MasterCard To Patent Blockchain Payment System

Samuel Larreal
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MasterCard To Patent Blockchain Payment System

MasterCard applies for a blockchain-based payment system patent that would link fiat and cryptocurrency accounts.

MasterCard, one of the largest financial services organization which processes the transactions carried out on credit cards operated by a range of banks and other lenders, has applied for a new blockchain-based patent focused on customer protection and payment transactions, as reported by the US Patent and Trademark Office (USPTO) on July 17th. This new patent application includes a new blockchain-based method for linking assets between a public or private blockchain network, and fiat currency accounts. The system is described the as a “method to manage fractional blockchain currency reserves”, in addition to accumulating fiat currencies in a central account linked to a cryptocurrency. This system would allow plurality of account profiles, with each profile including a fiat currency amount, cryptocurrency, account identifier and address.

MasterCard states that the combination of traditional and blockchain-based payment methods would give consumers and merchants the benefits of a decentralized blockchain while still having the security of an account information and strong defense against fraud and theft. This method allows the evaluation of the potentiality of fraud associated with blockchain transactions, considering that existing payment algorithms such as credit or demographic information could be provided by traditional payment networks.

It is worth noting that the American multinational company has previously applied for another blockchain-based patent, a system to speed up payments and make them safer. Although MasterCard has been involved in the adoption of blockchain technology through its patent applications, its position on cryptocurrencies has not been positive. To the point that the company’s CEO has said that all cryptocurrency is “garbage”. Maybe we could see a change in position in the near future.

 

by Samuel Larreal

Philippines Economic Zone To Launch Cryptocurrency

Samuel Larreal
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Philippines Economic Zone To Launch Cryptocurrency

     The Cagayan Economic Zone (CEZA), famous for its skyrocketing rise in blockchain development, will become one of the first Asian regions to launch its own cryptocurrency in late July. The CEZA authorities intend for this new cryptocurrency to be used as an internal tool to carry out transactions within the same financial zone. According to CEZA’s head, attorney Raúl Lambino, an official ceremony will be held at the Hotel Edsa Shagri-La, in Mandaluyong, to inaugurate the signing of the blockchain digital transaction services license for the exchange of “CZC” from Apsaras Group. During this event, both the ‘Apsaras’ and the CEA will promote the CEZA cryptocurrency, as well as talk about the various blockchain projects that are being carried out simultaneously. The operations license will also help to authorize the region to become an incubator for blockchain projects, which will serve to initiate investigations and provide productions of distributed ledger products and applications.

Lambino stated at a press conference that only the ICOs backed by assets will be allowed to run on CEZA, as a measure to prevent fraud. In this regards, he also pointed out that

“Many ICO operators launch their fraudulent scheme with little capital to support victims; Therefore, if they have an ICO, we want to find out if it is backed by assets, as it is the best prevention alternative in face of the growing criminal and scam index. […] We do not want our country to become a paradise for crooks, even if these crimes already occur abroad. The previous week the authorities of the CEZA region began the delivery of special licenses for cryptocurrency exchange houses, obtained by registering and paying an annual fee to operate legally in the country.”

 

by Samuel Larreal

Hong Kong’s Central Bank Connects 21 Banks On Blockchain Platform

Samuel Larreal
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Hong Kong’s Central Bank Connects 21 Banks On Blockchain Platform

     Hong Kong’s central bank will launch its own blockchain-based trade finance solution, in conjunction with 21 other banks, according to sources. This joint initiative of the Hong Kong Monetary Authority and the FinTech subsidiary of the China Ping Ang Group; OneConnect; aims to significantly reduce paperwork, time and expenses in many of the operations carried out by the banks. One of the principal points of interest for this 21-institution consortium is to reduce the time and bureaucracy involved in the registration of new businesses in the banking services industry by “smoothing” transactions taking advantage of the applications of blockchain technology. By using blockchain, some transactions, that often take up to 14 days to be completed, would be processed in only one day.

Originally announced last year in November, this would represent the first example of a regulatory entity “unifying banks” to improve trades finance, even though HSBC would have previously tried to do so with a single bank as we previously reported.

“Instead of banks trying to do this individually, you have the regulators trying to unify the banks,”

said Jessica Tan, CEO of Ping Ang Group, a company that would have previously developed blockchain-based solutions for the Chinese market, and points to extend itself beyond China’s borders, after announcing its interest in developing more solutions for the R3 Consortium in 2016.

 

by Samuel Larreal

MLB releases a Blockchain-based game

Maria Rodríguez
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MLB releases a Blockchain-based game

     “Crypto Baseball” is a Blockchain-based game focusing on collectibles. Later this summer, Major League Baseball digital collectibles are coming to the Ethereum blockchain.

Major League Baseball (MLB), in association with Lucid Sight, released a new game for its fans which runs using blockchain technology. MLB made the announcement on July 13th.

The game is called “Crypto Baseball” and it is similar to CryptoKitties, which consists of buying, selling and raising virtual kittens, using cryptocurrencies like Ethereum.
CryptoKitties has been extremely popular among crypto fanatics. Users have spent $25 million worth of Ethereum on CryptoKitties to date, according to a report from Yahoo Finance.

“We were already talking to Lucid Sight around the time that CryptoKitties first came out. We talked a long time ago about Bitcoin and whether we should accept it as payment for MLB.tv and some of our other products, and we opted not to,”

said Kenny Gersh, MLB’s executive VP of Gaming and New Business Venture.

In order to play this decentralized game (or dApp) users must buy Ethereum and transfer it to MetaMask, one of the most popular purses of the Ethereum browser. After that, they can exchange digital avatars linked to specific moments in recent games. They could win prizes and collect stickers. On a blockchain, each digital item (or contract) is verified and tamper-proof. Ethereum carries out “smart contracts” which are automated agreements for an exchange of value.

“These will be things based on different events, those moments in sports that happen and we want to remember and value for a long time. We want to offer the feeling that the fanatic was there, even only digitally,”

said Gersh.

MLB has seen attendance at live games decrease this season. The professional baseball organization hopes that this digital game could attract a wider audience. Lucid Sight hopes to have an easy mobile app ready shortly after launch.

“We are not building this just for tech savvy people. I do think people will open up Coinbase accounts, buy Ethereum, and transfer it to MetaMask, in order to collect these things they’ll enjoy so much,”

said Lucid Sight’s co-founder, Octavio Herrera. Lucid Sight has experience building monetized games for big brands built on emerging technologies such as virtual and augmented reality, and of course, blockchain.

Later this summer, Major League Baseball digital collectibles are coming to the Ethereum Blockchain. An official website for the game is now live at MLBCryptoBaseball.com, and the site says that iOS and Android versions are coming soon.

The first version of “Crypto Baseball” will require knowledge of buying Ethereum and using MetaMask. However, subsequent versions will hopefully streamline this process making it more accessible to fans of the sport.

 

by Maria Victoria Rodríguez

Blockchain Solution For Chinese Cultural Heritage Preservation

Maria Rodríguez
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Blockchain Solution For Chinese Cultural Heritage Preservation

     A Chinese research team will use blockchain technology to establish alliances with museums and cultural institutions to share and update information about heritage objects.

A team of researchers from Tshinghua University, located in China, created a system where digital versions of important cultural objects can be stored and shared through a network of blocks. Postdoctoral researcher, Tan Jiajia along with Lu Xiaobu, the director of the University’s Academy of Art and Design, created a document to explain the system they created. Three faculty members at the University will work on the concept of the special program.

“The first part involves the use of 3D digital models, in which an object of cultural importance can be scanned to create a virtual representation of it. In the second stage, the system automatically stores the data of each object in a private block network by using hashes,”

it is read in the document.

By including other institutions, such as museums, to operate nodes, blockchain technology could become a kind of consortium in which each participant would gain access to a database that contains information about the shared cultural heritage of the country, having the possibility to update it with the data they handle at the institutional level. In addition, the researchers presented a patent where they explain that the system will generate a hash in the blockchain network whenever an update is made. That data will later become part of a public block network to enhance the network’s transparency, so that other people can access information later.

The document also explains that,

“Based on the unique design of Blockchain networks for the exchange of information, the digital identity of each object considered cultural heritage can be transferred between the different participants at a very low cost, guaranteeing total efficiency and promoting economic and social values.”

According to a report from CoinDesk, the researchers indicated that they used Tencent’s Trust platform in the initial tests, a product that was announced last year by the internet service provider.

 

by Maria Victoria Rodríguez

China & France Building First Blockchain Powered Ecological Tower

Samuel Larreal
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China & France Building First Blockchain Powered Ecological Tower

     China and France will build the first ecological tower powered by Blockchain facing the economic conflict surrounding the United States and China, and the effects on some of the most important Chinese technology companies on American soil. The Asian country is looking for new economic options, in terms of relations with France, and seem to follow a different course. The three joint objectives that both nations have established in order to address issues such as climate change, sustainable development at the level of urban infrastructure and water security.

For some of the biggest investors in the tech field, blockchain technology is synonymous with decentralization and transparency and, following this mindset, the French companies XTU Architects, a relevant architectural firm in the region, and Systematic Company, have partnered with a Chinese developer, Truffle Engineering, for building an ‘ecological’ skyscraper which will be supervised by a blockchain network. According to a Forbes report, the project has been named FrenchDreamTowers, and represents a fusion between Chinese history, culture and nature. The project consists of four interconnected towers, which design will lead rainwater to special storage-designed depressions in the ground and the roof of the building.

Anouk Legendre, co-founder of XTU Architects, assured that the elements arranged in the towers will optimize its energy consumption. He also stated that the space between the glass panels in the building will be used as a greenhouse for bioreactive crops. According to the plans of the French firm, microalgaes will be incorporated in the towers in order to help clean the polluted air of the exterior and the rainwater before it evaporates. As previously said, these plants will be cultivated among the windows with the objective of regulating the temperature of the buildings.

Truffle Engineering, the Hangzhou-based company, will be responsible for developing the blockchain network that will manage the air quality, energy storage and other ecological systems created from the interaction between the four towers. These structures will function as residential centers, but will also include restaurants, art galleries and technology centers. Undoubtedly, this is an ambitious process that once again has blockchain, and its management and decentralization properties as one of its protagonists.

 

by Samuel Larreal

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