[Cryptocurrency&Blockchain] News on Sep, 2018

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IBM Blockchain World Wire

The American multinational information technology company IBM recently released the new payment solution with a stronger security, higher efficiency, and faster transaction speed. The Blockchain World Wire which will be deployed on a commercial scale on October seems like the xRapid by Ripple that also allows international transfer service. But the difference is currencies they accept. Blockchain World Wire accepts every kind of digital currencies while xRapid only allows XRP, their general currency.

Through Blockchain World Wire, users can transfer their assets from everywhere to anywhere no matter how much properties they want to send. Furthermore, all the transactions are recorded on the Stellar blockchain permanently that reaches safe trade and high scalability.

The open source protocol Stellar was made for cross-border money transfer. The Blockchain World Wire where works in partnership with Stellar decrease a price volatility such as stable coins and cryptocurrencies and transfer in the blockchain platform from connecting with legal tenders.

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Chinese blockchain based prisoners tracking

Zhongshan, Guangdong province in China adapted blockchain technology to track prisoners efficiently. The local government and the Department of Justice allow the community to track and keep an eye on prisoners to increase the quality of lives of local community.

The massive amount of budget can be saved from decreasing labor and time through sorting datas in blockchain. The local public office offers the newest data of prisoners 24 hours.

Every community member who can access the network service can open the data and take an immediate action against illegal movements or similar crimes. From a long term prospect, a community can have the database of possibilities of second convictions which will be used to prevent future crimes. By sharing the prisoners’ patterns of movement, the local government aims to reduce the general crime rate.

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Blockchain based evidence now has legal force

The Chinese Supreme Court, Supreme People’s Court officially announced that the data recorded on the blockchain will be accepted as a legal evidence. From the time stamps, trustworthy hash values and digital sign, datas on the blockchain platform can prove the truth.

This announcement is an extension of the online copy write violation conflict in Hangzhou on last June, will set a standard of the online court. Beijing and Guangzhou will build a lawful foundation following the development of modern technology such as blockchain and the Internet. The commercialization of blockchain is nationally booming under the strict Chinese government.

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Citigroup developed financial item, ‘DAR’

Citigroup, the large multinational investment bank developed an intermediary system that let investors trade in cryptocurrency market without actually owning cryptocurrency. This idea DAR(Digital Asset Receipt) came from ADR(American Depositary Receipts) that allows virtual investment.

American investors can own foreign stocks indirectly through DAR that a separate manager owns the cryptocurrency and DAR is issued by Citigroup. However no one knows how SEC will react where has banned cryptocurrency related product to prevent economic chaos. Since banks are one of the biggest issuance of ADR, DAR will be stably adapted in the future.

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Winklevoss twins launch new stablecoin the gemini dollar

The Winklevoss twins introduced the stable coin, Gemini Dollar(GUSD). The twins runs a cryptocurrency exchange called Gemini where has received legal permission from New York government. The new digital currency Gemini Dollar has the equal value as the US Dollar will solve the chronic cryptocurrency problem, price stability.

The Winklevoss twins participate the growth of stable coins through the first government regulated coin. Gemini Dollars are under the NYDFS regulation where periodically checks the company funds so that Gemini Dollar can form the equal value as the US Dollar.

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Blockchain technology for driver license by the Australian local government

New South Wales executed the test operation about the digital driver license program. Through the blockchain platform of Australian IT company, Secure Logic, the datas of community members will be protected safely.

This program is a part of the digital economic plan prosecuted by the main government. Using distributed network efficiently identifies licenses and saves datas which will prevent future forgeries. This blockchain platform called TrustGrid, also supports mobile application that users can access easily and minimize unnecessary wast of budget. The modern day society is experiencing no need of holding an actual cards.

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China is trying to guarantee the warranty of tea leaves through blockchain technology

Based on IoT and blockchain technology, every single information of production and distribution of tea leaves will be recorded to improve quality of teas. Each tea leaf has its own identifying code and each pack of tea has its license. Yingde local government where has partnership with Alibaba allows users to read each license through scanning QR code so that consumers easily check how the tea leaf was made.

Hangzhou local government also has partnership with China mobile, the biggest telecommunication company in China has started similar project. The data recorded on blockchain platform in real time will expand the product tracking database.

Because consumers can check transparent process from the beginning, the standard system will be built that can lower the price. Chinese blockchain company BLUECEFA developed Lenshangwincha the managing tea leaves platform that tea leaves can be managed as a real asset.

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UN WOMAN provide support fund through Blockchain

UN WOMAN under UN will give support funds to refugees with blockchain technology. The chronic drawback of donation was transparency. Through blockchain platform, there is no need of the third person when refugees receives support funds directly.

The refugee camps in Jordan called Zaatari and Azraq currently has been making blockchain based cash transaction for over 115 thousands accumulated number of refugees. UN WOMAN went into partnership with WFP(World Food Plan) where has used iris scanning program when refugees purchase any product without cash or credit card called Building Blocks. Through Building Block program, over 76 thousands refugees received benefits. This blockchain project became a meaningful case that has shown a visible result.

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Amazon and Oracle jumped into blockchain technology on their Clouds

The external cloud similar to the N Drive in South Korea, started adapting blockchain technology. The large companies such as Amazon and Oracle are developing their own server to let the users to build the program easily.

Amazon business cloud called Kaleido targeted business companies that they do not have to waste time and money on building blockchain structure. Instead, the developers only have focus on the quality of service. Oracle launches similar project that other applications and blockchain networks can be combined in the Oracle Blockchain Cloud.

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Ethereum has launched new domain address

For the ENS(Ethereum Name Service) users, new domain address ‘.xyz’ can be used in Ethereum wallet, smart contract and other various service. This new domain address replaces existing complicate address. Anyone can access ‘.xyz’ from purchasing the domain name service register and replace ‘.eth’ domain.

IT company XYZ offers ‘.xyz’ is the second top domain that ENS provides. Alphabet the current Google’s holding company uses its website address as ‘abc.xyz’ as well as the blockchain affiliated company of Kakao, GroundX uses ‘groundx.xyz’.

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New Cryptocurrency ATM, Sintra

Portuguese ATM company Lamassu launched the new cryptocurrency ATM called Sintra. The Sintra line has one-way and two-way machine that allows the users to buy-only or buy and sell(Sintra, Sintra Forte, and Douro II). Sintra offers various cryptocurrencies such as Bitcoin, Zcash, Ethereum, Bitcoin Cash, Litecoin, and Dash. This is one of the easiest way to purchase and sell cryptocurrencies that users can access as easy as existing banks. For non-cryptocurrency users, this ATM machine reaches them even friendly that they might be Lamassu’s future users.

According to the Lamassu website, the break even point of one Sintra machine is when it makes about $800~$1,000 worth transaction daily. Lamassu introduced the first cryptocurrency ATM in 2013. The developers has been trying to separate the users and the operators ever since then. Lamassu develops decentralized server that the operator does not have any access to open users datas or receive sending fees so that the only method of income is distributions. This new concept ATM will bring a revolution in other ATM business.