Blog

20 Jul

UK Barclays Corporate Bank Files Two Crypto Patents

By Daniel Zo Barclays, Blockchain, Crypto, Patent Read Comments

According to recent reports, the U.K Barclays bank, which is likely the biggest international corporate bank, has filed two crypto-related patents with the United States Patent and Trademark Office. The decision showcases the existence of a trend among companies, which are actively trying to gain exclusivity over future crypto market technologies.

With this in mind, the first patent is related to ‘a system for transferring cryptocurrency from a payer to a recipient, comprising receiving an identifier of data describing the first entity’. On the other hand, the second patent represents a method and system that ‘records data describing a first entity, the data endorsed by a second entity comprising the second entity validating data describing the first entity, wherein an identifier is associated with the data, the identifier being generated from a public key of the first entity.’


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17 Jun

State of New York Proposes Launch of Digital Currency Task Force

By Daniel Zo NY, New York, USA, Task Force, Cryptocurrency Read Comments

The State of New York has actively pursued cryptocurrency regulation, especially since exchanges operating in the region need to register and be licensed by the city’s financial regulator. Despite this aspect, the New York State Assembly has recently proposed the idea of creating a digital currency task force, meant to examine the crypto and blockchain markets operating locally.

According to a summary of the meeting, if approval is received, the task force will consist of 9 persons, who will write out a report of their findings by December 2019.


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13 Jun

International Monetary Fund Advocates Central Bank Crypto Regulations

By Daniel Zo IMF, Bank, Regulations Read Comments

During the last couple of months, numerous monetary regulatory agencies have turned their eyes towards the digital currency market. Now, reports indicate that the International Monetary Fund is advocating for central banks to introduce regulatory policies, while also encouraging innovation on the fiat market.

Based on this, the deputy director for the Monetary and Capital Markets Department of the IMF has outlined a couple of responses meant to lower the rivalry present between banks and digital currencies. With this in mind, he mentioned that: “Central banks should continue to strive to make fiat currencies better and more stable units of account.” To do so, central banks should introduce measures meant to discourage money laundering and terrorism financing, while also protecting consumers and taxing digital currency transactions.


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04 Jun

China’s Wikipedia Adds Blockchain-Based Revision System

By Daniel Zo Baidu, Blockchain, China Read Comments

As part of China’s censorship moves, the Chinese version of Wikipedia has been banned at the beginning of 2018. Despite this, there is an alternative to the encyclopedia available in the country, this being Baidu Baike, which is the search giant’s equivalent to the platform.

Now, recent reports indicate that the website has implemented blockchain technology, in order to help record all revision entries. The move is meant to bring more transparency alongside traceability for revisions to the online platform.


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30 May

South Korean National Assembly Committee Proposes Lifting Domestic ICO Ban

By Daniel Zo South Korea, ICO, Ban Read Comments

Despite the risks associated with Initial Coin Offerings, the trend has become extremely popular in areas throughout the world. In an effort to reduce the risk of fraud, money laundering and tax avoidance, several countries have banned ICOs.

South Korea was one of these, as the Financial Services Commission, a government department in-charge with financial policies and supervision, banned domestic ICOs in September 2017. Now, recent reports indicate that the South Korean National Assembly has proposed the idea of lifting the ban placed on domestic ICOs.


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22 May

China’s Current Stance on Blockchain Technology Detailed in White Paper

By Daniel Zo China, Blockchain, White paper Read Comments

The state of cryptocurrencies and blockchain technology in China is especially relevant to the industry, given the country’s active regulatory process, which has heavily influenced the market in the past.

Recently, the Chinese Ministry of Industry and Information Technology, commonly known as MIIT, has published a white paper regarding the blockchain technology market in mainland China. Despite the country’s crackdown on digital currencies, it seems like by the end of March 2018, there were 456 active blockchain-based companies. In fact, according to Yu Jianing, the chief of the MIIT Information Centre Industrial Economy Research Institute, 2017 has been the best year for the industry so far, granted the appearance of 178 blockchain-related companies, whereas the technology begun achieving maturity.


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11 May

Russia is Working on a Blockchain-Based SWIFT Network Alternative

By Daniel Zo SWIFT, Russia, Blockchain Read Comments

SWIFT, commonly known as the Society for Worldwide Interbank Financial Telecommunication, represents one of the world’s biggest financial networks, as it allows financial institutions throughout the world to send and receive money alongside data on financial transactions, via a reliable and standardized environment. It represents the system used by most of the world’s banks for sending and receiving money, yet it has often threatened to withdraw from Russia given economic sanctions.

As a response, back in 2014, Russia has begun developing its very own Financial Communications Transfer System (SPFS) that it would use in case of a SWIFT withdrawal. While the SPFS is currently an alternative system, a total of 585 Russian banks use it as a standard, whereas others keep it in reserve in case SWIFT ends up being withdrawn from the country.


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07 May

Indonesian Government Shows Growing Interest in Blockchain Technology

By Daniel Zo Indonesia, Blockchain Read Comments

During the last couple of years, governments throughout the world have been actively researching and looking for ways to implement blockchain technology into the public administration. Now, recent reports indicate that both the public and private sectors in Indonesia, are exploring the technology.

With this in mind, the government has taken what many refer to, as a leadership role, meant to further explore blockchain technology. This has been done by having the Financial Services Authority create a team, in charge with studying all methods in which blockchain technology can help improve Indonesia’s financial services market.


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02 May

European Parliament Votes for Stricter Regulation for Cryptocurrency Market

By Daniel Zo EU, EP, Cryptocurrency, Regulation Read Comments

During the last couple of months, the European Parliament (EP) and Commission (EC) have been actively involved in discussion of appropriate regulation for the digital currency market. Now, recent reports indicate that the EP has voted for a stricter array of regulations for the crypto market.

With this in mind, once the legislation is applied at the European Union level, crypto exchanges alongside wallet providers will be required to introduce specific due diligence procedures for their customers. In other words, wallets and exchanges may soon have to begin verifying user identity. Additionally, the measures also point out that crypto wallets and exchanges will need to register before being allowed to offer their service.


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24 Apr

Samsung Working on All-Inclusive Blockchain Supply Chain Platform

By Daniel Zo Blockchain, Samsung Read Comments

Samsung is commonly known as one of the world’s biggest smartphone and TV producers, yet this aspect doesn’t stop the South Korean giant from actively looking into blockchain technology, and how they can leverage it both for its inner operations and customer base.

With this in mind, recent reports indicate that Samsung is working on a distributed ledger platform, which would help it better keep track and process its global shipments, worth tens of billions of dollars on a yearly basis. According to Samsung’s informational, technology and logistical arm, Samsung SDS Co., the blockchain-based system may cut shipping costs by more than 20%.


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