Blockchain Blog

Bitcoin News for the week of 6/20/16

Welcome to our weekly bitcoin news recap, where we cover top headlines and stories in the world of bitcoin each week. This week we learned that the inventor of Skype has been studying ways in which blockchain technology can solve significant world issues. Also, Blockchain co-founder Nicolas Cary was featured as a guest author on the OECD Insights blog, where he wrote a significant article about finance in the digital age. We also had some ups and downs with the bitcoin price, which elaborate on below. Read about all this news and more, in our weekly recap.

Innovative Ideas
![Skype image via The Telegraph](https://blog.blockchain.com/content/images/2016/06/skype.jpg)
Skype image via The Telegraph
[Skype inventor Jaan Tallinn wants to use Bitcoin technology to save the world](http://www.telegraph.co.uk/business/2016/06/20/skype-inventor-jaan-tallinn-wants-to-use-bitcoin-technology-to-s/)

Jaan Tallinn, the co-founder of technology giant Skype, which is now owned by Microsoft, has revealed that he is working on a new project. He has spent a year working out how blockchain – the technology that helps power bitcoin – can be used to solve humanity’s biggest problems, from crime and corruption to deforestation and over-fishing.

In Sweden, the National Land Survey recently announced that it is conducting trials of a system that uses blockchain technology for land registration. The project, if successful, could have a major impact on how land deals are conducted.

In the States, The U. S. Department of Homeland Security (DHS) Science and Technology Directorate (S&T) awarded $199,000 to Factom Inc. for its project titled, “Blockchain Software to Prove Integrity of Captured Data From Border Devices” through its Securing the Internet of Things (IoT). The project’s objective is to limit hackers’ abilities to corrupt a device’s past records and make it harder to spoof.

Keeping up with the times
![bitcoin-handshake](https://blog.blockchain.com/content/images/2016/03/bitcoin-handshake.png)
Bitcoin image via Bitcoinist.net
[Financial industry limping into digital age](http://www.finder.com.au/financial-industry-limping-into-digital-age)

Removing the barriers to digital innovation is often as simple as utilizing new technology. However, there are some industries that are yet to fully embrace their digital potential. In a guest post on OECD Insights, Blockchain co-founder Nicolas Cary said the $13 trillion global finance industry is traditionally still reliant upon decades old services and fee structures.

**“Technology makes it possible for instantaneous payments, except that right now it takes days, or even weeks to make basic transactions. All this begs the question: why can’t money be digital too?” **

This being said, it’s no surprise when you read that the Bank of England has launched a fintech accelerator in partnership with PwC on a distributed ledger (blockchain) project. And just recently the IMF published a report calling the bitcoin blockchain the Internet of Trust.

Bitcoin Price Volatility
![Price chart from Markets.Blockchain.info](https://blog.blockchain.com/content/images/2016/06/bitcoin-price-june-24-2016.png)
Price chart from Markets.Blockchain.info
[Bitcoin Price Drops Below $600](http://www.coindesk.com/bitcoin-price-drops-100-brexit-hopes-falter/)

The price of bitcoin fell sharply earlier this week, according to the Blockchain Markets chart. CoinDesk says that sources familiar with the situation have suggested that the price decline is a response to the increasing likelihood that the UK will likely vote to stay in the European Union (‘Bremain’).

However, on Friday the price rebounded just as sharply increasing back up 15%. Yahoo! Finance says that the newest price surge isn’t just from news about the Brexit. In the Yahoo! article it suggests that the price increase is from multiple events, such as China trading, the approaching bitcoin halving, and general financial uncertainty globally, including the Brexit.

Bitcoin keeps chugging along
![Image via Bitcoin Magazine](https://blog.blockchain.com/content/images/2016/06/segwit.jpg)
Image via Bitcoin Magazine
[Segregated Witness Merged Into Bitcoin Core Release](https://bitcoinmagazine.com/articles/segregated-witness-will-be-merged-into-bitcoin-core-release-soon-1466787770)

During a Bitcoin Core development meeting on Thursday, it was decided that the code for Segregated Witness (SegWit) is ready to be merged into the master branch. According to Bitcoin Core contributor Eric Lombrozo, the merge is expected to take place in the coming days. Segregated Witness is an improvement to the Bitcoin protocol that enables a variety of new features and enhancements to the network.

In a scoop from USA Today, they reported that bitcoin startup Circle Financial has raised $60 million in Chinese funding, and that Circle will be opening an office in China soon as part of the new venture capital. Also this week, bitcoin exchange Quoine secured a $20 million funding round as well. These investments helps underscore the news that Wall Street blockchain investments have topped $1 billion annually.

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