Home / Crypto Currency / Is There No End to Blockchain’s Capabilities?

Is There No End to Blockchain’s Capabilities?

We hear about new uses for blockchains every single day. The technology is so darn versatile that it won’t be long before it’s making your morning coffee and looking after your kids. Or maybe that’s AI. Whatever. The point is that considering the possibilities of blockchain technology is like contemplating the enormity of the universe. Each time you think you’ve defined its limits, it expands once again.

Admittedly, the majority of ICO proposals are simply ideas on paper, but it’s an exciting time to be living in nevertheless. We’re only in April and already 171 ICOs have sprung up, raising close to $6 billion. What they’ll do with all that capital remains to be seen, since it’s a well-known fact that nine in ten ICOs will go belly up.

In this brave, new, and decidedly cutthroat world where so many things are deliberately vague, it’s becoming crystal clear that to succeed with this technology you need to have something pretty special. An idea on paper is just an idea on paper unless you have the backing of a brilliant and invested team, the expertise, and the credibility to see it through.

We’re Living in Changing Times

Most people don’t really stop to think before hopping online, making transactions and signing up for newsletters. At least, not until they realized their data was becoming a seriously valuable commodity. Since Cambridge Analytica – well, even before then – consumers have realized that they don’t like advertisers reading their minds. They’re not comfortable mentioning to a friend on a mobile chat that they need to buy a new toaster, and then seeing adverts for toasters on social.

Something about it all feels very Big Brother and frankly, it needs to be stopped. These vulture-like data middlemen and advertisers will be checked somewhat by the EU’s GDPR (four letters that strike fear into the hearts of the majority of online businesses). But although that might limit the use and accessibility of data, according to Jaron Seijffers, CMO at Israeli ICO MaxData, consumers are not likely to come out winning. Here’s why:

The current Facebook data scandal shows that people are starting to become aware of the value of their data. Governments are starting to take action and the GDPR is the EU’s way to improve the playing field for consumers. These changes are reducing the ability [of] companies to target specific consumers and will most likely increase customer acquisition costs and with that the final prices for consumers.

So, we’ll gain more privacy, but it will come at a cost. Unless blockchain tech steps in to save the day.

MaxData is planning to create a healthier, more efficient way to buy and sell services online by connecting service providers directly to consumers through a blockchain. This will cut out middlemen and increase cost efficiency for all.

Improving Efficiency in the Service Economy

“The current service economy is built upon massive inefficiencies in the marketing processes,” Seijffers explains. “With companies vying for the attention of consumers, service providers must hire the marketing services of the giant data corporations. These are costly and rolled onto the final, consumer prices. By using the blockchain, we allow anonymous transactions to occur directly between customers and suppliers, cutting out the data middlemen.”

A great idea. But can they see it through? With prominent figures in the Israeli banking system on the advisory board, including Imri Tov, director of Israel’s largest bank, and Dror Shake, SVP of Business Development at Wix.com, lending their weight to the idea, the foundation is looking good. Moreover, this ICO is highly regulated, and its CEO is part of the Israeli regulation committee.

The MaxData team plans to focus on two different markets: services with recurring prices like insurance and utilities, and purchase groups where consumers join together to get better rates, such as corporate gym memberships.

But what makes MaxData different from any other data middleman, like Facebook, Google, or other advertising platforms? MaxData allows consumers to anonymously give information about the services they need and how much they are currently paying for them. This data is encrypted and published anonymously on the platform. This gives companies clear information and allows them to send only relevant offers that will generate higher conversions.

“By lowering their acquisition cost, the companies will be able to increase their revenue while reducing the price of their services. Consumers will receive a token payment whenever companies send them an offer, so not only do they reduce their cost of living, they earn tokens by doing so.”

A Win-Win All Around?

Consumers get cheaper services delivered to their inbox without having to search for them, and they get rewarded monetarily for offering up their data. The service providers gain access to qualified data at a cheaper price, and everyone is happy… except for traditional data middlemen like Facebook and Google. Perhaps that’s why their silence on the blockchain is becoming louder every day.

Read more

Check Also

Bitcoin Price Watch: BTC Facing Uphill Task Near $3,500

Key Points Bitcoin price is under pressure below the $3,500 and $3,520 resistance levels against the US Dollar. Yesterday’s highlighted crucial bearish trend line is intact with resistance at $3,520 on the hourly chart of the BTC/USD pair (data feed from Kraken). The price may continue to find a strong resistance near the $3,500 and $3,520 levels. Bitcoin price is struggling to climb above the $3,500-3,520 area against the US Dollar. BTC might decline towards the $3,340 support in the short term before higher. Bitcoin Price Analysis There was a slow and steady decline in bitcoin price from the $3,638 high against the US Dollar. The BTC/USD pair was rejected near $3,640-50 zone after it recovered from the $3,253 low. Moreover, it failed near the 61.8% Fib retracement level of the last slide from the $3,851 high to $3,208 low. The price recently declined below $3,520 and $3,480 to enter a short term bearish zone. During the decline, sellers pushed the price below $3,400 and the 100 hourly simple moving average. Besides, the price broke the 61.8% Fib retracement level of the recent wave from the $3253 low to $3,638 high. However, the $3,340-50 support zone is acting as a decent support. On the upside, an initial resistance is near the $3,445 level, above which the key hurdle is near $3,520. More importantly, yesterday’s highlighted crucial bearish trend line is intact with resistance at $3,520 on the hourly chart of the BTC/USD pair. Therefore, the price is likely to struggle near the $3,500 and $3,520 resistance levels. Looking at the chart, bitcoin price may perhaps rise to test the $3,520 resistance before lower. On the downside, if the price finds a strong buying interest near $3,340, there could be a fresh upward move above $3,500-20. Looking at the technical indicators: Hourly MACD – The MACD for BTC/USD is about to move into the bullish zone. Hourly RSI (Relative Strength Index) – The RSI is currently near the 50 level. Major Support Level – $3,340 Major Resistance Level – $3,520 The post Bitcoin Price Watch: BTC Facing Uphill Task Near $3,500 appeared first on NewsBTC.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Disclaimer: Trading in bitcoins or other digital currencies carries a high level of risk and can result in the total loss of the invested capital. theonlinetech.org does not provide investment advice, but only reflects its own opinion. Please ensure that if you trade or invest in bitcoins or other digital currencies (for example, investing in cloud mining services) you fully understand the risks involved! Please also note that some external links are affiliate links.