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South Korea’s Biggest Credit Card Patents Blockchain Payments System

South Korea’s leading credit card firm Shinhan Card has been granted a patent for a blockchain payments system. South Korea’s leading credit card firm Shinhan Card has been granted a patent for a blockchain payments system, English-language local media The Korea Times reports on July 15. Per the report, with the newly patented technology the company has established a blockchain-powered credit transaction process allowing for setting spending limits, paying in monthly installments and carrying out payments. The outlet quotes an anonymous Shinhan Card official commenting on the development: “Services using those key functions of credit cards will be extended to the blockchain-based system, a notable advancement from the status quo whereby most blockchain-based services available are limited to cash wiring or user identification for online transactions.” The official also reportedly explained that the company has been awarded the patent about a year and a half after conducting a feasi..

Major Korean Firms Partner to Launch Blockchain Mobile ID System

A consortium of major South Korean firms partnered to launch a blockchain-based mobile identification system in 2020. A consortium of major South Korean firms partnered to launch a blockchain-based mobile identification system in 2020, English-language local media Korea Times reports on July 14. Per the report, the participants are financial services firms KEB Hana Bank, Woori Bank, KOSCOM, mobile carriers SK Telecom, KT, LG UPlus, and technology behemoth Samsung Electronics. The aim of the partnership is reportedly to develop a self-sovereign identity system that does not require any intermediaries, which would enable individuals and organizations to control their identity information in online transactions. The service aims to allow users to store personal information such as resident registration numbers, bank account numbers, and use them at will. The involved financial services firms are tasked with providing certification services, telecom companies with managing stable mobile s..

Wiki’s Co-Founder Larry Sanger on Internet, Blockchain and Knowledge

From Wikipedia to Everipedia, along with blockchain — interview with Larry Sanger. Intellectual of the innovative industry, innovator of the concept of intellectuality, experimentator with technologies and educator by dedication, before co-founding Wikipedia in 2001, Larry Sanger studied and taught philosophy, being interested especially in epistemology — i.e., the science of knowledge. It was in college that he started thinking of the internet as a potential way of decentralizing knowledge. His early project in this regard was a web forum for discussions between tutors and students, who could thus communicate outside the usual academic environment. Sanger explained: “The thing that drives me forward is all of the possibilities that the internet makes possible for organizing people to create a new knowledge resources. Just think of how the Oxford English Dictionary was createdL When I read “The Professor and the Mad Man,” I was surprised at how similar it seemed to be to the early ye..

Real Estate Registry on Blockchain: Promise Land or Wishful Thinking?

Researcher from RMIT explains why startups will fail to fulfil their promises to disrupt real estate with blockchain. Why have blockchain pilots in real estate abated somewhat? Those projects bump up against the fundamental inconsistency of blockchain and existing state system, and it seems they cannot confessed to this. First, there is no such thing as the use of blockchain for real estate. There are plenty of different concepts and ideas, and as you will find below, some of them are useless. And when you consider probably the most ultimate idea — i.e., a title token — you understand that none of the existing projects could offer a complex solution to address issues with inheritance, lost private keys, co-ownership, delegation of rights and a bunch of legal issues that arise from blockchain immutability. The only scenario you can find is permissioned decentralized ledger technology (DLT), which is just yet another centralized technology — or blockchain with “smart” applications on to..

Brazilian State Launches Blockchain Platform for Government Contract Bids

The Brazilian state of Bahia announced an agriculturally-focused blockchain app, designed to make bidding for government contracts transparent. In Brazil, the state of Bahia has launched a blockchain application to track the process of public bidding on government contracts, according to a report by Cointelegraph Brazil on July 12. The blockchain-based solution, called Online Bid Solution (SOL) was reportedly developed by Cayenne Technology and Design. Bids will reportedly be completely transparent and secure due with the application of blockchain tech. According to Bahia government, the intended beneficiaries of SOL appear to be the Brazilian agriculture industry. The solution is designed to help connect agriculture organizations in Bahia with suppliers and workers throughout Brazil, as well as provide transparency on the contract bidding process.The state of Bahia said that there are over 1,000 organizations projected to use SOL: “The application, already available in the Play Store..

US Senate Committee Approves the Blockchain Promotion Act

The United States Senate committee of commerce, science and transportation approved the Blockchain Promotion Act this week. The United States Senate committee of commerce, science and transportation approved the Blockchain Promotion Act on Tuesday, tech news outlet CNET reports on July 11. The bill, published by the outlet, moves the U.S. closer to a blockchain definition at the federal level and establishes a blockchain working group within the Department of Commerce. Members of the working group should be representatives of federal agencies that could use blockchain and non-governmental stakeholders. Non-governmental participants will include information and communication technology manufacturers, suppliers, software providers, service providers, vendors, and experts. Within one year from its establishment, the working group should submit to Congress a report recommending a definition of blockchain. Furthermore, the report should also recommend research to be conducted on Distri..

Props Announces First SEC-Approved Consumer-Facing Blockchain Token

Props announces that its token has been approved by the SEC, claiming it is the first consumer-facing token to receive the U.S. watchdog’s blessing. Delaware-based blockchain organization Props PBC has released a token approved by the U.S. Securities and Exchange Commission under Regulation A+, according to a press release on June 11. According to the company, this is “the first consumer facing crypto token qualified by the SEC” via Reg A+. As previously reported, Reg A+ is an alternative to conducting an IPO that is intended to accommodate startup businesses seeking initial funding. This token has been issued on the Ethereum blockchain. According to the announcement, the Props platform is capable of abstracting a blockchain infrastructure for applications, providing a plug-and-play solution for apps to integrate Props tokens. Props is reportedly is a rewards token that can be used within apps to bolster user engagement, such as within the streaming platforms YouNow and XSplit — a gam..

Blockchain Financial Firm Diginex Goes Public in Reverse Merger With 8i

Hong Kong-based blockchain financial services firm Diginex Ltd. will go public through a reverse merger with investment holding company 8i Enterprises Acquisition Corp. Hong Kong-based blockchain financial services firm Diginex Ltd. is scheduled to go public through a reverse merger with investment holding company 8i Enterprises Acquisition Corp. Subsequently, the firm will be listed on the Nasdaq, Bloomberg reported on July 10. Diginex is reportedly going to close a reverse merger deal with 8i, which will reportedly amount to $276 million including debt. Diginex shareholders will reportedly get 20 million ordinary shares of 8i, valued at $10 per share. According to Diginex’s CEO Richard Byworth the deal is set to ensure “broader market visibility” for the company. As such, Diginex will be “the first fully-diversified blockchain player on Nasdaq,” Byworth added. Last fall, Diginex joined Global Digital Finance, the industry body driving acceleration and adoption of digital finance, a..

Cadence Launches Blockchain-Based Tokenized Debt Marketplace

Cadence, a Coinbase-backed alternative investment provider, launched a blockchain-based investment platform for debt. Cadence, an American blockchain-based alternative investment provider, has launched an investment platform for debt, according to a press release on July 10. By launching its private credit investment platform, Cadence aims to bring more transparency and efficiency to the asset class in order to help companies grow their businesses. Cadence turns commercial debt into digital tokens that can be traded on its platform. Private credit, or private debt, is a type of alternative investment which has only been accepted as a separate asset class very recently. Private debt investments are not backed by banks and are not issued or traded in an open market, and are used to fund business growth and provide working capital. Citing data from the Alternative Investment Management Association, the press release notes that total global assets in private credit are expected to reach..

Blockchain Firm Near Raises $12M From Coinbase Ventures, Xpring and Others

American blockchain firm Near has raised over $12 million in its Series A round from a range of high-profile investors. American blockchain firm Near has raised over $12 million in its Series A round from a range of high-profile investors, including Coinbase Ventures and Pantera, the Block reported on July 10. Near — a startup that develops a public, proof-of-stake (PoS) blockchain focused on usability and scalability — has secured $12.1 million from industry players such as Coinbase Ventures, the investment arm of crypto exchange Coinbase, investment firm Pantera Capital, crypto hedge fund Multicoin, and Ripple’s developer ecosystem project Xpring, among others. Unlike an initial coin offering-like approach, Near decided to secure funds in exchange for native tokens. Near is reportedly planning to allocate the raised funds “to recruit more developers, to accelerate the development of additional tooling and to launch the Naer Protocol mainnet.” In April, Coinbase Ventures along with m..
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