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China Expects To Implement Blockchain Technology In Government Audits.

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People’s Republic of China’s National Audit has high expectations on using the Blockchain technology as a tool to improve its governmental auditing responsibilities. According to a statement posted on April 24th, the expectations are high as the technology had seen massive improvement and stock market value.

It is believed that the technology has the capacity to improve data storage, management, transmission and other work data audits. An article titled “Some Ideas on Applying ‘Blockchain’ Technology in Big Data” that was released notes that the blockchain portion of the stock market has increased 19.95% for eight straight days this year, reflecting blockchain application capability.

A statement in the article offers an overview of blockchain technology, noting that its features decentralized computing and time stamping services such as recognizing textual information based on time sequence and the permanent saving of data.

LIMITING SYSTEMS
One of the limiting functions of the system is the reliance on centralized storage for audits data. Even though it’s limiting in comparison to the benefits of the blockchain technology, it is what Accredited audit agencies have depended on to perform their tasks. They collect data to carry out audits which is then uploaded to a data centre which carries one of the highest levels of security.

The established goals for using science and technology, including the integration of the internet, artificial intelligence and big data were the primary focus of the 19th Party Congress. General Secretary Xi Jinping also called for taking initiative when using big data, the article said

 

 

 

What do you think about China’s Integration of the technology? How do you think the people would fair with its adoption? Lets know what you think. Leave a comment in th section below.
Photo credit: financemagnates
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Gaius Chibueze A.K.A Bitcoin Chief Ranked  Amongst Top 2019 Crypto Traders on Binance

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Gaius Chibueze aka Bitcoin Chief

Nigerian National and celebrity bitcoin advocate Gaius Chibueze popularly  known Bitcoin Chief was  ranked amongst the top cryptocurrency traders in 2019 according to Binance traders rankings. 

The rank which was posted by the vocal Bitcoin advocate and founder of AbitNetwork on instagram showed he ranked above 97.00% of other traders on Binance. 

According to the same screenshot shared via his Instagram handle, the total volume of trades entered all through the year was 100% Spot Trade. 

This meant Gaius Chibueze didn’t utilize the futures or margin trading platforms owned by the leading cryptocurrency exchange. 

Another screenshot also shared by Mr. Gaius Chibueze also puts him at a total completed trade of 894 of which he only accessed his account 35 times all through the year 2019.

As one of the earliest Bitcoin investor in Africa, Bitcoin Chief as he is popularly known by many has over the years exploited his skills in training and exposing people all over the world, helping them to be self sufficient in the world of crypto trading. He continues to groom people while being vocal against fraudulent schemes which portray a false representation of what crypto is about.

The rise of Tatcoin 

The founder of ABiTnetwork, Gaius Chibueze, author of several books and tutor to thousands of people all over the globe in late 2019, through his company ABiT Network launched the ERC-20 Token, TATCOIN. TATCOIN is a utility token which is poised to be the next big thing

Speaking on the reason for TATCOIN, CEO ABiTnetwork Mr. Gaius Chibueze said “at ABiTnetwork, we are always looking for smart solutions to prevailing issues in the economy,” In recognition of these issues in Africa, ABiTnetwork has leveraged on blockchain technology to provide solutions amongst which is the new cryptocurrency called the TATCOIN.”

Tatcoin will be utilized as the official transactional currency of the ABiT Network ecosystem. It will also be traded on cryptocurrency exchanges. 

The token will serve to simplify payment processes for goods and services on the ABiT Network. It will be available to all users of the ABiT suite of products. Though it’s understandable that its utility may extend even beyond the ABIT suites of products. 

Users using the token for payments on ABiT will also be entitled to discounts on purchases. 

Token Sale for Tatcoin is currently ongoing ABiTnetwork. Accepted cryptocurrency for purchase of Tatcoin are Bitcoin, Ethereum, Binance Coin (BNB) and EOS.

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Over 4000 Complaints filed against Dunamiscoin, Directors to Appear before Court on Jan. 22

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Over 4000 complaints has been filed against the organization  since the collapse of the money making scheme last December according to a report by the State Prosecutor. Directors of Dunamiscoins Resources limited is to appear before the court on the 22nd of January.

According to local media, the Observer, The Directors of the organization Mary Nabunya and Samson Lwanga were charged with 65 counts for obtaining money under false pretenses on appearance before the Court on Monday the 6th, January, 2020.

The Directors were accused of operating a fraudulent scheme which resulted in the loss of investment of hundreds of persons. The 65 counts  related to obtaining money by false pretense and conspiracy to commit felony was read to the accused by Senior Grade One Magistrate Roselyn Nsenge 

Based on report from Observer, the Prosecutor told the court that between the period of February 14th and December 3, 2019 at the New Taxi Park in Kampala district, the two accused directors conspired to commit felony by obtaining money under false pretenses, an act that is against the Penal Code Act. 

The accused obtained fraudulently over $2.5million from unsuspecting victims with the promise to provide return on investment of 30% at in 21days. 

The suspects have pleaded not guilty to the charges brought against them they are to be remanded in Luzira prison till the next court day, 22nd January, 2020.

The suspects were arrested and have been in custody since the 10th of December after the collapse of the platform. Prior to the collapse of the money making sham, the organization grew in size such that it was able to set up shops in several places including Kampala, Masaka and Mbale.

Haruna Asiimwe, the lead complainant in an interview said victims were duped by the organization’s officials into investing money with the promise of earning a 30% interest in three weeks.  According to him, it came as a surprise when the company ended its operations on the 3rd of December. 

However, the firm according to a statement from Uganda Police in 2019 revealed through its Directors that they are willing to refund the money but their major accounts in Centenary bank, Stanbic bank and GTBank are frozen by the authorities. 

 

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Nile University has partnered with Cryptography Development Initiative in Nigeria (CDIN)

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Abuja based tertiary institution, Nile University has partnered with the Cryptography Development Initiative in Nigeria (CDIN) to help equip students of the University with the necessary tools needed in the current digital age.

The MoU which was signed on the 15th of October, 2019 with the attendance of the Vice Chancellor of the University, Professor. Dr. Osman Nuri Aras and Mr. Adeolu Fadele, the President of CDIN.

Also present were other officials of the institution such as the Deputy Vice Chancellors Professor Steve Adeshina and Professor Nurettin Can. Others from other facilities were also present.

The partnership according to the Vice Chancellor of the University, Prof. Nuri Aras believed will help prepare the students of the University to face the digital world with the necessary tools.

Deputy Vice Chancellor – Admin, Professor Nurettin Can contributing said “the partnership with CDIN will provide the University’s students a wonderful opportunity to supplement their theoretical knowledge with valuable practical experience.”

President of CDIN Mr. Fadele Adeolu speaking on the partnership said Nile University has shown foresight in partnering with CDIN as not very many academic institutions appreciate the value of skills offered by the initiative.

About CDIN

“The Cryptography Development Initiative in Nigeria is a non-governmental organization and a platform for bringing stakeholders in Nigeria to work on a common interest of addressing gaps in cryptography.

According to its website CDIN envision Nigeria among nations of the world leading advancements in cryptographic innovations and breakthroughs.

It’s mission is to create a platform for encouraging the learning and practice of cryptography in Nigeria and collaboration among relevant stakeholders.

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Tokyo-based Cryptocurrency Exchange Adds 5 New Altcoins to Its Europe and US Platforms

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Bitflyer, a Japanese cryptocurrency exchange based in Tokyo made this announcement very recently. It recently announced the addition of new cryptocurrency offerings on its trading platforms. The five new altcoins will be added to its Europe and Us platforms. The European platform will have access to: Bitcoin Cash (BCH), Ethereum Classic (ETC), Litecoin (LTC), Lisk (LSK) and Monacoin (MONA). The US customers will have immediate access to three of these coins: BCH, ETC and LTC.

Bitcoin anticipates that by adding these new Altcoins, it is expanding its buy/sell offer. This will, therefore, give its customers instant access to some of the largest altcoins in the world. These coins have already been made available to its Japanese customers. The firm admits that the response from its Japanese customers was tremendous. This is possibly a motivation for the extension of two of its most significant customer bases- US and Europe. With Bitflyer’s experience in Japan, it believes it can offer the same to its European and US customers. Its standards of simplicity, efficiency and transparency to current Bitcoin and Ethereum traders would be maintained.

Bitcoin has made efforts to upgrade its products and services. It joined forces with Tpoint Japan last month to launch a Tpoint program. This program enables users to acquire T-point rewards while making Bitcoin purchases. The T-points acquired can then be used to earn Bitcoin.

Bitflyer partnered with Sumitomo Corporation in July to transform the real estate industry in Japan. With this project, the rental customers can complete a house renting process using their smartphones. The Miyabi blockchain which is driven by smart contracts will bring about a revolution in the country’s rental processes. Thus, reducing time and administrative costs incurred in handling such issues. It is obvious that Bitflyer is out to provide service upgrades to its customers this year.

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