Wednesday, October 27, 2021

Authorities want blockchain with no strings attached to Bitcoin: Research

The Takeaway:

The blockchain technology has swayed the world by storm. Crypto skeptics and patrons have united in ascending the usage of the ledger technology. Will this prove to be a positive pull for the cryptocurrency regulations or push it down the slide to crash?

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The crypto skeptics have finally dropped their biased approach by accepting Blockchain as a game-changing technology. Today Blockchain is more than its initial use case, and this enlightenment has led to its wider adoption. Will this help in molding the naysayers’ perspective of cryptocurrency? 


Wells Fargo pilots blockchain for faster global transfers

Wells Fargo, the US-based financial giant has declared the piloting of an internal blockchain system. The company has adopted and promoted ledger technology to enhance international transfers. The Blockchain will perform with a US dollar-backed crypto coin which will not be client-facing. Although this is a blockchain ascent and a warming move towards crypto, the irony is not lost on us as their customers are still prohibited from buying Bitcoins through their credit cards. 

Furthermore, I wonder if Warren Buffett will still hold to his negative stance towards the crypto world. It’s no mystery that the largest single holder of Wells Fargo stock, Buffett has always despised the virtual currencies. He has defined bitcoin as a delusion, a rat poison squared and even predicted that cryptocurrencies would eventually face a bad-ending. Will Wells Fargo’s step change Buffett’s sentiments, we shall wait till the enigma unfolds. 


HSBC – The first ban to perform Blockchain transaction

Blockchain is climbing the ladder of global use, and its utilization by banks is by far the most surprising adoption. HSBC evolved as the first bank to initiate blockchain usage for executing a trade finance transaction.


The US saves to spend on Blockchain

The US President Donald Trump, though not a fan of bitcoin and a sole critic of cryptocurrencies, yet, undoubtedly inclines towards Blockchain. The recent executive orders by the government have declared a ban on petro and e-cigarettes which apparently hint towards the sooner ban on bitcoin. However, if we look on to the sentiments towards the technology behind these digital coins, the authorities seem to acknowledge it. As reported by Diar, the US agencies have upped their purchase orders and contracts with Blockchain. In 2018, the investment in blockchain adoption by the authorities ascended by more than three times. The US Air Force secured new contracts with Simba Chain and Constellation. In addition to this, the Department of Defense also joined the blockchain adoption league and announced the prospect of blockchain cybersecurity shield. 


Blackstone might invest in the ledger tech

On September 17, Steve Schwarzman, the Blackstone CEO, stated his fondness of Blockchain but simultaneously dug a negative stand on Bitcoin. According to the billionaire, the use of Blockchain for building money is “pretty odd,” and the decentralized characterization is what pushes him away from the crypto world. Nevertheless, he would not step back from investing in companies that use the blockchain tech


India emerging as a Blockchain core

India, although attaining a position in the top crypto rivals’ list, is on the road of becoming a blockchain hub. The Kerala Blockchain Academy of Kochi, which is a state government initiative under IIITM collaborated with R3. The academy proffers in-person training on blockchain technology and is the first to render a developer program on Corda blockchain. Besides this, the digital solutions firm, Tech Mahendra partnered with the fintech company Adjoint to commence the industry’s very first blockchain solution. The use of the ledger will assist in providing an immutable record of transactions, creating a reliable and seamless experience. 

Reports have stated that the distributed ledger technology is one unique innovation that holds the potential of lowering costs, increasing speed, and enhancing the product offerings. 


China leads the Blockchain adoption

Turning the radar towards China, we find the slogan “Blockchain, not Bitcoin” very boldly painted over the economy. On one side, the country is targetting bitcoin to vanish it from the nation, and parallelly, on the other hand, it is aiming to soar blockchain adoption. Currently, China is leading in the use and development of blockchain tech. It has succeeded in dominating the ledger technology space in the world. 

However, the paradox emerges when we notice the unthought-of implementation of Blockchain which the nation has proceeded with. 

In 2017, China banned all ICOs and ceased the operations of crypto exchange platforms. But today, it has applied Blockchain in the origination of its own “crypto coin.” 

Another irony is, that, post giving a hard time to the cryptocurrencies, the Bank of China released an infographic detailing the working, usage, and value of the virtual currencies, along with promoting a bullish trend of Bitcoin. And now, once again, the PRC has taken the U-turn. China’s Inner Mongolia autonomous region has carried out an inspection to shutter down the bitcoin mining operations. The authorities will target miners who will try to acquire preferential electricity prices and tax breaks. Others who will pass the inspection would still be expected to shut down in the near future. 


German bank accelerates payments through the ledger technology

The German government is not excluded from the group of nations showing green to Blockchain. The Deutsche Bank has signed up for the biggest ledger tech project of the financial service industry to lower costs at the German bank and accelerate the cross-border payments.

Every nation, be it crypto-favorable or anti-crypto, wants to ascend the use and employment of Blockchain, illustrating that maybe the non-controlling character of bitcoin is the sole basis of loathing the cryptocurrency. Will Blockchain promote decentralization and pave the way for increased digital money adoption? What is your stance?

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Harry Finnerty
Harry Finnerty
After completing his graduation from Strayer University, Harry started to work in the real estate industry. However, soon he realized that his real interest is in the financial industry and once he came to know about bitcoin and the technology behind it, he dedicated his life to understand and write about it.


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