Blockchain Retail Value to Increase 29-Fold to $2.3 Billion in Next 5 Years

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An analysis published on PRWeb shows that the retail value of blockchain is set to jump 29 times in the next five years, reaching an astounding USD 2.3 billion in 2023. The analysis comes from fintech executive Monica Eaton-Cardone, who used a market research report published by MarketsandMarkets in June.

Eaton-Cardone concentrated on five different types of applications of blockchain technology that made the bulk of industries the technology was being used in for her research. The applications she looked at were inventory management, authenticity verification, supply chain management, customer data and loyalty, and subscription model services.

She projected the immense growth from today’s USD 80 million to USD 2.3 billion by basing on the fact blockchain retail industry is growing at a compound rate of 96.4% annually.

Although a lot of challenges are still to be overcome, Eaton-Cardone noted that major industry players, such as IBM, Walmart, De Beers and Amazon, had started to use the technology to improve their systems and that their involvement shows that blockchain and other decentralized technologies will grow.

Walmart and IBM are the biggest players, with the partnership using blockchain for food traceability. Their system allows tracing of a food produce down to the farm it was grown on in mere seconds. Compared to that, the current system employed takes weeks and still has accuracy issues. Amazon has also just launched two products that are powered by blockchain technology, called Amazon Managed Blockchain and Amazon Quantum Ledger Database.

Eaton-Cardone is Chief Information Officer and co-founder of Global Risk Technologies, a fintech firm that concentrates on risk reduction in the payment industry at large. She also works as the Chief Operating Officer at a chargeback redemption company called Chargebacks911.

 

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Bitcoin Price Analysis: Wait and See Where Recent Signs of Strength Lead

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<br /><br /> <br /><br /> This week realized a big gain as bitcoin enjoyed a 25% rally from its local bottom before topping out around $4,400. Support currently appears to be established in the mid-$3,000s as the market remains indecisive over its next move:Figure 1: BTC-USD, Daily Candles, Current Support LevelFigure 1 shows the relevance of the current support level as it represents a previous support level that was never properly retested during last year’s parabolic bull market. At the moment, we are currently seeing some resistance around the macro, 78% Fibonacci retracement of the parabolic run-up. To date, bitcoin has realized a whopping 82% devaluation from its all-time high to the current low in the mid $3,500s. If our current support holds, we should expect to see a battle over the 78% retracement values where, if the overhanging retracement level breaks, we will likely encounter another level of resistance in the $5,000 region. But, for now, the market needs to tackle the 78% Fibonacci before worrying about the overhanging resistance levels.On the lower time frames, we can see bitcoin is finding nice support on its 23% retracement which also happens to be the previous high:Figure 2: BTC-USD, 4-Hour Candles, Current Low Time Frame Support LevelThe lower time frames are consolidating on top of the previous high and just below the macro 78% retracement. Off the $3,500 low, we saw a decently strong rally with high volume and wide spread indicating strength on the demand side. The ability to hold this current level is a temporary bullish sign that the bears may be taking profit and eager bulls are jumping in to ride a potential rally upward. At the time of this article, bitcoin is up over 20% from its local low and the bulls appear to be taking a stab at the market following the previous brutal 60% drop. For now, the market is in a kind of sit-and-wait zone while we sit and observe how the market reacts to its newfound support and resistance levels.If we manage to break through current support, we can expect to see a retest of the mid $3,500s. If that level doesn’t hold, we can then expect to see a drop down to the low $3,000 values:Figure 3: BTC-USD, Daily Candles, Lower Support LevelsThe low $3,000s represent the previously established support level during last year’s bull market and we have yet to retest the support zone. As I mentioned, the current price level is in a wait-and-see level and we need to see how the current support and resistance level holds over the next few days.Summary:After bottoming out around $3,500, bitcoin enjoyed a near 25% rally where it is currently testing the resistance of its macro 78% retracement.On lower time frames, bitcoin is seeing a decent sign of strength as the demand appears to be relatively high and the candle spread is wide.The current price level calls for observation while we wait and see how the current support and resistance levels are received over the next few days.Trading and investing in digital assets like bitcoin and ether is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Media related sites do not necessarily reflect the opinion of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.<br /><br /> <br /><br /> This article originally appeared on Bitcoin Magazine.

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USA Sanctions Bitcoin Addresses For The First Time

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For the first time in history, the United States has issued sanctions against Bitcoin addresses, held by two Iranians who allegedly helped facilitate a ransomware scheme. The addresses that are banned include 149w62rY42aZBox8fGcmqNsXUzSStKeq8C and 1AjZPMsnmpdK2Rv9KQNfMurTXinscVro9V.

These addresses are controlled by Ali Khorashadizadeh and Mohammad Ghorbaniyan, who are accused of converting Bitcoin into Iranian Rial (IRR) for hackers who seized up people’s computers and demanded ransom payments in association with the SamSam ransomware scheme.

The United States Treasury Department Office of Foreign Assets Control, who issued the sanctions, says those in the compliance and cryptocurrency communities should ban those addresses and investigate any association with those addresses. People in the United States are prohibited from sending Bitcoin to those addresses, and anyone who does is subject to secondary sanctions.

That being said, it is actually impossible to truly sanction a Bitcoin address, due to Bitcoin’s inherent decentralization and cryptographic security. People can still choose to send Bitcoin to those addresses since they cannot be shut down by any government or entity. This is one of the strengths of Bitcoin, it is immutable and no Bitcoin account can ever be frozen so long as only owners control their wallets.

Someone is having fun with these Iranian Bitcoin addresses despite the sanction. A day after the sanction was issued, on 29 November 2018, USD 0.08 of Bitcoin was sent into a sanctioned address from two addresses with the prefixes 1JEWS and 1MOSSAD, an obvious reference to the national intelligence agency of Israel. At the other sanctioned Bitcoin address, three people have sent small amounts of Bitcoin, seemingly defying the sanctions.

In any case, Bitcoin wallet owners can also simply generate new addresses to receive Bitcoin, while some wallets, like Blockchain.com, automatically generate a new address after each deposit. Khorashadizadeh and Ghorbaniyan have the ability to generate virtually unlimited addresses, making the sanctioning of any single Bitcoin address non-meaningful.

 

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