Japanese Internet Giant GMO’s Web Bank Will Use Blockchain for Payments

Multi-billion-dollar Japanese tech conglomerate GMO has launched a new internet banking business that will use blockchain technology for faster and cheaper payments and financial services. In an announcement [PDF] on Tuesday, the GMO Internet Group confirmed the launch of the GMO Aozora Net Bank in partnership with Aozora Bank Group, a joint-initiative that has been in preparation since July 2016 that will leverage the use of blockchain, artificial intelligence (AI) and Internet of Things (IoT) to provide new financial services through financial technologies. The advent of a cashless society amid…

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China Sees 454% Increase in Companies with ‘Blockchain’ in Name

Today’s $1,000 bitcoin price rally aside, the cryptocurrency market might be enduring a bear cycle triggered by vanishing consumer interest, but blockchain, it seems, is still big business — particularly in China. Citing government data sourced from Chinese-language outlet Qixin, the South China Morning Post reports that, from Jan. 1 to July 16, 3,078 China-based companies have filed to include qukualian, the Chinese word for blockchain, in their names, up from just 555 in all of 2017. In the past calendar year, 16,600 newly-registered firms have included blockchain as part…

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Tech Giant Oracle Launches Blockchain Cloud Service Platform

Tech giant Oracle has formally launched its much-anticipated blockchain service, and many global organizations have already jumped aboard the platform. News of Oracle’s new blockchain platform first came to light in May, as reported by CCN. At the time, Thomas Kurin, Oracle’s president of product development, mentioned how this upcoming platform would be integrated with other existing services. After Years in The Making, The Platform is Ready for The World Today, those goals began to come to life. The Oracle Blockchain Cloud Service offers its clients a safe environment to…

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Boeing Will Use Blockchain Tech to Track Unmanned Air Vehicles

Aerospace giant Boeing has announced its intention to tap blockchain technology to keep an eye on unmanned air vehicles used for cargo transport and urban air travel in the future. Boeing is partnering artificial intelligence (AI) firm SparkCognition to develop a decentralized platform capable of ‘tracking unmanned air vehicles in flight and allocate traffic corridors and routes’ to ensure secure transportation, the company said in an announcement on Tuesday. The collaboration will notably make use of blockchain technology to monitor Boeing’s planned next-generation air vehicles that the company plans to…

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Hong Kong Trade Finance Will Fight Fraud With a Blockchain-Based Platform

The Hong Kong Monetary Authority (HKMA) has partnered with Chinese Ping An to release a blockchain-based trade finance platform. The joint effort is expected to speed-up the process and prevent fraud. CCN first reported the Hong Kong’s de facto central bank’s initiative back on March 30. At the time, the bank unveiled a proof-of-concept (PoC) blockchain platform built for trade finance. Initiative Went from 6 Participant Banks to More Than 21 The enterprise initially included participants such as Bank of China (Hong Kong), Deloitte, HSBC, the Bank of East Asia,…

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Thailand Plans Blockchain Token for Instant Securities Settlement

A prominent securities markets body in Thailand is preparing a blockchain-based token that will power instant clearing and settlements of corporate bonds. After researching blockchain technology for a bond registrar services platform, the Thai Bond Market Association (TBMA) has revealed its intention to create a “Bond Coin”, a custom token on a private blockchain between permissioned participants including issuers and investors alongside regulators and registered firms. Notably, the TBMA has already received permission from the Securities and Exchange Commission, the country’s securities market regulator, to develop the blockchain in a…

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Leading Advertisers Tap Blockchain to Crack Down on Frivolous Spending

Blockchain has already revolutionized a lot of different industries. Now a growing number of digital marketers are using the technology as an aide for a variety of tasks, including to see how many of their ads are actually being viewed by real people. Advertises are drawn to blockchain for a couple of different reasons. Some hope new developments will increase the speed of blockchains and make it possible for digital ad transactions to be fulfilled in real time. Others see the immutability of blockchain as an advantage when it comes…

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Enterprise Blockchain Consortium R3 Mulls IPO, Outright Sale: Report

Enterprise blockchain startup R3 is the latest industry firm to hold high-level discussions about taking its business public. Wall Street-Backed R3 Eyes Public Offering Citing anonymous sources familiar with the matter, Bloomberg reports that the New York-based firm has approached advisers holding an initial public offering (IPO). The sources also said that potential buyers have approached the company seeking to purchase it outright. R3 has raised more than $120 million in funding since its launch in 2014, attracting investments from a variety of high-profile financial companies including Bank of America…

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Thailand’s Central Bank is Reviewing Several Blockchain Applications Including Cross-Border Payments

The march towards the adoption of blockchain technology in Thailand’s mainstream financial sector seems unstoppable. In a speech delivered during the Bloomberg ASEAN Business Summit, the governor of the Bank of Thailand, Dr. Veerathai Santiprabhob, revealed that the central bank was undertaking a review of blockchain applications for purposes of document authentication, supply chain financing and cross-border payments. This is being carried out through the central bank’s regulatory sandbox. “The sandbox serves as a platform for financial institutions and FinTech firms to test new technologies and operating standards in a…

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American Express is Eyeing Blockchain for a Proof-of-Payments System

Credit card giant American Express has filed a patent application for blockchain-based proof-of-payment technology. American Express isn’t an institution unfamiliar with blockchain. Throughout the past few months, we’ve seen the financial services company support the blockchain very publicly. Just recently, the company deployed Hyperledger’s blockchain technology to upgrade its Membership Rewards program, becoming the first major U.S. financial services company to do so. While Bitcoin May Be a Competitor, Blockchain Might Be the Key The company has come a long way, indeed. You may not remember it, but back in…

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