24/08/2018: Biggest Stories in the Cryptosphere

blockex (37)in #blockchain • 6 years ago

1. Singapore Central Bank Collaborating For Development of Blockchain-backed Tokenised Assets Settlement

The Monetary Authority of Singapore (MAS), Singapore’s central bank, is collaborating with the Singapore Exchange (SGX), Deloitte and Nasdaq. The four entities are working towards the development of Delivery versus Payment (DvP) capabilities of blockchain-backed tokenised assets settlement. This will enable to conduct multiple exchanges and final settlement of tokenised digital currencies as well as securities at the same time. Operational efficiency will go up while settlement risks will decrease. Anquan, Deloitte and Nasdaq are acting as technological partners. They will “leverage on the open-source software developed and made publicly available in Project Ubin Phase 2”. At the end of the project, a report outlining the potential advantages of the system along with providing key considerations will be created. It should be available by November of this year.

2. UK Gov. Investigates DLT To Protect Digital Evidence

The British government has revealed through a blogpost on its official website that it is investigating distributed ledger technology (DLT) to protect digital evidence. The topic was touched at one of the meetings held at the Her Majesty’s Courts and Tribunals Service (HMCTS). The meeting was hosted in collaboration with the Open Innovation team at Cabinet Office and attended by Dr. Sadek Ferdous. The doctor presented his findings regarding private and public DLT systems, outlining advantages and risks. The government hopes that the innovative technology will help them deal with evidence sharing, identity management and the level of control citizens have over their information. Employing blockchain would lead to a cut in costs and processing time, along with the supply of future-proof solutions.

3. Could Ohio Become The Next Hub For Blockchain?

The lawmakers of the state of Ohio seem to be interested in blockchain technology. Ohio House of Representatives Speaker Ryan Smith discussed the state’s desire to appeal to blockchain developers and companies with a group he gathered, composed of fellow lawmakers, business owners and academics. During the meeting, no new bill was proposed. However, Smith believes that blockchain could be employed in the public sector, especially for data storage. For example, birth certificates and marriage licenses. He went on to say that working with universities so that students could gain knowledge in the matter, and subsequently increase their career prospects. The end goal is for Ohio to become a hub for blockchain technology.