Lifeboat Foundation

Many consumers may have heard of blockchain technology, especially in relation to cryptocurrency. However, they may not be aware of its full potential and impact across industries. Blockchain has the potential to simplify and add greater security to data management, and since its inception, this technology has quietly been changing business processes.

To get further insights, we asked the members of Forbes Technology Council to share some ways blockchain has changed (or will soon change) business. Their best answers are below.

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Authorities are testing a new kind of money in four cities.

Many economists, however, are sceptical whether the impact of the digital yuan would significantly spread beyond its borders without official reforms to relax the yuan’s exchange rate convertibility.

China’s sovereign digital currency could be launched later this year, with the likes of Alibaba’s Alipay and Tencent’s WeChat Pay already popular payment methods.

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Bitcoin News.

Visa International has filed for a cryptocurrency system patent that is meant to replace physical currency. The system, which utilizes both central banks and commercial banks, leverages a private blockchain to improve the payment ecosystem.

The United States Patent and Trademark Office (USPTO) published on Thursday a patent application entitled “digital fiat currency,” filed by Visa International Service Association on Nov. 8, 2019.

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Bitcoin and Ethereum futures contracts hit new records and most investors go ‘Longs’ on ETH.

La negociación de futuros de Bitcoin y Ethereum marcan nuevos récords.

There is an interesting case of a blockchain engineer and a crime in the article.

A district court in China has reportedly ruled that Ethereum’s cryptocurrency is legal property with economic value. This ruling follows a couple of other verdicts on the legality of cryptocurrency, including bitcoin, by various Chinese courts. While cryptocurrency is not legal tender in China, people can hold and transfer them like property.

The Shenzhen Futian District People’s Court in Guangdong Province, China, has ruled that ether is legal property, protected by Chinese law, local media reported last week. This means that the Chinese are not barred from owning or transferring the cryptocurrency, local publication 8btc explained, adding that according to the court ruling:

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The e-RMB has reportedly been adopted into the monetary systems of several cities.

Helen Davidson

Five of the world’s biggest central banks recently announced that they’ve banded together to seriously explore central bank digital currencies.

The crypto market has been able to add on over $20 billion to its total capitalization, with the upswing seen today by Bitcoin and many of its smaller counterparts marking a full erasure of the losses incurred during the mid-March meltdown.

The significance of today’s price action extends far beyond just boosting the market’s technical strength, as it has also revitalized investors – an occurrence indicated by trading volume on crypto exchange Binance hitting a fresh all-time high today.

This comes as the benchmark cryptocurrency’s fundamental undercurrent grows stronger, with the influx of new retail investors into BTC suggesting that there may be a shifting market dynamic that ultimately allows it to continue climbing higher.

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