Vodafone to Link Energy Producing Gadgets Using Blockchain

Vodafone to Link Energy Producing Gadgets Using Blockchain
May 28, 2020

 

The cryptocurrency market has once against turned slightly bullish, with Bitcoin (BTC) rallying 4% in the past 24 hours to trade at $9,225. Ether (ETH) has also gained 5.1% to trade at $207.50. However, XRP, native cryptocurrency of Ripple, has gained only 1.2% to trade at $0.1971. Other major altcoins which have gained in the past 24 hours include ChainLink (LINK-$3.85, 0.2%), Cardano (ADA-$0.0551, 3.5%), OKB (OKB-$4.99, 0.5%), Stellar (XLM-$0.0659, 1.6%), Bitcoin Cash (BCH-$231.69, 1.5%), LEO (LEO-$1.14, 0.1%), Ethereum Classic (ETC-$6.73, 0.2%), Dash (DASH-$73.44, 1.2%), Tezos (XTZ-2.70, 0.1%), Binance Coin (BNB-$16.46, 1.4%), EOS (EOS-$2.55, 2.1%), IOTA (IOTA-$0.1953, 1.1%), Tron (TRX-$0.0147, 0.8%), Huobi (HT-$3.93, 1.1%), Litecoin (LTC-$43.73, 3.2%) and Monero (XMR-$64.01, 3.6%). Only major altcoin which has lost in the past 24 hours is Cosmos (ATOM, $2.58, -0.1%).

 

Government level developments

No schedule yet for the lauch of the digital yuan

China’s central bank, the People’s Bank of China (PBoC), has made it clear that no schedule has been set for a formal digital yuan roll out. The information was revealed by PBoC Governor Yi Gang and has been officially posted on the central bank’s website.

The posting on the website reads as follows: “These tests are just routine work for the research and development (R&D) of the digital currency. No schedule for an official launch has been revealed.”

The piloting of the yuan is being conducted in Chinese cities of Suzhou, Shenzhen, Xiongan new area, and Chengdu.

Notably, soon after the statement was published on PBoC’s website, a local media news outlet backed by the Chinese government, published an article indicating that the country may quicken the launch of CBDC to mitigate the likely financial threats from the U.S. and handle post-COVID-19 financial assistance.

The media news outlet has also referenced Cao Yin, co-founder of blockchain firm Digital Renaissance, stating: “Although the U.S. hasn’t put Chinese financial firms and institutions onto its Entity List, the U.S. may still pose widespread threats to Chinese institutions and impact the yuan’s standing in international settlement. In this regard, China’s state-run digital currency may be rolled out sooner than expected to counter a possible U.S. block.”

As per Cao, the CBDC would enable the government to track aid funds and ensure that it reaches the needy firms.

 

Private sector initiatives

Power Ledger joins up with Thai Digital Energy Development

Blockchain focused Australian startup Power Ledger has entered into a collaboration with Thai Digital Energy Development (TDED) to set up a blockchain-powered digital energy platform that will facilitate eco-friendly commodity and P2P (peer-to-peer) energy trading, with a view to expedite the adoption of sustainable energy sources. Thailand intends to produce 25% of its power from renewables by the year 2037.

The intended blockchain-powered platform will also facilitate trading in carbon credits and renewable energy certificates (REC). TDED was created through private/public sector participation, between the Thai energy authorities and green energy specialists BCPG. Under the collaboration, Power Ledger will utilize blockchain technology to administer four BCPG ventures producing sustainable energy, in addition to carbon management at Chiang Mai University’s 12MW Smart Campus.

Power Ledger’s association with BCPG began two years ago when it rolled out a comparable P2P energy trading testing in the central Bangkok area. Vinod Tiwari, Power Ledger’s head of business development and sales, stated that the piloting indicated the “potential of using market-based blockchain-enabled energy sharing and trading as an incentive” to expedite the adoption of rooftop solar technology.

 

Vodafone collaborating with Energy Web

Vodafone, the global telecom giant, is collaborating with blockchain startup Energy Web (EWT) to link “billions” of distributed energy-producing systems through IoT (internet-of-things) and DLT (distributed ledger technology). Energy Web revealed the collaboration on May 26th, indicating that the venture will fuse SIM-centric DLT with IoT connectivity offered by Vodafone Business to “create secure IDs for energy assets.”

Energy Web issued the following statement regarding the benefits of the partnership: “This means that renewable and distributed assets like wind turbines, batteries, heat pumps, and solar panels can be integrated with energy grids safely and efficiently.”

Vodafone, a leader in IoT, has more than 100 million connections across the globe. The firms will create a system using the model employed by telecom operators to safely identify mobile phones that uses SIM cards for grids and monitor distributed energy sources.

The smart grid system will be based on the IoT technology of Vodafone and the Energy Web Decentralized Operating System.

 

Miscellaneous

The Reserve Bank of India clarifies it’s position on crypto financial services

The Reserve Bank of India, India’s central bank, has clarified its position on offering financial services for crypto-related firms. While replying to a right to information (RTI) request, the central bank has stated that there are no prohibitions preventing banks from offering basic banking services such as an account to crypto firms or traders. The RTI application was filed by Harish, co-founder of domestic cryptocurrency exchange Unocoin.

Two years ago, RBI issued an order prohibiting all regulated financial institutions from offering any kind of services to individual traders or organizations dealing in cryptocurrencies. Following the ban, traders and companies were served warning notices by banks asking them to either end their crypto-related activities or have their accounts terminated.

However, in March 2020, the Supreme Court overruled the crypto-related blanked ban imposed by RBI. Notably, the judgment passed by the Supreme Court did not include a directive for the RBI to send appropriate orders to commercial banks. In this regard, Harish requested necessary clarification from RBI, and the central bank has responded as follows: “as on date, no such prohibition exists.”

The response is a significant boost to crypto-related firms and also investors in India.

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.

Ian Maguire

Ian Maguire

Ian is our resident contributor to the latest going ons in the cryptomarket, keeping up to date with the latest icos and coins


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