12/10/2018: Biggest Stories in the Cryptosphere

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by BlockEx

1. Integrating Blockchain Is Harder Than Anticipated, say Executives

Management consulting company Greenwich Associates has produced a report documenting executives’ experience with blockchain. According to the document, 57% of the people interviewed stated that integrating distributed ledger technology (DLT), blockchain included, in their operations has been harder than anticipated. The results are based on a pool of 200 executives working with blockchain. They work at “banks, technology vendors, dedicated blockchain companies, exchanges, and consultancy firms, among others”. Examples of challenges faced by managers are scalability concerns, hardware security, as well as privacy and payments concerning transactions. An interesting point is the fact that 42% of surveyees cited scalability as the main issue, but for blockchain companies, the figure was down to 7%. Despite the issues faced, companies are still interested in adopting blockchain in their businesses to improve efficiency while reducing fraud. The most recent example is IBM with IBM Food Trust.

2. Crypto Billionaires Made It To China’s Richest List

China’s stance on crypto is widely known by now. Many still remember the county’s crackdown on the emerging industry. However, despite that, thirteen crypto billionaires managed to make it to the top China’s wealthiest list. The report was released by Hurun. The wealthiest crypto businessman, and only one to make in the top 100, was Bitmain Technologies Founder Micree Zhan Ketuan. The businessman’s net worth amounts to 29.5 billion yuan ($4.26 billion). The fact that the founder of the largest crypto mining company in the world came out on top shouldn’t come as a surprise considering that China has been dominating the bitcoin mining industry. Bitmain Technologies Co-Founder Wu Jihan was also in the list (at the 204th position) with a net worth of 16.5 billion yuan ($2.4 billion). Bitmain, Canaan Creative and Ebang International Holdings cover a significant market share of the Bitcoin mining industry. In fact, nine out of the thirteen crypto businessmen in the list are employed at one of these three crypto mining firms. Binance CEO Zhao Changpeng was also part of the list, placed at the 230th position with a net worth of 15 billion yuan ($2.2 billion).

3. Art Auction Firm To Rely on Blockchain To Maintain Records

British auction house Christie’s, one of the global leaders in its sector, is set to adopt blockchain technology to store sales and source of origin data in a more secure way. The news was announced by the firm itself through a press release. The initiative has been launched in collaboration with digital art registry Artory. At the moment, they are at the stage of trialling the auction transactions encrypted storing. The blockchain company will also issue a digital certificate for each transaction. Buyers will then be able to access the encrypted data through a registration card provided by Christie’s. Privately-held Barney A. Ebsworth Collection will be used as the test. The autumn sale may deliver $300 million in revenues. Finally, Christie’s has already processed $4 billion of sales in the first half of the current year and usually organises 350 auctions annually.

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