Headline Feb 01, 2018/ ''' BITTERCOIN BY BLOCKCHAIN '''

''' BITTERCOIN BY BLOCKCHAIN '''

LAWYER ZAINAB KHAN - YES, now, Zainab, ''WHY do you think America's I.R.S. fears  Bitcoin?''.

Zainab Khan. here is a corporate lawyer from King's College, UK, and has a *circular reasoning mind* and can think legal,  global work. While the reason I pose this question is that I am on to something, something truly big.

THE EXTRAORDINARY....... rise in the value of  Bitcoin and other cryptocurrencies has led many people to worry that this market is a giant bubble.

Many, including the Federal Reserve chairwoman Jenet Yellen and the billionaire investor Warren Buffet, have warned about a ''Bitcoin bust'' that could rival the dot.com crash of 2000 and totally wipe out speculators.

*BUT the bigger concern about cryptocurrencies  may be they damage they could do, in the long run, to government finances through lost tax revenue*.

JAKARTA/KUTA : INDONESIAN authorities are investigating the use of  bitcoin in the holiday island of Bali, amid warnings by the  central bank- in Southeast Asia's biggest economy, over risks posed by virtual currencies, an official said.

The probe started after the central bank on Dec 7, 2017 issued a regulation banning the use of  cryptocurrencies in payment systems, said Causa Iman Karana, head of bank Indonesia's representative office in Bali.

''We found out from some postings on  social media that Bali appeared to have become a haven for  bitcoins transactions,'' said Karana.

Central bank officials and police were under cover at the end of 2017 to investigate scores of  businesses in Bali advertising online that they offered bitcoin payment services, said Karana.

AND IN AMERICA, JAMIE SMITH will never ever forget the precise moment she became interested in blockchain.

''You can trace it to the exact age of my son,'' says the former White House deputy press secretary, whose impressive CV includes stints working for Barrack Obama, Hillary Clinton and Madeleine Albright.

Two-and-half-years ago, having left the White House and on maternity from a job  in communications, a former colleague called and asked her to consider devoting her time to promoting the nascent technology.

Her reaction was not, at first overwhelmingly positive.

''I think I said something along the lines of are you crazy? that is criminal money, I don't want anything to do with this,'' she recalls.

Jamie's family felt the same way, confusing blockchain with its most popular [and often seemed] by-product, Bitcoin.

BUT after researching it further, she found blockchain  too interesting to resist, and soon joined  Bitfury, a  company that helps organizations move to the platform, before becoming the-

Chief executive of the Global Blockchain Business Council {GBBC}, whose mission it is to ''advice global understanding of blockchain technology.''

It's the GBBC, backed by Richard Branson and former  Swedish Prime Minister Carl Bildt, that has brought her to the World Economic Forum in Davos, where, for the first time, the ''B-word'' is on everyone's lips.

A quick stroll along the Promenade confirms the importance of the technology to this year's World Economic Forum.

Several large shops have been converted into blockchain ''spaces'', offering back-to-back sessions with utopian titles such as ''Blickchain beyond Earth'' and ''Redefining Human value.''

The World economic Forum's main programme is littered with similarly ambitious, albeit more conservatively titled, events, with a slew of accompanying publications offering up ''blockchain''  solutions.
 
NOT all those who attend, however, are familiar precisely what ''blockchain'' is. Which is where  Jamie Smith's communications background comes in.

''THE ORIGINAL Internet was created to move information, and it did,'' she explains enthusiastically deploying her oft-repeated idiot's guide to the technology.

''The information we send to each other, has to be actually stored somewhere, so it's stored in  databases.''

''The problem is hackers are getting pretty at getting into these silos, and once they are, it is party time.''

''BLOCKCHAIN, she explains, was invented a decade ago to combat this risk, by breaking those  ''silos'', such as Amazon Server Farm, into thousands of pieces.

''Instead of breaking into a house,  now you have to break into a town or city full of houses.''

This allows for something known as ''immutable records'' which opens up a wealth of potential applications, according to Carlos Moreira, a former UN official who now heads  WISeKey, a Swiss firm increasingly focused on crypto technologies.

Mr. Moreira, who is on his tenth visit to the mountain, says this is the first year he can talk about  blockchain without resorting to theoretical concepts.

''Rwanda is now using [blockchain] for land registries, he explains.

''!WOW! - the World Students Society is moving to 'blockchain' because E-voting is moving to the blockchain in many countries.

Mauritius is using it for financial technology, India is using it for putting digital identities of  citizens. It's making a big difference.''

Others are passionate about what blockchain can do to prevent human trafficking, or to create reliable personal medical records.

The Honor and Serving of the latest ''Operational Research'' on Future, Technology and Advances continues.

With respectful dedication to the Heads and Governors of Central Banks the world over, and then Students, Professors and Teachers of the world. See Ya all on !WOW! -the World Students Society and Twitter-!E-WOW! -the Ecosystem 2011:

''' World Edition '''

Good Night and God Bless

SAM Daily Times - the Voice of the Voiceless