Google Dabbling in Blockchain, Facebook Data Debacle and Positive Moves by UK Ministers and SEC
Today sees Bitcoin slightly down on yesterday at $8.5k with Ethereum also slightly lower at around $520. Despite the slight dip, the overall view of altcoins at a glance is stable.
The fallout from the Cambridge Analytica fiasco coupled with the banning of crypto related advertising on many of the leading pay per click platforms has continued to swamp the news streams with journalists continuing to dig into the preceding events and potential outcomes that may result.
Rumours as always are rife, with claims that the banning of ads was a possibly a result of pressure from the FBI, NSA and other government entities whilst they play catch-up trying to figure out how to track owners/users of cryptocurrency efficiently – presumably in a bid to haul in taxes and criminals among other things – despite the stock quotes of “protecting consumers” being touted as the reason.
Whether you choose to believe the rumours or not – the technology behind blockchain is a significant potential threat to commercial giants in both the search and social media industries – when you take into account Google make double digit billions in revenue every year from their Adwords platform which relies on user data.
The reality is blockchain technology has the potential to hand the control and ownership of user data back to the user themselves – if the right structure was created and adoption was large enough and occurred quickly, the digital behemoths would begin to see a rapid decline in revenues.
Subsequently it comes as no surprise to see a patent filing from Google in 2017 applying for a patent using blockchain structures to create what it describes as a “tamper-evident” data log. Likely the first of many to make the headlines – Google is no slouch when it comes to technology patent filings.
Positive news from the UK as the City Minister John Glen spoke to journalists at the international Fintech conference stating "We are seeing great excitement, some wariness, and also I think some misunderstandings. We remain agnostic and are engaged in trying to find the right narrative and the right level of regulation if that’s appropriate". This follows an announcement by London Block Exchange of their launch of Faster Payment Services via their Crypto Payment Accounts – a service providing the ability to transact seamlessly between GBP and Crypto far faster than traditional methods. LBX also produce a very well written daily newsletter (one of the best we have seen from the UK within the industry) available by registering on their site.
A very busy day here at ICOformula after being mentioned in an article on ICO tracking sites was published on Bitcoin.com – If you would like to know more about how we rank, rate and score ICOs and what went into building the Formulatron (the pet name for our code that calculates the scores), grab a coffee and a comfy chair and read all about it and the continuing development behind the scenes.
The US SEC has updated their website to include a section dedicated to Initial Coin Offerings in a bid to educate owners/users/investors in the sector. A welcome move to see a traditionally slow moving regulator get itself up to date and provide well written, easy to understand information for a change.
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Created: Friday, March 23, 2018
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