Blockchain – the so called new tech on the block – is taking the world by storm. Bitcoin and cryptocurrencies are by far the most known blockchain applications, but the technology has potential to reach much further.
Blockchain technology can find use in the energy industry, production, law and democratic elections to name a few. Actually any industry improved by automatic and trustworthy information processing can gain significant benefits from blockchains.
Companies have also noticed this. An increasing amount of resources is invested in blockchain development as different sectors are using the technology or at least considering how they could benefit from these innovations.
As a result the blockchain industry suffers from a lack of workforce. This week we will address how big this lack is and how many workplaces there are in relation to applicants. Additionally we will take a look at a Chinese report predicting blockchains will grow to a billion dollar business within just a few years.
In other news we have translated Bitcoin literature, Russia’s new regulatory plans and how crypto can help the adult entertainment industry. It’s definitely worth reading further (or listening, if you use a speech synthetizer).
Last week’s news can be found here.
Blockchain workplaces grew over 25% in a year
The amount of workplaces in the blockchain and cryptocurrency industry has grown approximately 26% since 2018, reports a new study. According to the study the amount of workplaces has seen a whopping growth of 1 457% in the past four years.
Meanwhile the amount of applications related to blockchain and cryptocurrency industries has decreased as much as 53% from last year. In conclusion there are significantly more workplaces than applicants.
Most blockchain-related workers are sought by big data companies such as Deloitte, IBM and Accenture.
Applications for blockchain and cryptocurrency industries was at its highest at the end of 2017. At the same time bitcoin’s course rose to nearly $20 000 dollars before plummeting to lower levels.
China’s blockchain business will grow to billions within a few years
China’s blockchain industry will grow to over $2 billion dollars by the year 2023, according to a report by the state-owned media Xinhua. The report estimates China will see an annual growth of roughly 65.7% from 2018 to 2023.
Most of the growth is happening in the banking and financial sector. Other industries investing heavily in blockchain technology are production, sales and professional services.
Following the report, Xinhua published an article evaluating Bitcoin in a positive light. According to Xinhua Bitcoin is the “first successful application of blockchain technology”.
China has over the years had a rather conflicting stance on cryptocurrencies. At times China has been a clear market leader, but every now and then the country has been on the brink of banning the whole technology.
Now the relationship between China and blockchain seems to be taking a clearer positive turn. Even China’s president Xi Jinping has encouraged Chinese industries to embrace blockchain technology and its possibilities.
Translated Bitcoin books available
The Finland-based cryptocurrency organization Konsensus Network has translated two Bitcoin-related books in Finnish: The Bitcoin standard and Bitcoin money. Both works are now available at Bittiraha’s webshop.
The Bitcoin standard is a comprehensive introduction to Bitcoin written by cryptocurrency expert Saifedean Ammous. The book has already achieved a certain biblical status among Bitcoin users. The translation marks the first crypto-related basic work in Finnish.
Bitcoin money in turn is an illustrated children’s book by American Michael Caras, which playfully opens the principles of cryptocurrencies to children. In the book the inhabitants of Bitville find a durable form of money – bitcoin.
Konsensus Network also has other ongoing translation projects focusing on the most important works of the sector. Also these books will later be available at Bittiraha.fi.
Facebook launches new payment system
The misfortunes of Facebook’s Libra cryptocurrency project has forced the company to develop an alternative payment system. The social media giant published its upcoming payment system called Facebook Pay on 12th November.
According to Facebook the new payment system can be used on all its social media platforms, meaning Facebook, Messenger, Instagram and Whatsapp.
“People already use payments across our apps to shop, donate to causes and send money to each other. Facebook Pay will make these transactions easier while continuing to ensure your payment information is secure and protected,” Facebook announced.
The first Facebook Pay apps are set to be introduced on the markets already within a week.
The new payment system may indicate Facebook itself no longer has faith in the future of Libra. Condemned by politicians worldwide, Libra has also lost many of its most significant collaborators, including PayPal, Mastercard and Visa.
Russia wants to confiscate cryptocurrencies
Russia’s interior ministry plans to impose a law allowing Russian authorities to confiscate cryptocurrencies. Reports indicate the law is set to come into effect by the end of the year 2021 at the latest.
In practice it is, of course, much easier to stipulate a law than to implement it. Confiscating decentralised cryptocurrencies such as Bitcoin can be extremely difficult or downright impossible, if users take good care of their data security.
In order for the state to confiscate crypto, it would require access to the user’s private keys. If the private keys are stored on a computer or phone without password protection, states can easily acquire them along with the confiscated device.
However, cryptocurrencies protected with strong passwords can be much harder to obtain. States can naturally try to decrypt the passwords, but this may require so much time and resources that it becomes unprofitable or practically impossible.
If and when the law comes into effect, it remains to be seen what measures Russia will take to implement it. At this point it seems clear Russia at least wants to stipulate a legal ground to attempt this.
PayPal abandons PornHub, but crypto doesn’t
One of the world’s biggest adult entertainment platforms PornHub has recently announced that PayPal has ceased cooperation with it. As a result thousands of professional models have lost a large portion of their income. At the moment models are only able to receive payments through the Paxum and Check payment systems a well as the Verge cryptocurrency.
Following PayPal’s announcement several institutions have encouraged PornHub to implement new cryptocurrency payment methods. Some parties have even offered to help PornHub in developing these systems.
Changpeng Zhao, CEO of Binance, believes PayPal’s decision provides an excellent opportunity for cryptocurrencies. Justin Sun, CEO of Tron, has in turn revealed Tron’s plans to develop a dollar-bound stablecoin. This could allow PornHub’s models to receive direct dollar transfers regardless of PayPal.
Earlier this month PornHub’s collaborator NetCents developed support for the Ripple digital currency on its platform. This has been taken as a sign that PornHub may later also accept XRP payments.
