Bitcoin continues to climb, hits new all-time high of $3,500
Bitcoin continues to go from strength to strength despite predictions of "chaos" after the blockchain forked on 1 August, creating the new Bitcoin Cash.
Uncertainty surrounding the fork caused the cryptocurrency to drop below $2,000 in mid-July for the first time in two months, with the software upgrade known as Segwit2x approved by the community to help address network limitations.
That upgrade was opposed by many, with former Facebook engineer Amaury Sechet saying that the upgrade does not go far enough to scale Bitcoin's capacity.
Sechet's faction launched the fork and created Bitcoin Cash; with early mining difficulties now dissipated, block production has accelerated from one per thirteen hours to one per hour.
Bitcoin Cash raised some potentially serious issues for investors - some miners may well have been tempted to jump ship and turn to the new blockchain method, undermining the original Bitcoin.
Now, however, the price of Bitcoin has rocketed in the past three days, rising by $600 and surpassing the $3,500 mark - a new all-time record high - as Bitcoin still remains more profitable to mine than Cash.
As well as this, Tuesday has been dubbed SegWit lock-in day as the number of blocks needed to be mined to activate will be passed later that day.
This upgrading in services will be delayed two weeks in a grace period which is designed to let miners upgrade their software so they can all change in unison - miners who have not upgraded risk losing their rewards as their blocks will not be compatible with other miners'.
Analyst Kay Van-Petersen is already predicting the next big rise of Bitcoin - he predicted that it will hit $100,000 by 2027.
Van-Petersen calculated that cryptocurrencies will be used in 10% of average daily volumes of fiat trade which will lead to an increased market cap - up from $37.8bn to $1.75trn.
By that time, around 17 million Bitcoins will be in circulation, meaning each one will be worth around $100,000, but Van-Petersen has called these estimates "conservative."
ServiceNow pumps millions into EU service compliance
ServiceNow, the digital workflow company, has announced a multimillion euro investment to help EU customers meet compliance requirements.
The legal, technical and organisational safeguards will help companies to comply with the the Schrems II judgment and European Data Protection Board (EDPB) Recommendations issued in June 2021.
ServiceNow’s investment means all EU-hosted data will be exclusively handled within the EU, and the cloud-hosted digital workflow provider claims its solution will come “without impact on current delivery and service”.
ServiceNow upgrade: free of charge
There will be no cost for current customers to opt in to the data compliance solution, even though ServiceNow is investing an unspecified multimillion euro sum and hiring more than 80 new staff across the bloc.
Mark Cockerill, vice president legal, EMEA and global head of privacy at ServiceNow, said: “With any regulation change, cloud services companies have a choice. They can adopt a ‘wait and see’ approach or get proactive and help customers and partners innovate. At ServiceNow we are on the front foot, continually investing in our customers, allowing them to operate with the highest level of choice and control over their EU data.
ServiceNow upgrade: ‘peace of mind’
“Our new EU-centric service delivery model will give our current customers and partners peace of mind. For customers and partners operating in highly regulated industries, or in the public sector, or those that have yet to make the switch to the cloud, this model gives them certainty and simplicity when selecting the cloud service that best suits their needs.”
Carla Arend, lead analyst, cloud in europe for IDC, said, “The Schrems II ruling has led European organizations to revisit their cloud-related data protection policies and processes when it comes to international data transfers through cloud services.
“Contractual, privacy, and security safeguards and the assurance that data will be kept and handled in the EU help European organizations to comply with European data protection laws while taking advantage of global cloud platforms. Vendors, such as ServiceNow, that invest to support their customers in response to this ruling are providing essential choice to their customers.”