Abu Dhabi, Belgium Ports Partner over Blockchain Trade Pilot Project

Abu Dhabi Ports has partnered with its Belgian counterpart to begin a blockchain-powered supply chain pilot project, the company revealed in a press release. Silsal, as the project is titled, uses an electronic blockchain ledger system to provide full cargo visibility and streamline trade flows and supply chains. If tested successfully, the Silsal project expects to automate the exchange, identification, and acknowledgment of cargo documents between Abu Dhabi ports and Belgium’s Port of Antwerp. Each stakeholder acts like a node of a blockchain network who gets to access and acknowledge the real-time supply…

Heads of Bitmain, Binance and Other Crypto-Related Businessmen Among China’s Richest

The rise of blockchain technology and cryptocurrencies have made many people rich, but the world’s smartest entrepreneurs in the space are beginning to make waves among the world’s richest conventional business minds. The Hurun Research Institute released its annual China Rich List on October 10. Included in this list of 1,893 individuals are 14 people who have made their fortune from cryptocurrency and blockchain related business ventures. According to the Hurun list, the 14 new names on the list from the blockchain space make the industry the fastest growing in…

ING Bank Launches Zero-Knowledge Tech for Blockchain Privacy

ING Bank is continuing further down the path of advanced blockchain privacy with the release of its Zero-Knowledge Set Membership (ZKSM) solution, announced this week at the Sibos banking conference.  The Netherlands-based lender had already received plaudits for adapting classical zero-knowledge proofs (a way of proving possession of a secret without revealing the secret itself) into a simpler form for use within the bank called zero-knowledge range proofs. Zero knowledge range proofs can prove a number is within a specific range. For example, a mortgage applicant could prove that their salary…

Blockchain Industry Could See Nearly 150 Mergers & Acquisitions in 2018

The prolonged cryptocurrency bear market has seen a substantial number of organisations finding new opportunities for growth via consolidations and acquisitions. According to a CNBC report, investors are seeking more and more deals within the blockchain space, even in the face of declining or stagnant crypto prices. Despite market volatility and a peak-to-trough bitcoin price decline of nearly 70 percent, the past year has witnessed an increase in merger and acquisition activities in the past year as revealed by data from JMP Securities and PitchBook. According to the data, token values associated…

Bitcoin Network Congestion Reaches 95%, But Fees Hold Steady

Popular cryptocurrency analyst Willy Woo has observed what many others in the community have overlooked. While this year’s market downturn has shaved off approximately 70% of BTC’s value, the Bitcoin network is quietly gaining scale. It’s a sign of what many blockchain pioneers have been touting during the market downdraft, which is for developers to keep their heads down working without being distracted by the noise that’s surrounding cryptocurrency prices. Congestion on the Bitcoin network reached 95% last week, but if you were transacting in BTC, you wouldn’t have experienced…

Central Bank-Issued Digital Currencies Are Not an Effective Economic Tool

The Bank of Japan’s (BOJ) deputy governor Masayoshi Amamiya has recently reiterated his negative stance towards central bank-issued digital currencies (CBDC), the New York Times reports Oct. 20. Speaking on Saturday at a meeting in Nagoya, central Japan, Amamiya expressed doubts about the use of CBDCs, claiming that such digital currencies are unlikely to improve the existing monetary systems. Amamiya also stated that the BOJ does not plan to issue digital currencies. The article reports that some financial experts consider a CBDC as a tool for central banks to control…

Bitcoin Hits Yearly Low Volume, Only Way to Reverse Trend is a Big Spike

Over the past 24 hours, Bitcoin has achieved a new yearly low volume, demonstrating a lack of momentum and strength to recover to the higher region of $6,000. On Coinmarketcap, the volume of Bitcoin fell to $3.1 billion while it fell to $1.91 billion on CoinCap. The previous yearly low point of the Bitcoin volume was $3.2 billion on Coinmarketcap and $2 billion on CoinCap. The low volume of Bitcoin, possibly affected by a decline in trading activity on a Sunday, could have a negative impact on the short-term trend…

Ephrata, Washington Imposes Year-Long Ban on New Cryptocurrency Mining Operations

The city of Ephrata, Washington, will halt new crypto mining developments in the city for the next 12 months, Eastern Washington and North Idaho daily newspaper The Spokesman Review reports Friday, Oct. 19. The recently announced suspension will only affect new crypto operations from being established in Ephrata, while the existing four businesses already there will continue operating. According to Ephrata city administrator Wes Crago, those four crypto operations — including two at the Port of Ephrata, one in an industrial area of the city, as well as one in…

Bitcoin Price Weekly Analysis: BTC/USD Above $6,500 Could Accelerate Gains

Key Points Bitcoin price declined recently and tested the $6,350 support level against the US Dollar. There was a break above a connecting bearish trend line with resistance at $6,410 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair is facing a solid resistance near the $6,480 and $6,500 levels. Bitcoin price is consolidating above the $6,350 support against the US Dollar. BTC/USD must break the $6,500 resistance zone to move into a bullish zone. Bitcoin Price Analysis There were more than three attempts to…