Something is definitely brewing in Facebook’s newly formed department. Early in May, there was a rumor that Facebook was interested in opening a cryptocurrency department within its headquarters. The advertised positions are: Two Software Engineers
Crypto mining company Argo today reported that in the midst of the current bear crypto market, it is registering significant growth and more demand. Up until mid-November, Bitcoin prices had been holding out at the $6,500 but dropped to $3,500 at one point before going up to the $4,000 mark.
The London-based mining firm made its debut early this year in the London Stock Exchange and has stated that the number of crypto mining packages has increased from 4,200 to 10,325 as of the time of press, beating its January 2019 target package sales. It is the first ever cryptocurrency technology-based company to seek listing on the stock exchange. By getting listed, the company founders were hoping that Argo will be able to get the recognition and credibility it deserves and be able to attract global investors.
Argo’s founders, allow their users to mine the altcoins from the comfort of their home. The amount of electricity required to mine cryptocurrencies is huge and incurs crazy costs that may a bit too much for potential miners. Argo president and founder, Mike Edwards, has invested in cheap and green hydropower to run the mining systems, with a capacity to mine at scale.
Argo offers mining services to its users to tap into the mining network for a monthly subscription fee. The idea behind this kind of service is Netflix (yeah, that was the inspiration behind the mining company). According to Edward, the idea behind the service is because crypto mining is majorly controlled by elites, therefore making it impossible for regular people to access. By offering scaled subscription services, the service is democratized and easily accessible.
After subscribing to the company’s mining service, a user is allocated ‘hashing’ power from a mining rig that will allow him to use it for mining purposes. The service is very convenient as the Argo system provides the user with options of which cryptocurrency to mine, which mining pools to join, wallets to use and finally credit card approvals.
This gives Argo a competitive edge against other crypto mining companies. The listing of the company removes the risk that all crypto users are afraid of, fraud and scams. It commands a level of trust that no other mining company has.
This is solely the reason behind the mining activity that is being registered by the company despite the market conditions right now. The demand is so high that by September, the company had a waiting list of almost 50,000 new customers waiting to get listed on their subscriptions. Also, it is worth to note that although Argo’s shares have registered a growth of 25% in their share profits since they got listed on the LSE, the shares are highly discounted as compared to the time of listing.
Nexo is a blockchain based system that allows users to access instant loans in fiat dollars by using cryptocurrencies as collateral. This was interesting as the only way cryptocurrencies were in use was through selling and buying. Nexo was created by European Fin-tech group, credissimo and since its inception, the company has given out loans of over $120 million and amassed over $150 million.
How Nexo works
Nexo works by bringing users of blockchain technology with instant loans. The working theory is that the innovation was to provide users with loans that are automatic, cost-efficient, flexible means of obtaining liquidity that is secured by the value of the assets that are held by the said user in question.
The loaning process requires the user to check into their Nexo wallet and transfer their crypto assets into it. After the transfer has been confirmed, the Nexo system automatically computes the details regarding that account such as loan limits and eligibility then establishes a loan for the user.
Depending on the currency the user prefers the loan to be deposited in, either Euros or Dollars, he gets the loan approved and sent to his provided account details or through the pre-existing Nexo credit card. Limits of loans are completely dependent on the crypto market prices at the time of loan requests, such that if the prices drop, loan limits drop and vice versa.
Nexo has amazing benefits, not to mention that the loan process is simple and can be done in a matter of minutes, there are no hidden charges from the transactions and no credit checks. Which means that users do not risk Losing credit ratings in case of late payments or brief defaults. The payback system is also a great advantage to users as they get to pick out how they want to repay their loans. Users can use bank transfers, physical fiat and or crypto assets exchanges, or use discounted Nexo tokens.
It is no secret that the liquidity aspect of the service is quite attractive to users. Added to that there are no transaction or withdrawal fees attached to the loan transactions. The loaning system makes use of smart contracts which take away most of the burden of legal guarantee and remedy in case of breach and saves on the costs of transacting on the side of the user. This means that the contracts cannot be modified or reverted once executed.
Nexo tokens pay dividends, are SEC-compliant and all its customer base can access a loan from anywhere around the world. On Monday, the company announced that it would be paying out the said dividends worth close to $913,000. The procedure for payment requires verification of eligible customers and store their tokens in the Nexo wallet before payments are made on the scheduled date of 15th December.
The announcement led to an explosion of the price of Nexo per token from $0.109 to $ 0.402 as it peaked the interests of investors globally. In consequence, Nexo’s market cap is now $44 million.
Do you need to know more about Bitcoin and blockchain tech in a hurry? Want to learn what mining is or what block time is? Or just more about the topic in general? The sheer volume of information online on the subject is staggering. Not all of us have the time or inclination to wade through pages and pages online, though.
If you want to cut through the noise and get the information that you need quickly, start with the Bitcoinfy’s infographic below. You’ll see everything that you need to know about Bitcoin and it’s underlying blockchain tech in an instant.
And no, they’re not the same thing. Bitcoin is a cryptocurrency. That is, a digital currency that exists solely online. Blockchain, on the other hand, is the ledger or the permanent record itself. Essentially, it’s the tech that makes BTC possible.
To understand the difference further, think of it like this. Blockchain is kind of like the processor in your laptop. It keeps everything running smoothly, but it doesn’t have to be used by just one brand of laptop. Whether your laptop is a Dell, HP, or Acer, it will need a processor to run it.
Bitcoin, on the other hand, is like the laptop itself. Just as your laptop would be useless without a processor, BTC is useless without the tech that underpins it. It’s an important distinction to make, and one not everyone is aware of.
What’s more interesting, though, is that blockchain has so many different applications. We’re probably most aware of BTC, but this technology is a lot more versatile than just one simple application. At the moment, there are around 2,100 other cryptos in the mix, and each brings its own special touch to the party.
The tech has always been open-source, which means that not only can everyone use the code, but they can also adapt it to suit their purposes. Ethereum and Ripple, for example, are two other applications that have taken the basic concept and expanded on it, but there are many more others out there.
Start by reading through the infographic to understand the basic concepts, and then have fun with your own research into this fascinating new world.
Cryptocurrencies and the technology behind it can be realistically considered to be one of the most driven advances in the financial sector. Not only because of the nature of the assets but the entire working idea behind it, the transactions and the virtual lack of regulation surrounding digital currencies.
Fast forward to say a decade or two, money will be virtual globally. Meaning walking around with actual cash will be a rare occurrence. Digital currencies have skipped that hurdle and are completely encased in a system that is complicated for most people to understand.
Moreover, the blockchain system is a complete opposite of the traditional financial system around the world which are already regulated. It doesn’t mean that cryptocurrencies are a mystery. It is gaining more knowledge and assimilation worldwide. So with higher popularity, comes the need for regulation.
Crypto has seen its fair share of multiple scams and fraud incidences. Different countries have different stands on cryptocurrencies. Let us have a look at a few economies around the world and analyse the regulations they have put in place.
China was once the biggest cryptocurrency market worldwide and used to dominate Bitcoin trading. As of last year, their stand on cryptocurrency trading became harsh and they banned ICOs. The reason behind this move was the volatile Bitcoin prices. In 2017, Bitcoin soared to levels of $20,000, raising the interests of the US, South Korea and Japan. In 2018, they dropped to lows of $7,000.
China supports the underlying blockchain technology but states that the use of the technology has raised significant concerns especially because the trades are unregulated and have been used for fraudulent and questionable purposes before. In August 2018, five different Chinese government bodies; People’s Bank of China, Banking Regulatory Commission, State Administration for Market Regulation, Central Cyberspace Affairs Commission and Ministry of Public Security issued a warning regarding the use of cryptocurrencies and ICOs for risky illegal use.
The Chinese government wants to protect its financial stability and regards the unregulated use of cryptocurrencies and the unlimited trading of the same as a threat to its economy. Crypto mining is not banned however, and individual investors have not been badly affected by the current bans.
To begin with, even the term cryptocurrencies in the U.S is subject to different definitions in different jurisdictions. The Financial Crimes Enforcement Network only recently acknowledged crypto trading as some sort of currency which they term as ‘money transmitters’ and tokens as ‘other value that substitutes for currency’. The IRS has issued a tax guidance and legally recognizes cryptocurrencies as property.
The SEC (Securities and Exchanges Commission) considers cryptocurrencies as securities and earlier this year were looking forward to setting up comprehensive securities laws that would govern digital assets and the transaction of the same.
The Commodities Futures Trading Commission (CFTC) approach is that it allows cryptocurrencies to trade publicly and describes Bitcoin as a commodity. As of two days ago, American Cryptocurrency enthusiasts are awaiting the first ever Bitcoin Exchange Traded Fund (ETF) from the SEC. ETFs trade like stocks by tracking groups of assets or indices. If the ETF goes through, it may auger well for the future of bitcoin and other cryptocurrencies at large.
Cryptocurrencies in the U.K are not really legally defined as legal tenders but the trade of cryptocurrencies have specific registration requirements. Cryptocurrencies in the U.K are required to register with the Financial Conduct Authority (FCA) and has set up trading guidance that ensures that entities engaged in cryptocurrencies which fall under pre-existing financial regulations for futures and options and other derivatives require authorization.
The FCA is working closely with the Bank of England as recommended by UK’s Treasury Committee to establish well worked out framework around cryptocurrencies and ICOs so that consumers can be protected seeing that cryptocurrencies are under limited FCA jurisdiction.
Australia was among the first countries to institute cryptocurrency regulations. In fact, it was the second after Japan to declare cryptocurrencies and Bitcoin as legal tender in 2017.
In 2018, on the sole motivation of consumer protection, Australia’s Financial Intelligence Agency (AUTRAC), laid down actionable guidelines to be flowed by any ICOs under anti-money laundering and counter-terrorism laws.
The Asian country has had a confusing stand on cryptocurrencies altogether. In September of 2017, there were rumours of blanket ban on all ICOs, which were consequently dismissed in January 2018. The ban did not happen and it seems that South Korea has had a change of attitude towards crypto.
This came with harsh regulations;
Japan is the first country to regulate bitcoins and cryptocurrency trading overall. However, as time has gone by, their grip has become tighter and tougher. In recent months, investors have lost sums of up to 7 billion Yen.
A recent hacking scheme led to the loss of approximately $61 million stolen from Osaka based trader Zaif being operated by Tech Bureau Corp. this is not to mention what happened to Coincheck, the world’s leading crypto exchange in January.
Revision of the existing regulations require more frequent audits and taxation of the exchanges as crypto is treated as an income for the business.
Canada has not been very quick to jump on the cryptocurrency bandwagon but has undoubtedly become one of the more favourable countries to trade crypto. Their government has been working on a regulatory document but it will be revealed in early 2019. As such, crypto is not considered a legal tender but trading is very much allowed in the state.
There are high hopes that the regulations will be favourable as compared to the initial imposed rules that had been proposed in June 2018.
The Reserve Bank of India banned Indian banks from serving Bitcoins and cryptocurrency exchanges. India used to issue subliminal threats to investors and entities and businesses as well through official statements regularly, so maybe the ban was not a complete surprise.
The most telling threat came worded like this;
‘The government does not recognize cryptocurrencies as legal tender or coin. As such it will take all measures necessary to eliminate the use of these crypto assets in financing illegitimate activities.’
I may point out that the stand is completely unreasonable and unjustified. This leaves the question as to the future of cryptocurrencies in India.
Matter of fact, crypto regulations are only just beginning to unravel. On the one hand, it is a prerequisite since the idea is to make sure people have faith in the digital assets trading ground. This also means that it will take a long time to come up with highly effective legal framework to regulate crypto since the technology behind it is what runs the transactions altogether, eliminating the need for a legal intermediary.
Countries inherently look to preserve their financial stability and functional economies and may adapt crypto regulation at different speeds depending on their technological abilities. My take is that the scrutiny of crypto as a whole is a real playing factor before regulations can be set up.
In 1996, American cryptographer and programmer, Nick Szabo conceived the idea of a system that allows entities to record contracts in the form of computer codes, he called this concept “smart contracts.” Szabo’s idea described how digital protocols functioning in a controlled environment will automatically execute transactions once the agreed upon conditions are attained.
Ten years later, the blockchain was invented, and Szabo’s concept became a reality. Today, we have contracts that are autonomous, highly efficient, trustless, secure and able to complete transactions in record time. Smart contracts are becoming increasingly popular; in fact, Gartner – a global research and advisory firm estimates that more than 25% of global organizations will make use of smart contracts by 2022.
The Evolution of Contracts
In its most rudimentary form, we can easily define a contract as a promise enforced by law. Contracts require an agreement between two or more parties; one usually makes an offer while the other accepts it. For hundreds of years, humans have been making use of contracts to issue binding agreements and conduct business.
In primitive societies, agreements were made orally while compliance was enforced through kinship ties or religious authority. When writing was invented, everything changed. Historical documents indicate that some of the earliest concepts of contacts can be traced back to ancient Rome. As society became more complex, these ‘proto’ contracts also had to evolve to meet up with modern demands.
In today’s world, contracts have expanded in usage so much that they now form a core aspect of modern business and global trade. They have a wide range of business applications including fixing resource costs, limiting obligations, drafting non-compete agreements, and so much more.
Stupid vs. Smart
Our tech-driven society has greatly influenced the business world, which now operates in a continuously fast-paced mode. Businesses like to close deals quickly – after all, ‘time is money.’ However, when making deals, the traditional contract ends up slowing things down. Drafting them requires a lot of time and procedures. Stakeholders employ a team of expensive legal experts, deliberate several rounds of negotiations, participate in back and forth draft phases before the final conditions are agreed upon. Even after this, there is still a chance that there could be business conflicts prompting renegotiations.
Smart contracts, on the other hand, do not require the hectic process required to draft traditional contracts. They are self-executing, and self-enforcing and do not need the influence of third parties. Smart contracts consist of pieces of software that help extend the blockchain’s function from serving as a financial transaction record keeper to completing multi-party agreements automatically. The use of smart contracts allows for the exchange of goods, money, securities, real estate and other assets. The distributed ledger acts as a storage space for smart contracts and thanks to its immutability, details of the contract cannot be altered, forged or erased, while data encryption protects the party’s identities.
Why Smart is Better?
The smart contract concept brings a lot to the table, and it is touted as one of the major blockchain applications that will transform the world. Here are some reasons why smart contracts are better than their traditional counterparts.
Real-time update/Speed: smart contracts automate tasks which greatly speed up business processes compared to conventional contracts processed by hand.
Clarity/Accuracy: by default, a smart contract demands that all conditions be recorded explicitly.
Elimination of Intermediaries: the implementation of smart contracts makes hiring third parties or trust services redundant.
Reduced Costs: by limiting human intervention and third parties like legal counsel, smart contracts can help businesses save costs.
Inherent Trust: smart contract’s intrinsic features like autonomy, security, immutability, and transparency help foster trust between parties.
Smart contracts can be applied to many industries as startups around the world are already finding new ways to integrate these digital contracts into their overall business operations. Here are some industries being disrupted by fast-rising blockchain startups utilizing smart contract innovations:
Banking & Investment: BlockState, a technology facilitator for investment banks, is exploring ways in which smart contracts can be leveraged to speed up banking processes like issuing, clearing and settling of bonds/loans by reducing the number of intermediaries involved and increasing transparency. BlockState recently released a digital asset index product, on their own technology stack and are preparing the tokenization of further funds and issuing of bonds.
Supply Chain: Vechain, a public blockchain platform, is focused on providing supply management solutions. The VeChainThor Ecosystem will allow the transfer of value to take place on its blockchain by utilizing programmable and executable smart contracts.
Food Industry: TEFood, a publicly accessible food traceability system that will introduce blockchain protocols and smart contracts for creating a trusted transaction ledger for the integration of supply chain participants and authorities into a singular system.
Energy Sector: Restart Energy, a blockchain energy trading platform with a specific focus on emerging countries. Restart Energy will connect producers and consumers by integrating smart contract protocols into the existing energy grid.
Even so, we are merely witnessing the tip of the iceberg – think of it like the internet in its early ‘90s days. Still, there may currently be a few limitations of limited number of transactions per second or the lack of interoperability between different blockchains. As the technology improves, the adoption of smart contracts will increase while ushering us into a new age – the age of “smart industries.”
The presidential candidate of Nigeria’s leading opposition party has promised to support blockchain and cryptocurrency, local news outlet the DailyPost article reported Nov. 24.
The Nigerian news outlet reportedly analyzed the Peoples Democratic Party (PDP) candidate Atiku Abubakar’s “Get Nigeria Working Again” policy that he reportedly promised to enact if he is elected president February 16, 2019.
DailyPost reports that in the document, the politician declared that “he aims to speed up the economy positively through blockchain and cryptocurrency.”
According to DailyPost, Abubakar stated that to unlock “the potentials of the new economy” PDP “shall promote the production of a comprehensive policy on blockchain technology and cryptocurrencies.”
DailyPost also quoted Abubakar platform as stating “regulation will provide clarity” in this “industry that consists of 1,800 currency types.” The terms of the mandate are also promised to be “controlled in a way that provides job opportunities as well as revenue for the government and people of Nigeria.”
As we reported in mid-October, the Nigerian government has been partnering with local startups to develop blockchain in the country. In March, Nigerian regulator Nigeria Deposit Insurance Corporation (NDIC) warned against the use of cryptocurrencies because transactions are not insured.
The past week has seen the cryptocurrency bear market thrive on its position with prices plummeting to their lowest since October 2017. In August 2018, Bitcoin prices had started the downward freefall with prices threatening to hit below the $5,000 mark, and they eventually did in November. Cryptocoinjunky has posted articles on the reasons behind the Bitcoin crash which had been highly anticipated due to the splitting up of Bitcoin SV and Bitcoin ABC.
Back in August, cryptocurrency experts were markedly optimistic about Bitcoin prices recovery. Meltem Demoirs of CoinShare actually compared Bitcoin to internet stock prices. According to him, new technologies that capture the attention of many usually tend to face incredibly challenges severally before being fully utilized and prospering. He envisioned crypto technology as such an invention.
Since Bitcoin took off in 2009, cryptocurrencies have made significant strides in the digital currency world. But the question still lingers on the worth of digital assets investments in the future. Let us have a look at a few comments and market predictions from crypto experts on the current cryptocurrencies state.
Bitmex’s crypto expert Arthur Hayes believes that Bitcoin prices will hit $50,000 by the end of the year. This is despite the severe plummet of prices across the board that has been experienced in the last few months.
A sitting panel put together by investment company Finder analyzed the top performing coins by market cap. The predictions were set on an overview of 2018/2019 market price analysis.
In summary, the panel was optimistic that XRP, ETH, and EOS will increase in value by almost 200% by the end of 2019. Bitcoin will follow suit by an increase of 177% and Bitcoin cash by 77%.
Jeet Singh boldly compared crypto to Apple and Microsoft stating that it is completely normal that cryptocurrencies fluctuate by 70-80%. The volatile market may be unappealing to most investors but according to the investment portfolio manager, the more stable business models and crypto technology becomes, the more confidence it should inspire. Is he right? Is it a short term or long term prediction?
Kristjan Dekleva, a Swiss-based financial analyst and asset investment expert seems to see the future in crypto will be a long time coming; a decade, but will surely be worthwhile. He seems to echo the sentiments by Meltem Demoirs as far as cryptocurrency market stability is concerned. According to him, crypto downfalls have ‘been caused by emotions and misinformation where small rumors have a big impact.’
Kenneth Rogoff shades the sentiments of Kristjan and says that the price of Bitcoin will be worth $100 in ten years. Rogoff based his argument on the regulation of cryptocurrencies that he is sure will cause the market to plummet. In his expert opinion, governments and regulatory bodies hardly seem to grasp the technology behind digital assets and for this reason, the market will be hard hit as financial bodies come up and design regulatory frameworks regarding crypto transactions.
Gemini co-founder, Cameron Winklevoss is also optimistic, although on the drawn outside of things. He is sure that the price of Bitcoin could go up by 40%, in a decade or so. He also stated that the crypto market is highly underappreciated and it is one of the reasons why the market is so volatile.
Bobby Lee, co-founder of BTCC made a lauding comment on twitter regarding the value of Bitcoin compared to that of gold. On November 20th, 2018, he tweeted that Bitcoin is currently 1/8 the value of gold. He predicts that Bitcoin’s ‘rise to the top’ will not come easy but is definitely an outcome to look forward to. Only ‘true believers’ will survive to reap exceedingly great profits from Bitcoin after the bear season subsides.
John McAfee, the ever bullish supporter of Bitcoin came out hard on panic sellers today and asked them to relax or just get out of the market altogether. His tweet is unprintable (the cursing alone) but he has a point. According to him, the cycle of investment markets is always the same. Cyclical. It has ups and downs; at times the down being brutal and it does not help that investors are panicking. ‘Bear markets are like winter, it’s always followed by a glorious spring.’ He points the recent crash on fear, ignorance, misinformation, and uncertainty.
With the sentiments above and numerous others not posted, I think it is safe to say that yes, indeed the market is notoriously volatile, unpredictable, but not uncertain. Bitcoin prices will rise. For one, the crypto market is in constant expansion. For example, Saudi Arabia and the UAE are developing a cryptocurrency that will be launched mid-2019. Intercontinental Exchange, owner of the NY stock exchange has plans underway to open a Bitcoin futures product, the Bakkt Bitcoin Daily Futures Contract, which will be launched in early 2019.
Cryptocurrency regulation will aid the digital assets market to stabilize, even though short term, it will and is currently causing prices to drop (refer to recent developments in South Korea and China).
Francesco Fusetti CEO of AidCoin stated today that the drop in prices is actually beneficial to the market as it weeds out weak performers and strengthens knowledge of digital assets trading. Bitcoin has been the top performing coin in blockchain technology since its inception and has set a standard for virtual currencies.
In recent times, blockchain has become a magic word for organizations, who are using the technology to resolve advanced issues. Some of that magic looks to be rubbing off on career prospects for those operating within the Industry.
There are various statistics which are a testament to the growing demand and salaries for blockchain developers. Glassdoor, a jobs review website, found that demand for blockchain-related jobs this year increased by 200% as compared to last year. New York accounted for the most blockchain Job openings followed by San Francisco and San Jose. Chicago and Seattle rounded out the top five.
Upwork, a website for freelancers, noted that demand for freelancers with a “blockchain” tag grew by 3400% this year as compared to last year. The skyrocketing demand for blockchain-related jobs has additionally translated into improved Salaries for those in that Field. online jobs website Employed, told CNBC that the average Salary payment for blockchain developers is between $150,000 and $175,000 – which is $15,000 to $40,000 more than what Software engineers take home. That salary range puts blockchain developers at par with another in-demand field –engineers dealing with AI(Artificial Intelligence ).
The high Salaries for those working in the Blockchain space is primarily a function of supply and demand. Tireless media coverage has ensured that the Blockchain technology is on everyone’s mind. Big and Established firms such as Microsoft, IBM, Samsung, have embraced blockchain and announced initiatives specifically related to the technology.
Microsoft has started a Blockchain-as-a-service (BAAS) within its cloud Division, Azure.Facebook has Tasked a team to explore blockchain uses in its business.
There are Few programmers with the relevant skill set on Blockchain Technology which has helped inflate the salaries for those with the technical Expertise.In order to fill the gap that has been created with the shortage of Blockchain developers, several Initiatives have been Launched to motivate budding developers.
This includes :
Kucoin, a Singapore based Crypto Exchange has just completed raising $20Million in Series A funding with the help of Matrix Partners,IDG Capital and Neo Global Capital.
According to Kucoin CEO,the three firms not only invested but formed a Joint partnership with the exchange with the sole purpose of bringing Cryptocurrency to the Masses.
With the Funds in place, Kucoin now plans to revamp its activities,key being Launching ‘Platform 2.0’ in the First quarter of 2019.The Platform will be more than an exchange,it will be dynamic,secure and impressionable.
Kucoin will also hire more staff and expand to new countries including –Turkey,Italy,Russia and some Spanish speaking Countries by Q4 2019.
With over 5Million registered users currently,The exchange aims to become a global brand in the Blockchain Industry.
Some Key facts about Kucoin Exchange :
Based in Singapore
Daily Trading Volume of $22,853,322
Has a Coin known as Kucoin shares $0.973081.Ranked 64 on coinmarketcap.
They cite as examples “high-risk locations, culturally sensitive locations, locations marked by property owners.” Augmented reality is a technology which adds layers to physical reality. An example is Zombie GO, an AR game which places zombie in real life or perhaps the most famous example, Pokemon Go. AR can have other applications than games, however, such as displaying historical views of locations.
The aim of the technology IBM seeks to patent is to improve the political and actual use of AR in physical space, in an effort to prevent collisions of AR with locations that are not desirable by either party. An attack vector in location-based AR games is when “actors or users may maliciously profile a location for different purposes (e.g., misleading game players by falsifying the profile of a location where the ARC can be placed).”
Blockchains will be used in the patented system to accurately document information about locations used in such games and systems.
Thus, it is important for the system to verify/validate any location related transaction. Accordingly, the method 300 includes tracking 310 or verifying recommended locations, labels, or tags using a location/label/tag blockchain-based system.
The blockchain system securely tracks, stores, and maintains location related transactions along with other location metadata. A blockchain is a distributed database that maintains a continuously-growing list of data records hardened against tampering and revision. It consists of data structure blocks–which hold exclusively data in initial blockchain implementations, and both data and programs in some of the more recent implementations–with each block holding batches of individual transactions and the results of any blockchain executables. Each block contains a timestamp and information (e.g., a hash of a previous block) that links it to a previous block.
The system will also include a neural network which will learn the results of interactions in various locations and record the data in the blockchain used.
Thus, risk prediction can occur based on rules learned by the cognitive neural network from past transactions in the blockchain, for example, a pattern of many user movements combined with discrete results such as incident reports, complaints against users, etc. By running the learned rules on more recent patterns of user movements, it is possible for the cognitive neural network to identify potential risks to users with varying degrees of confidence.
The patent process can be lengthy and it could be years before IBM releases a product based on the new patent. IBM has for years been involved in the blockchain space to varying degrees, targeting mostly enterprise clients, but its involvement in entertainment has been rare.
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