Malta Partners With Omnitude on Public Transportation

Samuel Larreal
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Malta Partners With Omnitude on Public Transportation

     Maltese Transport Minister, Ian Borg, has announced a new partnership with British, middleware, blockchain platform, Omnitude. This partnership is part of a strategy with the goal of using blockchain technology in the operations of the Maltese Public Transport Service and develop a transport and logistics platform.

Mr. Borg declared, as reported in a local news outlet, that the partnership between Omnitude and the Malta will develop

“overall improvements in transport reliability.”

Earlier this year the Government approved a blockchain strategy, making Malta one of the first countries in the world to have a national strategy on blockchain technology. Malta sees blockchain technology as the foundation of the next big industrial revolution, offering cost savings and efficiencies. Initially, the Government will work with Omnitude to develop overall improvements in transport reliability.

Today’s announcement means the delivery of further innovation using middleware technology from Omnitude. CEO and founder of Omnitude Chris Painter said that they

“look forward to working with the Maltese Government to explore the capabilities of Omnitude’s broad based blockchain ecosystem: Governments around the world are beginning to see the potential for blockchain to reduce costs and streamline services. Malta has an extremely progressive government and we’re excited about the potential this partnership brings.”

Malta’s Government has previously expressed the goal of becoming the “Blockchain island,” opening the doors for investors. This March, Binance, the world’s third largest crypto exchange by trading volume, according to CoinMarketCap, announced the future inauguration of offices in the region. In April, OKEx, currently the world’s largest crypto exchange by trading volume, also announced their intention of expanding to Malta.

“We believe in Omnitude’s blockchain technology and its broad use-cases for the Government. We can see its potential in a range of government departments and it will form a cornerstone technology platform as part of our commitment to drive forward innovation. It will improve the quality of life and enhance access to information for Maltese citizens. Blockchain technology is a key part of our overall national technology strategy that will see us transform different sectors.”

Said Borg in a statement.

 

by Samuel Larreal

Bitmain’s Latest Million Dollar Investment

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Bitmain’s Latest Million Dollar Investment

     China’s Bitmain, the world’s most profitable Bitcoin mining company with a reported net return of $4 billion in profits, has recently decided to reinvest some of their capital. Bitmain has led a USD 110 million fund for Circle Internet Financial Ltd. (a Boston based cryptocurrency exchange firm) to create a stronger and more stable coin.

Circle and Bitmain have now formed a partnership with the goal of creating a fiat-based digital tokens. These tokens will be the first of their kind to be backed by the U.S. dollar. Circle declared that it will have the tokens ready for issue this summer. It also stated that the investment will raise its valuation from $480 million (2016) to $3 billion. These tokens come as an advancement of stable coins which carry the benefits of cryptocurrency, but  not the typical volatility. Circle’s USD coins (USDC) will be tied one-to-one to the dollar. The greenbacks should then be stored in bank deposits, redeemable only by authorized buyers.
This version of fiat, as explained by circle CEO, is expected to move in the speed of internet but with reduced costs and increased levels of security. Circle plans to integrate USDC in its payment app (circle pay). It was, however, noted that the tokens would be designed following certain rules that will be set and governed by a non-profit referred to as Centre. Centre is a platform for the transfer of cryptocurrencies and fiat currencies into digital form.

Members of Centre will be expected to issue their stable coins in addition to Circle and Bitmain. Stable coins are the first phase of Bitmain’s vision for a private‘private central banks’. ‘Private central banks’, as they call it, is simply a blockchain-based algorithmic currency issuer that has no links with any government. There is an urgent need of a well-defined framework set to limit the risks of money laundering.

Development of a universally adopted stable coin is crucial in the crypto-world. The most important aspect of stable coins is that it would allow crypto-traders to protect their merchandise and assets and at the same time avoid fees and delays in the conversion of their crypto assets into fiat currency. However, due to existing nontransparent, fiat-backed firms, Circle has decided to address all of these issues. Circle will operate transparently and work within the US money transmission laws. In addition, Circle will be subject to frequent auditing. It will operate on an open membership basis with eligible financial institutions being able to participate.

A deep integration and transformation of this world will be experienced through an open internet of value exchange. This will, in turn, lead to the elimination of artificial economic borders which will then lead to a more inclusive global market place.

 

by Lisa Mendoza

Blockchain.com Hires Cambridge Acedemic

Samuel Larreal
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Blockchain.com Hires Cambridge Acedemic

     Cambridge academic, Garrick Hileman, author of multiple cryptocurrency research publications, was hired by Blockchain.com, a data resource and wallet provider on May 16, 2018.

According to the official statement Garrick Hileman, will

“lead a new research arm aimed at elevating block chain (sic) technology to its full potential.”

The move marks the second high-profile hire for the company in weeks, April seeing ex-Goldman Sachs executive Breanne Madigan join as head of institutional sales and strategy.
Speaking to Business Insider following the appointment, Hileman said he was surprised that figures such as Nouriel Roubini and Paul Krugman “have a hard time seeing the technology. Some of them don’t have the best track record for understanding technology, to be frank,” he told the publication.“Paul Krugman famously thought the internet wasn’t all that more significant than a fax machine. I’m not sure I would have a lot of success helping them understand the significance of this technology as a new platform, as something that in some ways can be compared to the internet.”

Hileman, who developed Cambridge University’s first cryptocurrency course, stands out among academics and economists alike in his bullish views on Bitcoin and cryptocurrency.

 

 by Samuel Larreal

HTC Exodus – Blockchain Smartphone to Reshape Internet

Samuel Larreal
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HTC Exodus – Blockchain Smartphone to Reshape Internet

     HTC, one of the market’s leading smartphone manufacturers, is turning to new horizons as they develop the “world’s first native blockchain phone.”

The Taiwanese firm was the first to launch an Android-based smartphone back in 2010, and its novelty changed the industry forever. On May 14th, HTC revealed its vision for the future of smartphones at the Consensus 2018 cryptocurrency conference in New York, a future with blockchain and mobile technology deeply connected, supporting cryptocurrencies like Bitcoin or Ethereum.

“Our vision is to expand the blockchain ecosystem by creating the world’s first phone dedicated to decentralized applications and security, With the release of the HTC Exodus we can now make this a reality… we believe we can help reshape the internet.”

HTC states on the device´s dedicated site.

The Android-powered smartphone will feature a native, universal cryptocurrency wallet that would allow users to make and accept cryptocurrency payments to other devices. Every device would act as a node, allowing customers to exchange cryptocurrency. The HTC Exodus would also support decentralized apps (DApps), encrypted apps working with blockchain technology. DApps are known to be more secure that standard apps.

Details about the phone are scarce. No official pictures of the device have been published. There are neither hardware specifications or a release day, but we can speculate, based on a similar project, the Sirin Labs’ blockchain-powered phone and PC Finney that costs 999$ and is set to be released later this year and will also feature a cryptocurrency wallet.

Development of the Exodus is being led by Phil Chen, previously part of the
team behind HTC’s Vive virtual reality headset. And now holds the title of “chief
decentralized officer.” He will head all of the firm’s cryptocurrency and blockchain-related
projects.

“I want to see a world where the end consumers can truly own their data without
the need for central authorities, there is a lot of work ahead of us, but I believe the
mobile hardware layer can contribute significantly to our new decentralized
world.”

Said Chen at a conference in May of 2018.

 

by Samuel Larreal

Amazon & ConsenSys Launch Blockchain Platform

Samuel Larreal
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Amazon & ConsenSys Launch Blockchain Platform

     “Blockchain has the potential to enable new possibilities that were previously out of reach for many organizations. For enterprises globally, blockchain provides decentralized, secure, transparent, and immutable interactions, processes, and transactions.” Said Amazon Web Services in a statement, announcing their new Ethereum-based cloud platform Kaleido.

Amazon has been heavily interested in making blockchain technology accessible and easy-to-use for their more than 310 Million active customers. This new platform launched on May 15th, by Joseph Lubin co-founder of Ethereum and ConsenSys, during Blockchain Week 2018, is the result of the ground-braking partnership between AWS and Lubin’s company. Kaleido will enable its customers to build and manage their own cloud blockchain platforms.

“Introducing Kaleido to AWS customers is going to help customers move faster and not worry about managing blockchain themselves,”

This new platform will allow users to relay and anchor transactions from Kaleido networks directly onto public Ethereum Mainnet and access to integrated analytics. This platform supports multiple protocol options like Geth and Quorum and consensus mechanisms. Lubin said Amazon’s collaboration with Kaleido marks a turning point for Ethereum and for blockchain technology.

“This is a heavy-duty, full-stack way of getting the company into blockchain solutions,”. We have been on a mission to accelerate the adoption of Ethereum and all the benefits that decentralization can bring,” said Lubin. “We believe Kaleido will become a de-facto standard and a global blockchain platform for business.”

Steve Cerveny co-founder of ConsenSys also said that blockchain business cloud will enable customers of Amazon Web Services to launch and operate blockchain networks without spending millions of dollars writing custom code. “They don’t have to become PhDs in cryptography, we give them a simple platform to build their company on blockchain. Lubin said, full of pride, in his statement, that thousands of companies are heavily interested in the applications of blockchain technology, and ethereum networks. “Three years ago, we were getting calls from companies trying to spell blockchain and trying to order one in a color because their boss told them they should get a blockchain,” said Lubin almost-laughing. “At this point, there are tens of thousands of companies around the world that have real sophistication around this.”

 

by Samuel Larreal

HSBC Group – First Blockchain Trade Finance Transaction

Samuel Larreal
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HSBC Group – First Blockchain Trade Finance Transaction

     Last Monday, financial services group, HSBC, claimed it had successfully performed the world’s first “commercially viable” trade finance transaction using blockchain technology, exponentially speeding up a process that normally takes a week or more to be completed by traditional mediums.

This transaction was the first time blockchain technology has been implemented for a commercial trade finance settlement. The trade finance transaction involved U.S. food and agriculture firm, Cargill, and Dutch lender, ING. This operation consisted of a bulk shipment of soybeans from Argentina to Malaysia. The letter of credit was issued from an HSBC Netherlands based financier. The process of these kinds of transactions require letters of credit to be issued by one bank to another in order to guarantee that a payment will be received by a seller under a set of conditions. Traditionally, this process takes a week (or even more) to be completed, involving a large amount paper records and constant communications of the parties involved. According to ING, the exchange was performed in 24 hours, a great improvement compared to the time it normally takes to accomplish such transactions by the current paper-based system.

According to an HSBC spoken person in an interview, there have been proof-of-concept transactions performed using blockchain technology, however, HSBC’s was the first that could have commercial application.

According to Vivek Ramachandran, head of growth and innovation at HSBC,

“The need for paper reconciliation is removed because all parties are linked on the platform and updates are instantaneous, The quick turnaround could mean unlocking liquidity for businesses.”

HSBC used Corda, a blockchain-platform developed by R3. For this transaction, R3 works with a consortium of banks to come up with a blockchain solution to optimize this kind of process and make banking operations more efficient. It is clear that blockchain has the potential to optimize sectors like trade finance, insurance and health care as they rely on long paper trails.

 

by Samuel Larreal

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