitcoin’s mining algorithm slightly in order to make AsicBoost’s technology obsolete.

But the AsicBoost controversy really exploded onto the scene several weeks ago, as it was discovered that covert use of AsicBoost is incompatible with Segregated Witness, the protocol upgrade proposed by the Bitcoin Core development team. Moreover, it was revealed that Bitmain had implemented the technology in its chips. This might explain why the Chinese mining giant has been opposing the upgrade so far — though the company denies this is the case.

Patent Infringement

Now, it seems Bitmain may not even be legally allowed to have AsicBoost implemented in its chips.

While Hanke was known to have submitted a patent for AsicBoost along with RSK CEO Sergio Demian Lerner, Bitmain initially claimed to hold the patent in China. As such, the company said it shouldn’t be a problem — from a legal perspective — to apply the technology at least within the Chinese jurisdiction.

But it now seems that Hanke claimed his worldwide priority date at the end of 2013, while Bitmain’s patent application stems from 2015. And because of the International Patent System (PCT), Hanke’s application should apply to China as well.

“Although Bitmain has also filed a patent application in China with similar features, we are confident that our patent application has an earlier priority date,” Ye told Bitcoin Magazine.

The patent application is not Hanke’s anymore. Two weeks ago, he sold the patent to Little Dragon Technology, a company based in California. According to Ye, Little Dragon Technology plans to operate in the Bitcoin industry, though it was not yet revealed how, exactly.

Either way, neither Hanke nor Little Dragon Technology gave anyone permission to use AsicBoost. This suggests, at least according to Getech Law, that anyone using AsicBoost is infringing on Little Dragon Technology’s intellectual property. And while Ye did not want to name any specific companies that may be infringing on the intellectual property — Bitmain or otherwise — he did reveal it may be more than one company.

As the open letter states:

“To date, no individual or business entity has been authorized to use or sell products based on the ASICBOOST patent application, yet some bitcoin miner manufacturers have implemented various features of the pending ASICBOOST patent in their mining hardware and firmware, potentially infringing the pending ASICBOOST patent.”

Consequences

In the open letter published yesterday, Getech Law wrote that ASIC producers should immediately cease production and sales of AsicBoost-related products. Additionally, the letter said infringers should contact Getech Law and disclose their relevant production and sales records since 2015. And it called on people who know more about potential patent infringement to contact the law firm.

If ASIC producers do continue to produce or sell AsicBoost-related products, Getech Law warned that there would be subsequent legal action.

“The open letter (announcement) is the first step to enforce my client’s IP rights. We hope that the community can become aware of the potential infringement,” Ye told Bitcoin Magazine.

The future for AsicBoost itself seems unclear, too. While debate over whether or not to disable it on a protocol level is ongoing within Bitcoin’s technical community, the open letter spoke of an “unfair advantage” it could give to miners.

And, speaking to Bitcoin Magazine, Ye said:

“We do not want to monopoly the market based on the pending patent. That is, we hope anyone who wants to use the technology can come to us such that we can negotiate reasonable license agreements for them to use the technology.”

Bitmain stated that they were not available for comment at time of publication.

The post Bitmain May Be Infringing on the AsicBoost Patent After All appeared first on Bitcoin Magazine.

Posted on 18 May 2017 | 11:12 pm

Norwegian Bank Grants Access to Bitcoin Investments Through Online Banking

Norwegian Bank Grants Access to Bitcoin Investments Through Online Banking

Norwegian online bank Skandiabanken now recognizes bitcoin as a new investment class and allows its customers to access their bitcoin holdings through its online banking platform, according to a Norwegian media report.

Through an integration of the Coinbase wallet, which enables the buying and storing of cryptocurrency holdings in bitcoin, ether and litecoin, the bank’s customers now have direct access to these holdings using Skandiabanken’s online banking.

Christoffer Hernæs, head of innovation and development at Skandiabanken, said that Skandiabanken “recognize[s] cryptocurrency as an investment class” and that it has “an equal footing with other securities.”

Skandiabanken is, therefore, one of the first financial institutions to publicly acknowledge bitcoin as an alternative investment asset class at a time when the vast majority of its competitors are shunning the cryptocurrency that many believe poses a threat to the current banking business model.

Hernæs also points out that Japan has recently moved to officially recognize bitcoin as a legal payment method, and that bitcoin’s average daily volatility has decreased from 10 percent to 4 percent last year.

Bitcoin’s decrease in volatility and the sharp increase in price over the last 12 months have led to a wave of new bitcoin users around the world. In Norway, more and more individuals are now also turning their eyes toward digital currencies, Hernæs stated.

Not all banks in Norway share Skandiabanken’s enthusiasm for offering its users access to bitcoin as a new investment class. Norway’s largest bank, DNB, closed the bank account of Norges Bitcoinforening, Norway’s Bitcoin association, in September 2016, citing concerns that the association’s funds may have a connection with money laundering and terrorist financing.

Hernæs acknowledges DNB’s concern in regard to the country’s strict anti-money laundering regulations that require a stringent assessment of each banking client. However, he also said, “We recognize that this is something people want to put their money in. When we think it is right to look at new solutions we can offer, we think it is a better approach than categorically thinking that this is scary.”

The head of Norway’s Bitcoin association, Stephan Nilsson, is pleased about Skandiabanken’s new Bitcoin service: “This is very positive. These are the signals we have been waiting for from the Norwegian banking industry.”

Skandiabanken joins the ranks of the very few banks in Europe that are embracing Bitcoin. Only Germany-based Fidor Bank and Georgia-based Liberty Bank offer similar services to its customers. Fidor Bank allows German customers to buy and sell bitcoin directly through a collaboration with bitcoin.de, and Liberty Bank allows its customers to buy bitcoin through its ATM network in Georgia.

The post Norwegian Bank Grants Access to Bitcoin Investments Through Online Banking appeared first on Bitcoin Magazine.

Posted on 17 May 2017 | 2:13 pm

CRYENGINE now accepts Bitcoin

Posted on 29 March 2017 | 1:24 am

Consulting firm EY Switzerland accepts Bitcoin

Posted on 26 November 2016 | 12:47 am

Steam accepts Bitcoin

Posted on 29 April 2016 | 1:09 am

Major Magazine Publisher to Accept Bitcoin Payments

Posted on 18 December 2014 | 12:43 pm

Microsoft accepts Bitcoin

Posted on 11 December 2014 | 5:06 am

Mozilla accepting Bitcoin

Posted on 20 November 2014 | 1:55 pm

PayPal and Virtual Currency

Posted on 23 September 2014 | 9:52 pm

Wikimedia Foundation Now Accepts Bitcoin

Posted on 30 July 2014 | 3:14 pm

Bitcoin Core version 0.9.1 released

Posted on 8 April 2014 | 4:27 pm

May 22, 2017 -
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