Crypto Guides, Knowledge & Insights

Blockchain in Manufacturing Global Market Report 2022

Reportlinker.com announces the release of the report “Blockchain in Manufacturing Global Market Report 2022”.　　The global blockchain in manufacturing market is expected to increase from $49.50 million in 2021 to $85.64 million in 2022 at a compound annual growth rate (CAGR) of 73%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The market is expected to reach $778.05 million in 2026 at a CAGR of 73.6%.　　The blockchain in the manufacturing market consists of sales of blockchain in the manufacturing services by entities (organizations, sole traders, and partnerships) that are engaged in providing digitally transformed processes of manufacturing with the help of numerous systems and applications. Blockchain technology helps the manufacturing industry by making the supply chain more secure and processes more transparent.　　The main application of blockchain in manufacturing market is logistics and supply chain management, counterfeit management, quality control, and compliance, and others.The logistics and supply chain management in the blockchain are used by different industry sectors to improve supply chain management.　　It allows supply chain partners to share trusted data through permissioned blockchain solutions. Blockchain is used in various sectors such

2022-02-10Deep Dive

IMF Chief Touts Advantages of CBDCs Over ‘Unbacked Crypto Assets’ and Stablecoins

Kristalina Georgieva, managing director of the International Monetary Fund (IMF), said Wednesday that private cryptocurrencies and stablecoins may not be as practical as well-designed central bank digital currencies (CBDCs).　　In her speech delivered at an event hosted by the Atlantic Council, an American think tank, Georgieva argued that CBDCs could “potentially offer more resilience, more safety, greater availability and lower costs” than stablecoins and “unbacked crypto assets that are inherently volatile.”　　As Georgieva pointed out, there has been a global explosion of interest in CBDCs, with nearly 100 countries currently exploring CBDCs at either a research, testing or distribution phase. Georgieva said that the IMF has been “deeply involved” in CBDC research, and has provided “technical assistance” to many member countries as they pursue the development of their own CBDCs.　　Through the IMFs involvement in CBDC development around the world, Georgieva said the organization has learned three lessons.　　First, CBDCs arent a one-size-fits-all technology. Georgieva told attendees that because each economy is different, CBDCs will play a different role in every country. In nations that are less economically developed, Georgieva suggested that CBDCs could help with financial inclusion, and in others, they could act as a backup payment method.　　Second, Georgieva told attendees that the

2022-02-10Deep Dive

Saudi Arabia Medical Institution Implements Blockchain-Based 'Digital Credentialing Solution'

Saudi Arabia‘s King Faisal Specialist Hospital and Research Centre recently became one of the country’s early adopters of blockchain technology after it implemented a “digital credentialing solution.”　　Saudi Arabias Blockchain Goal　　The Saudi Arabian medical institution, King Faisal Specialist Hospital and Research Centre, (KFSHRC) recently completed a deployment of blockchain tech when it implemented “a digital credentialing solution” for all residents that use its facilities. The implementation was carried out via the recently launched Blockchain Lab which has already identified several viable use cases for the technology.　　As a result of the deployment of this solution, the hospital can now publish digital certificates directly on the blockchain where they can be verified by residents. The deployment of this solution, according to a statement released by the hospital, aligns with Saudi Arabias goal of building blockchain know-how as well as the adoption of this technology in healthcare.　　Hospital an Early Adopter of Blockchain　　Using the blockchain is also said to enable the medical institution to quickly verify and manage the credentials of residents. The statement explained:　　“KFSHRC is now able to securely issue, manage, track and verify hospital credentials in a much faster, efficient and convenient manner. Residents receive a secure email that allows them the ability

2022-02-10Deep Dive

Cryptocurrency Trading: A beginner’s guide for Africans

By: Damian Okonkwo　　What is Cryptocurrency　　Cryptocurrency is a form of currency that exists digitally or virtually on the blockchain technology and uses cryptography such as wallets to conduct transactions. Crypto currency is a decentralized form of money that lacks government control and regulation. It is often seen as a revolt to the centralized and regulated form of money. Thus the underlying idea behind the founding of cryptocurrency was to fix the problems of traditional currencies by putting the power and responsibility solely in the hands of its holders. All cryptocurrencies usually adhere to the known properties and functions of money.　　What is blockchain　　A blockchain is an open ledger that records transactions in code form using a mixture of alphabets, numbers and symbols. It is a system of recording information in a way that makes it difficult to encrypt, manipulate, hack, or alter the system. Each block in the chain contains a number of transactions, and once a new transaction occurs on the blockchain, a record of the transaction is added to every participants ledge.　　In order to prevent fraud, each transaction on the blockchain technology is always checked using one of the two main validation techniques known as: proof of work or proof

2022-02-10Deep Dive

Russia Prepares To Regulate (Legalize) Bitcoin As Currency On February 18

HODLers in Russia have a reason to smile as holding cryptocurrencies in the country could soon be legalized. According to a Feb. 8 announcement, the Russian government and central bank are jointly preparing draft legislation that will define crypto as currency.　　Russia Drafts Law To Regulate Cryptocurrency Markets　　After previously proposing to ban cryptocurrencies, the Bank of Russia has now reached a consensus with the countrys government on how to regulate cryptocurrencies. The two institutions are planning to legalize crypto and adopt clear industry rules that will encourage growth and protect investors via a draft law that will be finalized by February 18.　　Under the proposed guidelines, cryptocurrency transactions will be allowed only through banking systems or licensed companies. In other words, banks will be allowed to act as intermediaries between users and crypto exchanges. Such banks will use the Transparent Blockchain transaction tool created by Rosfinmonitoring to check transactions for signs of illicit activities.　　Specifically, users will be required to report crypto transactions of over 600,000 rubles (approximately $8,000) to the Federal Taxation Service or risk being criminally prosecuted. Additionally, there will be hefty fines for illegally accepting cryptocurrencies as a payment method.　　The announcement notes that the Russian government has intentions of protecting

2022-02-10Deep Dive

Hong Kong Needs to Respond to Crypto Market Changes with New Rules - Treasury Chief

Hong Kong regulators and senior members of the government have spoken about their willingness of introducing new rules to police the crypto sector, with a new set of guidelines already formulated for crypto brokerages.　　According to RTHK, Hong Kongs Secretary for Financial Services and the Treasury Christopher Hui Ching-yu noted that the government now needed to make a “response to market changes” as the popularity of tokens such as bitcoin (BTC) continues to grow.　　Hui was speaking at a summit with financial chiefs and regulators, where he stated that the government was planning to propose an amendment to the Hong Kong Anti-Money Laundering (AML) Act pertaining to a licensing system and regulation of crypto exchanges “this year.” He praised Hong Kongs record in AML-related activities, but stated that there was “still work to be done” if the province were to “maintain its status as an international financial center.”　　Hui added that the popularity of “virtual assets” was driving the need to amend legislation to add provisions to prohibit unlicensed exchanges from promoting their services.　　The Secretary stated that similar moves had already been made in Germany and Switzerland. But he also hinted that Hong Kong may seek to allow retail investors greater access to

2022-02-09Deep Dive

Over $6 billion has been lost to just two crypto scams

Scams were among the leading causes of cryptocurrency deaths, accounting for over 500 doomed coins so far.　　This is the finding in the latest report from Traders of Crypto, which analyzed over 2,300 “dead” cryptocurrencies to find out what brought so many projects to their demise.A tour of the crypto graveyard　　As of January 2022, the crypto industry has officially buried almost 2,400 cryptocurrencies. Around 1,000 of them died in the past two years alone, research from Traders of Crypto has shown.　　This 71% increase in the number of dead coins can, at least in part, be attributed to the cutthroat environment of 2020s DeFi summer, which saw the demise of hundreds of projects.　　According to the report, 1,596 coins have been pronounced dead due to abandonment or lack of volume. This means that their trading volume stayed below $1,000 for three consecutive months or that their websites were either shut down or abandoned by developers.　　The fast development pace of the crypto industry has no sympathy for projects that fail to keep up, so the large number of tokens that died because of this comes as no surprise.　　What does come as a surprise is the number of tokens that died as a result of

2022-02-09Deep Dive

Shiba Inu Lands: Virtual Real Estate Announced For SHIB Metaverse

Shiba Inu Coin has announced its Lands virtual real estate, allowing token holders to own part of the Shiberse metaverse.　　Announcing the land in a blog post on February 9, Shiba Inu said LEASH holders will be given priority in a queue for Shiberse Lands.　　Heres what we know about the Shiba Inu Lands so far.Shiba Metaverse Land Announced　　Inspired by the likes of Axie Infinity land, the Shiba Inu metaverse will include virtual real estate that holders can buy or sell.　　While Shiba Inu has yet to confirm the perks of owning land in its metaverse, it said: “Owning a piece of Shiba Real Estate will bring an array of benefits.”　　The cryptocurrency also is yet to give a solid release date for its land release. It states the auction for land will happen “really soon”, and will occur ahead of the full metaverse land.　　To prevent gas fee and botting issues present in the Shiboshi NFT launch, the Shiba team said it is working on a queue system for its land release. This will “[make] the process something fair and smooth for our community worldwide,” it said.　　LEASH holders will also gain priority access to the queue for the first phase of the Lands plot

2022-02-09Deep Dive

Ukrainian Defense Efforts Benefit from Crypto Crowdfunding

Ukrainian volunteer groups organized to defend the nation against Russian invasion received a 900% increase in Bitcoin donations in 2021, according to a report today.　　Defense Funding by Crypto　　Ukrainian defense efforts received a boost of Bitcoin donations in 2021, per a report by blockchain forensics company Elliptic.　　More than $500,000 worth of Bitcoin was used to crowdfund non-government organizations and volunteer groups in 2021. This amount represented a 900% increase in Bitcoin donations over 2020.　　Many of these “volunteer groups,” who are in effect citizen soldiers, have stepped in to supplement the Ukrainian military in the wake of its effective crumbling against the Russian invasion of Crimea in 2014. They are largely funded by private donors.　　Though the Elliptic report noted that cryptocurrencies still only accounted for a small portion of the funds allocated in fundraising campaigns, it is an increasingly common method of funding. Elliptic also emphasized digital currencies strengths with respect to cross-border payments, providing for “easier access to wealthy overseas donors.”　　Private donors who typically use bank wires and payment apps to support their choice of causes have increasingly turned to Bitcoin to get around the potential of their payments being denied. Additionally, accounts associated with various fundraising campaigns have been closed

2022-02-09Deep Dive

Ireland Declares That The Crypto Market Will Not Gain Access To Retail Funds

The Central Bank of Ireland has stated that it is not likely to allow retail investment funds to get either direct or indirect exposure to cryptocurrencies. The bank cites the risks in the crypto market as its reason for the stance.　　However, the bank considers crypto suitable for wholesale or professional investors who can properly weigh the risk of the crypto market themselves.　　Ireland has long been receptive to the crypto industry and is one of the countries in which the worlds biggest crypto exchange, Binance, plans to set up a headquarters.　　Crypto exposure is not yet suitable for retail investors, says Irelands Central Bank　　The statement on the retail status of crypto was made in the second annual Securities Markets Risk Outlook Report of the Central Bank of Ireland.　　In the report, the bank noted that it has been getting a ton of queries as to whether Undertakings for Collective Investment in Transferable Securities (UCITS) or authorized investment funds (AIFs) – investment vehicles that are marketed to retail investors – can get exposure to crypto-assets.　　The bank states that at this time the risks inherent in the crypto market would not allow such funds to gain direct or indirect exposure to crypto.　　“At the moment, while

2022-02-09Deep Dive

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