Blockchain ‘Premature’ for Public Sector

Lithuanian Agriculture Minister: Blockchain ‘Premature’ for Public Sector January 17, 2019 by Akshay Makadiya This week, one of Lithuania’s top agricultural officials said blockchain technology likely has a serious future in the agriculture industry. Yet the official, Vice Minister Venantas Griciūnas, also noted it was too early to integrate distributed ledgers in the public sector, lest the fledgling tech’s early vulnerabilities be exploited.  Also read: The Unique Consensus Mechanism of Decred–Is This True Decentralization? Subscribe to the Bitsonline YouTube channel for great videos featuring industry insiders & experts Not Ready for Implementation … Yet…

Tech Firm IBM and MineHub Join to Build Blockchain-Based Platform for More Efficient Metals & Mining Supply Chain Solution

MineHub Technologies, Inc. and IBM announced a collaboration to use blockchain technology to help improve operational efficiencies, logistics and financing and reduce costs in the high-value mineral concentrates supply chain — from mine to end buyer. The $1.8 trillion* global mining and metals market has traditionally suffered from inefficiencies due to manual, paper-based processes and a lack of transparency between supply chain participants. Blockchain technology helps address this problem. advertisement Goldcorp Inc., ING Bank, Kutcho Copper Corp., Ocean Partners USA Inc. and Wheaton Precious Metals Corp. are all working with…

Ford, IBM, LG Partner to Track Your Smartphone & Car Batteries on a Blockchain

Car charger image from Shutterstock South Korean battery maker LG Chem, tech giant IBM, auto manufacturer Ford Motor and others have partnered in a blockchain project aimed at infusing transparency in the global mineral supply chain, impacting batteries used in smartphones and electric vehiceles. Specifically, the project will track cobalt mined in the Democratic Republic Congo. Cobalt is used in lithium-ion batteries and its demand and price has skyrocketed with the growth of electric vehicle and mobile device sectors. It is estimated that DR Congo produces around two-thirds of the…

Blockchain Regulatory Certainty Act on Congress’s Slate

Blockchain Regulatory Certainty Act on Congress’s Slate January 17, 2019 by William Peaster After being drafted by Rep. Tom Emmer (R-MN) last fall, H.R.528, also known as The Blockchain Regulatory Certainty Act, has been formally introduced to the 116th House of Representatives. For now, the draft bill will head to the House Banking Committee and the House Judiciary Committee for debate before possibly being sent to the full chamber for a roll call vote.  Also read: Bakkt Acquisition: Backend Buyup to Boost Crypto Amid Payments Wars Subscribe to the Bitsonline YouTube channel for…

China Gov’t Tightens Blockchain Rules, But It’s Not That Simple

China Gov’t Tightens Blockchain Rules, But It’s Not That Simple January 16, 2019 by Robert DeVoe The Chinese government’s top internet watchdog has finalized a new set of blockchain rules. The new regulations will force local blockchain platforms and related companies to “censor content” and “allow authorities access to stored data and … the identity of users.” Yet blockchains are designed to foster psuedoanonymity and to be censorship resistant. Will the new laws lead to a rift between Chinese blockchains and the rest of the world? Also read: How Your Bitcoin…

Why Ford Believes Blockchain Can Help Fight Child Labor

Ford has partnered with IBM to use blockchain to fight child labor in the cobalt mining industry. | Source: Shutterstock Automotive giant Ford has entered a partnership with IBM, Huayou Cobalt, and LG Chem to build a blockchain platform to monitor the supply of cobalt from the Democratic Republic of Congo as part of an attempt to ensure that child labor does not make up any part of its supply chain. Ford & IBM Partner to Monitor Cobalt Mines Announced on Wednesday, the project, which will be managed by the…

HSBC Completed $250 Billion in Blockchain-Processed Transactions in 2018

HSBC. Image Shutterstock. According to a press release quoted by the Financial Times on Monday, HSBC, one of the largest banking institutions in the world by total assets, reported $250 billion in settled transactions in 2018, using the blockchain technology. The press release revealed that during the last calendar year, HSBC settled over 3 million blockchain-based foreign exchange transactions. Performed through its blockchain platform, “FX Everywhere,” the bank says it has processed 150,000 payments since the platform launched in February 2018. HSBC completed its first blockchain trade finance transaction in May…

Rising Blockchain Dev Salary May Not Mean Increasing Crypto Activity

Rising blockchain developer salaries doesn’t necessarily mean crypto is on the upswing. | Source: Shutterstock Despite the 80 percent correction in the crypto market, blockchain developers are making $130,000 to $180,000 a year. But, the rising salaries of blockchain developers do not necessarily translate to an increase in developer activity in the crypto sector. Too Many Variables in Crypto Over the past two years, especially at the height of the bull market in late 2017, the crypto industry saw an inflow of talent from the technology and financial space. Some,…

Las Vegas Ponders Blockchain Technology in the Public Sector

Las Vegas Ponders Blockchain Technology in the Public Sector January 15, 2019 by Akshay Makadiya Las Vegas city leaders are reportedly planning on making further forays into blockchain technology with a mind toward improving the deliverance of public services. The interest makes sense, as the city’s recently opened an innovation district and is aiming to become much more than just a tourist destination. Also read: Another Crash? Bitcoin Price Hinting at Another Fall to $2,500 Subscribe to the Bitsonline YouTube channel for great videos featuring industry insiders & experts On Chain in the…

India’s Biggest Conglomerates Explore Blockchain for B2B Payments

Despite a plethora of sometimes unclear regulations and restrictions, large businesses and banks in India are still embracing cryptocurrency — or at least some of the technology that underpins it — as a more reliable way to reconcile accounts, make payments, keep proper records, and manage internal funds. According to a report in the India Times, a number of Indian corporations are currently trialing blockchain technology as a means of record keeping. Top Firms in India Eye Blockchain for Payments Despite the traditionally hostile stance of the Reserve Bank of India on cryptocurrency…