Fujitsu Launches Blockchain-Based Credential Rating Service

Fujitsu Launches Blockchain-Based Credential Rating Service
July 9, 2019

 

Following the bullish trend reversal that happened last week, the cryptocurrency market is inching forward steadily. Bitcoin (BTC) once again leads the market with an 11.1% gain in the past 24 hours to trade at $12,667.14. Notably, Bitcoin has gained 18.4% in the past one week. The second biggest cryptocurrency by market cap, Ethereum (ETH), has gained 3.7% in the past 24 hours to trade at $316.06. Other major altcoins which are trading in the positive territory include Litecoin (LTC-$123.70, 4.20%), EOS (EOS-$6.01, 1.6%), Cardano (ADA-$0.0806, $0.2%), IOTA (MIOTA-$0.4052, 1.7%), Bitcoin Cash (BCH-$424.15, 4%), Binance Coin (BNB-$33.68, 2.2%), Stellar (XLM-$0.1052, 1.1%), Dash (DASH-$160.94, 2.1%), Neo (NEO-$17.86, 5%) and Tezos (XTZ-$1.21, 2.1%). Notably, TRON has lost 2.8% in the last 24 hours to trade at $0.03416. Yesterday, TRON’s office in Beijing came under police protection after deluded investors who were scammed by a shadow firm tried to ram into the blockchain firm’s development center. That may be one of the reasons for the sell-off.

 

Government level initiatives

Japan’s central bank may not enforce negative interest rates on cryptos

The central bank of Japan is forbidden to enforce negative interest rates using cryptocurrencies. The information was revealed by Masayoshi Amamiya, deputy governor of the Bank of Japan. Amamiya stated that central bank backed digital currency with a negative interest rate will encourage the corresponding country’s residents to start using cash. Furthermore, fiat money cannot be totally removed or replaced by the system. In fact, no government would seriously think about it.

Amamiya said, “To overcome the nominal zero lower bound, central banks would need to eliminate cash. Eliminating cash would make settlement infrastructure inconvenient for the public, so no central bank would do this.”

Negative interest rates imply that banks will charge their customers a pre-determined percentage on their deposits. Japan and the EU started using negative interest rates in 2016 to achieve its monetary policy objectives.

 

Private sector initiatives

BrewDog permits investors to buy shares using cryptocurrencies

BrewDog, the popular Scottish brewery, has extended its crowdfunding program to allow investors to purchase stocks by paying in cryptocurrencies. BrewDog’s crowdfunding venture, dubbed “Equity for Punks” is now accepting ten different cryptocurrencies from investors who are interested in purchasing its shares. The cryptocurrencies which are accepted are Bitcoin (BTC), Bitcoin SV (BSV), Ether (ETH), Bitcoin cash (BCH), Ripple (XRP), Litecoin (LTC), OmiseGO (OMG), Augur (REP), Qtum (QTUM), and 0x (ZRX).

Equity for Punks, a program unveiled in 2010, permits investors to become a shareholder in BrewDog, effectively creating an alternative to the purchase of stocks that requires a considerable amount of cash. Prospective BrewDog investors can use their crypto holdings to become a crypto “equity punk” by paying at the rate of £25 (~$25) for every share. Considering the positive response for the scheme, the company has extended its program until April 2020.

BrewDog has stated that the crypto program is the “natural next step” as an enterprise, asserting that “joining forces to link the old and new financial systems is a perfect fit.”

Following the launch of the program, Equity for Punks has raised nearly £72.20 million (~$90 million) to date with more than 114,000 people enrolled as shareholders, as per the information provided by BrewDog’s website. To promote investment through crypto, BrewDog has also come up with a unique award program which involves offering six cans of Cryptonite West Coast IPA for “anyone who invests in BrewDog via Cryptocurrency.”

 

sgCarMart and Ocean Protocol introduce Know-Your-Vehicle

Singapore-based sgCarMart, which operates an online car marketplace, and Ocean Protocol, which provides decentralized data exchange covenant, are introducing a blockchain based “Know-Your-Vehicle” data marketplace. The platform will offer a safe way of sharing and retrieving information about used cars in Singapore, where nearly 9,000 vehicles changed hands every month in 2018.

The product will enable clients to track data origin on an automobile and then study its background. The data can be used to assist other business sectors and the government in enhancing its products and services.

Daryl Arnold, the founder of Ocean Protocol, explained the benefits of the platform: “Ocean Protocol provides companies with a platform to share and monetize data in a secure, traceable, and privacy-preserving manner. It allows data owners to retain control of data access and offers an incentive mechanism for companies to deploy, to collect quality data from their stakeholders.”

Last October, Ocean Protocol participated in the MOBI Grand Challenge game that aims to build a blockchain based vehicle network and offer facilities such as data sharing, while improving the mobility level in city conditions.

The game carries overall prize money of $350,000, including $100,000 worth crypto tokens offered by Ocean Protocol.

 

Fujitsu Laboratories introduces a customer rating blockchain platform

Fujitsu Laboratories, a Japan-based tech research enterprise, has created a blockchain-based system to assess user background, identity, and reliability in online dealings. The system assumes customer ratings recorded on a blockchain to give a “trustworthiness rating” to each customer. Users supposedly judge each other when a transfer happens, and the technology validates that information in order to make a decision about the interactions between consumers.

Other consumers can precisely have an idea about the trust rating of a counterparty, before proceeding with a transaction.  Fujitsu argues that this system has benefits over all other Decentralized Identification (DID) alternatives, which mainly uses third-party identification and credential checks.

In some systems, a user can collude with bad actors to create records that may not reveal their true nature. Fujitsu asserts that their system avoids this drawback through the use of a graph-based methodology to assess the relationships between users. Fujitsu’s system does not depend totally on raw data but takes into account the history of users’ transactions.

“Even if a user colludes with a third party to improperly raise their evaluation, the graph-structured relationships will reveal information such as the weakness of their relationships with other users, giving the system the potential to identify misrepresentations.”

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.

Sammy

Sammy

Sammy is our forex expert, with over 20 years experience in the financial sector, she will be keeping you up to date with the ups and downs of currencies around the world


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