IGT weekly market digest — 📯

IGT-CRYPTO
Sep 5, 2018 · 4 min read

The most memorable events of the past week.

On Tuesday, August 28th, the price of Bitcoin again exceeded $ 7000. Thus, the #1 cryptocurrency returned to the levels at which it was lastly traded three weeks ago.

Walmart — the largest American retailer submitted a patent application for a new blockchain based system for automatic delivery of parcels with the help of drones. According to the document, after identification and exchanging the so-called “blockchain-keys” drones will transfer parcels between each other. The system will use the data stored in the distributed ledger. To recognize each other, drones can use different technologies: RFID tags, QR codes and ultrasound.

Major financial and technological enterprises from China and the U.S. are leading the global drive to develop blockchain applications, according to a new report that ranks entities by patents filed. The research, released Friday by iPR Daily, a media outlet specializing in intellectual property, shows that Chinese internet giant Alibaba tops the list with a total of 90 patent applications focused on blockchain-related technologies. In second place is IBM, which falls just one short of that total with 89 filings, while Mastercard occupies third place with 80 filings. Bank of America made it to fourth place, with 53 blockchain patent applications.Notably, the People’s Bank of China (PBoC), fifth on the list, marks one of the few central banks in the world to have moved into the blockchain industry with a total of 44 patent applications focused on its planned central bank digital currency.

Blockchain and cryptocurrency jobs are increasingly appealing to job seekers from more conventional sectors in Asia — even as the technology’s most famous use case struggles on the price front. Blockchain technology, which underpins cryptocurrencies such as bitcoin, is a digital record of transactions that cannot be altered. It has the potential to not only disrupt much of finance, but also many other industries. The much-hyped technology has been adopted over the last two years by both start-ups and more established corporations. Recruitment firm Robert Walters said it has seen a 50 percent increase in the number of roles related to blockchain or cryptocurrencies in Asia since 2017, with developers with Python language skills among the most highly sought after.

An analyst from a cryptocurrency company “Node Blockchain” Saad Imran published a study on the positive aspects of Bitcoin mining. In it he challenged critics who claim that a one cryptocurrency transaction consumes several thousand times more energy than the cost of making “traditional” payments. Imran noted that this expense is for the benefit of “economic history.” He stressed that the current use of electricity protects all transactions in the blockchain from changes and hacking, the world’s payment giants are unable to boast of the same.

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