Category: Blockchain

Telecom Giant Thinks Blockchain Can Make Phone Insurance More Convenient

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South Korean telecommunications firm, SK Telecom, announced a blockchain-based document submission process for mobile phone insurance. This new protocol will do away with the company’s current antiquated paper processing methods. Before now, users had to visit a technical repair office to receive insurance benefits for damaged phones, according to Itbiznews. Successful visits would conclude with a claim receipt, which they then had to forward via email or fax to the insurance company. Cooperation with Samsung SK Telecom’ new system will allow the telecom giant’s customers to skip this outdated process,…

Irish Charity Receives $1.1 Million Grant to Build Blockchain Platform for Aid Distribution

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Oxfam Ireland, a Belfast-based charity fighting global poverty, has received a €1 million ($1.1 million) grant to fund the next phase of a blockchain aid distribution project. Disclosure The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. Source link

A Blow to Crypto Cards, but a Chance for Blockchain

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Some of the most impactful frauds in modern history, from the Enron scandal to the Bernie Madoff investment scheme, were carried out by malignant actors inside or at the helm of corporate entities who manipulated the tangled, esoteric financial records. This is precisely the kind of behavior blockchain technology is designed to obliterate. The rapid demise of the German financial technology company Wirecard, which established itself in the blockchain community as a major crypto debit card issuer, seemingly belongs to the same category of events. In the long term, it…

Blockchain Startup Developed Solution to Crypto’s Irreversible Transaction Problem

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An Israel-based blockchain startup has developed a way to retrieve crypto funds sent to wrong addresses. The startup has developed a new technology that could prevent the loss of funds caused by human error when sending Bitcoins or other cryptocurrencies. The mistake is common as wallet addresses are represented by a unique and random string of alphanumeric characters that can easily be entered incorrectly. Users at Fault of losing crypto assets According to research, 55% of respondents said that they had experienced stressful human errors when sending crypto assets, and…

Tron is the Fourth Blockchain to Receive a Coveted Twitter Emoji

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Tron (TRX) becomes the fourth blockchain project to receive a custom Twitter emoji hashtag.  Justin Sun, Tron’s founder, unveiled the new emoji in a tweet on Friday. As customary in Tron’s marketing campaigns, the new emoji comes with a giveaway requiring fans to put the emoji in their profile bio. Like with Binance’s anniversary, the hashtag appears to be tied to a specific event. In addition to “#TRX” and “#TRON”, the project acquired the hashtags “TRONGreatVoyage” and “TRONConference.” This is in reference to an upcoming Tron 4.0 launch event, held…

Lithuania To Trial Europe’s First Central Bank Digital Currency (CBDC) – Blockchain News, Opinion, TV and Jobs

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With national banks around the world driving at the speed of light to develop Central Bank Digital Currencies (CBDC), and Facebook cryptocurrency looms on the horizon, Lithuania has taken the step to issue the first central bank-produced digital coin in the eurozone. A CBDC is essentially a state cryptocurrency, renamed by the financial sector to steer clear of tying it too closely to Bitcoin and other cryptocurrencies which have brand issues. The bold CBDC issuance project is underway in Lithuania, one of the three Baltic states of Europe. The digital…

Russian Blockchain E-Voter Identities Can be Exposed Through Vulnerability

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On the final day of Russia’s vote on the proposed constitutional amendments—a vulnerability in the blockchain-based system that allows user’s votes to be decrypted has been exposed by Russian media. The Constitutional amendment proposal was first introduced on Jan 15, 2020, and if passed it would allow Russia’s President Vladimir Putin to serve for another two six-year terms. The e-voting period took place between June 25 to June 30. Should the Russian people vote against the amendments, Putin will have to vacate the presidency by 2024. On the final day of…

$300B Worth of Food Will Be Traced Using Blockchain and IoT by 2027

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Blockchain technology and the Internet of Things (IoT) can solve some of the food industry’s most pressing challenges and save it $100 billion a year, according to a recent report by Cointelegraph Consulting and VeChain. The report forecasts that $300 billion worth of food items will be traced along the supply chain annually within seven years. The lack of transparency and accountability in the global food industry’s supply chain costs billions of dollars annually. To take one example, it’s believed that as much as 20% of global wine sales are counterfeit,…

Chinese Supply Chain Innovator to Develop Blockchain System for SMEs

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Binance’s new blockchain research institute in China has forged a strategic partnership with a state-level supply chain innovator to jointly develop digital infrastructure for small and medium enterprises (SMEs) in the country.   Announced today, July 3, the institute’s new partner is Zhongshang Beidon; a state-level enterprise for supply chain innovation that ultimately falls under the oversight of a ministerial-level organization known as the State-Owned Assets Supervision and Administration Commission of the State Council” — or SASAC. SASAC is under the direct management of China’s State Council, and is responsible for…

Sri Lanka’s Central Bank Shortlists Three Tech Firms to Develop Blockchain PoC for KYC Optimization

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The Central Bank of Sri Lanka has shorlisted three software development companies to develop a proof-of-concept (PoC) for a shared know-your-client (KYC) platform using blockchain. The central bank aims to develop a blockchain-based platform that would enable the banking sector and the government to securely share and update customer data countrywide. As per the report, the central bank initiated the project in November 2019, whereby it invited tech companies to develop the PoC for a shared KYC system on a voluntary basis. Using Blockchain To Help Banks and Financing On June…