Blockchain Could Bring $1.1 Trillion in New Global Trade, Says WEF

A new report from the World Economic Forum has high hopes for blockchain with revenue growth predicted to be over $1 trillion in world trade. The white paper published in June examines supply chain management and the enormous role that blockchain will play in the near future, particularly with SMEs (small or medium-sized businesses). The Asian Development Bank estimates that there is a $1.5 trillion trade gap/trade deficit which is projected to increase to $2.4 trillion by 2025. The gap is largely due to smaller businesses having insufficient access to…

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Uber’s Largest Shareholder Prototypes a Blockchain for Mobile Payments

A trio of technology companies including SoftBank, Uber’s biggest shareholder, has trialed a global payment service using a blockchain platform. Synchronoss Technologies, Inc., an IoT and messaging provider, has teamed with Japan-based telecom carrier SoftBank Corp. and blockchain technology provider TBCASoft Inc. on a cross-carrier payment service (CCPS) that will use TBCASoft’s blockchain platform and the Rich Communication Services (RCS) global messaging standard. TBCASoft and SoftBank have partnered under the Carrier Blockchain Study Group while Synchronos’ platform, which covers email, SMS and RCS, launched earlier this year. Proof Of Concept…

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Australian Blockchain Delegation Heads to China to Foster Fintech Ties

A handful of Aussie blockchain startups are in Shanghai this week, part of a government-backed trade mission that aims to strengthen ties between the two nations in the industry. The Australian Trade and Investment Commission (Austrade), the country’s trade agency, and the Australian Digital Commerce Association are jointly organizing a delegation of domestic blockchain startups currently visiting some of China’s biggest fintech companies this week, the Australian Financial Review reports. On Monday, the delegation visited the Shanghai headquarters of Ant Financial, the $150 billion operator of the world’s single largest mobile…

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Blockchain Records Will now be Accepted as Legal Evidence in China

Internet courts in China will henceforth deem evidence authenticated using blockchain technology as being legally binding. This follows the publication of new rules by the Supreme People’s Court of China which state that blockchain records will now be admissible in court. According to the South China Morning Post, internet courts which have been set up with a view of handling internet-related legal disputes will now be in a position of recognizing digital data as evidence upon verification by methods that include among others blockchain, time stamps and digital signatures. An…

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South Africa’s Central Bank Wins Award for its Ethereum Payments Blockchain

Central Banking, a global central banking forum, has bestowed its FinTech & RegTech Award for Best Distributed Ledger Initiative to South Africa’s central bank for its successful Project Khokha, which successfully used an Ethereum blockchain platform to process interbank payments and settlements. The test demonstrated that distributed ledger technology (DLT) can enable digital as opposed to analog transaction processing, offering significant improvements for global transactions. Central Banking noted on its website that the test’s success demonstrates the need for regulators to address banks’ security and privacy concerns to improve global…

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Thailand’s Blockchain Solar Power Producers Face Extra Fees to Offset State Utility Losses

Blockchain-enabled independent power producers in Thailand pose such a threat to the state-run power generator and distributor that they will be required to pay extra in order to cushion the state utility from the disruption. According to Viraphol Jirapraditkul, a member of Thailand’s Energy Regulatory Commission (ERC), new regulations are currently being drafted which will see the blockchain-enabled solar power producers charged extra. This is with a view of assisting the Electricity Generating Authority of Thailand withstand the impact of competition that is set to come as the growth of…

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Crypto Giant Huboi Partners Singapore Trade Union to Promote Blockchain Skills

Huobi Group has announced a partnership with Singapore’s National Trading Union Congress (NTUC) Learning Hub to launch a joint effort to promote blockchain education via a series of courses focused on the nuts and bolts of blockchain and distributed ledger technology. According to a press release shared with CCN, the joint venture aims to introduce people with interest in cryptocurrency or financial technology to the core fundamentals of bitcoin and blockchains, intending to exposing them to the practical uses of the world’s premier cryptocurrency. Catching Up Research figures indicate that…

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IBM Makes Another Blockchain Identity Play With Health Data App

IBM’s blockchain division is widening its work in the nascent field of “self-sovereign identity” – technology designed to give individuals greater control over their personal data. Announced today, the tech giant is working with Hu-manity.co, whose #My31 app just became available on iOS and Android mobile devices. The app’s name alludes to the idea that legal ownership of one’s data should be a “31st human right” in addition to the 30 already ratified by the United Nations. It’s the latest in a series of similar projects IBM has been involved…

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IBM Launches Stellar-Based Blockchain Payments Platform

Computing giant IBM has launched a blockchain-based financial solution that it says has the potential to completely upend the existing status quo in global payments and remittances. The new solution called ‘IBM Blockchain World Wire‘ combines the Stellar blockchain with digital assets to make instant money transfers possible of a guaranteed value possible. In July, CCN reported that IBM backed a dollar-pegged stablecoin issued by Stronghold on the Stellar network. In the same month, IBM announced that it was involved in an environmentally friendly crypto project also built on Stellar. The new Stellar-based platform…

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Andy Warhol’s Multi-Million Dollar Painting Tokenized and Sold on Blockchain

In a world first, an artwork worth millions of dollars has been tokenized and sold on blockchain. 14 Small Electric Chairs, a two-meter high painting by the late renowned American visual artist Andy Warhol, was sold on blockchain-based art investment platform Maecenas to 100 participants. Approximately US$1.7 million was raised in the cryptocurrency auction for a 31.5% stake of the artwork whose total valuation was US$5.6 million. More than 800 bidders signed up for the auction which was conducted entirely using a smart contract. The bidders were mostly drawn from…

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