Recent News in Cryptocurrencies and Blockchain
This week, I would like to highlight some recent announcements in relation to blockchain technology and cryptocurrencies.
This week, Beroe Inc, a procurement intelligence firm, stated that the global blockchain technology market is expected to grow at a compound annual growth rate (CAGR) of 61.54% until 2021. They said the blockchain technology market is being driven by its applications in cryptocurrency, distributed cloud storage distributed asset ledger, decentralized notary, smart contracts, and decentralized exchanges. Major industries currently using blockchain technology include BFSI (Banking, financial services, and insurance), healthcare and pharmaceuticals, logistics, luxury goods, art and music, and voting.
Earlier this month, the website Cointelegraph.com published an article on blockchain interoperability. They stated that blockchain interoperability is required “to make mass adoption possible and let the industry evolve further.” Right now, one blockchain has no knowledge of information that might exist in a different blockchain. For instance, the Bitcoin (BTC) blockchain exists fully independently of the Ethereum (ETH) blockchain — in the sense that it has no knowledge of any information recorded there — and vice versa. Blockchain-based projects are isolated from each other, despite existing within the same industry and working with the same technology. ConsenSys has described this phenomenon as the “balkanization” of the crypto industry, as it involves “a series of unconnected systems operating alongside, but siloed from each other — in the face of competition and commercial pressure.” Blockchain interoperability, in turn, is the ability to exchange data between different blockchains seamlessly, as if there were no boundaries.
Nebula Genomics has launched DNA sequencing using blockchain, which will eliminate the need for customers to reveal personal information. Nebula Genomics now offers anonymous genetic testing, which allows clients to purchase whole-genome sequencing and provide their saliva samples without the need to share their personal data such as name, address or credit card number. To achieve this, Nebula developed and implemented a blockchain-based product that enables transparent and controllable data sharing, and offers an option to conduct pseudo-anonymous payments using cryptocurrencies.
The U.S. House Financial Services Committee plans to question the Securities and Exchange Commission (SEC) about cryptocurrencies and Facebook’s Libra project next week, among a host of other topics. The committee will hold a one-panel hearing with SEC Chairman Jay Clayton, as well as Commissioners Robert Jackson, Elad Roisman, Allison Lee and “Crypto Mom” Hester Pierce on September 24th. The hearing will cover the SEC‘s actions around the cryptocurrency space, as well as private markets vs. public markets; public company disclosures; enforcement; and fiduciary responsibilities.
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