Dubai Blockchain to solve Immigration issues
Dubai Blockchain will try to solve immigration issues, developing a system for cutting illegal residency within the country.
To do so, Dubai immigration agency is looking for a blockchain startup to collaborate for this project.
The Dubai Future Accelerator and the General Directorate of Residency and Foreign Affairs published a call for blockchain startups to develop the immigration platform.
This way, the immigration agency hopes to reduce illegal resident entry by 50% using the distributed ledger, according to a press release published a few days ago on December 22nd.
Other public institutions in Dubai want to use the blockchain technology as part of their accelerator program and there are a few opened calls about blockchain’s publicized use cases.
For example, the Department of Economic Development is looking for using automated systems to cut governmental red tape by 20%, reducing time for receiving, renewing and modifying trade licenses.
Also, the Dubai Health Authority is working to improve patient self-management of health data, as explained during a recent Distributed Health event.
Dubai Blockchain for a better future
The Dubai Future Accelerator will take no equity from startups that participate. Also, it provides flights, accommodation and office space for a program of 9 weeks where selected companies will be able to test prototypes with the major Dubai companies and government institutions.
Saif Al-Aleeli, CEO of the Dubai Future Foundation, explained in the press release:
“By bringing innovative global startups together with government entities in Dubai, the program offers them the potential to materialize their ideas and projects in a forward-thinking city, and play their part in building a better future today,”
To read more about Dubai Blockchain project, click here.
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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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France Bitcoin Tests by the Central Bank
France Bitcoin tests have been revealed by the French Central Bank last week.
The Banque de France published a press release on Friday where it talks about its technology tests for use in the management of SEPA Credit Identifiers.
According to the French central bank, one of the key participants in this project is the Caisse des Dépôts et Consignations, and the Paris-based startup called Labo Blockchain.
The project began in July 2016 and culminated in October with the creation of prototypes for creating and managing SEPA Credit Identifiers.
The central bank also explained how meetings were held with stakeholders as the project moved forward, indicating that more details about the project will be revealed in 2017.
France Bitcoin project and more central bank efforts
This is not the first time a central bank test the distributed ledger.
A few months ago, in fact, central banks in Japan, Sweden and Singapore launched similar projects.
Also, earlier this month, the US Federal Reserve published its first major research paper on the ledger you can read here.
Credits: Coindesk.com
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Japanese Blockchain Consortium is growing fast
A Japanese blockchain consortium grew very fast and now it includes more than 1 hundred members.
Membership of this Blockchain Collaborative Consortium (BCCC) grew since its creation back in April 2016.
BCCC memberhip includes Japan Microsoft, Infoteria, Mitsui Sumotomo Insurance, PwC, Bitbank, ConsenSys and more.
Also, the Japanese Blockchain Consortium announced that the 100th student from its Blockchain University program had successfully graduated – signal that the BCC’s plan to improve knowledge about the distributed ledger is succeeding.
In a blog post revealed today, the founder and CEO of Infoteria, Pina Hirano, explained that the Japanese Blockchain University is the only one of its kind within the country. He said:
“While the world related to FinTech and block chains is moving at a rapid pace, BCCC will add new members’ power and make activities more active so that domestic movements will not be delayed.”
Hirano suggested the total Japanese Blockchain consortium members are 109, but at the moment the BCCC website only lists 101, so maybe more members will be announced in the near future.
Japanese blockchain growth
During the last few months Japan has been characterized by its interest and study of the blockchain.
In November Ripple launched its own blockchain consortium with more than 40 banks with the goal of building a network to conduct cross-border payments.
Also, in December the Mizuho Financial Group, Inc., Sumitomo Mitsui Banking Corporation and other banks helped Deloitte Japan for a blockchain test and research about inter-bank payments.
Despite the test, Japan faced a shortage of blockchain developers, as reported by Reuters.
To solve this problem within the country, the BCCC graduated two classes of students with 8 courses each, including “practical training”, “foundation of blockchain technology” with lessons about the bitcoin blockchain. More classes will be added next month, but unfortunately this consotium blockchain class is only conducted in Japanese language.
To read more about Japan plans related to the blockchain, click here.
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Korean Blockchain Consortium ft. 27 firms
A new Korean Blockchain Consortium has been created by 27 firms and startups with the goal of developing tools to manage trade financial processes.
This Korean Blockchain Consortium is composed with both major companies of the financial sector and technology startups.
According to The Loop startup the Korean Blockchain Consortium was born for this reason:
“Beyond providing the blockchain-based authentication and information sharing system, we collaborate with other technology providers on developing a prototype for financial services in areas of securities trade and post trade, the prototype that is to reduce the cost and operational risk in trade finance and ultimately improve trade efficiency”.
The Korean Blockchain Consortium includes Daishin Securities, Dongbu Securities, Yualta Securities Korea and Kiwoom Securities.
Some of these members have already worked in the blockchain field with regional startups.
The blockchain project was organized by the Korea Financial Investment Association, or an industry trade group based in South Korea.
This is the second blockchain-related project born in Korea and its creation last week comes after another news about the formation of a consortium spearheaded by the South Korean government.
Also, in October the East Asian government started to create its public-private consortium supported by the most important banks in South Korea and their major regulator, or the Financial Services Commission (FSC).
“With the creation of the consortium, momentum is expected to start for spreahading the development of technology and service in the blockchain field, rather than passively following the footsteps of advanced nations,” explained Kim Yong-beom, chairman at Financial Services Commission.
The government consortium aims at creating a new task force to regulate the technology in the banking sector.
To read more news related to the Korea effort in the Blockchain sector, 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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Federal Reserve Blockchain Paper: read here
The US Federal Reserve Blockchain Paper is a new research about distributed ledger technology published by the American institution.
This new paper is about blockchain applications for payments and transaction settlement.
It was written by a research group composed by the Federal Reserve Board and botht the Federal Reserve Banks of New York and Chicago.
Although another research was published in the past by members of the Federal Reserve system, this new document is the first major publication from the Federal Reserve Board.
However, the research paper covers a wide range of topics, including both a top-down view of the concepts behind blockchain.
Also, the US Federal Reserve Blockchain Paper talks about the challenges and opportunities for financial companies or payment system operates looking for possible integrations.
“An important goal of this paper is to examine how this technology might be used in the area of payments, clearing, and settlement and to identify both the opportunities and challenges facing its practical implementation and possible long-term adoption.”
This publication comes just two months after the news that Fed governor Lael Brainard revealed the interest in the blockchain by the central bank.
According to the Federal Reserve press release, researchers interviewed almost 30 representatives from the public and private sector, explaining both how to establish companies and startups working with the distributed ledger in the fintech field.
The full US Federal Reserve Blockchain Paper can be found here:
Distributed ledger technology in payments, clearing, and settlement
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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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Uganda Bitcoin Regulation
A UN organization related to criminal justice problems published today a few details about a new meeting on bitcoin and digital currencies with the aim of a Uganda Bitcoin Regulation.
Organized in Kampala on 7th July, the meeting was supported by the United Nations African Institute for the Prevention of Crime and the Treatment of Offenders (UNAFRI), the Bank of Uganda and the University of Birmingham Law School.
Dr. Maureen Mapp of the University of Birmingham Law School who partecipated at the event, explained to CoinDesk that the main goal of that event was establishing a basis for a Uganda bitcoin regulation.
Uganda will be one of the first African countries to regulate bitcoin.
Also, Mapp said the effort grew out of a digital currency research project realized with the Commonwealth Secretariat that showed her how Ugandan public officials didn’t know anything about the benefits and risks of the use of virtual currencies.
“I was inspired to engage with policy makers and regulators in order to investigate whether states could develop policies and regulation that encourage innovation while protecting the private rights and interests of users of virtual currencies.”
The goal, she explained, was building awareness and creating a good basis for future discussions.
Thanks to the Ugandan central bank and UNAFRI, Mapp began to contact a few stakeholders in Uganda to put together what became the meeting held in Kampala.
Among the outcomes of the meeting is a think tank dedicated to the “technological, policy, pluralist, ethical and legal issues” about digital currencies, with the organizations and representatives who attended the July meeting.
Those involved also developed a draft for future discussions between private and public stakeholders, which was published earlier this month by UNAFRI.
Next steps will include the creation of a second meeting, set to take place on the same date in 2017.
“The legal and regulatory environment is moving towards embracing the technology so as to harness its benefits and to promote innovation,” she explained.
Source: Coindesk.com
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