Italian banks successfully test data reconciliation via blockchain

bank blockchain Italy

The Italian Banking Association (ABI) successfully processed the reconciliation data of an entire year of local banking activity on a blockchain platform. The association announced the successful test of the Spunta Project’s system in a press release published on Oct. 12. The successful test of the framework has been first announced by Italian media at the end of September though with little details. Platform viability has been demonstrated Now ABI reveals that the test has seen 200 million data entries being processed by the blockchain banking reconciliation system, effectively simulating…

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BMW, General Motors, Ford to start testing blockchain payments in cars

Ford Mustang

Five major automakers — BMW, General Motors, Ford, Renault and Honda — will start testing a blockchain car identification and payment system next month in the United States. Automakers envision self-paying cars, digital IDs Nikkei Asian Review reported on Oct. 14 that the partnership aims to test the vehicle ID system developed under the Mobility Open Blockchain Initiative. As part of the project, cars are assigned digital IDs linked to ownership, service history and a wallet allowing the vehicle to automatically pay fees without specialized hardware. The alliance reportedly envisions…

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Telegram finally releases code for its $1.7 billion TON blockchain

TON blockchain

Telegram’s blockchain project, TON, has entered the last preparation stage before going live. The code for running a blockchain node was released on the test network portal late Friday. Now developers and community members interested in the messaging app provider’s blockchain can start kicking the tires of a full node, a validator node and the blockchain explorer. The release had been previously scheduled for Sept. 1, according to the sources familiar with the project’s progress, but was delayed a few days for unclear reasons. According to Mitja Goroshevsky, CTO of…

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Binance funds 40 developers to build open-source crypto software

Binance X

Malta-based crypto exchange Binance wants to spur greater research in open-source blockchain development. To that end, the exchange unveiled Binance X on Thursday, announcing that it was funding more than 40 developers conducting research into open-source crypto software. Binance X also hopes to facilitate collaboration in the Binance ecosystem by providing resources to projects in various stages of development and tap blockchain “evangelists” to foster education around the space. For promising developers, Binance X offers a fellowship program focused on research and development of open-source blockchain software. More than 40…

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IBM launches blockchain for supplier networks

IBM blockchain

IBM and Chainyard have launched a blockchain network, Trust Your Supplier, designed to improve supplier qualification, validation, on-boarding and life cycle information management. Founding participants are: Anheuser-Busch InBev, Cisco, GlaxoSmithKline, Lenovo, Nokia, Schneider Electric and Vodafone. The aim is to eliminate manual processes, which make it difficult to verify identities and track documents like ISO certifications, bank account information, tax certifications, and certificates of insurance throughout the lifecycle of a supplier. Instead, Trust Your Supplier, uses a decentralised approach and an immutable audit trail built on blockchain, to eliminate manual…

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IBM Files Patent for a Blockchain-Based Web Browser

IBM blockchain browser

A new patent application from IBM describes a blockchain-based web browser. Published on August 6 by the United States Patent and Trademark Office, IBM’s patent is for a web browser backed by a peer-to-peer network. The browser collects pre-specified information from web browsing sessions, according to the patent. The information is then transferred to a network of peer-to-peer nodes for collection and storage. Information collection depends on the type of browsing experience chosen. Browsing on a work computer versus a personal browser would demand different settings, for example. Types of…

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A leading Japanese broker to join Libra Association

Monex Group

A leading online brokerage company in Japan, Monex Group, wants to become a part of Facebooks’ Libra project. The broker applied to become a node operator. Oki Matsumoto, the president of the Group, announced the decision during the company’s regular meeting devoted to the results of Q2. It is worth noting, that Matsumoto sounded very optimistic about Libra, despite that the recent Facebooks’s cryptocurrency initiative had faced stiff resistance from global regulators and governments. According to Matsumoto, Libra might unlock various possibilities, including “financial inclusion” and more efficient cross border…

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KPGM to Work With Microsoft, Tomia and R3 on Blockchain Telecom Solutions

kpmg.us

Business advisory firm KPGM has partnered with tech companies Tomia, Microsoft and R3 to create a blockchain-based settlements solution for the telecom industry, in anticipation of 5G network services. KPMG announced the partnership and product plans in an official blog post. As per the report, the planned blockchain solution intends to make use of smart contracts in order to reduce disputes between carriers and mobile operators. Such smart contracts would reportedly include critical information for this purpose, by providing details such as correct rates, destination and bilateral deal information. The…

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Facebook’s cryptocurrency partners revealed

Facebook crypto coin blockchain

Facebook has been quietly building out its cryptocurrency for over a year, and it looks like that time has been well spent, enlisting the support of some of the most prominent companies across payments, retail, and technology. As recently reported by The Wall Street Journal, Facebook’s cryptocurrency will be governed by a consortium of firms known as the Libra Foundation, which includes the likes of Visa, Mastercard, and PayPal. But The Block has gotten its hands on consortium marketing materials and can now report dozens of firms not previously known…

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Using Bitcoins may earn you a 10-year jail sentence

Bitcoin jail

In a move that’s likely to cause huge disappointment, the government has proposed a 10-year prison sentence for persons who ‘mine, generate, hold, sell, transfer, dispose, issue or deal in cryptocurrencies. In a move that’s likely to cause huge disappointment, the government has proposed a 10-year prison sentence for persons who ‘mine, generate, hold, sell, transfer, dispose, issue or deal in cryptocurrencies. A new draft bill The Banning of Cryptocurrency and Regulation of Official Digital Currency Bill 2019 has proposed a 10-year prison sentence for anyone dealing with cryptocurrencies. The…

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Yahoo Japan-Backed Crypto Exchange Taotao Launches This Week

#TAOTAO

A new crypto exchange platform in which Yahoo Japan owns a major stake is about to launch after over a year in development. The new platform, called Taotao, announced on Twitter Sunday that it will go live on Thursday, May 30, at midday local time. According to the Taotao website, the exchange will be offering a mobile app alongside its online platform, and will offer trading in bitcoin (BTC) and ether (ETH) at launch. The firm will also be making leverage available for interested traders, with three more cryptos added…

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Seoul to Implement Blockchain in Citizen Cards, the Mayor Reveals

Soul Korea

The South Korean city of Seoul will implement blockchain technology in its citizen cards, Korean publication Queen.co.kr reports on May 20. Park Won-soon, the mayor of Seoul, has participated in the ongoing event “Korea Future Forum (KFF) 2019 & Blockchain Tech Show,” reporting on the city’s achievements in embracing major technologies including blockchain and artificial intelligence. The mayor highlighted the role of blockchain in storing data, noting that the value of data “has become even more important than before.” According to Park, the city of Seoul will implement blockchain in…

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Microsoft Is Building an ID Verification Platform on Bitcoin

Microsoft ID Verification Platform

Microsoft is leveraging blockchain technology to create a trustless digital identity scheme, but its not launching a token or building a private blockchain to do so. Its building on Bitcoin instead. Announced on May 13, 2019 , Project ION is an open-source, Layer 2 network built out of the public key infrastructure protocol Sidetree. In practice, “it is akin to Lightning, in that there is no secondary consensus among ION nodes,” a source close to the network’s development told Bitcoin Magazine . “This is just like Bitcoin, but for IDs,”…

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Nestlé And Carrefour Trial Blockchain For Greater Food Transparency

Carrefour Nestle blockchain

Swiss food and drink multinational Nestlé and French hypermarket chain Carrefour are trialing blockchain to provide consumers with greater transparency in the food sector. From April 15, 2019, the technology will be applied to the famous Mousline instant mashed potato brand, available on shelves in Carrefour stores around France, to enable consumers to access reliable and unfalsifiable information on the supply chain and production of the products. Nestlé and Carrefour will test the blockchain platform with Mousline purée over the next few months. The pilot will help the firms understand…

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ING Bank Releases Blockchain Privacy Tool Bulletproofs

ING Bank lion

Dutch global banking and financial services corporation ING introduced its new cryptographic blockchain development called Bulletproofs. Bulletproofs represents an extended technology for ING’s previous blockchain privacy-focused developments such as zero-knowledge range proof (ZKRP) and zero-knowledge set membership (ZKSM). ING bank first launched ZKRP in November 2017, enabling market participants to maintain anonymity in a transaction while still confirming its accuracy. For instance, the tool allowed a mortgage applicant to prove their salary within a certain range without revealing the exact figure. As an improved version of ZKRP, ZKSM was released…

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