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Cointelegraph, the leading publication for blockchain and cryptocurrency news, has announced the launch of its Cointelegraph Consulting division. The new business sector is focused on advancing enterprise blockchain adoption by helping companies understand the potential of blockchain technology and then matching them with enterprise blockchain vendors to implement solutions.

According to Gartner, the business value added by blockchain will grow to more than $176 billion by 2025. This number is expected to exceed $3.1 trillion by 2030. While the growth of enterprise blockchain is on the rise, traditional consulting firms are just becoming familiar with the blockchain space. 

Given Cointelegraph’s six years of expertise covering the blockchain industry, the company believes that it is best positioned to boost enterprise blockchain adoption by educating and connecting customers with leading blockchain vendors. Its wide network across blockchain startups and technology leaders will facilitate this endeavor.

Cointelegraph Consulting is initially partnering with Insolar, a provider of scalable private and public blockchain solutions focused on North American and European enterprise markets, and VeChain, which powers Walmart China’s blockchain platform, along with Foodgates’ blockchain food traceability program.

Arsenii Dain, managing director of Cointelegraph Consulting, told Cointelegraph:

“There is great potential for enterprises to adopt blockchain technology, but there still isn’t enough education and collaboration between service providers and those willing to embrace blockchain for the enterprise. Consulting firms like Deloitte or PwC are unable provide such services simply because their strategies focus on their own solutions and they do not have a big enough network across vendors.”

According to Dain, Cointelegraph Consulting offers a unique, unbiased market strategy, with the potential to bring the organization’s wide network together with professional consultants. 

The Cointelegraph Consulting division is led by industry veterans, technology analysts and former Boston Consulting Group, Accenture and McKinsey senior experts. These individuals will assist enterprise customers during every stage of the blockchain implementation process. Together, they will identify use cases, review different vendors, and provide assistance in bringing a solution to market. The last part is particularly vital given that, by Insolar’s estimate, only 7% of enterprise blockchain pilots actually make it into production today.

“We are not a consulting firm trying to sell our own solutions to companies,” explained Dain. “Rather, we have a unique market strategy that is completely unbiased and transparent. We are connecting industry participants within our vast network to enterprise blockchain vendors that are suited to meet their tangible business needs.” 

Cointelegraph Consulting will also offer its clients unbiased reports and educational materials that demonstrate how blockchain can bring real value to enterprises.

“The reports we are producing are explanations of what blockchain vendors do,” said Dain. “Our clients typically view these materials as beneficial because they are not a sales pitch.” 

For example, together with Insoalr, Cointelegraph Consulting produced a report entitled, “Empowering Supply Chain Digital Transformation with Distributed Ledgers.”

This report analyzed five enterprise blockchain use cases across automotive, retail, mining and manufacturing industries to assess blockchain adoption in supply chains. Several supply chain challenges related to trust that blockchain solutions can help solve are cited in the document. Key findings include:

  • Poor traceability – 70% supply chain visibility gap between initial suppliers and internal clients’ systems.     

  • Poor automation – 90% of retailers inaccurately forecast demand

  • Poor relations across multiple counterparties – 60% of companies regularly overpay their supply chain vendors.

  • Regulatory compliance burden – 45% of supply chain executives say that they are experiencing increased pressure for regulatory compliance and internal compliance to contracts

Leveraging the Cointelegraph network

While the Cointelegraph Consulting division started about a month ago, there is already significant demand from enterprise blockchain vendors wanting to join the network. According to Dain, solution providers have a desire to join Cointelegraph Consulting because it solves a major industry problem, which is connecting clients with vendors quickly and efficiently.

“We are giving vendors access to large enterprises that are eager to work with us based on Cointelegraph’s credibility and reputation in the blockchain space,” said Dain.

Cointelegraph Consulting’s first vendor partner, Insolar, helps businesses adopt ROI-driven blockchain solutions. One of the key benefits behind the company’s technology is the ability to join private or public blockchain networks without running a node, making it more straightforward for enterprises to scale without requiring their vendors or customers to commit any IT infrastructure.

“The Insolar blockchain platform solves both scalability and complexity issues for enterprises,” Peter Fedchenkov, Insolar’s founder and chief revenue officer, told Cointelegraph. “Our network can process over 20,000 transactions per second.”  

Fedchenkov also noted that Insolar is used by several enterprise firms and Fortune 500 companies, which view blockchain as a complex technology that typically requires different skill sets and prior knowledge. Insolar counts Microsoft, Oracle, UC Berkeley, AT Kearney and Innosuisse among its partners and customers.

“Companies don’t want to commit to something they don’t understand,” noted Fedchenkov.  “Our platform solves this by enabling an average enterprise developer to work with our platform without any prior skill sets.” 

However, while Fedchenkov pointed out that enterprises are ready to adopt blockchain technology, there is still the need for a solution that meets rigorous business requirements suitable for commercial deployment. Joining Cointelegraph Consulting will help solve this challenge by connecting Insolar with a number of companies in the blockchain space seeking a solution like theirs.

“We are confident that our partnership with Cointelegraph Consulting will help grow our network in the blockchain space, allowing us to connect with companies that can use our technology,” said Fedchenkov. “With Cointelegraph’s reach, we will pretty much be able to connect with anyone interested in blockchain, giving us an advantage of connecting with the right people at the right time.”

Bringing public blockchains to enterprises

VeChain’s blockchain technology enables Walmart China and its suppliers to garner customer trust by improving food safety, quality and authenticity of product data. Built on the VeChainThor Blockchain in collaboration with PwC, the Walmart China Blockchain Traceability Platform is one of the first major business applications on a public blockchain. This makes it distinct from other food supply chain management solutions like the IBM Food Trust Network built on Hyperledger Fabric, which is a private blockchain network. 

“The immutability of a public blockchain, coupled with verifiable information makes our solution really unique,” VeChain’s COO, Kevin Feng, told Cointelegraph. “While most enterprise blockchain solutions are private, like those offered by IBM Blockchain and Hyperledger, we have enterprises use a public blockchain, as this provides for lower transactions costs and better data transparency.”

The VeChain platform allows Walmart China customers to scan products with a smartphone to access the source and geographic location of tracked food products, the travel route a product made to any supermarket, product inspection reports, and more. By the end of 2020, Walmart China’s traceability system is expected to have traceable fresh meat account for 50% of the total sales of packaged fresh meat, traceable vegetables will account for 40% of the total sales of packaged vegetables, and traceable seafood will account for 12.5% of total seafood sales.

Feng mentioned that there is massive potential in the collaboration with Cointelegraph Consulting, allowing VeChain’s blockchain solution to reach an even larger market in China:

“We’ve done a lot of work with consulting firms like PwC and Deloitte, which have played a critical role in getting companies like Walmart to understand the potential of blockchain technology. However, Cointelegraph has a deeper involvement in the blockchain space, which is likely to help us gain clients specialized in blockchain seeking a public protocol.”

Like Insolar, VeChain will also support Cointelegraph Consulting by creating use cases and business models to educate companies on the benefits of public blockchains for enterprise adoption.

“We want to push for adoption of public blockchains, as most enterprises believe that private blockchains are a safer choice to implement. By working with Cointelegraph Consulting, we can make this solution more visible to companies interested in learning more,” explained Feng.

An ever-expanding business

While Insolar and VeChain are the first technology firms to partner with Cointelegraph Consulting, Dain expects about 20-30 more service providers to join the network in the coming year.

“Once we have a pool of trusted vendors, we expect more providers to join the Cointelegraph Consulting network,” he said. “At the same time, we are reaching out and working with enterprise clients to connect them with solution providers.”

Dain revealed that the company plans to bring a huge enterprise client on during the beginning of next year, noting that there will also be a meetup hosted at Davos 2020 to connect solution providers with potential partners. Cointelegraph Consulting will open a new office in Singapore early next year.

Cointelegraph By Rachel Wolfson , 2019-12-03 23:25:00 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.

While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock

Nick Chong , 2019-11-10 12:00:38

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