The cryptocurrency market seems to have gone into a slightly bearish mode once again. Bitcoin (BTC), after failing to cross the $4,000 level, has broken below the $3,800 level to trade at $3,710 at the time of writing this article. Barring Binance Coin (BNB), which trades with a gain of 19% to trade at $11.55, all the major altcoins are trading with a loss of between 5% and 10%.
Ethereum (ETH) continues to hover at $125 levels with a loss of 9%. Ripple (XRP-$0.30, down 7.2%), EOS (EOS-$3.22, down 8.9%), Stellar (XLM- $0.08, down 4.9%), TRON (TRX-$0.02, down 8.1%) and Cardano (ADA-$0.04, down 7.6%). Litecoin, which underwent a steep correction a week before, is trading with a small gain of 0.23% at $45.54 on a week-over-week basis.
Government level initiatives
Legislative group to explore the capability of blockchain in governmental projects
A blockchain-related bill tabled in the Senate of Utah (US) recommends cryptocurrencies be classified as money transmitters. Bill 213, introduced last week by Republican senator Daniel Hemmert, suggests that any individuals who “facilitates the creation, exchange, or sale” of blockchain-related software should be offered a reprieve from the Money Transmitter Act of the state.
The bill also suggests the establishment of a legislative group named the “Blockchain Pilot Project Evaluation Task Force” to explore the capability of the technology in government services.
The task force, comprising of 12 members, is also anticipated to suggest a trial project implementing the technology at a municipal or state level and study commercial applications of blockchain for “future economic development in Utah.”
Finally, a report indicating the changes required will be proposed to the Business and Labor Interim Committee and the Legislative Management Committee by November 30th.
Russian Railways to use blockchain to monitor passengers to prevent fraud
According to the Moscow-based news agency, Rambler News Service (RNS), Russia’s national pension fund is inking a deal with Russian Railways to employ blockchain for monitoring railway passengers who receive discounted services.
Anton Drozdov, who leads the Pension Fund of the Russian Federation, disclosed that the state-owned fund is anticipated to sign the deal this year with Russian Railways, a passenger train services firm and a government-owned freight company.
The new blockchain project aims to achieve more transparency in the system of monitoring users of discounted transport services and prevent fraud. The head of the national fund also disclosed that the trial would be carried out along the Moscow-Tver railway line.
Private sector initiatives
Alhamrani Universal looking to develop blockchain-based ATMs
Saudi-based Alhamrani Universal (AU), a provider of Saudi automated teller machines (ATM), has joined hands with blockchain-powered identity software provider ShoCard to build a blockchain-based ATM with biometric capability. The partnership will enable AU and ShoCard to develop a new type of ATM that incorporates biometrics and blockchain technology as a portion of a five-factor authentication method. The ATM will supposedly permit clients to utilize a blockchain-based app that supports facial recognition instead of the commonly used personal identification numbers to withdraw funds.
The ATMs will have the capability to interact with banks in the region. At the same time, the blockchain technology-based system will permit the validation of clients’ identities without a need to access and search bank databases.
ShoCard founder and CEO, Armin Ebrahimi, said blockchain “protect[s] individuals’ identity while confirming the information that banks need to verify that a withdrawal is legitimate.”
Alhamrani Universal, established in 1981, is supposedly the largest provider of ATMs in the Middle East, with more than 50% of the ATM market share in Saudi Arabia.
ExxonMobil joins hands with six companies to form a blockchain consortium
ExxonMobil, the world’s largest publicly traded oil and gas company, and Chevron, a US-based multinational energy corporation, has joined hands with five additional firms to form a blockchain consortium. The Oil & Gas Blockchain Consortium, operating under the Offshore Operators Committee (OOC), aims to organize proofs of concept (PoC) in order to study and implement blockchain, in addition to further the worldwide adoption of blockchain technology. It is the first such initiative taken by industries related to oil & gas in the US.
Chevron and ExxonMobil are the founders of OOC and have a place on the list of top ten oil and gas companies. In 2017, Chevron and ExxonMobil reported revenues of $237 billion and $134 billion, respectively. Other prominent members of OOC include US-based ConocoPhillips, Hess, Pioneer Natural Resources, Norwegian Equinor, and Spanish Repsol.
Rebecca Hofmann, chairman of the OOC board of directors, has mentioned that establishing the consortium is a significant step towards the creation of blockchain-focused standards, infrastructure, and capabilities for the oil and gas industry.
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