Blockchain News

A new tool based on Blockchain technology to be developed.

A group based in the UK has come up with a tool to see the level of sustainable commitments. This is just one more way in which Blockchain technology can be more relevant in day-to-day corporate activities. Moreover, it would make blockchain technology more relevant in the sector. The group to come up with this tool is The Responsible Finance and Investment Foundation. This group is coming up with such a tool to see to it that it becomes possible to look at those companies which do not live up to the standards of the ethics set by the government. It is necessary to identify the companies that lack in ethical standards.

It is here that this tool will aid the sector. A major role that will be played by this tool of the foundation is to see to it that firms do not indulge in the wrongful practices. One such practice that several companies have become part of is a phenomenon called “greenwashing”, this involves firms trying to prove that they are more concerned about the environment than they really are. It involves looking at the firms trying to prove that they are more ecologically aware than they are. It is this phenomenon that this tool might be intending on challenging.

RFI is looking at several other countries in order to expand its operations. There are a lot of projects regarding the issue that this firm is dealing with and therefore, there are 23 other firms that would participate in these activities. The increase in the interest level was stated by Blake Goud. According to Goud, there are a lot of firms that are misusing the characteristics of the sector, this new tool from the Blockchain technology will help them combat the unethical practices of the market and it is this that will come to the aide in developing a stronger and better tomorrow.

Several nations from across the world have signed a declaration for a better regulation as well as for enhanced standards of Blockchain technology. These countries have also committed to bringing about an increased level of regulation in the country. Several of these countries belong to the European Union. All these countries have made a pact to bring about better standards of regulation as well as ethics in the corporate as well as Blockchain sector. Thus altering the manner in which the economy is affected by it.

Increase in the maturity in the virtual currency markets.

It has been highly noticeable that in spite of the week that was very eventful for the sector of virtual currency, there have not been noticed any drastic changes in the market. A major reason for the same being that it is being expected that virtual currency would soon become a part of the mainstream economic sector. It has been found by the experts in the market that this would soon be possible as the market is moving towards maturity and there are a number of adoptions as well as investments that have taken place in the sector. It can be believed that virtual currency is getting out of its nascent phase.

Up until now, the belief that was held by the people was that “Bitcoin” is the one coin that defines the sector and those who are investing in this sector are merely experimenting. However, recently, a huge change in the perception of the people towards this sector has come about. With the increase in the number of bankers in the field adopting this technology, the masses have also started to believe that there is potential in this new kind of technology.

Even as there have been a lot of changes in the value of the various coins in the sector, including prominent ones like Bitcoin and Ethereum, it can be believed that there has also been a mass adoption as well as investment in this field. With the increase in the number of people adopting digital currency, there can be noticed an increase in the maturity in the sector.

However, according to those who have been in the economy for a long period of time, there is a lot about this sector that still needs to be corrected, for example, the incentives of those investing in this field and if they are in it for a long or a short period of time. There are several investors who are only attracted to this market because of the belief that it might help them make money with ease. It can be believed that even though a number of people are adopting the technology, not everything about the intentions of these people can lead to a sense of maturation in the sector. However, it is equally true that the industry has come a long way from the perception that was held about it and the position that was held by this sector in the economy a few years ago.

By 2025 Blockchain will Worth $500 Million in Manufacturing Sector, says Report

Blockchain these days is being utilized in various sectors. With that, a technology research company ReportLinker reported regarding the future of blockchain in the manufacturing market.

According to the report, in the U.S., blockchain technology in manufacturing sector is anticipated to grow remarkably from 2020–2025, also the market evaluation of blockchain technology in manufacturing is supposed to be worth $30 million by 2020, which will increase at a compound annual growth rate of 80 percent to $566 million by 2025.

To prepare the report, the authors divided blockchain usage by application, end use, and territory. After that, the research split in the manufacturing market based on end use into energy and power, industrial, automotive, pharmaceuticals, food and beverages, aerospace & defense, textile and clothing, etc.

Here, the authors point out various factors impacting growth, key factors among them being the growth of blockchain-as-a-service (BaaS) solutions for businesses, and remarkable growth in venture capital investment and Initial Coin Offerings (ICO).

Although, the report proclaims that an unsure regulatory prospect and lack of a uniform set of standards inhibits the growth of the blockchain in the manufacturing market.

Apart from that, in January 2018, manufacturing output was 4.7 percent lower than in December 2007, reportedly. The report was prepared by The MAPI Foundation, which leads research and makes policy recommendations about the conditions of the American manufacturing sector.

Even after the collapse following the 2008 recession, MAPI predicted that the U.S. manufacturing sector would fully recover all lost output by April 2019. The foundation estimated an average growth rate of 2.8 percent for U.S. manufacturing from 2018 to 2021.

In August Deloitte’s 2018 blockchain survey indicates that the technology is obtaining notable momentum at the executive level of enterprises across multiple industries. 74 percent of respondents to the survey said their executive team thinks there is a “compelling business case” for the utilization of blockchain technology, wherein 34 percent stated that some form of blockchain deployment was already in process within their organization.

Blockchain Technology Able to Decrease Risk in Foreign Trade

These days all massive firms, especially tech firms are adapting to blockchain technology. Recently, research was done to examine the possible effects of blockchain on transactions and foreign trade. It was conducted by the Austrian Research Center International Economics (FIW).

Bernhard Dachs has prepared the report on behalf of the Austrian Federal Ministry. He is from the Austrian Institute of Technology. The report was made for Digital and Economic Affairs and creates a positive impression of blockchain technology and artificial intelligence (AI).

Dachs marked that, the first requirement is the wide acceptance of blockchain technology, especially in the banking sector, so that Austrian import and export relations can fairly benefit from the technology.

He also believes that blockchain technology could make transactions in exports more secured and that can decrease the risk and uncertainty. Plus, the decentralized technology could contribute to “substantially reduce the cost of processing export guarantees”.

Further, he added, “Services, in particular, can expect significant gains in automation and tradability from new technologies such as blockchain or AI, which will provide significant momentum to these industries. The development of new service offerings could prove to be a growth driver for Austrian companies “.

Notably, among all the member states of the E.U. Austria has obtained 11th rank on the Digital Economy and Society Index. With this, the report profusely states that science and industry need to be consolidated in the evolution of new digital opportunities so that Austria can take a significant role in future innovation.

Apart from that, IBM is already involved in its first pilot projects with the logistics company Maersk to map existing freight documents in a blockchain. Apparently, the port of Hamburg, Germany is also developing a project in the present called HanseBloc, which will ensure the secure electronic exchange of bill of lading via blockchain.

Dubai Department of Finance to Introduce Blockchain-Based Payment System

When the world is receiving benefits from digital currency, Dubai does not want to lag behind. According to the reports, Dubai Department of Finance is about to enter in Blockchain technology.

The Dubai Department of Finance (DoF) has collaborated with the Smart Dubai Office (SDO) to initiate a blockchain-build payment system. As reported by a local news site Zawya, on September 23.

On last Sunday, “Payment Reconciliation and Settlement,” was officiallyinaugurated which is a new platform. The government entities like the Road and Transport Authority (RTA), Dubai Police, Dubai Health Authority (DHA) will be utilizing the aforesaid payment system.

The Dubai DoF and SDO aim for the system that can provide a more accurate and transparent governance process, as well as to enable real-time payments within and between government structures. The existing system for transactions in Dubai government is pretty time absorbing that it takes up to 45 days to accomplish any given operation, as stated by Zawya.

Amid this, the new system is already applied at the Dubai Electricity and Water Authority (DEWA) and the Knowledge and Human Development Authority (KHDA), having a total number of test transactions successfully amounting to more than five million, according to reports.

The director general at the SDO, Dr. Aisha Bin Bishr expressed her views by saying, “blockchain is one of the most promising of emerging technologies.”

As we know, in 2017, the SDO group was approved with the top honors at the Smart Cities Expo and World Congress in Barcelona, earning the City Project Award from among 308 other teams for their Dubai blockchain Strategy.

As pe the valid report, Vice President and Prime Minister of the UAE and Ruler of the Dubai Emirate Sheikh Mohammed bin Rashid launched the Smart City project in 2013. The organization’s target is to deliver a smart ecosystem for cooperation between government entities and residents and visitors. The said goal is backed by the government, private sector, and institutional partners.

Apart from that, Smart Dubai is not the only government-supported initiative that is planned to engage major emerging technologies like blockchain in the country. As, the UAE Vice President and Prime Minister initiated the “UAE Blockchain Strategy 2021” In April of this year, with an aspiration to achieve the position of a global leader in selecting the technology.   

Also, in July, the Dubai International Financial Centre (DIFC) declared its future joint efforts with Smart Dubai to develop a “Court of the Blockchain.” The organization is focussed on examining the power and capabilities of the technology in terms of improvising  the UAE’s legal system. For instance, by incorporating blockchain-based verification of court judgements.

So, let’s see how it helps the UAE’s Gov’t on a larger scale.

Samsung IT Arm Unveils Blockchain Certification Tool for Banks

An official announcement on 27 August released a statement declaring that Samsung SDS, the IT backbone of large tech company Samsung, is developing BankSign which is a certification apparatus based on blockchain for banks.

Samsung SDS makes this development as a joint venture alongside KFB – Korea Federation of Banks. The initiation of BankSign is to provide customers to use a simple transaction method using only one certification from one bank and allow transaction within various banking systems.

This certificate can get verified on the place by using fingerprints, passwords, and patterns to confirm your identity.

A recent announcement stated that the BankSign would enable its customers for requiring a certificate which has three years validity and it is a replacement for the existing certification system. It will require yearly renewal, authentication, and registration but with every bank individually at that time.

Hong-Jun Yoo, Vice President of Samsung SDS finance business, claims that BankSign will be the first example of blockchain application to banking services. Moreover, he says that Samsung as a company is expanding the digital transformation expansion in business. It shall enhance the effectiveness of the banks and other financial institutions.

KFB revealed back in June to develop BankSign and intend replacement for the complicated and a very old traditional verification system, working on for 20 years. It makes it important for the banks to make use of an efficient system of blockchain and consider it as a backbone for a new initiative.

At the same time, there were also reports which suggested that BankSign operation might even become Nexledger which would be a private enterprise and a transaction organization tool. The reports also suggested that this tool was underway under the command of Samsung SDS.

Samsung SDS also released a collection of several blockchain centered products in this same year. Back in June, Samsung SDS released CelloSquare 3.0 which is a product that implements blockchain in targeting the global logistics ground.

Before that Samsung SDS also announced the launch of a finance platform named Nexfinance, which is also powered by blockchain. The Samsung SDS also states that these products have the potential of incorporating the characteristics of artificial intelligence, large data analytics and advanced IT technology such as the Intelligent Process Automation.

It can be a solid foundation for Samsung SDS with this new and improved technological advancement for giving the banks a new phase of blockchain for certification and authentication.

A Leading Blockchain Hedge Fund, Permian Capital Management In The USA Hires Global Head Of Distribution

San Francisco based asset management company, Permian Capital Management LLC adds a key person, Josh Kernan as Global Head of Distribution to its team of Hedge Fund.  Permian Capital Management LLC is one of the renowned asset management companies in the USA specialized in investing in digital assets and blockchain based technology companies. The company has gained deep insights in digital engineering with a couple of experience in finance in place. At present, it focuses on digital assets that is highly impacted by the new age technology called the blockchain technology.

Josh is an expert industry veteran having a strong domain in finance that understands the demands of institutional investors as stated by Shaunak Mali, Partner, and Co-founder of Permian Capital Management. Further, he proclaims that Josh’s expertise will be used with the mission that Permian’s has in place to bridge the vague digital assets world sprawling with traditional finance.

On Josh’s credential front, he brings more than 24 years of experience to manage alternative investment products on a variety of investment platforms. He initiated his career at Charles Schwab & Co. where he founded the Alternative Investment Department and spent 15 years as the Director of Alternative Investments. He also worked for Schwab that he left to set-up the Hedge Fund Simple Alternatives. He has recently served as Senior Vice President for Partners Group, a Swiss-based private markets firm.

Josh is so excited to join Permian Capital where he states that “I am incredibly excited to join this talented and dedicated team,” said Kernan. “What sets this team apart as investors are their deep experience as blockchain engineers, computer scientists, and technology entrepreneurs.”

Let us not forget that if you would like to scale up your company at the highest level and would like to create a hallmark for success globally, you must require the best team in place that has strong domain expertise. Only then you may say that “Hurrah, I am on Cloud Nine!!

Online Gaming Industry Is Actively Utilizing The Blockchain Technology To Offer You The Most Exciting Experience Ever

The human mind is eclectic as it always finds that where to get comfort. The online gaming industry has already accelerated its footprints globally, people are always inclined to use it either in a leisure time or online playing. Let us not to forget that playing a game is such an exciting to de-stress yourself however one can suffer if the gaming result is frustrated. However, the blockchain technology is competent enough to transform the industry which is really required a change. Needless to say that the change is the law of life. Since the inception, the gaming industry is known as disputed and untrustworthy space due to lots of legality of gambling involved. The regulations differ from country to country. However, there is some industry-friendly country like Malta that has recently announced and introduced the crypto-based gambling which is absolutely legal to use. The Malta Gaming Authority (MGA) issues the guidelines for distributed ledger technology (DLT) and virtual currencies that protect the interest of customers and ward off crime and other unethical practice involved like money laundering. Malta’s main goal is to introduce the blockchain technology that brings transparency back to the game so that it can lure more people from around the world that can use it profusely.

On the characteristics of the technology’s front, the one that brings transparency to the gaming industry that we have already lost. So far the casinos and online gaming base their victory on players that organize the higher bets instead of an absolute manner that result in declining the number of players as they refrain from using the online games.  However, the blockchain technology in place, it is said to be an open source technology that creates a platform where a transaction can be verified. Let’s not forget that the blockchain technology is completely de-centralized one where transactions are open to all those persons that are involved. The casino games once utilize the blockchain platform, players get a chance to verify and to make sure that their winning is distributed transparently and confirm the payments that are made at the end of the game. Blockchain technology lets the transactions be faster and more secure.

Erstwhile if a player wants to withdraw from the online casino, so it was not easy to get out of it. However, with the help of smart contracts (incorporated through the blockchain technology) are utilized in online transactions. It records all types of details including bet details and confirm the bet’s results and pay out the winnings automatically without any delay. The blockchain technology eliminates all the complexities that also included human manipulation. With this, no one can change the technology because of its registration in place especially on the blockchain. All the transactions that are executed on the blockchain platform, are recorded automatically and can not be deleted. This is one of the best alternatives that the industry can use it, especially when it comes to using cryptocurrency used as payment, collecting winnings of players in a secured way among other invaluable benefits that the blockchain technology offers.

Additionally, the blockchain based games can have numerous features in place like transaction, trade and collect digital assets. Eventually, it has come to change the way businesses do by a variety of mechanism and value-added features in place. With this, the blockchain technology is competent enough to offer online games and casinos as one of the trusted platforms where players can make the safest bets and may have secured transactions. We have already seen the industry struggling with a bad reputation and that we have to change that with the help of an awesome technology in place. The industry has faced numerous complexities like payment related frauds,  pre-arranged gaming results among others problems.

Let us not forget that the blockchain technology will not only change the dynamism the way businesses do, however it will fructify the gaming industry by making it a reputed one that you can play with pride!! So what you are waiting for? Just go online and start betting on blockchain platform!!

Smart Contract Technology in demand today

Now that the blockchain technology has started gaining its status amongst the corporates and investors worldwide, there has been a rising network that use smart contract technology especially to manage agreements process with it.

With the single goal in place to redefine as to how legal products and services assist the networked economy, a group of law firms and technology companies have conceded to work together for further launching of a public, permission blockchain network through the Agreements Network tool.  The range of law firms included LegalBonok and ErdosIP, BakerHostetler that will be joined by tech companies clause whereas the others are Monax, Rymedi, Libra, LexPredict, Crowdcube, TransparentNode and Wolfram Blockchain Labs.

The Agreements Network is a newly set-up tool that delivers legal know-how to the market. Let us not forget that the networked economy, legal contracting happens less on paper and moves to software and devices.

The lawyers and companies with the help of Agreements Network can design, operate and execute contracts to perform jobs, for example, contract management, collecting, storing and providing evidence. With this, the Agreement Network’s legal reference layer is one of the novel tools that track very important information like a chain of custody for assets. However, it also supports the creation of new products that transform future legal contracts.

The participants that involved in the Agreement Network will validate, refine operation of the technology while addressing issues that enables adoptions and scaling the solutions for a legal product that meets the demand for legal – Smart Contracts.

On the transaction summary front, the legal products will be executed through simple legal functions and marketed and sold across a global peer-to-peer network. Needless to say that the complementary legal products will bring revenue more excitedly and represent client opportunities to any lawyer by creating and executing a more diverse and competitive marketplace for all consumers.

Good news for block chain: stock exchange giant has set its eyes on utilization of block chain technology

13th July-Needless to mention, the crypto currency is no longer limiting itself to the selected fields, it is spreading its wings in all those markets which have been held by government currency but there is a need for better organization in all these sectors. It was recently found that Australian stock exchange would enter the field that requires more attention from the government. It is evident that there is no stopping these well equipped and ambitious exchanges. And there are several factors which contribute towards this kind of growth.

In an astounding feat, the stock exchange giant of the modern age is set to use the services of the distributed ledger technology in its transactions of various securities. This top notch stock exchange, Shanghai stock exchange has declared that it has received several opinions that through the technology of block chain, there can be an enhancement in the honesty and integrity in the field that deals with securities. This has been a cause for this new decision by this prestigious institution, which, unsurprisingly, has been welcomed by several experts in the market.

Further on, it has also been revealed by the institution that even as a large section of the market is on the verge of accepting this technology, the other portions of the industry dealing with functions of a larger magnitude would do so in a few years. This decision has been reached after taking a holistic look at the market and its different opinions. Moreover, the stock exchange does not wish to ignore the winds of change blowing in the direction of virtual currency and block chain technology. It is getting more apparent every day that block chain technology is what is required in the modern world to excel in these economic times.

Even as the Chinese stock exchange is geared towards inculcation of crypto currency, something similar cannot be said about the government of China which has maintained its ban on several salient features of block chain technology such as Initial Coin Offerings.

However, it has been made clear by various companies dealing in securities that they have a belief that blockchain technology will be of utmost importance and benefit to this particular sector and through detailed research and taking into consideration, the market conditions; it is advisable to utilize the block chain technology.

Another giant which might soon be wading through the waters of block chain technology is Banco Santander. There is a research team by Santander looking at how block chain technology could increasingly be a part of the management of securities.

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