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South Korea’s Conservative Party To Use Blockchain ‘’As A Key Of The 4th Industrial Revolution’’

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The Liberty Korea Party (LKP), South Korea’s second largest party has announced that they are willing to use blockchain technology in ‘’four major areas’’ according to their official statement published today which we are covering in our blockchain news below.

The conservative party LKP was previously known as the Saenuri Party and it is the largest one in the South Korean national legislature with more than 3 million members. The party hopes to enter the new digital era by implementing blockchain technology in order to make a more transparent system in which members and other citizens who are not members of the party can participate in a ‘’revolutionary way.’’

According to their press release:

 “The blockchain, which is regarded as one of the key technologies of the 4th industrial revolution, is a technology that enables users to share data and guarantee mutual trust.”

The blockchain will be implemented in four areas. It will help to record the results of the central and local parties and also help to record and evaluate the performance of the members’ activities. Also, blockchain will let members have a token but this is still not elaborated thoroughly.

The third area in which blockchain will help is the voting process which will allow for a blockchain-based system that will let people vote online anonymously but still protecting their identity and security.

The South Korean government wants to use the blockchain technology to improve administrative and political transparency but also to improve the existing administrative procedures.

Even in November last year, the ministry of science and ICT of South Korea announced a plan to use blockchain to build an online voting system.

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Blockchain News

Bitfury Will Start Selling Bitcoin Mining Equipment To Small Enterprises

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Bitfury will start online selling of its Bitcoin hardware mining equipment for the first time for small and medium-sized enterprises as we are about to read in the latest cryptocurrency news below. According to an article posted in a Russian-speaking newspaper, the company opened the online hardware sales store for small and medium-sized enterprises. The equipment is now available in Bitfury’s online store which includes the Clarke ASIC chips, B9 Tardis Mining Rigs, and the BlockBox AC mobile mining units. Clarke 14NM ASIC costs about $2500 plus the taxes for a minimum of 1000 pieces. The chips are able to perform at up to 120 gigahashes per second an reach an efficiency rate at 55 millijoules per gigahash. The B9 Tardis rigs are fully loaded with Clarke ASICs and are even upgradeable when the new ASIC technology becomes available. The prices vary and could reach up to $3300 plus the taxes for the batch. Those who want to splash out on the BlockBox AC will have to go even deeper as the starting price is more than a half a million dollars without the tax. However, for this much money, you will get a mobile plug-and-play mining solution with up to 7.5 petahashes per second. All you will need is an affordable power source and internet access. The crypto equipment company has previously focused only on sales to larger corporate clients and the prices have been strictly on application only. By opening the sales to small and medium enterprises, Bitfury will expand the market reach. Purchasers will even have the access to support the design and production of their own miners that are based on the ASICs Clarke. As per the coming altcoin news, the analysts believe that this could only lead to an increase in the amount of hashing power on the ground. The hashrate has increased in the recent months to an all-time high which led to some of the speculate that Bitcoin price will follow soon. Aside from the mining machines, Bitfury is involved in many other blockchain infrastructure projects such as implementing lightning network payments on the BTCBIT exchange.
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Blockchain News

Alchemy Launches Bitcoin Payment Solution For 1.2 Million Merchants

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Alchemy launches a new bitcoin solution for the retail merchants across Asia which will now be able to receive bitcoin and cryptocurrency payments as per the reports in the coming altcoin news that we have today on our website. In a press release that was issued on Wednesday, the global crypto payments service provider announced the launch of the platform. Named as the Alchemy Hybrid Payment Solution, all merchants around Asia and the Middle Eastern market will easily accept bitcoin and crypto payments. The service features an integration system with the popular fiat wallets in Asia such as WeChat Pay, Alipay, and Linepay. Apart from Bitcoin, Alchemy will have a new payment gateway that supports more than 30 altcoins including ether and litecoin. According to the press release, the crypto payments on the platform will be settled in the local fiat currency and this feature aims to mitigate against the fluctuating value of cryptos. At press time, the Alchemy Hybrid Solution is already going well in Hong Kong and Singapore. Midwest Global Asia is among the first adopters on the service. In addition to being a payment gateway, Alchemy is reportedly trying to find out ways to extend the platform’s capabilities. Talks are still underway to include the interfaces with crypto exchanges and other BTC OTC desks. The new product of Alchemy is the latest attempt at trying to solve the problem of using bitcoin and cryptocurrency in daily retail transactions. The company’s co-founder Patrick Ngan declared:
 [This] is a game changer for the global cryptocurrency market as it propels cryptocurrencies towards truly becoming a global currency. It creates real-life use cases for cryptocurrencies as crypto holders can now spend their cryptocurrencies to purchase goods and services in addition to their investment functions.
Even the CEO and founder of Twitter Jack Dorsey recently declared that the cryptocurrency still has a long way to establish itself as the best payment option. the Square chief also believes that bitcoin will eventually become the native cryptocurrency of the internet as we previously read in the latest cryptocurrency news. The platforms such as Alchemy will face some major competition in the markets such as China because they already have a robust electronic payment ecosystem.
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Blockchain Is A New Frontier In Many Industries: Top Executives

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The latest cryptocurrency news bring up the topic of blockchain technology. There are mixed indicators regarding the current progress of stalling of adoption right now. As the updates show, blockchain is a new frontier in many industries and that its adoption is getting real every single day. To back up the statement above, we will share some data. According to research by CB Insights in 2019, there may be a separation between corporate adoption and corporate investments in blockchain companies. As we reported on our altcoin news site before, blockchain investments have dropped by up to 60% since 2018. Still, this decline does not seem to have affected the positive outlook of many executives on the technology. Many showed that blockchain is a new frontier - and say that there is a clear understanding of the necessity to adopt the technology in order to stay competitive. In 2018, PwC conducted a survey of 600 high level executives to analyze their views on blockchain technology. The survey provided some insightful results and had some surprising twists. Clearly, the technology is here to stay and has a global presence within enterprises. Even 84% of the respondents said that their organizations' processes involve varying degrees of blockchain technology. More importantly, 25% said that their project is either live or in pilot testing. Blockchain is a new frontier in many industries - and many best cryptocurrency news sites already reported this. Research conducted by Deloitte also confirmed this and supports the data, with the belief that the technology has a compelling business case growing among executives. Four out of every five respondents of the 1,400 surveyed indicated that the enterprises around them are either ready looking into blockchain technology - or already implementing it. Even 46% of the respondents in the PwC study indicated that financial services are the most advanced industry in the development of block chain applications. From this perspective, blockchain is a new frontier in the industry. Marta Piekarska-Geater who is the director of ecosystem at Hyperledger confirmed this. She also saw a shift from the initial hype around cryptocurrencies to real-world applications of blockchain in enterprise. As she stated:
“Now is the time for any organization that wants to help shape the role of blockchain and the DLT technology at play in their business and their industry to get involved. Bitcoin made blockchain mainstream and brought the hype to the field. Now the hype is passing, and we are observing how enterprises are looking at real life solutions using blockchain.”
However, it is important to note that the adoption is harder than expected. The drop in this rate could simply be the effect of a delayed corporate response to the hype seen before.  
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Canada’s Revenue Agency Will Pursue The Revenues Of QuadrigaCX

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Canada’s Revenue agency will start going after the hidden revenues of the QuadrigaCX crypto exchange which shut down in January 2019 after it went through a long bankruptcy procedure as we read previously here in the coming altcoin news. The revenue agency of the country has turned its attention to the potential revenues that could be hidden from the now-defunct exchange. The Globe and Mail reported that the Trustee on QuadrigaCX bankruptcy case has already provided tax return files for the past earnings but so far the exchange has faced investigations by the FBI for the same case and also by the Canadian Royal Mounted Police. Ernst&Young was the first company appointed as a Monitor and later as a Trustee when QuadrigaCX entered the bankruptcy procedure. The auditing company provided prolonged research of the company’s assets aiming to uncover the exchange’s reserves of Litecoin, Bitcoin, and Ethereum. The research, however, did not yield any addresses and it turned out over the course of its life that the exchange could have emptied out both of the crypto and cash reserves. The owner of the exchange Gerald Cotten was later found and pronounced dead in India in 2018 just a month before the exchange closed. It was believed that the owner controlled the large wallets and his death led to the loss of the private keys. The investigations showed that the finances of QuadrigaCX were used privately and the Cotten even purchased houses and other luxury items with those funds. The losses from the exchange reached between $70 and $130 million. Canada’s revenue agency started investigations that showed some of the funds from the exchange were moved to Kraken. The European market is one of the markets that offer liquidation for cash and QuadrigaCX was one of the exchanges that used to move its crypto to cash and attract large-scale sales. The bankruptcy of the cryptocurrency exchange affected more than 115,000 traders and the detailed investigation that was conducted by Ernst&Young and many legal teams cut all of the funds that were available for the creditor redistribution. Canada’s revenue agency investigation will also incur additional fees according to the trustee’s statements which we have in our latest cryptocurrency news.
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