How Can Blockchain Technology Help Save Our Privacy?

The article How Can Blockchain Technology Help Save Our Privacy? See more on: Business Law Group, LLC

Below is a good article on blockchain technology and privacy, especially when it comes to personal data.  As you are probably aware, the large companies out there (Google, Facebook, Twitter, Amazon, etc.) have a TON of personal information about you that they use for advertising, etc. It’s very possible that blockchain technology can alleviate a lot of those issues. Check it out.See more at https://kcbusinesslawgroup.com/How Blockchain Can Save Our Privacy Before It DisappearsHow Blockchain Can Save Our Privacy Before It DisappearsALEX MOSKOVThis ain’t your granddaddy’s privacy battle.Times were simpler when postcards were the big privacy invasion scare.Today, our personal privacy is under siege by veiled government surveillance programs and the countless tech company Trojan Horses.Privacy, per Merriam-Webster, is defined as the quality or state of being apart from company or observation, or freedom from unauthorized intrusion.Technical innovations in the past twenty years have blurred the lines of “apart from company” and “unauthorized intrusion,” and now our personal privacy is under attack from multiple fronts.Our locations are constantly being tracked on our phones, which are borderline inseparable from our bodies. We are under constant surveillance.Social media platforms know more about us than we should be comfortable with.Our sensitive information is floating around and being exchanged for a myriad of unauthorized purposes.Many personal privacy advocates have taken to blockchain and cryptocurrency entrepreneurship to build solutions that address the concerns of our dwindling right to privacy in the digital world.Technological advancements like blockchain and zero-proof have given the pro-privacy debate a new gust of wind. The beauty of these solutions is that they offer encryption or at least partial obfuscation on a massive scale.Privacy coins such as Monero and Zcash give us the freedom to transact without being tracked, but this could come at the prohibitively high cost of empowering and enabling criminal activity.Blockchain-based browsing and social media platforms like BAT, Steemit, and Sapien offer an escape from a manipulative data-mining browsing and social experience.blockchain and privacyThe following article explores the evolution of privacy in contemporary society, how the digital world has warped the reality of privacy and the rumbling dangers that come with it, and how blockchain and cryptocurrency projects offer a solution.A Contemporary Legal History to PrivacyPrivacy as we know it is a relatively recent development in human society. Our right to privacy isn’t explicitly stated in our Constitution and has been primarily defined by legal precedents, many of which haven’t accounted for the rapid societal change ushered in by the digital era.The rise of a private tech oligarchy posed new paradigms in which a slow-moving bulwark of a government is continually playing a game of iron-fisted catch-up.The government is in a precarious position when it comes to dishing out judgments against tech companies. These cases require light but decisive footwork to avoid stepping over and stifling private enterprise, while simultaneously protecting civilians from a very real bogeyman in the dark.The following are a handful of the legal precedents that have helped to dictate where the United States stands on personal […]

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Can Blockchain Technology Prevent Another Economic Downturn?

This following article Can Blockchain Technology Prevent Another Economic Downturn? was first published on www.kcbusinesslawgroup.com

Blockchain – Can it help stabilize the financial system?Below is a good article on blockchain technology and whether it can help alleviate some of the problems that we had with the last economic downturn.  Now, I personally have a different view on this – I believe that the next downturn will be driven by different factors – which means that the problems that will happen cannot be solved through blockchain.  That said, this is a good article and helps you think through the different issues that surround the new technology and how they help in everyday life.see more at https://kcbusinesslawgroup.com/https://www.mintdice.com/blog/could-blockchain-prevent-another-economic-crashLike any other system, the global economy is susceptible to failure at many different points. Unfortunately, due to the interconnectedness of the world, an economic crisis in one country could have disastrous consequences for other countries. This was the case during the United States economic crisis of 2008 in which the stock market crashed.Economic collapse on any scale usually happens as a result of disparities in the system that can easily be overlooked in the absence of clarity. However, blockchain technology could help avoid a financial crisis due to its transparency, security and decentralized mechanism. Cryptocurrencies such as Bitcoin are powered by this same technology which acts as a ledger for all transactions carried out on a network.The endless benefits of the technology have attracted countless investors over the years. Now, it is fast becoming an addition to every major corporation, from IBM and Mastercard to Nasdaq. Its properties are also attractive to financial institutions which constitute the industry that is most in need of the benefits it provides.The financial crisis of 2008 caused by a lack of transparency, greatly impacted various significant financial institutions and economies on a global scale. Blockchain technology affords banks full transparency, allowing them to spot such a crisis from a mile away. This way, they can take the appropriate preventive measures to ensure that it does not happen again. Banking authorities must make an effort to study the technology and better understand how it can be a force for the prevention of the next financial crisis.WHAT WAS THE 2008 ECONOMIC CRASH?The economic crash of 2008 was the worst economic disaster in the U.S. and the world since the 1929 Great Depression. The crisis caused a great recession after the cost of housing fell by 31.8%, even lower than that of the Great Depression. Although the crash occurred in 2008, the first signs were observed in 2007 when the prices of homes were too high.As a result, homeowners began to default on mortgage payments, leading to a downward economic turn which spread to the U.S. financial sector and eventually affected other countries. At the time, houses became extremely cheap, and homeowners were given loans worth up to 100% of the value of their new homes. Taking advantage of the profitable real estate sector, banks also made investments in subprime areas.The affected institutions stretched from investment banking corporations to commercial banks, insurance companies, and lenders. The situation […]

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Some Things to Know about Cryptojacking

The blog post Some Things to Know about Cryptojacking was originally seen on Business Law Group Blog

Cyptojacking – Some Things You Need to KnowBelow is a good article on cryptojacking, which has risen to one of the most popular types of malicious code on computers. What happens is that the cryptojacker downloads software on your computers (usually small businesses are targeted) where the software will run the crypto software to mine bitcoin, etc. using your computing power.  The programs links multiple computers so that the hacker can use this to perform the back end operations – all while using your system to do it.What can be terrible about this is that this isn’t obvious.  It simply slows things down for your whole system, but doesn’t stop the system completely.  Many companies don’t recognize that they were hacked for months or even years.see more at https://kcbusinesslawgroup.com/The Rise and Rise of Cryptojacking: What You Need to Know The Rise and Rise of Cryptojacking: What You Need to KnowCHRISTINA COMBENCryptojackingYou’ve probably heard of cryptojacking by now, otherwise known as illicit cryptocurrency mining. But oftentimes, we think that cybercrime affects large companies or that hackers only target important or affluent people. But here’s the thing about cryptojacking: it doesn’t discriminate on social or economic grounds.According to a study by Switchfast Technologies, small companies are actually a higher target for hackers. In contrast to common misconceptions, as long as they can make money, any company–or individual–is ripe for the taking. The absence of dedicated security personnel makes it easier for hackers to infect devices with malware, phishing, ransomware, or crypto mining botnets.Here’s a scary fact for you: 60 percent of small firms that suffer an attack go out of business within six months. And here’s an even scarier one: one in three small business owners have no safeguard in place to prevent a cyber attack. So for those of you surfing the net without taking proper precautions, it’s about time you did.The Unstoppable Rise of CryptojackingA few things you should know about cryptojacking:In 2018, cryptojacking became the largest cyber threat, knocking Ransomware off the top spot.Already, according to some sources, one-quarter of all companies have been victims of cryptojacking.In Q4 of last year, cryptojacking incidents skyrocketed by 8,500 percent.Those are some pretty eye-watering statistics. In fact, earlier this year, we reported that cryptojacking was becoming an epidemic. But despite a temporary downturn in illicit cryptocurrency mining from March to July of 2018, cryptojacking looks to be gathering momentum fast.According to a report by Kaspersky Lab, Ransomware attacks are on the decline because they aren’t sustainable. Cryptojacking is becoming so popular because it can go on for long periods of time without the victims even knowing.Moreover, cryptojacking can take place on multiple devices, not just on your laptop or desktop. Think servers, mobile phones, and even IoT devices.Currently, mobile mining isn’t profitable enough for an individual to do. But deploying thousands of mining botnets to mine on multiple devices over a long period of time is. According to Kaspersky, countries that are particularly at risk when mobile mining takes off are India and […]

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Eleven Questions On Blockchain Technology

This article Eleven Questions On Blockchain Technology is courtesy of kcbusinesslawgroup.com

When it comes to blockchain technology, a lot of people are confused. Heck, we even get a bit scrambled at times.  In theory, it’s not that difficult, but over time it can be a bit harder to unravel.  Below is a really nice article on 11 different things about blockchain and how it works. It’s a good article.11 Questions About Blockchain You May Feel Too Dumb to Ask11 Questions About Blockchain You May Feel Too Dumb to AskCHRISTINA COMBENQuestions about BlockchainUnless you dedicate your working week to crypto (and even then, new concepts develop at lightning speed), you probably still have a few questions about blockchain. And maybe you feel too dumb to ask them in your circle of knowledgeable peers. Well, there’s no judgment here. We’re all on a learning curve when it comes this new technology.This isn’t a beginner’s guide (if you want to take a deeper dive, we have you covered here). Think of this list of questions about blockchain more like the notes you borrowed from a classmate for the lectures you missed.Here are the answers to 11 questions about blockchain you probably feel too dumb to ask:1. Is Blockchain Actually Secure?Whether it’s idle chit-chat at the dinner table or your Mom wanting to know why Bithumb lost $30 million if Bitcoin can’t be hacked, you’ve probably been asked more than once if blockchain is secure. “Of course,” you say, except… you still have a nagging doubt.Is blockchain actually secure? And, if it isn’t, how do you explain its defects in simple terms? Here goes: Blockchain technology is secure, in the sense that it can’t be tampered with or censored. There’s also no single point of control, as it’s a decentralized system that belongs to no one person or group.What’s the advantage of that? Well, with traditional infrastructure, a hacker can easily enter a system (think Equifax) and cause unthinkable damage. This is because there is just one single point of entry–and failure–making the hack much easier.Hacking the blockchain requires a tremendous amount of money, power, and coordination (the likes of which not even many small countries could afford).So then, a blockchain can be hacked?The blockchain can be hacked. But it’s incredibly difficult.Technically, yes. In what’s called a 51% attack, a hacker would have to gain control over more than half of all the Bitcoin network mining hash power. And even then, all they could alter would be their own transactions in recent blocks by performing double operations. They wouldn’t be able to gain control over other people’s funds or operations.So of all the questions about blockchain, this is one of the most complex because, no, blockchain isn’t technically 100 percent secure. Just 99.9999999%. And also, not all blockchains are created equal, but we’ll get to that in a moment.2. How Many Blockchains Are There?There’s no easy answer to this question since it’s not a static number. New blockchains are being created just as new cryptocurrencies are coming out. The key takeaway is that there are […]

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Ethereum versus Litecoin vs Bitcoin – A comparison

The blog post Ethereum versus Litecoin vs Bitcoin – A comparison was originally published on Business Law Group

Comparing Bitcoin, Litecoin, and EthereumBelow is a good comparison on the differences between the big three digital currencies – Litecoin, Ethereum and Bitcoin.  As a part of our FinTech practice, we are constantly dealing with questions about these different platforms.  What we do is help our client navigate the waters that are described in the article.  The article is a long, but that is what makes it so good. Be sure to take a gander. For more about us, visit https://kcbusinesslawgroup.com/Posted by Business Law Group.https://www.mintdice.com/blog/bitcoin-vs-ethereum-vs-litecoinBITCOIN VS. ETHEREUM VS. LITECOINWhile cryptocurrency has only recently become a popular term in finance, it has been around for a long time. Before names like Bitcoin, Ethereum, and Litecoin even existed, there were attempts to create a decentralized currency.David Chaum, a respected cryptographer, launched ECash, an anonymous system in the 1990s but it failed. Chaum built the system on currently existing government financial principles and infrastructure like credit cards. RPOW, BitGold, B-Money were also created but failed.Cryptographers could not get past specific challenges that they faced at the time. The first challenge was how to achieve true decentralization and the second was the issue of double spending. The prevention of double spending meant the use of a third-party clearing house. This wasn’t acceptable because to achieve the type of innovative digital finance they wanted; the system had to be independent of any institution.In 2008, cryptographers finally stumbled on the information they had been searching for when an anonymous contender released the blueprint for a digital currency known as Bitcoin. It showed the technical specifications of the blockchain — a decentralized technology that creates a trustless, permissionless system and eliminates the problem of double spending. This new technology took the world by storm, later leading to changes in the financial industry as well as other industries such as real estate. With the cryptocurrency revolution, came many coins, tokens, and altcoins. Here, we take a deep dive into the similarities and differences between some of the most popular and valued ones: Bitcoin, Ethereum, and Litecoin.BITCOIN EXPLAINEDBitcoin is a digital currency, created as a store of value for the anonymous exchange of goods and services online. It typically has all the properties of a more traditional currency and can be broken down into smaller parts, up to eight decimal places. It’s also the largest cryptocurrency by market capitalization.A BRIEF HISTORY OF BITCOINBitcoin first originated in 2008 when an anonymous programmer under the pseudonym of Satoshi Nakamoto released a paper in a cryptography mailing list. This paper detailed the workings of a new digital currency, built on blockchain technology. The virtual currency was designed to imitate key qualities of traditional money while providing anonymity, transparency and eliminating the need for a third party.Researchers tried to find out the identity of this anonymous programmer, all to no avail. It became a mystery to the cryptography community who could not ignore this act of charity, containing a brilliant solution that had eluded them for so long.The technology behind Bitcoin is open source, […]

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Distributed Ledger Platforms – Digital Asset

This article Distributed Ledger Platforms – Digital Asset was first published to www.kcbusinesslawgroup.com

Below is a good article from CoinCentral on a new company that is working in the crypto space.  As a part of our FinTech practice, we are constantly dealing with the issues in the article.  What we do is help our client navigate the waters that are described in the article.  The article is a bit sales-y, but it’s still a good read on some of the innovations that are being brought to the market. Be sure to check it out. For more about us, visit https://kcbusinesslawgroup.com/Posted by Business Law Group.What Is Digital Asset? | Distributed Ledgers for Financial InstitutionsWhat Is Digital Asset? | Distributed Ledgers for Financial InstitutionsDigital Asset HoldingsBlockchain technology is often called the “Internet of value.” If so, it makes sense that the financial industry should be among the biggest to benefit from distributed ledgers. Digital Asset is a company providing a flexible infrastructure for regulated financial institutions to share processes and data securely. And it’s one of the first big movers to start developing products that will integrate blockchain into the heavily regulated global financial markets.Its current project portfolio, partnerships, and overall vision are set to bring a steep change to the way that financial and other multi-party transactions are carried out. This is much needed for an industry that still feels the regulatory repercussions of the 2008 global crisis.Current Landscape in the Financial IndustryThe financial industry processes transactions worth trillions of dollars on a daily basis. The infrastructure that processes this transaction volume has evolved–laws, market regulations, computer systems, and databases.There’s a vast amount of data duplicated across different databases that serve to create trust and resilience in the transactions that are taking place. Each party to a transaction must reconcile each entry, a necessary exercise to ensure the integrity of recorded data. Think double-entry bookkeeping on a global scale.Because the current infrastructure has evolved to deal with a heavy transaction volume over time, it comes with problems. If there is a regulatory change, like those prompted by the global financial crisis, systems need to be updated to accommodate the changes.Similarly, hackers force developments and upgrades in security protocols, which in turn require software upgrades that can be expensive and cumbersome for financial firms to apply across legacy systems.Enter Digital AssetDigital Asset recognizes the potential that distributed ledger technologies (DLTs) can bring to the financial sector. DLTs provide a permanent record of truth held between multiple parties, making the duplication of data across various systems controlled by different parties redundant.DLTs update in real time, unlike many current systems. The automation capabilities of smart contracts also provide enormous value within the financial sector, creating an automated workflow for the exchange of value, with an immutable fulfillment of agreed conditions. Smart contracts, therefore, can help to standardize and automate the many complex legal agreements that are commonplace across the financial industry today.Digital Asset also understands that existing blockchains are generally not fit for the purpose of the financial industry. This is due to the many legal and market […]

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Crypto Attorneys – Do we Need Them?

This following Crypto Attorneys – Do we Need Them? is courtesy of kcBusinessLawGroup.com Blog

Below is a good article from CoinCentral on what crypto lawyers are and why we need them.  As a part of our FinTech practice, we are constantly dealing with the issues in the article.  What we do is help our client navigate the waters that are described in the article.  Be sure to check it out. For more about us, visit https://kcbusinesslawgroup.com/Crypto Lawyers: What Are They and Why Do We Need Them?Crypto Lawyers: What Are They and Why Do We Need Them?Crypto Lawyers Guiding Us Through an Unregulated JungleLawyers are specialized in many fields, from animal law to timeshare law. And as the popularity of cryptocurrency grows, so does the need for crypto lawyers. The laws surrounding cryptocurrency can be vague, and vary from place to place. Along with these muddled regulations, cryptocurrency has brought about its own brand of lawsuits. While these lawsuits can seem similar to those in the financial world, many still require a crypto expert to help during litigation.Crypto lawyers are experts in blockchain technology and cryptocurrency regulations. They help break down the technology to court during litigation. They also help break down the laws for cryptocurrency developers, exchanges, and startups. These lawyers are the designated liaison between the crypto world and lawmakers. The two biggest areas where cryptocurrency lawyers are important are ICOs and Exchanges.ICO BlundersIt’s easy to fall for a phony crypto whitepaper, just look at HoweyCoins. Investors also tend to skim through whitepapers and invest in a cryptocurrency purely because of the hype around it. Or even if the whitepaper is solid and the hype is real, sometimes developers are just unable to deliver. It’s not an easy task to determine whether an ICO is a scam or not. However, when we choose wrong, it’s time to call in a crypto lawyer.One example of an ICO not living up to expectations is Centra Tech. The company’s founders are facing charges after raising $32 million through an ICO and endorsements from DJ Khaled and Floyd Mayweather. This ICO scheme lured investors in with claims of major credit card partnerships, fake founder biographies, and price manipulation of its Centra tokens (CTR).In cases like the one above, a crypto lawyer is a necessity. Investors know they were victims of fraud, but pointing out fraud in the unregulated legal world of crypto takes experience. In the US, one important factor that connects fraudulent ICO’s to the legal system is the SEC’s definition of a security. But even with the SEC’s definition, it’s up to a crypto lawyer to convince the court whether or not an ICO is a security. In the case of Centra Tech legal crypto experts were able to define CTR tokens as a security, and tacked on securities fraud along with the other charges against the company.Crypto lawyers are also important in preventing lawsuits stemming from ICOs. Even legitimate companies creating a cryptocurrency with good intentions can be subject to legal action. Every country has their own strict regulations. In the US every state has […]

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