R3’s Hearn and Brown Say Enterprise Blockchain’s Day of Reckoning Is Here

This space ain’t big enough for all of us. That about sums up the way R3’s technical chiefs, CTO Richard Gendal Brown and lead platform engineer Mike Hearn, view the rivalry among enterprise blockchain solutions. While it may be more genial and less chaotic than the public blockchain world that Hearn left behind when he quit work on bitcoin in 2016, enterprise tech is still a competitive business. And speaking to CoinDesk last week during R3’s CordaCon event in London, the two executives described this game as, if not quite…

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Hong Kong Blockchain Fund to Finance Yen-Pegged Cryptocurrency

The founders of a $1.45 billion investment firm and a dedicated blockchain fund are teaming up to launch a new cryptocurrency whose value would be pegged to the yen. South China Morning Post reports that Grandshores Technology Group, a Hong Kong-based blockchain investment firm, is raising HK$100 million (US$12.7 million) to bootstrap the project, which aims to provide traders and other cryptocurrency users with a yen “stablecoin,” whose value would be immune to price volatility in the wider cryptocurrency markets. Grandshores Technology’s founding partner, Yongjie Yao, is also a founder…

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Blockchain Needs to Target Manufacturing

At World AI Conference 2018, Jack Ma, the co-founder and chairman of $414 billion e-commerce conglomerate Alibaba, stated that artificial intelligence (AI), blockchain, and Internet of Things (IoT) can all become meaningless if they fail to target the manufacturing industry. “AI, Blockchain and IoT will be meaningless tech unless they can promote the transformation of the manufacturing industry, and the evolution of the society towards a greener and more inclusive direction,” Ma said. Why Manufacturing? The speech Ma provided at World AI Conference was not exclusive to blockchain technology but…

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Samsung SDS to Power World’s First Exports Customs Clearance Blockchain in Korea

The Korea Customs Service (KCS) has entered an agreement with Samsung SDS to implement the latter’s blockchain technology for an export customs clearance system. Samsung SDS, the IT subsidiary and technology provider of Korea’s largest conglomerate Samsung, will develop the world’s first blockchain-based export customs logistics service for the Korea Customs Service to enable efficiency and curb fraud in the industry. A memorandum of understanding between the two entities also sees 48 other organizations and companies including relevant government authorities, shipping operators, logistics firms and insurance providers join the agreement,…

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How Ethereum Hackathons are Drastically Improving Blockchain Systems

Since mid-2017, Ethereum hackathons have been held in many major cities across the globe, to encourage the development of decentralized applications (dApps) and blockchain-based systems. ETHGlobal, the biggest Ethereum hackathon organization to date, has played a key role in facilitating the growth of the Ethereum open-source developer community, providing technical workshops, educational talks, and resources to hackers that participate in events to develop applications. Most recently, ETHBerlin, described by many hackers as the most successful Ethereum hackathon to date, saw the emergence of a wide range of innovative projects like…

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BMW Partners Blockchain Startup to Develop Customer Lending Solution

BMW Group financial services has announced its partnership with blockchain startup Bloom in a bid to streamline its customer journey and user experience, per a Medium post. Bloom helps to make the traditional lending process easier hence helping to reduce the risk that consumer data is exposed to. Individuals can secure their data on their local device and apply for credit without exposing data to risk, using Bloom’s blockchain-based mobile application. Anyone can take advantage of the blockchain technology because of bloom’s straightforward onboarding process. Through this move, BMW Financial…

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Mastercard Thinks Blockchain Can Simplify B2B Transactions in New Patent

Financial services giant Mastercard has invented a blockchain system that it believes can simplify business-to-business (B2B) transactions in a high-volume enterprise environment. That system is outlined in a series of three patent applications filed by the New York-based multinational firm in March, made public on Thursday by the US Patent & Trademark Office (USPTO). Writing in one filing, the patent authors explain that existing settlement systems, which settle individual transactions from end-to-end, do not scale well to the needs of 21st-century businesses. “Currently, existing settlement systems often operate using the…

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Medici Ventures’ Latest Blockchain Investment Bridges Fiat With Crypto

Medici Ventures, Overstock’s blockchain technology company, has invested an undisclosed sum in a Utah based company called Bitsy that specializes in bridging cryptocurrencies with fiat. The investment marks one of several that Medici Ventures has made in recent years as its parent company, under the leadership of CEO Patrick Byrne, continues to tout blockchain technology’s long-term prospects. Medici Ventures believes Bitsy’s ability to bridge cryptocurrency and fiat will make global cryptocurrency transactions more secure and support other blockchain businesses the company has invested in, such as tZERO, Bitt, Ripio. “Bitsy…

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‘Nerdy’ Australian PM Pushes Blockchain ‘Agenda’ to Take On Big Banks

Australia’s newly-elected Prime Minister Scott Morrison is pushing his agenda of backing blockchain technology to disrupt and bring “much tougher competition” to the big banks and other sectors in the country. Speaking to reporters within weeks of being sworn in as Australia’s newest prime minister, Scott Morrison was asked [full clip below] about his position on cryptocurrencies in the financial system. The question: “Would you accept the innovation of cryptocurrencies to ease some of the inefficiencies in the banking sector?” In response, the former treasurer claimed to have done his research…

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Hong Kong Jeweler Introduces Blockchain App for Diamond Authentication

Hong Kong jewelry company Chow Tai Fook has partnered with Gemological Institute of America (GIA) to create a blockchain-based app that will enable customers to ascertain the origin and authenticity of stones purchased. This development brings closer the blockchain implementation processes to regular individuals through a more conversant user interface, the app. Provenance Using Blockchain Transparency and the ability for stored data to remain eternally immutable are some of blockchain qualities that set it apart as an exceptional piece of technology. The application of these qualities in storing and tracking…

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