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Major Spanish energy firm Repsol has started using blockchain to improve the safety certification process of its petrochemical products. Madrid-based energy company Repsol reported a successful test of a blockchain pilot to improve the quality of safety certification of its products. Cointelegraph in Spanish reported the news on Jan. 15. Established in 1987, Repsol is a leading energy company that operates in the oil and gas industry, including exploration, development, and production of crude oil and natural gas. In the first nine months of 2018, the company’s net income reached 2,7 billion euros, rising by 37 percent since the beginning of the year, according to Financial Times. The Repsol Technology Lab Research Center (Tech Lab) and blockchain startup Finboot, which is a part of the Repsol Foundation Entrepreneurs Fund, jointly deployed a blockchain solution to improve the certification process of petrochemical products. It is expected to enable the company to identify and track s..
48 percent of businesses can detect if their Internet of Things devices have been breached — industry sees a potential solution in blockchain. Blockchain adoption in the Internet of Things (IoT) industry more than doubled over the last 12 months, a survey conducted by major Dutch cybersecurity firm Gemalto reveals Jan. 15. According to the survey, firms in the IoT industry are increasingly turning to blockchain tech, with adoption of blockchain more than doubling from 9 to 19 percent in the past 12 months. Gemalto reportedly surveyed 950 information technology (IT) and business decision makers globally. According to the survey data, 90 percent of the companies think that IoT device security is a significant consideration for customers and 79 percent are requesting more robust government-issued security guidelines. The report notes that — while presumably waiting for governments to intervene with regulation — the industry is turning to blockchain as a potential solution. Nearly a quart..
Decentralized exchange aggregator Totle has closed a fresh funding round led by Arrington XRP, NEO Global Capital (NGC) and Goren Holm Ventures. Decentralized exchange (DEX) aggregator Totle has closed a fresh funding round led by major blockchain investors, according to a blog post from the firm Jan. 14. Arrington XRP, a crypto-focused hedge fund created by TechCrunch founder Michael Arrington, alongside top blockchain investment funds NEO Global Capital (NGC) and Goren Holm Ventures, have reportedly jointly led the $1 million round. Headquartered in Detroit, Michigan, Totle focuses on building infrastructure to support the decentralized application (DApp) and DEX ecosystem — notably through the recent launch of its API. As the post outlines: “[The API aims to] relieve the need to integrate with and understand the protocols of multiple decentralized exchanges. Totle supports many use cases including in-app exchange in wallets; payments and transactions for business; arbitrage exploit..
Israel’s largest cargo shipping company Zim has opened its blockchain platform to all clients in select trades, following a successful pilot. Israel’s largest cargo shipping company Zim has opened its blockchain platform for electronic bills of lading (eB/Ls) to all clients in selected trades. Global shipping news outlet TradeWinds reported the news today, Jan. 14. Following a successful pilot of its blockchain-powered eB/Ls platform that lasted for over a year, the shipping firm has claimed that blockchain can not only replace the currently existing paper-based processes, but also improve the workflow conducted via email, fax, and other channels. According to TradeWinds’ report, two recent transactions on the platform were successfully conducted in less than two hours each — as opposed to multiple days or weeks that the process usually takes — with electronic bills of lading being delivered via the blockchain-based system. As part of Zim’s new initiative, blockchain-based trades will..
HSBC has been operating blockchain-based forex payments for just ten months but has seen huge growth. International banking giant HSBC settled $250 billion of forex trades using blockchain technology in 2018. The company has revealed the figure in a press release quoted by the Financial Times (FT) Jan. 14. Through its proprietary blockchain platform dubbed “FX Everywhere,” HSBC handled 3 million transactions, which translated into 150,000 payments since it launched in February. The technology allows HSBC to “conduct thousands of foreign exchange transactions within the bank, across multiple balance sheets, in dozens of countries,” FT quoted Richard Bibbey, acting global head of currencies as saying. “FX Everywhere uses distributed ledger technology to drastically increase the efficiency of these internal flows.” The release did not mention the overall payment volumes for the bank last year, Reuters referencing Bibbey as confirming the $250 billion represented a “small” portion of the ..
Major Spanish energy company Iberdrola has conducted a blockchain trial with two local banks to track the origins and use of renewable energy. Spain’s major energy company, Iberdrola, has started using blockchain to track renewable energy, Spanish independent news agency Europa Press reports on Monday, Jan. 14. The first trial was conducted in cooperation with Kutxabank, a local bank based in the Basque Autonomous Community that owns a substantial part of Iberdrola's equity, and its subsidiary Cajasur. During the pilot, Iberdrola monitored the renewable energy delivered from two wind farms and one power station to banks’ offices located in Basque Country and the southern city of Cordoba. The company used Energy Web Foundation — an open source blockchain platform designed to fit the regulatory, operational and market needs of the energy sector— in their pilot. They found that blockchain enabled the company to establish a hierarchy of the producers and to automate the process of en..
Vermont's Secretary of State and Department of Financial Regulation have joined forces to explore blockchain benefits in captive insurance. Two agencies in the state government of Vermont in the United States have jointly launched a blockchain pilot program for captive insurance, according to an official announcement published on Jan. 11. The Secretary of State Jim Condos and Department of Financial Regulation Commissioner Michael Pieciak have signed an agreement to join forces to explore blockchain technology and the benefits of its deployment in maintaining records in the captive insurance field. Captive insurance is an alternative form of self-insurance where a parent group creates a licensed insurance company for itself. The type of alternative insurance helps large corporations to insure their own risks and reduce their insurance premiums. Issued on Jan. 10, the jointly developed Request for Information intends to identify potential collaborators in order to launch a pilot p..
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A series of controversies around specific prediction markets highlight Augur’s governance issues. The views expressed here are the author’s own and do not necessarily represent the views of Cointelegraph.com Like many other ICO success stories and subsequent leaders in their respective market segments, Augur, the preeminent platform for decentralized predictions, faces constant public scrutiny. The latest episode that drew public attention is the allegation, voiced by cryptocurrency hedge fund Tetras Capital partner Alex Sunnarborg, that a developer group behind the platform significantly overstates the volume of trades that Augur processes. While the real trade volume is an essential metric indispensable for understanding the scale and impact of a given project, it is still a quantitative, rather than qualitative measure. In this regard, a dispute around how much money is staked on Augur at a given moment of time is different from two major previous fracases, which sparked debates ab..
The University of Bahrain will issue diplomas on the blockchain employing the Blockcerts open standard. The University of Bahrain will issue diplomas on the blockchain, English-language local media Trade Arabia reports on Jan. 13. According to the aforementioned article, the university employs the Blockcerts open standard in partnership with Learning Machine, a startup providing a system to issue verifiable official records using a blockchain-anchored format. As Cointelegraph reported in September last year, the government of Bahrain has stressed the importance of blockchain technology for the country’s economy while urging cybersecurity vigilance. Abdulhussain Mirza, Bahrain’s minister of electricity and water affairs, declared: “Blockchain’s ability to protect user’s data is a true mark of progress, especially due to the fact that it can be applied in different companies from different industries including cybersecurity.” Trade Arabia reports today that the university’s blockchain i..