Overstock's board member Jonathan Johnson believes that cryptocurrencies are a better payment method than credit cards. Credit cards use a centralized system, and there are also many buyer protection measures that allow buyers to request refunds and cancellations from third-party service providers. In addition, some unforeseen payment errors may cause legal issues and complex issues that require the company and credit card network operators to resolve.
Jonathan Johnson believes that Overstock only hired more than 40 employees in the anti-fraud department. Their main job was to monitor whether credit cards were repaid on time and to resolve any potential problems with the buyer or credit card network. Therefore, Jonathan Johnson believes that accepting cryptocurrencies such as Bitcoin and Ethereum can reduce the burden on human and material resources and the transaction costs are relatively low. In fact, mainstream cryptocurrency exchanges like Coinbase have begun to provide application programming interfaces (APIs). Now, whether it is a large company or a start-up company, cryptocurrency payment transactions can be realized without spending a lot of money to build infrastructure.
Jonathan Johnson said:
"Using a credit card, we have to pay a commission, and we also have to hire a lot of manpower to prevent fraud. This is the cost of doing business with a credit card. Choosing a cryptocurrency, the transaction cost between us and Coinbase is very low and much smaller than credit card transactions. And we don't need to set up a fraud prevention department, it's like digital cash transactions. For us, this is obviously a cheaper way to do business."
This year, big companies such as Twitter, Square, and Revolut have begun to integrate Bitcoin and other cryptocurrencies. However, due to the high volatility of cryptocurrency prices, some insiders feel that it is not appropriate to integrate cryptocurrency payments.
The Heritage Foundation, a Washington-based think-tank, believes that Overstock’s weekly cryptocurrency income is approximately $68,000 to $125,000. However, due to market volatility, their weekly income may be very different.
However, Jonathan Johnson believes that retail users using cryptocurrency for payments are actually small payments - "quantity" rather than "quantity" - and therefore are unlikely to be affected by price increases and declines in the short term. Impact. He said:
"Although we encrypt currency income between $68,000 and $120,000 per week, people use bitcoins, Ethereum, or other cryptocurrencies to buy items such as sheets and toasters."
Recently, the Irish Prime Minister Leo Varadkar said at the MoneyConf conference that the government plans to build Dublin into Europe’s “capital of science and technology”.
Leo Varadja stated:
"I don't think any European country is better suited than Ireland to discuss cybersecurity, blockchain, cryptocurrency, artificial intelligence, and future financial technology regulation. In some ways, Ireland has led the revolutionary changes in the financial technology industry, although We are located on the edge of Europe and in a seemingly isolated place. However, Ireland has a multicultural society, like a global melting pot of people, and we are proud to be in touch with the world."
In fact, Ireland is a thriving science and technology country. Many of the world's largest financial technology and banking institutions have established business and R&D centers in Ireland, such as Stripe, MasterCard, JP Morgan, Bank of China, and so on.
Leo Varadka has announced that the Irish government will open 26 new embassies and consulates - including Tokyo and Frankfurt - to increase Ireland's global influence. In addition, he also announced that in order to support technological innovation and attract more software engineers and other professionals, Ireland plans to increase the Irish Industrial Development Authority (IDA) budget in the next few years.
This week, Ireland’s Industrial Development Authority announced the launch of Blockchain Ireland, a blockchain R&D project that aims to achieve breakthrough innovation in blockchain and attract more multinational foreign investment. Prime Minister Leo Varadka also stated that the pursuit of innovation is the main factor that Ireland has become the center of European financial science and technology:
"We can now see some of the results of developing fintech and blockchain ecosystems in Ireland."
He added that the Irish blockchain and financial technology industry has been making breakthroughs, and will continue to cater to FinTech companies, striving to make the country the first choice for attracting financial technology and blockchain R&D companies. In addition, Prime Minister Leo Varadka announced that the Central Bank of Ireland will launch an innovation center and an industry-participating engagement program to ensure that Ireland can keep pace with the evolving financial technology and regulatory easing. Earlier, the Irish government had announced that it would provide 885,000 U.S. dollars to support Irish startups to conduct blockchain and in-depth technology research.
The Bank of Canada has announced that it will cooperate with the Innovation Subversion Lab (CDL) of the Rotman School of Management at the University of Toronto to tap into the potential of emerging technologies.
The Bank of Canada previously released the 2019-21 Medium Term Plan to better understand the digital economy and financial services technology revolution to support the Bank's own business innovation.
This cooperation with the Innovation Subversion Laboratory will help the Central Bank of Canada keep up with technological developments such as artificial intelligence (AI), machine learning, encrypted assets, and quantum computing. In addition, the Bank of Canada will become an AI Stream partner of the innovation subversion laboratory Toronto (CDL-Toronto) and the innovation subversion laboratory Montreal (CDL-Montreal) project within the next three years to participate in these two projects. To further promote innovative subversion of laboratory projects, the Bank of Canada also plans to invite industry experts and employees to share blockchain knowledge.
Carolyn Wikins, deputy governor of the Bank of Canada, said:
“The Bank of Canada is very pleased to be able to cooperate with the world-class experts in the innovation subversion laboratory. This cooperation is also part of our digital economy agenda. The Bank of Canada will use emerging technologies to improve the quality and breadth of research and development, and this partnership’s goals are This is in line with the central vision of the Bank of Canada to improve business efficiency. "
Sonia Sennik, Executive Director of Innovative Subversion Labs, said:
“Although the cooperation between the Central Bank of Canada and the university's innovative projects makes people feel less than reasonable, we believe that through the effective cooperation of innovative skills and encrypted assets, we can ultimately enhance Canadian competitiveness.”
The Innovation Subversion Lab is a seed incubation project for technology start-up companies that attracts world-class entrepreneurs, scientists, investors, and university students to work together to bring the best ideas in the field of science and technology to market. The laboratory was established in 2012 and current operations have expanded to Vancouver, Calgary, Montreal, Halifax and New York City.
The global payment giant American Express is increasing its investment in blockchain technology. The company recently released a series of detailed information and hopes to further deepen its work.
It is reported that American Express, Ripple and Santander have reached a partnership since last November, and they now want to take this relationship to a new height and promise to continue to promote blockchain solutions to promote safety. High-speed cross-border payment transactions.
Recently, American Express clearly stated in its recruitment information that the company focused on growth, new products and technology products to meet customer needs, and all of these products were based on the American Express brand. In addition, American Express also released an advertisement saying that it will launch blockchain solutions with Ripple and Santander this year.
In fact, American Express and Santander have been using their blockchain technology to support cross-border fund transfers since cooperating with Ripple.
At the Money 20/20 Europe conference held last week, Colin O'Flaherty, vice president of American Express, said that Ripple's xCurrent tool can realize global cross-border remittance transactions with higher transaction speed and transparency. He said:
"Ripple is able to meet real-time P2P conversations between senders and recipients of funds. This is one of the biggest problems faced by many customers, especially SMEs, when they conduct cross-border payment transactions."
Currently, Santander has deployed xCurrent products in its OnePayFX cross-border payment service, and customers complete international transfer transactions within the same day or two days.
Dell EMC, SAP, and Camelot ITLab are working together to improve data security stored on the blockchain.
Dell EMC (DELL's IT subsidiary) announced a new partnership with software giant SAP Solution and Camelot Innovation Technologies (Camelot ITLab), and the three parties will work together to improve the security of private data storage on the blockchain.
The three companies are trying to change the way private data is stored in the blockchain. In Dell's white paper, the solution is called "trusted computing." Dell thinks:
"By storing private data in a hashed hash and subsequent integrity verification, these private data can be completely stored under the chain when registered on the chain."
Not only that, this solution also allows interested parties to vote through the selection algorithm, and then distribute the algorithm as an executable program to all participants. As Dell pointed out, although malicious actors can change algorithms under the chain, the hardware of the "trusted computing" system can prevent "unauthorized modification" and prohibit the operation of any interference algorithm, and then solve the current "Client is not trusted" problem.
It is reported that the three companies hope to use this blockchain solution to improve data storage security in the healthcare and petroleum industries. However, for the time being, it is not clear in which vertical area the relevant blockchain platform will have a significant impact.
Steffen Joswig is an executive partner of Camelot ITLab and he is very pleased with this tripartite cooperation and stated that:
"Camelot has teamed up with Dell EMC to leverage the unique capabilities of blockchain technology to help companies protect the privacy and security of sensitive data."
Other companies are also increasing research efforts on sensitive data storage blockchain solutions:
In August 2017, Vault One announced the launch of an Ethereum-based blockchain data storage solution to help SMEs increase the security of sensitive data;
In April 2018, five healthcare companies, including the German dairy giant Humana, joined forces to establish a blockchain platform that aims to increase the accuracy of supplier data and reduce the cost of data storage analysis.
The United States of America will establish a blockchain task force to determine how the state will develop blockchain technology and benefit from it.
Dannel Malloy, the governor of Connecticut, formally signed the SB443 Act, confirming that a blockchain task force will be formed to study this emerging and timely process and develop a master plan for the expansion of the state's blockchain industry. It is reported that the bill was submitted to the Connecticut State Court in May this year and has obtained the support of all legislators.
According to the SB443 Act, the main duties of the Connecticut Blockchain Task Force include:
1. Identify the economic growth and development opportunities that blockchain technology can bring;
2. Assess the status of the blockchain industry in Connecticut;
3, Apple's all related industries have mastered the labor and academic costs required for blockchain technology;
4. Propose legislative proposals to clear the barriers to the expansion of the blockchain industry in Connecticut and accelerate innovation and economic growth.
It is reported that the working group consists of at least five blockchain experts, as well as a group of industry representatives who can benefit from blockchain technology and two academic circles. In addition, Catherine Smith, Connecticut’s economic and community development commissioner, or her designated staff, will also join the group.
At present, the United States has already passed or is considering the adoption of a blockchain working group bill in several states. Of course, the purpose of each state varies. For example, the bill passed by Illinois aims to study how blockchain technology can be used to improve government records preservation and services; the New York state plans to establish a digital currency working group that focuses on regulatory measures; while the state of California plans to The Act requires the Blockchain Working Group to be responsible for formulating rules for government and industry application blockchain technology and make recommendations based on potential uses.
Switzerland is a friendly country that treats cryptocurrencies. They will hold a referendum on June 10 to discuss whether to introduce a sovereign currency system, which may fundamentally change the country’s currency concept. Due to the rise of Bitcoin, Swiss may now need to rethink what money is.
Since 2009, Bitcoin’s penetration rate and use rate have been increasing, even providing a safe haven for safe havens for developing countries such as Argentina and Venezuela. The birth of Bitcoin seems to be to transform the entire financial system. “Nakamoto Satoshi” hopes to seize monetary power from bankers and return them to people – although there is still a certain distance from this goal, it is undoubtedly made larger. As it progressed, some cross-border remittance companies also started to use Bitcoin to provide transfer services.
Switzerland to reconsider sovereign currency system
It is said that the recent Swiss referendum is likely to be related to bitcoin, and they hope to use voting methods to decide whether Switzerland should turn to the sovereign currency system, which will make it more difficult for banks to expand credit and money supply, and the SNB - The Swiss National Bank (SNB) will be the only source of money, and banks can only “borrow money” from central bank savings.
If the Swiss referendum chooses a sovereign currency system, it will obviously have a greater connection with Bitcoin. For example, assuming that the SNB announces that bitcoin is part of its foreign exchange reserves, it will inevitably have a big impact on the price trend of bitcoin. But no matter which result, the voting shows that the Swiss are scrutinizing the current financial system. If they can really walk down the road, then the focus will undoubtedly be: Bitcoin.
Switzerland has always been a “hotbed” for Bitcoin and other cryptocurrencies, and it is also one of the most lenient regulatory environments in the world. For example, Swiss Railways has integrated dozens of bitcoin ATMs into station ticket machines; in July last year, a Swiss bank launched a cryptocurrency service that allowed customers to store bitcoins and purchase cryptocurrencies.
Industry analysts ponder over the Swiss referendum
According to a Reuters report, according to previous poll results, one-third of Swiss citizens plan to vote “in favor” to abolish the bank’s right to create money, but 10% have yet to decide which vote to take. Earlier, the Swiss Central Bank President Thomas Jordan once described the sovereign currency system as a "dangerous cocktail."
If the referendum passes, cryptocurrency advocates believe that a more stable and sound financial system will emerge and that the frequency of financial crises will also be reduced. At the same time, some critics pointed out that the sovereign currency system will hinder the ability of the Swiss National Bank to intervene in the foreign exchange market, which in turn will trigger large swings in the Swiss franc, giving profit to financial institutions such as UBS and Credit Suisse. Adverse effects.
Neil Weller, a foreign exchange strategist at JPMorgan Asset Management, believes that banking systems such as the sovereign currency system have not been seen for a long time. The referendum’s passing through may give Switzerland’s domestic assets a lot of uncertainty, including stocks and bonds. .
Paul Wetterwald, chief economist at Indosuez Wealth Management, also stated that currency intensity reflects the strength of the economy and the trust shown by the market (and its people). Ironically, if the sovereign currency system is accepted, the SNB’s “safe haven” status in the global financial system may be affected because the SNB may weaken some of the Swiss francs.
Of course, before the referendum, the outside world had all kinds of speculations, but at least this incident showed that Swiss citizens began to question the current monetary system. In the long run, it will undoubtedly be more favorable to Bitcoin.
US Commodities Futures Trading Commission (CTFC) officials stated that the cryptocurrency will not disappear and will spread to every corner of the world.
Rostin Benham, a member of the US Commodity Futures Trading Commission, at the Blockchain for Impact Global Summit, said that blockchain technology can play a significant role in issues such as healthcare, employment, and crime management.
Rostain Benham called the cryptocurrency the "technological revolution," and he said:
“The virtual currency may become part of any country’s economic practice. Let me reiterate that the cryptocurrencies will not disappear. They will spread to every economy and expand to every corner of the globe. Virtual currencies may change the economy and social environment."
However, Rosten Bernam warned that if the cryptocurrency cannot be properly regulated, there will be a bad side. He said:
"Block chain can suppress totalitarianism, but if we do not consider it well, then there will be greater problems of corruption, crime, and division in the transition process."
In fact, this is not Rosanna Bernam's first expression of caution about the potential applications of blockchain technology. At the FIA Legal Compliance Conference last month, he expressed his concern about the cryptocurrency threat to financial stability. However, Rosten Bernam believes that blockchain technology can reshape economic, social and political relations.
GitLab, a GitHub company, issued a congratulatory letter on its official website, confirming that GitHub has been acquired by Microsoft. However, at the time of writing, details of the terms of the specific acquisition agreement have not yet been announced. According to previous reports from Business Insider, the purchase price may be as high as $5 billion, far exceeding the price that Microsoft originally intended to pay.
GitHub is currently the world's best-known open source hosting platform. It officially began operation in February 2008. Currently, more than 1.8 million enterprises or organizations use GitHub. GitHub allows developers to host their own software projects on GitHub. Developers from all over the world can download these projects on GitHub, and then submit their own improvements. This powerful feature makes GitHub an open source software development rapidly. The leader in the field.
In the blockchain industry, GitHub's contribution is particularly great. Nakamoto created Bitcoin in 2009 and sent bitcoin source code to GitHub in 2010. Since then, the modified and improved cryptocurrency has mushroomed on the bitcoin code. Now, the open source code of the blockchain project on GitHub has also become a tradition, reflecting the spirit of free and open source blockchain technology. With the rapid development of the blockchain industry, the open source code of the blockchain will become the main contribution of the platform in the future.
Microsoft’s open source business has a lot of interaction with GitHub, and more precisely a direct competitor. Back in 2004, Microsoft launched CodePlex, an open source code hosting platform that did the same thing as GitHub later. But GitHub, which came from behind, has risen rapidly, putting Microsoft under tremendous pressure. However, although Microsoft sees GitHub as a competitor, it also has open sourced a lot of code on GitHub. In particular, the open source .net on October 23, 2014 has significant historical significance. Microsoft has since become the largest open source contributor to the GitHub platform.
In summary, Microsoft's acquisition of GitHub is not abrupt. In fact, as early as 2016, Microsoft announced that it intended to acquire GitHub, but it was denied by GitHub. GitHub now gives up on the market and chooses Microsoft. Bloomberg quoted sources as saying that the reason for GitHub’s decision was partially influenced by Microsoft CEO Satya Nadera.
The Australia-based auditor PricewaterhouseCoopers Australia is launching a new solution to improve the efficiency of the country’s international trading system.
PwC Australia announced that it is working with the Australian Chamber of Commerce and Industry (ACCI) and the Port of Brisbane to develop a new platform that uses blockchain technology to link supply chain information and, in theory, eliminates tradition The difficulties encountered by the method eliminate complexity.
The program, known as the "Trade Community System," addresses the "pain points" of various trading sectors and incorporates the recommendations of the Australian Government's "National Freight and Supply Chain Priorities Survey" report. This document lists some short-term and long-term priorities and is intended to help the country develop a supply chain strategy as part of the 2016 infrastructure plan.
Ben Lannan, a partner at PricewaterhouseCoopers, said that so far, during the proof of concept phase, Brisbane’s digital applications for trade community systems are being piloted, with the ultimate goal of creating an “end-to-end innovation”. supply chain".
He went on to say:
"(The platform) will digitize the flow of transaction information, improve the connectivity of supply chain participants, reduce commercial friction, reduce supply chain costs, and provide Australian companies with unprecedented productivity growth."
According to this report, Australia’s trade volume has been increasing and is expected to continue to grow. At present, about 9 million containers are shipped every year in five major ports. It is expected that this number will increase to 15 million by 2025.
The Chief Executive of the Port of Brisbane, Roy Cummins, commented: “It is time for the industry to initiate the reform and modernization agenda that will change the dial of Australian international business.”