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U.S. software company Intuit has been awarded a patent for processing Bitcoin (BTC) payments via text message (SMS), according to a filing published by the U.S. Patent and Trademark Office (USPTO) August 7.

The patent, which outlines a system through which users can transfer BTC funds via sending an SMS on their cellphones, was originally filed in 2014, the same year that Intuit’s DIY tax solution QuickBooks partnered with BitPay to create a PayByCoin service for business clients to pay their invoices in BTC.

As the patent outlines:

“The invention [...] includes receiving, by a payment service from a payer mobile device of a payer, a payment text message comprising a payment amount and an identifier of a payee mobile device of a payee, validating the payment text message based at least on a payer balance of a virtual payer account maintained by the payment service for the payer.”

Intuit’s patent goes on to describe the interaction between virtual accounts created for the purposes of running the system, as well as different possible approaches to validating transactions. One of these would be “receiving an unanswered voice call within a pre-determined time period” after receiving a text message, which would be matched to to the identifier of the mobile device that is extracted from that message.

Another approach would be a password system that would be managed via SMS and the virtual accounts associated with each mobile device identifier.

Using cellphones directly to facilitate crypto adoption has been explored for several years, often considered to be the key to bringing financial inclusion through crypto to unbanked populations in countries where access to the internet or expensive computer hardware might limit people’s ability to transact in crypto.
Electronics giant HTC has meanwhile recently announced it would introduce a smartphone with a native crypto wallet and support for CryptoKitties, the Ethereum-based decentralized application (DApp) game.The firm is even reportedly planning to to issue a white paper on a project to incorporate crypto mining on cell phones later this year.


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[1.Banking]

We have covered the basics of blockchain technology in our previous article. Now, it’s time to delve deep and understand which industries are poised for disruption with the use of this technology

1.Banking
A popular opinion is that the blockchain will do to banking what the internet did to media. Financial services will come within reach for billions of people around the world, including the ones in third world countries who largely depend on unofficial systems. Bitcoin allows anyone to send money across borders almost instantly
and with relatively low fees. Many banks like Barclays are also working on adopting blockchain technology to make their business operations  faster, more efficient and secure. Banks are also increasingly investing in blockchain startups and projects.

2. Insurance
The global insurance market is based on trust management. The blockchain is a new way of managing trust and can be used to verify many types of data in insurance contracts, such as the insured person’s identity. This technology is very useful for any type of insurance that relies on real-world data, for example agriculture insurance.

3. Cloud Storage
Data on a centralized server is inherently vulnerable to hacking, data loss, or human error. Using blockchain technology allows cloud storage to be more secure and robust against attacks. Storj is one example of a cloud storage network using the technology.

4. Democracy
Probably one of the most important areas of society that the blockchain will disrupt is voting. Blockchain technology can be used for voter registration and identity verification, and electronic vote counting to ensure that only legitimate votes are counted, and no votes are changed or removed. Creating an immutable, publicly-viewable ledger of recorded votes would be a massive step toward making elections more fair and democratic.

5. Government Services[/b][/b]

Government systems are often slow, opaque, and prone to corruption.Implementing blockchain-based systems can significantly reduce bureaucracy and increase security, efficiency and transparency of government operations. For example, Dubai is aiming to put all of its government documents on the blockchain by 2020.

6. Public Benefits

The public benefits system is another sector that suffers from slowness and bureaucracy. Blockchain technology can help assess, verify and distribute welfare or unemployment benefits in a much more streamlined and secure way. GovCoin is a UK-based company that is helping the government to distribute public benefits using blockchain technology.

7. Healthcare

Another industry that relies on many legacy systems and is ripe for disruption is healthcare. One of the challenges hospitals face is the lack of a secure platform to store and share data, and they are often victims of hacking because of outdated infrastructure. Blockchain technology can allow hospitals to safely store data like medical records and share it with authorized professionals or patients. This can improve data security and can even help with accuracy and speed of diagnosis.

8. Energy Management

Energy management has been a highly centralized industry for a long time. Energy producers and users cannot buy it directly from each other and have to go through the public grid or a trusted private intermediary. TransactiveGrid is a startup using Ethereum that allows customers to buy and sell energy from each other in a peer-to-peer way.

9. Real Estate

Some of the issues in buying and selling real estate are bureaucracy, lack of transparency, fraud, and mistakes in public records. Using blockchain technology can speed up transactions by reducing the need for paper-based record keeping. It can also help with tracking, verifying ownership, ensuring accuracy of documents and transferring property deeds. Ubitquity is a blockchain-secured platform for real estate record-keeping that is an alternative for legacy paper based systems.

10. Supply Chain Management

With blockchain technology, transactions can be documented in a permanent decentralized record and monitored securely and transparently. This can greatly reduce time delays and human mistakes. It can also be used to monitor costs, labour and even waste and emissions at every point of the supply chain. This has serious implications for understanding and controlling the real environmental impact of products. The distributed ledger can also be used to verify the
authenticity or fair trade status of products by tracking them from their origin.

In conclusion, there are quite a few opportunities in Blockchain technology and its infinite potential for improving the quality of service, confidentiality and integrity of data at the same time.

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[ICOKite is a listing site which gives you the opportunity to invest in companies using blockchain technology and also to become a domain expert or a partner.]

The U.S. Securities and Exchange Commission (SEC) has postponed its decision on the listing and trading of a Bitcoin exchange-traded fund (ETF) until September 30, according to an official document released by the SEC August 7.
 
ETFs are securities that track a basket of assets proportionately represented in the fund’s shares. They are seen by some as a potential step forward for the mass adoption of cryptocurrencies as a regulated and passive investment instrument.
 
The fund under consideration is powered by investment firm VanEck and financial services company SolidX, and is expected to list on the Chicago Board of Exchange (CBOE) BZX Equities Exchange. The SEC now has almost two more months to consider a proposed rule change by CBOE Global Markets Inc. that would allow the fund to list. 
 
Today's notice states that the SEC has received more than 1,300 comments on the proposed rule change to list and trade shares of SolidX BTC shares issued by the VanEck SolidX Bitcoin Trust. Per the document, within 45 days of a filing of a proposed rule change, or within 90 days should the Commission deem necessary, the Commission will approve, disapprove, or extend the period of consideration. The document says:
 
“Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,6 designates September 30, 2018, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change (File No. SRCboeBZX-2018-040).”
 
VanEck and SolidX first announced the physically-backed Bitcoin ETF on June 6. As per the SEC filing, the price of each share of the VanEck SolidX Bitcoin Trust is set to $200,000. SolidX CEO Daniel H. Gallancy told CNBC, that the high price reflects the fund’s intention to focus on institutional, rather than retail investors.
 
Last month, the SEC delayed its decision on investment firm Direxion’s application for a Bitcoin ETF until Sep. 21. The regulator also rejected an appeal by Bats BZX Exchange, Inc. (BZX) to list and trade shares of the Winklevoss Bitcoin Trust, originally filed in 2016.
 
The agency cited the largely unregulated nature of Bitcoin markets as the principal reason for refusing the application, stating, “When the spot market is unregulated — there must be significant, regulated derivatives markets related to the underlying asset with which the Exchange can enter into a surveillance-sharing agreement.”
 
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According to an estimate, the cryptocurrency market valuation is poised to hit $1 trillion. The underlying technology that is fuelling this market is called
blockchain.

It is undeniably the biggest invention of the 21st century — the brainchild of a person or group of people known by the pseudonym, Satoshi Nakamoto. Since
then, it has transformed into some bigger and the main question on everyone’s mind is — What is Blockchain?

Blockchain technology has become instrumental in creating a new version of the internet by allowing digital information to be distributed but not copied. It
was originally developed for the cryptocurrency Bitcoin but now it has expanded into many industries.

With the meteoric rise of the Bitcoin price, many cryptocurrencies like Ethereum (ETH) and Ripple (XRP) have come up using the blockchain technology.

What is blockchain technology?

The blockchain is a decentralized ledger of all transactions across a peer-to-peer (P2P) network. Using this technology, participants can confirm transactions without the need for a central certifying authority. Potential applications include fund transfers, settling trades, voting and many other uses.

This is how it works

When someone requests a transaction, it is broadcasted to a P2P network consisting of computers known as nodes. The network of nodes validates the transaction and the user’s status using known algorithms. A verified transaction can involve cryptocurrency, contracts, records or other information.

Once verified, the transaction is combined with other transactions to create a new block of data for the ledger. The new block is then added to the existing blockchain, in a way that is permanent and unalterable. The transaction is then deemed to be complete.

The benefits of blockchain technology Greater Transparency

It increases the transparency to enterprise transactions as it is a distributed ledger. If any single member of the network tries to alter a block then everyone else in the chain can see where the change has happened and decided whether it is legitimate or not. To change a single transaction over blockchain, all subsequent records will require alteration thus making the data more accurate as well as transparent.

Increased Security

Blockchain enhances the security of a transaction compared to other record- keeping processes. Once the transactions have been approved they are encrypted and chained together and then recorded across a network of computers making it less likable to get hacked or modified easily. This helps to prevent any type of fraud or unauthorized access to critical data.

Improved tracking system

Dealing with complex supply chain procedures makes tracing a product difficult. In case of exchange of goods and services, blockchain helps to eliminate  complexities and accelerates accurate traceability of the entire journey of the product thus verifying the authenticity and preventing fraud.

Higher speed and efficiency
Blockchain helps to streamline as well as automate the conventional enterprise processes thus eliminating human errors and increasing the speed and efficiency of the process. With the decentralization of the records, everyone has access to the same information, thus building stronger trust without numerous intermediaries.

Conclusion

Some say ‘ignorance is bliss’ but not in this case. By gaining a basic understanding of blockchain technology, you will be able to make better informed decisions when investing in crypto assets and also, we cannot ignore the applications of this technology in various industries.

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Almost half of Russians have heard of cryptocurrencies, and 13 percent claim to have a good understanding of them, a survey conducted by research holding Romir revealed August 7.

Romir, a representative of the Gallup International Association in Russia, asked 1,500 Russian residents about their knowledge of cryptocurrency, as well as their plans to interact with the industry.
Of those respondents, 44 percent had heard of crypto, 13 percent said they had a good understanding, and 56 percent did not know what the word meant.

The survey also noted that 31 percent of respondents answered that they can “imagine what cryptocurrencies are, but do not have an exact clear understanding of them.”

Russia is in the midst of formalizing its regulatory approach to various aspects of the cryptocurrency phenomenon, including the taxation, mining and exchange of digital assets.

After years of mixed signals from lawmakers about the legality of Bitcoin (BTC) in particular, the first reading of the package of draft bills concerning cryptocurrencies and blockchain was successful earlier this year. The Russian government has yet to formally approve the statutes as law.
Romir’s president Andrey Milyokhin noted that the results of the survey have “conclusively proven that cryptocurrencies have not yet formed a meaningful financial instrument,”

“Moreover, Russian society, having previously had its fingers burned by various get-rich-quick schemes, is demonstrating a healthy skepticism in this case.”
The survey’s other findings included a relationship between income and knowledge of the crypto sphere: people with lower incomes tended to know more about cryptocurrency.

At the end of January, another crypto-related survey conducted by the All-Russian Center for the Study of Public Opinion (VCIOM) found that more than 56 percent of Russians had heard of Bitcoin, noting that 74 percent of Russia’s capital Moscow’s population is now aware of the cryptocurrency.



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