Many applications of blockchain focus squarely on the individual user and their privacy. The biggest advantage found in distributed ledger technology (or blockchain) is the verification of data by multiple parties. Businesses are beginning to understand the advantage of talking to each other without wasting time and money with third parties. Called ‘smart contracts’ the daily agreements between parties (B2B) are getting formalized.
For an example of how businesses can benefit from blockchain technology, look at the newest development from R3. Called Corda Enterprise, it’s a software for an array of businesses from FinTech to insurance and banking. Most companies today have some level of global exposure and require added layers of accessibility to information, as well as restrictions to access for others.
The enterprise blockchain platform is compatible with most business networks and integrates with most database servers like SQL and Oracle. it’s also fully interoperable and won’t lock vendors in. Which means companies can try it for a while and switch back to their old enterprise software for any reason. Corda enterprise also offers 24/7 support, disaster recovery and enhanced security. Corda enterprise is the commercial side of the open source blockchain customized for big business.
The Corda blockain considers its business driven technology to be the third wave of blockchain development behind Bitcoin and Ethereum. Most people are familiar by now with Bitcoin. The creator of Bitcoin, Satoshi Nakomoto, wanted a system of payments that avoided using a third party for transactions. The solution was to pay ‘miners’ in digital currency to verify the transactions. This distributed ledger system technology became the basis for other digital currencies like Ethereum, which expanded the capabilities of Bitcoin. Ethereum improved the ability of businesses to transact directly reducing duplications and inefficiencies. Corda’s improves on privacy and scales to billions where older technology can’t compete.
ZK3 – Medical Claims Management
One company using the Corda distributed ledger technology is ZK3. Their Medical Claim Management System allows both clinic/hospital and insurer to view the same details about the patient through a synced platform. When the patient makes a change or update to his/her status, everyone in the network is allowed to view it. This reduces inefficiencies in tracking down billing or address changes otherwise by mail or phone. When bills are paid by the insurance company the hospital as well as the patient can see it. Disputes get viewed by the same parties that have access to the individual patient.
Cordentity Identity Service
Cordentity is a identity application that runs on the corda platform. Indy created a digital identity to be used with Corda that prevents hacking of the user’s (patient) personal details. Developed by Luxoft for the benefit of user privacy and easy access for invited parties, it restricts data to those with permission. The interested parties could be hospitals, insurers, compliance officials and individuals hoping for greater control over their identity. Also, only the relevant information about the patient gets seen by the corresponding relevant vendor. Couriers wouldn’t need to see the diagnosis and doctors wouldn’t need to see the financial history.
HSblox – Healthcare Ecosystem
Another company trying to simplify the healthcare industry for everyone is HSblox. Using a combination of machine learning and distributed ledger technology to help reduce duplication of claims, eliminating transaction costs and eliminating claim denials. Mostly they’re interested in reducing claim denials from insurers by reducing the inconsistencies in the paperwork. When multiple parties use the same platform to verify a patient’s particulars, less conflict arises and fewer claims are rejected. This benefits both groups.
Brennan is a blockchain technical adviser in the healthcare sector and blockchain entrepreneur who has worked on developing proprietary concepts for both artificial intelligence and enterprise blockchain. He is a graduate of Rutgers University School of Health Professions where he earned a M.S. in biomedical informatics.
Crypto ban in India rumors loom again
Crypto ban in India rumors is looming in the country again. Unocoin founder says rumors are bad for business. And earlier RBi crypto ban in India was quashed by the court. The potential news of the crypto ban in India to be quashed soon sends forth a wave of unanswered questions across the Indian digital […]
- Crypto ban in India rumors is looming in the country again.
- Unocoin founder says rumors are bad for business.
- And earlier RBi crypto ban in India was quashed by the court.
The potential news of the crypto ban in India to be quashed soon sends forth a wave of unanswered questions across the Indian digital market and disrupts the crypto field every now and then. With Unocoin, an old player of the crypto market adding hundreds of clients to its network daily, its Co-Founder Sathvik Vishwanath deems the ban merely speculation and news that spreads bi-yearly coinciding with the parliament session uptake.
He furthers that the news does little to the business but overall slows down the growth of the industry. While recently an Indian Bitcoin trader was forced to commit suicide after killing his wife and two children.
Crypto ban in India
Reserve Bank of India, in a bid to diminish crypto trade, had notified financial institutions to not cater to cryptocurrency-based firms and clients, however, the supreme court had canceled the notice confirming the country’s open outlook towards crypto dealings.
Vishwanath highlighted the critical need for acknowledging cryptocurrencies as a digital commodity. The vague classification and lack of information on whether it is a currency, commodity, or asset or equity keep business users confused about what rules apply to it from a taxation point of view.
The absence of clarity and standardized regulations are ongoing issues with the trade and Vishwanath believes it is playing a role in hindering its consistent growth in the region. To work around it many crypto owners have registered their firms abroad as a means to solidify business strength says, Vishwanath.
Recognizing the market potential within the region, Vishwanath informed a monthly $300 – $500 crypto trade constantly being witnessed and predicts a stark increase as more people are educated about this field’s know-hows.
Approximately 0.3 percent of India’s population is said to have knowledge of the digital trade, and Vishwanath sees it’s potential going up 5 percent. The brokerage intends to add more digital products to its lineup as and when the market demands. As per Vishwanath’s experience, 2020 has seen a major shift in focus on digital trade and has witnessed up to 500 customers signing up daily. He predicts strong investment opportunities within the field.
TA: Bitcoin Key Indicators Suggest Risk of Extended Downside Correction
Bitcoin price is down over $500 from the $13,850 swing high against the US Dollar. BTC is showing bearish signs and it could even decline below the $13,000 support.
- Bitcoin failed to stay above the $13,500 support and declined below $13,200.
- The price is currently consolidating near $13,200 and the 100 hourly simple moving average.
- There is a key contracting triangle forming with support near $13,220 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to resume its decline below $13,200 and $13,100 in the near term.
Bitcoin Price Starts Downside Correction
Bitcoin price traded to a new monthly high at $13,850 before starting a major downside correction. BTC broke the key $13,500 support level to move into a short-term bearish zone.
The decline gained pace below the $13,200 level and the 100 hourly simple moving average. The price even spiked below the $13,000 level and traded as low as $12,899. Recently, there was a recovery wave above the $13,000 and $13,100 levels.
The price traded above the 23.6% Fib retracement level of the recent decline from the $13,850 high to $12,899 low. Bitcoin is currently consolidating near $13,200 and the 100 hourly simple moving average.
There is also a key contracting triangle forming with support near $13,220 on the hourly chart of the BTC/USD pair. If there is a downside break below the triangle support and $13,200, there is a risk of a fresh decline. The next major support is near the $13,000 level.
If the bulls fail to defend the $13,000 support level, it could open the doors for an extended downside correction towards the $12,600 level or $12,500 in the coming sessions.
Upside Break in BTC?
If bitcoin stays above the $13,200 support level, it could clear the triangle resistance near the $13,315 level. The next key resistance is near the $13,375 level. It is close to the 50% Fib retracement level of the recent decline from the $13,850 high to $12,899 low.
The main hurdle for the bulls is near the $13,500 level, above which the price is likely to restart its rally and it could even revisit the $13,850 high.
Hourly MACD – The MACD is likely to move into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 50 level.
Major Support Levels – $13,200, followed by $13,000.
Major Resistance Levels – $13,315, $13,375 and $13,500.
MicroStrategy CEO Michael Saylor HODLs $230M Worth Of Bitcoin Privately
Michael Saylor, the founder and CEO of the Nasdaq-listed company MicroStrategy, has revealed that he personally HODLs nearly 18,000 bitcoins.
Additionally, he announced that his company has instituted a new Bitcoin-oriented treasury reserve policy and plans to make further BTC purchases.
Michael Saylor Owns 17,732 Bitcoins
The CEO of MicroStrategy has a somewhat compelling history with Bitcoin. As CryptoPotato reported recently, he said in 2013 that BTC’s days are “numbered.” However, he has completed a one-eighty since then and has been quite bullish on the cryptocurrency in recent months.
The company that he founded more than three decades ago bought a total of 38,250 bitcoins in two batches. This substantial amount represents 0.18% of all bitcoins ever to exist.
Apart from MicroStrategy’s holdings, Saylor disclosed today his own BTC balance.
“Some have asked how much BTC I own. I personally hodl 17,732 BTC, which I bought at $9,882 each on average. I informed MicroStrategy of these holdings before the company decided to buy Bitcoin for itself.” – he tweeted.
To put his Bitcoin holdings into USD perspective, the amount equals $230 million, with BTC’s price trading around $13,000 per coin at the time of this writing.
MicroStrategy’s Bitcoin-Focused Reserve Policy
In a recent interview, Saylor also revealed his company’s Q3 results. Apart from displaying impressive quarterly numbers, MicroStrategy’s CEO announced a compelling new treasury reserve policy that focuses on Bitcoin.
“We have also instituted our new treasury reserve policy, which states that Bitcoin will be the primary treasury reserve asset for the company for capital that exceeds our working capital needs.”
MicroStrategy plans to purchase even more bitcoins as the company generates cash beyond what it needs to run the business of a day-to-day basis.
Millions of (Unrealized) Profit
Having in mind Saylor’s averaged price when he bought his BTC stack, simple math shows that he spent a little over $175 million. As mentioned above, the 17,732 bitcoins now have a value of over $235 million. As such, his profit, should he choose to sell the coins now, would be north of $50 million.
Additionally, a popular cryptocurrency commentator Kevin Rooke brought up similar statistics regarding MicroStrategy’s numbers. He said that the Nasdaq-listed company had earned $78 million in the last three and a half years from their business endeavors. However, if they sell their BTC stack now, their profit will be about $100 million in just two months.
It’s worth noting that to register profit or a financial gain, one has to sell the asset he has previously purchased. Since neither MicroStrategy nor its CEO had actually disclosed selling their Bitcoin holdings, the numbers above provide a hypothetical viewpoint instead of hard numbers.
Featured Image Courtesy of The Business Journals
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