So, You Want to Use a Blockchain for That?

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Antony Lewis is a bitcoin and blockchain consultant and blogger, who previously served as the director of business development at bitcoin exchange itBit.  In this article, Lewis attempts to break down some of the more misunderstood questions circulating among institutions seeking to adapt distributed blockchain tech for alternative uses. There are good reasons and bad reasons to use blockchains. In conversations with people considering blockchain use cases, I have noticed common confusions arising from certain words. At issue, is that they were initially used in a narrow context (usually to describe bitcoin’s blockchain), and are now being interpreted more generically for other blockchains, in cases where they may no longer apply. In this post, I hope to untangle some of these common misconceptions. Theme: Blockchains are secure Writing data Bitcoin has specific security features for writing data due to the burden of proof-of-work consensus. That is, in order to add blocks of transactions to the blockchain, you have to validate all the transactions within the block (easy) and then perform repeated calculations (called hashing) to find a magic number that makes your block valid and acceptable to the other participants according to the rules of the network (easy, but computationally expensive, therefore …

Is Silicon Valley Turning into a Bitcoin Hub?

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Silicon Valley has gained its popularity for being the home of several tech and online startups, which later on grew to become the fast-rising companies of today. According to Bitpay Chief Commercial Officer Sonny Singh, the trend among venture capitalist groups in the valley is to invest in bitcoin and related technologies like the blockchain. “You can see the rapid growth of the VC investments in the bitcoin space,” explained Singh. He mentioned that investments in bitcoin companies has grown thrice this year compared to last year. Growth in Bitcoin Companies “Two years ago, bitcoin wouldn’t have been on that,” said Singh. “It shows how much of a traction bitcoin has gotten in just over the last two years. It’s really come a long way and I imagine in the next two years, it will be much higher actually.” Singh also pointed out that around a year ago, they had been convincing large companies to accept bitcoin. This time around, these same companies such as Dell and Microsoft are explaining to their customers why bitcoin is important. “We’ve seen the ecosystem change quite dramatically,” concluded Singh. Data from industry analysts has also revealed that bitcoin is taking over financial services …