Day: June 23, 2018

Tether, better known for its ticker USDT, is a cryptocurrency whose value is hedged to that of the US dollar. As of June, the daily trading volume of Tether remains above $3 billion, 7 percent higher than the volume of Ethereum.

Merely months ago, Ethereum had the second highest daily trading volume at around $3 billion, while the volume of bitcoin remained above $5 billion. Amidst the third worst correction in the history of the cryptocurrency market, the daily trading volume of bitcoin has fallen to $3.4 billion, while the volume of Ethereum has fallen to $1.7 billion.

Tether is a Good Indicator of the State of Cryptocurrency Market

On cryptocurrency-only exchanges like Binance, the world’s second largest cryptocurrency trading platform behind Coinbase, that do not support reserve currency or fiat currency pairs, traders primarily utilize USDT to hedge the value of major cryptocurrencies such as bitcoin, Ethereum, and tokens to the US dollar.

The daily trading volume of USDT can be considered as a direct representation of the volatility in the cryptocurrency market; if the volume of Tether is abnormally large in a downward trend, it signifies that traders are selling cryptocurrencies to USDT, and if the volume of Tether is unusually large in a bull market, it demonstrates that traders are selling their USDT reserves to acquire more cryptocurrencies.

As of late June, in consideration of the $3 billion daily trading volume of Tether and given that USDT is the second most traded cryptocurrency in the global market, it can be said that cryptocurrency holders are purchasing more USDT expecting the downward trend of the market to continue.

Willy Woo, a prominent cryptocurrency researcher and investor, previously stated in late May that bitcoin will likely experience a slow bleed out to the $5,500 region due to the lack of volume in the market and the overly strong hand of bears.

“I think we are gonna go to $5,500 – $5,700 next, I can’t see $7,000 holding. Most likely we’ll balance a bit, then we’ll slide through. Long timeframes here, looking into June for rough timing of this to play out at a best guess,” Woo said, adding that the price of bitcoin probably will not fall below the $5,000 mark.

“I don’t necessarily think we’ll fall through the $5,000s. Sure it’s a possibility but it doesn’t have to. It’s not a repeat, it’s not Mt Gox and Willybot pushing up price with faked orders, we aren’t detoxing from a scam bubble. Technically $5,000s is a very strong support band.”

Tether is Fine

Over the past few weeks, the rising volume and activity of Tether triggered investors to express concerns over the state of the market and the reliability of USDT.

This week, Washington-based law firm FSS composed of three former federal judges and former director of the FBI, revealed the audit results of USDT and concluded that billions of dollars stored in the bank accounts of Tether were verified.

“In conjunction with receiving the above balance information, FSS requested the Chief Financial Officer and the General Counsel of Tether to certify, by sworn statement, the amount of fully-backed USD Tethers that were in circulation as of the close of business on June 1st, 2018. The amount certified to FSS was $2,538,090,823.52 USD Tethers,” FSS said.

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Key Points

• Bitcoin price is currently trading in a bearish zone below the $6,250 support against the US Dollar.
• There is a crucial bearish trend line formed with resistance near $6,400 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
• The pair is currently trading below the $6,000 level and it could extend declines towards $5,600.

Bitcoin price is in a super bearish zone below $6,250 against the US Dollar. BTC/USD is currently at a risk of more losses towards the $5,600 level.

Bitcoin Price Trend

This past week, bitcoin price failed to move above the $6,700 and $6,800 resistance levels against the US Dollar. As a result, there was a downside reaction and the BTC/USD pair broke the $6,500 support. The decline got traction and the price even broke the $6,250 support zone. It pushed the price in a bearish zone below $6,250 and the 100 simple moving average (4-hours).

The price even broke the last swing low of $6,128 and formed a new monthly low. It tested the 1.236 Fib extension level of the last wave from the $6,128 low to $6,859 high. Later, there was an upside correction and the price moved above $6,100. However, the upside move was capped by the $6,250 and $6,300 resistance levels, which were supports earlier. At the moment, the price is trading with a bearish angle below $6,250. The next target for sellers could be the 1.618 Fib extension level of the last wave from the $6,128 low to $6,859 high near $5,677.

Looking at the chart, the price is currently in a bearish zone below $6,250. There are high chances that bitcoin could extend its decline below $5,800 and $5,700 in the near term. On the upside, resistances are at $6,250 and $6,500.

Looking at the technical indicators:

4-hours MACD – The MACD for BTC/USD is mostly in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI is now in the oversold zone.

Major Support Level – $5,600

Major Resistance Level – $6,250

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The California-based firm 3G Venture II has purchase part of an ex-Intel chip plant which it will use for its mining operation, writes Bitcoinist

The $13 million purchase of the Intel facility in Colorado Springs will certainly complement the towns’ current IT mood, which has attracted some major projects there over past years. Colorado Springs, 60 miles south of Denver is the largest city by area in Colorado as well as the county seat and the most populous municipality of El Paso County.

The town has had a high-tech history in the past with Intel originally setting their plant up there in 2000. This was followed by other IT companies such as telecommunications giant Verizon and Hewlett Packard also opening offices there. A  large percentage of Colorado Springs’ economy is now based on manufacturing high tech and complex electronic equipment.

The Intel semiconductor plant, which originally had its own substation and electricity network spread over a 1.4 million square area closed in 2009 due to a decline in the industry and has remained abandoned since then. 3G Venture has said that they plan to lease the remaining space not required for their mining operation to industrial tenants. The retained usable mining area consists of three buildings over 85,000 square feet.

The world cryptocurrency mining scrabble has been well reported; companies seeking the ideal location to get the right blend of temperature and a cheap power supply in order to reduce cost and maximize profits has become a race in some countries. Among stiff competition around the world, companies are finding it increasingly difficult to find locations suitable for Bitcoin mining. Iceland has become the mining location of choice due to its cheap geothermal resources, but already miners are using more than the country’s citizens do.  Venezuelans are turning to Bitcoin mining in order to combat hyperinflation.

Mining companies’ biggest costs come from the electricity needed to power and cool the hardware in the process. In terms of power consumption, one analysis estimated mid-2017 weekly Bitcoin transactions totaling 302,150 consuming the same power as 268,990 average homes, although other reports suggest this figure doubles every six months.

Colorado Springs joins other US states buying up large disused plants with a view to mining. Crypto company Coinmint announced recently its take over of a former Alcoa aluminum smelting facility in New York State, a move that would make it one of the world’s largest cryptocurrency mining centers.

What Colorado Springs does offer is electricity prices at 21% below the national average, an extra incentive for choosing the town as a location with power at 7.94 cents per kilowatt-hour. The pricing is no accident as the city has been attempting to lure new businesses to the area, succeeding in attracting both Walmart and FedEx who have now opened data centers. Both companies are reported to have benefited from the lower power costs.

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Nano, the cryptocurrency focused on instant and feeless transactions, has had a recurring problem with unexpected technical errors. The recent release of the official Nano wallet was no exception, as developers found a bug that threatened the security of user’s funds.

Nano Team: “IMMEDIATELY MOVE YOUR FUNDS TO ANOTHER WALLET”

June 21st came with the release of the long-awaited Nano wallet, with prices rising by over 10% within 24 hours. The Nano wallet quickly skyrocketed to the front pages of app stores, with the app achieving the ‘trending’ status on the Google Play store. The Android wallet quickly garnered over 10,000 downloads, with users expecting similar numbers on other platforms.

However, just five hours after the official announcement, developers found a security flaw in the code of the Android version of the wallet. The Nano team took to Twitter, issuing a vital message to let users know about the issue.

*ATTENTION* ANYONE WHO GENERATED A SEED USING THE ANDROID WALLET, IMMEDIATELY MOVE YOUR FUNDS TO ANOTHER WALLET DERIVED FROM A DIFFERENT SEED. *ATTENTION*

— Nano (@nano) June 21, 2018

The Nano team made it clear that the bug only affected the Android wallet, advising users to move funds stored on their Android device to a secure wallet. The original version of the wallet had issues generating unique and truly random seeds, with the Nano team calling the specific problem “Wallet Seed Migration.”

Troy Retzer, chief of communications at Nano, reassured users in a Reddit post, affirming:

“Please still move funds off the android wallet. (An) Update is coming that will force users to change seeds using correct cryptography.”

By the next morning, the team had fixed the problem, issuing an update to the Google Play store. Despite the quick patch efforts, developers found another bug in the updated version, issuing a tweet yesterday morning.

The tweet stated:

“Work On Android is temporarily disabled while we fix a bug.”

Users attributed the word “work” to the proof-of-work (POW) system which Nano uses to compute blocks. For those who are unaware, Nano transactions are ‘mined’ by the wallet user, as small amounts of computing power become allocated to the wallet. This means that this “temporary” pause on the wallet’s work system forcefully shutdown any outgoing transactions made on Android devices.

Although details are scarce on how the team is addressing the issue, it can be assumed that they are doing everything in their power to reverse these issues.

2018: Has It Been A Rough Year For Nano?

Nano hasn’t had the best time over the past few months, with the $195 million BitGrail hack becoming a major headline all across the crypto industry. At the time BitGrail was one of the only exchanges supporting Nano, despite the cryptocurrency temporarily achieving the elusive ‘top 20’ on CoinMarketCap.

Due to the fact that there was essential only one Nano exchange, a single hacker, or hacker team, managed to steal large amounts of the cryptocurrency from a single source. As the cryptocurrency market quickly developed, users quickly pushed the hack to the back of their minds.

However, Nano users have still experienced issues with exchanges, acknowledging that there were severe withdrawal issues on Binance. Over the course of the past 3 months, users reported that Binance’s Nano withdrawals were often non-responsive. Some community members chalked up these issues to updates in Nano’s code. Binance has since reopened Nano withdrawals, with many Nano traders it stays this way. 

Although the first 6 months have not been all too promising for the cryptocurrency project, many hope for the success of this fee-less, near instant, and easy-to-use cryptocurrency.

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FOMO Moments

Bitcoin is below $6k and altcoins getting hit harder – EOS, Litecoin, Cardano and Ontology all suffering heavily.

Following another week of heavy losses crypto markets have broken below $250 billion and are poised to head further south. Many speculate that Bitcoin will go down to around $5,000 where it will find support before heading back upwards again. The bottom line is that speculation is all this really is and nobody truly knows how low this bearish market will take us. BTC is currently 3% lower than yesterday’s value trading at just below the critical level of $6k at $5,960 at the time of writing. Ethereum has declined 3.6% on the day to trade at $455, altcoins predictably have suffered heavier losses. Nearly all of them are in the red this Sunday morning but a couple of them have slowed in their downward slide.

In the top ten EOS once again has taken the biggest hit, plunging a further 13.6% on the day according to Coinmarketcap. The bottom seems to be falling out of EOS which has been long hyped as the next big thing and an ‘Ethereum killer’. At the moment it is getting killed itself, trading at $7.40 down 38% on the week from $12 this time last weekend.

Litecoin is also having a really bad time at the moment, down another 9.3% on the day to $77, its lowest level since late November when LTC began its meteoric rise. Cardano is suffering a 9% loss on the day, trading at $0.128 from over $0.14 this time yesterday. ADA has lost 22% over the past week and has the third highest decline in the top ten.

VeChain is another altcoin in pain at the moment, with a 9% fall on the day to $2.58. OmiseGO has dropped below $8 for the first time since April 1, down 8.3% on the day to $7.60. Ontology is also getting hammered with a 13.8% decline on the day. ONT is currently trading at $4.52, down almost 50% from its levels at the beginning of June. Decred and Zilliqa are in a bad place at the moment, both down over 12% on the day.

There is only a handful of altcoins that have not lost ground or are slightly up on the day and these include Dragonchain up 5.4%, Enigma 3.6% higher, Smartcash trading 3.2% higher on the day and Lisk and Monero which are at the same level as yesterday.

Total crypto market capitalization has fallen a further 4.7% today, hemorrhaging $12 billion in 24 hours. Current levels are around $245 billion which is the lowest point of the year so far, matching the big dip on April 1. A fall further could see losses extended as Bitcoin heads back towards $5k.

FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and possible fundamentals.

The post EOS Getting Beat Up as Crypto Markets Fall to New 2018 Low appeared first on NewsBTC.

Key Highlights

• ETH price is under pressure and it could decline further below $448 in the near term against the US Dollar.
• There is a significant bearish trend line formed with resistance near $510 on the 4-hours chart of ETH/USD (data feed via Kraken).
• The pair is likely to extend its decline as long as the price is below the $510 level.

Ethereum price is declining versus the US Dollar and Bitcoin. ETH/USD remains at a risk of more losses below the $460 and $450 levels.

Ethereum Price Resistance

This past week, there was a sharp downside move initiated in ETH price from the $545 resistance against the US Dollar. The price tumbled and broke many key supports such as $520, $500 and $475. There was also a complete test of the last swing low near $448 and the price settled below the 100 simple moving average (4-hours). A low was formed at $449.08 before the price started consolidating losses.

It traded a few points above the 23.6% fib retracement level of the last decline from the $548 high to $449 low. However, the upside move was capped by the $484 level, which was a support zone previously. On the upside, above $484, the next hurdle is near $495. It coincides with the 50% fib retracement level of the last decline from the $548 high to $449 low. More importantly, there is a significant bearish trend line formed with resistance near $510 on the 4-hours chart of ETH/USD. Therefore, if the price moves higher, it is likely to face sellers near the $484 and $495 levels.

The above chart indicates that the price is in a downtrend below $500. It may perhaps continue to move down and it could even break the $449 low. The next support below $449 is around the $410 level.

4-hours MACD – The MACD is slowly reducing the bearish slope.

4-hours RSI – The RSI is currently well below the 40 level.

Major Support Level – $449

Major Resistance Level – $495

The post Ethereum Price Weekly Analysis: ETH/USD Back in Downtrend appeared first on NewsBTC.

Key Points

• Bitcoin cash price broke many supports and traded below $800 against the US Dollar.
• There is a crucial bearish trend line in place with resistance near $820 on the 4-hours chart of the BCH/USD pair (data feed from Kraken).
• The pair is likely to continue its decline as long as it is below $850 and $900 resistance levels.

Bitcoin cash price declined heavily below $900 against the US Dollar. BCH/USD may perhaps accelerate declines towards the $700 level in the near term.

Bitcoin Cash Price Decline

This past week, there was a major bearish reaction from the $910 resistance zone in bitcoin cash price against the US Dollar. The price started a major downside move and dropped below the $850 and $800 support levels. The decline was such that the price even broke the $750 support zone. A low was formed near $721 and the price is now trading well below the 100 simple moving average (4-hours).

At the moment, the price is correcting higher and is trading near $740-750. The 23.6% Fib retracement level of the last decline from the $928 high to $721 low is acting as a resistance. On the upside, there are many hurdles for buyers around the $820 level. The stated level was a support earlier, and now it coincides with the 50% Fib retracement level of the last decline from the $928 high to $721 low. Moreover, there is a crucial bearish trend line in place with resistance near $820 on the 4-hours chart of the BCH/USD pair.

Looking at the chart, the price may face a lot of barriers near $820. On the downside, the recent low of $721 is a short-term support. A break below this could push the price towards the $700 handle.

Looking at the technical indicators:

4-hours MACD – The MACD for BCH/USD is slowly reducing its bearish slope.

4-hours RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 30 level.

Major Support Level – $700

Major Resistance Level – $820

The post Bitcoin Cash Price Weekly Analysis: BCH/USD Extending Losses appeared first on NewsBTC.

The Indian Government has announced the launch of IndiaChain a national blockchain project, reports Inside Bitcoins

The new project will support its current government-run project, IndiaStack, a unified software program which was originally initiated in order further digitalize the country. Nine months in the making, IndiaChain will be a platform aimed at reducing fraud, speeding up enforcement of contracts, increasing the transparency of transactions, and boosting the agricultural economy of the country, according to news sources.

A government think-tank, NITI Aayog, and also the creator of the platform, sees blockchain as having a significant role to play in Indian society in energy, land and banking sectors. In particular, the farming sector stands to benefit from blockchain technologies, better regulating land records and changing the way in which subsidies are distributed, as well as regulating the production of organic food crops.

Its been reported that the Indian government also has a number of blockchain projects in hand using a collection of interoperable chains, in areas such as land records, supply chain management, power distribution and cross-border finance. An official commented that “Some reference blockchain applications will be built and then other companies can build similar or better applications.”

The government is looking to adapt its blockchain solutions in order to suit its needs and tailor them to other sectors, for example, the agriculture sector, which is a huge part of the Indian economy, would need different solutions to the country’s commercial tracking needs.

The first step down this road according to the government is focusing on a unified payment system (UPI) to facilitate simple and quick transfers of funds. Companies that currently use this system include WhatsApp, Amazon Pay, Google’s Tez, Paytm, PhonePe, and Reliance Jio.

The Indian government has stated that it sees blockchain once implemented on a large scale in the country developing a far more transparent digital society helping to reduce fraud and build a far more efficient public goods infrastructure.

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Business Insider reported that Thomas Moser, a key member of management at the National Swiss Bank, believes that governments have lost interest in state-issued crypto or digital currencies.

Thomas Moser: “Enthusiasm Has Slowed” For National Crypto

While at a cryptocurrency conference in Zug, Switzerland, the representative of the bank gave a Business Insider journalist an inside look at government sentiment regarding the current cryptocurrency market.

Thomas Moser, an alternate member of the Swiss National Bank’s governing board, believes that national governments are now hesitant to issue national digital currencies.

Moser said:

“In the beginning, there was a lot of interest and enthusiasm about issuing their own national cryptocurrency but I think, in the meantime, that enthusiasm has slowed again because of the implications it would have for financial stability.”

The implications of a state-issued crypto or digital currency, set on replacing traditional fiat currencies, would be large. Traditionalists fear that the implementation of these new e-currencies would require a total system overhaul, fundamentally changing systems which were created decades ago.

Moser acknowledged these worries, stating, “it to some extent makes sense to have an electronic version of the banknote but the implications are quite big.” Also adding that “the advantages are relatively small but the unknown risks are potentially large.”

Moser recognized that these national cryptocurrencies if implemented, would directly interfere with the operation of banks, and would forever alter the management of the financial world. To the surprise of some, the representative of the government-run Swiss National Bank still noted:

“The Swiss National Bank officially is basically neutral towards cryptocurrencies. We are not worried, we don’t mind.”

Blockchain But No Cryptocurrencies?

Government-issued cryptocurrencies were the talk of the town just a few months ago, with Venezuela releasing the “Petro“, a cryptocurrency reportedly built to mirror Venezuela’s crude oil supply. This unexpected move took the mainstream media by storm, sparking interest in the minds of other political bodies all across the world. Since the start of the year, the cryptocurrency market has lost over 70% of its value, with members of traditional systems realizing the immense volatility issues which have continually plagued the industry.

Despite a lack of national cryptocurrency interest, certain governments have still begun to accept blockchain technology, with some governmental organization experimenting with the implementation of blockchain protocols as improvements on old systems.

Take the example of the implementation of the Ethereum blockchain into the Canadian National Research Council‘s grant and funding system. In January, Canada’s NRC decided to test blockchain technologies as a way to express the benefits of the transparency of a public ledger, encoding the council’s financial transactions onto to the Ethereum blockchain. 

A release made by the NRC stated:

“These are early days yet, but the experiment is expected to provide constructive insight into the potential for blockchain technology and how it may be used for more open and transparent function of public programs.”

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A non-profit organization, the Freedom of the Press Foundation (FPF) is now accepting cryptocurrency donations for its latest fundraising campaign, writes Cointelegraph

The Freedom of the Press Foundation describes itself as a non-profit organization dedicated to helping support and defend public-interest journalism focused on exposing mismanagement, corruption, and law-breaking in government. They work to preserve and strengthen the rights guaranteed to the press under the First Amendment through crowdfunding, digital security, and internet advocacy.

Formed in 2012 and based in San Francisco, the foundation was started to “raise the awareness of threats to media publications and whistle-blowers and others who work to ensure that the public actually learns what it has a right to know,” it claims on its website.

In January 2016, FPF’s lawsuit against the Justice Department revealed that the US government has secret rules for targeting journalists with National Security Letters (NSLs) and FISA court orders. Another FPF lawsuit in the same year showed that the Obama administration secretly lobbied against bipartisan Freedom of Information Act reform in Congress, despite the bill being based word-for-word on the Obama administration’s supposed transparency guidelines.

In its recent round of fundraising, blockchain company, Mainframe, donated 1000 ETH (USD458,000 at time of press) Mainframe a platform for decentralized applications, claims that it is resistant to censorship, surveillance, and disruption. FPF responded on their donations page:

“Your support enables us to protect journalists and whistleblowers worldwide, and will help further projects like SecureDrop, the US Press Freedom Tracker, and the archival of threatened news outlets.”

Mainframe commented that it had decided to make the donation because both organizations fight for freedom of information, suggesting that “public advocacy becomes that much more powerful when coupled with innovation and better choices.”

FPF has suggested contributions to the nonprofit organization can now be made in Bitcoin, Ethereum, Bitcoin Cash, Litecoin and ZCash and other coins are being considered.

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Last December news.Bitcoin.com reported on the theatrical version of people using the deep web in a play called the “Silk Road: How to Buy Drugs Online.” Since then the play got rave reviews after appearing at the world-famous Edinburgh Fringe and the Vault festival. Now due to the show’s popularity, the performance is hosting the production at the well-known theatre London’s Trafalgar Studios for a twenty-day residency.  

Also read: The Bitcoin-Culture Invasion: T-Shirts, Hats, Candles, Mugs, and More

The Silk Road Theatre Production Written by Alex Oates Receives Rave Reviews

Just before the end of the phenomenal 2017 cryptocurrency run news.Bitcoin.com reported on a play that appeared in the UK called the “Silk Road: How to Buy Drugs Online.” The performance has been funded entirely in BTC when an anonymous person donated funds towards the production. The play, written by the well known English playwright Alex Oates, is about a 19-year old man named Bruce Blakemore who learns about the deep web and darknet markets. Moreover, the play is loosely based on the tales of the Dread Pirate Roberts (DPR) alongside interviews with real Silk Road vendors.

Since the play took place at the notorious Edinburgh Fringe and at the Vault Festival the production has received rave reviews.

“Like a hybrid of ‘Snatch’ and ‘Starter for Ten’, this is both an adolescent adventure and a grotesque, criminal caper. Gritty and very well written by Old Vic New Voices playwright Alex Oates, ‘Silk Road’ is the best thing to come from its namesake,” explained a Three Weeks review.

A Twenty Day Residency at London’s Trafalgar Studios

The shows at Edinburgh and the Vault Festival, and the great reviews have helped the cryptocurrency-funded performance achieve a residency at London’s famous Trafalgar Studios from August 7 through September 1, 2018. According to an interview with the regional publication, the Evening Standard, Oates details in an interview that cryptocurrency’s trend within our culture is here to stay.

“Back in 2014, Bitcoin was a bit of a novelty so I couldn’t be more thrilled that Silk Road (How to Buy Drugs Online), which was initially made possible through an anonymous donation of Bitcoin, is back with a run at Trafalgar Studios this summer,” Oates details.

It seems clear that Bitcoin is here to stay and it was a great honour to be the first play funded by cryptocurrency — It undoubtedly won’t be the last.

The West End London theatre Trafalgar Studios is a prestigious auditorium that once was called the ‘Whitehall Theatre,’ and the Oates play is also directed by Dominic Shaw. No one knows how much funding the writer got from the anonymous donor, but reports detail that Oates has amassed a portfolio of “multiple cryptocurrencies,” since 2014.

What do you think about the Silk Road play getting a residency stay at London’s Trafalgar Studios? Let us know what you think about this subject in the comment section below.

Images via the Silk Road: How to Buy Drugs Online Playbill, Evening Standard, and Pixabay. 

Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH, and other coins, on our market charts at Satoshi Pulse, another original and free service from Bitcoin.com.

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The US State Department and South Korea’s Ministry of Science and Technology (MSIT) will strengthen ties in preparation for what is now being called the Fourth Industrial Revolution (4IR), writes Cointelegraph.

The statement, made at a press conference held in Seoul on June 22 will coordinate their IT policies and enhance cooperation on bilateral cybersecurity and privacy in the space, both countries recognizing that “data is a key resource” in the years to come.

The Fourth Industrial Revolution (4IR) is the fourth major industrial era since the initial Industrial Revolution of the 18th century. It is characterized by a fusion of technologies that is blurring the lines between the physical, digital, and biological spheres. It is marked by emerging technology breakthroughs in a number of fields, including robotics, artificial intelligence, the blockchain, nanotechnology, quantum computing and biotechnology, according to Wikipedia.

World Economic Forum (WEF) identifies the 4IR as a series of technological breakthroughs that:

“…will fundamentally alter the way we live, work and relate to one another… [across] the global polity, from the public and private sectors to academia and civil society.”

The countries will seek the support of some of the major players in the IT world, such as Microsoft and Samsung,  and plan to work alongside international organizations such as the International Telecommunication Union (ITU) and the Organization for Economic Cooperation and Development (OECD)

According to both the US and South Korean government, DLT will be a key element in order to work towards what they call “transparent and global internet governance” as it will provide a completely tamper-proof ledger of all transactions. Samsung also sees blockchain as fundamental in building a digital future and has made commitments with the South Korean government to build a social support blockchain by 2022 which will cover areas such as welfare, public safety, and transportation.

To this end, the South Korean government itself plans to invest KRW 230 billion by 2022 (USD 207 million) with ambitious plans, including the development of smart cities and factories.

The press conference also touched on improving the two country’s cross-border data exchange procedure, 5G mobile communications, and artificial intelligence (A1) and how to further incorporate it into blockchain based smart contracts.

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