WebJet Blockchain project for travel bookings
Microsoft is working on the newest Webjet Blockchain project to allow users booking travels through the distributed ledger.
Microsoft, in fact, is testing a blockchain proof-of-concept developed together with the Australian travel agency called Webjet for a pilot that will be ready during this year.
During a speech given at the CoinDesk’s annual conference titled Construct 2017, Cale Teeter and Eric Maino, or Microsoft senior software development engineer and technical architect, commented that they think that the project, which looking for make travel bookings easier by using a blockchain-based system, will reach its development status during the next few months.
“Webjet wanted to see, instead of everyone running their own proprietary systems, a system that connects companies they own. They’ve been running their real data through it and they’ve been finding interest discrepancies in the business, and they’re hoping to expand it out,” said Maino.
Revealed in November, the Webjet managing director John Guscic explained that the online booking system has become apt to be developed thanks to the several systems used for its business projects including the hotel room wholesaling.
“Between five and 10% of bookings can be impacted or, in other words, up to $10bn-worth of transactions,” Guscic explained in a previous statement.
Microsoft is not new to blockchain-based project. Earlier this year, in fact, the computer well-known company revealed its project called Manifest for tracking products worldwide. Read more by clicking here.
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China Blockchain project for a new digital currency
People’s Bank of China (PBOC) is working on a China Blockchain project for a new digital currency.
According to an article published by Caixin yesterday, the People’s Bank of China completed a project on 15th December during which it tested how transactions could work by using a custom blockchain system.
The test was held together with major Chinese commercial banks including Industrial and Commercial Bank of China (ICBC), Bank of China and WeBank.
The official press release reports:
“The bank suggested the digital currency would not only reduce circulation costs but also increase transparency and curb money laundering and tax evasion.”
Also, the official report just released explained that the new China Blockchain digital currency might be connected to the Shanghai Commercial Paper Exchange to create a “national platform for bank bill transactions”.
Together with this new project the PBOC will also open a digital currency research institute for which it is looking for experts in big data, fintech, cryptography and distributed ledger technology.
The official report shared by the PBOC governor Zhou Xiaochuan in February, also explained that the central bank was considering the distributed ledger as one of a few different technologies that can be allow it to create a new form of digital cash.
Also, this project coincides with the current PBOC’s investigations into the most important bitcoin exchanges of the country, an operation that started in January and that has seen several startups doing a few changes to trading policies.
Read more news about the China Blockchain projects by clicking here.
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Microsoft Blockchain Project for tracking products
A technology originally created for NASA communication now will be used by the new Microsoft blockchain project that will help tracking products worldwide.
Microsoft Blockchain’s Project called Manifest can also help to ensure the origin of the material used and the labor used to build the products, conforming them to company’s standards.
Thanks to a partnership with Mojix, Project Manifest uses Internet of Things (IoT) platform that is currently integrated with the Ethereum blockchain to help companies to track items using a radio frequency identification device (RFID).
This kind of implementation is able to inform each member of the supply chain about the history of a shipped product.
During a recent interview with Microsoft’s strategist Yorke Rhodes, he explained why this partnership was chosen:
“Project Manifest is actually designed to look at the challenges of visibility in the supply chain. One of the reasons why we worked with Mojix is because they already have technology and know-how in supply chains for scanning RFIDs.”
A new database to track products
An early version of the Microsoft blockchain solution now integrates Mojix’s platform, called ViZix, with a smart contracts and it was exhibited during an event held last week at the National Retail Federation in NYC.
The ViZix integration has been designed to exploit the rapidly growing rate that goods are being labelled with RFID, Bluetooth and GPS sensors.
“The consumer would like to be able to see where the goods are to make sure they’re not coming from slave labor and things like that,” said Yorke. “By way of giving consumers the ability to do that we’d like to push certain parts of the data to a public blockchain.”
Microsoft Blockchain creates new partnerships
In addition to the Mojix partnership, Project Manifest also includes work with a standards body and support from the academic sector.
In fact, Project Manifest confirmed that two professors and 10 students from Auburn University’s RFID lab will also participate to the group.
Also, the lab has been engaged with seven brands and three retailers for seeking to create new ways to deal with a recent growth in supply chain data.
This team is studying and testing electronic proof of delivery, vendor scorecarding, anti-counterfeiting, anti-grey market, and data exchange data.
And a report about these researches is expected by the end of 2017.
Read more about Microsoft Blockchain’s project here.
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The newest Deutsche Börse Blockchain project
A new Deutsche Börse blockchain project was unveiled today as the market operator revealed a new blockchain proof-of-concept to manage bank cash transfers.
The so-called ‘CollCo’ (or, ‘collateralized coin’), is the new Deutsche Börse blockchain project created together with Eurex Clearing, or the clearing house used by the Deutsche Börse.
Using the same code of the Hyperledger Fabric project as a basis, the company wants to obtain a patent approval for this revolutionary transfer solution available thanks to the distributed ledger.
According to the official press release shared by the Deutsche Börse, the next step is to work with customers, regulatory and central banking contacts.
This is the official description for CollCo:
“All peer-to-peer payments based on tokenised commercial bank money are accompanied by movements of collateral between the respective Eurex Clearing members using the [central counter party’s] functionality and rules.”
The press release continues by saying that the idea links together “existing and potential new use cases” as the “handling of margining requirements, credit risk free payments, and delivery-versus-payment asset/value transfer on the blockchain”.
The Deutsche Börse has spent much time during the past year testing several blockchain use cases, including one thanks to a partnership with Germany’s central bank.
Also, in February 2016, the company partecipated at the New York blockchain startup Digital Asset Holding’s $60m funding round.
During a speech given last week, CEO Carsten Kengeter talked about the so-dubbed “Exchange 4.0” powered by next-generation technologies.
“Exchange 4.0 will use blockchain intelligently. Exchange 4.0 will convert data into investment tools. Finally, Exchange 4.0 will be as varied – and perhaps also as easy to use – as an app store,” he explained.
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Blockchain Cybersecurity: read the full report
As explained by a major IT agency for the European Union, financial companies should be careful to blockchain cybersecurity issues if they want to implement the blockchain.
The European Union Agency for Network and Information Security (ENISA), in fact, published a new report on the distributed ledger, highlighting the security issues that large companies might experience if they decide to adopt blockchain tech.
Key management, data privacy and smart contracts are some of the most important topics discussed in the ENISA report.
This is the first time the agency, created back in 2004, published a report on the technology. Last year, ENISA published a glossary on its official website.
On the page there was an overview of blockchain, saying “it is too soon to tell whether blockchain will live up to its promise”.
According to this newest report, financial businesses should give high attention to security issues.
Udo Helmbrecht, executive director of ENISA, explained in an official statement:
“Cybersecurity should be considered as a key element in the blockchain implementation by financial institutions.”
Code review and mechanisms for accessing to distributed networks should be important, commented the report. Also it highlights that banks and financial institutions should think about the blockchain cybersecurity challenges of handling digital asset wallets.
Click on the link below to read the full copy of the report:
WP2016 3-1 4 Blockchain Security by CoinDesk.
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Central Bank of Russia works on the Blockchain
Central bank of Russia is continuing to work and study blockchain applications, having announced the creation of a new FinTech group focused in part on the distributed ledger.
Officially formed on 28th December 2016, the Russian group includes representatives from several important Russian banks including Alfa Bank, Sberbank and VTB. Also, it includes payments processor Qiwi and the National System of Payment Cards (NSPK).
Earlier this week, the company said Qiwi CEO Sergey Solonin will be the association’s new chief.
In addition to the blockchain, Central Bank of Russia explained it will also investigate identification technologies and new payment system frameworks within the group.
Olga Skorobogatova, or the bank’s deputy governor, explained in an official statement:
“The Association’s key objectives will include the development and introduction of new technological solutions to ensure the development of the Russian financial market. It will also promote digitalisation of the Russian economy.”
This news reveals that Bank of Russia intends to play a leading role in the test and development of blockchain applications within the country and not only. Its interest in the technology is not a secret.
Recenlty, the Russian central bank has been undertaking a hands-on education into the ledger, announcing a new system for financial messaging called Masterchain back in October to improve its national payment system.
Also, the Russian government has been exploring the blockchain and it announced that Bitcoin is not an illegal method of payment.
Click here to read more news about Russia and Blockchain.
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Blockchain Healthcare Applications for US FDA
The US Food and Drug Administration (FDA) revealed today its intent to study Blockchain Healthcare Applications.
The American agency who approves and regulates medical products announced its decision in a press release published by IBM Watson Health, that will team together with the FDA.
IBM will study how data from electronic medical records, clinical trials and health data from devices can be better shared and audited by using the distributed ledger.
To do so, it is not clear if IBM and the FDA will use a private blockchain or the Bitcoin one. Details may be published during next months.
Initial tests will be focused on clinical trials and real-world evidence data related to oncological data.
However, the two companies positioned the trial as one that could one day mitigate the potential of patient privacy breaches during electric exchanges.
The official press release revealed:
“By keeping an audit trail of all transactions on an unalterable distributed ledger, blockchain technology establishes accountability and transparency in the data exchange process.”
According to the press release, the IBM and the FDA will work together for a two-years period and their goal is publishing their researches in 2017.
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Russian Blockchain to improve national payments
Today we want to talk about the recent Russian Blockchain interest and the country major announcements related to bitcoin and the distributed ledger.
According to Economic Times, Russia wants to use the blockchain technology to improve its national payment system and to simplify clients’ identification.
The Association of Financial Innovation (AFI) in Russia, in fact, prepared a draft for improving the regulation of its own national payment system.
This draft has been shared for a first discussion on the Association’s official web site. After this discussion, the roadmap will be presented to the Russian Duma, the Ministry of finance and the Bank of Russia.
According to the official article, the roadmap includes the use of the distributed ledger technology for users identification. Here an extract:
“Along with expansion opportunities in the short term transactions under the simplified identification of clients, develop an approach and implement a single identifier (possibly using blockchain technology)”.
The Association for Financial Technologies Development (FinTech Association) was recently setted up by the Bank of Russia.
Its participants will study and test the most promising technologies, including the distributed ledger, open application program interface (open API) and remote identification technologies. Also, the association will create a single payment space both for households and legal entities.
Russian Blockchain Interest
Earlier in 2016, the Bank of Russia revealed its technical prototype for financial messaging, based on the blockchain and called Masterchain.
This tool would allow instant confirmation of data; also it would create a few financial opportunities for the market participants to provide game-changing products and services to their clients.
Recenlty Russia seems to love the Blockchain very much. In fact, the national tax authority recognized Bitcoin as a foreign money, expressing the legality of Bitcoin use and transactions.
Also, Siberia Airlines revealed its use of the Ethereum Blockchain Smart Contract in a few transations.
To read more about Russian Blockchain projects, click here.
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Bitcoin in 2016: top news about the Blockchain
As the New Year’s Eve is coming, we decided to share with you the best moments of this year with an article about Bitcoin in 2016.
Involved in the best news about the distributed ledger technology, there are not only financial institutions and bank, but specially well-known companies related to countless sectors.
And his proves how the blockchain could be useful for a lots of use cases.
Microsoft and Bitcoin
For example, in 2016 Microsoft announced its involvement in blockchain projects related to security, identity management, and a tool for developers called Microsoft BaaS.
Also, the worldwide company decided to accept Bitcoin among its available methods of payment on its online shop.
IBM and Watson
IBM was another company who dedicated much effort in blockchain research and projects.
Earlier this year, IBM revealed its new blockchain cloud service for helping companies in developing and testing the distributed ledger.
Also, it announced its revolutionary project called Watson, that together with the distributed ledger are “two technologies that will rapidly change the way we live and work, and our clients in Asia Pacific are eager to lead the way in envisioning and creating that future,” explained Randy Walker, CEO at IBM for the Asian area.
Bitcoin in 2016: annual price high
Bitcoin in 2016 also reached its annual high; and as the year comes to the end, its price continues to test the $1,000 mark and it seeks to set a new three-year high.
HolyTransaction in News
You might now that our company had to face some issues earlier this year, but now we are strong than ever and we’re very happy to having developed a new virtual exchange platform called HolyTransaction Funding.
Thanks to this exchange you can buy and sell bitcoin worldwide with no registration required. This means you can instantly convert your digital currency into fiat currencies and vice versa, without sharing your personal data.
On HolyTransaction Trade you can also create a Bitcoin Virtual Credit Card to buy everything you want online.
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Real Estate Blockchain: houses on the ledger
The real estate blockchain is one of the most imporant use case for the distributed ledger as it is a secure and efficient data management system that enable buyers to rely on a live network.
The California-based Blockchain startup called Propy aims at simplifying real estate sales for investors and brokers by using the ledger.
At the moment Propy is available in Dubai, New York, San Francisco, Los Angeles, Miami and Moscow, so users can buy and rent houses creating a connection with the real estate broker on a blockchain platform.
Ethereum network
Propy exploits the Ethereum network, the blockchain network based on smart contract development.
Using Ethereum Propy can replicate the traditional process of real estate transactions by using a safer ledger.
The development team of Propy spent lots of time and effort in designing a smart contract project to be applied on this business.
Real estate Blockchain: how to use smart contract
Propy’s Andrey Zamovsky explained that the world lacks of “proper and robust electronic property registry”.
Some countries that have a digitalized registry to delete data manipulation issues, so Zamovsky said that a blockchain-based platform can be a very useful tool to eliminate corruption. Also, the lack of sophisticated and secure ledger makes the verification process more difficult for brokers.
To avoid this potential issues on data mismanagement, government agencies often take a few weeks to verify ownership transfers, but this is inefficient and expensive method for customers.
Zamovsky explained:
“A lot of developing countries still don’t have any kind of electronic property registry or have very inefficient ones – vulnerable to corruption, physical damage, hack attacks and fraud. The Blockchain database is replicated on thousands of servers worldwide, so it will be close to impossible to lose registry data.”
To read more about real estate blockchain, click here.
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