J.P. Morgan Pioneers Blockchain for Inter-Bank Payments with US Patent application

Colleagues, after initial hesitation toward Blockchain in 2015-2017 Jamie Dimon’s team a J.P. Morgan filed a patent for inter-bank payments using the technology late last year as disclosed by the US Patent Office this month. The focus of this patent – awaiting approval – in on cross-border payments which require “a number of messages” be sent between the bank and 3^rd party clearing houses involved in the transaction. These transactions on a Blockchain would reduce high costs, process payments in real time with a verifiably true audit trail while providing accurately logging of the transactions. Cryptocurrency Academy believes this is a sign of things to come and fully expects other money center banks worldwide to file their own patents. Bottom line: Blockchain has the potential to reduce costs, speed-up payment processing and do so in a secure manner. In March 2018 financial messaging provider SWIFT worked with 34 global banks to test a DLT proof of concept (PoC) to help with Nostro account reconciliation. Share a comment and subscribe today! Lawrence, CryptocurrencyAcademy (https://cryptocurrencyacademy.blogspot.com)

How Pervasive is the Google Chrome Malware Nigelify Used for Crypto Mining?

Colleagues, StatCounter reports that 58.4% of Internet users use Chrome which we know if the target of numerous cyber security attacks: Enter Nigelify. Radware, an Israel-based security firm recently detected this new malware which purported has infected 1000,000 systems globally and uses the CryptoNight algorithm for crypto mining. The cryptocurrencies most likely affected include Bytecoin, Electroneum and Monero. Our check of the Chrome security portal does not identify any specific extension patches for Nigelify. Nonetheless, it is incumbent upon individual and enterprise users to install all appropriate patches once available. Is your system be used by Nigelify for crypto mining? Guidance: Perform a Chrome security scan and follow the instruction from VirusResearch.org. Share a comment and subscribe today! Lawrence, CryptocurrencyAcademy (https://cryptocurrencyacademy.blogspot.com)

Will Iran Use Cryptocurrencies to Evade US Sanctions Following JCPOA Exit?

Friends, the US stands ready to aggressively apply economic and technology sanctions on Iran following its May 9, 2018 withdrawal from JCPOA. However, do not expect Iran to passively accept the reinstatement of sanctions which have crippled its economy. A key premise shared by the Cryptocurrency Academy and other entities is that Iran will actively pursue the use of trans-border trade with Russia and its other allies to evade US sanctions. Security vulnerabilities, money laundering and limited ability to monitor international trade transactions represent the dark side of cryptocurrencies. We predict that Iran is not alone, rather bad actors – whether state-sponsored or independent – including Russia, Syria, North Korean, Venezuela, ISIS and AOAP should all be on the US intelligence radar screen for using Cryptocurrencies to conduct transactions which defy international law and United Nations degrees. Bottom line: The US CIA in conjunction with the Treasury Department need to double-down on their proactive and forensic crypto surveillance capabilities to thwart illicit trade using Cryptocurrencies. Comment and subscribe today! Lawrence, CryptocurrencyAcademy (https://cryptocurrencyacademy.blogspot.com)

Can Amazon Meet the Blockchain Needs of its AWS Customers via Kaleido?

Friends, although AWS represents only 9% of Amazon’s revenue its 49% growth rate and strong margins are rapidly moving it to cash cow status with the firms portfolio of businesses. Enter Blockchain. Specifically, AWS’ 1m+ active users are demanding the tools and resources to Blockchain-enable their AWS services. Where to begin? Today Amazon announced a Blockchain partnership with Consensys (a Blockchain incubator) graduate Kaleido. Little is known about Kaleido, yet we are sure that Amazon has done its due diligence. Let’s give Amazon credit for forming this partnership. However, questions remain. Does Kaleido’s products and services have the functionality, scalability and support capabilities needed to support the voracious Blockchain appetite of 1m+ AWS users? Prediction: As Amazon tests the water with Kaleido, if this week’s Consensus 2018 Conference in any indicator, we expect the Seattle behemoth to make one if not multiple Blockchain acquisitions during the next year for AWS. And by the way we would not be surprised to see Amazon make one or more Cryptocurrency acquisitions in the next 3-5 years to fuel the payments site of its global eCommerce empire. Share your comments and subscribe today! Lawrence, CryptocurrencyAcademy (https://cryptocurrencyacademy.blogspot.com)

Prediction: A New World Order - Blockchain + Internet 2.0 + Next Gen Cryptocurrencies

Friends, for those who witnessed the “dot.com bust” and “irrational exuberance” of the late 1990s-early 2000s we also observed the re-emergence of tech and social media a decade later which far outweighed the cataclysmic downturn. Enter 2018: It is not unfathomable to anticipate a similar business cycle for Blockchain, the Internet and Cryptocurrencies. We predict with a 50%+ probability that the next 3-5 years will likely see a disruptive shakeout of major proportions. Bottom line: This shakeout is likely to have three crucial elements. First, the widespread adoption of Blockchain across multiple industries and business processes … far beyond the financial sector. Second, the emergence of a Blockchain-enabled Internet 2.0 featuring voice, video, data and AI. And third, next gen Cryptocurrencies purpose-built for the Internet 2.0 used for both individual and institutional along with domestic and trans-border secure transactions and payments. Together these three capabilities will propel the global 21^st century economy beyond anything we have witnessed to date. And yes, much more to come on this topic. Share your comments today! Lawrence, CryptocurrencyAcademy (https://cryptocurrencyacademy.blogspot.com)

What does Facebook’s Future Hold Regarding Blockchain and Cryptocurrencies?

Friends, some 1.2B of Facebook’s 2.2B monthly active users engage with the social media firm’s Messenger service. Moreover, much of Facebook’s business model is based upon centralized systems and databases. Enter Blockchain featuring DLT (Distributed Ledger Technology) and the explosive growth of Cryptocurrencies which by their very design are highly decentralized architectures and value chains. If you we sitting in Mark Zuckerberg’s CEO chair what is your strategy? Well, the company formally announced it will evaluate the potential of Blockchain led by hand-picked David Marcus, Facebook’s VP of Messenger, former President of PayPal and Coinbase board member. Our view is that any large tech company needs to embrace rather than resist the megatrend called Blockchain … even if it involves overhauling its business model. The question then becomes: Does the free world’s largest social media company also pursue the creation and launch of its own Cryptocurrency? And if so, which assets are used to back such a currency? This is a pivotal nexus in the firm’s history – it can choose to lead or follow. Despite obvious uncertainty we believe Facebook needs to take appropriate risks needed to maintain its leadership role starting today. More, much more to come on this topic. Share your thoughts! Lawrence, CryptocurrencyAcademy (https://cryptocurrencyacademy.blogspot.com)

From Prediction to Reality: Goldman Sachs’ Intent to Launch Bitcoin Trading

Friends, recently we published a post entitled “Prediction: Cryptocurrency Trading Services Will Be Launched on NASDAQ and Leading Financial Management Firms.” Soon thereafter Wall Street’s largest investment bank Goldman Sachs reported that their customers see alternative stores of value in holding Bitcoin or Bitcoin futures. And like any market/customer-driven business Goldman apparently listened. Yes, many questions needs to be answered before launching such a service. Among them: Minimum investment amount? Array of investment alternatives – whether actual crypto tokens and or futures contracts? Will the service be available to any and all Goldman customers or only legacy institutional customers? Externally, top of mind questions which arise include which competing investment firms will follows? The breadth and scope of their services? The amount of overhead (OPEX) such firms will be willing to invest to please their clients, etc? Lesson learned: Successful businesses focus their attention and resources on delivering bona fide “value” to their customers. Share your thoughts today! Lawrence, CryptocurrencyAcademy (https://cryptocurrencyacademy.blogspot.com)