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IBM Blockchain Adoption Is Driven By These Five Principles

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If you are following our latest cryptocurrency news, you probably know that IBM is a big name in the blockchain industry – and a company which leads the list of blockchain patents. The IBM blockchain adoption is a big topic recently and it seems like the company is ready to share its outlook on it.

After years of experimentation, IBM has now established a set of 5 “blockchain for good principles” which are shared on many best cryptocurrency news sites right now. As we can see from an official IBM blog post, the main principles for this massive IBM blockchain adoption list the following:

  1. Open is better
  2. Permissioned doesn’t mean private
  3. Governance is a team sport
  4. Common standards are common sense

In an interview with Forbes, the Vice President of IBM Blockchain and IBM Fellow Jerry Cuomo said:

“When IBM’s CEO, Ginni Rometty, began commenting on data rights with respect to data analytics, we became inspired on the blockchain side. Over the past 3 years, we have worked with many clients and have gained perspectives that have driven these principles. There are ways to use blockchain technology that are critical and would lead to good outcomes, but let’s make sure we don’t leave that to guess work. That is how these 5 principles came about and it’s our responsibility to abide by them wisely and share them with others.”

Cuomo also went in detail about each principle driving the IBM blockchain adoption.

Open Is Better – “The open is better principle is carried across many aspects of what we do at IBM. Open is always better when it comes to the cloud, artificial intelligence or the Internet of Things, but it has especially interesting implications when looked at from a blockchain context. We have always been an ‘open by design’ company, but we think carrying that principle to blockchain is fundamental to our strategy,” explained Cuomo.

Pesmissioned Doesn’t Mean Private – “Blockchain is about trust. For instance, we trust businesses because of the rules they follow. But rules also have accountability, meaning you have to know which businesses are participating in certain systems. There are types of blockchains that are anonymous like Bitcoin and Ethereum, and there are types of blockchains like Hyperledger Fabric and several others that are permissioned. Permissioned is important because it insists that members of the network are known to the network. Permissions are balanced with privacy so blockchains that follow these principles have privacy capabilities that allow members to transact confidentially,” said Cuomo in the interview with Forbes.

Governance Is A Team Sport – “Governance means rules. These rules will define who the elected officials are, who is responsible for what roles and obligations, etc. Governance is mandatory in a blockchain network,” Cuomo was confident.

Common Standards Are Common Sense – According to Cuomo, the first step in promoting the IBM blockchain is promoting the interoperability of the technology through a registry. Moreover, he thinks that blockchain networks should define and publish their data models and policies for change, according to industry standards.

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Blockchain News

Margin Trading Service Soon Available On Binance Crypto Exchange

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Margin trading service will be launched on Binance crypto exchange after the company accidentally leaked images on twitter saying that the service is under development. Let’s read more about this in the altcoin news below. The crypto exchange giant confirmed that they will be launching a margin trading service after they posted screenshots of the platform in dark and light modes asking users which one they prefer. The screenshots on Twitter had a dedicated tab named ‘’Margin’’ with a message saying that the new service carries a ‘’higher potential profit’’ but also much bigger risks. This new service is referred to using borrowed funds from one broker or an exchange to trade an asset. As mentioned in some of the best cryptocurrency news sites, Binance reportedly has already launched the service in beta mode on Friday among ‘’selected users.’’ One representative from the company also confirmed to a TechCrunch news source that the margin trading service will be available on Binance.com ‘’soon.’’ Other cryptocurrency exchanges such as Coinbase, OKCoin, Huobi, and Kraken already offer margin trading services. The margin is one of the latest services to be developed by Binance and currently it is the second largest cryptocurrency exchange by volume according to the data gathered on CoinMarketCap in the recent months. The exchange has been continuously adding new features and services as a part of the expansion plan. Most recently, Binance launched a decentralized exchange named Binance DX and even set up a fiat-to-crypto exchange in Singapore. The company revealed a new platform in Australia that allows crypto users to buy bitcoin with cash from agents. Binance has also been complaint with the regulatory conditions on the market. It even collaborated with multiple analytics and security startups including Elliptic, IdentityMind and Chainalysis. Also, the company seems to be untouched by the loss of more than $40 million in bitcoin after it was hit with a hack attack. The customers were not impacted due to the ‘’Secure Asset Fund for Users’’ according to binance. Following the security breach, the exchange made multiple security upgrades and resumed to provide services in a just couple of days.
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Robinhood Brings Zero-Fee Crypto Trading App To New York Investors

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Robinhood has launched its popular fee-free crypto trading app in New York for all the investors. As we are about to see in the latest cryptocurrency news, the startup is also launching Ethereum, bitcoin and other crypto trading services. The California-based company announced this great news four months after the platform received a BitLicense from the New York State Department of Financial Services. As the press release pointed out:
 “Currently, you can invest in seven cryptocurrencies on Robinhood Crypto: Bitcoin, Bitcoin Cash, Bitcoin SV, Ethereum, Ethereum Classic, Litecoin, and Dogecoin. You can also track price movements and news for those and 10 additional cryptocurrencies.”
Crypto enthusiast has avoided going to New York because the state has a very stringent regulations system for the crypto sector. For some, BitLicense is a classic move of regulation-before-innovation which is a law that creates an unnecessary burden for small startups by making them go through expensive procedures. For example, there is a $5,000 fee to NYDFs with no approval guarantee as well as the $45,000 worth of legal paperwork as it was revealed by one of the BitLicense applicants Coinsettler Jaron Lukasiewicz in 2015. Costs like these have influenced many New York startups to find a place with a friendlier crypto climate such as California or even European countries such as Switzerland. At the same time, crypto startups that managed to build a financial foundation for themselves, now are trying to find a comfortable place while entering New York. As mentioned in the altcoin news previously, Robinhood is the 10th company in a period of four years that received a BitLicense. According to the vice president of product Josh Elman, this decision to go into Wall Street is ‘’a crucial next step.’’:
 “We’ve introduced millions of people to equity investing on Robinhood, and want to do the same for everyone interested in crypto.”
The Fintech startup now has six million users around the US and by entering New York Robinhood plans to add a few million more. Their networth reached $5.6 billion after the last funding round that closed in March 2018. In the meantime, Robinhood managed to raise about $539 million capital so far.
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Samsung Pay Gets Ready For Crypto Integration: Report

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Samsung Pay accounts for more than 80 percent of the market share and according to Business Korea, the tech outlet Samsung Electronics will integrate crypto asset within Samsung Pay. Let’s read more about it in the latest cryptocurrency news. The integration of crypto assets will likely increase the mainstream adoption of cryptocurrencies and as the reports show:
 “Samsung Electronics appears to be moving to integrate cryptocurrencies to Samsung Pay, which accounts for 80 percent of the South Korean simple payment market. The company has recently transferred the blockchain task force (TF) of the mobile business division to the service business division.’’
Previously in 2018, the Korea Herald reported that Samsung Pay made a 58 percent increase in its users base. The industry tracker WiseApp found that the platform was mostly used as a financial application in late 2018 where more than 10.4 million users got their hands on it. In 2017, the platform had about 6.6 million users which make an incredible step forward for Samsung. The 10 million users represent the 20 percent of the entire South Korean population and the platform has also thousands of users around the world that use the application because of its technology called magnetic secure transmission. This technology enables users to transact at a conventional point of sale terminals. Now, the strategy of Samsung Pay is to make sure that a niche market is secured and will expand its user base even further. Samsung already integrated a crypto wallet-the Samsung Blockchain Wallet back in February along with its Samsung S10 device which allows users to send, receive and hold cryptocurrencies in the built-in wallet. The South Korean altcoin news outlet Donga noted:
‘’Samsung Pay has recently extended the transaction period for overseas users and integrated an international payment processing service, aggressively targeting the global financial services market.’’
With reports suggesting that the tech giant is considering the possibility of launching a blockchain network, it is expected that Samsung will continue to march forward to target the rapidly growing sector. Under the leadership of the current vice president of the business division Kim Yong-Jae, the blockchain task force at Samsung has started new other crypto projects.
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P2P LocalBitcoins Trading Platform Restricts Services For Iranian Users

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P2P LocalBitcoins trading platform which is the most popular bitcoin trading platforms has started to restrict services for their Iranian users. As reported in the altcoin news, creating ads for selling and buying old ads regarding the platform are restricted to Iranian traders. In the near future, there could be a possibility of closing down the accounts of the users and their Bitcoins on the platform’s wallet. All of the big centralized exchanges such as Binance and Coinbase have previously restricted the users from Iran and some of them even seized their cryptocurrencies. Also, they prevented account setup in the ID phase so many people started using the P2P localbitcoins trading platform for localized trading. The trading platform does not require any credit card or online payments which is much easier for the unbanked Iranian users. But, since the week started, the policy of the platform changed and threw shade on the Iranian users altogether. LocalBitcoins confirmed that will no longer provide services for the users in the country. The restrictions increase the risks of insecure transactions since there is no escrow service. The exchanges that want a bigger market and follow the government’s regulations will continuously block Iranian users. This approach is contrary to what Bitcoin is for according to the community as reported in the best cryptocurrency news sites. Previously, LocalBitcoins, an international peer-to-peer crypto exchange, announced today that the platform will be put under supervision by the Finnish Financial Authority. LocalBitcoins is based in Helsinki, Finland and the platform has stated previously that the parliament of Finland gave approval for the new legislation meant for legalizing crypto assets. The regulator gave a green light on the new Act on Virtual Currency Service Providers which is expected to come into force from November this year. The new AML measures could improve the general opinion of the exchange and will also protect other users. It is also important that with the new regulation it is expected to increase the crypto adoption. LocalBitcoins is further making sure that the security level on the platform is updated and increased in order to be compliant with the regulatory framework. The exchange also initiated a registration process so the users can have the ability to verify their identity while signing up to the platform. Each user will have a different type of account depending on the verification process and the type of trading the users will prefer.
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