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Blockchain is not for all database related projects, says ANZ Associate Director

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Blockchain is not for all database related projects, says ANZ Associate Director
Source: Pixabay

Maria Bellmas, the Associate Director of Trade and Supply Chain of NAZ Institutional, recently questioned the effectiveness of the distributed ledger technology or the blockchain technology over the traditional systems.

In a recent blog post, the Director of Australia and New Zealand Banking Group Limited [ANZ] claimed that Blockchain technology is “sold as a solution to all of life’s problems” and added that not all projects would benefit from it.

She was of the opinion that even though the blockchain technology had numerous use-cases, it was still not a necessary technology. Bellmas stated that the existing legacy database and technology solutions were better for certain projects and emphasized that the technology was not mature enough. According to Bellmas, existing database systems have already provided solutions for all the issues that the blockchain wants to fix.

The genesis of blockchain was meant for completely eliminating the need for third-party intervention for the execution of transactional settlements, while traditional financial systems were still very much in need of it.

According to Bellmas, the distributed ledger technology has become the go-to technology in the tech ecosystem, whose success was fueled by the Bitcoin boom and the subsequent collapse. The technology raises important questions, despite offering genuine solutions, she asserted.



Citing the example of Chinese blockchain-related projects in 2018, where only 8% of the total 80,000+ projects were still active, Bellmas explained that the technology was not a solution for all database projects.

He Baohong, the director of CAICT’s Cloud Computing and Big Data Research Institute, had earlier compared blockchain to other short-lived contemporary technologies and said that the latter would eventually die out. However, in the case of the blockchain, the director stated,

“In this circumstance, governments globally are accelerating their efforts to establish unified standards in order to help blockchain projects to achieve real-life applications.”





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Bitcoin [BTC] surges above $5,500 and breaks major resistance level; collective market rises

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Bitcoin [BTC] surges above $5,500 breaking major resistance level; collective market surges
Source: Pixabay

Bitcoin [BTC] broke out of its sideways trend that saw coins fall after a brilliant start to April. This “break-out” is especially significant since it came days after the coin was trading sluggishly, pulling the market cap below $175 billion.

After breaking the $5,200 level on April 16, the coin held steady, showing no noticeable dips. However, it also began losing the momentum it had gained when it rose by 15 percent on April 2. Many saw the past week as Bitcoin losing steam, opining that a drop to as low as $4,000 would manifest. This pessimism coupled with the delisting dilemma saw the global market decline by 3.31 percent over the past weekend.

Given this backdrop, the present Bitcoin price incline was even more bullish for the collective market. Further, this was not just an effort to shrug off “sideways bears,” but instead, two key levels were broken in order to usher a collective market rise and sustain BTC bullishness.

Source: Trading View

RESISTANCE

The first, as indicated by eToro’s senior market analyst Mati Greenspan, was the resistance level of $5,350. When Bitcoin began to consolidate following the early April high, Greenspan stated that if the BTC price were to punch above the aforementioned level, it “would likely serve as confirmation that we’re pushing higher and will lead to further buying pressure.”

Greenspan stated that the $5,350 level acted as a major support level throughout 2018. Hence, it is incredibly important that Bitcoin surge above it in the next rise to consolidate buying pressure. Another important point to signal the coming of a bullish market was the 200-day moving average which Bitcoin has stayed above since the April 2 rally.

PSYCHOLOGY

The other significant level for the collective market is Bitcoin’s ascendance over $5,500, which it managed courtesy of this rally. Many, including Greenspan, pegged $5,000 as a key psychological level for the coin and hence, the rise above $5,500 less than three weeks after $5,000 was broken will bring back optimism to the BTC market.



Further, as was seen in the April 2 rise, the Bitcoin pump resulted in the king coin increasing its market dominance. At the close of March, Bitcoin was edging closer to losing the majority. However, the rally saw its share increase to 52.4 percent within a day. Following this recent 4.61 percent increase against the US Dollar, the king coin’s dominance increased to 53.2 percent.

Given the elasticity of the collective market to changes in Bitcoin’s price, the market was awash in green as Bitcoin broke the resistance and psychological levels. Amid this bullish charge, some coins stood out for their above-average gains, which included Bitcoin Cash [BCH], Cardano [ADA], EOS [EOS], Litecoin [LTC], and the exchange-ousted Bitcoin SV [BSV].





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