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Nov 11, 2019 at 09:04 // News

Blockchain in Italy

Blockchain, smart contracts and incentive mechanisms on cryptocurrencies have big abilities in terms of environmental and social sustainability in Italy, nevertheless, it is necessary to keep in mind that technology is only a tool and that only if correctly applied will it really facilitate the adoption of “green” and fair. Let’s then examine the opportunities offered by the distributed ledger technology (DLT).

Transparency


The Blockchain has all it takes to offer an extraordinary degree of transparency, with a distributed database in which unchangeable and encrypted copies of data are kept on each computer (node) on the system.


This allows the individuals involved, or else without trust, to participate in P2P almost smooth transactions. This sort of transparency has several uses along the supply chain of tangible products or services and in formal contexts, to reduce corruption and increase obligation.


Supply Chain


These denote a multifaceted system of distant and distinct bodies that exchange goods, payments and information through a lively and constantly evolving landscape.


It is clear how the design primary the supply chains has a wide similarities with the way the DLT is made, and this is how the keys centered on Blockchain technology can help track the origin of products along the entire logistic process, for unequivocally identify the materials of a good, including information like the amount, quality and source of the material.


Institutional Inefficiencies


Blockchain can alleviate institutional flaws while ensuring process clarity, limiting fraud, corruption and uncertainty, such as traceability of contributions and state corruption.


Decreasing Bureaucracy and Transaction Costs


DLT-centered accord and smart contracts can help lessen transaction outlays and bureaucracy in several sectors, presenting a lot of fresh applications in governance, in assessing the government and the effect of implemented policies, such as the addition of all who cannot have a bank account and who are unable to obtain identification documents, favoring disintermediation and thus lessening power irregularities.


Governance, Governmental Evaluation and Impact of Implemented Policies


In this particular area, DLT is able to offer solutions that contribute to: the prevention of carbon emissions; EIA and international governance tool; plus, thin administration practices.


Inclusion of Undocumented Population and Those Without Bank Accounts 


Blockchain technology can effectively resolve part of the snag by enabling matching, shared and autonomous proof solutions, and eliminating the necessity for transaction verification by expensive third parties like financial institutions and other organizations because of its P2P nature.


Disintermediation and Rebalancing of Power Asymmetries


The use of Blockchain tech is also observed as a means of development that can vest people and allay the asymmetries of power and information, substituting some facets of compensation institutions or government institutions with smart contracts.


Incentive of Sustainable Behavior Through the Issue of Specific Cryptocurrencies


The original cryptocurrency, Bitcoin, first, and the governance rules and regulations of all the other ecosystems founded on the circulation of utility tokens born later, has presented a new form of shared value creation, where a group of participants agree on a particular objective and value is formed and at the same time shared when the actors show that they have added something to this goal.


And last, but not least, blockchain is actually able to increase environmental sustainability in Italy, as Coinidol.com, world news outlet, previously reported. The technology is used for preventing the plastic waste products from affecting the health of the citizens in a project that helps combating environmental degradation.

coinidol.com By Coin Idol , 2019-11-11 09:04:00 ,

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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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