Video Source: CNBC Television on YouTube
The cryptocurrency market remains range-bound with a slight bearish bias as Bitcoin (BTC) struggles to hold above $25,000. While preparing this report, Bitcoin was trading at $25,706, reflecting a decline of 0.90% in the past 24 hours. Ethereum (ETH) had lost 1.80% to trade at $1,618. XRP was trading at $0.5035, reflecting a loss of 1% in the same period.
The only major cryptocurrency, that has gained ground in the past 24 hours, is Stellar (XLM, $0.1233, 1%).
Major cryptocurrencies, which have lost ground in the past 24 hours, are IOTA (IOTA – $0.1698, -0.10%), Avalanche (Avax- $9.72, -2.40%), EOS (EOS – $0.5769, -1.60%), ChainLink (LINK – $5.93, -2.40%), Shiba Inu (SHIB, $0.00000749, -3%), Solana (SOL, $19.17, -3.20%), Cardano (ADA, $0.2547, -1%), VeChain (VET, $0.01546, -0.90%), Binance Coin (BNB – $213.93, -0.30%), Polkadot (DOT, $4.22, -1.50%) and Bitcoin Cash (BCH, $191.81, -2.30%).
Government level initiatives
The Delhi FSL is enhancing evidence security by utilizing a blockchain-powered forensics app
The Delhi Forensic Science Laboratory (FSL) is employing a forensics app powered by blockchain. The use of DLT has made it harder to alter the evidence. Currently, 1,500 personnel have completed the training process to use the blockchain-based system.
Each piece of the document passes through multiple stages, from collecting at the crime scene to retaining it at the evidence locker, where it is provided with a QR code. Once that is done, the evidence is transferred to a lab for the preparation of a forensic report for forwarding to the police department.
The data, irrespective of whether it is an image or text, cannot be modified once stored on the blockchain. The latest system aids in anonymously keeping the data, as only QR codes without personal data are available for access for preparing necessary reports.
In July, Shanghai’s government disclosed a blockchain strategy extending until 2025
By the end of July, the government of Shanghai, China’s largest city, revealed its blockchain plan, which runs through 2025. The plan encompasses in-depth technical research, numerous government services, and a broad spectrum of applications that will affect a series of businesses.
Shanghai is also interested in promoting technological studies into cryptography, including homomorphic encryption, distributed identity, and smart contracts, among several other subjects.
Primarily, the Pujiang Digital Chain will support numerous public facilities. This includes intellectual property security, tracking from farm to fork, and several government facilities, including a chain of custody for legal evidence.
Logistics and trade funding are regarded as crucial applications. Several electronic bill-of-lading solutions (eBL) utilize blockchain. It intends to utilize DLT for the industrial internet, specifically offering blockchain-based identity for machines.
Private sector initiatives
Mastercard introduces a central bank digital currency partner program
Mastercard rolled out its central bank digital currency (CBDC) partner program, which intends to foster partnerships to achieve efficiency and innovation. The participants in the program are Consult Hyperion, Consensys, Fireblocks, Idemia, Ripple, Fluency, and Giesecke+Devrient (G+D).
Raj Dhamodharan, chief of digital assets and blockchain at Mastercard, stated, “We uphold the principle of offering diverse payment options and consider the seamless compatibility among various payment methods to be a pivotal element for fostering a thriving economy. As we cast our gaze on the forthcoming era shaped by digital advancements, it remains imperative that the user-friendliness of a Central Bank digital currency (CBDC) aligns with the convenience associated with conventional forms of currency.”
Mastercard also explained its work on CBDC in Brazil, Hong Kong, England, the US, and Australia. Two firms, namely Consult Hyperion and Fluency, are UK-headquartered, with Consult Hyperion collaborating with the Bank of England (BofE) for CBDC work.
Several of the above-mentioned firms have worked on various CBDC projects. Concerning proven solution providers, Germany’s G+D has been offering printing and security technology to the central bank for a long time. G+D is also working on a CBDC prototype for the Bank of Thailand and conducting a CBDC trial for Ghana.
Miscellaneous
Komainu Wins Full VARA License in Dubai
The digital asset custodial firm Komainu, established through collaboration between Nomura, Coinshares, and tech company Ledger, has received a full operating license from Dubai’s Virtual Asset Regulatory Authority (VARA). Notably, in 2022, the firm will have received the minimum viable product (MVP) license.
In addition to institutional custodial service, the license permits Komainu to offer institutional staking services and collateral administration to clients in Dubai.
Sebastian Widmann, Komainu’s Head of Strategy, stated, “Amidst a notable upsurge in assets due to the establishment of new funds and the introduction of exchanges, we are discerning substantial prospects for expanding our business operations in this region. Dubai boasts a dynamic digital asset ecosystem and a remarkable assemblage of skilled professionals. It is with a sense of pride that we partake in fostering the advancement of this pioneering financial center.”
Notably, Switzerland’s Laser Digital administers Nomura digital asset investments. The firm was also given a VARA license at the beginning of August.
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.
