Introducing aws blockchain templates for ethereum and hyperledger fabric
Each week we select the 3 news items that matter and explain why and link to one expert opinion. For the intro to this weekly series, please go here. These templates will let anyone launch an Ethereum public or private or Hyperledger Fabric private network, with just a few clicks. Amazon wants to make it easy for developers to create projects based on the blockchain technology, with blockchain templates.
Other companies like Google have bought up blockchain technology firms like Firebase in order to try to secure a foothold in what is shaping up to be a highly lucrative market. According to a report released by Bloomberg in March this year, Google is also developing a blockchain solution for its cloud business.
Blockchain-as-a-service BaaSoffers enterprises a way to test the technology without the cost or risk of deploying it in-house. With SAP Leonardo, SAP announced a digital innovation system that meaningfully integrates next-generation technologies to help its customers introducing aws blockchain templates for ethereum and hyperledger fabric their business, including ready-to-use blockchain technology and its SAP Cloud Platform Blockchain service.
IBM, which also has a cloud computing service, is one of the leaders in enterprise blockchain development. Also, given the recent increase in regulation around cryptocurrencies and ICOs, platforms like these provide a more legitimate tool for developers to develop peer-to-peer and decentralized solutions, as well as new consensus based DLT that could impact a broad range of industries.
Without a doubt blockchain is set to make some pretty big waves in the coming years. Walmart may be looking to the blockchain to store payment data. Walmart filed applicationsin October that outline how blockchain technology. This is not the only blockchain-related patents filed by Walmart in recent months. Walmart wants to use blockchain technology to perfect its drone delivery system. But beyond using blockchain for payments, Walmart is also pursuing applications of blockchain for supply chain purposes, particularly for tracking shipments of food.
The retail industry appears most focused on supply chain use cases related to blockchain technology. Retailers are using blockchain technology to provide customers with more information about their products, improve traceability of their food supply in order to build consumer confidence in their stores.
Food safety has become a crucial issue. Blockchain can make the supply chain much more transparent. It allows the entire chain to be introducing aws blockchain templates for ethereum and hyperledger fabric responsive to any food safety disasters. Walmart piloted blockchain technology to track produce in the U. For the retail distributor, the ability to collect all this information, right down to details such as storage and shipping temperatures, from farmer to store introducing aws blockchain templates for ethereum and hyperledger fabric, creates a major competitive advantage in terms of product quality, food safety, and consumer confidence.
If Walmart adopts blockchain to track food supplies on a global level, this could become the largest-scale deployment for distributed ledger technology. Tax authorities in Finland have begun matching bank records to cryptocurrency transactions in an effort to track down suspected Bitcoin tax evaders.
The Finnish Tax Authority is looking for bank transactions to crypto exchanges in to track the purchase and sale of cryptocurrencies. Forthe authorities have identified over 3, people that need to pay tax for cryptocurrency trading. Bitcoin is treated differently in different countries all over the globe. The absence of a uniform approach means different regulatory parameters and crypto taxation rules.
In many countries tax season is here. Purchases with Bitcoin are subject to VAT, just like any other. No tax will be imposed, however, on long-term investments in cryptocurrency. If a trader sells a Bitcoin more than a year after its purchase, the profit is exempt from taxation. On the other hand, individual investors trading cryptos do not owe any tax on their gains. In Singapore, buying Bitcoin will save you taxes.
Digital coins are not considered commodities and are not recognized as currencies. In the absence of special requirements, gains from crypto investments of private individuals are not taxed.
Companies trading cryptocurrencies, however, are expected to pay taxes on their profits. According to NikkeiThailand will begin taxing cryptocurrencies.
The Finance Ministry and the tax authorities in Seoul are working on a legislation that is likely to change the situation. The new tax bill should be adopted in the first half of this year, according to officials.
The situation in the US is more complicated. At the state level, several regulators have taken steps to become crypto-friendly jurisdictions. Wyoming passed a bill exempting cryptocurrencies from property taxation. Two other states want to legalize Bitcoin as a payment option for tax purposes.
Arizona has promised to become the first US state to start accepting taxes in cryptocurrency. Georgia may also allow its residents to pay taxes in bitcoin. Most people in the US that use or hold cryptocurrencies are trying to figure out how to file their capital gains taxes. The Internal Revenue Service treats Bitcoin or alternative digital currency transactions, which includes the collection of airdrops, trades, spending, and almost every type of exchange, a taxable event for U.
The taxation of Bitcoin and altcoins shows a lot of governments are looking at cryptocurrency in a completely different way these days. Taxing cryptocurrencies is a double-edged sword, as introducing aws blockchain templates for ethereum and hyperledger fabric automatically lends more legitimacy to this nascent form of money. Get fresh daily insights from an amazing team of Fintech thought leaders around the world. Ride the Fintech wave by reading us daily in your email.
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