Austria to Use Blockchain for Identifying Unused Heat Spots

Austria to Use Blockchain for Identifying Unused Heat Spots
May 14, 2020

 

The cryptocurrency market has turned bullish with Bitcoin (BTC) staying firmly above $9,000 level. In the past 24 hours, Bitcoin has gained 4.4% to trade at $9,304. Ether (ETH) has gained 4.3% to trade at $198.54. XRP has gained 1.3% to trade at $0.2009. Other major altcoins which have gained in the past 24 hours include Tezos (XTZ-2.56, 2.0%), Ethereum Classic (ETC-$6.18, 1.3%), Cosmos (ATOM, $2.54, 2.0%), Dash (DASH-$73.80, 1.1%), ChainLink (LINK-$3.77, 2.9%),  IOTA (IOTA-$0.1913, 2.6%), EOS (EOS-$2.50, 2.3%), Tron (TRX-$0.0149, 2.4%), Binance Coin (BNB-$16.04, 0.8%), Huobi (HT-$3.95, 1.2%), Litecoin (LTC-$42.96, 1.7%), Cardano (ADA-$0.0514, 2.2%), Monero (XMR-$64.56, 4.2%), OKB (OKB-$5.09, 0.7%) and Bitcoin Cash (BCH-$237.04, 1.3%). Altcoins which have lost ground in the past 24 hours include Stellar (XLM-$0.0693, -0.5%) and LEO (LEO-$1.09, -0.2%).

 

Government level initiatives

Austria to use blockchain to identify unused heat hotspots to offer public heating

An Austrian venture intends to utilize the blockchain to assist in identifying unused heat hotspots in the city of Vienna and Graz. Rolled out by the Austrian Institute of Technology (AIT), HotCity is developing an app to obtain data about hotspots across the city and smartly manage them to offer public heating.

The platform will utilize the Ignis blockchain, which is under the framework of the Ardor ecosystem created by Swiss blockchain firm Jelurida. Vienna boasts of having one of the largest district heating networks in Europe, offering hot water via centralized heating lines in the city.

The system paves the way for providing customers with unused heat from industrial operations, thereby increasing energy efficiency and greenhouse emissions.  Energy providers in Vienna have estimated that the system has minimized power consumption by 75%.

Those hotspots producing more heat energy than they consume are generally referred to as “Plus-energy districts.” The surplus heat is transferred to the grid, thereby increasing efficiency.

It should be noted that factories and data centers, which are abundant sources of heat, are only used by the system, while small heat sources remain untapped.

 

Private sector initiatives

Metal Pay’s ‘Proton’ allows virtual currency and fund transfers

Metal Pay’s latest designated proof-of-stake protocol based blockchain-powered cryptocurrency payment solution Proton permits virtual currency and fund transfers through various channels.

Metal Pay CEO Marshall Hayner opined that “It’s a Blockchain that’s integrated into your bank. It’s a universal network for payments.”

With proton blockchain integrated into a payment platform, customers will be able to make remittance throughout non-native platforms, as per Hayner.

Currently, apart from Metal Pay, payment platforms usually function as standalone solutions, making it difficult for users while interacting with multiple services. As an example, to make a payment via PayPal, both parties must have a PayPal account and deal within that framework.

On the contrary, regarding Metal Pay and Proton blockchain, Hayner said: “The craziest part is that it doesn’t require any one platform.”

Proton is a highly scalable blockchain platform supporting smart contracts. Notably, it supports fiat remittance platforms and “linked identity.”

 

Bitfinex collaborates with Koine

Cryptocurrency exchange Bitfinex has collaborated with London-headquartered virtual asset custodian Koine to launch institutional standard custody and post-trade management services. Bitfinex revealed that Koine would be offering the exchange with numerous services that can assist seasoned traders in nullifying the counterparty and trade settlement risks that are specific to cryptocurrency transactions.

Bitfinex, which supports algo and OTC trading, believes that the latest bouquet of services will assist in attracting institutional involvement in cryptocurrency markets.

Phil Mochan, founder and head of strategy and corporate development at Koine, detailed the model it has adopted to offer crypto custody solutions. Rather than implementing standard procedures for both “hot” or “cold” custody, the company makes use of three distinct blocks of technology, referred to as “Digital Airlocks” as they operate similar to physical airlocks.

“Digital assets enter an outer airlock which might conventionally be called a hot wallet, but we refer to as a transit account, as the funds are only held there momentarily before moving to the second airlock, when they are dematerialized onto a separate digital ledger and then transferred into a third airlock which is the vault for assets at rest.”

In addition to the aforementioned strategy of safeguarding custody, Koine’s technology is structured to be almost completely automated, without depending on the involvement of human beings, and can supposedly process more than 200,000 trades per second.

Koine’s after-trade services are structured to eliminate the requirement of manual procedures by keeping blockchain assets away from the trade processes via dematerialization.

 

Miscellaneous

JP Morgan Chase begins serving Gemini and Coinbase

The largest bank in the US in terms of assets, JP Morgan Chase, has started serving the US-based cryptocurrency exchanges, Gemini and Coinbase.  The bank accepted the crypto exchanges last month, with business transactions being processed from this month.

However, JPMorgan Chase is not handling Bitcoin (BTC) or other crypto trades conducted by the clients of the exchanges, but simply offers cash handling services. The bank will also take care of all wire transfers and dollar deposits and withdrawals through the Automated Clearing House network.

Both cryptocurrency exchanges went through a stringent verification process. Notably, last month, Gemini received a new security qualification, a Service Organization Control (SOC) 1 Type 1 certification, after going through an assessment by Big Four accounting company Deloitte.

Coinbase is registered with the Financial Crimes Enforcement Network as an entity offering money services, and Gemini has received a trust charter from the New York’s Department of Financial Services five years back. Coinbase Custody has earlier cleared both SOC1 Type 2 and a SOC 2 Type 2 assessment by top accounting firm Grant Thornton.

Disclaimer: Any financial trading analysis offered here is our opinion and is not intended as advice or direction for investors. We cannot guarantee the success of any trades made as a consequence of this article, and we encourage traders to incorporate a strong money management strategy to limit losses when they enter the markets. Please use this article as part of your own research before formulating strategies prior to trading.

Richard W

Richard W

Richard is the guy who know everything there is about the financial industry, working in a top firm for over 15 years, he will give the lowdown on some of the biggest companies in the world


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