Blockchain doubler
A scenario-based valuation of Argo is based on the expectation that the company will be holding some 2, Bitcoins by the end of and a successful installation of a new mining facility. To achieve that assumes a timely receipt and ramp-up of mining operations at the new facility in Texas. In late September struck a deal to acquire 20, new crypto mining machines for the facility, with deliveries due in Q2 Registered in England with Company Registration number You can contact us here.
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- Crypto-currency market is double the size of US sub-prime debt before financial crisis
- 2 Crypto Mining Stocks Wall Street Predicts Will Double
- Crypto users double to 200 million in 4 months fuelled by bitcoin, Shib, doge
- Blockchain
- Standard Chartered sees bitcoin hitting $100,000 by early next year
- SEC case against Ripple Labs for XRP crypto sale a ‘Bit’ of a double standard
- Founder of crypto lending platform argues that bitcoin could hit $100,000 by mid-2022
- 51% Attacks
- Blockchain: is it still the great accountancy disruptor?
- What are 51% attacks in cryptocurrencies?
Crypto-currency market is double the size of US sub-prime debt before financial crisis
One of the most promising applications of emerging blockchain technology is supply chain management. Blockchain—the digital record-keeping system developed for cryptocurrency networks—can help supply chain partners with some of their challenges by creating a complete, transparent, tamperproof history of the information flows, inventory flows, and financial flows in transactions.
The authors studied seven large U. Their early initiatives show that the technology can enable faster and more cost-efficient product delivery, make products more traceable, streamline the financing process, and enhance coordination among buyers, suppliers, and banks. There are special requirements for using blockchain in supply chain management: restricting participation to known, trusted partners; adopting a new consensus protocol; and taking steps to keep errors and counterfeits out of the supply chain.
But if implemented thoughtfully, the authors suggest, blockchain could pay big dividends for companies in a host of industries. Current approaches to recording the flows of information, inventory, and money in supply chain transactions leave a lot to be desired. There are blind spots, causing problems for the purchasers, suppliers, and banks involved. Blockchain technology may help. Early explorations by seven major corporations show that blockchain record keeping can make product delivery faster and more cost-efficient, increase traceability, enhance coordination among partners, and streamline the financing process.
Successful use of blockchain in supply chain management requires a trusted group of permissioned participants, a new consensus protocol, and protections to prevent the introduction of contaminated or counterfeit products. Blockchain, the digital record-keeping technology behind Bitcoin and other cryptocurrency networks, is a potential game changer in the financial world.
But another area where it holds great promise is supply chain management. To better understand this opportunity, we studied seven major U. These companies—Corning, Emerson, Hayward, IBM, Mastercard, and two others that wish to remain anonymous—operate in varied industries: manufacturing, retailing, technology, and financial services.
Some of them are just beginning to explore blockchain, a few are conducting pilots, and others have moved even further and are working with supply chain partners to develop applications. A blockchain is a distributed, or decentralized, ledger—a digital system for recording transactions among multiple parties in a verifiable, tamperproof way. The ledger itself can also be programmed to trigger transactions automatically. For cryptocurrency networks that are designed to replace fiat currencies, the main function of blockchain is to enable an unlimited number of anonymous parties to transact privately and securely with one another without a central intermediary.
For supply chains, it is to allow a limited number of known parties to protect their business operations against malicious actors while supporting better performance. Successful blockchain applications for supply chains will require new permissioned blockchains, new standards for representing transactions on a block, and new rules to govern the system—which are all in various stages of being developed. However, visibility remains a challenge in large supply chains involving complex transactions.
To illustrate the limitations of the current world of financial-ledger entries and ERP systems, along with the potential benefits of a world of blockchain, let us describe a hypothetical scenario: a simple transaction involving a retailer that sources a product from a supplier, and a bank that provides the working capital the supplier needs to fill the order. The transaction involves information flows, inventory flows, and financial flows.
Note that a given flow does not result in financial-ledger entries at all three parties involved. A blockchain system eliminates the blind spots. Execution errors—such as mistakes in inventory data, missing shipments, and duplicate payments—are often impossible to detect in real time.
Even when a problem is discovered after the fact, it is difficult and expensive to pinpoint its source or fix it by tracing the sequence of activities recorded in available ledger entries and documents.
Although ERP systems capture all types of flows, it can be tough to assess which journal entries accounts receivable, payments, credits for returns, and so on correspond to which inventory transaction. This is especially true for companies engaged in thousands of transactions each day across a large network of supply chain partners and products.
Making matters worse, supply chain activities are often extremely complicated—far more so than the exhibit depicts. For example, orders, shipments, and payments may not sync up neatly, because an order may be split into several shipments and corresponding invoices, or multiple orders may be combined into a single shipment. One common approach to improving supply chain execution is to verify transactions through audits.
Consider the problem a food company faces when its products reach the end of their shelf life in a retail store. Those can include glitches in any part of the supply chain, such as inefficient inventory management upstream, suboptimal allocation of products to stores, weak or sporadic demand, and inadequate shelf rotation failure to put older products in front of newer ones.
A record of all those activities can help reduce expirations. This would eliminate execution errors and improve traceability. However, the experiences of the companies we studied showed that integrating ERP systems is expensive and time-consuming.
Large organizations may have more than legacy ERP systems—a result of organizational changes, mergers, and acquisitions over time. Those systems often do not easily communicate with one another and may even differ in how they define data fields.
One large company told us it had 17 ledgers in separate ERP systems associated with a single activity—trucking—and its suppliers and distributors had their own ledgers and ERP systems. When blockchain record keeping is used, assets such as units of inventory, orders, loans, and bills of lading are given unique identifiers, which serve as digital tokens similar to bitcoins. Additionally, participants in the blockchain are given unique identifiers, or digital signatures, which they use to sign the blocks they add to the blockchain.
Every step of the transaction is then recorded on the blockchain as a transfer of the corresponding token from one participant to another. Consider how the transaction in our example looks when represented on a shared blockchain refer again to the exhibit. First, the retailer generates an order and sends it to the supplier.
At this point, since no exchange of goods or services has taken place, there would be no entries in a financial ledger. However, with blockchain, the retailer records the digital token for the order. The supplier then logs in the order and confirms to the retailer that the order has been received—an action that again gets recorded on the blockchain but would not generate an entry in a financial ledger.
Next the supplier requests a working-capital loan from the bank to finance the production of the goods. And so on. Moreover, each block is encrypted and distributed to all participants, who maintain their own copies of the blockchain. Thanks to these features, the blockchain provides a complete, trustworthy, and tamperproof audit trail of the three categories of activities in the supply chain.
Since participants have their own individual copies of the blockchain, each party can review the status of a transaction, identify errors, and hold counterparties responsible for their actions. No participant can overwrite past data because doing so would entail having to rewrite all subsequent blocks on all shared copies of the blockchain.
The bank in our example can also use the blockchain to improve supply chain financing. It can make better lending decisions because by viewing the blockchain, it can verify the transactions between the supplier and the retailer without having to conduct physical audits and financial reviews, which are tedious and error-prone processes.
And including lending records in the blockchain, along with data about invoicing, payments, and the physical movement of goods, can make transactions more cost-effective, easier to audit, and less risky for all participants. Furthermore, many of these functions can be automated through smart contracts, in which lines of computer code use data from the blockchain to verify when contractual obligations have been met and payments can be issued.
Smart contracts can be programmed to assess the status of a transaction and automatically take actions such as releasing a payment, recording ledger entries, and flagging exceptions in need of manual intervention. Indeed, the encrypted linked list or chainlike data structure of a blockchain is not suited for fast storage and retrieval—or even efficient storage. Instead, the blockchain would interface with legacy systems across participating firms.
Each firm would generate blocks of transactions from its internal ERP system and add them to the blockchain. This would make it easy to integrate various flows of transactions across firms.
The U. Drug Supply Chain Security Act of requires pharmaceutical companies to identify and trace prescription drugs to protect consumers from counterfeit, stolen, or harmful products. Driven by that mandate, a large pharmaceutical company in our study is collaborating with its supply chain partners to use blockchain for this purpose.
Drug inventory is tagged with electronic product codes that adhere to GS1 standards. As each unit of inventory flows from one firm to another, its tag is scanned and recorded on the blockchain, creating a history of each item all the way through the supply chain—from its source to the end consumer.
Some early success in piloting this approach in the United States has led the company to conduct more pilots in other locations and to move toward broad implementation in Europe. Meanwhile, IBM is working on a similar effort to create a safer food supply chain.
It has founded the IBM Food Trust and entered into a partnership with Walmart to use blockchain for tracing fresh produce and other food products. These kinds of applications require minimal sharing of information: Purchase orders, invoices, and payments do not need to be included on the same blockchain. As a result, companies that are wary of sharing competitive data are more willing to participate on the platform.
The benefits are clear. If a company discovers a faulty product, the blockchain enables the firm and its supply chain partners to trace the product, identify all suppliers involved with it, identify production and shipment batches associated with it, and efficiently recall it. If a product is perishable as fresh produce and certain drugs are , the blockchain lets participating companies monitor quality automatically: A refrigerated container equipped with an internet of things IoT device to monitor the temperature can record any unsafe fluctuations on the blockchain.
And if there are concerns about the authenticity of a product that a retailer returns, the blockchain can allay them, because counterfeit goods would lack a verification history on the blockchain. Companies across industries are therefore exploring this application of blockchain—motivated either by regulations requiring them to demonstrate the provenance of their products or by downstream customers seeking the capability to trace component inventory.
Emerson, a multinational manufacturing and engineering company, has a complex supply chain. It involves thousands of components across many suppliers, customers, and locations. Michael Train, the president of Emerson, told us that such supply chains often have to contend with long, unpredictable lead times and lack of visibility.
As a result, a small delay or disruption in any part of the supply chain can lead to excess inventory and stock-outs in other parts. He believes that blockchain could help overcome these challenges. If the manufacture of product B is held up because of a disruption in the production of component C3, the optimal move is to temporarily allocate inventory of C1 to product A until the disruption is resolved. One solution is for the companies in question to agree to centralize their data on production and inventory-allocation decisions in a common repository.
But imagine the level of integration that would entail: All involved companies would have to trust the others with their data and accept centralized decisions, regardless of whether they are partners or competitors.
A more practical solution is for participating companies to share their inventory flows on a blockchain and allow each company to make its own decisions, using common, complete information. Companies would utilize a kanban system to place orders with one another and manage production. Kanban cards would be assigned to the produced items, and the blockchain would record digital tokens representing the kanban cards.
This would enhance the visibility of inventory flows across companies and make lead times more predictable. Emerson is not the only company that thinks blockchain could increase the efficiency and speed of its supply chain. So does Hayward, a multinational manufacturer of swimming pool equipment. Disclosure: Vishal has done a small amount of consulting for Hayward. If you do, he says, machine time and inventory at various stages can be reliably assigned to customer orders.
Blockchain makes this possible by solving the double-spend problem—the erroneous allocation of the same unit of capacity or inventory to two different orders.
Walmart Canada has already begun using blockchain with the trucking companies that transport its inventory. Part of the appeal of using blockchain to enhance supply chain efficiency and speed is that these applications, much like those for improving traceability, require participating companies to share only limited data—in this case, just inventory or shipment data.
Moreover, these applications are useful even within large organizations with multiple ERP systems.
2 Crypto Mining Stocks Wall Street Predicts Will Double
By Paul R. More Videos TV star has new role: Crypto critic. Crypto: The future of money or the biggest scam?
Crypto users double to 200 million in 4 months fuelled by bitcoin, Shib, doge
Thanks for contacting us. We've received your submission. A more complete picture of this utter fecklessness is playing out in federal court in lower Manhattan in a case titled Securities and Exchange Commission v. Ripple Labs. It will likely determine how much regulation there will be over the burgeoning crypto industry, and at least so far, the SEC is demonstrating why it should be nowhere near policing something reasonably described as the next Internet. The SEC case hinges on some allegedly bad stuff done by Ripple. The SEC says Ripple execs sold an unregistered cryptocurrency called XRP to get rich and finance the build-out of its blockchain-like platform that transacts cross-border payments.
Blockchain
One of the primary concerns of any cryptocurrency developer is the issue of double-spending. This refers to the incidence of an individual spending a balance of that cryptocurrency more than once, effectively creating a disparity between the spending record and the amount of that cryptocurrency available, as well as the way that it is distributed. A transaction using a digital currency like bitcoin, however, occurs entirely digitally. This means that it is possible to copy the transaction details and rebroadcast it such that the same BTC could be spent multiple times by a single owner. Below, we'll examine how cryptocurrency developers have insured that double spending cannot happen.
Standard Chartered sees bitcoin hitting $100,000 by early next year
Sunny Leone took the lead among Indian actors to secure her digital assets when she broke the news about her association with NFT, two months back. This made her the first Indian actress to mint NFTs. Choose your reason below and click on the Report button. This will alert our moderators to take action. Stock analysis. Market Research.
SEC case against Ripple Labs for XRP crypto sale a ‘Bit’ of a double standard
In the following article, we will describe the issues arising from these two problems, and how blockchain solves these concerns, making cryptocurrency one of the safest and reliable assets for preventing these types of anomalies. Is it possible to copy gold, or reproduce it? Is it possible to turn one ounce of gold into two ounces, or even 1. Of course not. This is one of the reasons that gold is a store of value and can be used in an exchange of goods. But what about paper money?
Founder of crypto lending platform argues that bitcoin could hit $100,000 by mid-2022
The event featured the Climate Chain Coalition founded just one year ago but already bringing together organizations with a mission to mobilize climate finance and enhance monitoring, reporting and verification of climate goals. For a good explanation of this technology see this World Bank Group report. It functions as a decentralized database that can securely store data and digital assets, like environmental credits or certificates.
51% Attacks
RELATED VIDEO: What is Double SpendingTry out PMC Labs and tell us what you think. Learn More. Two double-spend attack strategies on a proof-of-stake consensus are considered. For each strategy, the probability of its success is obtained, which depends on the network parameters and the number of confirmation blocks.
Blockchain: is it still the great accountancy disruptor?
The Abu Dhabi Global Market, the capital's financial free zone on Al Maryah Island, has robust systems in place to mitigate risks associated with digital assets. Photo: Mubadala. Abu Dhabi Global Market has three operational virtual assets, or what are commonly called cryptocurrency exchanges , and three more are at various stages of preparation for a soft launch as it looks to expand online asset trading options for investors, the financial hub's Financial Services Regulatory Authority chief executive said. The soft launch phase refers to a stage where a company signs up clients and accepts their digital assets and fiat funds before commencing trading operations. Another six entities, including trading platforms and companies that offer custody services to investors, are looking at establishing operations. The financial centre had 3, companies operating within it at the end of June, including global businesses, financial institutions, treasury centres, professional services firms, small and medium enterprises, start-ups and FinTech companies such as digital asset trading entities.
What are 51% attacks in cryptocurrencies?
Help us translate the latest version. A wallet lets you connect to Ethereum and manage your funds. ETH is the currency of Ethereum — you can use it in applications.
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