Category Archive: France

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IBM blockchain project for identity verification

ibm blockchain
Today the tech-giant IBM revealed its latest blockchain project thanks to the French bank Crédit Mutuel Arkéa, an idea that aimed at creating a system for identity verification.

IBM Blockchain for identity confirmations

IBM explained that the concept exploit the Hyperledger blockchain to allow users to have a proof of their identity, one of the few projects with the blockchain used as a non-financial application.
Frédéric Laurent of the Crédit Mutuel COO explained:
“This project offered a complete view of customers’ documents across our distributed network and helped us to understand and master blockchain for other client uses.”
This is not the first time we heard about blockchain projects conceived by the IBM. In fact, in April we wrote about Watson, an artificial intelligence connected to the blockchain and created by IBM itself. 
This device will be registered on the Bitcoin ledger and – thanks to smart contracts – it will create different kinds of access, allowing lots of functions and customization.

Banks and blockchain applications

 The news come when the French bank decided to use the blockchain technology, after several other banks announced their own projects related to the distributed ledger.
A few days ago we talked about the BNP Paribas project to study the blockchain as it aims at building new tools for data and money management.

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French authority forces Bitcoin exchanges to register

(BitcoinExaminer) Every Bitcoin exchange currently operating in France must now be registered with the local authorities and ask for a license in order to legally function in the country. The news was announced by the French Prudential Supervisory Authority (ACPR).

 

The institution, which is responsible for the regulation of the French banks, has issued a statement clarifying the status of Bitcoin and related exchanges in the country. Besides revealing several concerns and leaving warnings for the users, the ACPR also states that anyone operating an exchange in France must mandatorily have a license.

 

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The move means that every exchange will have to become a provider of payment services
under the authority’s supervision. So all cryptocurrency transactions
that involve exchanges must go through a registered provider, whether we
are talking about a credit institution, payment institution or an
electronic money institution, Coindesk reports.

 

The ACPR used the same statement to
remind the public that Bitcoin has its hazards. “Risk of fraud and money
laundering and terrorist financing” are just some of the dangers set
forth by the French authority, which also recalled that the European
Banking Authority (EBA) has already issued other public warnings about
digital currencies.

 

Despite the consequences for the
exchanges, the statement doesn’t force the individual users living in
France to adapt to any changes.

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Satoshi