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Bitcoin News

Bitcoin and Crypto Currency News

Browse latest bitcoin news about new businesses that accepts bitcoin and other cryptocurrencies, blockchain technology, and regulations of bitcoin. We report on latest crypto currency news, prices, talks and new start up related to bitcoin and other crypto currency.




  • Bitcoin Trading in China May See New Controls After Bitcoin Slide

    ​​China pretty much controls the global Bitcoin market, with about 80% of the world’s Bitcoin trading and about 95% of currency exchanges from fiat. This makes how China regulates, or doesn’t regulate, their domestic Bitcoin industry extremely important in the years to come. To this point, China has taken a laissefaire approach to the Chinese Bitcoin industry, but that may be ready to change in 2017. Slightly

    According to the South China Morning Post, the Chinese authorities and People’s Bank of China are mulling whether to introduce third-party custodian services to oversee the world’s largest bitcoin market. This comes after the Bitcoin industry’s rapid national expansion and a recent sharp Bitcoin price fall that has highlighted the potential threat it poses to the stability of financial markets.

    “Regulators have noticed that some bitcoin platforms crashed during the recent market volatilities, causing some investors, particularly those trading with leverage tools, to bear huge losses because they were unable to log on to the website during the sell-off,” the China Securities Journal reported on Tuesday.

    In a perfect world, there may be a truly free market system where no one scams anyone in an investment, but China is not that world, and the raw volume of trading over the past twenty days has drawn a lot of attention in many influential circles. The Bitcoin industry in China has not been prone to theft, fraud or other maladies that used to plague the digital currency, but some tech issues may have been key to some investors taking a larger loss than was reasonable.

    “The bitcoins were not stolen or hacked. Investors suffered loss as they were unable to trade, possibly because of the sudden price fluctuation and large sell offers. Introducing a third-party custodian for the investors would not reduce this risk,” said PwC China Fintech PartnerWilliam Gee, who said based on what happened in early January, the major risk with bitcoin arises from the trading infrastructure rather than the credibility of the trading platforms themselves.

    Maybe individual investors contacted authorities for some level of intervention? Whatever the case may be, the PBOC and others are becoming more involved in the dealing of top Bitcoin exchanges, keeping dialogues open, and looking to make small adjustments into how business gets done.

    As the market is not self-regulated at this moment, this may be a good approach. Leaders withing these large trading platforms are discussing making some ‘rules for the road’ when it comes to their trading practices in the near future, maybe to prevent a heavier hand from authorities.

    “Regardless of the current position adopted by the regulators, recent market activities have certainly attracted their attention. Indeed, we have noticed more active engagement from the PBOC in this respect.” Chun Yin Cheung, another PwC China Fintech Partner, said.

    “Although both mainland and Hong Kong financial regulators have made it quite clear that bitcoin is not a currency and thus not covered by the existing regulatory framework, the bitcoin-related behaviors are evolving and bearing the features of traditional financial market activities.”

    Author : Evander Smart

    Evander Smart worked for many years as a Wall Street banker, and has learned how the economy is self-destructing from the inside. His travels, experience and research have led him to Bitcoin as the best way forward for the common man. He looks to spread the word on how Bitcoin can help anyone break the shackles of economic slavery being created by global establishment forces. Evander gets you thinking about what money really is, and how it will work for you going forward. The world of finance is getting ready for incredible changes, and he is getting ready for what's coming next. Are you? Learn more about "The Future of Money" @ Bitcoin Video University

  • Federal Reserve Rate Hike Could Drive Bitcoin Well Over $800

    2016 has turned into a banner year for Bitcoin, with values up almost 80%, Segregated Witness gaining the mining support it needs to expand the network, and less negative mainstream media press than ever. With less than three weeks remaining in the year, Bitcoin may go into 2017 with a bang if the United States Federal Reserve follows through on its intention to raise interest rates this month. Here’s how it will affect Bitcoin and should force values to clear $800.

    Important Year-End Federal Reserve Meeting This Week

    The Federal Reserve, a private corporation that manages the central banking interest rates and national monetary production for the United States, has spent the last year promoting the idea of higher interest rates. As many as four rate hikes have been intimated. Federal Reserve chairwoman Janet L. Yellen told Congress in November that a rate increase “could well become appropriate relatively soon.” This leads us to the two-day meeting, starting today, which many believe could conclude with an interest rate increase.

    How does this affect Bitcoin? If the Federal Reserve raises rates, this should strengthen the U.S. Dollar’s relative value, attracting investors from China to American investments. This means another round of “capital flight” from China, creating a demand for ways to move money out of China to America and other foreign markets. Bitcoin has been one of these popular economic avenues before, and there is no reason to believe it won’t be again.

    This is clearly not good news for China. A widening gap between onshore and offshore yuan prices points to further Yuan depreciation, and possible capital outflows, ahead. Hong Kong-traded CNH (offshore) yuan fell 0.84 percent versus the dollar in the last week, while CNY (onshore) dropped 0.41 percent. Analysts generally view the CNH to be an accurate predictor of the future dollar to yuan direction as it is not restricted by Chinese regulators.

    When the Yuan is devalued, again, which would be the seventh time this year, people in China will most likely look to Bitcoin as a safe haven to protect their wealth. Recent examples, besides this year’s actions in China, include spikes in investment during Cyprus’ “Bail-In” in 2013, the Grexit (2015) and Brexit earlier this year, and the U.S. Presidential election of Donald Trump last month.

    Demand for Bitcoin seems sure to increase in China by year’s end, under these circumstances. China is by far the global economic center for Bitcoin, with the Yuan accounting for 95-98% of all currency exchanged, and about 80% of all Bitcoin trading.

    Author : Evander Smart

    Evander Smart worked for many years as a Wall Street banker, and has learned how the economy is self-destructing from the inside. His travels, experience and research have led him to Bitcoin as the best way forward for the common man. He looks to spread the word on how Bitcoin can help anyone break the shackles of economic slavery being created by global establishment forces. Evander gets you thinking about what money really is, and how it will work for you going forward. The world of finance is getting ready for incredible changes, and he is getting ready for what's coming next. Are you? Learn more about "The Future of Money" @ Bitcoin Video University

  • World First - IBM and WalMart are Going to Track Food on a Blockchain

    Sure, Bitcoin taught the world what a blockchain is and why Bitcoin is far more advanced than any current form of currency or monetary value. Now, the world has gone blockchain crazy, spending 2016 and the many years to come, putting anything and everything on a blockchain. This newest plan may beat all, with international superpowers IBM and WalMart creating a partnership where food is monitored on a blockchain, according to Bloomberg.

    Who knew that was possible?

    Less than a year ago, I didn't believe the banking industry could copy the blockchain concept and make it work privately, at least not for several years. Now, it looks like you can literally make a blockchain for anything, even physical groceries! In association with advisor Tsinghua University in China, the two megacorporations are going to begin monitoring Chinese food products for safety.

    Chinese food safety practices have raised concern about contamination in China and in countries where Chinese food products are imported, and the new project aims to trace the movement of meat, vegetables, and other products.

    "Advanced technology has reached into so many aspects of modern life but it has lagged in food traceability, and in particular in creating more secure food supply chains," said Bridget van Kralingen, senior vice president, industry platforms, at IBM in New York

    This blockchain will be used to record food product information such as farm origin details, batch numbers, factory and processing data, expiration dates, storage temperatures and shipping details. This data will be digitally connected to food items, and the information is entered on the blockchain at every step of the process.

    WalMart alone intends to invest $25 million in the project over the next five years. This is a part of the announcement launching the Walmart Food Safety Collaboration Center, an effort to bring together local and international research in one of the world’s largest markets for food and for WalMart.

    “By bringing together the best food safety thinkers from across the food ecosystem, from farmers to suppliers, retailers to policy regulators, we’ll accelerate food safety awareness and help make Chinese families safer and healthier,” Wal-Mart Chief Executive Officer Doug McMillon said at the event in Beijing on Wednesday.

    WalMart was hit with a series of food safety-related incidents two years ago that they are still trying to recover from in the region. Taking the lead in food safety in a country not known for such safety measures can help reverse WalMart’s fortunes in China, and improve the quality of food for their shoppers. Bitcoin’s blockchain technology is making the world a better place in ways no one expected.

    Author : Evander Smart

    Evander Smart worked for many years as a Wall Street banker, and has learned how the economy is self-destructing from the inside. His travels, experience and research have led him to Bitcoin as the best way forward for the common man. He looks to spread the word on how Bitcoin can help anyone break the shackles of economic slavery being created by global establishment forces. Evander gets you thinking about what money really is, and how it will work for you going forward. The world of finance is getting ready for incredible changes, and he is getting ready for what's coming next. Are you? Learn more about "The Future of Money" @ Bitcoin Video University

  • China Develops Whitepaper for Future Applications of Blockchain Technology

    China is a very ambitious country, looking gaining a global reserve currency status for their Renminbi, expand their city sprawl with billions of dollars of new construction, including The New Silk Road, and adding other new technologies. BitConnect has already reported on their plans to add their national Social Security system to its own blockchain. Now, the country has developed a full whitepaper discussing and planning the future of blockchain technology in the People’s Republic, according to China’s BitKan.

    China's Ministry of Industry and Information Technology, or MIIT, in association with the Chinese Blockchain Technology and Industrial Development Forum, have produced what is known as China's Blockchain Technology and Application Development Whitepaper. For over two months, this whitepaper has been under development, highlighting the future trends of the technology, analyzing finance, supply-chain, entertainment, smart manufacturing, social welfare, education and employment and many other potential applications.

    A better way to pay

    The financial sector is currently the best application of blockchain technology, under Bitcoin, and this will be the leading application as MIIT sees it. This would include things like payments, asset management, securities, clearing & settlement and user ID. It appears that China sees what other governments and multinational corporations see in the blockchain, a more efficient way of doing business. Inter-institutional netting and conflict-settlement costs will be minimized and the efficiency improved.

    Moreover, lower costs and improved efficiency will force financial players to realize small-amount cross-border payment. The asset management sector is haunted by high cost and falsification risks. The whitepaper points out that these assets can be integrated on-chain, hence causing a disintermediation process to allow asset holders to directly transact with each other.

    An automatic contract implementation can be guaranteed and visible only to counterparties involved through blockchain technology. The core character of the blockchain technology is that it simultaneously realizes value transfer without a trusted third party.

    IP protection in the entertainment sector, information integration and interoperability in the smart manufacturing sector, transparency and publication in the charity sector are all considered major pain points that are waiting for blockchain technology to save the day.

    Can They Create a Path towards Technology Standardization?

    Standardization of the future of these kinds of uses for blockchain technology is important to reduce cost, improve efficiency, bring corporate commercialization and enhances the security. It will also become key for a government to make policies and implement future regulations.

    The implementation solution will set the system building at its core and comprises of 4 steps: System Pre-Research, Standard Research, Trial and Promotion and System Improvement. Based on the timetable, the last step will commence no later than Oct. 2017, so all of these plans should be seen over the next year, if not sooner.

    The whitepaper also further argued for future preferential policymaking for the blockchain technology. The relevant policies will support the future technological research, exemplary projects, entrepreneurship & innovation platform building, system solution R&D and public service platform building.

    China has already had discussions with major companies like Citbank and Deloitte to begin their own national digital currency at some point in the future.

    Author : Evander Smart

    Evander Smart worked for many years as a Wall Street banker, and has learned how the economy is self-destructing from the inside. His travels, experience and research have led him to Bitcoin as the best way forward for the common man. He looks to spread the word on how Bitcoin can help anyone break the shackles of economic slavery being created by global establishment forces. Evander gets you thinking about what money really is, and how it will work for you going forward. The world of finance is getting ready for incredible changes, and he is getting ready for what's coming next. Are you? Learn more about "The Future of Money" @ Bitcoin Video University

  • Hotter Than July - Bitcoin Prices Soar to Summer Heights - Details

    ​Given the fact that China easily controls the global Bitcoin market when it comes to trading (about 95%) and mining volume (over 70%), the Chinese economy as a whole has a large influence on Bitcoin’s overall value. As China returns from a long national holiday, economic trading resumed, and the Yuan fell to 6.72 Yuans per dollar, fueling heavy movement into Bitcoin, spiking values on Tuesday to their highest values since July, approaching highs of $640 USD or over 4300 Chinese Yuan.

    Bitcoin Jumps More than 3%

    Bitcoin price has been incredibly stable since mid-summer, with values not moving much from the low-$600 range over the last two months. Chinese banking interests are not buying into the Yuan like they were the last time Bitcoin interest spiked to over $700 USD, and seem resigned to let the market play out for now.

    "The Chinese central bank's decision not to intervene in stabilizing the yuan means traders are running scared. Bitcoin is a port in the storm," said Charles Hayter, founder of digital currency website Cryptocompare to Reuters.

    The “Scaling Bitcoin” conference in Milan has also helped spur Bitcoin interest, as new solutions are posed to old problems like the block size debate. Bitcoin transactions have started to slow again throughout the network as volume passes 280,000 per day, and higher miner fees are being required to get anything close to a ten-minute transaction. Others wait hours for transfers when fees are not increased. These issues were discussed extensively in Milan.

    "There were several technological advancements demonstrated, some of which could be promising avenues to increase the number of transactions that the bitcoin network could process," said Colin Platt, co-founder of blockchain startup DPactum, and formerly Head of Blockchain at BNP Paribas. "These new advancements could once again position bitcoin to continue to innovate and sustain higher transaction rates which could foster wider adoption,”

    As the blocks on the blockchain fill up once again, the fourth quarter of the year may be defined by how expansion efforts like Segregated Witness and The Lightning Network are tested and implemented. Bitcoin transaction volume tends to increase throughout the fall and winter months, and the network is showing signs of stress.

    If the Chinese Yuan’s struggles continue, the protocol could see a real-world stress test occur before help arrives. It appears about 300k daily transactions is about the usable limit for the current system before expansion is necessary.

    Author : Evander Smart

    Evander Smart worked for many years as a Wall Street banker, and has learned how the economy is self-destructing from the inside. His travels, experience and research have led him to Bitcoin as the best way forward for the common man. He looks to spread the word on how Bitcoin can help anyone break the shackles of economic slavery being created by global establishment forces. Evander gets you thinking about what money really is, and how it will work for you going forward. The world of finance is getting ready for incredible changes, and he is getting ready for what's coming next. Are you? Learn more about "The Future of Money" @ Bitcoin Video University

  • Bitcoin Mining Supercenters Expand to the Mountains of Tibet

    China has taken over the global Bitcoin industry pretty much since they discovered Bitcoin back in 2013. It took less than a year for Bitcoin mining and trading to go from a budding new American tech industry to a Chinese economic fallout shelter. Now, a new supercenter of Bitcoin mining has been found buried deep within the mountains of Tibet, a region not known for its high-tech infrastructure.

    Bitcoin is where you mine it

    Bitcoin mass mining can be a very profitable endeavor, generating thousands of Bitcoins a month, and millions of US dollars of revenue per year. This is the case provided that you can scale your operations effectively, and gain access to copious amounts of low-cost electricity. In the unlikely peaks of Kongyu, which were acquired by the Chinese in 1951, you will find a gold mine and a massive Bitcoin mine built right next to a modern hydroelectric power plant, which supplies all the power needed.

    “When bitcoin was invented, the people dedicated to it were mostly cryptopunks and libertarians,” said Eric Mu, the chief marketing officer with HaoBTC, which operates the bitcoin “mine” in China’s western Sichuan province to the Washington Post. “Now they are more like bankers and lawyers who see opportunities in the industry. And as they join, the industry is changing.”

    About three-quarters of all global Bitcoin mining and trading is done withing China’s borders. Given the fact that China also controls over 90% of the world’s “rare earth elements/minerals,” there is a general sense of concern that China is using its digital market power to reshape the Internet and use its influence to increase their cultural concepts that are based upon censorship and surveillance.

    History does not bear this out, as China has been mostly hands-off when it comes to Bitcoin regulation, except to forbid its banks to partake in the currency, directly. Local businessmen like Ryan Xu, a Chinese-born Australian who work within the local Bitcoin economy as a venture capitalist who runs the Tibetan mine after searching the world for a cost-effective place to operate and score massive amounts of power. He is building a second mine not far away from Kongyu.

    “We need to foresee the next five or 10 years,” Xu said in a wide-ranging conversation over dinner in the western city of Kangding. “All the governments are printing money and diluting people’s wealth. Is that justice or robbery? The financial system also keeps crashing every five or 10 years. I think that’s an illness in the monetary system and it needs a cure.”

    Eric Mu, the chief marketing officer with HaoBTC says his company employs 10 people at three mines in the mountains, paying them around 6,000 yuan ($900) a month, a “decent salary” for this part of the world. HaoBTC runs one other mine in Sichuan, and one farther west in Xinjiang, with more than 11,000 machines, earning more than 80 bitcoin a day, for a daily income stream worth about $45,000 USD.

    When the United States controls an entire industry, there is little global outcry. Yet when the shoe is on the other foot, Americans are quick to cry “foul.” Bitcoin is far more popular in China at this time than America because the average Chinese person needs an alternative currency far more than Americans do for their “almighty Dollar.” I wouldn’t worry a great deal, as the U.S. Dollar’s days of being all that mighty are surely numbered. Bitcoin will not become a Western hobby, but a potential economic beacon of light.

    Control of the Bitcoin industry is always subject to change. No guns will be drawn, or wars will be fought over the future of Bitcoin. It is going to be up to your computer and energy reaping skills how many Bitcoins you can gain for the foreseeable future.

    Author : Evander Smart

    Evander Smart worked for many years as a Wall Street banker, and has learned how the economy is self-destructing from the inside. His travels, experience and research have led him to Bitcoin as the best way forward for the common man. He looks to spread the word on how Bitcoin can help anyone break the shackles of economic slavery being created by global establishment forces. Evander gets you thinking about what money really is, and how it will work for you going forward. The world of finance is getting ready for incredible changes, and he is getting ready for what's coming next. Are you? Learn more about "The Future of Money" @ Bitcoin Video University

  • Bitcoin Price Highest Since July as G20 Summit Trading Ends

    Just to remind those that might have missed the last three years of trading in the digital currency market, China controls the price of Bitcoin. This was on display for the last week as Bitcoin prices have spiked $50 USD since the beginning of the meetings on Sunday, and yesterday received one more market boost. This created the highest Bitcoin pricing since July, as the Chinese Central bank makes a move, and investors countered.

    If Bitcoin is moving up, that means the PBOC is getting tight

    For every action, there is a reaction, as the PBOC tries to slow monetary outflows and a deepening recession. China’s central bank influences funding costs in Hong Kong by encouraging state-owned banks to hold back from loaning their excess yuan. A surge in the Yuan’s HIBOR, or Hong Kong Interbank Offered Rate (same concept as Western LIBOR) hurts bears (savers) in two ways: by increasing the cost to borrow the currency and sell it, and also by prompting lenders that want to avoid paying the higher rates to buy the yuan they need in the spot market instead, bolstering the exchange rate.

    "(The People Bank of China) may have tightened liquidity in the offshore yuan market to control declines following speculation that it would allow depreciation now that a Group of 20 summits is over, according to Mizuho Bank Ltd,” reported Bloomberg. “The monetary authority drove offshore yuan borrowing costs to unprecedented levels in January in an effort to punish bears."

    Capital outflows are still a problem, just not as bad as they were this time last year. You might have noticed the fruits of that issue, since one BTC was worth less than $240 USD last September, and rose over 40% during the rest of 2015. Bitcoin values are up over 160% over the last year, with the actions of the PBOC driving market demand.

    "Everyone was talking about depreciation after the G20 meeting, and China could be reacting to that,” said Ken Cheung, an FX strategist at Mizuho Bank. “The authorities may be repeating January’s trick - tighten liquidity and crack down on bearish speculation on the yuan."

    The Huobi exchange has been on fire the last couple of days, and monetary outflows from the country have been up all week, and Bitcoin trading and value have also spiked because there is a correlation. A reduction in the allowance of shorting the Chinese Yuan by the PBOC caused Bitcoin to bump up 3%.

    Author : Evander Smart

    Evander Smart worked for many years as a Wall Street banker, and has learned how the economy is self-destructing from the inside. His travels, experience and research have led him to Bitcoin as the best way forward for the common man. He looks to spread the word on how Bitcoin can help anyone break the shackles of economic slavery being created by global establishment forces. Evander gets you thinking about what money really is, and how it will work for you going forward. The world of finance is getting ready for incredible changes, and he is getting ready for what's coming next. Are you? Learn more about "The Future of Money" @ Bitcoin Video University

  • China’s National Social Security System Begins Move to the Blockchain

    When you think of a national social security system, you naturally tend to think of old people getting their consistent old check in the mail, or maybe even direct deposited into a bank account. Well, China is ready to help the nation’s elderly population enter the 21st century with the help of blockchain technology, with the help of global banking giant UBS. China has just announced that their national system will migrate to its own blockchain.

    Banks and even nations are building blockchains almost daily

    The first time I had heard of a national system of any kind being integrated with blockchain technology was at the end of 2015, as I reported on the African country of Tunisia creating a digital blockchain for their national currency.

    Suffice it to say that the massive scale of China's national Social Security Fund dwarfs anything Tunisia can do. China’s SSF system had a value of about 1.9 trillion yuan (almost $250 Billion USD) when Tunisia began their digital revolution several months ago.

    "There's no doubt that blockchain technology will be used in the social security system because of its valuable applications in the investment and management of social security funds,” said Wang Zhongmin, vice-chairman of China’s National Council for Social Security Fund to China Daily.

    China has discussed creating their own digital currency already with other financial stalwarts like Citibank and Deloitte earlier this year. Some of the uninformed dismissed this, but these new moves only confirm how quickly China is looking to add innovative new technologies to their financial future. Major players in the Chinese Bitcoin market have said China will move to a digital currency in the not-to-ditant future. No timetable was given for the complete changeover, but it is close enough to announce, publicly.

    "To realize the full potential of blockchains, we will above all need to collaborate on a common platform. We think it is essential that the industry avoids a standards war of the type that has bedeviled the adoption of new technologies in the past," said Axel Lehmann, chief operating officer for UBS Group.

    It also appears that China has been actively testing blockchain technology for some time. The China Ledger Alliance is a non-commercial organization currently working with 15 different companies in technology and finance to integrate and adapt blockchain technology for real-world applications. They are also creating a recognized set of standards for domestic industries going forward. As more information becomes available, BitConnect will keep you informed.

    Author : Evander Smart

    Evander Smart worked for many years as a Wall Street banker, and has learned how the economy is self-destructing from the inside. His travels, experience and research have led him to Bitcoin as the best way forward for the common man. He looks to spread the word on how Bitcoin can help anyone break the shackles of economic slavery being created by global establishment forces. Evander gets you thinking about what money really is, and how it will work for you going forward. The world of finance is getting ready for incredible changes, and he is getting ready for what's coming next. Are you? Learn more about "The Future of Money" @ Bitcoin Video University

  • Financial Blockchain Shenzhen Consortium formally established

    Blockchain is the cutting edge in the internet finance technology(FINTECH); it will have a huge impact on the financial business model and financial technology framework. Currently, many big international financial institutions have set up their block chain operations one by one. For example, R3 Corporation founded R3 Consortium in September 2015 to develop CORDA; Global blockchain Committee was established in November 2015 in Dubai; LINUX Foundation began to build HyperLedger in December 2015;Japan set up the block chain alliance (BCCC) in April 2016. Chinese financial institutions and financial technology companies will not fall behind. As a result, the Financial Blockchain Consortium (Shenzhen) founding conference was held in Wuzhou hotel, Shenzhen, China on May 31th, 2016, to mark that the Financial Blockchain Shenzhen Consortium has been formally established.

    Financial Blockchain Shenzhen Consortium, referred to as FBSC, which aims to integrate and coordinate research resources in financial Block chain technology to create synergy and coordination mechanisms for financial blockchain technology research and development; improve member companies’ research ability in financial blockchain technology, and to explore, develop, and realize applicable financial blockchain for financial institutions and application scenarios based on blockchain.

    The foundation of FBSC was initiated by Essence Securities, JD Finance, Bosera Asset Management Co.,Ltd, Chongqing Share Transfer Center, FIRST CAPITAL SECURITIES CO. LTD, Funde insurance holdings Co.LTd., Guosen Securities Co., Ltd, HUNDSUN TECHNOLOGIES INC, China Southern Asset Management Co.,Ltd.,Ping An Bank, QiLu Over-the-Counter Stock Market, Ping An Financial Technology Consulting Co.Ltd., Webank, SHENZHEN KINGDOM SCI-TECH CO.,LTD., Shenzhen Financial Information Service Association, ShenzhenYsstech Info-tech Co.,Ltd, Genesys Information Technology Co., Ltd., Shenzhen Forms Syntron Information Co,Ltd.,Bankledger Technologies, Shenzhen Securities Communication Co.Ltd, WuhanEquity Exchange,China Merchants Securities Co. Ltd., China Merchants Bank Nekwork Technology(Shenzhen)Co.,Ltd, Z-Park Equity Trading Service Co. Ltd., China Securities Credit Investment Co., Ltd.These 25 financial agencies and financial technology companies signed the consortium agreement at the conference.

    FBSC also include six member companies, they are SINOSAFE GENERAL INSURANCE CO., LTD., Huawei, QIANHAIEQUITYEXCHANGE, Foresea Life Insurance Company Limited, Tencent Technology (Shenzhen) Company Ltd, and Shandong City Commercial Banks Alliance.

    Representatives and key technical leaders from all above 31 financial institutions and companies attended this Financial Blockchain Shenzhen Consortium founding conference & the first membership conference.

    During the conference, Doctor Qingchun Shentu represented the preparatory committee group to introduce the FBSC founding preparation; the conference participants also deliberated and voted to pass the consortium constitution; the following sixteen financial agencies and financial technology companies were elected as the bureau members of FBSC. They are Essence Securities, JD Finance, Bosera Asset Management Co.,Ltd, Funde insurance holdings Co.LTd, Guosen Securities Co., Ltd., HUNDSUN TECHNOLOGIES INC., China Southern Asset Management Co.,Ltd., Ping An Bank, QIANHAI EQUITY EXCHANGE,Shenzhen Financial Information Service Association,SHENZHEN KINGDOM SCI-TECH CO.,LTD,Bankledger Technologies, Shenzhen Securities Communication Co.Ltd., China Merchants Securities Co. Ltd.,China Merchants Bank Nekwork Technology(Shenzhen)Co.,Ltd, China Securities Credit Investment Co., Ltd. The conference elected Shenzhen Financial Information Service Association as FBSC’s excutive secretariat agency. Based on FBSC’s secretary-general Mr. Li Shen’s nomination, Bureau of FBSC appointed Bankledger Technologies’ CEO Mr.Shentu Qingchun as FBSC’s Executive Vice Secretary-General, it also appointed the director of Shenzhen Securities Communication Co.Ltd. research and development department No2 Mr. Su Xusheng and the research director of Webank’s innovation Mr. Yao Huiya as Vice Secretary-Generals.

    During the second session of the conference, representatives discussed, reviewed and approved FBSC’s research subject plan. WeBank’s Chief Information Officer Mr.MaZhitao hosted this session. The research plans are “Research of outside Share Trade Market Platform Based on Blockchain” that will be led by Shenzhen Securities Communication Co.Ltd. and other related stock Transfer agencies, “Basic Technology Platform of Blockchain ”, “Blockchain Cloud Services” and “Primary And Secondary Market Of Block Chain Financial Products” that will be primarily researched by Webbank , “Blockchain Credit Services” will be led by China Securities Credit Investment Co., Ltd. Meanwhile, Funde insurance holdings Co. LTd will be responsible for the research of “Blockchain’s Applications In Integration Field”, Ping An Financial Technology Consulting Co.Ltd will be responsible for “Digital Diamond (marriage Insurance) ”,JD Finance is responsible for “ABS Cloud Service based on Blockchain” and “Digital Asset Registration and Transfer”. There are also other research subjects, such as “Blockchain invoice management topics bill” and “Ethereum light wallet” led by HUNDSUN TECHNOLOGIES INC, “Blockchain technology’s applications in banking financial tools” led by China Merchants Bank Nekwork Technology(Shenzhen)Co.,Ltd. The host Mr. Ma and the secretariat of FBSC have reviewed all those subjects during the second session

    Shenzhen Financial Information Service Association co-president Zhou Tianhong, Gao Hong, WangDeying delivered speeches respectively. Zhou Tianhong pointed out every research group shall implement specific tasks; strengthen communication and cooperation in order to improve the efficiency of research and development. Gao Hong pointed out that after the blockchain is in operation, it will become an innovative and disruptive new business model, clients is one of the most important marketing factors, financial institutions should work together to provide customers with better services. WangDeying said the establishment of FBSC will improve the innovation of Shenzhen’s science and technology, but there are also many challenges in the development and application of the blockchain technology, FBSC should regularly hold blockchain technical training meetings and scenarios application discussion meetings to ensure every subject research progress smoothly.

    All the distinguished guests and members of FBSC expressed high expectation for FBSC’s establishment. The establishment of FBSC will accelerate the accumulation and digestion of technical knowledge in the financial agencies and financial technology companies. The collective efforts of all the participants will accelerate the adoption of blockchain technology and to promote the development of blockchain technology in China and around the world.

  • Think Bitcoin Has the World’s Largest Blockchain? It's Not Even Close to The World's Largest!

    Bitcoin’s blockchain may be many things. Transparent, immutable, innovative, inclusive and maybe even duplicatable. One thing it’s certainly not is “The world’s biggest blockchain.” In fact, it is not even close to the world’s largest. So who does have the world’s largest blockchain? BitConnect.co reveals the new champion of blockchain size, and at least the location will not be a surprise.

    Beijing’s RADR Sets The Record

    Beijing’s RADR Sets The RecordChina’s RADR, who’s official business name is Datang RADR Technology Co., is a ripple-protocol-based financial network to promote and develop the fastest and less expensive payment settlements system and exchange system on a global scale, except it no longer works through Ripple. Recent statistic data shows, the RADR account numbers have passed 4 million, which is now dozens of times larger than Ripple’s system. How does it compare to Bitcoin? RADR’s transaction data (700G) is as much as ten times larger than Bitcoin’s (66G)

    Ledger List says there have been more than 5 million blocks in the network. In addition, the transaction of RADR is very frequent, each block Ledger has 200 to 300 transactions occurred during active periods. The whole RADR network has more than 10 million transactions, and each transaction has 0.5-1KB data. RADR network has accumulated hundreds gigabyte raw data approximately in just two years, and all without one known transaction error.

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    Bitcoin’s blockchain has almost doubled in size over the last year, reaching approx. 66GB today, and it took over seven years to reach its current size. According to RADR, it only takes one week to use the same amount of data.

    RADR says there are three reasons for this level of data use. First, RADR supports multiple transaction types, like Payments, Offers and their Active Account system, while Bitcoin only supports payment transactions. Secondly, RADR network supports much higher throughput than Bitcoin, and also support various applications on top of it. Thirdly, with the optimization of Ripple bottleneck, the RADR network has improved RTXP protocol, Consensus Algorithm and large data processing capacity to a new level.

    This size and ability to handle such large amounts of data prove the scalability of blockchain technology, and RADR has so far proven the ability to handle it at unprecedented levels.

    Author : Evander Smart

    Evander Smart worked for many years as a Wall Street banker, and has learned how the economy is self-destructing from the inside. His travels, experience and research have led him to Bitcoin as the best way forward for the common man. He looks to spread the word on how Bitcoin can help anyone break the shackles of economic slavery being created by global establishment forces. Evander gets you thinking about what money really is, and how it will work for you going forward. The world of finance is getting ready for incredible changes, and he is getting ready for what's coming next. Are you? Learn more about "The Future of Money" @ Bitcoin Video University