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Samsung NEXT Senior Executive: “Blockchain Is Just A Tool”

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While talking in an interview with a computing magazine, the senior executive at the tech giant from South Korea-Samsung said that decentralization is much more important than blockchain. In today’s blockchain news we are reading more about his opinions on the blockchain.

When he was asked what he thinks of the future of blockchain, Ricardo J. Mendez who is now a technical director at Samsung NEXT which is the innovative technology branch of Samsung, he said that he believes that the market will consolidate in the upcoming year but couldn’t stress enough how decentralization is important and also how to reshape the centralized structures.

On the importance of blockchain he explained:

 “Without question. Blockchain is just one more tool, and one that can help in decentralized contexts, but a tool is always less important than the goal.”

The majority of the bigger companies are looking at the blockchain technology as a method for solving the key problems in any industry such as costs, paperwork, transparency and much more. However, Mendez says that decentralized systems are rarely mentioned and their benefits are often overlooked.

This is why Samsung wants to focus on other aspects of the blockchain phenomenon. Mendez also highlighted:

 “You need only look at most cryptocurrencies, which are completely decentralized but also 100% public – their pseudonymity only needs to be broken once. Peer-to-peer approaches require you to broadcast your activity to peers, so they need an extra privacy layer (like a VPN or mix network). This is why, as an industry, we need to get better at explaining to users the trade-offs of different approaches.”

The tech giant is investing in blockchain technology and has a lot of interest in crypto-based experiments. Last year the company even revealed that they are looking for a UK patent for a crypto wallet.

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Blockchain News

Blockchain In Healthcare To Reach $1.7bn By 2026: Report

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The global volume of blockchain has been a hot topic on many best cryptocurrency news sites, especially when it comes to new forecasts. A new report shows that the volume of blockchain in healthcare markets worldwide is forecast to exceed the $1.7 billion mark by 2026. The press release comes from a consulting services to information technologies firm named Acumen Research and Consulting (ARC). As they predicted in the published release, global blockchain in healthcare market will reach over $1.7 billion by 2026 with a compound annual growth rate of 48.1% Based on geography, the leading country with this blockchain initiative will be America, dominating with the largest share in the global blockchain in healthcare market. The United States is known as one of the most mature markets for the technology especially in industries such as manufacturing and healthcare. Europe will follow, as the report shared in the altcoin news shows. As second, Europe will also benefit from the growth of blockchain in healthcare markets. ARC points out that there are likely going to be increasing expenditures on technology and the presence of multinational companies. “However, lack of security is the major factor restraining the growth of the blockchain in healthcare market in Europe,” the press release further notes. ARC has also named Asia Pacific as the region with the fastest growth rate in terms of blockchain deployment in healthcare, mostly because of the fastest growing economy and associated opportunities. In the region, Japan is also seen as a country with a mature market, large population and highly skilled labor - all of which are efficient for implementing blockchain in healthcare.
"The Asia Pacific is expressing the fastest growth for the blockchain in healthcare market due to the presence of huge opportunities and the presence of fastest growing economy. Japan is an important blockchain in healthcare market, with a mature market, large population, completed infrastructural facilities and high-leveled skilled labor. During last few decades, Japan has emerged as a country for the origin of new and advanced technology. The Japanese government has supported a number of companies to introduce the new technology. Japan accounts for roughly 40% of the global market for sensors, which is a central component of IoT technology," the report notes.
The latest cryptocurrency news show that the rate at which blockchain is adopted is more than just impressive.
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Blockchain News

Tor Internet Privacy Project Launches BTC Donation Fund

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Tor Internet Privacy project launched a bitcoin donation in a bid to fight against web censorship and surveillance and managed to raise about 65% of its goal in only one day. In altcoin news below we find out more. Tor aims to raise more than $10,000 in the next few days which in order to fight against internet censorship. The Tor internet privacy project enables users to access the internet privately and with a high degree of anonymity while bypassing the government censors and firewalls. This is managed through the Tor browser which is a modified version of Firefox that can avoid ISP filters and access an unfettered internet. The twitter user Hodlonaut tweeted:
‘’I will always remember how @BtcpayServer facilitated the #weareallhodlonaut fundraiser. Now they are powering a super important fundraiser for @torproject If you value privacy and online freedom, please consider donating!’’
The official website noted that the funds which will be gathered from the campaign will go directly to the Ledger Nano S Wallet address of the project with no fees or intermediaries. There is also a video on the website which explains how Tor works and why people should use it in order to be safe on the internet. The advantage of donating in BTC is that there are no rounded up figures that you must donate so everyone can donate what they can afford. There are no banks or PayPal like intermediaries as well. The team is on their way to reach the $7,000 goal after more than 200 contributors donated to the project. Two of the contributors even donated more than a thousand dollars in bitcoin. The awareness through media exposure will also help the campaign since the compassion or this project is really high. In only one day, 65% of the target was already gathered. BitPay also tweeted a couple of hours later that a third of the donations arrived with the help of the Lightning Network:
‘’36% of donation amount via lightning network. Quake sounds played in the crowdfunding is making 10 donations of 5 USD via lightning way more satisfying than making 1 donation of 50 USD. Only possible via lightning!’’
As noted in the best cryptocurrency news sites, the company is a non-profit one and relies only on donations.
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Siemens Wants To Use Blockchain Tech For Car Sharing

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The technology giant Siemens is in the latest cryptocurrency news for its interest to use the blockchain technology and adopting similar solutions. As a report on Forbes shared on July 15 shows, the electrification, automation and digitalization global giant is exploring the use of blockchain in the transportation industry. According to the head of cybersecurity and blockchain at Siemens, Andreas Kind, the company is looking to incorporate blockchain tech into carsharing through Siemens Mobility which is one of the company's subsidiaries. The altcoin news today show that there is a potential rally on the market as most of the top 20 coins are in the green. While this is happening, blockchain seems to be booming. Meanwhile, car sharing reportedly refers to using or renting a car for a short period of time - and is a trend which Siemens is apparently exploring through the prism of blockchain. According to Kind, there is one issue with the system. He pointed out that the associated fueling cards (which allow car renters to refill on gas) are problematic because they are a a subject to a number of restrictions on the customer. Furthermore, they can only use the card at specific stations and they are sometimes stolen. Kind thinks that this type of technology could be improved through a blockchain solution which Siemens is exploring:
"It's not only inconvenient for the drivers, it's inconvenient for the companies because fueling cards get stolen [and] they get sold on the internet [...] That's an example where, in an industrial context, you need something, a technology, that brings together different participants that [don't] fully trust each other [...] That's exactly where blockchain can add value."
Siemens is also looking into other areas within the transportation sector for blockchain solutions. As the Siemens Corporate Technology plans show, the company has presented on a possible blockchain solution for "blockchain based smart parking" at the Bosch 2019 Connected World conference. As many best cryptocurrency news sites shared, Siemens is also considering blockchain use cases for supply chains and manufacturing. The company is apparently leaning towards using a permissioned blockchain. However, they are still in the testing and discovery phase and are still reportedly exploring the viability of such use cases.
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Blockchain News

Bitpoint Update Shows Another $2.3 Million Of Crypto Is Missing

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Bitpoint update on the hack that occurred shows that another $2.3 million of cryptocurrency is missing. The company made the new announcement earlier today so we read more about it in the latest cryptocurrency news below. After the high profile hacking of the Japanese exchange, the company announced the news that more money is missing. As it wasn’t bad enough to have more than $32 million of crypto stolen by the hackers, Bitpoint update shows that the exchange lost an additional $2.3 million which is still unclear how. The funds were discovered missing from exchanges that are based outside of Japan but that still use Bitpoint’s trading system. The Japanese exchange reported that the hackers stole more than $22.7 million of the clients' funds whilst the rest was from the exchange’s reserves. The operator suspended all transactions and services and has still yet to resume operations. In what could be considered as a positive thing, Bitpoint announced yesterday that the value of the hack was now estimated at a total of 3.05 billion yen but it still unclear whether this is because of the reassessment of the funds missing or simply because of the overall drop in prices during the weekend. The hot wallet of the exchange which was targeted by the hack attack holds bitcoin, Ethereum, Litecoin and Bitcoin cash and all of these cryptocurrencies dropped in price since the attack. As mentioned previously in the altcoin news, third of the crypto frauds and hacks occurred in Japan. These account up to a massive $920 million of the total $2.7 billion stolen around the world over the past eight years without taking the latest Bitpoint attack into account. The Japanese Financial Services Authority has an inspection from the Financial Action Task Force in the upcoming days and they are desperately trying to impress them. After the CoinCheck attack in 2018, the regulator increased the guidelines but stated they are not willing to regulate excessively. However, it will be very interesting to see how the things will turn around with the upcoming FSA inspections which hopefully will improve the situation and bring some calm on the Japanese market.
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