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Private blockchains, which allow only a preselected group of people to maintain the integrity of the ledger, can empower businesses to be more intuitive in the way they manage IoT devices.

Most businesses do not operate in silos, and have to abide by certain regulations or bodies of authority.

It’s not practical to reinvent every industry in the mould of Bitcoin, so permission-based ledgers may hold the key to scaling IoT sensibly, while all the while maintaining compliance with external structures.

Take agriculture for example. IoT is already helping to optimise supply chains and deliver smart logistics – tracking assets from a farmer’s field all the way to the shop floor through a web of connected sensors. Partnership with the blockchain, however, can take this one step further; guaranteeing food safety or ensuring the correct farm is given credit by hosting information on a living ledger.

See also: What should define an enterprise encryption strategy?

What’s more, farmers must abide to strict codes when it comes to what they can and cannot deliver to consumers, whether that be hygiene standards or conditions of livestock.In uploading a wealth of IoT data to private ledgers, a form of cryptographic auditing is ensured, broken down into simple inputs and outputs.

The joy of blockchain technology is that in coding the sensory data of machines directly onto the ledger, validity can be guaranteed from the first entry onward. In short, IoT and blockchain are self-reinforcing.

Preparing for the machines

Optimising current systems is one half of the story, preparing for the future remains the other. 68% predict we’ll see mass industry adoption of IoT within the next five years. One of the key battlegrounds is industrial IoT, and revolutionising how we manage supply chains and logistics.

IoT-enabled devices allow for real-time, predictive maintenance of machines, with the more devices connected to the network contributing to a smarter system. This, however, also raises threat levels, with each new connected device another potential entry point for attackers.

Connected devices have already altered the way businesses face up to security. There’s currently no uniform or overarching standard, so it’s up to individual businesses to take the lead.

See also: Servitisation: how technology is making service the new productFor those without the resources to design platforms with security in mind from the outset, it can often be an arduous task staying in control. Now imagine when AI becomes commonplace within manufacturing and the rate at which robots exchange data becomes exponential.

61 per cent expect robots to be a mainstay in IoT within a decade – private blockchains may just prevent future issues when interactions go beyond single-thread conversations and into multi-threaded ones between machines themselves.

Both IoT and blockchain technologies are here to stay. Their convergence is largely expected and the potential for them to benefit businesses is immeasurable.

On one hand, security concerns can be addressed by distributing information across the ledger; while on the other, IoT and blockchain can work together to disrupt many of the processes we have come to accept.

Private blockchains allow businesses to pick and choose the most favourable features of decentralised lists, and maintaining control in what is contributed to it at the same time.

The result, if managed correctly, could change the way we understand and utilise the IoT.

To download Canonical’s Defining IoT Business Models report, click here Sourced by Jamie Bennett, VP of Engineering, IoT and 

The game isn’t over for Bitcoin yet. And neither is its price volatility, which divides cryptocurrency experts on where bitcoin price is heading next. On one side is the bullish camp, which argues that Bitcoin is still in an uptrend, betting that it will eventually reach $30,000.

Marshall Taplits, Chief Strategy Officer for NYNJA, is one of them. “Speculation on price is always difficult, says Taplits. “However, the trend for Bitcoin is clear - UP, going to about $20,000 USD from zero in 10 years.  Each time Bitcoin corrects, the media wrenches.  However, anyone who has been watching crypto currency since the beginning knows to bet on $30,000.


Daniel Worsley Chief Operating Officer of Local CoinSwap is another Bitcoin bull. “There is no other network that has been as battle tested as the Bitcoin blockchain,” says Worsley.  


“It has resisted serious adversaries, and coordinated attacks designed to disrupt its functioning. It has survived all assaults. It wouldn't surprise me at all to see the price above $20,000 USD this year. Especially given the amount of negative press which is now priced in, and investor expectation of another bull run, it will only take a couple of positive developments to set off the train.”


On the other side is the bearish camp, which argues that Bitcoin is a mania that sooner or later will come to an end, the way every mania ends: falling demand in the face of rising supply (in this case from competing coins). And when these conditions are met, Bitcoin prices could be driven back to $1000.

That’s according to some estimates which set the fundamental value of Bitcoin at $1,142.Still, it may take quite some time before the price of Bitcoin reaches its fundamental value, even in a rational world.

“Rationality of behavior and expectations is not enough to prevent bubbles, as it is not enough to guarantee that the price of an asset is equal to its fundamental value,” explains Christos Giannikos, Professor of Finance at Baruch College....continue reading page 2 of this article here on Forbes: https://www.forbes.com/sites/panosmourdoukoutas/2018/04/08/wheres-bitcoin-price-heading-next-1k-or-3...

• When you could lose a big chunk of your investment in one day, stress seems inevitable.
• This unique asset requires unique fortitude.

Annie Nova



Caroline Purser | Getty Images


January was a painful time for many bitcoin investors.At the start of the month, a digital coin was worth nearly $15,000. By the end, it was worth around $9,000. (On the first day of February, the currency continued to hover near the $9,000 mark, a critical level that analysts are watching.)


The losses stem in part from new regulations in South Korea and Facebook's announcement that it would ban ads for the digital currencies. More volatility is expected.



Owning an asset that's been called both a fraud and the future can be an emotionally intense experience.When bitcoin lost 30 percent of its value on Dec. 22, for example, one post on Reddit read: "I just re-financed my house to get in.


I'm freaking out." Another user offered support to the frantic: "If anyone's actually depressed or suicidal, come to r/SuicideWatch. We love to listen and talk there.


"It's the 24-hour cycle of cryptocurrencies that can wear on people's nerves, said Jim Smigiel, CIO of absolute return strategies at SEI Investments."With other speculative investments, like private equity and venture capital, you can't check your phone every five minutes," he said. With cryptocurrencies, "You're able to track the minute-by-minute value of it."


"Looking at something with such high volatility all the time is not conducive to an investor's mental health," Smigiel said.




Iconic investor Warren Buffett on bitcoin, his health and the state of markets  11:16 AM ET Wed, 10 Jan 2018 | 03:42Here's how to keep calm on the cryptocurrency roller coaster:

Look away

Bitcoin's volatility is part of what makes it irresistible, said Willemien Kets, associate professor at the University of Oxford's Department of Economics."We know from social psychology that the best way to get people hooked on something is to give them a reward on a very uncertain time frame," Kets said.


Don't fall into the trap.


Checking the value of cryptocurrencies constantly is unproductive, Kets said."You can't do anything about the price movement itself," she said.Instead she recommends people decide on a price point at which they'll sell — say, if the asset drops below $10,000 — and set their phone to alert them at that threshold.





Andrey Rudakov | Bloomberg | Getty Images


An attendee wearing a t-shirt decorated with a bitcoin rocket illustration and the words 'To the Moon' checks his smartphone at the CrytoSpace conference in Moscow, Russia, on Friday, Dec. 8, 2017.


Jack Tatar, co-author of "Cryptoassets: The Innovative Investor's Guide to Bitcoin and Beyond," pointed to another reason why constant phone checks are futile."It's very hard to realize the gains you see on your phone," Tatar said. "These markets are not as liquid as the stocks and bond market.


You can check your phone and see you're up to $30,000, but if you wan't to realize that gain, you probably won't be able to do that."That's because it can take days for a cryptocurrency transaction to complete, during which the value can change substantially. 


Despite his advice, Tatar admitted he, too, can't look away."My son has tried to tell me to take a few days off," he said. "But I just can't."

Buy to hold

When people buy and sell in a dizzied cycle, they miss the bigger picture of cryptocurrencies and the blockchain technology on which it's traded, said financial advisor Ric Edelman, founder and executive chairman of Edelman Financial Services.


"There's no question that digital currencies are the future," Edelman said. "You should be prepared to own it for years."He said his decision to hold bitcoin for more than a decade has paid off."I've watched it go from $1 to $1,000, back to $200 and then to $16,000," he said.


Although he acknowledged that such ups and downs are intolerable for some people."If owning this asset is causing you to stare at the ceiling at night, you shouldn't own it," he said. "There's more to life than money."

"I've watched it go from $1 to $1000, back to $200 and then to $16,000."-Ric Edelman , financial advisor 

Peter Ayton, who studies behavioral decision theory at the City University of London, said it's hard to expect people to be rational with cryptocurrencies. Many people who've been seduced by bitcoin are individuals who might not fully understand what they're buying, he said."When you have something as volatile as bitcoin, it doesn't lend itself to long-term strategic thinking," Ayton said.

Diversify beyond bitcoin

Michael Sonnenshein, investments director at cryptocurrency firm Grayscale, said people might be less anxious if they're not banking on just one cryptocurrency.Fortunately, you don't have to: There are currently some 2,000 cryptocurrencies to chose from. And more investment firms are looking into establishing index funds for cryptocurrencies.


For example, Grayscale is soon launching a "basket of digital currencies," in which investors' money will be spread across five digital currencies.Diversifying is useful for another reason, Edelman said: "It's so early, we don't know which cryptocurrencies will survive."

Invest only what you can afford to lose

Tatar said people must restrict how much of their investments go to cryptocurrencies."You're seeing too many people jumping in and betting the ranch, and just saying 'yee-haw!'" he said. "They're not disciplined enough to realize they have to stay within their asset allocation models.


""Rebalancing" your investments is essential with cryptocurrencies, he said, because of their tendency to rapidly change value."If you've invested 20 percent of your portfolio into bitcoin, and all of a sudden you check and, lo and behold, your bitcoins have increased so much that they're now 35 percent of your portfolio, you can rebalance and go back to your asset allocation," Tatar said. "That should protect you from some of that volatility."

"You're seeing too many people jumping in and betting the ranch, and just saying Yee-Haw!"-Jack Tatar , co-author, Cryptoassets: The Innovative Investor's Guide to Bitcoin and Beyond

It's not just the owners of cryptocurrencies who are stressed, Smigiel said. Recently, he finds himself consoling his clients who haven't bought any bitcoin, ripple or ethereum.


"We also see anxiety on the flip side — the people who feel they are missing out," he said. "And so you're anxious either way."More from Personal Finance: 
Bitcoin, once 'sketchy,' becomes more mainstream
Some cryptocurrency-backed debit cards dropped from Visa network, leaving users scrambling
Bitcoin is too risky to treat as a 'serious' investment, financial advisers say
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Many people have never heard of cryptocurrency. Others have and believe that cryptocurrency is not only here to stay, but will become more commonly used in the near future.


There are several reasons for this, of course.Because of its encryption, this digital form of currency is difficult to both forge and steal. Furthermore, it isn’t heavy to carry or dirty like paper money and coins are. Fees are almost non-existent since banks are not necessary in order to complete monetary transactions.

But even if you have heard of cryptocurrency and know about its advantages you may still want to know more about it. For example, you may wonder how to accept cryptocurrency in your business.

1. Understanding Cryptocurrency

If you want to accept cryptocurrency in your business you must first understand that its values in the past have had some wild swings. This means if you decide to begin accepting it, what you get paid today could be worth nothing tomorrow. Of course, it could also be worth thousands.

Transactions are secured by using blockchain, which is a way of digitally recording them using cryptography. In addition, they are not recorded on one central server but instead on a network of many computers. This is why it is so secure.
However, just because it’s more secure doesn’t mean cryptocurrency can’t be stolen at all. In the recent past cyber thieves have made off with millions of dollars of digital currency.

Unfortunately, since cryptocurrency is not backed by any bank or the government, losses from theft are not covered. In addition, the encryption makes it much harder to catch a hacker who steals it.

2. How to Accept Cryptocurrency

One of the first things you must do to accept cryptocurrency is to set up a virtual “wallet”. Each of the wallets has different security features such as backup systems and identification methods.There are wallets that are available free to users while others must be paid for.

Blockchain and Coinbase are a couple of options you could choose from to set up a wallet to hold your cryptocurrency. Next you must advertise so your customers know they can pay using cryptocurrency.

For starters you could put up a small sign that shows that you accept bitcoin. And you can advertise in other ways too, such as over the internet.Finally, to accept cryptocurrency in your business as payment you may need to set up an app on your computer or phone.

The app generates a quick response code, or QR code, that is used in the transaction. BitPay and CoinBase are two types of payment processors you could choose to complete your cryptocurrency transactions. They may have fees attached, so check out the features of each thoroughly before you decide on one.

3. Is it Legal?

Currency in the U.S. was backed by the gold standard up until 1971. Since then it has been backed by fiat meaning it has value because of government declaration.However, digital currency such as cryptocurrency is not backed by the government.

It only exists through digital transactions.Regardless, that doesn’t mean it isn’t legal. It just isn’t backed by anyone. That may be one reason not all countries accept it. But that doesn’t preclude you from accepting it as payment in your business.

4. How to Pay Taxes

The IRS does not classify cryptocurrency as money. However, if you intend to accept cryptocurrency in your business you should likely pay taxes on it the same way you would on other income.

Talk to your accountant or tax preparer to make sure you comply with tax rules and regulations. As cryptocurrency becomes more widely used you may want to start accepting it as well.

Now that you know how to accept cryptocurrency in your business you can do so and ensure your business continues to grow in the future.


This article was originally published on Due.com.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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