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Beijing partners With Huawei To Develop Municipal Blockchain Directory

By
Adam Barry
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Huawei is partnering with Beijing’s municipal government to develop a blockchain directory that will be used in urban governance. The system is still being trailed according to a report published recently. The project’s main aim is to stream government service delivery and support the city’s business community.

Using blockchain to support smart cities

Beijing is investing in blockchain technology as part of its wider strategy to become a smart city. Authorities are exploring smart city investments to boost urban innovation and improve governance.

In addition to blockchain, other technologies being explored to boost smart cities include artificial intelligence, 5G network, and cloud computing. In 2019, Huawei was contracted by Beijing city to build a blockchain directory that connects the city’s 50 municipal departments. The system was also designed to support sharing and management of big data among departments.

The new system will be used in several applications, and will be used in real estate by streamlining communication between the citizens and the mayor’s office. It will be used in the management of road parking services as well as the provision of utilities like electricity, gas, and water. Finally, the new system will be used to provide and manage medical services, including responding to disasters and pandemics.

According to Beijing authorities, the new infrastructure will directly benefit the ordinary people of the city.

In developing the directory, Huawei will contribute its Huawei Cloud Blockchain to support real-time data management and feedback, data synchronization and exchange, rights management, traceability, and permissioned access management. Authorities are seeking to use blockchain to integrate new-generation technologies into its strategic goals and objectives as it seeks urban modernization and digitized municipal services.

China’s Blockchain Infrastructure to Extend Global Reach 

A government-backed blockchain infrastructure is opening its services to decentralized applications (dapp) developers from around the world as China positions itself as the only provider of the world’s infrastructure. The move is among several other investments that the government is making in smart and emerging technologies like artificial intelligence and 5G—China known for pioneering technologies that disrupt a global scale.

First layer-One Protocol For Decentralized Finance Unveiled By Radix

By
Adam Barry
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0

Radix has announced the launch of the first layer-one protocol that has been specifically designed for decentralized finance. Then the release of the first layer-one protocol is a significant step into decentralized finance (DeFi).

The new protocol is made of four technologies

The new protocol is made up of four different technologies; The Radix Engine, a purpose-built development environment used to develop DeFi applications, Cerberus, a high-speed network consensus mechanism,  and the Developer Royalty System, a first-of-its-kind decentralized incentive program, and the Component Catalog, a library of DeFi building blocks; and the Developer Royalty System.

Several factors are needed for DeFi to go mainstream. These include secure by design systems, low transaction costs, incentives that encourage developers to work on decentralized applications, and scalable and composable applications.

“Ultimately, Mainstream DeFi will happen when all of the barriers holding back DeFi today are removed, without compromising decentralization. It happens when developers are finally given the tools they need to build apps that can surpass the services offered by the traditional financial industry, “the company said.

The company launched the four technologies to prepare  DeFi for mass adoption. They have been detailed more in a new DeFi White Paper published recently by Radix.

The traditional financial system is made up of many layers of manual processes and intermediation that cost around $71 billion or 0.05% of the global economy per year. Decentralized finance is able to remove this friction and cost. However, current DeFi applications are built on blockchain protocols that do not meet requirements for mainstream adoption.

According to the company, the Radix Engine has been explicitly designed to create logic for predicting and suggesting correct results in response to requests.  Radix has also launched the Cerberus, its consensus algorithm, which uses a new consensus process called braiding.

DeFi has maintained an upward trajectory and recently went above the $6 billion mark. However, many industry players believe that the total locked-in value in DeFi protocols has been overestimated. Leading industry players like Binance CEO Changpeng Zhao believe that DeFi is the future of finance and admits that more needs to be done to bring it into the mainstream.

Warren Buffett’s Move To Buy Gold Could Boost Bitcoin Price

By
Adam Barry
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0

Warren Buffett has joined the gold rush, and analysts have projected that this could help push bitcoin’s price to $50,000. Berkshire Hathaway Warren’s conglomerate has sold banks stocks and acquired Barrick Gold, a Canadian gold mining company. According to Max Keiser, the founder of Heisenberg Capital and an early Bitcoin investor, the move could see bitcoin price sour to $50,000.

Economic uncertainty causing the gold rush

Berkshire Hathaway has acquired one of the largest gold-mining companies, add its name to the list of big investors that are turning to metals at a time of extreme economic uncertainty.

Berkshire Hathaway filings show that Buffett reducing his holding in major banks, including PNG, Wells Fargo, and JPMorgan Chase. In its quarterly filings, the company also indicated that it had invested $565 million in Barrick Gold Corp, the second-largest gold miner in the world. The investment makes Berkshire the 11th-largest shareholder in the gold miner.

The move is contrary to Buffett’s previous view on gold where has, in the past, said he does not like investing in gold. As opposed to stocks or high-quality bonds that pay dividends, buying and holding precious metals does not generate income. However, in the case, Buffett’s stake is made up of common shares that pay a dividend.

Buffett’s decision to close his holding on Goldman Sachs comes after Berkshire reported $13.3 billion, the bank’s second-ever highest quarterly trading revenue. The shift to gold is an indication that the billionaire is not so confident with the financial industry in the long run.

Max Keiser is an avid investor in bitcoin and has invested in companies like Bitfinex and Kraken and says Buffet’s investment in gold will help boost bitcoin’s price.

“Global $100 trillion fund management biz is less than 1% invested in Gold. With Buffett now moving into Gold. Expect global allocation of 5% AU min. Implies $5,000 Gold. Expect a 1% BTC global allocation ($1 trillion). This implies $50,000 for Bitcoin Expect PTJ ups to 10%.”

Although bitcoin has performed better than gold in recent months, the two have maintained an almost similar price trend. Data shows that both gold and bitcoin have increased their price in the past four months.

BitMEX To Launch New KYC Program

By
Adam Barry
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0

BitMEX has announced that it is launching a new mandatory KYC program on August 28. The new program will require all customers to verify their ID within the next six months. To encourage members to take up the verification, the company offers a trading competition that is only available to verified members.

Launched in 2014, BitMEX is a pioneer in crypto derivatives and high-leverage trading and currently accounts for $1 billion in daily crypto trade volumes. The company has grown to become one of the largest derivatives exchanges in the world.

Moving towards regulatory standards

The move by BitMEX is a departure from the industry that is known to trade billions of dollars in cryptocurrency while bypassing KYC. Many of the customers on the platform trade on a no-KYC policy, and the latest move is interpreted as a step ahead of rival Binance.

The CFTC has blamed BitMEX for people to trade on its platform without registering with the agency. In addition, the Financial Conduct Authority (FCA), the primary financial market regulator in the U.K warned residents against using BitMEX after accusing the exchange of offering financial services or products in the U.K without first seeking permission.

There have been growing calls around the world to have cryptocurrencies regulated. Centralized exchanges are more prone to regulatory actions compared to the decentralized ones.

Under the new guidelines, users will be required to upload documents to confirm their identity and location. The move is expected to help BitMEX to expand into new territories and jurisdictions. In July 2019, the U.S. Commodity Futures Trading Commission launched an investigation into BitMEX, accusing the exchange of allowing Americans to trade on its platform.

“Individual users will be prompted to upload a photo ID and proof of address, take a selfie, as well as answer a few multiple choice questions about source of funds and trading experience,” said BitMEX’s Ben Radclyffe.

BitMEX parent company invests in South Africa’s VALR

BitMEX’s parent company 100x Ventures has invested in VALR, the largest Bitcoin exchange in South Africa. 100x Ventures took out the investment as it seeks to expand its oversea investment portfolio. In addition, the investment allows the company to meet the demand for global trading and exchange services.

South Korea’s Largest Banks to offer Cryptocurrency Services

By
Adam Barry
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0

Cryptocurrency continues to make inroads into the mainstream financial industry with greater acceptability among banks and customers. More banks are offering cryptocurrency to clients. There are a growing number of banks in South Korea that are offering cryptocurrency to their clients. The latest banks are Woori and Shinhan Banks, one of the largest financial institutions in South Korea. The two banks recently announced plans to offer digital currency custodial services to their customers.

Policy changes to boost cryptocurrency

The two banks’ announcements come after amendments were made to the Special Financial Transactions Information Act that will govern then integration of cryptocurrency into the country’s financial system.

The announcement by Woori and Shinhan Banks comes after two other South Korean banks took similar steps to start offering cryptocurrency services. Kookmin Bank (KB), the largest banking institution in South Korea, recently announced that it will start offering Bitcoin (BTC) custodial services.

In its statement, KB Kookmin Bank indicated that it signed a deal with crypto exchange Cumberland Korea, Haechi Labs, and Blockchain venture fund Hashed to allow the bank offer Bitcoin (BTC) custody services to its clients.

The bank, which the government owns, has already filed for a trademark application for cryptocurrency custody. The application, named Kbdac, was filed by the bank with the Korean Intellectual Property Office in January and overs 20 areas.

“Combining our insight in the blockchain industry and providing both technical and commercial consultations will inevitably open new doors to consumers as well as to the country in ushering the new era of digital transformation,” Hashed CEO Simon Kim said.

The cryptocurrency landscape in South Korea

KB says cryptocurrency has maintained a good trajectory in the country. The bank is optimistic that the industry will continue growing and evolving beyond digital currencies and will include other assets.

The announcement by Kookmin Bank to offer Bitcoin custody services comes after Nonghyup Bank; another competitor bank launched its crypto custody services targeting corporate investors. The positive changes inspire the new wave of interest by South Korea mainstream banks in the country’s regulations, which are seen to be very supportive of blockchain and cryptocurrency businesses.

Boston’s Federal Reserve Bank and MIT to Explore the Possibility of a Central Bank Backed igital Currency

By
Adam Barry
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0

The Federal Reserve Bank of Boston has partnered with the Massachusetts Institute of Technology (MIT) to develop a hypothetical digital currency used by the central bank. In a statement, Boston Fed senior vice president James Cunha who is in charge of the project said that experts from both MIT and Fed will develop software and engine that can be used to develop the country’s digital currency. This is likely to be a challenge considering the size of the U.S economy and the huge number of transactions.

Partnership with other central banks

To make the CBDC project a success, the Fed has announced that it is working with other countries’ central banks and international organizations. Sources close to the project have indicated that in addition to the ongoing experiments, Fed is also developing FedNow, a same-day settlement payment system that Fed is developing separately.

In a statement, Fed Governor Lael Brainard said the bank will work with MIT researchers to develop and test a “hypothetical” central bank digital currency (CBDC). She noted that the digital currency will help tap into new opportunities and address issues related to privacy, financial stability, and illicit activity. The partnership will seek to avail sufficient knowledge on all these matters and help the bank gain more experience and understanding on how to start and operate a CBDC.

According to Brainard, there is growing concerns over a number of cryptocurrencies like Bitcoin, China’s CBDC, and stablecoins such as Facebook’s Libra that is growing in popularity around the world. She noted that many of these cryptos raise legal and regulatory questions about financial stability as well as the role of currency to society. Brainard says the U.S needs to develop a digital dollar if it needs to avoid threats related to cryptocurrencies.

Understanding the capacities and limitations of a CBDC

Fed has also indicated that the project will mainly be used to understand the capacity and limitations of CBDC and related technologies. The project, according to Fed, will not serve as a prototype for a Federal Reserve issued digital currency. In the early days, the idea of a CBDC was not so popular among U.S banks, but the growing risk from the Chinese Digital Yuan and Facebook’s Libra project have led U.S banks to rethink their strategy.

China Expands Digital Yuan Trials To Kore Regions

By
Adam Barry
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0

China has announced plans to expand its Proof of Concept (PoC) for its proposed digital yuan to other provinces. The Asian economic and tech giant has announced that it will extend the nation’s central bank digital currency (CBDC) trials to Beijing and other provinces like Tianjin and Hebei provinces.

According to a Wall Street Journal report, the government is yet to the exact date on which it plans to launch the pilot program. According to the country’s Ministry of Commerce, the project will be complete by the end of 2020.

The plan, which will be implemented by the Commerce Ministry, will be expanded to places like Guangdong province, along with China’s wealthy Southern coast and the Yangtze River Delta to the South.

The bank launched the digital currency in four cities in China; Shenzhen, Suzhou, Chengdu, and the Xiongan New Area in Hebei’s northern province. As part of the program, the government is paying civil servants in the district of Xiangcheng in Suzhou half of their transport subsidy in the digital currency.

In a recent announcement, the government advised civil servants to install an app that will receive the digital currency. The government also indicated that it will send the new currency to civil servant’s bank accounts.

China’s plans to have a sovereign digital currency

 Early this year, the People’s Bank of China announced its intent to introduce the country’s sovereign digital currency by the 2022 Winter Olympics. The currency is yet to be given its official name and currently uses internal shorthand DC/EP or called digital currency/electronic payment. The new currency will borrow features from cryptocurrencies like bitcoin and Facebook’s Libra. The government is mulling the new digital currency to replace cash in circulation.

According to a Chinese Ministry of Commerce representative, the program will also be rolled out in the country’s poorer central and western regions that have met the requirements. The ministry in charge also indicated that enough tests will be carried out to improve the currency’s functionality.

The currency is known by many as a digital currency electronic payment (DCEP) and is expected to be the first operational national digital currency.

Russia Launches Transparent Blockchain To Fight Illicit Activity Related To Crypto

By
Adam Barry
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0

Russia has announced that it is developing a new cryptocurrency analytics tool that will be used to trace illicit activities related to crypto. Through the Federal Financial Monitoring Service, which is responsible for combating terrorist financing and money laundering, the country is building an analytic tool to track cryptocurrency transactions. The tool will use artificial intelligence to track major cryptocurrencies like Bitcoin (BTC) and privacy coins.

Tracking movements of digital financial assets

Transparent Blockchain has been designed to track the movement of digital financial assets and identify service providers in a bid to fight illegal activities related to cryptocurrencies. The new system will reduce anonymous transactions that involve major coins.

The regulator has already tested and piloted a prototype of the project used to fight drug trafficking. The authority developed the system in partnership with Lebedev Physical Institute of the Russian Academy of Sciences, one of the leading Russian research institute.

The project has been funded by extra-budgetary resources, although the government has projected that it will need additional funding. To fully implement “Transparent Blockchain,” an additional $10.3 million will be needed from the federal budget between 2021 and 2023.

Russia’s Blockchain-based voting system come under scrutiny

Russia conducted a referendum between June 25 and July 1 to find out if the country’s constitution should be amended. Part of the election was conducted on Blockchain to ensure transparency and security.

However, the blockchain system has become scrutinized after independent research registered more than 20 million ‘abnormal’ votes. According to independent analysts, this is one of the most falsified elections in the country’s modern history. 

The new platform allowed Moscow and Nizhny Novgorod residents to either vote in person or cast their votes electronically. The new platform borrows from Exonum blockchain platform, which was developed by Bitfury. Exonum was maintained by the Department of Information Technologies of Moscow.

Russia has announced that it is developing a new cryptocurrency analytics tool that will be used to trace illicit activities related to crypto. Through the Federal Financial Monitoring Service, which is responsible for combating terrorist financing and money laundering, the country is building an analytic tool to track cryptocurrency transactions. The tool will use artificial intelligence to track major cryptocurrencies like Bitcoin (BTC) and privacy coins.

Tracking movements of digital financial assets

Transparent Blockchain has been designed to track the movement of digital financial assets and identify service providers in a bid to fight illegal activities related to cryptocurrencies. The new system will reduce anonymous transactions that involve major coins.

The regulator has already tested and piloted a prototype of the project used to fight drug trafficking. The authority developed the system in partnership with Lebedev Physical Institute of the Russian Academy of Sciences, one of the leading Russian research institute.

The project has been funded by extra-budgetary resources, although the government has projected that it will need additional funding. To fully implement “Transparent Blockchain,” an additional $10.3 million will be needed from the federal budget between 2021 and 2023.

Russia’s Blockchain-based voting system come under scrutiny

Russia conducted a referendum between June 25 and July 1 to find out if the country’s constitution should be amended. Part of the election was conducted on Blockchain to ensure transparency and security.

However, the blockchain system has become scrutinized after independent research registered more than 20 million ‘abnormal’ votes. According to independent analysts, this is one of the most falsified elections in the country’s modern history. 

The new platform allowed Moscow and Nizhny Novgorod residents to either vote in person or cast their votes electronically. The new platform borrows from Exonum blockchain platform, which was developed by Bitfury. Exonum was maintained by the Department of Information Technologies of Moscow.

The government developed the new platform to ensure security and transparency by helping to encrypt each vote to offer safety and immutability of data. In recent times, Russia has been implementing policies that favor decentralized technology.

South Korea’s Highways To Have Blockchain-Based Toll Payment Systems

By
Adam Barry
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0

South Korea unveiled a plan to install blockchain-based toll payments systems across the country’s highways. Korea Expressway Corporation, the country’s highway operator, signed an agreement with KEB Hana Bank, one of the biggest commercial banks in South Korea, to have highways across the country installed with toll payment system powered by blockchain.

According to the agreement, the nation’s motorway operator will allow motorists to use KEB Hana’s smartphone banking app Hana One Q to make their tall payments, defer payment, or receive refund. The new system will replace the current smart card, credit card, or cash-based payments currently used to pay toll across the country.

Using Blockchain to boost data sharing

Both Korea Expressway Corporation and KEB Hana said they are seeking to boost their partnership regarding the use of Blockchain to transfer data, send, receive, and process large volumes of information.

Both parties have agreed to install the new  blockchain-powreed payment system to replace the cash-based and credit card payment solutions. In addition, the highway authority is seeking to offer contactless payment solutions due to the COVID-19 pandemic. Both parties are using Blockchain to share and exchange data in a bid to strengthen synergies along with the payment system project.

The deal was fronted by the state-operated Korea Internet & Security Agency (KISA) and its Ministry of Science and ICT. It will allow motorists to sign up faster by just keying the vehicle registration number into the bank’s app. KISA says the move will boost the adoption of contact-free payment crucial to prevent the spread of COVID-19.

In a statement, Kwang-Ho Lee, head of the sales division at Korea Expressway Corporation, said the authority will rely on blockchain technology to introduce more customized contactless payment systems to the public. He added that the deal is part of the country’s long strategy to lead the global economy post-COVID-19.

“We will continue to expand customized non-face-to-face (contactless) services to the public by applying blockchain technology, which is part of the Korean version of the digital new deal policy to lead the global economy after the coronavirus.”

Recently the government of South Korea unveiled a plan to invest more than $48.2 billion in Blockchain and other Industry 4.0 technologies by 2025.

China’s Loudi City Proposes The Use Of Blockchain To Fight Crime

By
Adam Barry
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0

China’s city of Loudi in Hunan province is proposing the use of Blockchain to combat crime. According to the city’s mayor, Yang Yiwen, blockchain technology is a powerful weapon in fighting crime.

In a recent meeting of Loudi’s Municipal Public Security Bureau, the mayor gave an update of the trial blockchain project’s progress in partnership with a local technology company to combat crime.

The project has integrated blockchain technology with big data and multi-party computing to offer reliable and trusted data exchange and channels for tracing information on multiple collaborative networks. The new platform brings together banks, telecommunication network operators, and public data from municipal departments like electricity and water.

China’s blockchain boom

China’s blockchain and the crypto industry has continued to grow despite the pandemic. According to a recent report by LongHash, more than 10,000 blockchain companies were registered in the country between January and July.

According to the report, China’s current number of blockchain-related companies is heading above the 2017 total figure. The report indicated that this year’s figure is likely to surpass 18,500 reported in 2018.

In total, there are 84,410 Blockchain registered companies in China, out of which 29,340 are operational. China’s Guangdong Province has the highest number of blockchain companies, followed by Yunnan Province in the southwest. Many of the blockchain companies registered have a small capital base. According to the report, the maximum registered capital is around $717.

The municipal authority is working with Hunan Chain City Digital Technology Co. Ltd in developing the project prototype and its implementation. Yiwen noted that blockchain technology, together with big data is the right weapon to fight illicit activities. He added that the two technologies improve in-depth and coordinated investigation and improves the accuracy of data.

China seeking to become a powerhouse in digital currency

The Chinese government is implementing various blockchain projects aimed at bringing efficiency in government services. The Central Bank of China has been allocated $4.7 million to develop its blockchain trade platform in the next three years. In addition, a total of 224 blockchain projects have been approved in the country from major companies, including Baidu, Walmart, China, and JD.

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