16 Blockchain Disruptions (Infographic)

Blockchain technology is claimed to be according to blockchain proponents to be one of the most impactfull discoveries in the recent history. It is promised to have a massive potential to change how we handle online transactions. Despite some skeptics, the majority of experts agree that blockchain has the potential to disrupt the banking and financial industry, and many other ones! To put it simply, blockchain enables decentralized transactions across a P2P network. There are applications where those propertied can be very useful, but there are many cases where blockchain migh not be the best solution even though it is hyped to be solution for very many application (remember to ask Do you need a blockchain? often).

This 16 Blockchain Disruptions (Infographic) by bitfortune.net tries to help you understand how the blockchain technology can and will improve 16 different industries, from music to government.

Infographic by bitfortune.net


  1. Tomi Engdahl says:

    Adults In El Salvador To Get $30 In Bitcoin As Nation Unveils Details To Make Crypto Legal Tender

    Every adult citizen in El Salvador will receive $30 worth of bitcoin when they download and register the government’s cryptocurrency app, President Nayib Bukele announced late Thursday as he unveiled details on how the nation would become the first to make bitcoin legal tender. 

  2. Tomi Engdahl says:

    Financial Times:
    UK’s Financial Conduct Authority orders Binance to stop all regulated activities in Britain by June 30, issues consumer alert against it — FCA also issues consumer alert against sprawling cryptocurrency group — The UK’s financial watchdog has ordered Binance to stop all regulated activities …

  3. Tomi Engdahl says:

    TP ICAP, the world’s largest interdealer broker, says it is launching a cryptocurrency trading platform with Fidelity Investments and Standard Chartered

    EXCLUSIVE TP ICAP to launch crypto trading platform with Fidelity, Standard Chartered

    LONDON, June 29 (Reuters) – TP ICAP (TCAPI.L), the world’s biggest interdealer broker, is launching a cryptocurrency trading platform with Fidelity Investments and Standard Chartered’s digital assets custody unit, the consortium said on Tuesday.

  4. Tomi Engdahl says:

    Matt Binder / Mashable:
    A look at how influencers, including Kim Kardashian, FaZe Clan and Elon Musk, are increasingly using YouTube, Instagram, and other platforms to promote altcoins

    Inside the shady world of influencers promoting cryptocurrency
    From FaZe Clan to Tana Mongeau, why are so many influencers shilling altcoins?

    YouTubers, streamers, and all kinds of social media influencers are jumping aboard the altcoin train. They’re urging their followers to look into new altcoins on a regular basis, if not flat out encouraging them to invest.

    What’s going on here? Why are so many of them promoting it, and how invested are they personally?
    A flood of altcoins

    New cryptocurrencies have been popping up everyday in order to take advantage of the hype around well-known crypto, such as Bitcoin and the meme-inspired Dogecoin, as the more established cryptocurrencies’ value spiked to new heights.

    If you look at forums on Discord, Reddit, and Telegram, you find dozens of new cryptocurrencies launching every week. But even if you mostly hang out on more mainstream social media channels like Twitter and YouTube, you very likely have seen some of your favorite internet celebrities promoting one of these newly launched altcoins over the past few months.

    Altcoins — which are also often referred to as “memecoins” or even “shitcoins” – are cryptocurrencies based on some sort of online joke or tied to some sort of money-making scheme.

    While Bitcoin and other established cryptocurrencies are already considered highly volatile investments, altcoins are even more risky. These coins are usually built on existing blockchains and buying them often requires a number of steps and hoops to jump through, and there are usually various transaction fees.

    “Let’s be clear, these things are absolutely worthless bullshit,” David Gerard, author of Libra Shrugged: How Facebook Tried to Take Over the Money and Attack of the 50 Foot Blockchain, explained to me in a phone conversation.

    “You only ever hear from the people who won and never from the people who lost.” he continued. “If you buy the coin, your money is gone, and maybe you can get it back if you sell the magic beans to someone else, which is basically the story of crypto in general.”

    “As soon as you could exchange Bitcoin for money, every scammer came out of the woodwork,” he said. “A lot of people [involved in crypto] have a history of scams.”

    Gerard brought up one of the earliest altcoin scams, IXcoin, which launched in August 2011.

    “The developer put out this coin and he disappeared less than a month later,” he explained. “Once he did that, the floodgates were open and this is where we got thousands of cryptos from. It’s basically the same sort of scheme, to try to make the sucker feel like they’re a big player.”

    “What you’ve described is called pump and dump,” Springer explained in a phone call where we walked through the various altcoins and their marketing schemes. “It could also be a ponzi scheme or a pyramid scheme or even both.”

    Pump and dump schemes are basically when someone tries to boost the value of an investment, such as a stock or cryptocurrency, by generating fake news or buzz around it.

    “I can’t tell you how many Ponzi schemes have done exactly what you’re describing, using exactly the mechanisms you’re referring to,” she explained. “The only difference is usually these schemes are done with fiat currency.”

    How these scams get influencers on board

    So how do certain altcoins go from one of the hundreds being pitched each month on a subreddit to being heralded by an influencer to their millions of followers?

    Of course, it’s possible these influencers have found a crypto project they truly believe to be a good investment opportunity…. But for most influencers what’s more likely is, like FaZe Banks, they are being paid to push an altcoin by its developers.

    And it hasn’t gone unnoticed. With the rash of online influencers pushing all sorts of different altcoins over the past few months, some influencers have started speaking out and shining a light on what’s going on.

    YouTubers The Nelk Boys recently shared that they’ve been approached with multiple offers to promote various altcoins.

    “By the way, that MILF Token shit I did a while back? I already told you guys don’t buy that shit,” Ross said to his fans between laughter. “I got paid a bag to do that shit. Like, I don’t give a fuck. I hope none of you guys actually bought it.”

    “It’s unbelievable! He’s literally admitting that he promoted something shady to his audience,” Feitosa said to me about Ross.

    Beyond being paid to simply market altcoins, some influencers have more vested interest in promoting certain cryptocurrency.

  5. Tomi Engdahl says:

    Bitcoin billionaire suddenly dies at 41, leaving behind crypto fortune

    ‘Mircea will endure as one of bitcoin’s most vilifies figures and inarguably one of its greatest philosophers,’ says one industry figure

  6. Tomi Engdahl says:

    Isabelle Lee / Insider:
    Visa is partnering with 50+ crypto firms, including Coinbase, to allow users to convert and spend crypto, says $1B+ was spent via crypto-linked Visa cards in H1 — – Visa is partnering with over 50 crypto companies to allow clients to spend digital currencies.

    Visa is partnering with over 50 crypto companies to allow clients to spend and convert digital currencies

    Visa is partnering with over 50 crypto companies to allow clients to spend digital currencies.
    This means clients can buy from any merchant accepting Visa, even those who do not accept crypto.
    More than $1 billion was spent on crypto-linked Visa cards in the first half of 2021.

    Visa on Wednesday announced that it is partnering with over 50 cryptocurrency companies including FTX and Coinbase to allow clients to spend and convert digital currencies through its card program.

    The partnership will make it easy for clients to convert and spend digital currencies at 70 million merchants worldwide, even those that do not accept digital assets.

    “The merchants don’t have to change anything,” Cuy Sheffield, Visa’s head of cryptocurrency, told Insider. “It will be the same as any other Visa transaction to them. But on the backend, the crypto assets are instantly converted into fiat.”

    “You have this growing number of consumers with assets on crypto platforms, trading crypto, holding crypto – and then you millions of merchants who don’t really understand crypto. They don’t want to have to update their point of sales and terminals and figure out what a blockchain is,” he said.

  7. Tomi Engdahl says:

    What’s Chia, And Why Is It Eating All The Hard Drives?

    At this point the average Hackaday reader is likely familiar with so-called “Proof of Work” (PoW) cryptocurrencies, such as Bitcoin, Ethereum, and Dogecoin. In the most basic of terms, these cryptocurrencies allow users to earn money by devoting computational power to the network. Unfortunately, it’s well past the point where your standard desktop CPU is moving enough bits to earn anything worthwhile. Individuals looking to turn a profit have therefore resorted to constructing arrays of high-end graphics cards for the express purpose of “mining” their cryptocurrency of choice.

    These miners, combined with ongoing chip shortages, have ravaged the GPU market.

    Now if you don’t use your computer for gaming, this probably seems like a distant problem. You could even be forgiven for thinking of this as little more than two largely frivolous pursuits at loggerheads with each other.

    But there’s a new form of cryptocurrency on the rise which threatens more than just the hardcore gamers. With “Proof of Space” (PoS) cryptocurrencies, it’s not about having the fastest CPU or the highest number of GPUs; the commodity being traded is storage space, and the player with the most hard drives wins.

    The Rise of Chia

    Conceptually, PoS cryptocurrencies have been around for some time. The idea was first proposed in the 2013 paper “Proofs of Space” by Stefan Dziembowski, Sebastian Faust, Vladimir Kolmogorov, and Krzysztof Pietrzak, which was later presented at the 35th International Cryptology Conference in 2015. The core argument of the paper is that PoW currencies are inherently wasteful as they consume processing power to function, and notes that critics were already predicting Bitcoin would be an environmental disaster. By comparison, the difference in energy consumption between an idle computer and one running their hypothetical PoS software would be negligible. Further, they reasoned that computers already had a large amount of unused disk space that could be offered up to the network.

    A few cryptocurrencies did emerge based on the concepts laid out in “Proofs of Space”, but none of them really caught on until the Chia Network was founded in 2017. Thanks at least in part to investors eager to get into anything involving blockchain technology, the startup sailed to a valuation of $500 million in May of this year. Created by BitTorrent developer Bram Cohen, the documentation for Chia leans heavily into the idea that it’s the “green” alternative to Bitcoin, requiring neither a high-performance computer nor any equipment that couldn’t be readily reused if you were no longer interested in Chia. As explained in their FAQ, nothing stops you from deleting the Chia data from your drives and using them for regular file storage.

    At least on paper, Chia certainly seems like the more eco-friendly option.

    if your only concern is how many watts your system is drawing, you could spin up 20 or 30 SSDs before they even got close to what a modern GPU consumes.
    Life on the Farm

    The term “mining” makes sense for Proof of Work cryptocurrencies, since you’re putting effort in to unlock something of value. But in the parlance of Chia, those looking to dedicate their storage space to the network are known as “farmers”; since after the initial setup, it essentially becomes a passive activity. The user simply tends their farm, which in this case means keeping an array of disk drives powered and properly maintained, and waits for something to sprout.

    In a perfect world, you could simply point your Proof of Space software at an empty hard drive, and get credit for it. But in practice, such a simplistic system would be susceptible to fraud. So if you want to dedicate your drives to Chia, the software needs to periodically verify they aren’t being used for something else. When a drive is first brought online, the Chia software will “plot” it by filling the unused space with cryptographic data. Then, when the blockchain broadcasts a challenge, the farmer’s drives will be scanned and whoever has a hash that’s the closest match will be rewarded with Chia.

    As it essentially operates like a lottery, the best way to increase your chances of getting a matching hash and receiving Chia in return is to add more storage to your farm. The good news it that operating a farm doesn’t require any great computational power. In fact, the Chia documentation recommends using a single-board computer such as the Raspberry Pi 4 or ROCK Pi with an array of USB drives to tend your digital crops.

    So how big of a farm does one need to make money on Chia? There’s a lot of variables, many of which are changing day to day, but the short answer is that with just one plot taking up 100 GB, you’re going to need a lot of drives to see any notable return. As of this writing, the Chia Calculator indicates that a 100 TB array could bring in $240 USD a month at current prices. But as there’s a certain element of luck involved, your real world results will absolutely vary.

    A surging Chia could even limit the availability of single-board computers, something that would impact the hacking and making community more than anyone. Shortages so far have been limited to high capacity enterprise-grade drives, but it’s not hard to imagine how that could expand into consumer hardware.

    That’s because Chia has something of a dirty secret. While it’s true that farming is largely passive, the processing of creating the initial 100 GB “plot” is anything but. Creating the cryptographic hashes not only requires a decently powerful computer, but writing them out puts the target drive itself under enormous stress. To get around this farmers have taken to creating their plots on smaller SSDs, and then moving them over to higher capacity enterprise drives for long-term storage once they’re done. In such a configuration the SSDs are considered an expendable resource, with some reports claiming it takes as little as a few weeks to burn through a standard consumer drive.

    The demand for drives is real. A representative from Seagate recently confirmed the manufacturer was exploring the idea of Chia-specific drives, but didn’t elaborate on what that would entail.

    Looking at the data, it certainly seems like Chia is running out of stream. Unless its value rebounds soon, the return on investment for prospective farmers just isn’t there. Why spend thousands of dollars to earn hundreds? There’s even a chance, given the lottery-like nature of the reward system, that you’d earn nothing at all.

  8. Tomi Engdahl says:


    The inner machinations of the mind of cryptocurrency markets are an enigma. Even traditional stock markets often seem to behave at random, to the point that several economists seriously suggest that various non-human animals might outperform one market or another just by random chance alone. The classic example is a monkey picking stocks at random, but in the modern world the hamster [Mr Goxx] actively trades crypto from inside his hamster cage.


  9. Tomi Engdahl says:

    Wall Street Journal:
    After Binance froze for over an hour during a cryptocurrency crash on May 19, many users who lost money have had trouble petitioning Binance, which lacks a HQ — The world’s largest crypto exchange has no headquarters, making it difficult for disgruntled traders to complain about the May crash

    Binance Froze When Bitcoin Crashed. Now Users Want Their Money Back.

    The world’s largest crypto exchange has no headquarters, making it difficult for disgruntled traders to complain about the May crash

    Anand Singhal built up $50,000 in savings from the time he was 13 doing freelance coding from his bedroom in New Delhi. It was meant to pay for a dream—a master’s degree in computer science in the U.S. The money disappeared in seven minutes on May 19.

    Binance, the world’s largest cryptocurrency exchange, froze for over an hour just as the price of bitcoin and other cryptocurrencies plunged. Mr. Singhal and others, who had made leveraged bets on their rise, were locked out.

    As losses steepened, the exchange seized their margin collateral and liquidated their holdings. Mr. Singhal said he lost his $50,000 plus $24,000 he had made in previous trades.

    Binance traders around the world have been trying to get their money back. But unlike a more traditional investment platform, Binance is largely unregulated and has no headquarters, making it difficult, the traders say, to figure out whom to petition.

    Mr. Singhal has joined a group of about 700 traders who are working with a lawyer in France to recoup their losses. In Italy, another group is petitioning Binance over the same issue.

    A Binance spokesman said extreme market volatility, like on May 19, can create technical bottlenecks for it and other exchanges.

    “We took immediate steps to engage with users affected by the outage,” and to provide compensation, the spokesman said.

    The price of bitcoin and other digital assets soared earlier this year, sparking a world-wide frenzy in trading. A huge chunk of that business flowed through Binance, which handled nearly $2.5 trillion in derivatives trades in May, according to data provider CryptoCompare. The subsequent crash in prices exposed the exchange’s inability at times to handle massive trading volume and has led to a backlash from users.

    Authorities in Japan and the Cayman Islands have said Binance doesn’t have licenses to operate in those jurisdictions. The U.K. said Binance’s local unit wasn’t permitted to conduct operations related to regulated financial activities. Several British banks have stopped customers from transferring money to Binance.

    In the U.S., Binance doesn’t direct users to its main website. Instead, it has an affiliate, called Binance.US, which offers spot trading of cryptocurrencies. Because Binance.US doesn’t offer derivatives, it doesn’t need to be registered with the Commodity Futures Trading Commission.

    Mr. Zhao, 44, founded Binance in China. The Canadian-Chinese programmer got into bitcoin trading after hearing about it at a poker game, according to a 2020 interview posted online. Forbes has valued his fortune at $1.9 billion.

    He set up Binance to help investors buy and sell cryptocurrencies and later offered more complex financial products, including futures

    To make returns more attractive, traders on its main website can make oversize bets with little money. Investors can get leverage of 125 to 1 for some futures contracts, meaning they can deposit just 80 cents to amass the equivalent of $100 of bitcoin or another currency.

    Mr. Singhal said a fellow trader told him Binance had released a compensation claim form. He filed one, but the reply wasn’t what he expected: an offer for a three-month upgrade to Binance’s VIP platform in exchange for Mr. Singhal agreeing “to release and forever discharge” the exchange from any action over his losses. It also threatened to withdraw the offer if Mr. Singhal made it public

    ‘If you’re trading crypto assets, there’s very little from a regulatory framework.’
    — Simon Treacy, a senior lawyer at London-based law firm Linklaters

    Regulators in most countries oversee exchanges that offer stocks and other securities, and can force brokers to make investors whole after system outages.

    “If you’re trading crypto assets, there’s very little from a regulatory framework,” said Simon Treacy, a senior lawyer at London-based law firm Linklaters LLP.

    Under Binance’s terms and conditions, users seeking compensation are required to file disputes with the Hong Kong International Arbitration Centre, a costly step for an individual.

    A lawyer advising the group, Aija Lejniece, until recently an arbitration attorney at law firm Latham & Watkins in Paris, said, “Binance has made it difficult—not impossible, but difficult—for the average consumer to seek recourse.”

    As regulators around the world move to restrict Binance, the exchange has been regrouping.

  10. Tomi Engdahl says:

    Todd Spangler / Variety:
    Warner Bros. to give away 91,000 limited-edition NFTs featuring characters from Space Jam: A New Legacy, the biggest drop of NFTs for a film to date — The loony-tunes world of digital collectibles known as NFTs is now getting actual Looney Tunes. — Warner Bros., in the biggest drop of NFTs …

    ‘Space Jam: A New Legacy’: Warner Bros. Is Tossing 91,000 NFTs Featuring Characters, LeBron James Up for Grabs (EXCLUSIVE)

    The loony-tunes world of digital collectibles known as NFTs is now getting actual Looney Tunes.

    Warner Bros., in the biggest drop of NFTs (non-fungible tokens) for a film to date, is releasing a collection of 91,000 limited-edition NFTs featuring characters from “Space Jam: A New Legacy,” including Bugs Bunny, Tweety, Porky Pig — and the pic’s star, LeBron James.

    NFTs certify the ownership of a unique digital content asset, based on blockchain technology, though they are mainly for bragging rights, since digital content can be copied an infinite number of times. (The “non-fungible” part means NFTs are not interchangeable in the way currency is.) Like physical artwork or baseball cards, NFTs can be bought and sold. They’ve become a craze in 2021, mainly released in auctions — and garnering some eye-popping sale prices.

    Aiming to provide broad access to the digital collectibles, Warner Bros. will give away one limited-edition “Space Jam” NFT to each individual who registers on Nifty’s (niftys.com), the startup that is hosting the launch, while supplies last.

    In addition, fans can earn a second free NFT by sharing a social media post about the “Space Jam” giveaway on Nifty’s. Collectors will be able to purchase additional NFTs for $2.99 apiece.

    While the “Space Jam” NFTs are not being auctioned, there’s still an element of exclusivity. The series will feature eight characters from the Looney Tunes “Tune Squad” plus LeBron James. The digital collectibles will include 2D and 3D-animated versions with five levels of rarity for each one. For the rarest category, “Legendary,” there will be only 10 copies of each. Both free and purchased “Space Jam” NFTs will be randomized and include all levels of rarity — a surprise-egg approach

  11. Tomi Engdahl says:

    Busted Cryptominers Might Have Mined on 3,800 PS4 Consoles
    By Zhiye Liu 4 days ago
    Something smells fishy.

    The Security Service of Ukraine (SSU) on Thursday reported that Ukrainian law enforcement has pulled the plug on a clandestine cryptocurrency mining farm in the city of Vinnytsia. The perpetrators had set up camp in an old warehouse and stealthily tapped into the city’s power grid to mine cryptocurrency. Most interestingly, the miners were caught with a shocking number of Playstation 4′s. And pretty much everything else, too.

    The Ukrainian authorities reportedly seized up to 5,000 pieces of hardware, including over 500 graphics cards, 50 processors and 3,800 PlayStation 4 (PS4) consoles, all of which are in short supply in the U.S. and beyond, as well as other tidbits.

    It’s not surprising to see processors and graphics cards discovered, since they are required to power mining rigs. The PS4 consoles, however, seem to be out of place.

    The PS4 features 8GB of GDDR5 memory clocked at 5.5 Gbps. Across the 256-bit memory interface, the PS4 delivers a memory bandwidth up to 176 GBps. The Pro variant, on the other hand, has memory running at 6.8 Gbps, offering up to 217.6 GBps. For comparison, the Radeon RX 580, which is one of the best mining GPUs, has a memory throughput of 256 GBps. Hypothetically, the PS4 Pro could potentially come close to a Radeon RX 580 in Ethereum mining.

    Even if it is possible to mine with a gaming console, using a graphics card or ASIC would still be more efficient. Then again, the Ukrainian miners had put up bogus electricity meters and were stealing electricity, so efficiency probably wasn’t on their agenda.

  12. Tomi Engdahl says:

    Historic Power Plant Decides Mining Bitcoin Is More Profitable Than Selling Electricity
    By Nathaniel Mott 7 days ago
    Something old, something new

  13. Tomi Engdahl says:

    PS4 “Crypto” Warehouse Was Actually Farming FIFA Crap
    It’s believed the 3,800 consoles were juicing FIFA accounts to be resold on the open market

  14. Tomi Engdahl says:

    Bitcoin Exchange Founders Missing After “Hack.” So Is $3.6 Billion

    This is the biggest heist in the short history of cryptocurrencies. 

    Crypto enthusiasts are seeing some topsy-turvy times. After El Salvador approved bitcoin as a legal tender earlier this month, China came down heavily on mining operations on its mainland, crashing the value of cryptocurrencies globally. Now a $3.6 billion scam involved in cryptocurrency trade has come to light in South Africa, which is being termed as the biggest “heist” in the short history of cryptocurrencies. 

    Brothers Ameer and Raees Cajee started Africrypt in South Africa in 2019. The company provided its users with updates on cryptocurrency trading and allowed them to create portfolios of cryptocurrency investments. By April last year, Africrypt had purchased 69,000 bitcoins, which is roughly worth $4 billion, for its customers. 

    Ameer, the COO, then informed their clients that Africrypt had been hacked and their wallets and accounts had been compromised. He also asked the clients to not report this to authorities since it would delay the recovery process. 

    A few suspicious clients contracted attorneys to look into the matter but the Cajee brothers were untraceable and involved the federal crimes unit. Further investigations found that Africrypt employees had lost access to the back-end platforms, seven days before the alleged ‘hack’.

    Bank for International Settlement said, “Cryptocurrencies are speculative assets rather than money, and used to facilitate money laundering, ransomware attacks, and other financial crimes.”

    While the QuadrigaCX incident might be termed unfortunate, 400,000 users lost their money when Turkish cryptocurrency exchange, Thodex, ceased operations in April this year after the government banned cryptocurrencies for buying goods and services. 

  15. Tomi Engdahl says:

    Shopify allows merchants to sell NFTs directly through their storefronts

    Shopify has made it possible for eligible sellers to sell NFTs (non-fungible tokens) via its platform, which opens up a whole new world for e-commerce merchants.


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