Blockchain 

Visa Works on Blockchain System for Joint Computation of Large-Scale Private Data

International payment network Visa is working on a blockchain-based system for joint policy-compliant computation of large-scale private data. Visa Research — the research and development arm of Visa that focuses on data analytics, security and payment innovation — released a paper describing a blockchain-powered system for policy-compliant computing. The system is dubbed LucidiTEE, where TEE stands for trusted execution environments. Joint processing of large data sets with higher transparency The system is aimed at building applications that process large data sets and are intended for serving a large number of…

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Blockchain 

China’s Army Considering a Blockchain Rewards System, Report

China’s military could implement a blockchain rewards system to manage personnel data and incentivize its workforce, the Global Times reported on Nov. 18. Citing a People’s Liberation Army (PLA) Daily report, the Global Times underscores that the blockchain system would likely not involve financial incentives, but would be used as an innovation strategy for the military’s management. Non-financial incentives The PLA is reportedly interested in using an immutable and secure blockchain-based system to manage personnel data; spanning records such as military training, career path, missions undertaken and performance reports.  The…

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Blockchain 

BRICS Nations Discuss Creation of New Crypto For Unified Payment System

According to one official in attendance, members of international association BRICS discussed the creation of a new cryptocurrency at a recent summit. On Nov. 14, Russian financial news outlet RBC reported that the director-general of the Russian Direct Investment Fund (RDIF) Kirill Dmitriev said that the BRICS Business Council supported the idea of creating a single payment system for settlements between the member countries at the 11th annual BRICS Summit in 2019, held in Brazil. Creating a “BRICS” cryptocurrency? The member nations — namely, Brazil, Russia, India, China and South…

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Blockchain 

Walmart Canada Rolls Out Blockchain-Based Freight and Payment System

Walmart Canada — the retail giant’s Canadian branch — has rolled out an automated blockchain-based network for freight tracking and payments management, according to a Nov. 14 press release. The new system, which was developed in collaboration with blockchain company DLT Labs,  is designed to improve freight and payment processing, enabling users to automatically trace deliveries, verify transactions and handle payments and reconciliation. Integration with each company’s legacy systems The release further states that the network can be integrated with a business’s legacy system and “manages, integrates and synchronizes all…

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Blockchain 

Patrick Ngan Teases Asia’s First Unified Crypto-Fiat Payment System

Speaking on stage at BlockShow 2019 in Singapore today, Alchemy Global Payment Solutions (Alchemy GPS) co-founder Patrick Ngan discussed some details of how his company is making it easier to pay for everyday goods and services with cryptocurrency. Ngan emphasized the power of choice to make consumers and merchants happier. Calling his company’s “the first unified crypto-fiat payment solution in Asia,” he described a merchant product that lets the customer decide whether they want to pay in local fiat currency or a popular cryptocurrency of their choice. “People in this…

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Blockchain 

As Regulators Stonewall Libra, Facebook Rolls Out New Payment System

As the Libra stablecoin project continues to face a hostile audience of regulators, Facebook launches a new fiat payment system called Facebook Pay. Empower people everywhere to buy and sell things online On Nov. 12, the social media giant announced that it is introducing Facebook Pay, a payment system that is designed to facilitate payments across Facebook, Messenger, Instagram, and WhatsApp. Deborah Liu, VP, marketplace & commerce at Facebook said: “People already use payments across our apps to shop, donate to causes and send money to each other. Facebook Pay…

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Blockchain 

Azerbaijan to Adopt Blockchain-Based ID System in 2020

The Republic of Azerbaijan is planning to complete a project of blockchain-based digital identification system by the end of 2019. Farid Osmanov, director of the information technology department at the Central Bank of Azerbaijan (CBA), says that the new system will be adopted in the first quarter of 2020, local news agency Trend News reported on Nov. 6. “Transition of the CBA to open banking” According to the report, the CBA executive introduced the plans speaking at the fourth International Banking Forum. Osmanov reportedly highlighted the system’s prospects in terms…

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Blockchain 

China Introduces Blockchain-Based Identification System for Cities

China continues to up its blockchain game with an independently developed blockchain-based identification system for cities as part of its smart city infrastructure. On Nov. 4, Chinese daily tabloid newspaper Global Times reported that the newly developed identification system was jointly launched by three institutes in the city of Shijiazhuang. The blockchain-based identification system will assign a unique, global digital ID to Chinese smart cities, aiming to improve the connectivity and data sharing between these cities. Smart cities across China have been able to apply for their own city identification…

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Bitcoin 

Financial System Blind to Crypto’s Deflationary Impact, Says Analyst

Investment strategist William Peets has pointed to a widespread underestimation of the deflationary impact of cryptocurrencies such as Bitcoin and blockchain for global finance. Peets is currently CIO and portfolio manager for digital asset strategies at Passport Capital.  In an Oct. 30 interview with Real Vision Finance, he said that blockchain represents a generational change in technology with profound implications for the existing financial system — something that most have been too slow to recognize. Redressing macro imbalances Finance is ripe for disruption by crypto and blockchain, Peets said, noting…

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Blockchain 

Australian Stock Exchange Wants Oversight of Blockchain Trading System

The Australian subsidiary of market operator Chi-X called on the Australian Competition and Consumer Commission (ACCC) to investigate the possible effects of blockchain tech on trading activities. Reuters reported on Oct. 30 that stock exchange Chi-X Australia is concerned that a new blockchain system implemented by the Australian Securities Exchange (ASX) — Chi-X Australia’s sole competitor — could present an unfair advantage.  ASX will replace its Clearing House Electronic Subregister System (CHESS) with a new blockchain platform for its registry, clearing and settlement activities.  Michael Somes, the general counsel of…

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