BlockChain Meets Jaguar Land Rover for Mobile Future

 Cryptocurrency, Future Cars  Comments Off on BlockChain Meets Jaguar Land Rover for Mobile Future
Sep 062017
 

What is the BlockChain?

The system was created to function as an open-source, which is free and offers an accounting system with no centralization. At BlockChain, transactions are recorded on a range of computers. The system was initially designed for Bitcoin the first cryptocurrency. However, the system can adapt to anything, such as electrons. For example, it will allow you to record electricity unites flow, from your vehicle to the charging station. Allowing you to offer your services in the charging station industry.

What are other Uses of BlockChain?

Another use of BlockChain can be independent driving, where you will require an open platform. This will allow you to transfer data from the vehicle owner of the car, to you. You will be able to see the infrastructure, insurers, providers, and much more. This is the reason why many startups are playing with the idea of using Blockchain ideas and developments.

DOVU is a UK startup that plans to use the idea, and become a global marketplace, that transport data. The will open official token sale on the 3rd of October, 2017. The flow of cash will be used to fund their distributed marketplace. They will be powered using DOV tokens and will share their take on transport related APIs.

There is a range of startup’s that are pitching the same idea, and running the same concept. However, what sets DOVU a step ahead is their transport sector. In April this year, the startup received funding from Jaguar Land Rover’s investment arm, Creative England (funding that is backed by the local government), and InMotion Ventures.

Irfon Watkins, the CEO, and founder of DOVU is a well-known entrepreneur, who has founded and established many companies in the API range.

 

Transport Data Details

Currently, transport data is locked on a number of levels, but with the help of the BlockChain technology platform DOVU wishes to gain the trust of corporations, and individuals. Which will allow it to make the data available for enterprise and public use.

 

How Does The System Work?

The system DOVU is using creates a distributed platform that allows data transport. This will allow the insurance companies, car hire, car-pooling, and other matters can be brought together to create a transport data resource. This shared data is valuable because it is simply “shared data”.

During an interview, Watkins said “The transport sector is well aware of where it wishes to head and with the help of real time data, and technology. However, it does not know how to get there. Which is why DOVU will act as the missing piece of the puzzle and offer a reliable, efficient, and secure data sharing tool.”

With the help of DOVU, you will be able to combine the vehicle data with the vehicle’s insurance data, which will allow you to ensure efficient policies. In addition, you can use geolocation data, and combine them with weather statistics. This will offer great insight to ride-hailing corporations.

The platform will reward contributors with tokens, and the reward will be based on the quality of their contribution. This will not only allow you to unlock a shared vehicle using your smartphone, but you will be able to share the data while driving.

In addition, the system will allow you to track your every movement during cycling, running, driving, or walking. If you wish, you can sell this information to DOVU for tokens, which can be used to buy petrol, bus ride, or train rides.

So, baby pull me closer in the back of your Rover as we are about to ride this BlockChain train together (Okay, I ad-libbed this last part).

 

Swiss Drawn to Cryptocurrency

 Cryptocurrency, Future Security  Comments Off on Swiss Drawn to Cryptocurrency
Jul 252017
 

Twenty miles south of Zürich is a small town called Zug. It looks just like any other affluent Swiss town, but one that has managed to attract entrepreneurs specializing in digital currency – meaning you can pay for things without needing physical money. By 2014, it was dubbed by those in the financial world as Crypto Valley.

How did this happen?

The 2008 global financial crisis led the U.S. to take severe measures when it came to offshore accounts. With low taxation of foreign corporations and individuals, it was no wonder that Switzerland became a preferred tax haven. UBS and Credit Suisse were fined millions of dollars by the US Department of Justice and the Internal Revenue Service in 2009 for allowing tax evasion.

An end to its status as a tax haven forced Switzerland to look at other options to remain relevant in the banking sector. The answer came in the form of a cryptocurrency and digital payment system called bitcoin.

In 2016, bitcoin received a global investment of $1.4 billion and hot a ton of money flowing through it. This offered an opportunity for Switzerland to set itself up as a cryptocurrency hub. To do that, they had to create regulations allowing companies dealing with cryptocurrencies to flourish – a process that has caused headaches for other governments weighing the advantages and disadvantages of the technology.

Bitcoin protects the identity of users which led some to use that advantage for nefarious purposes. For instance, it was used on Silk Road, a site that was engaged with a number of illicit activities such as drug dealings and unlicensed firearms.

The troubles concerning bitcoin don’t seem to bother a number of Swiss citizens who have a mind for technology along with some libertarian views. For them, bitcoin provides an opportunity for them to make payments without the need of a bank or credit card company.

The aim of a decentralized financial system is what drives Johann Gevers, a South African financial entrepreneur. Gevers came to Switzerland in 2012. His company, Monetas, provides a digital system that allows any currency, including bitcoin, to be transferred around the world at low rates. He believes that too much power resides with just a few hands which can result in massive suffering, citing the 2008 financial crisis as an example.

The reason Gevers chose Switzerland was simple: it has the most decentralized political system in the world and efforts like his are seen as opportunities rather than threats. He was soon followed by other cryptocurrency startups who liked the idea of a country that is open to non-traditional ideas about currency.

Zug, the small town where Monetas and a number of other cryptocurrency companies are based, is embracing the technology. The local government lets its citizens pay for services using bitcoin.

This open-minded adoption of the technology is not restricted to Zug alone. Bitcoin Suisse has installed 10 bitcoin ATMs across Switzerland that accepts euros and Swiss francs then returns a slip of paper with code representing the corresponding bitcoin value; scanning the code using a smartphone gives the user their “money.”

While other world governments are trying to figure out ways to regulate bitcoin technology, the atmosphere in Zug is forward-looking: companies are looking for ways to use the technology beyond banking.