Stanford University Launch Blockchain Research Center, Retailer Reports More Revenue in Crypto than Credit Cards
A change in direction again for the cryptocurrency markets overnight sees the global cryptocurrency market cap down $18 billion to $270 billion, Bitcoin dropped by $346 to $6388 and Ethereum down by $41 to $494. EOS saw the largest fall in the high cap altcoins dropping by 10% overnight. One possible pressure point could be an unsubstantiated report of the Reserve Bank of India allegedly having issued a directive bank in April now beginning to take effect which forces banks to stoop dealing with virtual currencies and close accounts held by crypto related businesses.
Stanford University have announced the founding of their Center for Blockchain Research aimed at researching and understanding the blockchain and distributed ledger technology with the intent to “be at the forefront of efforts to improve, apply and understand the many ripple effects of this technology” according to a release from the university. The initial research project slated to run over the next 5 years is being funded by donations from a number of high profile blockchain entities including The Ethereum Foundation and OmiseGo.
Microsoft and EY are launching a blockchain solution aimed to handle content right and royalties management in a bid to reduce the time and costs. The project will initially focus on the gaming sector with Microsoft and its current game publishing partners due to the excessively slow and cumbersome process of managing royalty and rights payments which can take months under the current systems. Additional benefits will include near real-time business transaction reporting enabling vendors to react better to market conditions and user needs. The project is set to use Microsoft Azure in conjunction with the Quorum blockchain protocol and is already undergoing testing by one of the leading game publishers Ubisoft.
A retail jeweler in Silicon Valley reports their cryptocurrency transactions now surpass that of credit cards. Stephen Silver Fine Jewelry CEO Steven Silver said “Cryptocurrency has surpassed the volume of retail credit-card purchases in the company in a very short time period. We’ve created revenue that the company would not even enjoy without being able to accept cryptocurrency. Large sums of money are where we are finding cryptocurrency to be a huge advantage.” Silver was the first retail jeweler to accept cryptocurrency payments back in 2014. Aside from the substantially reduced transaction fees for accepting large cryptocurrency payments, clients also save anything up to 1.5% by paying with cryptocurrency. Of course, whilst credit cards and traditional bank to bank transfers still dominate the market, the fact that retailers are beginning to see a very noticeable swing toward paying with cryptocurrency, likely due to significant savings being made on large transaction purchases has to be concerning the likes of VISA who continue to dismiss blockchain technology and cryptocurrencies.
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Created: Friday, June 22, 2018
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