Tech & Science How the technology behind bitcoin could change your life, even if you never buy a single coin

18:46  11 january  2018
18:46  11 january  2018 Source:   The Washington Post

Bitcoin Miners Are Shifting Outside China Amid Clampdown

  Bitcoin Miners Are Shifting Outside China Amid Clampdown As China’s crackdown on cryptocurrencies broadens to bitcoin miners, some of the industry’s biggest players are shifting operations overseas. Bitmain, which runs China’s two largest bitcoin-mining collectives, is setting up regional headquarters in Singapore and now has mining operations in the U.S. and Canada, Wu Jihan, the company’s co-founder, said in an interview. BTC.Top, the third-biggest mining pool, is opening a facility in Canada and ViaBTC, ranked No. 4, has operations in Iceland and America, their founders said.

your life , even if you never buy a single coin . LAS VEGAS — One of the many buzzwords at this week's CES technology show is "blockchain" — the technology underpinning the bitcoin craze. While bitcoin is the flash of the moment, there's growing excitement about how this concept can

Don Tapscott and Alex Tapscott are the authors of Blockchain Revolution: How the Technology Behind Bitcoin is Changing Money, Business and We’re not talking about the social web, artificial intelligence, big data, robotics or even self-driving cars. We’re talking about the blockchain, the

a sign on the side of a building: In this April 7, 2014, file photo, a man enters the Inside Bitcoins conference and trade show, in New York. (AP Photo/Mark Lennihan, File)© Provided by WP Company LLC d/b/a The Washington Post In this April 7, 2014, file photo, a man enters the Inside Bitcoins conference and trade show, in New York. (AP Photo/Mark Lennihan, File) LAS VEGAS — One of the many buzzwords at this week's CES technology show is "blockchain" — the technology underpinning the bitcoin craze. While bitcoin is the flash of the moment, there's growing excitement about how this concept can move beyond digital currency and affect people's lives.

Simply put, blockchain is like a ledger book that can be group-edited by people in the cloud. There's no central company or government that has to verify a transaction, which means thing can move more quickly. As changes are made, it keeps a public log of what changed, when and how. For that reason, it's very difficult to fake a change or gain access to the log if you're not supposed to. The records also aren't tied to your name, so it makes blockchain another more secure way that people can exchange data.

Here's why other markets didn't care about bitcoin's latest plunge

  Here's why other markets didn't care about bitcoin's latest plunge If you're concerned that a collapse in the bitcoin price could lead to turmoil in other financial markets, this chart should put your mind at ease. If you're concerned that a collapse in the bitcoin price could lead to turmoil in other financial markets, this chart should put your mind at ease.

We’re not talking about the social web, artificial intelligence, big data, robotics or even self-driving cars. We’re talking about the blockchain, the technology behind digital currencies like Bitcoin . And how about growing social inequality? Through the blockchain, we can go from redistributing

It’s the underlying technology that makes Bitcoin possible without any centralized authority. Six Ways that Google Wave is Going to Change Your Business, Career, and Life . I am not across the detail to anywhere near the same extent as he is and can ’t even begin to sketch out how this is going

“It’s not really about bitcoin at all,” said Halsey Minor, a founder of CNET and Salesforce who’s now focusing his attention on blockchain and video. Blockchain is as important a new technology as the Internet, he said, and anyone who doesn't see that "is missing the point."

Some places and companies have already started using blockchain in ways that go beyond currency changing hands. Estonia relies on the blockchain technology to run its national identity card which is similar to a U.S. Social Security number, and Nasdaq allows Estonians to vote online using the technology in shareholder meetings. Kodak will start using it to keep track of who owns photo rights. Blockchain's security features also help companies such as Augmate, which started as a wearable technology company, guarantee that smart devices in the home are talking to one another securely, and that people can see what information's getting transferred.

A major bitcoin conference is no longer accepting bitcoin payments because the fees and lag have gotten so bad

  A major bitcoin conference is no longer accepting bitcoin payments because the fees and lag have gotten so bad The North American Bitcoin conference has stopped accepting bitcoin payments for tickets due to fees and congestion associated with the cryptocurrency.While interest in the digital currency has exploded over the last 12 months, pushing its price up from $US800 to $US15,000, the network has buckled under the strain. Users face fees of upwards of $US30 on every transaction, which can take hours to process.

But if we do this right, blockchain technology can usher in a halcyon age of prosperity for all. This post is adapted from Don & Alex Tapscott’s new book, BLOCKCHAIN REVOLUTION: How the Technology Behind Bitcoin is Changing Money, Business, and the World and originally appeared

While Bitcoin is the flash of the moment, there's growing excitement about how this concept can move beyond digital currency and affect people's lives . The company's chief executive Dan Bates showed me how it works. From his app, he bought a single unit of power - about 60 seconds - on a generator

And now at CES, entrepreneurs are touting more applications of the technology. Here are some ways people I spoke to at CES envision how we could use blockchain technology in the future:

Paying for power

ImpactPPA is a power company that lets you buy some time on a generator to power your home, or donate some power to people in places that aren't wired for electricity. The group has  generators in 35 countries around the world. Blockchain lets ImpactPPA deliver power quickly to people who need it, when they need it, without having to wait hours or days for their money to be processed by a bank and a power company.

Bitcoin Tumbles 20% as Fears of Cryptocurrency Crackdown Linger

  Bitcoin Tumbles 20% as Fears of Cryptocurrency Crackdown Linger January’s cryptocurrency selloff got fresh impetus on Tuesday when bitcoin slumped as much as 20 percent, as the prospect of regulatory crackdowns appeared to spread. While the largest digital coin trimmed its loss and was down 13 percent at $12,146 as of 8:28 a.m. in New York, it was still at the lowest level since late December, according to composite pricing on Bloomberg. As bitcoin halted its two-day rally, rival cryptocurrencies also tumbled. Ripple sank as much as 33 percent and ethereum dropped 24 percent, before both tokens pared some declines.

How Bitcoin technology blockchain could change your life . Ask Fuzzy: Does the moon rise and set in the same place? Investors prod Apple on effects iPhones, iPads having on children.

As changes are made, it keeps a public log of what changed , when and how . For that reason, it's very difficult to fake a change or gain access to the log if you 're not supposed to. Originally published on smh.com.au as ' How blockchain - the technology behind Bitcoin - could change your life '.

The company's chief executive, Dan Bates, showed me how it works. From his app, he purchased a single unit of power — about 60 seconds — on a generator in Hyderabad, India. After just a minute or two of waiting while the blockchain processed his request, the generator started moving. And it all happened in less time than it takes to pay a power bill online, and without having to go through any exchanges despite the international transaction.

Calling for help

Guardian Circle is a security firm that wants to use blockchain to take emergency services into a new age. Founder Mark Jeffrey was inspired to try this after a loved one had a seizure while home alone. Guardian Circle will use blockchain to send an instant alert to the people you choose — friends, family, medical professionals or its own security staff. Unlike the 911 system or similar senior alert apps, it will also be able to share your location quickly and securely with the people you've chosen, even if you're on a cellphone.

It also lets those people speak to one another, to make it easier to coordinate how to deal with an incident — for example, if your mother knows about an allergy you have but the neighbor who's first on the scene doesn't.

Letting other people use your computer to feed the world's binge-watching

Minor’s venture, VideoCoin, aims to use blockchain to help with a problem facing the modern Internet: the amount of processing power it takes to support all the video we're watching. The company wants to tap the world's idle computers, such as the desktop you have sitting at home while you're at work, to help solve that problem. Using blockchain, VideoCoin can reach many people at once, keep track of them and aggregate the power of those idle computers as well as idle centers.

Those who participate can store and pass video or use their computing power to process video — and are rewarded with VideoCoin's own digital currency.

Bitcoin's share of the crypto market hits an all-time low as 'alt-coins' go wild .
Crypto's total market cap hit an all-time high above $US660 billion on Tuesday as so-called alternative coins, or "alt-coins," charged upwards. Meanwhile the largest crypto, bitcoin, lagged behind small rival coins.As the year progressed, and new coins came onto the market, bitcoin's position dwindled. That trend has continued into 2018.

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