Top US Banks That Experiment With Blockchain To Release Money Transfer App in 2017

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Zelle, a money transfer app that is built on a bank-owned payments network to compete with PayPal, Venmo and Square Cash, will be released next year. The app’s network connects 19 U.S. financial firms including the country’s biggest banks such as JPMorgan Chase & Co., Bank of America Corp., Wells Fargo & Co., and Citi. It will enable users to send money via their phones to recipients who will gain access to the funds immediately. Cyber attacks The announcement comes few days after cyber attacks, which occurred on the Internet through common devices like webcams and digital recorders, disrupted PayPal, Twitter, Spotify, some businesses hosted by Amazon Inc and other sites. They are all customers of an infrastructure company in New Hampshire called Dyn, which acts as a switchboard for internet traffic. PayPal said it experienced some service disruptions due to the cyber attack which prevented some of its customers from being able to pay with PayPal in certain regions, though PayPal was not attacked directly. Early Warning The new Zelle person-to-person payment service is expected to rival Venmo, a payments app run by PayPal Holdings Inc. which has become popular with young adults making payments to one another for shared …

Where Will a Dead Man’s Bitcoins Go?

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It is a thin line between the adequate security of personal wealth within the crypto world and an eventual inability to transfer such wealth to heirs or other beneficiaries when the need arises. The transfer of ownership of Bitcoins or other cryptocurrencies from its original owner to heirs in the case of eventuality is a matter that hasn’t been properly defined within the crypto environment. Who really owns the Bitcoins? For security reasons, access to individual wallets have been designed in such a way that only one individual is legally allowed access to specific wallets. Any person who shares the details of their login, or details of how to access their wallet does so at their own risk. “You can only possess Bitcoins if you possess the corresponding private keys.” Says Michael Vogel, CEO at Netcoins. As the security design within the crypto ecosystem has focused on the protection of the wealth of crypto users, there lies the risk of losing one’s valuables in the case of eventualities such as death and incapacitation. Online wallets are hosted on decentralized platforms. In other words, these platforms are not owned or controlled by any specific individuals or group per se. Therefore, when there …

As Blockchain Identity Becomes Real, 2017 Will See An Explosion of Blockchain Profitability

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Blockchain identity is already in use in various sectors of data management and technological development. With its applications so far, can we say that the Blockchain has lived up to expectations? Some experts think it’s overhyped, others see that late 2016/2017 will be the year of explosion for real-world Blockchain profitability and usage. That is, as long as politics doesn’t get in the way. What is Blockchain identity? Blockchain identity is also defined by Christopher Bates of Bitland as the representation of a 100% verifiable identity which can be established through a series of security layers and protocols. It is a system which makes it possible for encryption to prevent anyone who doesn’t need to see information from accessing it. Bates explains that this can be applied when working with government oversight, where Blockchain identity could be used to protect Social Security accounts from being pilfered by governments who have overspent on their own budgets. Bates says: “One of the biggest issues is that tax money has no oversight once collected, and something like Blockchain identity could help prevent governments from spending taxpayer’s money which wasn’t theirs.” Unique opportunity for Bitcoin’s Blockchain Blockchain identity, according to Carl A. R. Weir CEO …

Bitcoin Creator Satoshi Nakamoto Appears… From Australia

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The global investigation to discover the true identity of Satoshi Nakamoto seems to have come to an end by pointing out a 44 years old australian IT security business man named Craig Steven Wright. The search for Satoshi Nakamoto has been going on for at least five years now, but the quest is now probably over, after new evidence including blog posts, emails and accounting statements, has been leaked by an anonymous source to tech websites Gizmodo and Wired. Satoshi Nakamoto is the owner of over one million Bitcoins, which, with the price level at time of writing, equals to $400 million USD. The truth is probably less exotic than we imagined, as the inventor of Bitcoin is far from being a secluded, unsuccessful physician/engineer of japanese origins, but a much more ordinary Australian business man. The anonymous source gave proofs going from a clear blog post date 10th January 2009 to a PGP key Satoshi required people from the project to use, passing through his ex-wife claim that he was working on “digital money”, his use of email satoshi@vistomail.com, an address used in early development Stages by Satoshi Nakamoto, and his activity in lobbying in the Australian Taxation Office …

Stupidity or Greed? Why Steal Bitcoin ATM?

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On November 3, two robbers stole a Lamassu Bitcoin ATM at the Village Smoke Shop in Atlanta, Georgia, according to local news website Clatl.com. According to Atlanta’s Police Detective Scott Bowers, the thieves got away with Bitcoin ATM (also called BTM) filled with about US$2,000 as it was recently emptied. What’s more is that one of the perpetrators fired a gun shot, though luckily no one was injured. It seems that the thieves wanted to get their hands on this machine in particular. Amanda McCollum, an employee in Midtown’s Village Smoke Shop, witnessed the crime. She saw that the suspects “walked in, went straight to [the Bitcoin ATM], took it and only it, and walked out.” However, stealing a Bitcoin ATM is not a good idea. While a Lamassu Bitcoin ATM itself is valued at US$7,000, the criminals would not be able to re-sell it because it is registered to the buyer with serial numbers linking them to the original owners. Moreover, no one except the owner will be able to get any bitcoins from the machines while most BTMs don’t hold a lot of cash inside as a rule. Nevertheless, one must be cautious when installing a small BTM …

Bitcoin Implants? Man Sends World’s First ‘Bio-Payment’

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If you’ve seen movies like Idiocracy, even at the future’s lowest level of technological advancement, people will be scanning body parts to get through life. It may be 25, 100, or 500 years from now, but those days are in our future. For some people, the future is now, as the world’s first verified bio-payment using Bitcoin has been performed through a microchip implant into a man’s hand. Meet Patric Lanhed With the help of fellow computer software developer Juanjo Tara, Lanhed has started the age ofBitcoin bio-payments. The video below shows Lanhed being the human guinea pig for the first verified Blockchain entry, literally by hand, using an NFC (Near Field Communication) scanner. They used a microchip developed by Dangerous Things, which stores 888 bytes of data, enough to hold up to 26 Bitcoin private keys. The two developed the software that takes the NFC scan and transmits it to their online bitcoin wallet portal, providing a quick confirmation. “We are here to try to expand the frontiers of bio-functionality,” Tara reports to Vice’s Motherboard. “We started with bitcoins as a tribute of the revolution on the internet, and we believe in have the ownership of our data. Ultimately …