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Blockchain Predictions in Finance and Industrial Growth in 2020

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Blockchain Predictions in Finance and Industrial Growth in 2020

Blockchain has proven to be a major player in the economic future of the world. While it is still less than halfway into 2019, it wouldn’t hurt to make relevant and convincing predictions about the Blockchain Technology which has opened the way to a revolutionized Digital Economy in 2020.

As expected, the majority of business, industries, and countries have already or are currently in the process of planning out the coming year -defining their milestones with hopes to achieve something literally big financially and technologically.

Interestingly, the incoming year has inspired an uprising in the technology industry. One of the results for this industrial spark is the blockchain technology. As you might already know, the blockchain is a Distributed Ledger Technology on which data can be stored and kept immutable and which cuts across all sectors of the economy has begun to kick out so many functions such as centralized data storing, accessing and retrieving methodologies among various industries like banking and much more. Needless to say, how well the news about the blockchain has spread and more exciting is the adoption-wind blowing across all continents of the world.

If you are not familiar with the concept of Blockchain Technology, then read more in our previous article.

Awesome, so would you like to know some future predictions of the most recent technology?
We have tried to link up some of the industries that would benefit from the use of the blockchain in the next 9 months.

Blockchain Predictions 2020

1 National Cryptocurrencies

Even though countries like Ghana, China, and even in some occasions in Nigeria have labeled bitcoin to be a scam and illegal, it is still certain that majority of governments would finally adopt the blockchain and go ahead to accept blockchain-based digital assets as legal in the coming year.

Venezuela, just last year, launched its national crypto called Petromoneda and this is backed by the mineral reserves in Venezuela. A prediction made by Gartner, a leading research advisory company came up with the prediction that by 2020 at least almost half a dozen countries will issue a national cryptocurrency. Check Investopedia to discover where bitcoin is currently considered illegal.

2. Integration of Blockchain into Government Structures

I Make bold to say the adoption of the Blockchain Technology by the various existing governments is apparently unavoidable more so in the year 2020. If we are to take these government apart piece by piece, we can observe that they carry out very tedious functions in administrating large data. this issue can make things a little compounded when we talk about prompt delivery and the blockchain technology can make it a lot less stressful for them and bring about effective data management in every government sector.

Estonia had integrated Blockchain at its government level. The current use is for security and control of personal data.

3. Blockchain to Drive Finance and Economy

Agree, the most important aspects of an economy are driven by its Financial Sector. Within this sector lie issues of data storage and transaction delay which can be solved by implementing Blockchain Technology.
Use cases already exist in places like Germany in areas of remittances.  PWC global fintech report states that:

“by 2020, 77 % of financial institutes are expected to adopt blockchain technology as part of an in-production process.”

4. Blockchain Combines with the Internet of Things (IoT)

For obvious reasons, a lot of companies are in the nearest future going to adopt the use of the blockchain in relation to IoT to profer solutions to their businesses. As recorded, the International Data Corporation (IDC) expects about 20 percent of IoT deployments to power blockchain services by 2020.

This is due to the singular reason that Blockchain technology provides a secure and scalable framework for communication between IoT devices. Among other reasons are its high resistance to cyber attacks.

5. Blockchain and Artificial Intelligence (AI)

Improvement will be recorded with the integration of AI and Ar (Augmented Reality) in our global economy.
Its presents adequate improvement with a handful of applications within the blockchain industry.

IDC suggests that;
global spending on AI will reach $57.6 billion by 2020 and 51% of businesses will be making the transition to AI with blockchain integration.

Find out more about Blockchain and AI conference 2019 put together by Blockchain Nigeria User Group.

6. Employment of Blockchain Experts

The number of people who have relevant knowledge of this very new technology is quite small when compared to the number required to attend to demand that will hit the industry in the coming year.

With all the above-listed predictions coming into reality, blockchain experts will become highly sought after to deliver on the integration of this technology into various sectors of the economy -be it in Banking, Healthcare, SCM, Cyber Security, Media, Telecom, Transportation the list is endless.

Regardless of the number of experts, we believe to be on the ground in the industry, its a fact that it will count for a very minute number when adoption and integration begin to come in full scale. Thus the employment opportunities in blockchain technology application are too numerous when compared to the impact of the so-highly craved adoption in the year 2020.

In a soon to be published article, I will also be listing some of the interesting Industries where Blockchain application will spark a massive call for adoption. To be among the first to get this next article, join out telegram handle today!

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I love working with Corporate Brands. Also I am a SEO Expert, Blockchain Speaker and Writer, Strategy Lead at SMMA, Freelance Content Creator, Editor, Business Developer and finally blogger at Cryptotvplus.

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Bitcoin Pizza Day, We’ve Come a Long Way

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Pizza is well known all over the world the juicy cheesy meal has won many a heart. Bitcoin, on the other hand, is also breaking boundaries. The story of Bitcoin Pizza Day begins on May 22, 2010. It isn’t just a story of how one man bought a pizza for 10000 Bitcoin, it is a story of Bitcoin adoption.

Nine years ago, Laszlo Hanyecz traded 10,000 BTC for Pizza and has since been known as the Bitcoin Pizza guy. At that time one BTC was less than a dollar, but today, it is worth over a $7,000. Laszlo Hanyecz had announced on the bitcointalk forum that he was willing to pay 10,000 Bitcoins for the delivery of two Papa John’s pizzas. He wrote on the platform,

“I’ll pay 10,000 bitcoins for a couple of pizzas.. like maybe 2 large ones so I have some left over for the next day.”

At that time, all Hanyecz, a software engineer from Florida wanted was to get Pizza in exchange of BTC. Pretty soon, a British man took up Hanyecz’s offer. He offered to get the two pizzas for him at the price of $25 a piece. It was quite a bargain because at that time 10,000 Bitcoins were worth around $41. Nine months after exchanging his BTC for Pizza, Bitcoin became equal with the U.S. dollar, which means the two pizzas were now worth $10,000. Today, the price of one BTC is worth $7918.69 as at the time of writing.

While it is easy to make speculations as to why Hanyecz was willing to part with his digital currencies for Pizza, we cannot deny that he has made a contribution to adoption. It is important to note that the Bitcoin Pizza story is the first known real-world bitcoin transaction. Hanyecz claims that buying the pizza helped legitimize BTC. And although he doesn’t think about how wealthy he could have been if he had held onto his coins he doesn’t regret it. He claims that he is proud to have been a backer of Bitcoin and a proponent of its use in the real world.  

Today, Bitcoin use has exceed pizza purchase. Bitcoin and other altcoins can be used for varied purposes. A lot of businesses have adopted digital currencies as a means of transacting since the Bitcoin boom of 2017. You can now purchase a house with bitcoin and even receive your salary in Bitcoin. Today, May 22 has been named Bitcoin Pizza Day. In celebration of the day, crypto companies such as Huobi are celebrating Bitcoin pizza day with special offerings for their users.

Can you spend 10,000 BTC on Pizza? Share your thoughts with us in the comment section below.

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Do Crypto Movies Really Educate?  

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Cryptocurrencies have come to stay and have found a way into the entertainment industry. Since the inception of Bitcoin in 2009, getting cryptocurrencies to go mainstream has been the aim of crypto and blockchain enthusiasts. A huge breakthrough has been made over the years with Bitcoin finding its way into the Merriam Webster Scrabble dictionary. Asides this, a couple of businesses now accept bitcoin. The importance of the media in creating awareness cannot be overemphasized. Now, the question revolves around whether crypto related movies have any positive impact on adoption or awareness.
A lot of documentaries have been made on cryptocurrencies since the inception of Bitcoin. The movie ‘Banking on Bitcoin’ is a documentary released in 2014 which explains the disruption bitcoin can bring into the financial system. The great thing about these movies is that they spend time educating people on different aspects of cryptocurrency. “Bitcoin in Uganda – Empowering people” is a 5 minutes crypto documentary created in 2018. This documentary shows the real power of cryptocurrency in remittances and cross-border transactions.
While most of these crypto movies are not mainstream, they do a lot in explaining the power of digital currencies. These documentaries chose different aspects of digital currency and focus on revealing more details about them. In fact, Bitcoin Big Bang, a 104-minute screen piece gives details on the Mt.Gox hack. The story focuses on the arrest of Mark Karpales, the CEO of Mt. Gox in Tokyo after the exchange was hacked and about 850,000 Bitcoins was reportedly stolen. The importance of documentaries such as this cannot be overemphasized

Going Mainstream Media With Crypto
Although there are a lot of low budget documentaries on cryptocurrency, high budget movies are beginning to spring up. ‘Deep Web’, a documentary about Ross Ulbricht trial on Silk Road had a budget of about $80,000 which was raised through Kickstarter. TV Shows such as Billions have episodes dedicated to cryptocurrency.
In fact, Dope is one of the first movies to accept Bitcoin. The movie which had a budget of $7,000,000 was the first movie to accept Bitcoin, this was due to a partnership between GoCoin, Lionsgate and Movie Tickets. Partnerships such as these go a long way to push crypto education mainstream. Also Hollywood blockbuster, ‘Crypto’ was released in April 2019, however, it was a movie about money laundering which involves crypto.

Is Crypto the Big Bad Wolf
As more movies begin to talk about cryptocurrency, the question remains if these movies are for crypto education or just on the move to portray crypto in a bad light. Crypto, the movie which features Beau Knapp and Kurt Russel promises to be a movie about digital currencies or is it? While many have praised the movie for the talent of the actors, a lot of persons are not so pleased with the script with many accusing it of scaring people away from Bitcoin.
Typical of every money laundering or compliance movie, the Russians are always the bad guys. However, does this movie portray crypto as a means of payment which is secure and fast or is it just an easy way for laundering money? While Hollywood still has a long way to go in crypto education and awareness, they must be praised for paying attention to details. From the representation of Ledger’s Nano in Billions to Crypto featuring images of a cryptocurrency exchange called Cryptocurrency market, progress is being made. However, anyone looking for cryptocurrency education will do well not to rely totally on these Hollywood movies.
This is why we have decided at Cryptotvplus to take it a step further at educating the populace on Crypto, its impact and what the future holds. Cryptotvplus will be reeling out interesting short movies bothering on crypto where anyone whether you understand the intricacies of cryptocurrencies or not will not only be educated but also become more than a spectator by participating in this revolutionary shift in the evolution of money and global finance. More on this in my next piece.

What topics or areas in Crypto would you like to see a short film done? Do you have any title in mind? Share your thoughts with us in the comment section below.

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Digital Assets Exchange Luno Launches Cryptocurrency Literacy Tour For Varsities in Nigeria

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Owenize Odia, Country Manager for Luno Nigeria facilitating a session at the recently launched Cryptocurrency literacy Tour for Universities by Luno

Luno has kicked off its cryptocurrency adoption program for Nigerian universities dubbed “Cryptocurrency Literacy Tour for Universities” launching out with the University of Lagos as the first of a series of tour where it will go about canvassing for the favourable adoption of cryptocurrency through knowledge in 6 Nigerian universities.

Luno, an exchange based off of South Africa was launched in 2013. It has since continued its growth trajectory by adding new users across 40 countries spanning more than 4 continents. It presently boasts of up to 3 million registered users across its platform with Nigeria as one of its biggest market.

Speaking on this development, Owenize Odia, the Country Manager for Luno said:

We are committed to educating our customers given the nature of the market and the tendency for people to fall into the wrong hands while online

With its debut tour kicking off in Unilag and having 300 youths in attendance, Luno is clearly taking the charge to bringing about perceptual shift and a favorable disposition towards cryptocurrencies which it says has not been properly understood. Through its representative Odia, it argues that the current financial systems was built for a non-digital age, ignoring the needs of the modern individual. Citing on the decentralized nature of a peer to peer digital currency like the bitcoin, it is not dependent on any central government or authority as obtainable with fiat.

She continued by saying

We are contributing by investing heavily into our Luno Learning Portal, which helps the public, the media, and other stakeholders educate themselves about the facts, opportunities, and risks in the cryptocurrency market,

In her post on LinkedIn, Odia assured the participants and other stakeholders that Luno would continue to focus on awareness initiatives such as this in Nigeria and Africa at large, thereby providing a reliable platform where just about anyone can visit either buy or sell cryptocurrencies.

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AfricaBlockchainUG19 Conference Launches

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BLockchainUg

Scheduled to Hold on the 3rd & 4th July by the BlockchainaUG’s Kwame Rugunda

The AfricaBlockchainUG19 Conference recently launched by the Blockchain Association of Ugandan’s Chairman Kwame Rugunda and some strategic partners is scheduled to hold in Kampala on the 3rd and 4th of July, 2019 according to a Tweet. This conference is expected to assist the Africa continent in tapping into the vast opportunities from the Fourth Industrial Revolution.

The conference according to data on the blockchain Uganda’s website featured will accommodate about 3000 delegates, 50 speakers and feature at least one Tech Expo. The conference is focused on Blockchain Technology, Artificial Intelligence, Robotics, Internet of Things, Drones technology, and Big Data.

The Blockchain Association of Uganda, BAU which is based in Kampala, Uganda is a membership organization that consists of individuals & organizations that are interested in promoting blockchain related technologies and capabilities.

The 2018 edition tagged “The Role of Blockchain Technology in Africa’s Transformation” featured key speakers such as the President of Uganda Yoweri K. Museveni, Former President of Mauritius Ameenah Gurib-Fakim, CEO of Binance Changpeng Zhao, the Governor of the Bank of Uganda, Tumusiime- Mutebile.

Meanwhile, this conference is coming at a time just after the Blockchain Africa Ladies Conference in Lagos, Nigeria which saw the attendance of speakers travel  from the world coming over in April 2019 and its Second edition which will be holding in Ghana within the same quarter.

Uganda is one of the fastest blockchain growing nations in Africa and this can be attributed to the reception of the technology by the President as against those of other Africa countries. This reception is evident in the acceptance and activities of Top Cryptocurrency Exchange Binance in the Country.

More so, Uganda is one of the fastest growing economies in Africa and currently home to over 45 million citizens which is an increase of 3.27% from the previous year of which 17.5% are urban dwellers. The population Density in the country is rated at 229 per kilometer square with a land area of 77,147sq miles.

Tickets are currently on sale on the website and it can be purchased here to secure a sit at the AfricaBlockchainUG19 Conference.

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