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IPStock – How they plan to use blockchain to change established companies?

Prerana Sarkar

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Blockchain Technology changing established companies
Source: Pixabay

Big corporations, sometimes with more than hundred years in business, start to embrace blockchain in their daily business operations. IBM, Microsoft, Oracle, Maersk were quick to implement distributed ledger or at least begin to study the advantages of it.

What’s blockchain for business?

A chain of blocks is just a piece of cryptographic art, a code that structures information in a way the humanity has never used before. A piece of information that’s being loaded to a computer is really being loaded too many computers sometimes scattered across the globe. This information cannot be altered as it’s connected with other pieces of data like wagons in a train, and it’s kept by many computers (more than two with the sky being the limit). So, trying to change any part of it will require changing it in the whole blockchain, on all the machines in a network, which is merely impossible.

But why a business that’s been successful for decades or centuries needs blockchain?

Just imagine: transportation of a container from Africa to Europe requires the involvement of minimum 30 persons with 200 communications between them. A bill of lading is fulfilled by one specialist, then a container is loaded, then transported by a truck to a port where it is handled by customs officers, supervisory authorities; upon the inspection, it’s transferred to a container ship.

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A supply chain is rather long, with the participation of many people speaking different languages and using different formats of communication, from a word document to e-mails and messengers. No surprise that the shipping industry needs a lot of intermediaries like insurance companies, ship surveyors, tallymen and so on.

Even with these parties involved, information is often missed and altered, including criminal cases. That’s why a Danish sea giant Maersk, No. 1 in container shipping in the world, starts to embrace blockchain in its operations, other logistics companies are following the suit.

Blockchain is most useful in businesses that are dealing with a lot of counterparts and need to tie them up by unified standards of information exchange. For example, banks are daily swapping great amounts of assets like money, gold, bonds, shares etc. There is a “supply chain” here which is as complicated as in the logistics industry – clearing houses, depositories and other entities needed to ensure smooth transactions and securing interests and prevent missing of information.

Many of these intermediaries will be reduced with the introduction of a blockchain platform that enables it possible to pass assets through smart contracts with securing it in stone. A Swiss bank UBS is now designing the platform which has already been joined by many other institutions and companies from across the financial sector. 

More blockchain in photo industry means fewer scandals and pain

Another important application of blockchain can be seen in an industry that deals with a product which can be replicated limitless and altered, first of all, we mean photography. Photo stocks and creators are now facing some problems which they don’t know how to handle, i. e. securing copyright and tracking usage of images. A few powerful startups like IPStock are coming onto the scene with own ideas of how to solve these problems. Though existing stocks can also join the revolution.

Which problems can be solved with the help of blockchain besides securing ownership rights and payments to the creator?

We think the most important challenge here is ensuring that images are properly understood. Yes, we mean an understanding, not just using. There are two aspects here: having the right description of what’s pictured and the possibility to find an original version of a photo to see which alterations to it had been made.

The right description:

An Arabian photographer Abdul Aziz al Otaibi took a picture of a boy lying in between graves of his parents in Syria. That was not the graves and the boy wasn’t an orphan, neither the photo was taken in Syria, which al Otaibi pointed out when publishing the picture on Facebook. But Internet users shared this as an orphan with his late relatives.

Blockchain makes it possible to attach a description to a photo and find the original version of it in seconds thus reducing the space for misinterpretations to zero.

The original version. In the Soviet Union, political moguls would fall out of favour from time to time. So there was a need to doctor photos to remove them from the pictures featuring the Soviet’s leader Joseph Stalin with them.

There are a lot of examples of it on the Internet, so historians have still some difficulties in restoring the real political landscape of the country. If the blockchain technology had existed half a century ago, there would have been much fewer possibilities to having the history retouched. That’s right for many cases of manipulation of public opinion with the help of photoshopped pictures or for cases when mere slovenliness took place.  

For more information on IPStock – Click Here



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Prerana Sarkar is a part of AMBCrypto's News Reporting Team from January 2018. She is a Journalism major from Mount Carmel with two years of writing experience in Bitcoin and Blockchain related articles. Prerana does not hold any value in cryptocurrency or its projects

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Bitcoin

‘Bitcoin [BTC] to hit $250,000 in four years’ – Says early internet investor Tim Draper

Ketaki Dixit

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'Bitcoin to Hit $250,000 in Four Years' - says early internet investor Tim Draper
Source: Public Domain Pictures

Tim Draper, the Founder of leading venture capital firms Draper Associates and DFJ, predicted in a recent debate that Bitcoin [BTC] could be worth $250,000 within four years.

He had earlier stated:

“In five years you are going to try to go buy coffee with fiat currency and they are going to laugh at you because you’re not using crypto.”

Draper also believes that there will be a point when people will no longer want fiat currency.

At an Intelligence Squared U.S. debate presented in partnership with Manhattan Institute’s Adam Smith Society, the early investor in Tesla, Hotmail, and Skype said that Bitcoin will be bigger than all his early investments combined.

He said:

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“This is bigger than the internet. It’s bigger than the Iron Age, the Renaissance. It’s bigger than the Industrial Revolution. This affects the entire world and it’s going to be affected in a faster and more prevalent way than you ever imagined.”

In a U.S. Marshals Service auction in 2014, Draper bought nearly 30,000 Bitcoin tokens and is still holding them, according to CNBC.

Gillian Tett, the Managing Editor Financial Times was the opposition in the debate. He discussed the risks involved in Bitcoin investment and how volatile it is. However, Draper responded saying that he was more secure in Bitcoin than in the money in Wells Fargo.

Patrick Byrne, the CEO of Overstock.com was in favor of bitcoin. He said:

“This has been hacked at more than anything in history and has never been defeated. Last I checked, banks get hacked too. And yeah, Bitcoin is used by unsavory characters. Last I checked, they used U.S. dollars too.”

In December 2017, Byrne had considered selling his business to fund his new blockchain venture and is now working on reorganizing it.

Jayden, a market enthusiast tweeted:

“I mean I’m optimistic about crypto but this guy actually thinks Bitcoin will take over physical / tangible money. It won’t.”

A crypto enthusiast replied:

“Why not? Everything is digital now so a digital transfer of wealth seems pretty reasonable and where we’re headed, it’s just hard to grasp because we have grown our whole lives with physical money.”

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Bitcoin

Finland’s tax department – 30 Million Euros in the hole as thousands of Bitcoin [BTC] traders owe taxes

Aman Swami

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Finland's tax department 30 Million Euros in the hole as thousands of Bitcoin[BTC] traders owe taxes
Source: Pixabay

Finland’s government has revealed the number of taxpayers who owe taxes from Bitcoin-related income. The country’s Tax Administration claims to have different ways to combine information and identify people who owe taxes from crypto profits, which are now well over ten times higher than last year.

A lot of Finns have not reported income to the country’s tax department from the sale of cryptocurrencies in previous years, Kauppalehti newspaper reported last week. This year, the profits made by Finns from cryptocurrencies were well over ten times higher than last year, the news outlet added.

Senior Adviser from the Tax Administration’s Corporate Taxation Unit, Timo Puiro, says:

“Most of the people have previously failed to report their bitcoin-related income, which we have found when we compare the information we collect to the tax information reported…The Tax Administration has extensive access to information, for example, to payment information, and we have different ways to combine information and identify people.”

Metropolitan.fi reported, that the tax office has been given generous access to bank transfers and other data, which enables identifying people. By looking at the transfer records it is evident that in the past most citizens have not reported profits made with virtual currencies.

Finland’s cold weather and low-cost nuclear-based power is no stranger to Bitcoin mining. Both Bitfury and the now-defunct Kncminer have operated mining farms in the country. Today many smaller miners are still in business there. Other well-established crypto businesses are also located in the country, such as Localbitcoins and leading Nordic Bitcoin broker, Prasos.

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This is not the first time Puiro spoke about identifying undeclared income by Finns. In December of last year, he said the government had been analyzing Bitcoin wallets for this purpose.

Puiro added:

“We have analyzed more than 10,000 bitcoin wallets over several years, and in more than 500 cases we have found undeclared income which is taxable,” he emphasized at the time, adding that “Finland’s tax authority has identified bitcoin as one of the ‘high-risk focus areas’ and is prepared to redirect resources to ensure nothing falls through the gaps,”

While only 500 people were identified in December, Kauppalehti quoted the Tax Administration Office revealing last week that 3,300 people have now been identified as owing taxes from crypto-related transactions, adding:

“The aggregate capital gain of the 3,300 persons identified will be about 100 million euros, so the taxpayers’ share of the pot would be around 30 million euros.”

Metropolitan.fi reported that Bitcoin gains are taxed as capital income in Finland. They are treated the same way as dividends, rent or other similar income. The capital income tax percentage in Finland is 30% (in 2018) for sums under 30,000 euro.

Puiro, in the last week, was seen saying, that he hopes those who have made a profit on cryptocurrencies will voluntarily declare the income to the tax authority. He emphasized that if taxpayers fail to report income related to cryptocurrencies, the criterion of criminal tax evasion may be fulfilled.

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