David Drake

HomeAuthorDavid Drake, Author at CryptoTechNews

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The Port Authority of the Bay of Algeciras (APBA), a major Spanish shipping port, recently signed up to use the Tradelens, the shipping platform developed by IBM. Tradelens was developed in conjunction with Maersk, the international logistics giant. Shipping and logistics are considered low hanging fruits when it comes to early adoption of blockchain-based features into daily operations. Retail giants such as Walmart and Carrefour have ramped up their supply chain management using blockchain, and...

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Utilization of cryptocurrencies and blockchain in the banking sector is not an entirely new concept. Banks around the globe have either reacted positively or negatively to crypto implementation. Blockchain technology has, however, evolved from being ignored and seen in a bad light, to providing innovative solutions in the banking industry. On realizing its potential, banks are finding ways to create applications that make transactions cheaper, faster and less complicated. Falcon’s Move Just recently, Falcon, a...

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One of the fascinating aspects of technology is its dynamic nature. This aspect has ensured that once mainstreamed, businesses have the option to embrace it or be edged out. Despite its numerous advantages and applications, mainstreaming of blockchain has had its fair share of challenges, more so in 2018 when the valuation of most cryptocurrencies fell substantially. However, a tech review published by the Massachusetts Institute of Technology (MIT) predicts a positive outlook for blockchain....

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Western Union,  the global funds remittance giant is considering going paperless this year. In an interview with Reuters Plus, Odilon Almeida, Western Union President, said the company has been exploring ways to include cryptocurrencies in its services. The global funds transfer giant has also considered employing blockchain technology in its operations as a way of adding value to its services. Consumers do not have to own cryptocurrencies or digital wallets to access this service as...

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According to the central bank of Peru, digital currencies pose a risk to investors because they are subject to high volatility and are vulnerable to fraud and the application of illegal financial activities. November last year, the central bank of Peru released a warning announcing that cryptocurrencies do not have the support of central banks as they are risky investments. Peru’s central bank made this announcement at a time when the cryptocurrency industry was going through...

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In traditional markets, regulators have ensured that there are systems in place to monitor, investigate and identify market manipulation efforts with a view of prosecuting individuals involved. In an ideal situation, markets need to be competitive where there are many buyers and sellers so that no single player can dictate or influence prices. This helps in creating public confidence, to increase trade and efficiency in transactions. But this is not always the case. Due to the...

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Currently, the crypto market is primarily speculation-driven as retail investors choose startups based on their ability of their crypto product to add value. Cryptocurrencies are becoming essential to the global market. According to KPMG, they are indeed vital, but will take time before they reach their full potential. Because of their nature and unpredictability, KPMG  suggests virtual currencies will need the input of institutional investors to flourish in future. Institutional investors such as hedge and grant...

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Despite aggressive predictions by financial pundits on the expected turnaround of digital coins, the cryptocurrency market hit a major road bump last month when its market capitalization fell by $42 billion. For the first time since inception, this drop landed the already crippling digital market capitalization below the $200 billion mark. At the beginning of the year, the total value of the crypto market stood at $835 billion. The Securities and Exchange Commission (SEC) recently...

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Active public awareness efforts to make people understand the benefits of blockchain technology and the value in cryptocurrencies seem to be bearing fruit in recent years. This is evidenced by the increasing public interest in the space as well as how governments seem to be engaging with industry stakeholders to create enabling environments in their territories. As is the case with any business, crypto-companies need to start exploring the next frontiers for expansion and take...

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Like with other sectors, blockchain’s application in the communication space is considered a great and positive step. But it is the integration of blockchain in mobile phones that is likely to cause a stir. Globally, the number of mobile users stands at billions. This makes the combination of mobile telephony and blockchain an exciting combination. HTC is already seeing this possibility, and in October, the mobile phone company launched the first ever blockchain-centred smartphone, HTC...