Bitcoin’s price has been trading around the $600 levels after a surge in buying coupled with a small correction over the first week. The increase in the spot price continued to be bolstered by strong positive sentiment in the market. Fundamentally the market has grown more bullish on the news that China is considering integrating it’s Social Security fund with blockchain technology. Let’s take a closer look at China’s plans.
Social security fund to integrate Blockchain
China’s state social security system is trying to leverage blockchain technology in the maintenance of the funds. According to state-run newspaper China Daily, Wang Zhongmin, the National Council for Social Security Fund’s vice chairman said that the office is experimenting with the technology. The goal of the team is to reduce the transaction costs. The article, while presenting a potentially notable development from China, had few details on what this integration would entail.
“There’s no doubt that blockchain technology will be used in the Social Security system because of its valuable applications in the investment and management of social security funds.”
While how the integration would look is only up to speculation right now, the move came as a pleasant surprise. Especially since it came from one of the toughest opponents of the digital currency.
Apple’s approved list
For a long time, Apple’s stance on cryptocurrencies has been unclear. For the first time ever on Sunday, their approved list of blockchains and cryptocurrencies have been released. The biggest technology firm did this after reaching out to Anthony Di Iorio, founder of Jaxx, a cryptocurrency wallet. They had to tell him that they could no longer feature a version of his Jaxx wallet in their store. This is because the wallet features controversial Dash functionality. While Di Iorio is perplexed about the list, he believes that it is probably to protect its customers. The approved currencies are Bitcoin, Dogecoin, Litecoin, Ethereum, the DAO and Ripple.
Increase in Blockchain Technology Jobs
American Banking Sector has seen a steady increase in Blockchain Technology related Jobs. Companies are stepping up their recruitment process by offering a number of blockchain technology related jobs. This is majorly as companies realized the potential of the blockchain. According to Yahoo Finance, IBM recently proclaimed that it is undergoing massive internal restructuring. The reorganization is in line with the company’s plans with Blockchain. They have created a new unit called Watson Financial Services, which includes Watson, cloud and blockchain-related strategy. Many major banks and firms are also looking for Blockchain professionals to transform their automation.
With increasing adoption of the underlying technology of the digital currency in many fronts, the currency itself is sure to enjoy good bull run for some time to come.