Blockchain Report — 9/4/2018
Summary: Major Chinese Insurance Firm Will Use Blockchain Technology Through VeChain Partnership; Google Is Importing The Ethereum Blockchain Into BigQuery To Do Analysis; Satis Group Believes Bitcoin Will Hit $144,000 In 10 Years
Major Chinese Insurance Firm Will Use Blockchain Technology Through VeChain Partnership
According to Cointelegraph, the massive insurance firm the People’s Insurance Company of China (PICC) will use blockchain technology for its operations. This will be done through a new partnership with VeChain, as well as a global quality assurance and risk management company. The partnership will make their business more time and cost efficient.
Furthermore, the partnership aims to improve fraud prevention, Know your Customer (KYC) compliance, along with the claims experience. PICC said in an announcement that blockchain will provide a digital transformation to the insurance industry, and it will create instant compensation for companies by offering a more profitable business model.
So how exactly is VeChain involved? The VeChainThor Platform will help PICC with data management as well as effectively processing data. Meanwhile, DNV GL will guarantee the insurance system’s data integrity as an independent third-party assurer.
Google Is Importing The Ethereum Blockchain Into BigQuery To Do Analysis

According to ZDNet, Google announced that they are importing the Ethereum blockchain daily into its BigQuery service. This will allow users to conduct analysis on the Ethereum blockchain, and follows a move that Google made earlier at the start of 2018 that imported the bitcoin blockchain into BigQuery.
One example of a query that can be done on the Ethereum blockchain is figuring out what the most transacted smart contract is in total. Google found that the most transacted smart contract was for CryptoKitty. The smart contract has been used more than 2.3 million times.
While the service is seemingly incredibly powerful, there are still certain limitations to the queries that can be done. For example, contracts created by message calls are not included, around 10 percent of overall contract metadata is missing, and users need to cast token values. Google believes that its analysis service will allow businesses to do better decision making when it comes to Ethereum.
Satis Group Believes Bitcoin Will Hit $144,000 In 10 Years

According to Ethereum World News, a report from Satis Groups predicts that bitcoin will hit $144,000 in 10 years. Satis Group is a firm that offers advisory services for ICOs and cryptocurrencies. The report, called “Cryptoasset Market Coverage: Valuation,” predicts that Bitcoin will hit $33,000 in 2019 and will reach $72,000 in three years. It predicts that by 2028, bitcoin will hit $144,000
The report makes several shocking predictions. The report predicts a huge price rise for Monero (XMR). The report predicts that Monero will rise by 38,000% by 2028. This would cause the price of XMR to rise from $103 to a massive $39,584. The report also predicts that Dash will see a rise of 1,459% and reach a value of $2,927 by 2028. Finally, the report predicts that Ripple (XRP), EOS, and Ethereum will see a decline in price due to government regulation.
It’s important to take these predictions with a grain of salt, especially when the price predictions are far-out in terms of timespan.
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