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Forrester: Firms Want Blockchains with Multi-cloud Compatibility 101
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New research suggests that companies will not accept blockchain-as-a-service (BaaS) solutions that require them to use providers’ cloud servers exclusively – with firms instead looking to deploy on their cloud platforms of choice.

Per a report on Distributed Ledger Technology (DLT) from Forrester Research, highlights of which were published by ZDNet, by 2020 “more than 80% of blockchain deployments will be hybrid or multi-cloud – or both.”

Forrester states that regulatory requirements could be one of the factors forcing companies to take such a stance. Legislation in some regions, for example, requires that nodes may only be operated on-premises in countries “where the chosen cloud provider has no presence.”

A second factor is that blockchain networks may comprise of a number of participants who all individually want to keep using their own current public cloud providers.

At any rate, says Forrester,

“Enterprises have made it amply clear to technology vendors that it’s not acceptable to only offer BaaS in that provider’s cloud.”

The researcher says BaaS providers are aware of this need, and “have already responded” with tech solutions, more of which will follow in the months ahead.

Factors such as these are likely to drive up the demand for interoperability solutions – which rival researcher Gartner believes may plague blockchain initiatives for years to come.

The report also claimed that companies will increasingly look to established big-name blockchain platforms such as Hyperledger Fabric, Ethereum/Quorum, R3’s Corda, but added there was a “chance of a newcomer upsetting the existing balance,” in the shape of Digital Asset.

Tim Alper , 2019-11-26 18:05:25 ,

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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.

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

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