What retailers want from blockchain

Online retailers and those with bricks and mortar shops want to know how to use blockchain and to establish if it is a better system than the one they use now. Answering these questions is key to getting retailers to adopt blockchain solutions.

As Nikki Baird writes at Forbes, retailers are not so interested in how blockchain works, or how tokens are generated; they simply want to know how blockchain could work for them. Baird states there are three questions they need answered, and they are: Performance, Privacy and Ease of Use.

And as she points out, retailers don’t want to hear from platforms about how they intend to achieve these three things; they just want to have all of them in an operational blockchain.

So far, we’re not at that point; there is a way to go with each of the qualities retailers need to see.

Performance

When we talk about performance in relation to blockchain, we are really talking about scalability. That is the ability to handle lots of transactions, primarily for payments, but advertising is also important for online retailers. With payments, the transaction time can’t be slower than it is with the current system, and to win retailers over it needs to be faster. At the moment neither bitcoin nor ethereum can match Visa’s transaction times.

Privacy

Privacy is an important element of blockchain and cryptocurrency. The whole point of Bitcoin was to create a digital currency that could be traded anonymously, but is it truly anonymous?

Even if you don’t know who owns bitcoin, you can observe their behaviour on the blockchain. There are even businesses that track bitcoin usage and use the info to identify anonymous owners. This flaw is something that needs to be addressed, so that there is greater privacy on the blockchain, but without sacrificing scalability.

Baird writes, “For retailers, there is the additional issue of personally identifiable information and GDPR, Europe’s regulations around consumer privacy.”

Her answer to the issue is: “Blockchain has the potential to make all of that much easier, if we can evolve to a place where consumers can use blockchain to store their personal information, and decide and control which companies have access to which pieces of information.”

But as she points out, there are lots of hurdles to leap over before we arrive at this point, including identifying who is providing the service and doing more on the security of passwords.

Ease of Use

This is very important in a retail environment. And it is the one element that has been addressed more fully than the others. Baird highlights those companies that “bring blockchain to consumers without making it readily apparent that they are based on blockchain,” and “crypto wallets that make it easier to navigate between traditional and crypto currencies.”

Retailers are traditionally quite conservative, and the blockchain is still not mature enough to win them over. As Baird says, “For blockchain to make a difference in retail, it has to be much more about the experience than the technology.”

Blockchain will get there, but it isn’t ready yet!

Bitcoin is becoming a big brand

How big are these news headlines?

· Bitcoin surpasses 1 M daily active addresses.

· Uber provided an estimated 14 M rides per day in 2017.

· Apple sold 798,877 iPhones per day in 2017.

· OLA & Uber combined provide an estimated 3.5 million rides per day in India.

The virus has already spread! And it’s a good news for bitcoin.

According to CoinMetrics.io, there are now over a million daily active addresses, a number that is defined as the number of unique “from” or “to” addresses used per day. This is something we haven’t seen since November 2017, at the height of the bitcoin buying frenzy.

As Coindesk reports, one Twitter user, Kevin Rooke, noticed the movement this week and tweeted: “When Bitcoin first broke 1 million active addresses (Nov 27, 2017), 1 BTC was $9,352 and the median tx fee was $3.23.Yesterday 1 BTC was $8,230 and the median tx fee was $1.33.”

While some might say that this statistic isn’t that important, it certainly shows us one thing — there are people using bitcoin on a regular basis, whether for trading or spending. It is a good stat for bitcoin, regardless of what those who criticise it say.

From the statistics at the beginning of this article, you can see that there is a context for the figure. Take a look at the figures for Uber.

On the face of it, Uber is doing ‘better’ than bitcoin, because it has 14 million daily users globally. But you have to consider the fact that shifting from using a standard taxi to using Uber is much simpler for most people than changing from using fiat currencies to a cryptocurrency. So, the comparison is not exactly fair.

Then again, Apple is selling just under one million phones on a daily basis, putting bitcoin slightly ahead of it.

Ultimately, what can we take from these figures? The answer is that bitcoin is seeing the same kind of transaction volume as some of the world’s leading brands, which is quite an achievement, and shows that bitcoin is not just the leading cryptocurrency; it’s becoming the big brand of the cryptocurrency space.

Google Just ‘Killed’ Major Bitcoin News Site CCN In A ‘Crypto Crackdown’

At the beginning of this week, many CCN readers were hugely disappointed, and probably annoyed as well, to find press reports that CCN was closing down thanks to Google.

The problem is a thing called Google’s June 2019 Core Update that rolled out on 3rd June. CCN reported a drop in mobile traffic volume of 71% overnight, following the launch of this Google tool. It isn’t the only crypto-related news site that has seen a drop-off in figures: Coindesk’s traffic dropped by 34.6% according to Sistrix, a data company that tracks website visibility on Google, and Cointelegraph by 21%.

Billy Bambrough at Forbes writes, “The sudden drop in traffic to bitcoin and cryptocurrency websites has caused editors to question whether this was an intentional attempt to undermine their coverage of the cryptocurrency sector.”

But, it wasn’t just the crypto-related sites that have been hit hard by the Google Core Update; mainstream news outlets are also seeing a distressing downturn.

CCN founder Jonas Borchgrevink wrote just after the first announcement of CCN’s closure, “While all major crypto focused sites have taken a hit by Google’s June 2019 Core Update, other sites that are not affiliated with cryptocurrencies have experienced a startlingly similar impact.” And he called on journalists and editors to resist Google’s attempts to “control the world’s news consumption” and a future “Googlémocracy.”

“We have tried to find out why our stories are no longer visible on Google by asking for guidance in Google’s Webmasters Forum. While we appreciate the help of the experts from the Google Forum, their theories for why Google has decided to basically ‘shut down’ CCN does not appear to be entirely accurate. Why would simple fixes be the cause of the immense Google-listing drop, when other similar sites are experiencing the same blowback,” Borchgrevink asked.

CCN rises from the dead

If you go to the CCN website today you’ll see it is still posting current stories. I expected to get some 4040 error, or other notice indicating the site was down So I found the post by Jonas Borchgrevink explaining just how CCN appears to have come back from the dead. He addresses the readers to thank them for their support and then says, “While we’ve been working in the dark, trying to get to the bottom of our massive visibility drop on Google, a friendly helper in Google’s forum mentioned that ‘CryptoCoinsNews.com’ — our previous domain- is reappearing in Google searches.” He goes on to say, “That was a massive surprise for us as I personally requested a domain name change in 2017 from CryptoCoinsNews.com to CCN.com.”

And he concludes by saying, “Whether or not the Google June 2019 Core Update is to blame, we are fixing it. We’re receiving help from multiple SEO teams to understand what has transpired.

There’s still a good chance that this won’t correct our visibility on Google overnight, but I’m hopeful we are on the right path to figuring it out.”

So, there you have it: CCN died, but is dead no more!

The price of lunch with Warren Buffett

The saying goes, “There’s no such thing as a free lunch,” meaning that if you’re offered something, including lunch, and you’re not picking up the bill, you will still have to ay for it in some way. I mention this because I found a story yesterday that proves the maxim.

According to Francois Aure writing at CCN, Justin Sun, the founder of Tron bid $4.5 million to have lunch with the crypto hater Warren Buffett. And Buffett cannot escape this date, because Sun made the bid at Buffett’s GLIDE charity auction and won.

Four point five million dollars is a lot to pay for lunch, even if it is with the legendary billionaire and head of Berkshire Hathaway. However, we hear that Sun is going to bring a few of his blockchain pals along to the event. It sounds a bit like an ambush, but I don’t suppose too many in the crypto community will feel sorry for Warren Buffett having to dine with a bunch of people who oppose his views on crypto. Indeed, I’m sure there are many crypto supporters who would love to be able to hear the conversation.

Sun tweeted his victory at the auction: “I officially announce I’ve won the record-setting 20th-anniversary charity lunch hosted by @WarrenBuffett. I’ll also invite blockchain industry leaders to meet with a titan of investment. I hope this benefits everyone.

Sun then maximised the PR potential of this event by posting a long open letter to the crypto community via his Medium blog. In it he talks about his respect for Warren Buffett as an investor and says he hopes to persuade the seasoned investor that blockchain is the future.

In one paragraph Sun wrote: I’m a long-term believer (and certainly a big fan) of Buffett and his long-term value investing strategy. As some of you might know, the CEO of Berkshire Hathaway has said publicly; he sees no “unique value” in Bitcoin, the world’s largest Cryptocurrency. Yet, he has pointed to the potential in blockchain, the underlying technology behind all Cryptocurrency.”

As Aure writes, “Naturally, what we are all dying to know is who Mr. Sun plans to take with him.” Significantly, in his letter Sun said he may ask the community for their input and advice: “To aid in the conversation and support the overall cryptocurrency and blockchain community, I will invite several industry leaders — with your input — to accompany me to New York City for the lunch.”

Aure suggests that if Sun took John McAfee to the lunch and sat him beside Buffett the entire Internet would probably explode. There would certainly be a twitter storm at the very least.

But on a more serious note, it will be interesting to see what Buffett thinks of tron. After all he called bitcoin “rat poison squared,” so how he will respond to Tron that is worth only a few cents despite its place in the top tier of the crypto market is anyone’s guess.

Whatever happens at the lunch, it is certain that the crypto community will be looking for any crumbs of comfort from Buffett. If he says anything positive about crypto at all, it will be flying around Twitter before coffee is served.