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3 Common Blockchain Traps to Avoid

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There
are many myths and common traps surrounding blockchain that are hindering
businesses from fully harnessing its true potential. Although the
technology is now past the “trough of disillusionment
phase, many business executives are still not fully confident in their understanding
of blockchain.

Debunking these blockchain traps can help business leaders track a path to achieve success with their pilot solutions.

Trap #1: Blockchain is essentially bitcoin

Many business leaders
assume that bitcoin is the blockchain— and so they cannot integrate
cryptocurrencies in their businesses. However, the truth is that bitcoin is
implemented over the blockchain framework. True, bitcoin is the most popular
application of blockchain but it does not mean blockchain is only meant for
cryptocurrencies. This is a common trap to avoid.

While
cryptocurrencies rely on the public permissionless blockchain framework, there
other versions of blockchain that
are particularly useful for businesses. For instance, a private permissioned
blockchain framework is most relevant to enterprise applications with a focus
on privacy. Permissioned blockchains emphasize privacy and as such, require
permission to validate transactions. They are usually widely implemented in
situations that require collaboration between businesses such as the supply
chain.

Business executives need to understand its marketplace and industry well enough to able to pinpoint how blockchain might make every process better. The key to success is aligning business processes and services with the technology to effectively address your clients’ market needs.

Trap #2: Implementing new technology like blockchain is cool

The appeal of becoming an
early adopter of emergent technology draws many business leaders to the
prospect of launching their own pilot programs. What lots of people find is
that while they leave behind old systems of records, they exchange them for new
demands. Sure, there will be more improvement in terms of cost savings and
efficiency, but blockchain implementation often comes with its set of
challenges.

Taking interest in
emerging technologies is important, but so are planning, talent, resources,
collaboration and a host of other factors. The blockchain solution being
explored should be driven by customer value rather than simple interest. Asking
the following questions could help clarify the applicability of blockchain:

  • Does the new solution
    enhance experience for end customers?
  • Will it offer great value
    to unfulfilled or under-served needs?
  • Can it accomplish
    complete or partial disintermediation?
  • Does it improve
    transparency by digitizing and preserving the provenance of an activity?

These four questions can help companies to identify suitable use cases for blockchain in their business operations. While having an enthusiasm for blockchain is sensible, it is important for companies to carefully evaluate how the technology can be used to solve tough business problems when other technologies fail. Otherwise, blockchain initiatives will fail and discourage people from using or exploring them.

Trap #3: Industry-wide collaboration is required to make blockchain implementation successful

Some business leaders
mistakenly believe that unless everyone else is part of it, blockchain cannot
be successful. So they want to wait till someone takes the lead, sets standards
and builds a usable infrastructure for effective deployment of blockchain
before they can jump into the train. This is a mistake.

Although joining a
consortium can help accelerate the implementation process, companies could
benefit more if they built the blockchain solution on their own. Rather than
outsource from outside, firms could take the DIY approach and develop their own
private blockchains. This approach also allows the company to maintain a high
level of trust and data integrity when dealing with different sets of partners.
It also makes it easier to integrate legacy systems that are unique to the
business. As a result, companies can benefit significantly in terms of cost and
time savings by implementing blockchain.

For instance, deploying blockchain in the supply chain has resulted in reducing shipment errors. It includes effective and real time tracking of goods from one port to another among other benefits in this industry.

This article was originally posted on businessblockchainhq.com

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Blockchain

$300 Million In A Day, $1 Billion In The Last Week – Grayscale’s Impressive AUM Growth

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Amid the most recent cryptocurrency price developments, Grayscale Investments has increased its assets under management (AUM) by over $1 billion in a week. Perhaps even more impressive is the AUM increase in a day – a “cool” $300 million.

Grayscale’s AUM Explodes In October

CryptoPotato reported Grayscale’s Q3 2020 record-breaking earnings last week. The company highlighted that it purchased over $720 million worth of BTC on behalf of its clients. Adding the price performance of the different cryptocurrencies assets under its management, the total AUM grew to $5.9 billion.

Although October started a bit sluggish in terms of price movements, the situation changed approximately a week ago. The total market cap grew with over $40 billion in that time. Most of the gains came after news from PayPal that it will enable its US-based customers to buy, sell, and store cryptocurrencies.

Naturally, as the prices started seeing fresh highs, Grayscale’s AUM felt the effects, and the company reported its growth to $7.3 billion. This meant a $1.4 billion increase in less than a month and a $1 billion expansion in a week.

According to Grayscale CEO Barry Silbert, the PayPal effect marked the addition of a “cool $300 million in AUM in one day.”

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Bitcoin And Ethereum (Still) Lead The Way

Somewhat expectedly, the two largest cryptocurrencies by market cap are responsible for the majority of Grayscale’s AUM. With over $6 billion, the Grayscale Bitcoin Trust accounts for nearly 83% of the total amount, while Ethereum’s share is significantly lower – about 13%.

It’s also worth noting that those are the only two company products directly reporting to the US Securities and Exchange Commission. The Grayscale BTC Trust received such approval months ago. The Grayscale Ethereum Trust filed a Form 10 with the SEC this summer, and the Commission approved it in early October.

As a result, accredited investors who own or purchase shares from either company products’ private placements can take advantage of enhanced liquidity. This is a direct consequence of the reduced statutory holding period from 12 to 6 months.

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Source: https://cryptopotato.com/300-million-in-a-day-1-billion-in-the-last-week-grayscales-impressive-aum-growth/

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LINK Bulls Activate With 12% Daily Increase But Can They Break $12.5 Resistance? (Chainlink Price Analysis)

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LINK/USD – Bulls Form Ascending Price Channel

Key Support Levels: $11.50, $11, $10.50.
Key Resistance Levels: $12.33, $13, $13.50.

LINK bounced higher from the support at $8.77 at the start of October. From there, it started to form an ascending price channel. The coin recently bounced higher from the lower boundary of this price channel as it reversed from the $9.80 support on Wednesday.

Yesterday, LINK pushed as high as $12.33, where it met resistance at a bearish .5 Fib Retracement combined with the channel’s upper boundary. LINK is now trading at $12 as it faces the $12.33 resistance.

linkusd-oct23
LINK/USD Daily Chart. Source: TradingView

LINK-USD Short Term Price Prediction

If the buyers can break the resistance at $12.33 and push above the channel’s upper boundary, the first level of resistance lies at $13. Above this, resistance is expected at $13.50 (bearish .618 Fib), $14, $14.72, and $15.20 (bearish .786 Fib).

On the other side, the first level of support lies at $11.50. Beneath this, additional support lies at $11, $10.50, $10, and $9.80 (lower boundary of price channel).

There is some bearish divergence that could potentially be forming between RSI and the price. It will be important to watch this divergence to see if it plays out over the next few days as it could potentially send LINK toward the lower boundary of the price channel again.

LINK/BTC – Buyers Battling To Reclaim 0.001 BTC.

Key Support Levels: 0.0009 BTC, 0.000868 BTC, 0.00082 BTC..
Key Resistance Levels: 0.00094 BTC, 0.001 BTC, 0.00108 BTC.

Against Bitcoin, LINK is currently trading at the 0.0094 BTC resistance level. The buyers attempted to break above 0.001 BTC earlier in the month but failed miserably. A bearish .382 Fib Retracement level provides the resistance here, and it caused LINK to roll over until support was found at 0.00082 BTC a few days ago.

Since reaching this support, LINK has rebounded higher and is now facing resistance at 0.00094 BTC before it can make another attempt at 0.001 BTC.

linkbtc-oct23
LINK/BTC Daily Chart. Source: TradingView

LINK-BTC Short Term Price Prediction

Looking ahead, once the buyers break 0.00094 BTC, the first level of resistance lies at 0.001 BTC (bearish .382 Fib). This is followed by resistance at 0.00108 BTC (bearish .5 Fib), 0.00112 BTC, and 0.00116 BTC (bearish .618 Fib).

On the other side, the first level of support lies at 0.0009 BTC. This is followed by added support at 0.000868 BTC, the rising trend line, 0.0008 BTC, and 0.00075 BTC (downside 1.414 Fib extension – purple).

The Stocahstic RSI recently produced a bullish crossover signal that allowed LINk to rebound higher.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/link-bulls-activate-with-12-daily-increase-but-can-they-break-12-5-resistance-chainlink-price-analysis/

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2020 Presidential Election Structure in Georgia Hit With a Ransomeware Attack

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Local government networks were the target of a recent ransomware attack in a county in the state of Georgia. The key voting infrastructure assault reportedly managed to affect “critical systems” within the network.

The First Ransomware Attack For This Election Season

According to a recent CNN news report, the attack on Georgia’s Hall County was disclosed on October 7, while the aftermath of the hit is starting to emerge now. As per the release “critical systems within the Hall County Government networks” suffered the intrusion and this might be the first ransomware attack for this election season in the United States.

Katie Crumley, a Hall County spokesperson, said that among the affected systems in the county are the signature database, plus a voting precinct map hosted on the county’s website. However, she added that the personnel is now being successful in bringing some of the programs back to operational.

“We are currently bringing various programs back online, and those two items are included in that process,”. However, the voting process for our citizens has not been impacted due to the network issues.” – Crumley added.

As per the news report, the belief is that the attackers didn’t aim to specifically targeted election systems and that several other county functions like phone and email services had suffered as well.

Officials from Hall County report that third-party cybersecurity professionals are working to hasten the recovery.

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More Ransomware Attacks On The Horizon?

The Georgia Hall County ransomware attack has been reported as the first incident to directly strike election-related infrastructure. However, this wasn’t the sole case of such a scale in the last months.

“At least 18 county or municipal bodies have been impacted by ransomware since the beginning of September — about three per week — so it’s very likely that other bodies will be hit in the run-up to the election.” – Said Brett Callow, a threat analyst at the security firm Emsisoft.

Aside from this, ransomware attacks are omnipresent in other countries and companies. In July such an intrusion hit Argentina’s largest telecommunications company Telecom. Back then, the cybercriminals demanded a $7.5 million ransom to be paid with the privacy coin – Monero (XMR).

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Source: https://cryptopotato.com/2020-presidential-election-structure-in-georgia-hit-with-a-ransomeware-attack/

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