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10 Benefits of Blockchain Technology

While the current buzz over Bitcoin and other cryptocurrencies are hard to ignore, the underlying technology that makes the trade…

The post 10 Benefits of Blockchain Technology appeared first on List of Best Blockchain Events.

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Blockchain

While the current buzz over Bitcoin and other cryptocurrencies are hard to ignore, the underlying technology that makes the trade of bitcoins possible needs to be further explored. Blockchain technology has the ability to record everything securely in a transparent matter. Blockchain with its benefits can easily sustain its relevance for years to come. Here are the most important benefits of blockchain that will prove useful to businesses in different industries.

Supply Chain Management

Blockchain technology offers the supply chain management industry the benefits of cost-effectiveness and traceability. A blockchain can be used to track all the movements of goods, their origin, and their quality. This can help to simplify processes within the industry like ownership transfer, payments, and production process assurances.

Quality Assurance

A blockchain system can lead to finding the point of origin if an irregularity is detected somewhere along the supply chain. This will make it easier for businesses who utilize the technology to carry out investigations and execute the actions necessary to correct the problem.

Accounting

Recording transactions through blockchain can virtually eliminate human error and will prevent the data from being tampered with. Records within the blockchain are verified every single time they are passed on from one block to the next within the chain. Along with providing guaranteed accuracy of documents, the process also leaves a highly traceable audit trail. 

Voting

The aspect of voting, just like with supply chain management, all boils down to trust. Utilizing blockchain technology in local elections could significantly diminish electoral fraud, which has become an issue despite the prevalence of electronic voting systems.

Stock Exchange

The idea of implementing blockchain technology for securities and commodities training isn’t new. Given the open-yet-reliable nature of the blockchain technology, it isn’t surprising that stock exchanges consider it to be the next big step forward in trading.

Energy Supply

In certain parts of the world, household and commercial establishments can now take advantage of blockchain-enabled transactive grids for sustainable energy solutions that track usage accurately. Blockchains can also be used to improve the tracking of clean energy. Renewable energy is traditionally followed through tradable certificates that have been issued by the government.

Cryptocurrencies are based on Blockchain technology. It is the decentralized and digital ledger technology that records all of the transactions without needing a financial intermediary, like a bank. Blockchain technology can offer advantages over existing payment networks.

Transparency

One of the main reasons why blockchain is so intriguing is that the technology is always open source. This means that other users and developers have the opportunity to change it as they see fit. Open source approach makes altering data difficult which makes blockchain technology very secure.

Reduced Transaction Costs

Blockchain allows peer-to-peer and business-to-business transactions to be completed without having to work with a third-party. Without the involvement of a middleman, like a bank, tied to the transactions in a blockchain, the costs to the user or business can be significantly reduced over time.

Faster Transaction Settlements

When dealing with traditional banks, it isn’t uncommon for a transaction to take days to become settled completely. This is because of the protocols established in bank transferring software, as well as the fact that most financial institutions are only open during the day. Blockchain technology can work all day, all week to make transactions processed more quickly.

Decentralization

Another reason why blockchain technology is so exciting is its lack of a central data hub. Instead of running big data centres, blockchain technology allows individual transactions to have proof of validity, as well as the authorization to enforce the constraints. Since information on a particular blockchain is piecemealed on individual servers throughout the world, it ensures that if hackers stole the data, they would only gain a small amount of data, keeping it from becoming completely compromised.

Even with these advantages, there is still a significant worry that can’t be overlooked. Throughout history, investors have continued to overestimate how quickly new technology will be adopted.

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Source: https://www.blockchaineventslist.com/10-benefits-of-blockchain-technology/

Blockchain

John McAfee Following the DOJ Indictment: The Allegations Are Overblown

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A day after being indicted for several criminal offenses, including money laundering schemes and fraud, John McAfee has called the allegations brought by US authorities “overblown.” The former software antivirus creator also defended his ICO promotions and receiving payments with the particular coins.

DOJ Goes After McAfee

The former antivirus tycoon made a name in the cryptocurrency space a few years back with the “Coin of the Day” campaign, in which he promoted certain low-cap alternative coins and somewhat outrageous promises that if BTC didn’t reach $1 million by the end of 2020, he would eat his male genitalia.

While he failed to complete the latter as BTC came a long way from his price prediction, he received a lot of criticism about the promotions. The situation escalated on Friday as the US Department of Justice brought official charges against McAfee and his executive advisor – Jimmy Watson Jr.

The authorities charged both with conspiracy to commit commodities and securities fraud, conspiracy to commit securities and touting fraud, wire fraud conspiracy and substantive wire fraud, and money laundering conspiracy offenses from two schemes related to the fraudulent promotions.

US Attorney Audrey Strauss said that McAfee and Watson “exploited a widely used social media platform and enthusiasm among investors in the emerging cryptocurrency market to make millions through lies and deception.”

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“The defendants allegedly used McAfee’s Twitter account to publish messages to hundreds of thousands of his Twitter followers touting various cryptocurrencies through false and misleading statements to conceal their true, self-interested motives.”

Ultimately, Strauss explained that McAfee, Watson, and the rest of the team “raked in” more than $13 million from investors.

McAfee Responds: Allegations Are Overblown

The “Coin of the Day” campaign, which later turned into “Coin of the Week,” allowed McAfee to post about various crypto tokens that he supposedly believed were undervalued. Having more than one million followers on Twitter, though, every time he posted about a particular coin, people rushed in to purchase it, which skyrocketed the price.

However, this allowed people who were early on to dispose of their assets in a rather profitable way. It led to sharp price corrections and losses for the investors who followed McAfee’s Twitter publications – this is better known as “pump and dump.”

Nevertheless, McAfee, who is currently in a Spanish prison, offered his side of the story earlier today. He believes that the coins didn’t plummet in value because of an alleged scheme. Instead, he blamed it on the year-long bear market that the crypto market faced in 2018.

Furthermore, McAfee claimed that he and his team kept most coins they received as payments for the promotions and called the allegations “overblown.”

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Source: https://cryptopotato.com/john-mcafee-following-the-doj-indictment-the-allegations-are-overblown/

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Binance Coin Price Analysis: 06 March

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Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice

With the market stabilizing following the sudden bout of volatility, Binance Coin [BNB] too is working towards attaining a stable ground on the price charts. Although the alt has been moving within a wide range lately, a visible downtrend was visible too.

At the time of writing, BNB was valued at $221.74 with a market capitalization of $35.03 billion.

Binance Coin [BNB] 4-hour chart

Source: BNBUSD on TradingView

Binance Coin’s 4-hour chart [BNB] showed that the altcoin’s price has been moving between $214 and $267 since the beginning of the month. A surge pushed the value of the digital asset above the $214-price level, after which it tested the resistance once, before retracing.

The digital asset may be moving towards testing the support at $214 once again, but may not drop under this level.

Reasoning

The Awesome Oscillator suggested that the market momentum had shifted towards the negative side. Therefore, a price swing will not be sustainable at this time. Meanwhile, the Bollinger Bands seemed to be indicating a less volatile market than before. The Signal line and the 50 moving average have, however, moved above the price bars, underlining the downward trending price. At press time, they were acting as resistance to the value of BNB.

The Relative Strength Index moved away from equilibrium as sellers entered the market. The selling pressure was pushing the digital asset towards the oversold category, however, a lack of momentum may help it remain close to equilibrium.

Conclusion

Binance Coin’s press time market trend highlighted consolidation with a bearish outlook. The market may continue to test the support at $214 but might retrace since the momentum in the market was low. Meanwhile, the lack of volatility may also prevent a sudden change in the price trend.


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Source: https://ambcrypto.com/binance-coin-price-analysis-06-march

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Basketball billionaires form NBA blockchain use case committee

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Blockchain tech may soon become an integral part of the world’s largest basketball league. 

According to a report from Sportico yesterday, a group of some of the wealthiest and most powerful National Basketball Association team owners are forming a committee to investigate blockchain use cases for the NBA.

Called the Blockchain Advisory Subcommittee, members include Mark Cuban, Joe Tsai, Ted Leonsis, Steve Pagliuca, Vivek Ranadive and Ryan Sweeney. According to Sportico, the goal of the subcommittee is to “explore ways to integrate blockchain across the league’s business.”

Two obvious possible use cases include ticketing and collectibles. Blockchain-based ticketing has made significant strides and now has an active userbase, and Mark cuban in particular has been vocal about his support for using blockchain to enable his team to reap profits from secondhand sales and scalping.

Likewise, blockchain-based collectibles have found an unusually snug product-market fit with the NBA’s highlights and stat-obsessed fans. Flow blockchain’s NBA Topshot tradable highlight project has raked in over a quarter billion in sales. Additionally, the company counts multiple NBA players as investors.

However, Cuban said in a statement to Sportico that the committee was not founded as a response to the exploding popularity of NBA Topshot, and is instead focused on broader applications of blockchain technology.

Cuban is by now a familiar name to members of the crypto community. Despite a past history of disparaging digital currencies, he’s now embraced them — especially Ethereum-native protocols and tools like NFTs. After a halfhearted NFT release, on-chain sleuths found his address and discovered the billionaire owns a number of DeFi protocol tokens.

Additionally, according to a recent Tweet his decision to accept Dogecoin for Mavericks tickets and merch appears to have been a success:

Fans might also recognize Vivek Ranadive, the owner of the Sacramento Kings. After buying the team in 2013, he advanced a number of tech-centric and radical ideas, including playing 4-on-5 defense and setting up an app to let fans vote on the next play. When it comes to blockchain, he was also one of the first to accept crypto for tickets, and set up a mining facility in a Kings arena.

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Source: https://cointelegraph.com/news/basketball-billionaires-form-nba-blockchain-use-case-committee

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