Showing: 11 - 14 of 14 RESULTS

Blockchains are an excellent solution for privacy

With the use of more technology, there is no wonder that users can transfer money digitally. There are ample platforms available in almost every economy these days with the help of which such fund transfer can be easily made. The digital world is going through a drastic transformation in recent years. In this regard, privacy is of crucial importance as it is easier than before to access any data. When this data is regarding financial transactions, it becomes even more important. The same goes for healthcare and other important sectors that store critical information about individuals and companies. Everyone likes to have privacy without hiding in a cave. As the entire world is exposed to the Internet, data security is getting very difficult. In these times, blockchain technology is a boon for privacy, as it is very easy to secure the identity with this platform. It can be integrated into different sectors based on your individual needs.

Data security is more important than before

With the change of transaction platforms, it is essential to have data security as a loophole in this regard can prove highly detrimental to the users as well as the platform. There are many instances of a data breach in recent times. You can often see such news online when attackers leak credit card data, social media data, and other healthcare records. In other instances, many people are blackmailed with their private records and asked for ransom through online modes. The emergence of blockchain is a good relief when it comes to protecting important data. As the data is encrypted at multiple stages in this method, it becomes difficult to crack them in the future. The experts try to create various layers of security with the help of which users’ data can stay safe, and there can be no probabilities for the security breach.

Safe auditing with blockchain transactions

In normal circumstances, public data can be accessed by anyone, and this can lead to a lack of privacy with regards to business records. On the other hand, blockchains allow you to keep the records in the public domain and yet protect it from unauthorized access. With this option, you have to grant permission for auditing the data before it becomes available for the other person. In this manner, your privacy will be protected. Only authorized people will be able to access your important data.

Different kinds of privacy

Some of the important kinds of privacy that need to be protected these days are the privacy of your communication, the confidentiality of your financial transaction, and the privacy of your location. With excessive usage of smartphones, all these data can be easily accessed by attackers. However, by implementing blockchain technology, it becomes easier to protect such data from unauthorized access.

Do Bitcoins reveal the identity of a user?

Many people have this confusion about bitcoins. As bitcoins are popular for their transparency, users believe that their identity will also be visible to the public. However, this is not true as bitcoins protect your privacy. While they reveal the transaction history, the user’s identity is not revealed, and you can use it for secure transactions online.

Are blockchains completely anonymous?

Not all blockchains are intended to be completely anonymous. However, some blockchain-based cryptocurrencies allow complete anonymous transactions that can never be tracked. You can choose them depending on your needs to protect your privacy.

In this manner, blockchains are emerging as the best medium to protect your privacy. You can use them extensively without worrying about frauds and identity thefts online. It is completely secure and has great potential in the future.



Bitcoin Has Burst, But Could Still Revolutionise Banking

Even after the fading hype, Bitcoin has enough potential to revive the financial structure. Future money is more open than one might think.

Every transaction taking place in the network of bitcoins must be confirmed by participating users and, therefore, consumes a lot of energy. Whenever this happens, new bitcoins are generated as a reward for this mechanism. After every new bitcoin transaction, it becomes increasingly difficult to build more in the system. So, the current circulation is more than 17 million in the market, and this simplifies the logic of increasing prices as the supply is limited, and the prices are increasing.

But recent trends show that the value of Bitcoin has fallen from $13,870 in Dec’2017 to $6,483 in March’2020. This shows that the bitcoin bubble has burst, and playing in the market would be a bad idea. Several economists and financial analysts claim that bitcoin’s fashion will fade away with time, and the value curves will start touching the bottom line. But the detractors of this system still predict that it will rise to over a million dollars someday in the recent future. The study should be examined from both perspectives.

Cryptocurrencies can never take over or replace the traditional banking system because the technology is very nascent and not trusted by the masses. There is no alternative to the reserve-backed currency system that could be found through this virtual and Autobot technology of currency at any stage. All these arguments are quite justifiable and explanatory through the statement itself.

But the future of bitcoin can neither be minimized nor can be overlooked. Its developers and networkers are so engrossed in its innovation that there is no going back even after a significant fall in prices. It can be seen that the banking world has hardly grown in the past years when compared with the crypto growth rates. But it is also true that there is no way that cryptocurrencies can shake up the entire banking and trading systems.

The revolution in the banking systems of the country has already started gathering air. The reason for this would be the benefits this system is capable of offering.

  • Potential payments, especially cross-border, are seen between many countries with their own cryptocurrencies because they are faster as well as cheaper.
  • Stock exchange and share trading are garnering major attention of cryptocurrencies because they decrease the intermediate transactions and costs, leading to smooth and non-redundant trading practices.
  • Digital identity verification steps are sorted with the technology because you can select who you want to share your identity, and don’t need to repeat it for a new entity.
  • Accounting, bookkeeping, and audits will benefit from standardization and auto-detection of important data for financial statements through electronically maintained files.
  • Trade-finance can be streamlined by getting rid of time-consuming paper works and bureaucracy. By updating it on a real-time basis for all network members.

These benefits, combined with hundreds of others, attract a large population spread over the globe. However, blockchain technology has not been seen as a wholesale change in the initial stages and is filling only several niches for the central banks and other financial institutions. But the potential of bitcoin is way more than it is realized and will be exploited in the coming future to the best.

It can thus be concluded that even though many blockchain startups are failing and the value of cryptocurrencies are on the fall, the economies and finances are trying to lead blockchain applications. National cryptocurrencies are appearing, and blockchain is intervening in government agencies. As it is in high demand, the domain meets the internet of things and has great potential to revolutionize the banking system and economies for everyone’s benefits.




Blockchain Can Level The Playing Field For SMEs

Many large-scale enterprises supporting the economic growth of the nation.   However, small and medium-sized enterprises are the backbone of the economy in every country.  SMEs are giving jobs to 50% of the population in such countries. It is not as easy as it seems to run a small enterprise.

The business owner has to face many challenges and hardships to run and even establish such a company. One of the challenges is the lack of financial support. Blockchain companies are considered as large companies. And blockchain technology is opening new pathways for many small and medium enterprises.

 What Are The Most Common Challenges Faced By SMEs?

 Such companies are termed as the backbone of financial growth in every other country. But still, these companies are regularly facing multiple challenges in terms of scaling and maintaining their businesses.  Some of the challenges are:

  1. Getting loans –   Where large companies are getting continuous support from banks and financial institutions, small companies are struggling to make the ends meet.  For a new small company, it is extremely difficult to get the capital to start a business. According to a report, some new or running medium-sized enterprises shut down their business in the first three years.  The reason for their shutdown is the lack of funding.
  2. Lack of technology – This is one of the common challenges for medium and small enterprises.  These companies have no or limited information about the latest technologies. The reason behind the lack of technological advancements is the lack of knowledge and manpower.  Therefore, it does not let them grow. Adopting new technology to a business can increase the profits of a business overnight. It has been proven that if a business has implemented the latest technology advancements, that business can turn into a large-scale company in no time.
  3. Other finances – Small and medium-sized enterprises rely on trade finance. This type of Financing is popular but at the same time, it is also difficult to obtain it. The process is difficult and requires too many formalities. This is the reason why many businesses avoid getting trade finance. Another type of financing for such companies is a peer to peer lending system. Some small-scale companies are also moving forward towards crowdfunding.  Crowdfunding is limited to technological startups. Thus, apart from bank loans, there is a limited form of alternative financing for small and medium-sized enterprises.
  4. Issues in the cash flow – As large as 40% of companies have reported cash flow issues in their company. It starts right from the establishment of a new company and sometimes bothers even when the business is running for a few years. Continuous cash flow is the main issue for many companies.  Regular cash flow is needed to perform many essential operations within the company.  For example purchasing raw materials, producing the products, paying employees, or any other expenses.

How Blockchain Can Help Small And Medium-sized Enterprises?

Blockchain represents a highly advanced alternative to traditional funding and trade financings system.  apart from providing financial facilities, blockchain can also solve other problems within these companies. For instance, secure transactions and more!

  • Smart contracts – Creating contracts is the most common practice in every business whether it is small or large.  When a normal contract is replaced with a smart contract using blockchain technology, it advances the business as a whole.  A smart contract can be executed and enforced automatically. Therefore, it can save a lot of time that otherwise gets wasted in handling manual contracts. It can also be used as an invoice for any other financing document.
  • Trade financing – While trade finance is difficult to obtain, blockchain trade financing can become a hand holding help for small and medium-sized enterprises.
  • Supply chain financing – If a company is into manufacturing, it can be difficult to handle supply chain let alone supply chain financing.  But blockchain technology has made it possible.  All the transactions are noted in real-time which makes supply chain processes move smoothly. The transparent supply chain transactions help quick supply chain invoice financing solutions.
  • Collateral – Blockchain technology has transformed funding systems for small enterprises. With the help of digital technology, blockchain can help to expand lending practices. In the blockchain industry, everything is digital in place of traditional manual processes.  Now technological and other companies can raise funds through equity.  It has reduced paperwork and offered automated funding.
  • Online security – Many technological and other companies are doing their business through online medium. Some businesses need online identity verification and blockchain has revolutionized the identity verification process. When the identity is verified through decentralized technology such as blockchain, the chances of identity theft and fraud becomes nil.  Not to mention, the identity verification process is also fast as compared to the traditional documentation process.

Regulation Of Cryptocurrency Around The World

Cryptocurrency is being used all over the world. Investors are getting interested in cryptocurrency investment. If we compare the rules on different terms, countries have separate regulations. Similarly to control and regulate transactions, profits, taxes, losses, and crimes, different countries have different regulations. These regulations help direct the flow and growth of a particular country through cryptocurrency.

Let’s discuss the regulations of cryptocurrency around the world by covering a few nations:


In India, it is being considered for the legal tender of cryptocurrency. A cryptocurrency exchange works with legal effects. Till-date, cryptocurrencies are not considered legal tender. The work process and conditions are very tough for the legal cryptocurrency exchanges. The clarity part is also missing based on tax. Many nations have better plans and even some of them have started implementations too. The Indian government is taking suggestions to decide or prepare a particular plan. According to a few suggestions, it is suggested to treat profits from cryptocurrency transactions as capital gains for tax.

Exchange regulations: Crypto exchange regulations in India are comparatively harsh. RBI has also banned regulated financial institutes and banks for all types of virtual dealings. As per the decision of landmark court on March 4, 2020, an unconstitutional ban was ruled. We may expect better plans and implements in the future.

Future regulations: If we talk about some indications by the Indian government there was hope in 2017-18 for less prohibitive regulations. But the condition is still not clear and the hope was reversed with the next recommendation by an inter-ministerial committee in 2019. The recommendation was for a blanket ban on cryptocurrency. Mining, generation, selling, holding, transfer, dispose of, issue, and more of cryptocurrency was proposed for prison. The one thing that indicates a small positive wave is a bill has yet not been present in the parliament. This is the reason why people in India believe that soon they will hear any positive regulation announcement for the cryptocurrency.


In the UK also, cryptocurrencies are not legal tender but the cryptocurrency exchanges are legal. The investors have to get their registration formalities done from FCA. This investment is not a legal investment but the procedures for investment are legal.

Exchange regulations: Financial conduct activities don’t have any special provision for cryptocurrency exchange. But according to FCA the crypto asset activities should follow the guidelines of regulations created in 2017, which were approved in 2019, and came to enforcement in 2020.

Future regulations: At the starting of the year 2020, the UK left the EU officially, but the rules of the EU are still followed by the country. So the future impacts can be estimated.

South Korea

Cryptocurrencies are not legal just like other countries. The cryptocurrency exchange is legal but the registration with FSS is a must. In South Korea, cryptocurrency is tax-free but the authorities have a plan for future regulations.

Exchange regulations: The exchange regulations are very strict in this nation. Financial Supervisory Service is responsible for the overlook of further measures.

Future regulations: As per a bill, the virtual currencies were categorized as digital assets. Cryptocurrency markets are working under a legal framework. According to the bill, strict supervision by the AML/CFT will comply. A bill has got approval from the national policy committee but the consideration is awaited by the judiciary committee.


In the United States, cryptocurrencies are not treated as legal tender. The cryptocurrency exchanges are working legally but the rules may differ state-wise. A consistent legal approach is missing in the US.

Exchange regulations: Through a consideration Security and Exchange Commission has indicated treating cryptocurrencies as securities. A friendlier approach is noticed by the Commodities Future Trading Commission. CFTC has allowed the cryptocurrency to derivatives trade publicly.

Future Regulations: In the year 2020 there are some indications of changes in the regulations.


Cryptocurrencies are not legal but the cryptocurrency exchanges are legal. As per regulation, the exchanges must get registered with FIN TRAC. The regulation is in action from June 1, 2020. The cryptocurrencies are subjected to tax in Canada since 2013. The cryptocurrency treatment in Canada country is comparatively fair and proactive.

Exchange Regulations: At the federal level, cryptocurrencies are subject to treat as securities in the nation. But at provincial level, regulations are inconsistent. In Canada, exchanges are regulated similarly as a money services business. Slight recent changes in amendments are done for the crime and other aspects which are followed by Canadian exchanges of cryptocurrencies from June 1, 2020.

Future Regulations: Evaluations are in process by the exchanges and the government of Canada in various aspects. We may expect some more effective regulations later on.


The regulations are continuously evolving worldwide. It will take time for proper regulation, system, and AI set up. The crime rates are also a subject of risk so the changes in regulations will be in continuity in the future. Countries are adopting cryptocurrencies and several efforts show better plans and regulations with stronger security aspects in cryptocurrencies worldwide.