Blockchain News This Week: India and the World
As the world still contemplates on the pros and cons of blockchain technology, bit by bit, it is entering mainstream industries. Here’s a roundup.
IAMAI Forms Blockchain Committee
The Internet and Mobile Association of India (IAMAI) has created a blockchain committee to scan opportunities and challenges for working with government, industry, and startups to develop the blockchain ecosystem.
Mahindra Finance chief digital officer Tina Singh has been chosen to chair the committee. Singh has said that the IAMAI will bring attention to connecting all stakeholders in the ecosystem through dialogue. She also said that they plan to curate and create content required for generating a participative economy with the usage of blockchain.
Belfrics Starts KYC-Compliant Blockchain in India
Malaysian company Belfrics has started a KYC-compliant blockchain called Belrium in the Indian market. Belrium is a combination of private and public blockchains, i.e., an open-source infrastructure on the basis of which, startups, banks, government, and other related players can create their applications and rum them.
“Belrium will be able to help governments, businesses and enterprises in not only reducing the customer on-boarding time, but will also simplify the compliance process by eliminating the need for repetition,” Business Line quoted Belfrics founder Praveenkumar Vijayakumar.
Baidu Releases White Paper for Proposed Network XuperChain
A white paper has been released by the Chinese internet search company Baidu through their latest launch, Blockchain Lab, which frameworks the foundation for their proposed blockchain called XuperChain. It is intended to aid in corroborating settlements, debts, and digital rights. Additionally, it will offer a platform for the growth and development of an extensive range of applications, which will include games and applications in relation to supply chain, quality control, intellectual property, tourism, social networks, and food safety insurance.
A Refugee Camp in Jordan Runs on Blockchain
The food assistance branch of the United Nations, World Food Programme (WFP), has envisaged that an Ethereum-based blockchain technology can be the crucial spur to deliver efficient aid to refugees, decreasing costs by upto 98% as compared to traditional methods. WFP’s programme named Building Blocks started in early 2017, has helped disburse cash-for-food aid to more than 100,000 Syrian refugees in Jordan. The programme has plans to cover all 500,000 refugees in the Jordan by the end of 2018. If this project meets success, it could ultimately accelerate the adoption of blockchain technologies in sister UN agencies and beyond.
Alibaba Files Blockchain Patent
Chinese e-commerce giant Alibaba has filed a patent application with the US Patent and Trademark Office (USPTO) intended for a blockchain-based system that lets a third-party administrator to intervene in a smart contract in the chance that there are illegal activities. A smart contract is a computer protocol created to digitally monitor and verify or implement the transaction or performance of a contract. Such contracts are self-executing, with the agreement terms decided between the parties being directly written into lines of code.
The patent document, defines a transaction method empowered by blockchain that gives authorized parties access to freeze or halt user accounts linked to illegal transactions, or intervene in a blockchain network.
HTC Exodus a Blockchain Phone to Launch
Taiwan electronics company HTC will launch its blockchain phone HTC Exodus this October. The crypto phone supports and serves in the form of a safe ‘hardware wallet’ for cryptocurrencies such as Bitcoin and Ethereum. HTC also has plans to form a native blockchain, so that Exodus users can trade in cryptocurrency. The phone might also contain security protocols and apps for handling the required encryption for safe transfer of coins.
Abu Dhabi and Belgium Port Join Hands for a Blockchain Trade Pilot
Maqta Gateway, a subsidiary of Abu Dhabi Ports, in collaboration with Belgium’s Port of Antwerp has started executing a blockchain pilot testing project called Silsal, with the aim of offering a seamless and secure connection between stakeholders across the trade community.
Sony Develops Rights Management System in Blockchain
Japan multinational corporation Sony has come up with a rights management system for digital content, based on blockchain. The system aims to be used for authenticating, sharing, and rights management of educational data. It also shows the date and time on which the electronic data was created, leveraging the characteristics of blockchain to record provable data, letting participants share and check when a portion of electronic information was formed and by whom.