Major Bank Publishes Blockchain Project

The Dutch ING Groep has released a blockchain tool designed to give customers increased privacy. The tool is called Zero-Knowledge Set Membership and is open to the public.

Companies are enthusiastic about the Bitcoin evolution

Even though financial institutions are usually not fans of crypto currencies, companies are quite often interested in distributed ledger technologies such as Bitcoin evolution blockchain. Visa and MasterCard, for example, never tire of warning of the dangers of ICOs. The two credit card companies even recently announced that they would take stronger action against ICOs in the future. In cases of doubt, the companies also reserve the right to reverse bookings up to 540 days after a transaction – if, for example, they are connected to questionable ICOs. On the other hand, both companies are enthusiastic about the blockchain. For example, Visa launched its own blockchain platform. Meanwhile, MasterCard, too, never tires of advancing in the blockchain area.

More data protection with Blockchain

Now the ING Groep also joins the ranks of financial service providers that deal with blockchain technology and its implications. The major Dutch bank published its open source blockchain tool Zero-Knowledge Set Membership on 22 October.

The tool aims to protect the privacy of customers. With the help of the tool, the affiliation of data can be checked. The whole process is automated and anonymous – the blockchain performs the verification during this process. This enables, for example, credit applicants to prove that their income is sufficient for the credit without having to disclose their accounts. In this way, ING intends to use the tool to ensure transparency and protect its customers’ data at the same time. Ultimately, the tool can also be used for know-your-customer processes, where it is necessary to prove the place of residence or similar personal data.

ING Groep is based in Amsterdam and is one of 30 major banks that the Financial Stability Board has rated as a systemically important financial institution. With its move into DLT, it is now taking a pioneering step for the financial industry.

The long-term price development

The price passed through two triangle patterns, reached an all-time high of 0.062 BTC (87.39 EUR) and is now in a third triangle pattern at 0.060 BTC (84.57 EUR)

Summary

After an initial maximum of BTC 0.060 (EUR 84.57) on 1 May, the price fell and passed through a triangle pattern. After a positive breakout from the first triangle, the price rose to the previous all-time high 0.062 BTC (EUR 87.39), but fell after passing a second triangle pattern.
The price is currently going through a third triangle and stands at 0.052 BTC (63.57 EUR).
My goodness – such charts make you feel like an invasion of the empire by Star wars (“The Empire. Our ships are big triangles!” – ok, that was far-fetched…) ;). What is noticeable this week are the different triangle patterns that were run through – meanwhile we are in the third!

Anyway, here is also, similar to the case “Bitcoin history in the making”. Even in the value pair ETH/BTC, i.e. considering the very positive price development of Bitcoin, new all-time highs were reached. After the recent all-time high, the price has fallen for the time being, but is currently moving in an upward triangle pattern, which is a good sign for further positive price development.

The MACD (second panel from above) is slightly above zero. Furthermore, the MACD line (blue) is currently above the signal (orange). Overall, this indicator thus speaks a slightly bullish language.

At 56, the RSI reinforces this bullish picture

Thus, the 60min-Chart looks bullish from the price development. It will have to show in which direction the current triangle pattern will leave – it is positive here that the resistance is currently being tested. For a further forecast, the focus is on medium- and long-term price developments.

Let’s start with the 240min chart:

Apart from a test of the EMA42 (i.e. last week’s EMA) at the beginning of May, the price remained stable above the support levels described by the two EMAs. The MACD is positive, but the MACD line is below the signal. The RSI is bullish with 59. Overall, the 240min chart supports the bullish signals from the 60min chart, but the signal above the MACD line may provide some consolidation.

Let’s take a final look at the 1D chart:

The MACD is positive and the MACD line is well above the signal. The RSI is currently at 69 and confirms this bullish signal.

So the overall outlook is rather bullish. We will have to see how the price behaves in the current triangle pattern – here it is certainly positive that the signals on the 60min chart are bullish as well.