The introduction of new technologies in the business realm often cause opportunities and challenges to happen in tandem. So, even the Blockchain technology has not be immune to this trend. There has been considerable ruckus happening in the business realm about blockchain technology. Where, a section of the business fraternity believes that blockchain is the biggest invention ever since the Internet, many countries have banned cryptocurrency, the soul of blockchain for the operations. This news piece will cover new developments, legislations and amendments from the Cryptosphere and help you get to know what latest has happened in the world of decentralization in the month of May 2019.
Bitcoin SV as the Best Performing Crypto in May
The investors or market speculators operating in the Blockchain Security Market (BSM) would be extremely happy to know that by the end of May 2019, there has been a rapid surge in the cryptocurrency market. Bitcoin, as a leading market currency in the Blockchain Ecosystem witnessed an unprecedented rise by almost 67%.
The rallying of the prices in the month of May pushed the per unit cost to almost US$8,000. But even after such a steep rise in the cost per unit, Bitcoin still remained as the 10th best cryptocurrency that witnessed dramatic rise, Dash still is dominating the top slot.
Launch of Social Media Platform by Block.One on EOS Blockchain
Facebook has been eager to introduce a new cryptocurrency in 2019; and Block.One, a Multi-billion-dollar startup credited with building the EOSIO Platform that aims at turning its users into viable products, is all set to transform the social media realm. The owner of Block.One, Brendan Blumer has said, “Our content. Our data. Our attention. These are all incredibly valuable things. But right now, it’s the platform, not the user, that reaps the reward. By design, they run by auctioning our information to advertisers, pocketing the profit, and flooding our feeds with hidden agendas dictated by the highest bidder. Voice changes that”
His new endeavour, Voice will be upgraded to a faster version 2.0 where every details that will be posted will be made accessible to the public for their inputs. With the Block-One’s new social media product, the much touted trend texts will be changing to a dynamic version and with a fair approach towards encouraging the hype and traffic. By using the bots algorithm designed and developed by Block.One, the network will perform better in checking whatever is getting posted on the social media. In a way, it will be bringing greater accountability and transparency in the data sharing on social media platform.
Blockchain To Go Mainstream For Insurance Claim Process In the US
As per the latest development in the United States to embrace Blockchain as a revolutionary concept for solutions, the United States Insurance giant and state farm and military affiliated bank United Services Automobile Association (USAA) have taken an initiate to test a blockchain based subrogation solution that claims to deal with the real-time data for the solution of insurance claim processing. United States Insurance and USAA have been eager to automate and simplify the claim process. By using the Blockchain Technology, these two giants will be speeding up the claim process by integrating the subrogation. After the integration of the Blockchain Technology, the claim processing will increase manifolds with 38,300 claims and approximately it will help 5,19,000 accounts processing in a smart manner with minimal time spent on the clearance and transfer of the payment to the respective accounts.
Rwanda To Introduce Central Bank Policies To Reduce Scams In The Country
The National Bank of Rwanda, as the country’s central bank has taken the initiative to stop the cryptocurrency scams in the country. The Central Bank of Rwanda has warned the ICO scams to be going rampant in the country. As per the records and verifications, the Rwanda National Bank has unveiled that 80% of the ICOs done in the country were done with a malicious intent. Out of the total ICOs, 11% of the total funding were categorized as a total fraud.
To check the trends in Rwanda, even the United States and Brazil are on the pathways of adopting the Blockchain Surveillance and Monitoring technology to curb the ICO scams in the country.
Australia Introduces New Securities Guidelines Regulators For ICOs, Mining and Cryptocurrency Introduction
Australia is bringing greater transparency and accountability, the Australian Securities and Investment Commission has planned for new guidelines that will regulate the working of the Blockchain Ecosystem. All the businesses in Australia dealing in cryptocurrency and blockchain will be required to follow up and obey the guidelines as demanded by the regulators. As per the new guidelines, if any business in dealing in cryptocurrency and they treat it as a financial asset, it will be necessary for them to hold Australian Financial Service License for undertaking the operations in cryptocurrency.