IBM To Launch ‘Yellow Pages’ Equivalent For Crypto Sector

IBM To Launch ‘Yellow Pages’ Equivalent For Crypto Sector
September 18, 2018

 

The cryptocurrency market continues to remain weak, with Ethereum (ETH) and Bitcoin (BTC), the top two cryptos by market cap, struggling to stay above $200 and $6,000, respectively. All top altcoins, including EOS (EOS), Litecoin (LTC), Monero (XMR), Bitcoin Cash (BCH), TRON (TRX), Cardano (ADA), Ethereum Classic (ETC), and IOTA (MIOTA) are down by about 9% from the previous day’s close. Implementation of blockchain technology continues at a brisk pace in both private and public sector enterprises, however.

 

Public sector initiative

The Korea Customs Service has entered into a partnership with Samsung SDS to implement blockchain technology for the customs clearance process. In this regard, Samsung SDS, the IT subsidiary of electronics giant Samsung, is developing a blockchain technology-based platform using Nexledger. The platform is expected to simplify the process of export customs logistics. Nexledger offers an integrated solution to businesses looking to minimize costs while overseeing digital monetary dealings and information exchange.

The new product is supposedly meant for organizations involved in export operations, empowering them to simplify and protect document sharing at each stage, from customs declarations of the traded goods to delivery, in addition to recognizing and avoiding the use of fake documents. Along with the Korea Customs Service, 48 diverse organizations, including government agencies, shipping, and insurance companies, have also entered the agreement.

 

A campaign group of the Russian Union of Industrialists and Entrepreneurs (RSPP) is preparing an optional crypto control bill, which will abolish prevailing inconsistencies in the state draft law “On Digital Financial Assets,” Forklog reported.

The substitute bill will be prepared by a group of high-ranked Russian businessmen such as billionaire Vladimir Potanin, proprietor of the palladium and nickel mining and refining company Nornickel, and Viktor Vekselberg, head of the innovation fund Skolkovo. These two businessmen are listed among the top ten wealthiest entrepreneurs in the country by Forbes. The expert committee for the campaign group is a group of representatives of different ministries and the Russian State Duma.

 

France’s Minister for the Economy and Finance has revealed that the government has cleared a clause of the Business Growth and Transformation bill (PACTE) devoted to Initial Coin Offerings (ICO). As finance Minister Bruno Le Maire states, the French stock markets watchdog, Autorité des marchés financiers (AMF), is presently empowered to issue licenses to firms that wish to raise funds via an ICO, with the enactment aiming to assist in safeguarding investors’ interests.

Le Maire also expects that the present legal structure for Initial Coin Offerings (ICO) in France will “attract investors from all over the world.” According to the PACTE project revealed by the National Assembly, prior to the issuing of tokens, a company should apply for a license from the AMF giving comprehensive information on the proposal and issuer. The process will provide additional assurances for ICOs, which AMF had earlier pondered risky.

 

Private sector initiative

IBM has partnered a decentralized cross-blockchain registry project which it refers to as a ‘Yellow Pages’ equivalent for blockchain projects. The project, dubbed as Unbounded Registry, will be headed by blockchain startup HACERA, and is intended to offer “a decentralized means to register, look up, join and transact across a variety of blockchain solutions, built to interoperate with all of today’s distributed ledger technologies.”

The venture will supposedly address main issues in the sector, including booked name for blockchain ventures, the discoverability of blockchain networks and applications, and a directory of domain-specific capabilities and services. Other participants of the registry include Intel, Batavia, Chinese tech giant Huawei, the Australian Blockchain Association, and Hitachi.

 

The mobile carrier LG UPlus, subsidiary of South Korea’s fourth-largest conglomerate LG Corp., is launching a blockchain-based cross-carrier overseas payment service. In this regard, LG UPlus entered into a MoU with Japan’s SoftBank, Taiwan-based Far EasTone Telecommunications and U.S.-based TBCASoft.

The new service will facilitate consumers of one telecoms carrier to complete transactions on the payment networks of another seamlessly. Testing of the blockchain-based cross-carrier payment system (CCPS) is expected to begin in early 2019. CCPS will utilize blockchain to facilitate a prompt settlement system in cross-carrier services. The facility will also enable consumers to avoid charges related to credit card transactions. Furthermore, the effect of currency volatility is avoided as clients are billed by the carrier in domestic currency.

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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