Turkcell Launches Blockchain System For ID Management

Turkcell Launches Blockchain System For ID Management
February 28, 2019

 

The cryptocurrency market continues to remain in a correction mode, which started earlier this week. While Bitcoin (BTC) hovers at around $3,800, down 3.9% on the w-o-w basis, other altcoins have lost much of the gains made in the past week. Litecoin (LTC-$45.36), which has lost nearly 12% in the past one week, is the worst performer. Likewise, Bitcoin Cash (BCH-$131.86) has lost 10% on a week-over-week basis. Ripple (XRP-$0.31), EOS (EOS-$3.55), Stellar (XLM-$0.08), Tron (TRON-$0.02) and Cardano (ADA-$0.04) have lost between 5% and 10% in the past one week.

 

Government level initiatives

Putin instructs government to implement guidelines for cryptocurrencies

A document published on the official website of the Russian President Putin (Kremlin.ru) indicates that Putin has given instructions to the Federal Assembly to implement guidelines for the cryptocurrency industry at the latest July 1st, 2019. Specifically, the President has asked the Council of the Federation of Russia and Russian Duma (lower house of the Russian Federal Assembly) to implement the regulation during the spring session of 2019.

The document calls for the implementation of federal legislation that intends to build the crypto economy, which includes oversight of digital settlements.  Furthermore, the report states that the bill should also include a detailed guideline for digital financial assets and attract huge financial resources based on digital technologies.

The latest demand made by Putin reflects the previous statement issued last year ordering the government to establish regulations for the exchange of Bitcoin (BTC) and other cryptocurrencies, crypto mining and initial coin offerings (ICO) by July 2018.

 

Russian Ministry of Transport to test blockchain shipping solution

Kommersant, Russian financial media, has reported that the Russian Ministry of Transport intends to test blockchain shipping solution TradeLens that was developed by Maersk and IBM. Kommersant broke the news after receiving a copy of the official letter written to Maxim Akimov, Deputy Prime Minister of Russia. Notably, Akimov oversees transport policy. The document says that the Ministry of Transport and its subsidiary will enter into an MoU (memorandum of understanding) with Maersk to begin a trial of TradeLens at St. Petersburg, the second largest port of Russia.

The letter further indicates that the officials anticipate TradeLens to minimize paperwork by making use of smart contracts and linking participants in the supply chain, including transport firms, traders and shippers through a decentralized network. Utilizing blockchain technology could supposedly save over 10 billion rubles ($152 million) in operational costs.

Kommersant has also revealed that the Federal customs service of Russia will take part in testing TradeLens. The pilot project has already been approved by the Russian Federal Security Service (FSB) and has suggested the platform to be used for data protection and maintaining the independence of the Russian transport sector.

 

Private sector initiatives

Turkcell launches blockchain system for ID management

Turkcell, an Istanbul-based telecom service provider, has launched a blockchain-powered system for ID management. The company, established in 1994, has headquarters in Turkey and operates in nine countries. In 2018, Turkcell generated net income of about 2 billion lira ($377 million), while the group’s revenues grew 21% y-o-y.

The latest blockchain product was announced by Turkcell at the technology fair Mobile World Congress (MWC) 2019. The ID management solution was structured to offer users to provide total control over their personal data and guarantee privacy in line with the General Data Protection Regulation (GDPR) requirements.

While the current ID management systems allow sharing of users’ information with unrelated third parties, Turkcell’s blockchain system supposedly stores the needed user data on a blockchain and avoids another layer of identity verification. Turkcell also unveiled a blockchain-based system for donations. The method includes an ID management solution to validate the donation eligibility for the deserving people.

Serkan Öztürk, Turkcell Customer Experience and Information Technologies Executive Vice President, has stated that “using blockchain technology is essential to improve the customer experience of our digital services and solutions, which remains a top priority in the design of our services.”

Öztürk also reiterated that the attempts “will help us [Turkcell] improve our digital services and raise the bar in customer experience.”

 

Sony and Fujitsu establish a database to prove educational qualifications

Japanese multinational firm Sony and IT hardware and services firm Fujitsu have developed an encrypted database for documents proving educational qualification. The database, which supposedly uses blockchain technology, is used to avoid frauds related to documents proving language proficiency. Such fraud documents are mostly used by foreigners to obtain resident status to study in Japan.

Presently foreigners must present a proficiency certificate confirming their Japanese language skills to the immigration bureau in order to obtain resident status to study in Japan. Japanese educational institutions are authorized to issue such certificates. Schools that teach the Japanese language within Japan will present the certificates on behalf of their overseas counterparts.

Notably, dubious certificates from various countries have been discovered in the past. To prevent fraudulent documents, Sony and Fujitsu have developed the platform by bringing together Fujitsu’s online learning system with blockchain system developed by Sony subsidiary Sony Global Education Inc. The platform enables Japanese schools to match the data recorded on the blockchain to validate the language proficiency documents.

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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