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What is Bitcoin?

Bitcoin is a digital crypto-currency with no single point of failure due to its decentralized peer-to-peer architecture. The source code is publicly available and changes to the reference Bitcoin client are made via concensus within the community. Advantages of Bitcoin include irreversible transactions (i.e. no possibility of chargebacks as with credit cards), pseudo-anonymous, limited and fixed inflation, near instant transactions, multi-platform, no double-spend and little to no barriers to entry and more. It was created by an anonymous person known as Satoshi Nakamoto. Find out more at WeUseCoins.com.

Bitcoin Latest News

The Value of Bitcoin Has Almost Doubled This Month - Fortune


Fortune

The Value of Bitcoin Has Almost Doubled This Month
Fortune
The surge of the value of the cryptocurrency can be attributed to a number in factors, including Bitcoin's new legitimacy in countries like Japan and China. In December, the Denmark-based Saxo Bank predicted Bitcoin's value would increase 165% in 2017.
Consensus 2017: BitPay CEO Calls Bitcoin Fork 'Only Option' For ...CoinDesk

all 5 news articles »

Posted on 23 May 2017 | 6:17 am

Consensus 2017: Blockchain Tech Leaders Predict Interoperable Future

At Consensus 2017, leaders of different blockchain projects discussed how their platforms could eventually become an interoperable "mesh" of services.

Source

Posted on 23 May 2017 | 5:00 am

Consensus 2017: People and Machine Problems – Solved with Blockchain?

In sessions focused on global issues and IoT at Consensus 2017 yesterday, the possibilities and hurdles for blockchain tech took centre stage.

Source

Posted on 23 May 2017 | 4:00 am

Bitcoin continues its massive surge - New York Post


New York Post

Bitcoin continues its massive surge
New York Post
The often maligned crypto-currency continued its incredible run on Monday, soaring to nearly $2,200 at 10:30 p.m. — leaving it up 124 percent this year and ahead nearly 400 percent over the past 12 months, according to Coindesk.

and more »

Posted on 22 May 2017 | 9:31 pm

EEA Adds New Members to Boost Future Ethereum Innovation

Enterprise Ethereum Alliance Expansion Announcement

The Enterprise Ethereum Alliance (EEA) has announced that 86 new members have joined the initiative that aims to bolster innovation around the Ethereum blockchain. The EEA, founded by corporate giants such as Microsoft, Intel and BP, views the Ethereum blockchain as a potential treasure trove of innovative opportunity.

Ethereum cryptocurrency founder Vitalik Buterin has praised the EEA, saying, “The Enterprise Ethereum Alliance project can play an important role in standardizing approaches for privacy, permissioning and providing alternative consensus algorithms to improve its usability in enterprise settings, and the resources the project and its members are contributing should accelerate the advancement of the Ethereum ecosystem generally.”

There are some more big names jumping into the alliance, joining Santander, ConsenSys and BlockApps. Some new members include Deloitte, Samsung SDS and the National Bank of Canada: all looking to build, promote and support Ethereum-based technology.

Deloitte is not new to Ethereum. Eric Piscini, Deloitte’s Global Blockchain Financial Services leader, said in a statement, “We have been investing on the Ethereum platform for a while. We are excited to actively contribute to the Enterprise Ethereum Alliance and drive blockchain adoption globally.”

Kwang Woo Song, vice president of Distributed Ledger Technology Business Group at Samsung SDS, stated, “As a company whose key focus and experience is in delivering solutions for enterprise business, joining the Enterprise Ethereum Alliance was a clear decision for us. Ethereum is one of the fastest growing blockchain technologies, with potential to provide exceptional benefit to enterprises.”

“The enthusiasm around EEA is remarkable,” said Julio Faura, the chairman of EEA. “Our new members come from varying industries such as pharma, mobile, banking, automotive, management consulting and hardware, as well as the startup community driving innovation. It’s great to see everyone come together and build the next generation of our economy on Ethereum blockchain solutions.”

Companies joining the EEA in this announcement include names like Elevondata Labs Inc., Depository Trust & Clearing Corporation (DTCC), Hashed Health, Gem and Ledger. The collaborative efforts that may arise among the membership could lead to giant leaps in the Ethereum blockchain technology and a groundswell of supportive infrastructure that should solidify Ethereum as a staple in the blockchain marketplace.

There is amazing potential for Ethereum and smart contracts in healthcare. Hashed Health is excited to work with the Enterprise Ethereum Alliance on defining and developing enterprise-grade solutions that can safely and securely handle the complexities of the evolving healthcare marketplace. - John Bass, Founder & CEO, Hashed Health

The post EEA Adds New Members to Boost Future Ethereum Innovation appeared first on Bitcoin Magazine.

Posted on 22 May 2017 | 7:29 pm

ShapeShift Introduces Prism's Trustless Crypto Asset Portfolios

A ShapeShift Into the World of Trustless Asset Portfolios

A ShapeShift Into the World of Trustless Asset Portfolios

“ShapeShift” is a concept describing the ability to change form or identity to adapt to changing conditions. It is also the name of a Swiss-based company that created the world’s first trustless asset portfolio for acquiring digital assets without counterparty risk.

Launched today at the blockchain summit Consensus 2017 held in New York, the cutting-edge platform known as Prism seeks to usher in a new age for investors with a thirst for cryptocurrencies.

The Prism announcement comes on the heels of record-setting growth within the cryptocurrency market, with bitcoin among others advancing to new all-time price highs. Momentum has been further buoyed by a blockchain industry that is already experiencing an incredible diversity of projects, from tokenized venture capital funds to blockchain-based casinos to global distributed computing systems. Prism is the first live platform that enables investors to create their own funds focused on investments in crypto-assets.

This new development is the brainchild of Erik Voorhees, long-time champion of and entrepreneur in the Bitcoin space. ShapeShift, the company he founded in 2013, raised $10.4m during its Series A from leading German VCs in March 2017 to jumpstart this new venture.

Built entirely on Ethereum-based smart contracts, Prism will enable investors to curate portfolios, known as “Prisms,” of digital assets known as “Prisms,” such as Bitcoin, Litecoin, Ethereum, Dash, Monero and Golem. Within minutes, an investor can set up a crypto portfolio — absent of third-party intermediaries — and gain exposure to a wide swath of blockchain tokens. Moreover, they can secure their investments without having to establish a unique wallet for each asset.

With Prism, users will create their portfolios by funding it with ether (the native token of the Ethereum blockchain network). The total amount of ether is divided among whichever assets they decide on, in percentages they elect to allocate to each asset. When the investor is ready to finalize their Prism portfolio, they will be prompted to send a zero-ETH transaction to a provided Ethereum address, signaling the smart contract to close the portfolio.

The beta period for Prism will likely extend for at least six months after the launch, with new features being added over time.

Prism’s approach and philosophy offers an ideal complement to ShapeShift and its established reputation for securing over a million secure transactions for customers since 2014. ShapeShift’s policy of not holding any customer assets or private personal information keeps users safe from identity or financial theft — a critical improvement in digital exchange technology.

ShapeShift is now leveraging their proven model of simplicity and security to cultivate Prism. With this latest development, the complex functionality of a diversified crypto portfolio is distilled down into a simple interface allowing users to buy, rebalance and settle their assets. All of this can be executed by a user with nothing more than their Ethereum wallet.

Prism enables investors to gain secure, transparent exposure to digital assets in a way that has never before been possible. The days of leaving funds at an exchange ‘because it’s easier’ are over. - Erik Voorhees, CEO and founder of ShapeShift and Prism

Voorhees goes on to assert that Prism’s digital asset portfolios, built entirely on non-custodial smart contracts, will demonstrate a new normal for financial security. “Prism takes us one step closer to a world of truly borderless finance. We suspect it will kickstart a vast horizon of financial experimentation upon smart contracts.”

Raine Revere, lead engineer for the Prism project, says that ShapeShift’s focus on simplicity and security was a perfect fit for the design of Prism. “Part of the joy of engineering is seeing how all the pieces will fit together and then systematically carrying out that vision in order to build a working product. That link between vision and functional product is what makes software engineering so special. The vision of Prism was clear from the beginning, allowing this creative process to proceed uninhibited.”

“Gone are the days of trusting a 3rd party with one’s wealth," said Voorhees in a statement. "Prism’s digital asset portfolios, built entirely on non-custodial smart contracts, demonstrates a new standard in financial security.”

The post ShapeShift Introduces Prism's Trustless Crypto Asset Portfolios appeared first on Bitcoin Magazine.

Posted on 22 May 2017 | 5:54 pm

Bitcoin's rise: $1000 invested in 2010 would be worth $35 million today - MarketWatch


MarketWatch

Bitcoin's rise: $1000 invested in 2010 would be worth $35 million today
MarketWatch
One “regret” chart sent around on Monday by Jeroen Blokland, portfolio manager on the Robeco Global Allocation team, shows how a $1,000 investment in bitcoin in July 2010 would be worth more than $35 million. Comparatively, the equivalent investment ...

Posted on 22 May 2017 | 4:08 pm

Consensus 2017: Enterprise Ethereum Alliance Puts Blockchain Privacy Into Focus

Privacy and confidentiality are big-ticket priorities for the Enterprise Ethereum Alliance, ethereum-focused consortium launched in February.

Source

Posted on 22 May 2017 | 3:50 pm

Is the Bitcoin Bubble About to Pop? - Fortune


Fortune

Is the Bitcoin Bubble About to Pop?
Fortune
Bitcoin just hit its highest value ever at over $2,200. Ulrich Baumgarten U. Baumgarten via Getty Images. E-mail; Tweet; Facebook; Linkedin. Share icons. TECH · MANAGEMENT · FINANCE · MARKETS · CAREERS · AUTOS · INTERNATIONAL · RETAIL ...

Posted on 22 May 2017 | 3:13 pm

Deloitte Joins Blockchain Consortiums Ethereum Alliance and Hyperledger

Deloitte has revealed that it's joining two blockchain consortium efforts: the Enterprise Ethereum Alliance and the Hyperledger project.

Source

Posted on 22 May 2017 | 2:45 pm

Over 30: Deloitte Adds 'Mercury' Project to Blockchain Prototypes

Deloitte has unveiled a new trade finance initiative, one that adds to its growing list of blockchain projects

Source

Posted on 22 May 2017 | 2:45 pm

Bitcoin jumps $200 in single day and has nearly doubled in May on surging global demand - CNBC


CNBC

Bitcoin jumps $200 in single day and has nearly doubled in May on surging global demand
CNBC
The cryptocurrency briefly leaped more than 11 percent to hit an all-time high of $2,289.21, according to CoinDesk.com. CoinDesk's two-and-a-half-day digital currency conference Consensus kicked off Monday. Bitcoin first crossed $2,000 on Saturday on ...
Bitcoin hits record $2000 — and risingUSA TODAY
Bitcoin: To Infinity And Beyond?Seeking Alpha
Bitcoin prices are soaring under TrumpCNNMoney
Wall Street Journal (subscription) -Futurism -BBC News -CoinDesk
all 131 news articles »

Posted on 22 May 2017 | 2:40 pm

131 Countries: BitPay Goes International With Bitcoin Prepaid Visa Card

BitPay is expanding its prepaid bitcoin card offerings to more than 100 new countries. Unveiled today by BitPay chief commercial officer Sonny Singh at Consensus 2017, the Visa-branded offering enables users to top up BitPay Cards with dollars using cryptocurrency, which can then be spent as euros, British pounds or US dollars at merchants around […]

Source

Posted on 22 May 2017 | 1:15 pm

Nuco Launches Blockchain Beta for TMX Group Natural Gas Exchange

When the gas goes out in your apartment, chances are someone will pay – the various members of the supply chain that move the gas from the earth to your home can face serious penalties if you're unable to stay warm or cook your food. Yet, until now, identifying just who was at fault in […]

Source

Posted on 22 May 2017 | 1:00 pm

One for All? Citi, DTCC and PwC Talk Blockchain Teamwork at Consensus 2017

Enterprise blockchain was on full display at Consensus 2017 in New York City today. There, leaders from some of the largest and most influential companies gathered on stage to address an audience of blockchain executives and coders alike. From infrastructure provider the DTCC, which conducts quadrillions of dollars worth of transactions each year, to legacy bank […]

Source

Posted on 22 May 2017 | 12:45 pm

Can bitcoin's cryptographic technology help save the environment? - Science Magazine


Science Magazine

Can bitcoin's cryptographic technology help save the environment?
Science Magazine
If you've heard of bitcoins, it may have been in the context of people using the digital currency to pay off ransom demands for the contents of their hacked computers or buy drugs on the dark web. But the underlying cryptographic technology, a growing ...
Bitcoin-Inspired Computer Algorithms Could Help Save the Planet ...WIRED

all 8 news articles »

Posted on 22 May 2017 | 12:03 pm

ShapeShift Breaks New Ground With 'Prism' Digital Asset Portfolio Product

ShapeShift has unveiled a new product called 'Prism', one that brings a whole new style of investment to the cryptocurrency markets.

Source

Posted on 22 May 2017 | 12:00 pm

Consensus 2017: BitPay CEO Calls Bitcoin Fork 'Only Option' For Businesses

A panel focused on bitcoin scaling drew crowds at Consensus 2017 today, though panelists painted a somewhat murky picture of potential paths forward.

Source

Posted on 22 May 2017 | 11:30 am

Toyota's R&D Division is Building a Blockchain Consortium

Toyota Research Institute (TRI) is going big with a bold blockchain strategy unveiled as part of its exhibit at Consensus 2017.

Source

Posted on 22 May 2017 | 11:00 am

RSK Raises $3.5 Million, Launches Bitcoin Smart Contract Testnet

RSK Labs has received $3.5m in pre-Series A funding and opened up its production testnet to the public.

Source

Posted on 22 May 2017 | 10:59 am

Consensus 2017: IBM Thinks Blockchain Could Save Shipping Industry 'Billions'

Blockchain technology is poised to recover billions of dollars lost to coordination costs in both capital markets and the shipping industry.

Source

Posted on 22 May 2017 | 9:28 am

Consensus 2017: EU, India Governments See Path to Global Blockchain Adoption

Speakers during the opening panel of Consensus 2017 agreed that blockchain is set to go global – but differed on how the technology will get there.

Source

Posted on 22 May 2017 | 9:15 am

DCG Signs Up IBM, MasterCard And More For Enterprise Blockchain Effort

Digital Currency Group is launching a fourth subsidiary, one that finds the investment company branching out into enterprise blockchain development.

Source

Posted on 22 May 2017 | 8:59 am

IRS Probe of Bitcoin Goes Too Far, GOP Warns - Fortune


Fortune

IRS Probe of Bitcoin Goes Too Far, GOP Warns
Fortune
A closely-watched fight between the Internal Revenue Service and a popular bitcoin exchange took a new twist last week, as senior Republicans in Congress sent a sharply-worded letter that suggests the tax agency is overstepping its powers. The letter ...

Posted on 21 May 2017 | 3:10 pm

Op Ed: User Activated Soft Forks and the Intolerant Minority

Op Ed: User Activated Soft Forks and the Intolerant Minority

It does not take a majority to prevail … but rather an irate, tireless minority, keen on setting brushfires of freedom in the minds of men.
Samuel Adams

In The Most Intolerant Wins: The Dictatorship of the Small Minority, Nassim Nicholas Taleb describes how a strong enough minority with more strict preferences can end up with the majority following their preferences. He speaks of many examples  —  food preparation standards, languages and taboos.

This principle can also extend to Bitcoin and the concept of soft forks. By extending this principle, it can show that a soft fork that has strong support from a minority still may be enough to provide economic incentives to its enforcement, even if the majority is ambivalent.

Soft forks, by their nature, are a form of intolerance. Users who enforce a soft fork are intolerant of some types of transactions or blocks that miners can produce. They will reject those blocks that miners produce much as an Orthodox Jew will reject pork. In cases where the majority is ambivalent and the cost for producers is low to adhere to the stricter standards, then the result is producers keep everyone happy by following those stricter standards.

In Bitcoin’s case, many potential soft forks fall into this category. Soft forks that do not degrade the security properties of Bitcoin, that do not take away from any currently used features, do not add costs to miners, and are preferred by some, would result in profit-maximizing miners choosing to serve a wider audience by enforcing the soft fork.

Strong-Willed Minority vs. Ambivalent Majority

In the above case, if there were strong believers committed to a soft fork with stricter rules, miners face a choice  —  do they allow the chain to split or serve everyone with the new stricter rules? If they allow the chain to split, they must pick a subset of users to serve, giving them less value than if they were to serve all. This also harms the network effect, which means the sum of the two parts is now worth less than the original. Thus, as long as the minority committed to the soft fork was sufficient in size that they cannot be ignored, a profit-maximizing miner will follow them (assuming there is little to no cost of enforcement).

Strong-Willed Minority vs. Miners’ Interests

In a case where a strong-willed minority requires non-GMO, organically certified food, this may not result in the minority getting its way. The cost of production may be too high to be worth it. A theoretical soft fork that reduces the block reward by half would be a good example. A minority may feel the block reward is too high and wish that it be lowered, and only allow miners to claim 6.25 coins instead of 12.5 per block. In this case, miners would give up a significant amount of income to have to enforce it, and the loss of “business” from excluding these users may be less costly than reducing their income.

Strong-Willed Minority vs. Strong-Willed Minority

A third case is when a strong-willed majority ends up alienating another portion of the potential consumers. If a new religious sect required that all food have bacon added to it, Jews and Muslims would not tolerate this and would splinter off, even if the majority did not care either way. In this case, a split is inevitable.

In the Bitcoin case, some users may wish to have all addresses logged in a government registry to ease KYC compliance. They could demand that miners only mine blocks that adhere to these standards. This type of action would be rejected by many users who would not go along with such a plan, and in fact may even take steps to block it if it was enforced. In this case, a split would be inevitable if both factions were sufficiently intolerant of the other.

The Importance of Commitment and Stubbornness

This only works if users are absolutely committed to their rules being followed. Commitment must be absolute and unwilling to change, no matter what the majority does. The most important part of the intolerant minority is to truly be intolerant! If the cause is not worth putting your neck on the line for, it will not be successful.

Some supporters of user-activated soft forks (UASFs) have stated that they intend to enforce the UASF unless it is not widely supported or followed, and then would back off. This is the surest way to guarantee failure. If you are unwilling to follow a minority chain with an economic minority, you aren’t truly an intolerant minority. You are only one with a preference.

Guidelines for User-Activated Soft Forks for Maximizing Success

  • Take away no existing useful features (do not create a hostile minority).

  • Do not add significant costs to miners (make burden for miners as low as possible).

  • Include functionality that users are willing to fork off for.

  • Ensure there is a sufficiently sized minority willing to commit.

A sufficiently sized, committed, economic minority is enough to have a successful user-activated soft fork. While Shaolinfry said that without an economic majority behind a soft fork, it should be withdrawn, I believe that statement to be too weak. The history of intolerant minorities making changes is long enough to show otherwise.

This guest post by Alphonse Pace was originally published on Medium and is reproduced here under Creative Commons license. Some rights reserved. The views expressed do not necessarily represent those of Bitcoin Magazine.

The post Op Ed: User Activated Soft Forks and the Intolerant Minority appeared first on Bitcoin Magazine.

Posted on 19 May 2017 | 8:08 pm

IoT and Blockchain Technology Collide in the Payments Industry

IoT and Blockchain Technology Collide in the Payments Industry

The Internet of Things (IoT) and blockchain-based advancements in the payments industry were among the many themes explored at TRANSACT, a tech-centric, payments industry conference held on May 10–12 in Las Vegas.

A panel discussion entitled “How IoT is Revolutionizing Payments” included a brief discussion regarding the emerging intersection between the Internet of Things and blockchain technology in this industry.

On a similar trajectory as the blockchain, much attention has been given to the future of IoT, defined as an ecosystem of physical devices — from mobile phones to wearable tracking sensors — that gather and share electronic information with one another.

Research firm IHS Markit estimates that 30.7 billion IoT devices will be communicating with one another by 2021. This complements a global blockchain technology market that’s expected to grow from $210.2 million in 2016 to $2.3 billion by 2021 according to Market Reports Hub.

The collision between the IoT and blockchain worlds portends some important payments industry developments around the efficient tracking of device payment history, all supported by a ledger of secure data exchanges among devices, web systems and users. Further, this technological convergence also shows promise in terms of the use of smart devices that are programmed to conduct a variety of transactions such as the automatic issuance of invoices and payments.  

Dan Loomis, vice president and director of mobile product management at the business and financial software firm Intuit, is firmly entrenched in this evolving IoT/blockchain conversation through his work in creating payment experiences for businesses that operate on a global scale, and brought this expertise to the TRANSACT panel discussion.

In an exclusive interview with Bitcoin Magazine, Loomis remarked that for the small, emerging business clients he works with, cash is king. “For our team at Intuit, it all comes down to how we can help these businesses create immediate operating capital. The ability to quickly onboard clients into a payment service and to get paid quickly is really important. Their mantra is often ‘Pay me, pay me faster, and how can we as a business accept all methods of payment?’”

Loomis says that at his company and for the payments space in general, the thought of leveraging the blockchain’s immutable, permanent, auditable features is fascinating on a variety of levels. He notes that specific to Intuit, there is a lot of investigation going on into blockchain technology and how it may be applied to their payment models.

“We facilitate a lot of invoice, payable and receivable experiences for our clients. Aspirationally, being able to track these logistics in a manner that’s clear and transparent via blockchain [technology] would be very appealing. It has a high level of integrity as a technology and cannot be questioned in terms of its functionality.”

Healthcare is one vertical market that Intuit is targeting. Loomis says that in this industry there is always a trail of information that’s important to unravel and look at, from medical record information to who the patient’s service provider is. “I think that blockchain [technology] can help wrap this together and be a critical vehicle for a healthcare space that’s somewhat arcane and at the same time leading edge.”

When asked about the immense possibilities around blockchain technology and IoT in terms of it being fully leveraged at Intuit, Loomis remarked, “I have no doubt that a developer in our company ecosystem is at least thinking about this closely.”

Loomis believes that IoT and blockchain technology will emerge at Intuit when these technologies have a strong, demonstrated fit that can actually be matched with end user value. “I think market deploy in this space is one of those things we’ll see come to fruition when the time is right and it meets our customer benefit.”

The post IoT and Blockchain Technology Collide in the Payments Industry appeared first on Bitcoin Magazine.

Posted on 19 May 2017 | 2:10 pm

Bitcoin Price Analysis: Nearing a Bubble...but We’re Not There Yet

Bitcoin Price Analysis

Bitcoin has now shown about eight weeks of consecutive buying, leading into new all-time highs (ATHs) for the past three weeks. Trying to stay objective with mild to extreme euphoria in times like this can be difficult. As someone who was a new trader during the 2013 bubble, the chart is beginning to look very similar.

Market capitalization and trading volume both on exchanges and over-the-counter markets have hit ATHs as well.

Screenshot 2017-05-19 at 6.34.52 AM.png

Screenshot 2017-05-19 at 6.37.51 AM.png

Screenshot 2017-05-19 at 6.46.22 AM.png

Despite being in price discovery mode, there is an established, longstanding trend we can compare the current price against, as well as the entire left side of the chart. Past results don’t always predict the future, but they can influence it.

There are a few questions we can investigate:

  1. Is the price near an interim top?

  2. Is the price nearing parabolic conditions?

  3. Will the price continue on the previous trend at the same rate?

Looking at the monthly Bitstamp chart, there have not been too many candles of this proportion. This would suggest we are nearing bubble-like conditions.

stamp monthly.png

Price has also begun to close outside of the longstanding trend. This weekly candle has not closed yet, but if it does close outside of the diagonal, it will be the first weekly candle to do so. This again points to breaking the trend strongly to the upside.

stamp channel.png

Fibonacci retracement and extensions are admittedly partly magic voodoo, but there are plenty of traders who use and watch them to make the resistance and support levels legitimate. Drawing this Fibonacci from the local high established on March 10, 2017, to the low on January 14, 2015, several Fibonacci extensions emerge as well.

fib from low to local high.png

These can be seen as resistance levels, the next being the 1.618 at $2,088. Although the horizontal levels are arbitrary, we can confidently predict resistance based on the fit of the previous horizontals. Most of the prior “Fibs” match the price. This should be seen less as curve fitting and more as levels that just make sense. Based on the Fibonacci levels alone, there is not necessarily evidence for top or bubble just yet.

We can tease apart the trend even further by using the Fibonacci tool on each previous high and low.

stamp fibs.png

In the trend, a consolidation from the previous high to low has yielded a price that has seen resistance at the 2.272 Fibonacci extension. Currently, the price has exceeded the previous 2.272 Fibonacci extension and shown it was supported based on the multiple candle touches. This suggests price is moving faster than the previous trend as well as closer to bubble-like conditions.

For low-timeframe, intra-day trading, there was a long entry signal when the price cleanly broke the consolidation triangle. On the next correction, pullback or consolidation event, I’d expect the support diagonal (green) to remain the same.

coinbase triangle.png

Remember that splashy gold parity headline? BTC is now sitting several hundred dollars above it.

xau vs usd.png

Summary

  1. Bitcoin is making ATHs by almost every available metric: price, market capitalization, volume, hashrate, difficulty and fee per transaction.

  2. Although $2,000 is the next milestone and resistance target, the price will likely exceed that level based on the strength and rate at which the price is exceeding current trends.

  3. Watch for signs of a large pullback or correction in the near future, two to three months at the latest, based on previous price history.

Trading and investing in digital assets like bitcoin is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTCMedia related sites do not necessarily reflect the opinion of BTCMedia and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.

The post Bitcoin Price Analysis: Nearing a Bubble...but We’re Not There Yet appeared first on Bitcoin Magazine.

Posted on 19 May 2017 | 1:15 pm

How Blockchain Identity Trust Is Fostering New Applications in Healthcare

How Blockchain Identity Trust Is Fostering New Applications in Healthcare

Can identity trust be integrated with blockchain technology? The answer to that question appears to be yes, according to a recently completed proof-of-concept study conducted by Peer Ledger, a Canadian blockchain company; SAFE-BioPharma Association, the organization managing the global SAFE-BioPharma digital identity management standard; and Synchronoss, a leading provider of standards-based digital identities.

This development is believed to have significant implications for the use of distributed electronic ledgers (i.e., blockchains) for medical, pharmaceutical and other health system applications.

The purpose of the study was to demonstrate that cyber identities that comply with the SAFE-BioPharma standard may, via Peer Ledger APIs, enable blockchain identities to be de-anonymized, thereby fulfilling a requirement for double-blind clinical trials, audits and responsible supply chains. Prior to the study, identities associated with distributed electronic ledgers were entirely anonymous.

“Identity trust” means that there is trust in each cyber identity, using a process that proves the individual’s identity before linking it to the cyber credential. In general terms, it means that the credential can be trusted to represent the vetted identity of the individual one is doing business with but has never met face-to-face. This is critically important to the pharma/life sciences space because of several factors, including deterrence of hackers seeking valuable patient records and intellectual property, as well as compliance with regulations protecting patient data.

These discoveries underscore the power of blockchain technology to disrupt traditional practices for drug discovery, patient engagement and monitoring, payments and participatory healthcare delivery. Here, the technology leverages its quality as a shared, synchronized, distributed ledger of transactions, fostering security and decreasing fraud by providing a permanent record of who accessed ledgers and what activities they engaged in.  

The proof of concept demonstrated that SAFE-BioPharma-compliant digital identities can be tied back to the blockchain to assure trust in the identity of each person engaged in the transaction. Transactions can be anonymous until the end of a clinical study and “chained back” to the proven identity of the user, if needed, for regulatory or clinical purposes. Alternatively, the identities associated with each block can be known throughout the process, such as in track-and-trace applications for the medical supply chain.

Blockchain technology’s use of a group-consensus algorithm can be used to catch intentional or inadvertent double spending of an asset. For example, an accounts-receivable blockchain application can provide “multiple eyes” to prevent double invoicing. Similarly, a counterfeit-catching purchasing blockchain application can prevent harmful substances and devices from entering the medical system.

Ultimately, for blockchain technology to reach its full potential in any sector, myriad systems must be interoperable. Currently, healthcare technologies rarely work in a highly synchronized way with one another, which is why pharmaceutical and other medical companies that already have powerful identity management tools are trialing a number of different blockchain-based applications.

Thus far, these apps have been unable to bridge to the systems pharma companies use to establish identity credentials for their personnel. This is the problem addressed in the proof of concept. Peer Ledger has therefore developed software that now maps a trusted identity, from the Synchronoss-implemented Verizon Universal Identity Services system to blockchain credentials.

“Every SAFE-BioPharma-compliant identity credential accurately represents the proven identity of the person using it,” explains Mollie Shields-Uehling, president and CEO of SAFE-BioPharma Association. “Teaming these credentials with anonymous blockchain ledger postings enables use cases critical for overall cybersecurity across healthcare and the life sciences.”

When asked about future applications of all of this for healthcare, Shields-Uehling and Dawn Jutla, CEO and founder of Peer Ledger, highlighted three major areas of blockchain intersection.

Blockchain and clinical trials: In order to co-partner in the discovery of cures, patients may give pharmaceutical companies direct access to their digitized healthcare records, thus improving both data used for research and the speed of patient treatment. Britain’s Chief Scientific Officer, Sir Mark Walport, has argued that the National Health Service, which provides healthcare for 65 million people, should use blockchain technology to improve such tasks as the sharing of health records.

Blockchain and data collection: Earlier this year, IBM Watson Health announced it would work with the FDA to develop a secure, efficient and scalable exchange of health data using blockchain technology. Oncology data will be the initial focus.

Blockchain and personalized precision medicine: Blockchain technology’s cryptography will secure economical home healthcare sensor feeds. Trusted identity will be important to ensure that the right test results are associated with the right patient.

The post How Blockchain Identity Trust Is Fostering New Applications in Healthcare appeared first on Bitcoin Magazine.

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