PayPal Could Go Down Like Nokia Did If It Doesn’t Adapt to Blockchain Tech

PayPal Could Go Down Like Nokia Did If It Doesn’t Adapt to Blockchain Tech

                                

PayPal, the global online payments and money transfer system,

has begun investing in blockchain technology. But according to their chief financial officer John Rainey, the firm is hesitant about getting involved in the cryptocurrency sector. Speaking in an interview with Yahoo Finance on May 7, Rainey pointed out that PayPal briefly allowed their merchants to accept Bitcoin (BTC) as a form of payment, but that feature was shut down due to the currency’s instability and volatility.

Adding to this, Rainey said:

“We have teams clearly working on blockchain and cryptocurrency as well, and we want to participate in that in whatever form it takes in the future. I just think it’s a little early on right now.”

PayPal Is Not Focused on Blockchain and Crypto

Rainey stated that currently PayPal is focused on other areas of growth rather than trying to incorporate a cryptocurrency payment system. He then revealed that PayPal made a $500 million investment with Uber, because the two companies are planning to build a payments platform together.He also added that PayPal made a deal with Instagram, that they would be a payment provider for people shopping on the popular social media platform. Moreover, as if these deals and partnerships weren’t enough, the global payments giant remains on the hunt for other major acquisitions.

Final Thoughts

Although PayPal was previously focused on the research and development of blockchain technology, as they filed a variety of cryptocurrency and blockchain-related patents, it appears the company is taking a different approach in 2019. If PayPal fails to acknowledge the potential of cryptocurrency and blockchain technology, or to allocate the time and resources to develop and implement their own solutions, they could quickly fall behind with outdated payment technology.

After all, the cryptocurrency industry moves extremely fast, and new products and payment developments are being developed at this moment that could very likely surpass PayPal. Will cryptocurrencies ever make PayPal obsolete? Or will the global payments provider quickly adapt when the time comes? Let us know what you think in the comment section below.

Article Produced By
Jeremy Wall

Jeremy is a financial writer and aspiring investor. He is also a cryptocurrency enthusiast that’s fascinated with blockchain technology and the financial markets. When he’s not researching and learning about cryptocurrency, he’s traveling the world with his dog and girlfriend.

https://www.investinblockchain.com/paypal-go-down-nokia-doesnt-adapt-blockchain-tech/

Successful Blockchain Projects in the Gaming Industry

Successful Blockchain Projects in the Gaming Industry

                                  
 

 

Blockchain technology is slowly being implemented in a number of industries,

from medicine to the legal industry and artificial intelligence. Naturally, the high-tech gaming industry is no exception.

Game.com

The Game.com project is a unique service based on blockchain, which aims to organize a global gaming platform using cryptocurrencies. Simply, this platform will serve as a place where developers will be able to do marketing, thereby introducing users to their gaming products. Purchase of any game through the platform will be made using a one-of-a-kind internal token of the GTC system. Developers offer using cryptocurrency to provide solutions for digital currency in many entertainment services. The project team considers the playing field a great way to push blockchain technology to the fastest pace of development, thereby increasing its popularity.

DMarket

The first working marketplace on blockchain, DMarket, plans to solve all these problems and provide the global game community with the opportunity to become real and full owners of the extracted virtual assets. Once on the DMarket blockchain, the items are “assigned” to their owner—just like Bitcoins or Ethereum in a personal wallet. No one can reassign or unreasonably block these assets. With the help of DMarket tokens, the internal currency of the marketplace, any of these items can be quickly sold, bought, or exchanged, regardless of the game or the game platform. Thus, over 2 billion people will be able to become creators and participants of the new sector of the global economy with a potential turnover of $450 billion.

FirstBlood

FirstBlood has launched a platform that will allow players of multiplayer online games to compete with each other and receive money if they win. The platform will create special judicial commissions that will judge primary online contests and decide which team won. Also, the creators expect that through the platform, players and sponsors will be more comfortable to find each other. Sponsors will be able to see a little-known and previously unnoticed team. Also, users can bet on the outcome of matches. All winnings will be paid in 1ST currency.

EON

Blockchain and smart contracts can eliminate intermediaries, which will increase the profits of game creators and make them more accessible to gamers. The EON project plans to solve that. EON is a decentralized, transparent and secure structure with a copyright protection system for game developers, virtual reality systems, and gamers. The project aims to help developers from around the world to enter the video game industry, show their capabilities, and take a worthy place among the creators of game developers.

EON is built on Ethereum technology. This platform will give players the chance to not only play games but also share them with other users. However, the biggest advantages await the developers, because now they will be able to place their games on the platform without commissions, receiving all the profits without intermediaries. Thus, the games will become cheaper for users.

PIXELBIT

One upcoming and promising project in gaming industry based on blockchain technology is PIXELBIT (PXB Token). This is a special cryptocurrency based on the Ethereum blockchain, which serves as the basis for in-game purchases, opens up additional content, and also represents the original system for earning PXB coins during the game.

The company’s goal is to create an innovative system that not only stimulates game developers to implement blockchain, but also provides real tangible rewards to gamers playing games with PXB support. By giving players the opportunity to earn money during the game, as well as directly allowing them to spend this currency on game awards and additional content, they strive to create a living, cost-effective system that makes games even more profitable, enjoyable, and worthwhile. Cryptocurrency helps to increase the spread of unique and high-quality gaming platforms that allow users to cover a wide range of skill sets. Using blockchain technology, the game industry offers its players to more fully and comprehensively immerse themselves in the gameplay.

Article Produced By

Bitcoin News – Bitcoin News source since 2012

https://thebitcoinnews.com/successful-blockchain-projects-in-the-gaming-industry/

Ctrip Options Trader Is Buying The Trade War Dip

Ctrip Options Trader Is Buying The Trade War Dip

Stocks tied to China have taken a big hit this week,

including Chinese online travel company Ctrip.Com International Ltd CTRP 2.67%. Despite a 7.7-percent sell-off since last Friday, one option trader stepped in with some large bullish bets on Monday. Throughout the day on Monday, Benzinga Pro subscribers were notified of several unusual options trades related to Ctrip.

The Trades

The largest of the series of trades was a purchase of 2,864 Ctrip call options at a $44.50 strike price that expire on May 17. The calls were purchased at the ask price of 40 cents and represent a $114,560 bullish trade ahead of the company’s earnings report expected on May 21. The break-even price for the call options is $44.90, more than 10 percent above Tuesday's trading price. The large buy took place roughly an hour after another Ctrip options buy of 509 Ctrip call options at a $45 strike price that expire on May 31. The $50,900 bullish bet could have been made by the same trader.

Options Insight

Due to the relative complexity of options trading, options traders are often seen as more advanced than the typical stock trader. Even if they aren’t trading options themselves, stock traders often watch for unusual options trades to provide some potential insight into what advanced institutional or wealthy individual traders may be thinking.

Trade War Pessimism Overdone?

Monday’s Ctrip option trader may believe the stock has been unjustly punished on trade war fears. That trader may believe first-quarter earnings will surprise to the upside and/or a trade deal isn’t as far off as this week’s negative headlines suggest. If it's the same trader behind both trades, he or she took one position ahead of earnings and one position after earnings. The larger position expires prior to earnings and will only pay off if the stock rallies on optimism prior to the earnings date.

Unfortunately, bullish call buying can also be a hedge against a larger bearish stock position, and it’s impossible to be 100 percent certain if an option trade is a hedge or not. However, given the Ctrip option trades’ relatively small size, it’s unlikely to be a hedge in this case. At time of publication, Ctrip's stock traded at $41 per share.

Article Produced By
Wayne Duggan
Wayne is a Benzinga Staff Writer

https://www.benzinga.com/trading-ideas/long-ideas/19/05/13684077/ctrip-options-trader-is-buying-the-trade-war-dip

Blockchain Firm SETL Sidesteps Insolvency to Return as Leaner New Entity

Blockchain Firm SETL Sidesteps Insolvency to Return as Leaner New Entity

Blockchain infrastructure firm SETL Development Ltd.,

which filed for insolvency in March, is back as a trimmed-down new entity formed by its management team.The new company, SETL Ltd., said Friday that it has now acquired the operating assets, staff and intellectual property (IP) rights of the old entity. Further, the company has reached an agreement with “all major clients” to continue the firm’s previous support and development activities. SETL Development Ltd, which went into administration in March, is now being wound down.

At the time, the the firm said it had filed for insolvency because its finances were not adequate to meet the regulatory requirements for both SETL and its ID2S central securities depository (CSD) initiative. It added it was seeking to place ID2S with “a larger financial services firm.” Sir David Walker, chairman of SETL Ltd., said today that the two objectives of appointing its administrator, Quantuma LLP, “to help shape the future structure to enable the firm to balance its strategic infrastructure holdings and continue its software development activities” have been met within the expected timeline.

The new entity said it has also restructured its balance sheet and simplified its business model, and will now offer blockchain-based solutions across different areas to deliver “robust” financial performance for its shareholders. Executives from the first iteration of the company now occupy positions in SETL Ltd. including Philippe Morel as CEO (formerly also CEO), and Peter Randall (who founded the original firm in 2015) as president. Sir Walker was also chairman of the old SETL.

The firm’s also appointed Philip Bond, professor at Manchester University, to its board. Bond previously headed SETL’s cryptography and cyber security committee and will direct the same activities at SETL Ltd. going forward. SETL notably received a license from France’s securities regulator to operate its ID2S CSD last October.The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Article Produced By
Yogita Khatri
Yogita Khatri

https://www.coindesk.com/blockchain-firm-setl-sidesteps-insolvency-to-return-as-leaner-new-entity

Blockchain-for-Land: What We Are Getting Wrong and How to fix it

Blockchain-for-Land: What We Are Getting Wrong and How to fix it
            

The flurry of activity related to blockchain-for-land

over the past few years is impressive, with a num ber of firms working with land registries worldwide. Yet, skepticism is growing around the technology’s potential for land administration due to the fitful growth of various pilots. Some projects, notably those in Georgia and Dubai, do continue to grow. But other blockchain-for-land efforts — such as those in Vermont, Brazil and Ukraine — have succumbed to “pilot-itis.” These projects worked on a small scale, and were even replicated, but haven’t been able to reach larger populations.

There are a few noticeable trends behind why some projects scaled and others didn’t. Pilots that struggled to expand ignored influential stakeholders in the early stages. Or, projects tried to address problems for which blockchain was an ill-suited solution. There were frequently unrealistic expectations concerning outcomes, partially due to a lack of blockchain education. Projects are too often undertaken by governments enthusiastic about the technology, but fuzzy on how it works and what it can deliver. Sometimes, a project was implemented under the wrong bureaucratic or legal conditions.

A land registry should first think more critically about its capabilities, needs and ecosystem before implementing a blockchain-based solution. A set of recommendations to assist land officials during their exploration and implementation of blockchain is below:

Get tech experts and land experts in the same room

Blockchain is a database technology at its most basic, while land administration is a public issue with wide-ranging political, social and economic impacts. So, the stakeholders in the room need to understand both technology and land. Those are usually two different sets of people.

A blockchain-for-land project should engage with political, technical and socioeconomic stakeholders from the very beginning. For example, senior land officials can provide long-term strategic vision, and also possess the experience to spot unintended consequences and risks related to blockchain. IT professionals understand technological nuances and can better evaluate blockchain as a back-end technology. Finally, outreach to the broader real estate community can help to promote blockchain as a tool to improve business operations.

Identify the problem and determine whether blockchain can actually solve that problem

Stakeholders must work together to answer the following question: What is limiting the everyday functionality of the land registry? There are many possible responses, ranging from undocumented land rights to record manipulation, poor service delivery and sloppy paper-based storage. But blockchain can’t solve every problem, and identifying the specific issue to be solved will help determine whether blockchain is an appropriate answer.

Blockchain will not address problems related to inaccurate, outdated or nonexistent records. Nor is the technology particularly helpful in cases in which records aren’t digitized. It can’t rewrite land laws or improve the institutional capacity of a registry, either. Blockchain is useful for solving issues concerning corruption, lack of trust, inefficient services and secure data. Still, the technology isn’t a cure-all, and stakeholders must be realistic about the potential of blockchain:

  • Blockchain replicates data across many computers or servers, increasing the resiliency of a land registry database.
  • A blockchain-based system allows users to view the same data and track processes in real time, fostering greater transparency in land administration and real estate.
  • It’s more difficult to attack a blockchain-based solution because, in part, it lacks a sensitive central point to target, leading to greater protection against hacks.
  • Land records are more tamper-resistant in a blockchain because control is distributed, all users verify new data through consensus and all data is paired with a unique fingerprint — or hash — to ensure integrity.
  • Data sharing, combined with smart contracts and digital signatures, can help to streamline workflows, remove non-value-add intermediaries and decrease transaction times for registries, real estate firms and customers.

Check if blockchain can scale in your environment

Pilot projects are a good first step to test a solution, but many struggle to expand. A big reason is that the enabling environment — the legal, bureaucratic, financial and political conditions — doesn’t facilitate scaling. For example, it’s difficult to scale a blockchain-for-land project in a fragmented land administration system, such as the county-based system in the United States. It’s likely more efficient to deploy a blockchain on a nation-wide registry, or in a system within which local offices maintain technical interoperability and follow the same rules.

Pertinent laws and regulations must also change. No project exists in a vacuum; it’s subject to the rules of a particular jurisdiction. Governments may need to adapt or pass legislation that allows for land administration and/or real estate transactions to take place in the digital realm. Last, buy-in from entrenched stakeholders profiting from the current system is usually critical if any reform project is to succeed. This process can be very difficult, but it’s sometimes possible through demonstrating the long-term benefits of the reforms.

As with most solutions to complex problems, technology alone is insufficient. Land registries must also consider the people and processes involved in reform efforts. After all, it’s individuals and institutions that are behind the ways in which technology is developed and deployed. In order to better insure innovation and reform, land officials must think more critically about their capabilities, needs and ecosystems. Blockchain-for-land can positively affect populations around the world — if implemented correctly.

Article Produced By
Tim Robustelli

Tim Robustelli is a Program Associate with the Future of Property Rights Program at New America, a think tank based in Washington, D.C.

https://cointelegraph.com/news/blockchain-for-land-what-we-are-getting-wrong-and-how-to-fix-it

Microsoft Releases Blockchain Manager App

Microsoft Releases Blockchain Manager App
           

Microsoft announced its fully managed Azure Blockchain Service

in a press release on May 2. The new blockchain-as-a-service (BaaS) platform will purportedly allow users to build blockchain applications on preconfigured network. According to Microsoft’s head of corporate communications, Frank Shaw, this service “simplifies the formation, management, and governance of consortium blockchain networks.”

Shaw further noted that Azure Blockchain Service can create a new consortium network “in a few simple clicks,” or let the user perform basic operations like adding new members to the network. Quorum, an open source blockchain platform backed by JPMorgan Chase, is the first platform that can be managed via Azure Blockchain Service. Azure CTO Mark Russinovich

explained the choice:

“Because it’s built on the popular Ethereum protocol, which has the world’s largest blockchain developer community, Quorum is a natural choice.”

Microsoft Azure released its blockchain app creation service Azure Blockchain Workbench in May 2018. This platform was also designed to automate aspects of blockchain-related work — in this case to streamline blockchain app development by providing readily available infrastructure for the developer.

In October 2018, Microsoft Azure joined forces with Nasdaq. Nasdaq opted to integrate Azure blockchain technology into its financial framework with the expectation that it would speed up transactions. On April 30, Amazon Web Services, the cloud computing wing of retail giant Amazon, released its own BaaS platform dubbed Amazon Managed Blockchain

Article Produced By
Max Boddy

Max Boddy is a reporter with a background in philosophy. When he’s not covering crypto news, Max can often be found experimenting in the kitchen or writing about League of Legends.

https://cointelegraph.com/news/microsoft-releases-blockchain-manager-app

Singapore and Canada Central Banks Complete First Cross-Border Blockchain Payment

Singapore and Canada Central Banks Complete First Cross-Border Blockchain Payment
            

The central banks of Singapore and Canada have successfully

used their blockchain networks to send each other digital currency, a joint press release confirmed on May 2. As part of the distributed ledger technology (DLT) projects being pursued by both banks, the Monetary Authority of Singapore (BAS) sent funds to the Bank of Canada (BoC) without a third party.

The process was made possible by linking up two DLT networks: MAS’ nascent Project Ubin platform and BoC’s Project Jasper. JPMorgan and accounting giant Accenture, which assisted in the development of the platforms, also partnered with the banks to make the trade possible. “The next wave of central bank blockchain projects can make further progress by bringing technology exploration together with policy questions about the future of cross-border payments,” MAS chief fintech officer, Sopnendu Mohanty, commented in the press release.

He added:

“It is challenging work, and we welcome other central banks to join us in this global collaboration, to bring benefit to consumers, businesses and the broader financial industry.”

As with other bank-initiated blockchain payments schemes at various stages of development worldwide, cost-cutting and efficiency lay at the heart of the central bank trade, which the participants claim is the first to be completed successfully. MAS and BoC subsequently released a summary report in which they discussed the merits of the joint network bridge. “In our tests, no other action would proceed if any action fails, thus ensuring the end to end consistency of a transaction,” it reads. The summary

stated:

“In the correspondent banking method of payment, the sender and receiver trust the correspondent bank. In this DLT-based system using HTLC, trust will still be required, albeit in the technical system rather than in a third party.”

MAS had previous eyed 2020 as a potential timeframe for Project Ubin to begin delivering tangible results.

Article Produced By
William Suberg

William Suberg got into Bitcoin while completing his Masters degree and hasn't looked back since, writing about anything crypto-related which makes him sit up and pay attention. He started working with Cointelegraph in October 2013.

https://cointelegraph.com/news/singapore-and-canada-central-banks-complete-first-cross-border-blockchain-payment

Amazon Web Services Launches Managed Blockchain Service

Amazon Web Services Launches Managed Blockchain Service
            

Amazon Web Services (AWS), the cloud computing platform

subsidiary of retail giant Amazon, has made its Amazon Managed Blockchain (AMB) generally available, according to an announcement on April 30. The product will purportedly allow customers to set up blockchain networks within their organizations, and uses the Ethereum and Hyperledger open source frameworks. Notably, Amazon states that AMB can scale to support thousands to millions of transactions.

Amazon states that the blockchain-as-a-service (BaaS) will allow businesses to develop their own networks more quickly and at a lower cost, as it eliminates the need to “to provision hardware, install software, create and manage certificates for access control, and configure network settings.” Rahul Pathak, General Manager, Amazon Managed Blockchain at AWS

said:

“Amazon Managed Blockchain takes care of provisioning nodes, setting up the network, managing certificates and security, and scaling the network.”

According to AWS’ announcement, major firms that have implemented AMB include United States communications giant AT&T, the Nestlé global food and beverage company and Singapore Exchange Limited. AWS initially announced AMB in November of last year along with the Amazon Quantum Ledger Database (QLDB). QLDB is a ledger database designed to provide transparent, immutable, and cryptographically verifiable log of transactions, which is overseen by a central authority.

Article Produced By
Aaron Wood

Aaron Wood is an editor at Cointelegraph, with a background in energy and economics. He keeps an eye on Blockchain's applications in building smarter and more equitable energy access globally.

https://cointelegraph.com/news/amazon-web-services-launches-managed-blockchain-service

 

Indian Banks Consider Promoting Blockchain Tech Use for Payments

Indian Banks Consider Promoting Blockchain Tech Use for Payments
           

The National Payments Corporation of India (NPCI) is considering

implementing blockchain technology to increase the strength of digital transactions, Indian business magazine Business Today reports on April 14. The initiative of ten banks, under the aegis of the Indian Banks’ Association (IBA), aims to improve the NPCI by implementing distributed ledger technology, the publication underlines.

The NPCI, an umbrella organization that operates retail payments and settlement systems in India and includes 56 national banks as stakeholders, was set up with the guidance and support of the Reserve Bank of India and the IBA. The NPCI will focus on developing blockchain tech in the payment domain for boosting digital transactions, the article states.

It also says:

"NPCI intends to develop a resilient, real time and highly scalable blockchain solution. It is proposed to develop this solution using an open source technology/ framework/solution."

As Cointelegraph wrote in July of last year, five major banks from each BRICS member, including Brazil, Russia, India, China and South Africa, signed a Memorandum of Understanding on the development of distributed ledger technology for enhancing the digital economy. Back in last fall, experts in the blockchain field held debates during the Money 20/20 conference in Las Vegas, underlining that blockchain technology will replace the world’s current payment systems, as Cointelegraph reported.

Article Produced By
Max Yakubowski

Max Yakubowski has a Ph.D. in Linguistics and Anthropology, with a focus in innovative technology and its cultural and social influence. He joins Cointelegraph after working as a freelance copywriter and blogger.

https://cointelegraph.com/news/indian-banks-consider-promoting-blockchain-tech-use-for-payments

Chinese Government Supports Development of Blockchain City in Malaysia

Chinese Government Supports Development of "Blockchain City" in Malaysia

             

The Chinese government is purportedly supporting the construction of a "blockchain  city"

in the critical shipping lane of the Malaysian Malacca Strait. The development was announced in a press release shared with Cointelegraph on April 26. Construction and engineering company China Wuyi and investment network SWT International Sdn Bhd have jointly launched the Chinese government-backed project aimed at the development of the city of Malacca into a blockchain city called Melaka Straits city. The founders of the project are planning to raise 500  Malaysian Ringgits ($120 million) during the initial stage.

Per the release, the entire infrastructure of the city will be based on blockchain technology, with a so called DMI platform offering its native DMI coin. DMI will be used to pay government-based services within the city and feature an exchange that will enable Melaka Straits City tourists to exchange their fiat currencies for DMI coins. The project CEO Lim Keng Kai said that "our company is using cutting-edge blockchain technologies and integrating those into the traditional industry to make Malaysia a world-class tourist destination. We have the government approval to remediate this land and came up with some great plans for the area."

China has been expanding its presence in the Pacific region through investments in infrastructure and municipalities. Over the past seven years, China reportedly poured $6 billion in concessional loans and other aid into resource-rich Papua New Guinea’s Port Moresby, being eager to exploit its natural gas, minerals and timber resources. Last June, South Korea revealed plans to launch a blockchain center in Busan city modeled on the Zug-based Crypto Valley, an independent association established for cryptocurrency and blockchain development with the support of government of Switzerland. Chairman of the Korea ICT Financial Convergence Association Oh Jung-geun claimed that “we need a place to concentrate on the cryptographic industry in Korea like the Crypto Valley in Switzerland."

In February, Norway’s autonomous city Liberstad adopted a cryptocurrency native to its blockchain-powered smart city platform as its official medium of exchange. The private, anarcho-capitalist city was founded in 2015 as part of the Libertania project, which eschews taxes and government regulation. A report by the International Data Corporation (IDC) indicates that spending on so called smart city technology is expected to grow to $135 billion by 2021.

Article Produced By
Ana Alexandre

Total change in her career took Anastasia into the world of analytics and business information as a researcher and translator in 2010. Some time later she got into FinTech, a dynamically developing segment at the intersection of the financial services and technology. Ana joined Cointelegraph in September 2017.

https://cointelegraph.com/news/chinese-government-supports-development-of-blockchain-city-in-malaysia