Adopting Blockchain To Fight Cyber Crime

August 24, 2020

  1. Americans Gravitating More Towards Cryptocurrencies
  2. Bitcoin a Boon for Nigeria
  3. Growing Demand for Bitcoin Derivatives
  4. More Blockchain Adoption To Fight Cyber Crime

Americans Gravitating More Towards Cryptocurrencies

Photo by Toa Heftiba on Unsplash

It’s a matter of time that American banks embrace innovation and adopt payment methods in forms of digital currencies with 50 million of Americans owning digital currencies to date. Brian Brooks, the acting comptroller of currency in the U.S. Office of Comptroller of Currency (OCC), formerly chief legal officer at Coinbase Global, states:

“the reason why payments activity has moved outside the banking system is because consumers now want to receive their services in a different way.” 

It is high time that the United States of America make payments transmit virtually error-free and instantaneously. Fintech company, Varo Money, has already been granted a banking license from OCC. Green light has also been given to banks to start offering crypto custody services, although Brooks deemed banking systems old-fashioned and do not fit in modern society. 

Emerging technologies have changed today’s living standards and the methods of payments. Brooks embarked on a mission to identify the problems caused by slow processes of current banking systems and create new payment rails as a problem solver. 

Source | Bitcoin.com

Bitcoin a Boon for Nigeria

Photo by Joshua Oluwagbemiga on Unsplash

Businesses in Nigeria have switched to accepting international payments in Bitcoin (BTC) from fiat due to its weakening Naira currency and shortage of US dollars. A Nigerian publication, Businessday Bureau De Change (BDCs) have also reported the incapabilities of banks producing formal sources of foreign currency.

Bitcoin as a medium for cross-border payment settlements have gained prominence and appear to have spurred on high demands for BTC ever since the global pandemic and associated movement restrictions. Data from Local.Bitcoin.com have reported that the  download number of crypto wallets in Nigeria have far exceeded America, further demonstrating BTC as a boon and wide acceptance by Nigerians. Publication Usefultulios have also reported Nigeria to have high peer-to-peer BTC traded volumes globally.

Although BTC has been said to be a speculative asset, spikes in remittance is apparent in crypto exchange and experts like omiwa Lasebikan, co-founder and head of Products at Buycoins have attributed the growth of BTC to the depreciation of the Naira currency. 

Although BTC have gathered a growing number of use-cases in Nigeria, there is a lack of education in Nigerians on the cryptocurrency. To counter the issue, efforts to educate Nigerians on cryptocurrency has been ongoing.

Source | Bitcoin.com

Growing Demand for Bitcoin Derivatives

Photo by Austin Distel on Unsplash

It has been reported that the Bitcoin derivatives market continued to grow even as the spot market remained stagnant.

According to data reported by Bitmex, the cryptocurrency derivatives market demonstrated a faster growth rate than the spot market. In July, derivatives volume spiked by 13.2%, while spot volume declined. The report reads:

“Derivatives volumes increased 13.2% in July to $445bn. Meanwhile, total spot volumes have decreased by 0.5% to $639.1bn. As a result, derivatives have continued to gain market share and represented 41% of the market in July (vs 38% in June).”

The trend suggests increased demand for crypto futures and options normally sought by professional and full time traders. This growing demand in crypto derivatives further suggests an overall demand for BTC, or that the market is reaching an overheated territory. An overheated BTC territory potentially will bring about major increase in volatility, and this may add on to the high demand for crypto futures with top-tier exchanges providing up to 100x leverage

Additionally, increased popularity of the BTC is apparent in data by TradingView with BTC ranking close to Tesla in stock. 

Source  | Cointelegraph

More Blockchain Adoption To Fight Cyber Crime

Photo by freestocks on Unsplash

The present pandemic has prompted more Asian countries to adopt blockchain to secure their data via the internet against hackers and cyber thieves, according to a report from the Nikkei Asian Review.

The Business Research Company states the global blockchain market is expected to hit $15.88 billion by 2023. Senior manager of PwC Consulting, Tomohiro Maruyama, believes that Covid-19 has driven large-scale digital transformation in leading blockchain to be a tool to protect against cyber crime, stating:

“Blockchain emerged as a solution for fighting digital counterfeits, pushing businesses to adopt the technology.”

In Japan, LasTrust, a startup who launched a blockchain service in September called “CloudCerts,” which provides digital certifications for college graduations in aiding them in their job search, has received an increased number of inquiries on its service. BitFlyer Holdings, operator of Japanese cryptocurrency exchange bitFlyer, has also announced a a blockchain-based app that allows shareholders to hold their meetings and vote securely online. 

Other Asian countries such as Singapore and China have too turned to Blockchain during Covid-19. In Singapore, Agrocorp International has formed partnerships with a number of logistics companies, America’s Cargill and Singaporean startup Dltledger to adopt blockchain as a monitor for disrupted agricultural supply chains during country lockdowns. Over in China, Alibaba Group Holding subsidiary, Xiang Hu Bao, an online healthcare platform, has introduced a policy that pays up to USD 14,000 in the event of death resulting from Covid-19. Xiang Hu Bao has adopted the Blockchain technology to counter fraud and a lack of transparency in helping the needy. 

Source | Cointelegraph 

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