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‘Blockchain will do for transactions what the internet did for information’ – says IBM CEO

Sthuthie Murthy

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'Blockchain will do for transactions what the internet did for information' - says IBM Ceo
Source: Pixabay

IBM, an American multinational technology company has been keenly interested in Blockchain and has been working towards its adoption and utilization. Recently, they published a patent to license blockchain to be used to connect Internet of Things [IoT] devices with each other following their tie-up with jewelry consortium.

They are now moving towards practical applications and implementation of abstract and theories. As blockchain matures, the team took efforts to explain few necessary things like the maturation process, its definition of their business, implementation in everyday scenarios as they move towards the concrete.

Tweet by IBM blockchain

Tweet by IBM blockchain

A famous quote by the CEO of IBM, Ginni Rometty:

“Blockchain will do for transactions what the internet did for information.”

Blockchain 3.0:

The third generation of Blockchain currently existing is the extensibility beyond its protocol which is a connection with other systems, services, analytics, and more broadly the outside world. The IBM team has incorporated its ‘Watson IoT platform’ with Blockchain which will allow IOT devices to send data to private ledgers to include in shared transactions and tamper-resistant records.

IoT with Blockchain and Watson IoT platform:

The distributed replication of IBM Blockchain enables any business partner to access and supply IoT data without the need for central control and management. Each transaction is verifiable by all the business partners which will avoid disputes and ensures each partner is held accountable for their individual roles in the overall transaction.

The Watson IoT Platform has a built-in capability that lets a user add selected IoT data to a private blockchain. The protected data is shared among only the business partners involved with the transaction, according to the company’s post.

According to the team:

“Envisioning blockchain as an isolated, standalone solution is actually a limiting factor that will prevent the technology from reaching its full potential.”

The main feature of Blockchain is enabling interoperability between older untethered systems. A re-examination of the capabilities is thus necessary for terms of a singular, siloed organization. It is also important to think about how to apply these to an interdependent, multi-organization space, a business network, in other words, that is powered by the blockchain technology.



Building a solution with a democratized dataset and redesigned interactivity opens up not only new business processes but also new challenges.

The head of IBM stated:

“My team is framing these challenges as opportunities to demonstrate our expertise. We are here to help our clients reimagine their processes and to facilitate their journey through the implementation of their networks. And we invite you to join us on blockchain 3.0.”





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Sthuthie Murthy is a full-time reporter at AMBCrypto. She has been researching and writing about the Blockchain technology for a year now. Her passion for blockchain has led her to be a part of AMBCrypto's news reporting team. She does not hold value in any cryptocurrencies currently.

Ethereum

Ethereum [ETH] might have caught a break from bears due to formation of ‘Golden Cross’

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Ethereum [ETH] might have caught a break from bears due to formation of 'Golden Cross'
Source: Unsplash

Ether, more commonly known as Ethereum, is the world’s second largest cryptocurrency and it might have turned bullish due to the initiation of the ‘Golden Cross’ in the daily chart. Golden Cross, is when the 50-day simple moving average crosses above the 200-day simple moving average, which indicates that the price has turned bullish and that the cryptocurrency has bottomed.

Source: TradingView

Historically, Ethereum’s last Golden Cross took place in February 2017, when the price of ETH was ~$10; the price after this cross was bumped to $1,600, which was a meteoric rise of 15,000%. As bullish as this sounds, this might not be the good news that the crypto community is hoping for, as the ‘Golden Cross’ isn’t absolute and there are times when the crossover could be a fakeout. Crossover fakeouts had occurred for Bitcoin in 2014.

The weekly chart for Ethereum has been consistently forming higher highs since 2019, which is a bullish indication. The MACD indicator and the RSI indicators are both indicating a steady rise since 2019.

All aboard the ‘Speculation Train’

If another meteoric rise is to be expected from the crypto ecosystem, the price has to undergo a parabolic rise. The price of Ethereum at press time was $174 and had a market cap of $18 billion; assuming approximately 10,000% increase [instead of the 15,000% rise], the price of Ethereum would reach approximately $8,000 by March 2020.



A Reddit user @alkalinegs commented:

“if you look at the last golden cross early 2017 it took a few days till something happend. death cross 2018 even resulted in a bulltrap. -> dont expect an immediate reaction.”

Quite a few people use the exponential moving averages and disagree with the use of Simple Moving Averages, which is opinionated. Another Reddit user, @DeliciousPayDay commented:

“I strongly disagree. SMA 200 is more important and everyone in crypto looks at it. After breaking the 200MA at $151 ETH went straight to $180 before being sold off, and bounced directly off the 200MA the next day turning resistance into support. The 50/200 golden cross just happened on the SMA and the last time that happened ETH went from $12 to $1400.”





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