BNP Paribas Blockchain used for live transactions
A well-known worldwide seller and another important firm partecipated to the first live transactions using the BNP Paribas Blockchain service, as revealed today by the bank itself.
According to BNP Paribas, in fact, payments were processed between the Italian sports collectible firms Panini Group and the Australian packaging firm called Amcor.
The payment transactions were managed in a few minutes – the bank explained in the official press release – using different currencies to make transactions easier between bank accounts located in Germany, Netherlands and England.
Panini Group treasurer Fabrizio Masinelli commented in a statement:
“This proof-of-concept shows how powerful such technology can be and how it can be utilised as an effective and efficient response to the main issues that treasurers face on a daily basis.”
BNP Paribas Blockchain Proof of Concept
The transactions were managed by using the proof of concept called Cash Without Borders launched earlier this year after its incubation during a blockchain hackathon.
More Details about the size of the transactions will be revealed in the next future.
Also, the BNP Paribas blockchain service tested the so-called “mini-bonds” for small investments, as well as blockchain crowdfunding prototypes that might see the light next year.
According to the Panini Group’s official website, the company earned 751m euros in 2014 and employs 1,000 people worldwide.
Also, during the same year, Amcor earned $10b in sales and employs 29,000 employees.
To read more about the BNP Paribas Blockchain service click here.
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Denmark Bitcoin: Digitalizing National Currency
Today I want to talk about the Denmark Bitcoin position and regulation.
Denmark is a place where its citizens relie on cash less than most other European countries, so it is thinking about digitalizing its national currency.
To do so, the Danish central bank wants to release its own digital currency based on a blockchain and it will be called e-krone.
Governor of the Danish central bank, Lars Rohde. commented that the government doesn’t want to print its own fiat currency in the future.
So Rohde is looking for outsourcing the production of Danish krone and wants to replace it with its independent financial system based on the distributed ledger technology: the e-krone.
In an interview conducted by Bloomberg, Rohde explained that the Danish central bank effort is not related to the blockchain technology or alternative fintech technologies:
“We’re not preoccupied with the technology because we know that issue well. Cash and notes are not an alternative to electronic payments. We went beyond that many years ago.”
Also, the most important problem the central bank is worried about is the anonymity of the e-krone.
At the moment, the Danish bank believes that the e-krone will have a serial number embedded onto its Blockchain, so the government will be able to track the currency thanks to a transparent ledger.
However, another issue about the anonymity of a currency are the predictable complaints by the Danish citizens who expect to be provided with financial freedom and privacy.
“All money held by Danes will eventually end up in the central bank in the event of a financial crisis, and we will indirectly end up doing a bailout because we become a creditor to all the banks.”
But the distributed ledger tech is not applicable to the concept of the Danish central bank, as structurally it cannot be established for the central bank as network moderator.
To read more news about Denmark Bitcoin position, click here.
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Blockchain Copyright US Commerce Department
Blockchain Copyright will be the major topic to be discussed by the US Commerce Department on Friday 9th November, 2016.
The even is organized by the Internet Task Force department, supported by the US Patent and Trademark Organization (USTPO), the National Telecommunications and Information Administration (NTIA), the International Trade Administration (ITA) and the National Institute of Standards and Technology (NIST).
This group was created to study a wide range of topics, from blockchain copyright to digital privacy and cybersecurity.
The Commerce Department will be hosting a live streaming of the conference.
According to an agenda published by the Commerce Department, the event is being organized at the Silicon Valley office.
However, the blockchain copyright topic is not so new, as the idea that distributed ledger technology can be very useful in the digital copyright filed is being explored by several startups worldwide.
The idea is that a creative project can be linked to a transaction or digitized asset on an immutable ledger, so its provenance can be traced to its origin, verifying the true author behind it.
The one-day event, which will begin at 1:30 p.m. UTC, will include a panel session on registries and rights expression languages, and a conference that is expected to be focused on the use of the distributed ledger.
The next sessions will be focused on the blockchain and smart contracts as topics of discussion. And while no specific details about projects have been revealed, the conference will include a technology preview.
The department explained during its press release:
“We will discuss the potential for interoperability across digital registries and standards work in this field, and consider the relevant emerging technologies (eg, blockchain technology, open-source platforms). We will also explore potential approaches to guide their adoption and integration into the online marketplace.”
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Russia Bitcoin recognized by tax authorities
The uncertainties about the relationship Russia Bitcoin were finally disappeared.
In an official document published a few days ago on November 29th Russia’s federal tax service expressed its new position regarding the legality of Bitcoin use and transactions.
In fact, the document finally explained that there is no legal prohibition of digital currencies in Russia.
Russia Bitcoin and uncertainty
For almost three years it was not clear if the Russian authorities wanted to ban or accept Bitcoin and introduce several penalties.
Somewhere during this period, the Russian ministry of finance commented about the possibility of a four years imprisonment introduction for people involved in the Bitcoin use.
Also, even bank officials sentenced to seven years in prison and banned from holding certain positions.
However, Russian authorities changed their idea and gave the ministry of finance a new directive to write a law on Bitcoin.
For Russia Bitcoin is a foreign currency
The federal tax service’s document affirms the legality of Bitcoin and indicates that all trading operations related to Bitcoin and any other digital currency are to be considered as foreign and external securities.
In fact, this document essentially defines the buying and selling of Bitcoin and other cryptocurrencies a monetary transaction.
Bitcoin for Money laundering and terrorism
However, the document also explained that Russian authorities will investigate about people who use Bitcoin for money laundering and terrorism.
Even if this calls for KYC and AML from exchanges is yet to be clarified by the Russian government as there are more interpretations that are yet to be communicated.
Source: Coindesk.com
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Ernst and Young Bitcoin accepted in Switzerland
Ernst and Young Bitcoin: the Swiss branch of global professional services firm will accept the cryptocurrency-kind of payment next year.
Starting in January, Ernst and Young Switzerland will allow bitcoin for invoice payments, as the company explained in a new press release.
Switzerland, Ernst and Young Bitcoin: a profitable relationship
The Swiss firm will also open a new BTM (or Bitcoin ATM) at its office in Zurich, as well as a wallet option for its employees.
This Ernst and Young project is part of the bigger cultural experiment on bitcoin and the distributed ledger conducted in Switzerland.
Late last month, in fact, Swiss railway service announced that it will sell bitcoin on its nationwide network of ticket kiosks; also the Swiss town called Zug will accept Bitcoin for public services payments, as its major explained back in May.
According to Ernst and Young, this launch fits perfectly with this experimental context created in the Swiss country.
Switzerland’s CEO, Marcel Stalder, commented that the company wants its employees to know digital currencies and the blockchain. This project is to provide ways to access a hands-on education, he said.
Stalder explained:
“We don’t only want to talk about digitalization, but also actively drive this process together with our employees and our clients. It is important to us that everybody gets on board and prepares themselves for the revolution set to take place in the business world through blockchains, smart contracts and digital currencies.”
Ernst and Young is just one of the “Big Four” accounting firms involved in the blockchain sector at the moment.
Recently, the company also decided to open a blockchain-related contest for startups with the goal of “exploring how blockchain technology can tackle challenges in digital rights management and energy trading.”
Learn more about Switzerland and Ernst and Young involvemet in the bitcoin field, by clicking on the links above.
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Senegal cryptocurrency for the underbanked
Senegal Cryptocurrency may become the first of its kind, as it will be based on its national fiat currency.
A few days ago, Senegal introduced eCFA, a new virtual currency which is currently in development.
This cryptocurrency was born thanks to a collaboration with Banque Regionale de Marches (BRM) and eCurrency Mint Limited.
BRM bank, financial institution specializing in capital markets and the implementation of custom banking solutions, is working on the development and integration of this cryptocurrency, and the Senegal government will serve as a legal tender.
Senegal Cryptocurrency for the underbanked
Similar to the objective of Norway’s bank DNB, Senegal wants to secure itself a significant market share of Africa’s underbanked and underserved people, who cannot find access to financial platforms and networks to manage their cross-border transactions.
Also, the development and launch of Senegal Cryptocurrency eCFA is leaded by the West African Economic and Monetary Union (WAEMU), which suggests that eCFA will be available for all the African countries, including Benin, Burkina Faso, Cote d’Ivoire, etc.
Unfortunately, both BRM and eCurrency Mint Limited didn’t release any technical information and background on their new Senegal cryptocurrency.
In fact, it is still unknown if the digital currency will be based on a permissioned ledger or on a decentralized blockchain network.
In both cases this news is very important as it is another step closer to the digital currencies adoption worldwide.
Read here more about Senegal and African involvement in digital currencies.
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Siemens Blockchain to work with Microgrids
An American startup has started a new partnership to help the Siemens Blockchain project, as the company wants to develop a peer-to-peer energy transfer program based on the Ethereum Blockchain.
Siemens Blockchain Project with LO3
To do so, LO3 will work together with tech giant Siemens to help its new TransActive Grid project, which allows users to sell their own power to other microgrid stakeholders.
In a press release published today, Siemens said they will provide the startup with its microgrid control technology.
Recently, we need to remember, LO3 was awarded as a patent for its decentralized energy transfer project by the US Patent and Trademark Office.
Thanks to this collaboration, LO3 will work together with Siemens’ Next47 Unit, opened earlier this year.
Siemens indicated that this project created between the two companies will be able to have future impacts on its own global client base.
In fact, Siemens is one of Germany’s biggest companies, and also one of Europe’s largest engineering businesses.
CEO for Siemens’ Energy Management Division, Ralf Christian, explained:
“We’re convinced that our microgrid control and automation solutions, in combination with the blockchain technology of our partner LO3 Energy, will provide additional value for our customers whether on the utilities side or on the prosumer side.”
Siemens and LO3 will test blockchain-powered microgrids in New York and other worldwide locations, as the two companies explained today.
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Sweden Digital Currency: a new Bitcoin?
Today I want to talk about the new Sweden Digital Currency project.
Sweden’s central bank, in fact, is considering the possibility of issuing its own national virtual currency, but the technology behind it is yet to be revealed.
According to an article published today by The Financial Times, Riksbank wants to create the new virtual currency because of a strong decline in domestic cash use. In fact, according to a report, the amount of notes in circulation has declined 40% since 2009.
Sweden Digital Currency and other solutions
Deputy governor Cecilia Skingsley commented that the central bank wants to test various technologies. Although she did not mention blockchain drectly, the Financial Times explained that the distributed ledger might be one of the options the Sweden bank could consider.
“We need to do the homework because it’s not an option for the public sector to stay on the sidelines and see the private sector cut off access to central bank money for individuals.”
Skingsley said that the digital currency could be issued together with banknotes and coins, but the Riksbank do not want to encourage illegal activity.
Tomorrow Skingsley will give a speech and he might explain more details about the Sweden Digital Currency project.
With this announcement, Sweden will become the latest country to have its own central bank considering to issue a new digital currency, an idea that for the greatest part of nations meant doing several reseatches related to blockchain-based cryptocurrencies.
During the latest few months, the Bank of England has started to discuss and test issuing its own digital currency using the blockchain; and the People’s Bank of China is investigating the idea too.
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Unicef Blockchain Startup: new details
Today we talk about the new Unicef Blockchain Startup.
The United Nations Children’s Fund (UNICEF), in fact, decided to invest in a South African startup related to the blockchain.
In February UNICEF revealed that its decision to fund projects focused on the distributed ledger thanks a new innovation fund created in 2015.
At the time, UNICEF explained it was interested in investing in the areas of digital identity and remittances, but later UNICEF decided to hire a person on blockchain.
Right now, the association is starting to fund companies in areas that support its mission to promote child and family welfare.
UNICEF invested in several startups, including 9Needs, which uses the blockchain to develop identity features for children’s education.
9Needs will receive about $100,000 in investment, which will be used to scale the platform already developed by the startup.
Chris Fabian of UNICEF’s Office of Innovation Ventures explained that the organization decided to fund 9Needs as it promotes social progress.
“The sense of the company we got of the company, in talks with them, they seem like a really cohesive group of people using a sophisticated technology to solve a pressing set of problems.”
Read more about UNICEF Blockchain Startup Investment by clicking here.
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World Economic Forum Blockchain led by Estonia
The World Economic Forum Blockchain created a new working group focused on the distributed ledger with the Estonian President.
This so-called “Global Futures Council on Blockchain Technology” will be met for the first time during an event held in Dubai later this week. According to the World Economic Forum Blockchain the group will be focused on the development of governance models related to the distributed ledger.
Toomas Hendrik Ilves, president of Estonia for 10 years, will co-chair together with Jamie Smith, chief communications and marketing officer for bitcoin mining and blockchain services firm BitFury and a former official in the Obama White House.
Members of the group are: Ma Jun (chief economist for the People’s Bank of China’s research outfit) and Claire Sunderland Hay (head of the Bank of England’s fintech startup accelerator).
The group also include representatives from bitcoin-related startups such as BitPesa, Everledger, Ripple and Chain; and institutions such as Barclay’s and Deutsche Bank.
Here you can read the full list of the “World Economic Forum Blockchain” members.
“The distributed ledger or blockchain system of preserving data integrity and security is one of the most promising new technologies to emerge in the past decade. Its full potential is only now beginning to be realized. This Council will play a leading role exploring how blockchain can be used to improve security on the internet.”
The WEF counducted an internal research about the blockchain since 2015 and this new working group is part of a broader network of Global Agenda Councils, focused on problems such as climate change, AI and cybersecurity.
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