Tag: BlockchainBased

Reddit shuts down blockchain-based Community Points service

Reddit has decided to discontinue its blockchain-based Community Points reward system, citing scalability challenges and regulatory concerns. Reddit recently announced its decision to discontinue its blockchain-based rewards system, Community Points. In an official statement first published on TechCrunch, Reddit cited the challenging regulatory landscape and issues with scalability as primary reasons for the move. Launched in 2020, the Community Points program was developed as a mechanism to incentivize and recognize user participation in specific subreddits. Users could earn these rewards for activities such as garnering significant upvotes on comments or…

How Blockchain-Based Digital Wallets Transform Finance and More

Today, individuals, many small and medium enterprises as well as institutions operate across a fragmented set of financial accounts that each require separate types of paper-based documentation (often stored in electronic form). For individuals, this includes checking and savings accounts that deal with the entity’s cash; brokerage and investment accounts that deal with retirement, education, healthcare and more; liability accounts that deal with mortgages, loans, lines of credit or credit cards; and a significant number of accounts that relate to the individual’s assets, valuables and collectibles including special documents such…

JPMorgan Goes Live With First Blockchain-Based Collateral Settlement

Caroline Ellison, former CEO of Alameda Research, testified that she committed fraud at the direction of her ex-boyfriend and former colleague, FTX exchange founder Sam Bankman-Fried. Ellison, 28, is the government’s highly anticipated star witness in the six-week trial of Bankman-Fried. She was the CEO of Alameda Research, the hedge fund prosecutors say stole billions of dollars from customers of its sister company, the cryptocurrency exchange FTX. (Read the government’s indictment here.) Prosecutors began their questioning of Ellison by asking her if she committed crimes and if so, who she…

JPMorgan Goes Live with Its Blockchain-Based Collateral Settlement

The move signals a major stride on the part of JPMorgan as it intensifies its efforts towards boosting the commercial applications of blockchain technology. United States’ largest bank by assets, JPMorgan Chase & Co may have started using its blockchain-based collateral settlement for customers. This follows after a recent transaction between BlackRock Inc and Barclays Plc saw the duo use JPMorgan’s Tokenized Collateral Network (TCN) to effect the trade. According to Tyrone Lobban, head of Onyx Digital Assets at JPMorgan, BlackRock had used TCN to turn some shares into digital…

Blockchain-Based Settlement Platform Launches in Hong Kong

Synapse is able to simultaneously create settlement instructions for all parties along the settlement chain, facilitating concurrent processing, while also providing near-instantaneous status updates to all parties involved in the trade, a technical pamphlet explains, which is important when connecting traders in two different markets. Source

FTX Japan Launches Blockchain-based Proof of Solvency to Enhance Transparency and Security

In an effort to enhance transparency and bolster the trust of its customers, FTX Japan has unveiled a blockchain-based technology known as Proof of Solvency (PoS). This initiative was announced by Seth Melamed, the COO of FTX Japan, through a series of tweets on September 28, 2023. The newly introduced Proof of Solvency mechanism enables the company to prove, in an unalterable manner, that the reserves of the exchange surpass the assets held in custody for customers. Proof of Solvency (PoS) is a method utilized to demonstrate a company’s capability…

Brazil rolls out blockchain-based digital ID

Over 214 million Brazilians will soon be using blockchain technology for digital identity, the government recently announced. Rio de Janeiro, Goiás, and Paraná will be the first states to issue identification documents on-chain through a private blockchain developed by Serpro, Brazil’s national data processing service. The entire country should be able to issue identity documents through blockchain technology by November 6, reads a decree on Sept. 25. According to Alexandre Amorim, president of Serpro, the immutability and decentralization of blockchain made it an ideal technology for the country’s digital identification…

Buenos Aires to issue blockchain-based digital ID

Buenos Aires, the capital of Argentina, is making a major move toward integrating its bureaucracy with blockchain technology. Starting in October, the city’s 15 million residents can access identity documents via a digital wallet, according to an announcement on Sept. 28.  The first documents to be available on-chain include birth and marriage certificates, along with proof of income and academic verification. The announcement notes that health data and payment management will be integrated in the future, and that a roadmap for rolling out the blockchain-based solution across the country will…