has entered its third generation and the key target is enterprises. In its
metamorphosis it has taken Bitcoin and Ethereum’s most useful features and
tailored them to suit the growing needs of large organizations looking for
tracking, traceability, confidentiality, transparency, operational cost
reduction and transaction cost reduction.
When looking for a blockchain solution, most large organizations today are looking for private blockchains to enable them to work with sensitive customer information in a secure manner.
Blockchain has all the features of public Blockchain, though it is
permissioned. This means that though it is a decentralized peer-to-peer system,
users are restricted and each may be assigned a specific kind of transaction.
In this system a central authority exists to ensure confidentiality and
traceability for the enterprise data and people with access to it.
at some key features of blockchain technology:
Transparency: Every node on the network has a copy of the digital ledger in a permissionless blockchain. To add a transaction every node needs to check its validity, if the majority think it is valid then it can be added to the ledger. This promotes transparency and makes it corruption proof.
Decentralized technology: The network does not have a single person looking after the blockchain framework. Instead a group of nodes maintain the network making it decentralized. In public blockchain users can be spread across geographies.
Enhanced security: Since there is no single authority in public blockchain, the characteristics of the blockchain network cannot be changed for a specific person’s benefit. Encryption also adds another layer of security to the network. In a private Blockchain, users are invited to participate thereby ensuring accountability.
Distributed ledgers: each node has its own copy of the ledger on the blockchain, this distributes the computational power across the computers ensuring greater efficiency and reliability
Consensus: The blockchain architecture is designed to keep the consensus algorithm at its core thereby helping the users to make decisions.
Some special characteristics of private blockchain:
and write rights vary from node to node
cannot be anonymous
economical than public Blockchain
authority grants permission to participate
can only view data relevant to them
for Enterprise Blockchain:
some implementation challenges that need to be considered carefully by
enterprises before opting for a private Blockchain.
An interoperable ecosystem enables multiple users
from separate blockchain networks to interact. Without interoperability
unconnected systems will be independent silos unable to communicate or
systems: Existing legacy networks can create hurdles for implementing blockchain
– changing them would require time and investments.
people are required to develop the blockchain network efficiently, which could
mean new IT personnel will be required for the workforce.
Mass adoption: Scalability is a concern for mass adoption as to whether the blockchain network will be able to support numerous users and large volumes of customer related information without taking a hit on performance.
Enterprise Blockchain has been chosen by a multitude of organizations from a variety of verticals which hope to reap the benefits of a permissioned peer-to-peer blockchain network that ensures their sensitive information is secure and everyone is accountable. As interoperability becomes easier and collaborations increase, private blockchains will become the game-changer that many experts have predicted.
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New Israeli Bill Proposes to Consider Bitcoin as a Currency and Not an Asset
A newly-proposed bill with the legislative branch of the Israeli government Knesset submitted several changes to Bitcoin’s taxation. Instead of viewing BTC as an asset and subjecting sales to capital gains tax of 25%, the new legislation plans to recognize it as a currency.
New Proposal: Bitcoin As a Currency Not An Asset
According to a local publication, four representatives from the Yisrael Beiteinu party have presented the new bill on Tuesday. It seeks to amend the taxation of activities related to cryptocurrencies by altering the Income Tax Ordinance to view them as currencies for tax purposes.
Currently considered and recognized as assets, the sales or conversions of digital assets such as Bitcoin subject them to capital gains tax (25%). It provides taxation relief on capital gains only for short-term lenders and certain bonds-related activities as they are taxed at 15%.
However, the four reps argued that the perception of virtual assets needs reexamination. They reasoned that while cryptocurrencies are a relatively new concept, the Income Tax Ordinance hasn’t been amended in years and is falling behind the emerging new digital reality.
The four reps urged Israel to be “among the leaders” of the virtual currency field, whose merits are emphasized during this period of uncertain economic future.
Amendment In Reporting Of Digital Assets
The Knesset saw another bill proposing changes in regards to cryptocurrencies. This one sought to enable reporting of digital assets once every six months or once a year.
If accepted, this would be a significant change from the current format that requires cryptocurrency sellers to submit a tax report to authorities within 30 days of the transaction. Additionally, people need to pay an advance on the tax rate applicable to the transaction’s capital gains.
The explanatory memorandum of the proposed bill reads that “the Minister of Finance, with the approval of the Knesset Finance Committee, may accept cases in which an annual or semi-annual reporting obligation applies to property types. The submission of the report will be paid in advance in the amount of tax applicable under the provisions of the Ordinance on capital gains due to a sale.”
Manny Rosenfeld, Chairman of the Israeli Bitcoin Association, asserted that these proposed bills could enable the country to surface as a global financial center and a leader in the cryptocurrency field.
Failed Bitcoin deal lands two Indians in police custody
Two Indian nationals, Ramesh Reddy and his friend Prabakaran are now in police custody. The duo was arrested for overreacting, to the extent of threatening and extortion, because of a failed Bitcoin deal. A local news outlet, New Indian Express, reported the incident on Thursday. Fake Bitcoin deals As the local police narrated in the […]
Two Indian nationals, Ramesh Reddy and his friend Prabakaran are now in police custody. The duo was arrested for overreacting, to the extent of threatening and extortion, because of a failed Bitcoin deal. A local news outlet, New Indian Express, reported the incident on Thursday.
Fake Bitcoin deals
As the local police narrated in the report, Ramesh, who is a distributor of Ayurvedic medicines in Bengaluru, was contacted by an alleged fraudster, who only introduced himself as Naresh. He claimed to be in possession of Bitcoins worth about $4.4 million (Rs 33 crore). However, he told Ramesh that those funds are in the United States, and will give him a commission if he could help him (Naresh) move down the funds to India.
Adyar DCP V Vikraman precisely noted that “he [Naresh] promised 50 percent of that money to Ramesh, only if he found a person who could convert the online currency into Indian Rupees.” At that point, Ramesh reached out to his real estate friend, Prabakaran, on how to execute the Bitcoin deal. They later contacted and persuaded a Chennai-based techie, Mohan, to help them withdraw the funds to Indian.
Ramesh and his friend promised Mohan a one percent commission (i.e., Rs 33 lakh or $44,656) to open an e-wallet through which Bitcoins will be transferred. The money couldn’t be transferred to Indian directly because since it was in the United States, so Mohan had to create an account in the UK to moved to withdraw the money from there. However, the whole effort to execute the Bitcoin deal went sour as the money suddenly vanished, without reaching the UK nor reverting.
A sad ending
Mohan then realized that the e-wallet accounts, ‘Swift Global Pay’ and ‘Insta Merchant Pay,’ were fraudulent. Naresh, who made this entire proposal, was a fraud.
the DCP added.
Both Ramesh and Prabakaran didn’t believe the outcome of the Bitcoin deal, so they began threatening Mohan, who had to repay them the missing money from the money he borrowed using his wife’s jewels. Even at that, the duo continued threatening Mohan, who later reported them to the police, leading to the arrest of Ramesh and his friend.
Bitcoin Could Remain Slow Until the November Election
Bitcoin is presently trading for about $10,500, which is roughly $100 more than where it’s stood over the past few days, but it’s not quite where we’d like it to be. The fact is that bitcoin hit $11,000 again about 72 hours ago and has failed to keep up that momentum.
Bitcoin Is Struggling as of Late
There are many things that appear to be affecting bitcoin, one being the correlation between it and the stock market. As stocks are taking massive tumbles, bitcoin is also suffering, and so long as company shares continue to drop, the bitcoin market is going to remain in a bearish state.
There’s also the current political scene. As we all know by now, 2020 is an election year. There is just a little over a month left to go before America selects its next president for the next four years. Will the democratic contender Joe Biden come out on top, or will Donald Trump emerge as the country’s president through 2024? Either way, the situation is leading to heavy uncertainty throughout the nation, and many people don’t quite know how to react.
In addition, the death of Supreme Court Justice Ruth Bader Ginsburg is also adding to the concern and worry that are allegedly permeating people’s thoughts regarding the economy. Guy Hirsch – the managing director for cryptocurrency exchange e-Toro – explained in a recent interview:
Uncertainty around the election and in the aftermath of Supreme Court Justice Ruth Bader Ginsburg’s death has caused a panic in equities markets. When traditional assets nosedive as they have today, traders will often liquidate a broad cross-section of holdings while they try to cover liabilities, thus leading bitcoin to drop even more sharply today than any of the major equity indices in the US.
John Todaro – the director of institutional research at Trade Block – appears to agree, though he commented further that the continual drop of standard assets could potentially help bitcoin’s reputation further. With everything else in the red, people may turn to bitcoin as a hedge tool, and bitcoin could potentially return to form in the coming months.
You are seeing this spread across markets, including in digital currencies. Despite this drop, especially if uncertainty continues and markets become even more nervous about how the US election will play out, it makes sense if bitcoin were to see a significant recovery as equities continue to experience downward momentum.
Will Things Fix Themselves Over the Next Few Months?
Joe DiPasquale – CEO of Bit Bull Capital – mentioned that while the correlation between stocks and crypto has grown, he’s confident bitcoin and digital currencies have what it takes to break away and potentially enter bullish territory all on their own. He says:
While bitcoin’s correlation with the S&P 500 grew notably in recent months, the digital asset space remains highly volatile and able to decouple from traditional assets equally fast.
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