Japan’s FSA Unveils Blockchain Governance Initiative

Japan’s FSA Unveils Blockchain Governance Initiative
March 12, 2020

 

The fall of Bitcoin (BTC) below $8,000 has turned the crypto market bearish. At the time of writing this article, Bitcoin was trading at $7,665.80, representing a decline of 3.4% in the past 24 hours. Ether (ETH), the native crypto of Ethereum blockchain, has lost 8.6% to trade at $184.34. XRP has lost 4.2% to trade at $0.2034.

Other major (top 20 by market cap) altcoins which have declined in the past 24 hours includes IOTA (IOTA-$0.1815, -9.2%), Cardano (ADA-$0.0374, -9.9%),  Monero (XMR-$50.58, -8.0%), Huobi (HT-$3.83, -6%), Binance Coin (BNB-$15.53, -8.1%), Cosmos (ATOM, $2.77, -9.9%), OKB (OKB-$4.27, -6.3%), Tezos (XTZ-2.30, -12.6%), Bitcoin Cash (BCH-$256.28, -5.9%), EOS (EOS-$2.92, -5.8%), Litecoin (LTC-$46.08, -8.3%), Dash (DASH-$68.52, -8.2%), ChainLink (LINK-$3.39, -17.2%), Tron (TRX-$0.0143, -6%),  Stellar (XLM-$0.0478, -8.2%) and Ethereum Classic (ETC-$6.31, -7.7%). The only major (top 20 by market cap) altcoin which has gained in the past 24 hours is LEO (LEO-$0.9900, 0.2%).

 

Government level initiatives

Japan’s FSA launches Blockchain Gevernance Initiative Network

Japan’s financial regulator (FSA – Financial Services Agency) has launched a Blockchain Governance Initiative Network (BGIN) to encourage the “sustainable development of the blockchain community.”  It is the third blockchain endeavor of JFSA. Last year, the organization conducted blockchain Roundable, which discussed “multilateral Joint Research Projects” based on DLT (distributed ledger technology).

The Blockchain Roundtable involved participation from local and global regulators, universities, and financial institutions. Specifically, universities and regulators from Australia, Abu Dhabi, France, Germany, Dubai, Ireland, Singapore, Hong Kong, and the United Kingdom took part in the round table discussion.

While hosting the “BG2C – Special Online Broadcasting Panel Discussion,” in partnership with Nikkei Inc., the FSA revealed its latest initiative.

The BGIN will promote the eco-friendly development of the DLT sector by setting up an “open and neutral sphere for all blockchain stakeholders to deepen common understanding” between DLT participants. The endeavor also aims to build a “common language among stakeholders with diverse perspectives” and create a network of open-source data sharing. In accordance with the G20 Osaka declaration, the FSA will take part in the BGIN as a stakeholder.

 

UK Dept of International Trade released its FTA agenda

The UK’s Department for International Trade has released its agenda to be followed while discussing a Free Trade Agreement (FTA) with the US. The published document also categorizes blockchain as one domain that will immensely benefit companies and also the country, with an FTA in place.

The document explains the UK government’s stance to be adopted while discussing a post-Brexit FTA with the US. It draws out the country’s prime goals for such a deal and delimitates some organizations and safeguards as not a subject for negotiation. These include Britain’s National Health Service and price of drugs, consumer and employee entitlements and safeguards, and environmental safeguard, food norms, and animal protection.

Of all the listed guidelines, a section focusing on SMEs (small and medium-sized enterprises) caught the attention of blockchain advocates. Roughly two-thirds of UK services are offered remotely to the US clients. With that in mind, the suggestion related to SMEs includes: “A digital trade chapter with cutting edge provisions that will aim to maximize opportunities for digital trade across all sectors of the economy.”

Furthermore, the document claims that an FTA with afore discussed terms will offer an advantage to the UK business in the digital economy. In particular, the blockchain sector is highlighted as a likely beneficiary: “In areas such as data flow, blockchain, driverless cars and quantum technology we have the opportunity to help shape global rules through ambitious digital trade provisions.”

 

Private sector initiatives

Unibright partners with Wasserkraft Mittelrhein

Unibright, a provider of blockchain technology, has entered into a collaboration with German firm Wasserkraft Mittelrhein to utilize the Unibright Framework to pave the way for decentralized renewable energy trading.

Under the partnership, both firms will work together to facilitate trading, tracking, and data scrutiny of sustainable energy generated by decentralized power plants utilizing the Unibright Framework.

Unibright has suggested a “smart grid” system where diverse small power generators deal directly with energy consumers through a blockchain technology-based platform.

Wasserkraft Mittelrhein intends to generate sustainable energy using hydroelectric buoys. The “strombojen” or “power-buoys” weigh over seven tons and are more than 36 feet long. The buoys produce adequate power from a river’s undercurrent to power roughly 100 houses.

Unibright will offer a blockchain technology-based platform to Wasserkraft Mittelrhein for the current stage of its ‘Project Stromboje,’ resulting in the deployment of 16 power-buoys to produce roughly 6.4 million kilowatt-hours of electricity per year.

Wasserkraft Mittelrhein alleges that it will be able to power roughly 1,000 houses while avoiding the emission of 6,000 tons of greenhouse gases. The Unibright framework will be utilized for smart contract generation. In this regard, the Unibright team said: “Currently, the first pilot buoy has been installed in river Rhine, mainly to collect data on the river’s current and to provide information for external auditors in terms of environmental sustainability and stability of the construct. All innovative ideas, milestones, and roadmaps have to be adjusted according to the regulator and external funding, and the goal is to have 16 buoys installed, producing energy and using Unibright technology by the beginning of 2021.”

 

Miscellaneous

Blockchian IoT market size possibly to reach $5.802 billion by 2026

A survey report by market research company Research Dive indicates that the size of global blockchain IoT market size could increase to $5.802 billion in 2026, reflecting a compounded annual growth rate (CAGR) of 91.5% for the period as mentioned above.

As per the India-based firm Research Dive, the rising adoption of IoT and blockchain technology and the improvement in the operational efficiency of organizations will drive future growth. Global IoT connectivity for sharing data is also expected to fuel the market. The report also points out that firms that offer their service to guarantee safe data transfer will also play a part in the adoption of blockchain technology. The study segregated the blockchain technology-based IoT market into three categories, namely hardware, software, and solutions.

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.

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Andrew Wright

Prior to founding tradersasset.com in 2014, Andrew worked as a proprietary trader, then as a market maker. As a market maker, he traded options in over 100 stocks, he then began trading currency pairs in 2013. Andrew still actively trades both, and prides himself on educating and informing traders on the benefits of both Binary Options and Forex.


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