The cryptocurrency market remains range-bound with a slight bearish bias. Bitcoin (BTC) continues to hover around the $55,000 level. At the time of writing this article, Bitcoin (BTC) was trading at $55,563, reflecting a loss of 3.9% in the past 24 hours.
Ether (ETH) was trading at $3,312, up 9.7% in the past 24 hours. For the last two days, the intelligent contract supporting the blockchain is continuing to forge new all-time highs. XRP has lost 7.3% to trade at $1.47.
Altcoins, which have gained ground in the past 24 hours, include ChainLink (LINK-$40.14, 0.3%), Bitcoin SV (BSV-$350.75, 3.5%), Dash (DASH-$325.90, 1.2%) and Binance Coin (BNB-$655.02, 4%).
Similarly, altcoins, which have lost ground in the past 24 hours, include Tron (TRX-$0.1269, -3%), Cardano (ADA-$1.31, -2.8%), Bitcoin Cash (BCH-$966.30, -3.6%), Stellar (XLM-$0.5275, -6.8%), IOTA (IOTA-$1.95, -7.4%), EOS (EOS-$6.46, -3.7%), Polkadot (DOT-$36.08, -3%), Cosmos (ATOM, $22.06, -6%) and Tezos (XTZ-5.71, -0.2%).
Private sector initiatives
Mitsui partners with IBM to implement the recycling of plastic goods
Mitsui Chemicals is partnering with IBM Japan to study the implementation of blockchain technology for recycling plastic goods. Recycling forms the core of a circular economy. The intention is to reduce the waste via reshaping, reusing, recycling, and repairing plastic goods.
Notably, the quantum of plastic waste produced worldwide last year was 381 million tons, a figure forecast to double in 2034, in case eco-friendly measures are not taken.
The issue faced by enterprises and governments intending to create a transformation in the consumption pattern that promotes a circular economy is cumbersome to monitor the lifecycle of products to guarantee that they are reused in an eco-friendly manner.
Furthermore, manufacturers must have a clear idea about the product’s chemical composition before dealing with recycled goods.
With blockchain technology, manufacturers will have access to data about a material’s lifecycle and chemical composition. Additionally, it prevents green-washing to a large extent.
Mitsui and IBM are working to build a platform that monitors material life cycles in their initial raw condition by selling goods and consequent recycling and re-utilization of the goods.
The blockchain platform is also expected to have a facility to envision manufacturing procedures for recycling raw materials, quality-linked info, physical characteristics, and validation procedures.
US Air Force awards Xage Security another contract
Xage Security stated that it had been awarded another contract by the US Air Force (USAF). The recent deal is related to the Air Mobility Command (AMC), and the job involves digitization and safeguarding of the workflows related to aircraft maintenance operations.
The proposed system will utilize the Xage Fabric blockchain technology, which will generate a digital hash of info being processed and encrypted at the origin. Hashing is comparable to fingerprints.
Therefore, any alteration in the data can be identified. That is highly necessary because the deal is related to flight line operations involving maintenance of aircraft on airfields, where there is a crucial need for safe distribution of data.
Xage Fabric is a portion of a more extensive Dynamic Data Security Solution program, which aims at implementing data control at a minute level.
Xage CEO Duncan Greatwood said, “Mission-critical aircraft require unparalleled cybersecurity to ensure the safety of pilots and mission success. By leveraging zero trust principles, our Xage Fabric will guarantee the authenticity, confidentiality, and integrity of data across the flight line of the future.”
JP Morgan joins DBS Bank to focus on cross-border payments
Global banking behemoth JP Morgan has joined hands with Singapore headquartered DBS bank and government-backed investment firm Temasek to establish a blockchain firm focused on cross-border payments and interbank dealings.
Named Partior, the newly established company will utilize blockchain technology to digitize commercial bank funds and minimize the prevailing issues in cross-border payments, Forex settlements, and trade dealings.
Such a facility would pave the way for real-time settlement of payments and aid banks in avoiding issues related to cross-border payments prevalent in the conventional financial system.
The blockchain platform was developed using the work done by both firms on Project Ubin, a multi-currency payment processing facility created at the behest of the Monetary Authority of Singapore in 2017.
To begin with, Partior’s blockchain platform will facilitate US dollar payments between Singapore-based banks. Gradually the platform will be updated to support other currencies and markets.
The platform will also support the central bank’s digital currency ventures and other use cases.
MAS chief fintech officer Sopnendu Mohanty stated, “The launch of Partior is a global watershed moment for digital currencies, marking a move from pilots and experimentations towards commercialization and live adoption.”
Miscellaneous
Six associations in ASEAN have signed an MoU
Last week, six blockchain-focused associations in the ASEAN countries and Australia inked an MoU (Memorandum of Understanding) online to form the ASEAN Blockchain Consortium.
Specifically, blockchain associations in Indonesia, Singapore, the Labuan territory (Malaysia), Thailand, the Philippines, and Australia have signed the agreement above virtually.
The intention is to increase awareness and implementation of blockchain technology and foster the use of digital assets while having a healthy engagement with regulators.
The six associations which have become the member of ASEAN Blockchain Consortium are:
- Asosiasi Blockchain Indonesia (ABI)
- Distributed Ledger Technology Association of the Philippines (DLTAP)
- Blockchain Association Singapore (BAS)
- Labuan International Business and Financial Centre (Labuan IBFC)
- Blockchain Australia (BA)
- Thailand Digital Asset Operators Trade Association (TDO)
The idea for establishing the association was initiated by the Blockchain Association of Singapore (BAS). Chia Hock Li, chairman of BAS, claimed that the association had been formed at the right time considering the rising popularity of blockchain.
He stated, “We see increasing regulatory certainty and urgency in blockchain regulations. We also see increasing institutional interest in the digital assets industry.”
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