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[DynaQuest] Blockchain Here, Now and What is Ahead

The harmonization of technologies such as Blockchain and Digital ID will enable trusted healthcare networks to collaborate more efficiently and swifter to stop the spread of contagious diseases.

The post [DynaQuest] Blockchain Here, Now and What is Ahead appeared first on Bitpinas.

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Life under the new normal means we’re taking things cautiously while trying to jumpstart the momentum that have been derailed since the lockdown. Projects are restarting, old and new collaborations are materializing and while industries were disrupted, the pandemic would make these industries more resolute — to be better equipped moving forward to lessen the regressive impact of future pandemics.

Industries were severely impacted and disrupted by this year’s pandemic. The supply chain, the essential process that allows production, shipment and keeping products available for consumers, was hampered by factors such as workplace safety, health of workers and the sanitation of the products. While manufacturing, logistics and end-consumer markets all made adjustments to weather off the healthcare storm. Then, consumer markets felt fears of shortages and delayed restocks due to the pandemic.

Even before the pandemic, Blockchain was hailed as the next big disruptive technology that will transform the supply chain industry by making processes that were once dependent on human actors as verifiers, move away from that point to point verification. The result is a much more free-flowing and yet more accountable supply chain that cuts process stoppages. It will make operators and contractors operate more seamless that operate on a verified trust-based network without the need to test the trust between parties through double verification processes. Instead, trust test factors such as quality assurances on incoming manifest are processed seamlessly by cooperative networks.

Healthcare and Tracing on the Blockchain

The Coronavirus pandemic left the world in fearing the deadly nature of viruses and infectious diseases that could evolve overtime. Back to the pre and early 1920s, the world grappled with the Influenza pandemic and the chronicles of such time, such as first-hand experiences, the psychological and emotional impact, are virtually unheard by society’s non-historians as both pandemics are separated by a century.

Despite the shortcomings of policies, lapses on pandemic responses and the spread of misinformation, society today is much more better equipped compared to the contemporary 20s with the progress of medical science and a healthcare structure supported by technology as a backbone. One of the most successful strategies in combatting the Coronavirus pandemic is thru contact tracing where suspected and probable asymptomatic persons are tracked back by the authorities for testing and possible quarantine. Despite the technology employed, contact tracing is still a time-consuming process where the number of people needed to be investigated and verified that number in the thousands, across different geographical locations.

During the pandemic, we have heard of news where technology is employed to improve the potency of the pandemic counter-measures:

  • Blockchain use case as a backbone for disseminating vital and verifiable health information based on a trusted network.
  • Digital Identity for healthcare records to determine patients who are at high risk with the Coronavirus.
  • IoT powered smartbands to track quarantine confinement.
  • 3D printed medical materials to help manufacturing

The convergence of these technology as with their maturity will help in the fight against future pandemics. The harmonization of technologies such as Blockchain and Digital ID will enable trusted healthcare networks to collaborate more efficiently and swifter to stop the spread of contagious diseases. Today, countries such as China employ Blockchain in the Blockchain Service Network to use public ledgers that are immutable and unalterable to collaborate with healthcare networks and to be used on processes such as contact tracing.

Blockchain Continues

Outside healthcare, Blockchain is still being developed and tested for real world use cases and such projects are expected to continue until the next year. The maturity of Blockchain and the expected breakthroughs include:

  • Blockchain hosting Digital Identities to serve as a proponent for financial inclusion
  • More focus on digital wallets and digital currencies to strengthen non-fiat and less-contact transactions built on cryptography to secure transactions.
  • Digital Banks to rise as consumer confidence in banking online or through mobile applications have proven to be exceptionally, convenient and secured. Technologies such as financial Blockchain architecture and Decentralized Autonomous Organization (DAO) frameworks.
  • Digital Identities incorporated on National IDs that include verification of health records to check whether e-passport carriers were infected or non-infected by Coronavirus.

Despite the uncertainty of that time and in compliance in workspace safety, Blockchain projects were still being developed across remote working workgroups. Next month, the achievements and possible breakthroughs in the Blockchain industry will be celebrated and highlighted in the Enterprise Blockchain Awards (EBA) that is organized by Blockchain Revolution Global. The event will be held virtually and streamed on Wednesday, 7 July 2020 at 7PM EST.

It is a humbling experience to be recognized as among the finalist for the category of Blockchain Leadership: Entrepreneurship and to be part of a greater collective where groups, organizations and technology solutions providers are all working to develop innovative applications of Blockchain.

Despite the times, we must all press forward and continue with our aspirations in order to realize the world-changing capabilities of technology in creating a more meaningful impact on economies and lives.


About the Author:

Randy Knutson
Randy is the Founder & CEO of DynaQuest Technology Services Inc., an award-winning provider of innovative Blockchain solutions. He is a Certified Blockchain Expert and seasoned veteran with over 35 years of technology experience, ranging from start-ups to multi-national companies as CIO and CTO. His passion is creating digital solutions that yield inclusive, sustainable and economic development for communities are underserved, left behind or forgotten.

Source: https://bitpinas.com/feature/dynaquest-blockchain-now-ahead/

Blockchain

Elon Musk’s latest Dogecoin ‘trolling’ isn’t impressing the crypto community

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Tesla and SpaceX CEO Elon Musk argued on Twitter today that Dogecoin (DOGE) can beat Bitcoin (BTC) “hands down,” with just one small condition—almost every DOGE’s fundamental aspect needs to change, effectively turning it into a different token altogether.

So no big deal then.

“Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down,” Musk replied to a Twitter user who was arguing that “Elon is choosing $DOGE because Dogecoin is better than Bitcoin in many fundamental ways.”

Judging by the community’s reaction, a lot of users were left feeling unsure whether Musk was “trolling” or not. One commenter pointed out that if Dogecoin’s blockchain would produce 10-megabyte blocks every six seconds, this will make the network vulnerable to spam attacks.

“For those bad at math. 100X higher transaction volume with 100X lower fees means total fees earned stay same. Low fees & high volume are needed to become currency of Earth,” Musk retorted.

When asked why he won’t just make a completely new cryptocurrency that can satisfy these technical requirements, Musk explained that it’s a “big pain in the neck to create another one.” Still, he implied that this is also a possibility, but “only if Doge can’t do it.”

In his turn, Adam Back, CEO of Bitcoin development firm Blockstream, questioned Musk’s blockchain expertise in general.

“That’s not how any of this works, Elon Musk. Would be like someone wading into SpaceX with ideas for a cuboid rocket fueled by water,” Back wrote, adding, “He’s just trolling. And probably hitting a blunt.”

Other users were less lenient, arguing that if “Donald Trump has been banned for ‘being bad’ for people,” there is no reason why Musk “should keep having this privilege.”

In general, many commenters pointed out that for a blockchain network to drastically increase its throughput and scalability, it needs to make compromises in other areas such as security and decentralization. 

“Have you tried making your spaceships 10x lighter, and 10x faster, and also 10x bigger? This would ideally save on energy and efficiency,” another user ironically asked Musk.

In the end, regardless of whether Musk was actually joking or not, his behavior on Twitter—especially when it comes to cryptocurrencies—has been a bit over the top lately, some commenters argued.

“Because [Musk] has millions of newcomer users who may not know the difference. Funny trolling to him = rekt newbs in real-life,” Back concluded.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptoslate.com/elon-musks-latest-dogecoin-trolling-isnt-impressing-the-crypto-community/

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Blockchain

Bitcoin Hashrate of Major Chinese Mining Pools Drops Rapidly

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Bitcoin network’s hashrate recorded a rapid drop today across major Chinese mining pools including f2pool losing 11.26% a spool lost 16.23%, Binancepool recorded a decline of 14.38%, and Huobipool lost 23.68%. The rapid decline is being attributed to another power outage in Sichuan province. Industry insiders claimed the decline might be temporary and might bounce back soon.

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The decline in the mining pool’s hashrate comes days after the Bitcoin network’s mining hash power reached a new ATH. Bitcoin price on the other hand continued to consolidate under $50K. The top cryptocurrency saw a major sell-off a few days ago amid growing inflow on exchanges aided by Elon Musk-led Bitcoin network’s environmental impact FUD.

Bitcoin has been in a consolidation phase for over a month now after reaching a new ATH of $64,837, it recorded a sharp correction soon after falling over 20%. The recent sell-off was attributed to several factors including declining institutional interest.

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Will Bitcoin Price Suffer?

A similar power outage in China last month saw the Bitcoin mining hash rate drop by over 25% leading to another major market sell-off. The last hashpower fud was also marred into a lot of controversies as many claimed different reasons for the power outage and the amount of hash power decline.

Bitcoin price is currently trading just under the $49K mark with a 2% decline over the past 24 hours. With every major sell-off in the market, many have called it a short-term price top, but on most occasions, bitcoin has defied the odds to bounce back to new ATHs. On the other hand, Bitcoin adoption has continued to flourish as many public companies have announced Bitcoin purchases over the past month. Apart from Bitcoin, manor altcoins including ethereum, Litecoin have also registered a minor decline falling over 5% in the past 24 hours.

To keep track of Crypto updates in real time, Follow us on Twitter & Telegram.

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://coingape.com/bitcoin-hashrate-major-chinese-mining-pools-drops-rapidly/

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Blockchain

Coinbase finally releases a timeline for listing Dogecoin

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Since Coinbase’s direct listing, it released the transcripts of its Q1 Earnings Call. During the call, the company addressed its plans of listing Dogecoin (DOGE), thanks to its ever-rising demand.

Coinbase‘s CEO Brian Armstrong talked about the exchange’s plans for the memecoin. He stated:

“So, to answer your question directly, we plan to list DOGE in the next six to eight weeks. And then more broadly, we’re going to be focused on how we can accelerate asset addition in the future.”

With regard to queries on what parameters were used to qualify various coins or tokens to add to the exchange and why there weren’t more choices? Armstrong stated:

I think there’s going to be millions of different crypto assets out there, especially as we see new assets being created for new companies being created and there’s even NFT’s and individuals who are tokenizing their time and so in a world where there’s going to be millions and millions of these crypto assets out there, we get this question a lot, how are you deciding, which ones to add, and how can you accelerate it?

Without directly alluding to XRP, the digital asset that has been entangled in a legal battle with the SEC, Coinbase CEO also stated that Coinbase had worked with CRC to create a regulatory framework for coins. He added:

So, today, we use a number of factors, we look at cybersecurity around the coin to make sure that there’s not going to be an issue that would cause customer loss. We also look at it from a legal point of view and a compliance point of view. There’s various concerns out there about securities, for instance, and we’ve worked with things like the Crypto Rating Council to help create clear regulatory frameworks for this.

Data from ICO Analytics stated that the total web traffic for crypto exchanges had increased by 43% over the past month.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/coinbase-finally-releases-a-timeline-for-listing-dogecoin

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