Medici Ventures Congratulates SettleMint for its Recognition as a Top Start-up in Low-code Platforms by the Everest Group – GlobeNewswire

SALT LAKE CITY, July 10, 2020 (GLOBE NEWSWIRE) -- Medici Ventures, the wholly owned blockchain subsidiary of Overstock.com, Inc. (NASDAQ:OSTK), congratulates its blockchain-based company SettleMint for its recognition by the Everest Group in its report on the Top 14 Start-ups in Low-code Platforms.

SettleMint was recognized for its low-code applications that accelerate development of blockchain projects while containing cost. SettleMints Blockchain Platform as a Service provides advantages to businesses, developers, and IT leaders, including speed to project launch, transparency, efficiency, and resilience through its use of decentralized technology.

In the wake of the COVID-19 pandemic, where the fragility of centralized systems has been exposed, digital transformation is crucial to business survival. Use cases such as immunity passports, crowd control applications, and more efficient distribution of relief funds have materialized as a response to the pandemic. SettleMints use of low-code blockchain applications for these use cases enable businesses, governments, and other organizations to bridge the gap to a post-COVID-19 world.

Medici Ventures is pleased to see the Everest Group recognize the important work SettleMint is doing, said Jonathan Johnson, CEO of Overstock and president of Medici Ventures. SettleMints scalable low-code solution makes blockchain use case development and integration highly accessible to organizations and developers, which accelerates the much-needed digital overhaul of outdated centralized systems we currently rely on.

SettleMint is honored to receive the Everest Groups recognition, said SettleMint CEO, Matthew Van Niekerk. For large enterprises, trying and implementing new technologies can be challenging, but SettleMints solutions have enabled multiple enterprise players to pilot and implement decentralized ledger technology into their technology ecosystems with lower costs and greater efficiency.

Medici Ventures was founded in 2014 with a mission to change the world by accelerating the adoption of blockchain technology in order to fundamentally change the way in which we transact. Medici Ventures companies are introducing blockchain technology to industries including identity, land governance, money and banking, capital markets, supply chain, and voting. Medici Ventures is also committed to increasing public awareness and understanding of the use cases for and corresponding value of blockchain technology through public engagement and policymaker outreach.

About Everest Group

Everest Group is a consulting and research firm focused on strategic IT, business services, engineering services, and sourcing. We are trusted advisors to senior executives of leading enterprises, providers, and investors. Our firm helps clients improve operational and financial performance through a hands-on process that supports them in making well-informed decisions that deliver high-impact results and achieve sustained value. Our insight and guidance empowers clients to improve organizational efficiency, effectiveness, agility and responsiveness. What sets Everest Group apart is the integration of deep sourcing knowledge, problem-solving skills and original research. Details and in-depth content are available athttp://www.everestgrp.com.

About SettleMint

SettleMint is a leading Enterprise Blockchain and Distributed Ledger technology company helping organisations leverage the benefits of Blockchain technology whether to improve efficiency, to strengthen process resilience, to prove authenticity or to completely reinvent a business model with its Blockchain Platform as a Service solution. From network deployment to consortia forming to use case development to production deployment and integration with legacy systems. All this packaged in one integrated solution. SettleMint makes it easy to manage the complete blockchain application lifecycle.

About OverstockOverstock.com, IncCommon Shares (NASDAQ:OSTK) / Digital Voting Series A-1 Preferred Stock (Medici Ventures tZERO platform:OSTKO) / Series B Preferred (OTCQX:OSTBP)is an online retailer and technology company based inSalt Lake City, Utah. Its leading e-commerce website sells a broad range of new home products at low prices, including furniture, dcor, rugs, bedding, home improvement, and more. The online shopping site, which is visited by tens of millions of customers a month, also features a marketplace providing customers access to millions of products from third-party sellers. Overstock was the first major retailer to accept cryptocurrency in 2014, and in the same year foundedMedici Ventures, its wholly owned subsidiary dedicated to the development and acceleration of blockchain technologies to democratize capital, eliminate middlemen, and re-humanize commerce. Overstock regularly posts information about the Company and other related matters on theNewsroomandInvestor Relationspages on its website,Overstock.com.

O,Overstock.com, O.com, Club O, Main Street Revolution,and Worldstock are registered trademarksofOverstock.com, Inc.Other service marks, trademarks and trade names which may be referred to hereinare the property of their respective owners.

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include all statements other than statements of historical fact, including but not limited to statements regarding Overstocks expectations regarding SettleMint. Additional information regarding factors that could materially affect results and the accuracy of the forward-looking statements contained herein may be found in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2019, which was filed with the SEC on March 13, 2020, in our Form 10-Q for the quarter ended March 31, 2020, which was filed with the SEC on May 7, 2020, and in our subsequent filings with the SEC.

SOURCE:Overstock.com, Inc.

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Medici Ventures Congratulates SettleMint for its Recognition as a Top Start-up in Low-code Platforms by the Everest Group - GlobeNewswire

Blockchain Technology Market Research, Recent Trends and Growth Forecast 2025 – CueReport

The Blockchain Technology Market report upholds the future market predictions related to Blockchain Technology market size, revenue, production, Consumption, gross margin and other substantial factors. It also examines the role of the prominent Blockchain Technology market players involved in the industry including their corporate overview. While emphasizing the key driving factors for Blockchain Technology market, the report also offers a full study of the future trends and developments of the market.

Adoption of blockchain is not limited to the financial sector, however it is being implemented across different verticals. For example, with blockchain's extended support for Internet of Things (IoT), the technology and telecom vertical is implementing blockchain for initiating a better coordination between different devices. This sector is also benefitting from blockchain because of its feature to eliminate the processing fees which gets levied by third parties. Healthcare vertical is also focusing on blockchain for securing its important and sensitive data and documents and for securing its digital assets.

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According to a new study the global blockchain technology market is anticipated to reach USD 16.82 billion by 2026. Also termed as Distributed Ledger Technology (DLT), blockchain enables secure transaction over a distributed network. Since the transactions are taken place usually over the network, it is difficult to reverse the transaction history. Blockchain also eliminates the need of third-party verifications since the ledgers are shared by all the parties over the distributed network. These are some of the major factors for adoption of blockchain technology.

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Global Blockchain Technology Market: Drivers and Restraints: This section of the Blockchain Technology Market Analysis report we are covering various drivers and restraints that have affected the global Blockchain Technology market. The complete study of plentiful drivers of the market enables market professionals to get a clear viewpoint of the Blockchain Technology market share, which consists of Blockchain Technology industry environment, advancement market, product innovations, latest developments, and Blockchain Technology market risks.

Blockchain technology is currently being adopted majorly by the financial institutions due to its benefits such as reduced infrastructural costs for reconciling statements, data management settlements etc. It has also been proven beneficial to increase the transactional speed by eliminating the need of trusted third party. Bitcoin uses cryptography for securing its ledgers, thus ensures high security platform for the transactions.

The adoption of blockchain can be clearly seen in the North America followed by Europe at a fast pace. However, the market for blockchain is gaining traction in Asia Pacific region owing to the developing economies such as India and China adopting this technology. Countries such as Australia have already adopted this technology and are developing a private blockchain for its stock exchange's clearing and settlement process.

Key Findings from the study suggest the largest share of this market in 2017 was of North America, as there are a fundamentally high number of ventures adopting the blockchain technology. The technology will have the capacity to help IoT applications in technology and telecom sector along with the enhanced payment solutions. The healthcare segment will adopt this this technology owing to secure their sensitive information. Asia Pacific market is anticipated to grow at a faster pace because of its changing financial framework which drives the demand for secure and low-cost online payment transfers. Speculations have been that more companies would invest in this technology, thus tapping the huge potential in this market. Companies such as Chain Inc., Ripple, Eric Industries, Microsoft, Circle Internet Financial Limited, R3, Samsung, Deloitte, IBM, Deloitte, Linux Foundation, BTL Group, are some of the prominent players in this market.

Some of the Highlights about Table of Content of Blockchain Technology Market

1 Blockchain Technology Market overview

2 Executive Summary

3 Market Drivers, Challenges and Trends

4 Marketing, Distributors and Customer

5 Key Players Analysis

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Blockchain Technology Market Research, Recent Trends and Growth Forecast 2025 - CueReport

No, Blockchain Technology Cannot Solve Everything – Cointelegraph

The crypto community was rightly aghast at the Bitcoin Will Save Us poster donned by a protester against racial injustice in Dallas last week.

It was a tasteless and inappropriate albeit well-meaning attempt to impose a crypto narrative onto a decidedly non-crypto, and much larger, story.

The United States protests against racial discrimination that erupted after George Floyds tragic killing at the hands of police have also garnered broad support from the crypto community, both on Twitter and likely also on the streets.

And so it should. The industry that has grown up around cryptocurrency has roots in anti-establishment politics, civil liberties and economic justice. It is also a diverse ecosystem of actors: developers, scientists, academics, businesspeople and journalists from around the globe. Crypto has the potential to be a truly multiracial, diverse and multidisciplinary endeavor.

But more importantly, many crypto leaders have expressed support for the ideals behind the Black Lives Matter movement because oppression of, and violence toward, one group among us is, or should be, an affront to us all. It echoes the famous words that Martin Niemoeller penned after the Holocaust: "First they came for the Communists and I did not speak out...

Blockchain technology brings a great deal of promise for the marginalized, the un- and underbanked, and those who have suffered at the hands of institutionalized discrimination, especially in the finance sector.

But just as now is not the time to declare Bitcoin the savior to the situation in which we find ourselves, it is also not the time to claim that blockchain technology is a panacea to all of societys ills.

Blockchain technology has a range of use cases. Some of those are already being implemented. Others are still not fully developed. From financial technology to supply chains, provenance, elections and identity management, distributed ledger technology is a truly disruptive innovation that can drive efficiencies in a number of areas of our lives.

But it cannot reverse centuries of social injustice, it cannot change human attitudes and it cannot resolve all conflicts. It can help humanity do many of these things. But the will to draft change must be of human origin.

Not only is it not the time to proclaim blockchain as the solution to the systemic racism that led to protests and riots in the U.S., but it is also not the time to be trying to squeeze a blockchain narrative into an issue that goes to the heart of humanity itself.

Imposing blockchain-based solutions, for example, on the records of violent incidents that ex-Minneapolis police officer Derek Chauvin had been involved in during his career would not have prevented him from killing Floyd. Chauvins history was well established and well documented.

The blockchain movement has yet to fully mature. No doubt it will be at our side as we struggle to right past wrongs and recreate a more just and equitable, and hopefully less violent, world.

As we progress toward the future that blockchain technology can help us create, open finance and sovereignty over our own identities will generate benefits for those whom legacy systems and institutions have failed.

But while blockchain may be a much-needed change agent, the real drivers of change will be society itself. Policymakers may be forced to reckon with the consequences that the immutability properties of a distributed ledger will bring to bear. But they will not listen to a decentralized ledger. They will only listen to their human constituents.

Blockchain can record incidents of police brutality. It cannot prevent them.

Blockchain can record your vote. It cannot vote for you.

And the Floyd family deserves more than a software is eating the world response to the horrendous killing that sparked the protests. After all, we are all oracles of the annals of humankind.

All of us in the blockchain community are proponents of the potential for DLT to solve many problems our economies and societies face. But blockchain cannot solve everything. It certainly cannot save us from ourselves.

Only we can do that.

The views, thoughts and opinions expressed here are the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Paul de Havilland is a fan of disruptive technology and an active investor in startups. He has experience covering both traditional and emerging asset classes and also pens columns on politics and the development sector. His passions include violin and opera.

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No, Blockchain Technology Cannot Solve Everything - Cointelegraph

Blockchain in Education Still Largely at ‘Proof of Concept’ Stage, But One Group of Districts Stands Out – Education Week

Recent developments in technology are changing the labor market, pressuring high schools to document learning faster.

Blockchain could eventually play some role in helping employers and others to verify students educational credentials. But efforts to test blockchains potential role in education verification are still early, according to a recent report released by the American Council on Education.

Government agencies and several large corporations in recent years have closely studied blockchain as a means to safeguard data and transactions.

Efforts in the education field are fledgling. Many initiatives are at the proof-of-concept or pilot stages of testing, according to the ACE report, but an ecosystem approachshows promise in Dallas.

Blockchain refers to distributed, encrypted records of events that are grouped into individual, digitized blocks. After being validated by parties involved with the transaction, the blocks are linked in a chain, forming a secure historical record.

The ACE report is the result of a six-month study on the use of blockchain technology in various areas of education and the labor market, as part of the U.S. Department of Educations Education Blockchain Initiative.

The report explores the potential for blockchain to help people better communicate the skills, experiences, and credentials they have gained in their education.

The report lists several examples of efforts to promote blockchain in education, including the K-12 space.

Among them:

The report highlights the GreenLight credentials project as having the right baseline ingredients for a successful blockchain initiative.

The key to that projects ongoing success, according to ACE, is that it is predicated upon an existing ecosystem of K-12 public schools, employers, area four-year colleges, food banks, and workforce development and public transportation agencies, all of which are focused on student and worker success. Those entities all share complementary data points that compose a learning record, according to the report.

Therefore, ACE recommends an ecosystems first approach to build trust and encourage the adoption of blockchain.

Early blockchain in education pioneers are quickly discovering that preexisting ecosystems, with stakeholders that have already agreed on problems they want to solve together with regard to student and worker success, are a critical resource for blockchain technology to take hold and add value, the report says.

Nonprofit clearinghouse Credential Engine documented 46,209 unique credentials from public and private secondary schools issued in 2019.

The growth in credentials from these education providers creates a challenge in documenting, verifying, and sharing data about whether learning has occurred between stakeholders, according to the report.

Experimenting with blockchain in credentialing can benefit all stakeholders, the ACE report says. Verifiable transcripts and CVs can make it possible to display life experiences that can match the increasing complexities of employer and worker needs.

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Blockchain in Education Still Largely at 'Proof of Concept' Stage, But One Group of Districts Stands Out - Education Week

How Blockchain Is Changing the Advertising Industry – Cointelegraph

Even though advertising has been around for about as long as commerce has, in todays digital age entirely new problems are popping up that are souring the experience for advertisers, publishers and the public alike. Costs have risen, the handling of consumer data has become an issue and ad fraud is far too common. Now, some innovative blockchain products are trying to address all of this and make advertising simpler, more direct, safer and more profitable all around.

One of the biggest issues that advertisers and publishers struggle with today is profitability. At one time, roughly $0.85 out of every dollar spent on an advertising campaign made it to the publisher. However, over time, more and more middlemen have been taking a cut. Modern advertisements are often bought and sold on exchanges, and these companies invariably skim a bit off the top along with ad agencies, sales houses or anyone else that is involved with a campaign. The added hands and complexities lead to increased waste, and this has led to only about $0.35 making it into the pockets of publishers by the end of the process. On top of all of this, the fact that there are so many moving parts means that it can take advertising creators months to be paid after the contract is fulfilled.

Another big issue within the industry is fraud. Advertising contracts can be falsified, riddled with fine print or simply not fulfilled by one or more parties. This leads to a massive drain on the entire industry and an impressive amount of wasted money. According to a report by IBM, Wasted ad spend owing to fraud alone adds up to USD 51 million every day, or USD 19 billion by the end of 2018. Clearly, advertisers and publishers could save significant amounts of capital and time if contracts could simply be trustless.

On the consumer side of things, there are issues too. Its really no secret that Google and other big technology companies track ad data and even share it within the industry. Regular citizens often dont know what information is being recorded from their interactions with advertisements or who is able to see it. Not to mention that while ordinary people are generating this resource (data) that can then be sold for profit, none of that money ever goes back to consumers. This has led many to feel that the practice is overly exploitative toward customers.

All of this has led to a digital advertising experience that is less than ideal for everyone. Fortunately, people are working hard on solutions to these issues, and theyre leveraging blockchain to do it.

Several different approaches have begun popping up that attempt to address these modern issues with advertising. For example, IBM has partnered with many of the biggest advertising spenders out there and is pushing its IBM Blockchain product as a solution to reduce costs and increase transparency. While it is encouraging to see such big names getting involved, the focus here does seem to be on cutting costs for these big companies with little mention of how it will help the consumer. It is fair to say that if businesses can save money, then that can be transferred down to the customer, but this solution is definitely focused on big industry.

One of the better-known attempts to solve all of the above issues is the Brave project and its Basic Attention Token (BAT). By releasing a proprietary browser the Brave browser the team has made it a priority to balance the needs of users, advertisers and publishers alike. Individual anonymity is maintained, and a cut of the revenue is returned to the people who actually watch the ads. There have been other projects with similar approaches, but they have seen little development or adoption and have as of yet not fulfilled the promises of overcoming these modern advertising hurdles.

One project that is hoping to bring the best solutions to all levels of the ecosystem, and to do so with minimum hassle, is the Smart Advertising Transaction Token (SaTT) created by Atayen. SaTT is an ERC-20 token on Ethereum, and through interaction with the official decentralized application, brands can create their own ad campaigns that offer SaTT rewards in exchange for engagement on social media. Influencers and other community members can create posts and get paid automatically according to several performance indicators such as likes, shares or views of the content. Brands are free to come up with their own unique conditions, of course, but smart contracts ensure that once in place, these agreements cannot be broken. Furthermore, payments can be made in near real time as the campaign is running, and there are no middlemen involved to take a cut, only a third-party application called an Oracle that triggers the payment according to the data provided.

Atayen has already partnered to make its SaTT service functional with major social media platforms such as Facebook, Instagram, Twitter and YouTube. It also created a developer program that allows anyone to create custom Oracles and feed data to their smart contracts. This means we could soon see further integration into social media platforms such as TikTok, LinkedIn literally anything. Hopefully, compatibility with the networks that people are already using to push their campaigns will see increased adoption of this new model.

Whether one of the systems outlined above will become the premier model for the future of advertising remains to be seen. Plausibly, new projects will emerge to augment the landscape, and all of these networks could potentially even work in tandem to make the system better for everybody. Its too early to call it, but it sounds like people are pushing the right ideas.

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

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How Blockchain Is Changing the Advertising Industry - Cointelegraph

You Say You Want a Revolution: What Blockchain Can Learn from One Mans Attempt to Save the World – Cointelegraph

You never change things by fighting the existing reality. To change something, build a new model that makes the existing model obsolete.

R. Buckminster Fuller

Due to their scale, complexity, interconnectedness, and the persistent lack of information which makes it difficult for us to see all of their facets and implications, wicked problems cast a large shadow on the world.

These include climate change, food security, poverty, politics, economics, healthcare, pandemic flu, nuclear weapons, waste, and many others. How do we even attempt to deal with issues of such epic scope? Throughout human history, weve relied on a combination of technology and social coordination to drive our success as a species. But what technology, and what social structure?

In his groundbreaking book The Structure of Scientific Revolutions, Thomas Kuhn originated the phrase paradigm shift to describe the historical progress of science and technology. Major shifts in consensus thinking do not happen easily, as novel ideas that fundamentally challenge the norm are often met with fierce resistance by the keepers of the status quo before they are commonly accepted after further study and discourse. And so it goes.

A key phase of technological or scientific change is the crisis period in which consensus thought or design is unable to deal with anomalies or failures within the current paradigm, thus allowing a new paradigm to gain traction and even take its place. Sometimes, crisis is simply the realization of things as they actually are. The Copernican Revolution, for example, forever changed our understanding of our place in the cosmos.

There are an increasing number of people who believe that cryptocurrencies and their underlying blockchain data infrastructure will inevitably launch a monetary revolution and catalyze global political and economic change. After all, the cryptocurrency paradigm was forged in the crucible of the 2008 financial crisis with the advent of Bitcoin and the promise of a financial system based on cryptographic proof rather than trust.

However, instead of revolutionary world change we got a decade plus of incredible wealth transfer vastly disproportionate to its actual social impact. Can the crypto economy mature before it repeats the sins of the past and simply becomes a stranger breed of central banking? Will it be co-opted and cannibalized by the establishment?

World-changing for the better requires solving wicked problems, but blockchain technology isnt an island; it will require a commitment to change that is undeniable and irresistible.

A humanitarian technologist from the 20th century who embarked on his own scientific revolution to help steer humanity towards a better future embodies some of the lessons for the blockchain industry. He provides a compelling narrative for an industry seeking to create meaningful systemic change; he developed a unique methodology that could benefit blockchain development and implementation; and yet his story is a cautionary tale for a self-identifying tech revolution which believes in its own inevitability.

Born in 1895, Buckminster Fuller was an inventor, architect, engineer, systems thinker, futurist, and self-proclaimed comprehensive anticipatory design scientist who worked tirelessly over the course of his career to build the systems necessary to relieve human suffering and provide for the basic survival needs of everyone in the world. Wicked problems, indeed. His hope was to set in motion a globally coordinated effort to make the world work for everyone in it within a new technological paradigm which he called a design science revolution.

Technologically we now have four billion billionaires on board Spaceship Earth who are entirely unaware of their good fortune. Unbeknownst to them their legacy is being held in probate by general ignorance, fear, selfishness, and a myriad of paralyzing professional, licensing, zoning, building laws and the like, as bureaucratically maintained by the incumbent power structures.

R. Buckminster Fuller, Critical Path

After a 1927 awakening experience, Fuller fully committed himself to designing alternative systems for meaningful world change using a first principles approach to tackling wicked problems such as resource scarcity, shelter, transportation, and energy poverty. Fuller understood that in order to solve these problems, we must first be able to see them.

Fullers obsession with data and facts, to see things as they really are, pervades his work. From the age of 12 to his death at age 88, he maintained what may be the most documented record of an individuals life which he dubbed the Chronofile. Every letter, reference, and thought painstakingly rendered in an archive of 737 volumes of 300-400 pages each. To Fuller, the devil (and perhaps God) was in the details.

Early in his journey, Fuller realized that much of the conflict throughout human history was rooted in the mismanagement of scarcity. He rejected the economist Thomas Malthuss influential idea that human growth will inevitably exceed the productive capacity of the earth, resulting in atrocities such as war and famine if strict population controls arent implemented.

He was also critical of the enduring strain of Social Darwinism that arose when everyone from business magnates to world leaders misconstrued Darwins original theory of evolution to mean that only the strong will survive, with competition prevailing over cooperation at all turns. Fuller saw both of these world views as false justifications for endless cycles of violence and other zero-sum games.

Fuller saw all this as a fundamental design problem. A thorough reengineering of society with precise knowledge and allocation of the worlds resources could allow us to achieve equilibrium on this pale blue dot and allow us to reclaim our planetary equity an ultimate egalitarian vision of the future.

One of Fullers mental models was to view our planet as an exploratory space vessel with billions of crew members working with limited resources, which he called Starship Earth.

Fuller often used this framework to tackle global concerns around resource allocation and sustainable energy supply. How can we maintain the life support systems of Starship Earth (energy supply, food supply, shelter, etc.) such that no one is excluded? How do we realize a post-scarcity world?

While a full exegesis of Fullers work is beyond the scope of this article, it is important to define his reasoning and methodology and describe some of his artifacts, inventions which were just as much a conduit of ideas as they were functional objects.

A common thread throughout Fullers work is his propensity toward whole systems thinking, which is the holistic analysis of complex systems as an interrelated network of individual components in which the parts cannot be properly analyzed to the exclusion of the whole. Fuller called this way of thinking synergetics. By taking a holistic view, we can better understand how our critical systems actually work and account for any externalities that might otherwise go unnoticed (labor conditions, pollution, etc.). This is a fundamental principle that Fuller used to grasp wicked problems.

A portmanteau of dynamic, maximum, and tension, Fuller used the term dymaxion to identify his various inventions, from housing to transportation. He defined dymaxion as being at the heart of a mission to achieve maximum gain of advantage from minimal energy input. This obsessive pursuit of eliminating waste in society, to improve the quality of life for all, was Fullers raison dtre.

Fuller defined ephemeralization as our ability to do more and more with less and less until eventually you can do everything with nothing. This has often been compared with Moores law, which states that the processing power of computers doubles roughly every two years as more transistors can be built onto an integrated circuit, thus enabling computers to progressively do more with less.

The Geodesic dome is perhaps Fullers most recognizable invention. The core idea behind a geodesic system is to equally distribute power and tension within a physical system to maintain structural integrity without a central foundation. The geodesic model can be applied beyond physical architecture to fields such as economics, biology, and even global financial networks (more on this later).

TheMontreal Biosphre, formerly the American Pavilion ofExpo 67, by R.Buckminster Fuller, onle Sainte-Hlne,Montreal,Quebec / Eberhard von Nellenburg Creative Commons

World Game comprehensively details that which individual humans must do to realize total success for all and do so within the critical time limit, before humanity passes the point of no return en route to self-extinction.

R. Buckminster Fuller, Critical Path

In 1969, Fuller kickstarted a globally-coordinated research and development effort he called the World Game. The mission statement was a question:

How do we make the world work for 100% of humanity in the shortest possible time through spontaneous cooperation without ecological damage or disadvantage to anyone?

An antithesis to the war games played by the worlds militaries in anticipation of armed conflict, the World Game was an effort to tackle the worlds wicked problems by shifting human ingenuity from creating tools of weaponry to tools of livingry.

While he initially undertook the World Game with associates longhand i.e. through laborious phone calls, paperwork, and visits to information clearing houses, Fuller early on realized that such a process would need to be played shorthand, automated with the use of computers. Back when the earliest conception of the Internet was barely a glimpse in ARPAs eye and access to mainframe computers was expensive, Fuller envisioned a world-around, satellite-relayed, and world-integrated computer accounting system for the precise, real-time management of the worlds resources.

One of the profound conclusions of the World Game in the two decades it was played was the necessity of a globally-connected energy grid.

The proposed planetary accounting system would be integrated with the energy network and facilitate a digital currency denominated in kilowatt-hours, a global currency beyond borders tied directly to the productive capacity of the earth rather than the whim of central bankers.

The World Game was intended to be a persistent R&D initiative that would produce the necessary systems for solving wicked problems that incumbent power structures are unable or unwilling to tackle.

So what happened to Fullers design science revolution?

It never happened. Or rather, it has not happened yet.

In his last book, Critical Path, Fuller predicted that the design science revolution to make the world work for everyone in it would be in full effect by 1989 and placed the threshold for effective implementation of planetary accounting at the year 2000.

While Fullers influence can be discerned in areas such as the renewable energy sector, his successors set aside the rhetoric of world-changing revolution and replaced it with the promise of energy efficiency and cost benefits to make it more palatable in the marketplace.

It turns out that saving the world struggles with product-market fit. Sound familiar?

Now, what can the blockchain industry learn from the design science revolution that never came to pass?

The most powerful social systems in the world are held together by a shared story of how things are and how things ought to be: religions, politics, enterprise. Similarly, technology movements are also driven by narrative.

The free and open-source software movement was effective not only because it produced incredible software that contended with the cathedrals of centralized, corporate development but also because it was driven by a shared vision of a more democratic and egalitarian future realized by open access to technology. It gave builders a North Star to guide them in the face of adversity and uncertainty, even if that direction was uncodified.

Over the years, the modern cryptocurrency movement has been driven by a core set of narratives which intend to give the technology meaning. The waxing and waning of these narratives indicate that the industry is still trying to cement its identity and purpose, to find its seat at the global table.

The early years of Bitcoin, for example, were driven by a call to action to End the Fed with the desired result of upending the fiat banking system and the state along with it. This story is quite ambitious and still prevalent amongst the crypto community.

Fuller was there first.

Decades before the discovery of public-key cryptography and earliest experiments in digital cash, Fuller envisioned a complete reengineering of the global economy facilitated by a synchronized accounting system integrated with a global energy network. The US dollar, the global reserve currency since WWII, would be replaced by an energy-backed digital currency system denominated in kilowatt-hours, minutes, and seconds.

Price discovery in the market would be expressed in kilowatt-hours since the universal accounting system could factor in the precise amount of energy (or work) that went into the production of each individual function or item. Fuller believed that such a time-energy world accounting system could do away with unreliable monetary systems subject to the manipulation and whims of the bankers and governments that oversee the central mints. Global finance could be tied intrinsically to production and less susceptible to exploitation and rampant speculation.

Also, every individual in the world would be able to see his or her share of planetary equity through the use of pocket-computer credit cards.

Fuller made it clear that such a system would need to exist outside the constraints of existing power structures. As he writes in Critical Path:

There can be no planetary equity until all the sovereign nations are abolished and we have but one accounting systemthat of the one family of humans aboard Spaceship Earth.

Both Fullers movement and (arguably) the crypto industry have so far failed to gain significant traction. Why?

For the most part, any proposed system of world-change built with eschatological overtones such as that posited by Fuller (and possibly the cypherpunk narrative for Bitcoin) will be met by severe resistance by not only the powers-that-be but also the very people these movements are trying to save.

As Morpheus tells Neo in The Matrix:

You have to understand, most of these people are not ready to be unplugged. And many of them are so inured, so hopelessly dependent on the system, that they will fight to protect it.

There is an incredibly unsettling paradox in world-changing endeavors in that radical propositions can be perceived as too early or ahead of their time when in fact the wicked problems in question are too severe to wait for mainstream adoption. The key question here is this: how do we roll out the systems necessary for handling crises before we find ourselves within the crucible of one (or many)? Its a question that seems more relevant than ever as we live through pandemics, social unrest, and the rise of authoritarianism.

To start, the blockchain industry can adopt the mindset of Fullers World Game: to make the world work for 100% of humanity in the shortest possible time through spontaneous cooperation without ecological damage or disadvantage to anyone. Not only could the blockchain industry use its considerable resources to advance the World Game or some similar initiative, it could also proceed using Fullers core principles.

From April 1998 to December 1999, financial cryptography advocate and Cypherpunk Robert Hettinga wrote a series of articles that explored how a new form of accounting using a digital bearer transaction settlement protocol (what we would now call a blockchain) could create powerful, decentralized capital markets with a network topology similar to Fullers iconic Geodesic dome. This new era of global, borderless, peer-to-peer financial technology would allow us to not only properly update existing financial instruments for the Internet age but also realize experimental and exotic systems.

While Hettinga was an enthusiastic proponent of this disruptive change to the global financial order, he was wary of the nonsensical products that could arise simply because they were now possible (gold-denominated Burmese opium futures).

Fast forward twenty years and there is no shortage of gold-denominated Burmese opium futures in the blockchain space. Whereas the principle of doing more and more with less and less defines Fullers work, the industry appears to lack clarity on where capital and talent ought to be allocated for the greater good.

The ICO craze of 2017-2018 was an incredible display of wealth transfer (literally billions of dollars) with little-to-no social impact. If the ethos of the World Game were to become a guiding principle for the blockchain industry, then all market participants (the builders, investors, and consumers) would have to stare into the abyss of value generation and come to terms with what stares back.

The framework of triple bottom line accounting (TBL), which factors in not only profits but also environmental and social impact, has been around for decades, yet there still isnt a common protocol which institutions can adopt to properly hold themselves to account.

Blockchain, as a credibly-neutral system for tracking trade, could spur adoption of TBL with the lure of exponential efficiency gains through cryptographically secure and verifiable transaction records, and global value settlement. While this seems relatively benign and non-revolutionary, the future prospect of such a trend would bode well for the global quality of life.

Imagine an open-source version of Fullers Geoscope with a protocol stack consisting of virtual Dymaxion maps, blockchain-based synchronized accounting of corporate and regional supply chains, and machine learning for simulating trends in markets, natural phenomena, and resource management.

Such a device would be a technological Holy Grail that would secure cryptos role within the operating system of humanity, a fundamental tool for solving wicked problems.

Blockchain, in short, could help rebalance the ledger of Spaceship Earth.

When Im working on a problem, I never think about beauty. I think only how to solve the problem. But when I have finished, if the solution is not beautiful, I know it is wrong.

R. Buckminster Fuller

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You Say You Want a Revolution: What Blockchain Can Learn from One Mans Attempt to Save the World - Cointelegraph

COVID-19 boosts gaming demand as Animoca Brands concentrates strategy on blockchain – Small Caps

Animoca Brands is continuing to make operational progress part of its mission to introduce gamification, blockchain technology and artificial intelligence to the worlds of gaming and fitness.

Despite being delisted from the ASX in March, the gaming developer is keen to advance its blockchain-powered strategy and is also considering a fresh listing in an alternative region in the foreseeable future.

Over the past two weeks, Animoca Brands has unveiled the acquisition of US-based gaming company Gamma Innovations, aimed at securing its GammaNow computing engine, a desktop application that harnesses idle processing power to generate Gamma Points, which are then used to acquire in-game rewards.

The move is a timely addition to the companys overarching strategy of fusing traditional gaming elements with new-age blockchain-powered tools capable of transforming how users interact with games.

Gamma recently executed a software license and development agreement with gaming peripherals giant Razer.

As part of the deal, Gamma agreed for its GammaNow engine to be white-labelled and branded as Razer SoftMiner mining software that utilises idle processing power to mine for Ethereum, with Gamma collecting 50% of the value of tokens mined.

According to Animoca Brands, the strategic rationale behind the acquisition has everything to do with the fact that Razer wields direct access to over 60 million gamers worldwide.

The current install base for Gammas software is around 700,000 including 692,000 installs via the RazerSoftMiner platform, plus an additional 15,000 direct downloads of the GammaNow version.

A key feature of Animoca Brands market strategy is to ally itself with, and take significant stakes in, other gaming companies.

Earlier this month, Animoca Brands finalised its 3-year-old agreement withiCandy Interactive (ASX: ICI)for the sale of its mobile games portfolio for around $5 million.

Originally announced in November 2017, the finalised deal means iCandy has acquired 318 mobile casual games from Animoca Brands,through a combination of cash and shares. In total, Animoca Brands has been issued 30.2 million new shares in iCandy, thereby taking its shareholding from 7.9% to 15.5%.

According to both parties, the duo will work closely on an operational level on the acquired game portfolio and to explore other collaboration opportunities in the future.

According to Animoca Brands, one of its primary objectives is to deliver digital property rights to as many as 2.5 billion gamers while creating a new asset class.

In parallel, the company is focusing on tailoring blockchain for gaming and encouraging cryptocurrency adoption.

Blockchain has significant benefits for gamers including lower transaction costs, greater personalisation and the ability to trade virtual items. The end result is games become more immersive, collaborative and competitive, which tends to bode well for long-term sales.

The added set of capabilities, combined with broader benefits related to financial independence, has pushed blockchain into the spotlight for game developers, which means richer functionality in the years to come.

In 2019, Animoca Brands generated $25 million in customer cash receipts and partnered with some of the most respected brands and game developers in the world including Formula 1, MotoGP, Atari, iCandy, Square Enix, Momo Wang and Dapper Labs.

Its series of collaborations and partnerships have helped to increase the number of active monthly users to over 10 million while generating more than $7 million from the sale of various non-fungible tokens and collectables, to be used in-game.

Cash receipts for last year were almost $25 million, compared to $13.5 million the year before, representing an annual growth rate of 84%.

The growing popularity of digital ownership aligned with the growing adoption of blockchain technology has created an ideal environment for game developers seeking to leverage cryptocurrencies, with Animoca Brands keen to be one of the first companies to take advantage of this comparatively unsaturated market.

Underpinning Animoca Brands overarching strategy is the fact that gaming, as an industry, continues to grow and now hauls in as much revenue as comparable entertainment alternatives such as television, movies, music, and books.

According to market research from Statista, around 2.5 billion people can be classified as gamers worldwide with 66% of the US population considered to be a gamer.

Gaming has traditionally been a domain for youngsters, but over the past 20 years, the industry has transformed itself into a mainstream behemoth with a larger market than video and music combined.

The gaming industry is one of the fastest-growing with even the COVID-19 pandemic failing to halt its progress. Research published by DataReportal in April revealed 35% of participants in their study spent more time playing computer or video games since being forced into lockdown conditions.

In other research published by SteamDB, it was revealed that one of the worlds major gaming platforms, Steam, had expanded its user base by 23.7% in March to reach 24.5 million in April an all-time record.

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What is Blockchain? What You Need to Know Benzinga – Benzinga

Benzinga Money is a reader-supported publication. We may earn a commission when you click on links in this article. Learn more.

What is blockchain? Great question.

As the framework for breakthrough cryptocurrency Bitcoin, blockchain first seriously moved into the public lexicon during the crypto markets Q4 2017 mania. The trading price of Bitcoin reached nearly U.S. $20,000 in December of that year. Investors hailed Bitcoin as the best investment of all time. Not even the worlds highest-priced stock, Berkshire Hathaway Class A shares, gave investors a better ROI from IPO to an all-time high.

However, this explains the result of a blockchain application its just something blockchain can do. So what exactly is blockchain? Well answer that question below.

A blockchain is a group of connected blocks.

A block is a diary.

In a diary, later thoughts rely upon the thoughts before it to make sense. Each word in each sentence relies upon the word before it to bring context.

I argued with my friend. I hate my friend. That makes sense.

I hate my friend. Thats still a grammatically correct sentence, but it makes less sense because we dont know why.

my friend. This makes no logical sense.

Think of the block as the diary that makes sense. Later entries in the block are inseparable from the former entries in the block. Like a diary, the block tells a story.

The block is just a story of transactions instead of thoughts. Each new entry (hash) refers to the hashes before it. This creates a unique chain of events that cannot be faked or duplicated.

Hashes in a block translate actions into a long code string. So I argued with my friend. I hate my friend becomes fj9e8aTpA(TV*AR3o0RNB*Aoj.

If your next entry the following day is I made up with my friend, the hash code is not only contingent on you writing I made up with my friend, but also the information I argued with my friend. I hate my friend as well. Lets say that hash turns out to be vn(vr&BENTsM]TVES*M(VT/e9b.

If you try to change a previous entry so the chain reads I argued with her friend. I hate my friend, the first hash will have to change completely. Instead of fj9e8aTpA(TV*AR3o0RNB*Aoj, this generates u3289y@((@VN29b28dn.

When you add the I made up with my friend entry, u3289y@((@VN29b28dn generates a completely new second hash 94V@)%2(V@#B8wvN. Now consider a ledger of 10,000 entries. This is difficult for humans to fake. More importantly, its nearly impossible for computers to keep up with. This protects the legitimacy of a block.

Now imagine that you copied your diary and gave it to 5,000 people. All of these people know that your diary reads I argued with my friend. I hate my friend. I made up with my friend.

If you change your block to read I argued with her friend, 5,000 people have the original copy. They will know you changed something. In the world of blocks, these 5,000 people are 5,000 computers, all checking hashes for any changes. If any of these 5,000 computers find a change, they report it to all the other computers.

This is the structure that gives the block its strength.

If your diary is a block, then all the diaries at your school that is the blockchain.

Fraud-proof record-keeping has implications for everything. Even in its relative infancy, blockchain technology is used in currency transfer, distributed cloud storage, identity authentication, autonomous networking and smart contracts, among many other functions.

Some of the worlds biggest companies are using blockchain tech. Here are just a few of the most prominent:

Other notable companies either using blockchain or researching the technology include Amazon, Facebook, ING Group, Cisco and Tesla.

Bitcoin is just a single function that is built on top of blockchain technology. Take the example of De Beers, the famous diamond company. The process of mining, transporting, cleaning, testing, producing and selling a diamond product is one that stretches over continents and countless people. Imagine the opportunities for fraud.

Now imagine how much more profitable that company might be if it could keep perfect records of its diamonds from the mine to the showroom. The executives in the company must have thought the same thing, as they are planning the implementation of a blockchain ledger to trace cargo from start to finish across the entire diamond industry.

The platform they implemented is called Tracr. Tracr can ideally track the origin of a diamond, verify its authenticity at any point in the supply chain and trace that supply chain back to the mine a diamond came from. Other industry stalwarts have signed onto the pilot, including Diarough, Diacore, Signet Jewelers, Venus Jewel, Rosy Blue, Alrosa and Chow Tai Fook.

It remains to be seen whether De Beers will pass these savings along to its customers once it perfects Tracr.

Although generating a new hash for each transaction on a blockchain would take a ridiculous amount of time to accomplish, a blockchain can technically be hacked. According to research from Cornell University and MIT, there are ways to cheat the blockchain even if it cannot be directly attacked.

For example, Emin Gun Sirer of Cornell, et al. found that he could distract other nodes (computer editors) in a blockchain with useless problems. Techniques like this have allowed hackers to break into what should be anonymous and secure digital wallets and steal cryptocurrency. Coincheck, a crypto exchange based out of Japan, was robbed of $500 million, and thats not the only example of blockchain theft.

Honest actors can fight this kind of fraud through a hard fork. Hard forks basically roll back time to create a previous version of blockchain history where the fraud was never executed. This is a controversial technique, but many currencies have actually implemented scheduled hard forks because of differences of opinion in a technical matter.

There is also the matter of natural consolidation. In a vacuum, a blockchain system is supposed to function as a decentralized network. The 5,000 diaries you passed out to 5,000 computers (nodes) each have equal rights to add a hash to the blockchain or call out fraud. In the real world, some nodes will collect more diaries than others. Studies tell us that 1,000 Bitcoin wallets hold over 40% of the market. If those nodes were successfully attacked, it could bring havoc to the entire market.

In short, there will always be a weakness in human-created projects. Blockchain may be much more difficult to hack than traditional security measures, but not impossible.

The story of blockchain is just beginning. The World Economic Forum predicts that blockchain will store more than 10% of the worlds GDP within 10 years. With implementation increasing across many industries, its only a matter of time before blockchain affects your life indirectly or directly.

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What is Blockchain? What You Need to Know Benzinga - Benzinga

How Blockchain Technology Will Transform Africa’s Education Sector – Business Blockchain HQ

In any nation or continent that is actively growing and expanding, education is found to be a key element of this growth. When we look at Africa and its youth population, it becomes obvious that education cannot be sidelined.

Nevertheless, several challenges have been enumerated in the education sector of Africa. Challenges such as academic theft, insecurity, document forgery, and low enrollments have besieged Africas education. For example, UNICEF stated that just 79% of primary-school-age kids were enrolled in schools in sub-Saharan Africa in 2018. Furthermore, statistics from the World Bank indicate that the number of college-age students registered in tertiary institutions is lower than 10%. These numbers highlight the number of problems curtailing the growth of the education sector in Africa.

Partially, the socio-economic status of African families is responsible for some of these issues raised above. On the other hand, the poor setting in place for tracking the educational development of a child is also to blame.

However, this missing gap in tracking an African childs education can be filled by revolutionary technology like blockchain. Blockchain technology is proving increasingly versatile in the current world setting with the technology been applied to many industries and sectors. Just as blockchain has been disrupting the other sectors and is doing so too to the educational sector. The African government can utilize this technology to obtain data about students, analyze the learning techniques, and methodologies been used. As well as track the students on their progression and learning improvement.

How will this be achieved by blockchain technology exactly? Tracking a childs education in Africa has to start from birth, where all their data are obtained and stored on the blockchain with an identifier allocated to each of these children. A system is then set up where this stored information is updated as the child progresses through school accompanied by a progress report. The systems are designed in a way that they are connected with other learning institutions and technologies to create a centrally managed information network. This way, there is a clear picture of the students interest area and growth that can be used to chart the best field where the student can progress.

As interesting as this sound, this blockchain-based solution is not without its own challenges. One key challenge the system is likely to face is capturing details right from birth. This is due to the porous nature of the healthcare system in Africa with poor health infrastructure to properly capture these details.

Notwithstanding, the system can help many African nations eliminate the issue of transition from different stages of learning where the child is lost track of. Additionally, the information obtained can prove useful in determining the best methods of learning and the essential curriculum crucial to the development of the child.

There are instances of similar systems taking place already in countries like Kenya where a certain school has an application that takes students attendance and informs parents of the childs arrival and departure from school. The development of such a solution and more can eventually close the gap in the educational sector in Africa compared to the rest of the world and better equipped the African child for the future.

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How Blockchain Technology Will Transform Africa's Education Sector - Business Blockchain HQ

Blockchain Bites: Why UN and Federal Reserve Experts Think CBDCs Could Kill Commercial Banking – CoinDesk – CoinDesk

U.N. and Federal Reserve experts independently researched central bank digital currencies and found they could effectively compete with the commercial banking system.

Meanwhile, New York State and France have entered into a regulatory agreement and Europol is concerned about the bitcoin privacy wallet Wasabi. Heres the story:

Youre readingBlockchain Bites, the daily roundup of the most pivotal stories in blockchain and crypto news, and why theyre significant. You can subscribe to this and all of CoinDesksnewsletters here.

Top shelf

Demise of Banking?In a new research paper, theFederal Reserve of Philadelphiainvestigated the implications of an account-based CBDCs, focusing on its potential competition with the traditional maturity transformation role of commercial banks, and found it could one day replace commercial banks.A similar conclusion was found by Massimo Buonomo, the U.N.s global blockchain expert, who said digital currencies, particularly CBDCs, could sooneliminate the need for a bank accountaltogether.

Regulatory MattersThe Office of the Comptroller of the Currency (OCC) is reviewing its regulations around digital bank activitiesand seeking public input,to ensure these regulations continue to evolve with developments in the industry. Meanwhile, the New York State Department of Financial Services (NYDFS) and its French regulatory counterpart will work toease the entry for fintech innovatorsinto their respective markets by syncing their regulatory frameworks. Elsewhere, InterWork Alliance, a 36-member organization including Accenture, IBM, ING, Nasdaq, and Digital Asset launched this week with the aim of creating token standards. (Forbes)

PrivacyEuropol, the European Unions law enforcement agency, saidthings are not looking goodfor tracking potentially criminal transactions, due to the popularity of the privacy-protecting Wasabi Wallet. An internal document shows money is filtering through Wasabi for criminal purposes, with a Europol representative confirming the agency often lacks the tools to decrypt the scrambled transactions. Meanwhile, Bitfinex-incubated DeversiFi claims its re-released decentralized exchange (DEX) is receiving interest from 70 institutions, thanks to aprivacy layer that can protect their trading strategiesfrom rivals. Separately, Signal, an encrypted messaging app, will roll out a feature allowing users to blur people out of pictures. (Decrypt)

Exchanges: Hacks & New AllegationsA German crypto trader is trying toseize nearly 500 bitcoin from Xapo and Indodaxthrough a new lawsuit that accuses the two crypto exchanges of harboring his stolen funds. The suit alleges that the exchanges aided and abetted an unnamed thief and remain in possession of the funds. Meanwhile, Canadian crypto exchange Coinsquare said a former employee stole customer data last year, and potentially made it available to hackers to tarnish the firms reputation,The Blockreports.

Interviews

Bitcoin Is a Way to Repair Economic Injustice: Author Isaiah JacksonIsaiah Jackson, founder of KRBE Digital Assets Group and the author of Bitcoin & Black America, thinks thatbitcoin can play a crucial role in addressing economic disparityin black communities. While there are no immediate technological solutions to solving Americas economic and social problems, highlighted by George Floyds murder, bitcoin can make disadvantaged communities more resilient and weaken the existing hegemony.

The Free Market Will Determine Cardanos Fate: IOHKs Charles HoskinsonCharles Hoskinson thinksprice mattersfor the project he founded, Cardano. A higher price for tokens means theres recognition among a broader base of users a project has utility and inherent value, creating certainty and staying power for a project. Ultimately people do what they make money with, Hoskinson said. Token projects that prove to be commercially successful end up inspiring imitations, meaning that the market will basically decide what the standards are.

Weekend reads

Deep Dive Into DeFiMakerDAO, the organization behind the dollar-pegged stablecoin known as DAI, is voting on whether to furtherdiversify the collateral it accepts for loans beyond cryptocurrencies to include real-world assets(RWAs), CoinDesks Ian Allison reports. Specifically, Maker is considering allowing supply chain invoices and musicians future royalty streams as security when it lends out DAI.

If approved, the proposals would pave the way for the first application of DeFi to solve a tangible business problem caused by the coronavirus crisis: freeing up working capital for cash-strapped supply chains. The system would remove banking and credit intermediaries.

The first companies ready to work with Maker on RWAs are ConsoleFreight, a platform for supply chain finance, and Paperchain, which makes musicians royalty payments from Spotify instantly available.

The catch for lenders is that in the event of default, they would have to rely on the flesh-and-blood legal system to enforce their rights to the collateral, rather than an automated smart contract that can do so with on-chain assets. Get thefull story here.

Market intel

Derivatives Suggest Bullish MoodBitcoinderivatives traders are turning bullish,as the put-call open interest ratio, which measures the number of put options open relative to call options, fell to 0.43 on Thursday the lowest since March 24. The put-call ratio can gauge the overall sentiment of traders and the lower ratio dictates that more traders are buying calls (bullish bets) than puts (bearish bets), according to Lennard Neo, head of research at Stack.

The Known UnknownSince late April,bitcoin has traded in a range between roughly $8,500 and $10,200.Predictions for where the currency is heading range from a drop down to $0 to as high as $300,000 within five years. Recently, Bloomberg analysts claimed bitcoin prices could approach $20,000 later this year. A glance at bitcoins price chart since early 2017 shows how far off bitcoin remains from that $20,000 threshold. But it also shows how rapidly the price ran up in 2017. In the volatile bitcoin market, its hard to rule anything out.

Regional GrowthBitcoin trading in India exploded last month, with Paxful and LocalBitcoins totalling nearly $3 million in value transfers in one week alone. (Decrypt)

CoinDesk podcast network

Decentralization and What Section 230 Really Means for Freedom of SpeechCoinDesk sat down with New York Law School professor Nadine Strossen and author of the Open Index Protocol Amy James to discuss the fallout from the spat between President Trump and social media giant Twitter. On the docket is: the fairness implications of editorializing on social media, the business models that enable and are empowered by all of this, andhow decentralized protocols can chart an alternative path forward.

Who won #CryptoTwitter?

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.

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Blockchain Bites: Why UN and Federal Reserve Experts Think CBDCs Could Kill Commercial Banking - CoinDesk - CoinDesk

For the Blockchain Industry, the COVID-19 Clock Is Ticking – Cointelegraph

Blockchains reached a feverish level of hype following the ICO mania of 2017.

Peddled as the panacea to the worlds ills, many of such promises ill-intentioned, initial coin offerings raised enormous sums of funds within minutes as the publics focus shifted to the wild world of cryptocurrencies. Once the hype faded, the emerging narrative surrounded enterprise blockchains and the vast potential of the nascent technology to lead businesses into the next generation of the internet.

However, much of the original vision of blockchain technology and crypto was lost amid the hysteria. Consortium-backed chains, enterprise blockchain research projects and delegated proof-of-stake networks were supposed to be ushered in as next-generation platforms, but they stumbled and in Steems case, an ugly fallout is ongoing.

2020 appeared like it would be a markedly different year, though. Startups understood the path forward was about crafting platforms around the major crypto protocols to extract value from them not bootstrapping entire networks. Easing user-interface dilemmas hindering mainstream adoption became one of the foremost concerns; decentralized finance on the Ethereum network blossomed; and a flourishing ecosystem of derivatives instruments and institutional tools embraced Bitcoin (BTC).

Then COVID-19 hit.

While everyone toiled away at home under the duress of a global pandemic, financial markets fell off a cliff; the Fed and Treasury Department stepped in with unprecedented relief; and the topic du jour became speculation about the looming fallout of a catastrophic event. The narrative of enterprise blockchains faded into the background.

More immediate concerns like digital privacy, the convoluted (and never-ending) inflation vs. deflation argument, safe haven asset speculation and the interference of a novel virus took the stage.

The narrative timetable has accelerated, and hopefully, weve learned more than we did following 2017s meteoric run.

The future of privacy and its role are being departed especially as we grapple with a series of developments emanating from the COVID-19 situation.

For example, former United States Treasury Secretary, Lawrence Summers, unabashedly declared that he thinks there is already too much financial privacy in the world. Naturally, that raised outcries among a mostly libertarian-leaning crypto audience. But it was the culmination of several developments flying under the radar as mainstream headlines mostly were laden with fear and hysteria during March. The government quietly unveiled the hyper-polarizing EARN IT bill into the legislative debate, seeking to undermine encryption that doesnt bend to government approval. Apple and Google jointly created a COVID-19 exposure-tracing Bluetooth app that made everyone uneasy. And the concept of a digital dollar was introduced to U.S. Congress.

Crises are often a convenient veil for unpopular legislation, but the grassroots response to all of the above was encouraging, to say the least. Whether its Facebooks privacy indiscretions, creepy online ads or the privacy movement bolstered by crypto proponents, its evident that people are increasingly placing a premium on privacy.

Financial privacy remains one of the critical frontiers for preserving privacy. When all kinds of personal data are commingled under one roof, those servers become appealing targets for hackers, even in the crypto space e.g., BlockFi. Blindly allowing the infiltration of total transparency into financial matters is not only concerning but its outright dangerous.

Digital currencies owned by governments represent the culmination of the decades-long foray into digital surveillance. Unsurprisingly, pushback against them in the U.S. has been strong among proponents of privacy, with the implications of a cashless society widely regarded as firmly entrenching the governments position to censor and control financial railways.

COVID-19 induced many unforeseen developments, but one of the most distinct was its acceleration of the timetable toward a digital dollar and weakened financial privacy. Hopefully, coming out of the other side of this crisis, projects focusing on advanced cryptographic primitives e.g., zk-SNARKS, sMPCS, etc. will have a renewed vigor among their supporters.

And maybe, just maybe, that urgency can translate to the mainstream before its too late.

Recent reporting has detailed the conundrum with many permissioned i.e., enterprise blockchains. Competing companies simply dont want to join a network primarily controlled by a competitor, especially one without privacy. Collaborations have become the norm, but are such endeavors really leveraging the potential of blockchain technology? Or are they just wielding a semi-centralized database for some marginal improvements in whatever the value proposition is?

Those are questions that are hard to answer right now and have the market for enterprise blockchains grasping for some form of staying power. They need a killer app or will fade away.

Some projects may have discovered the necessary killer app, though. And such projects face an arduous task moving forward, however. Not only do many crypto industry proponents disagree entirely with the notion of permissioned blockchains but their staying power has yet to be proved. The path of abandoned enterprise chains, such as supply chain management projects, is a dark mark that will need to be whitewashed before any meaningful adoption is fully realized either.

Probably the most obvious development of the crypto and blockchain industry under the mountain of COVID-19 headlines is the rise of stablecoins. Ascending past the $10-billion market cap, stablecoins have been vociferously debated as eurodollar analogs, the natural progression of platforms like Ethereum functioning as a monetary sovereign, and as speculative fuel for institutions investing in Bitcoin.

Naturally, we need to ask ourselves: Are crypto dollars mutualistic or parasitic to their host networks? Otherwise, we can focus on the more general narrative of the explosion in stablecoin growth in recent months its a microcosm of the immersion of legacy finance aspects into public blockchains.

Platforms like MakerDAO are, in reality, analogous to central banks with discretionary monetary policy for maintaining a stablecoin. DeFi lending has been blurring the lines between centralized and decentralized, and an alternative financial system of options, perp swaps, hash rate futures and other financial instruments have been thriving. Crypto dollars play a vital role in how many of those instruments are collateralized.

Crypto dollars have even swallowed the bulk of transactions on Ethereum. So, what gives? Well, a virus-induced pandemic may have accelerated the timetable for stablecoin adoption, just like it did with the privacy debate. Pair that with a growing thirst for crypto derivatives, institutional intrigue and an uncertain macroeconomic backdrop, and the conventional financial world are transitioning to public blockchains out of urgency.

The implications of the blockchain and crypto lessons learned from COVID-19 are still amorphous and are only in their early stages. But COVID-19 threw a wrench into virtually everything as the world came to a standstill even the wild world of crypto. As we pass the halfway mark of one of the most fascinating years in recent memory, its worthwhile to take account of just how much narratives have shifted since the novel coronavirus took the world by storm.

Enterprise blockchains may be stumbling; stablecoins may be rising; but whats evident is that crypto has only been gaining traction, and permissionless stapled to privacy is at the heart of the intrigue ushering in a new generation of users. The COVID-19 pandemic just accelerated the focus on those narratives, making it the most opportune moment in history for the cryptocurrency industry to shift its reputation into a successful, innovative tech sector within the finance industry.

The views, thoughts and opinions expressed here are the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Andrew Rossow is a millennial attorney, law professor, entrepreneur, writer and speaker on privacy, cybersecurity, AI, AR/VR, blockchain and digital currencies. He has written for many outlets and contributed to cybersecurity and technology publications. Utilizing his millennial background to its fullest potential, Rossow provides a well-rounded perspective on social media crime, technology and privacy implications.

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For the Blockchain Industry, the COVID-19 Clock Is Ticking - Cointelegraph

Advancing Blockchain Act Calls for Federally-Led Deep-Dive Into the Nascent Tech – Nextgov

Rep. Brett Guthrie, R-Ky., recently introduced legislation that would mandate an exhaustive federal government-led examination of the adoption and impacts of blockchain in the U.S. and abroad.

Introduced in a wider legislative package of 15 emerging tech-focused bills from Republicans on the House Energy and Commerce Committee, the Advancing Blockchain Act directs the Federal Trade Commission and the Commerce Secretary to collaboratively investigate the decentralized, distributed ledger technology over the next two years, and subsequently provide a range of recommendations to Congress to help boost American implementations.

Blockchain technology can be used for cryptocurrency, but it also has many other potential applications, Guthrie said in a statement. The Advancing Blockchain Act will allow us to explore these uses to improve our technology.

The collection of bills Guthries act accompanies was produced to help ensure American leadership in emerging technology to beat China and other challenges to global competitiveness, according to an announcement regarding their release. Included in the package are bills centered on the internet of things, gig economy, tech startups, 3D printing, facial recognition, unmanned delivery services, and more. It also incorporates the Advancing Quantum Computing Act, which like Guthries blockchain bill, also calls for a comprehensive probe into a specific advanced technology and its potential.

Lauren Gaydos, a spokeswoman in Guthries office, told Nextgov Friday that the lawmakers team worked with the committee as a whole to put together the slew of bills related to U.S. leadership in emerging technologies. The goal was to have a comprehensive strategy while singling out different types of technologies through individual bills, she said.

Frequently associated with Bitcoin and other cryptocurrencies it underpins, blockchain is a technological tool that essentially offers a means to record and validate the provenance of transactions without a centralized authority. Though it hasnt been shared publicly by Congress yet, an up-to-date version of Guthries bill provided to Nextgov calls for a study that encompasses four deep-dive surveys focused on the technology. The first would include assessments of how industry sectors are tapping into it and the advantages and disadvantages of deploying blockchain, as well as an exploration of how it might be used to promote data privacy and security, increase market competition, and more.

The second survey would evaluate all federal activity related to blockchain technology. This examination would catalyze the development of a comprehensive list of interagency blockchain-driven activities, layout each federal guideline and policy focused on blockchain and more. Next, the bill would mandate an international survey of other countries to establish a compendium [of] at least 10 and not more than 15 countries, which the bill said would consist of each countrys national strategy on blockchain technology to determine where the United States ranks with respect to the adoption of blockchain technology. And the fourth and final survey would fully assess the blockchain marketplace and supply chain for emerging and existing risks.

Six months after the study is completed, the FTC and Commerce Secretary would be expected to turn over to Congress not only the results that they uncovered and curated, but also a list of multiple recommendations to address duplicative policies governing the tech, inform a national strategy to advance it and more.

The ongoing coronavirus pandemic has made it clear that we need to maintain American leadership in technology, Guthrie said in the announcement. America is a nation of innovation and enterpriseand we need to keep it that way. We cannot let China beat us.

Brad Robertson worked for Ronald Reagan before digital currencies were on anyones radar, went on to tech startups for 25 years and then founded the incubator and accelerator Polyient Labs, which helps early-stage blockchain businesses navigate the sector and excel. As the founder and CEO, Robertson said he aims to empower entrepreneurs and help expand the rapidly growing technological landscape. More recently, he created Polyient Games, which is a spinoff dedicated to investing in and incubating blockchain gaming startups. Robertson told Nextgov Thursday that though the COVID-19 pandemic is a national tragedy, a positive result of it might be that its forcing not only Guthriebut other lawmakers such as Sen. Sherrod Brown, D-Ohio and Rep. Darren Soto, D-Fla.to recognize what he called the gaping inefficiencies in the nations federal payment systems and admit there has to be a better way.

This has prompted them to have serious discussions about cryptocurrencies and blockchain, whichup until nowhave been rare, Robertson explained.

As an example, he noted that Soto, who last year was named co-chair of the Congressional Blockchain Caucus, recently penned a letter asking Treasury Secretary Steve Mnuchin and his department to harness private-sector blockchain solutions to, as the note states, support the necessary functions of government to distribute and track [COVID-19] relief programs and direct that all guidance support the use of technology to facilitate delivery of CARES Act benefits.

Robertson called Sotos proposal a great first step, and added that Guthries Advancing Blockchain Act is also a great idea. However, he said the latter legislation and two-year survey it would require would have been a better idea in 2014.

The U.S. is already too far behind the rest of the developed world in blockchain adoption to risk squandering another two years, he said. Regulatory foot-dragging over the last decade has put the U.S. sorely behind the adoption and support of blockchain. Sweden, Switzerland, Australia, Canada, Dubai, Japan, Malta are all much farther along in terms of regulations. And China is probably the furthest along of all; Chinas national blockchain strategy is scary-aggressive.

He noted that its a good sign that policymakers like Guthrie and Soto see the technologys potential and are trying to light fires so the nation can catch upbut, from his perspective, we have a lot of catching up to do.

According to Robertson, Fortune 500 corporations are heavily investing in the tech, and more than 70% of financial institutions and fintech startups are either deploying blockchain or exploring potential cryptocurrency-based payment use cases. This means our regulatory bodies are way behind that curve, Robertson said. He added that in his view multiple lawmakers still cling to an outdated trope where cryptocurrencies are used to underwrite criminal activity and Mnuchin last year called cryptocurrency a national security issue.

To Robertson, viewpoints such as these stymie U.S. innovation and force entrepreneurs to do business overseas. And again, he reiterated that efforts by U.S. lawmakers and policymakers to get us in step with blockchain and cryptocurrenciescirca 2020are long overdue.

Still, he highlighted how there have already been several successful federal-level blockchain deployments and applications. The Air Force, for instance, is leveraging the nascent technology to track its supply chain and the Health and Human Services Department invested millions to produce a blockchain platform and ultimately improve efficiencies. But Robertson also noted that it feels like the states are really taking the lead here. He pointed to Wyoming, Illinois, Vermont, his own state of Arizona, which have all passed laws more supportive of blockchain development.

The feds should be leading the charge and Guthries bill appears to take that into account, but permitting the FTC to spend two years studying blockchain before making any recommendations puts us another two years behind other countries, Roberson said.

Guthries spokeswoman Gaydos noted that the Congressman, who also introduced the Blockchain Promotion Act last year, doesnt think its too late yetbut he does think we need to get to work now. Additionally, she emphasized that the study is meant to complement work being done in the private sector and that Guthrie hopes to work directly with colleagues on the other side of the aisle to get something done in this space.

We also want to be sure were gathering information necessary to make smart policy decisions, Gaydos said. As with most issues, the government can do much more harm than good when it comes to innovation and adoption. This will help facilitate better coordination and address barriers to adoption.

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Advancing Blockchain Act Calls for Federally-Led Deep-Dive Into the Nascent Tech - Nextgov

Samsung Electronics and LG Electronics to Focus More on Blockchain Business Opportunities – BusinessKorea

Samsung Electronics and LG Electronics are increasing their participation in the blockchain and virtual asset industries.

Samsung Electronics recently formed a partnership with virtual asset exchange Gemini in order to provide Galaxy smartphone-based virtual asset trading services in the United States and Canada. Samsung Electronics launched the Galaxy S10 in March last year and the phone and those released later come with the Samsung Blockchain Wallet, which supports remittance and payment based on virtual assets such as Bitcoin and Ethereum. The partnership with Gemini means that Samsung Electronics service has expanded to cover virtual asset trading and custody.

LG Electronics, in the meantime, has become a member of the governing council of Hedera Hashgraph. The company and the global blockchain platform are planning to conduct joint research on blockchain technology and create new business opportunities together.

Last year, LG Electronics participated in the governing council of Klaytn run by Ground X, which is a blockchain subsidiary of Kakao. LG Electronics is the only consumer electronics company in the governing council of Hedera Hashgraph, whose members include Boeing, Deutsche Telekom, Google, IBM and Nomura Holdings.

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Bank of Russia Wants to Put Mortgage Issuance on a Blockchain – CoinDesk – CoinDesk

Russias central bank is considering putting mortgage records on Masterchain a government-backed distribute ledger project now in testing with leading banks.

Speaking during an online meeting with the countrys parliament, the State Duma, the Bank of Russias first deputy chief, Olga Skorobogatove, said a previously launched trial on a decentralized depository system for digital mortgage bonds proved successful.

We suggested to the government that we refine the project to the point when all kinds of transactions needed for the digital mortgage issuance can be done on Masterchain, Skorobogatova said. This platform is working and, without further ado, we can complete this development.

The official further said six Russian banks have been testing Masterchain for exchanging digital letters of credit, and some other are ready to join. Skorobogatova didnt specify the names of any the banks in that effort, or entities that might participate in the digital mortgage pilot.

CoinDesk confirmed Skorobogatovas statements via an audio recording of the meeting.The Bank of Russia did not respond to a request for additional information by press time.

Masterchain was launched in 2017 by the Fintech Association, which is supervised by the Bank of Russia. The project includes participants like Sberbank, Alfa Bank, VTB, Raiffeisenbank Russia and Otkritie, as well as the National Settlement Depository and the federal land registry service, Skorobogatova said.

The project was previously criticized as disappointing by the blockchain expert of Sberbank, Russias largest retail bank.

Skorobogatova said the Bank of Russias regulatory sandbox for distributed ledger projects has applications from 50 projects in the pipeline, some of which have already completed pilots.

We tested two digital assets projects, one for hybrid tokens representing digital rights and goods, and another for tokenization of services, she said. Both projects got a green light from us, and the companies are now waiting for regulation to be passed so they can launch in Russia.

Again, the projects were not named. However, one might be the metal tokenization project by Nornickel, Russias mining and smelting giant, which was reported as successfully trialed in the regulators sandbox in February.

In the meantime, the Duma is preparing to hear a bill for the first regulation of digital assets in Russia. The draft passed the first hearing (out of the three required) last May and has been left untouched until last week, when the second draft was introduced together with a package of other laws.

The new package is proposing a procedure for issuing registered digital securities on the blockchain in Russia, while banning any operations with cryptocurrencies using Russia-based servers and web domains.

Cryptocurrencies are considered commodities in the draft and should be reported for tax purposes. However, they wont be allowed to be legally sold for fiat. The draft fully reflects the stance of the Bank of Russia, which is in favor of blockchain securities, but does not believe crypto should be legal in the country.

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.

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Enigma Blockchain Has a New Name and a Privacy Boost in the Works – CoinDesk – CoinDesk

The Enigma mainnet was rebranded the Secret Network after an on-chain proposal by the community unanimously passed on May 17. The new website, Twitter and blog, among other digital assets, went live Wednesday.

The Secret Network, so named to describe its decentralized governance, is an open source network that protects data for users of decentralized applications, now known as Secret Apps.

With 28 active validators, the vote was, in part, a move to bring the different core contributors under a single, identifiable umbrella, even though they remain separate entities, in part as a way to attract developers and users. With the rebrand now complete, an acute push for developers is one of the next steps. Key contributors to the development of the mainnet and governance include Enigma, Secretnodes.org and Chain Of Secrets, among others.

Enigma is thrilled that the branding for the mainnet blockchain now better reflects the communal effort supporting the chain, its growth and its mission to bring privacy to public blockchains, said Tor Bair, Head of Growth at Enigma, in a text message.

The Secret Networks protocol lets decentralized applications utilize encrypted data without revealing it on a public blockchain, or even to nodes themselves, using smart contracts that can utilize private data termed secret contracts. The secret contract testnet is a few weeks away from launching but if all goes well it will then be proposed to the mainnet.

As CoinDesk has reported previously, the aim is to create a secure, off-chain environment able to process sensitive and private blockchain data with end-to-end encryption. If the testnet is incorporated into the mainnet by a vote, it will be the first layer one blockchain with privacy-preserving smart contracts, according to Bair.

The mainnet is based on the Cosmos software development kit, a network of parallel independent blockchains, and using the consensus algorithm Tendermint. It was secured by a Secret coin when it originally launched in February. This move is an extension to expand that name to the whole network, and reflect its community driven progress.

This comes a few months after an Enigma MPC settlement with the U.S. Securities and Exchange Commission (SEC) over charges relating to the blockchain startups $45 million token sale in 2017.

From now on, validators on the Secret Network will be known as Secret Nodes, and data being processed will be kept encrypted from the node itself. The network is also planning to conduct an incentivized testnet where validators can help develop this new function.

Enigma and the Secret Network community are now looking forward to the upcoming launch of our incentivized testnet and the Secret Games, where well continue to test secret contract functionality for the network, said Bair.

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.

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Thailand Turns to Blockchain to Boost Renewable Energy Push – CoinDesk – CoinDesk

Thailand is teaming with a blockchain firm to encourage peer-to-peer trading of renewable energy.

Announced on Monday, Thai Digital Energy Development (TDED) a public-private joint venture has inked a deal with blockchain energy startup Power Ledger to develop a blockchain-based digital energy business.

The deal, also in collaboration with energy suppliers in Thailand, seeks to develop solutions for peer-to-peer energy trading and environmental commodity trading, Australia-based Power Ledger said in a press release.

Ultimately, the partners aim to assist Thailands drive to hit a 25% renewable energy target by 2037 as the nation transitions away from fossil fuels.

Blockchain-enabled transactive energy solutions including peer-to-peer (P2P) energy trading, virtual power plants as well as renewable energy certificates and carbon credits trading will be the key to establishing economically viable renewable energy markets, said Power Ledgers co-founder and executive chairman, Jemma Green.

Our partnership with TDED will allow us to accelerate our efforts to promote distributed digital energy markets in Thailand, Green added.

The partners will oversee the management of four clean power projects from renewable energy provider BCPG Group, which have been included via a sandbox project to encourage uptake of renewable energy by Thailands Office of Energy Regulatory Commission.

BCPG is a Bangkok-based firm dealing in solar, wind and geothermal power, with operations in Thailand, Japan, the Philippines and Indonesia.Together with a Thaielectrical manufacturer under the Provincial Electricity Authority, it runs the TDED venture.

One of the first projects to come out of the Power Ledger collaboration will focus on energy and carbon management at the 12-megawatt smart campus at Chiang Mai University in Thailands north.

Power Ledgers expertise in state-of-the-art technology will help materialize TDEDs goal in the development of digital energy products and services, as well as making clean energy more accessible to people. said TDED and BCPG president Bundit Sapianchai.

Power Ledger has been working with BCPG in Thailand since 2018 when it launched a peer-to-peer energy trading trial in Bangkok.

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.

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Worlds Most Valuable Fintech Ant Financial Partners with China Merchants Port to Launch Blockchain Platform for Local Banking and Logistics Businesses…

China Merchants Port, the largest port operator in the country, has teamed up with e-commerce giant, Alibaba Group (NYSE:BABA), and its Fintech-focused subsidiary, Ant Financial.

Through the partnership, the companies will work towards developing a blockchain or distributed ledger technology (DLT)-enabled platform, which will aim to address several use cases.

The DLT-based platform will allow buyers, sellers, logistic firms, banking institutions, customs, and tax authorities to carry out contactless digital or online import / export transactions.

Ant Financial and China Merchants Port will focus on integrating blockchain-based solutions with the countrys existing port industry and infrastructure. The initiative aims to become the first DLT-powered digital port in the world, and will offer an open collaboration network.

The port will be represented by a core node that will connect with the global commercial trading and logistics chain. The initiative will aim to effectively share data by leveraging blockchain technology.

The companies said that they plan to support the rapid innovation and upgrade of the port business model in the country.

Jing Xiandong, chairman at the Ant Financial Group, stated:

Blockchain will be the key infrastructure to reshape international trade and logistics. () As the engine for multi-party restructuring collaboration, Ant Blockchain technology will be the best solution.

China Merchants Port currently maintains 50 different ports in 26 countries.

The country has been very active in the DLT space.

Last month, China launched the Blockchain-based Service Network (BSN), which will focus on reducing the high cost of developing and deploying blockchain applications by providing public blockchain resource environments to developers.

According to BSN, just like the internet, the ubiquity of access can greatly reduce costs associated with the development, operations, and regulation of blockchain applications. This may accelerate the development and universal adaptation of blockchain technology, at least initially, in China.

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Worlds Most Valuable Fintech Ant Financial Partners with China Merchants Port to Launch Blockchain Platform for Local Banking and Logistics Businesses...

From bikes to blockchain: Shipping industry goes digital in lockdown – Reuters

COPENHAGEN (Reuters) - The coronavirus lockdown has accelerated a digitalisation drive in a global shipping and logistics sector that still routinely delivers many documents by bike messenger in some countries, according to industry leaders.

FILE PHOTO: The Maersk Line container ship Maersk Sentosa is helped by tugs as it navigates the River Mersey in Liverpool, Britain, July 31, 2018. REUTERS/Phil Noble

Ports operator DP World (DPW.DI) said on Thursday it would join shipping company Maersk (MAERSKb.CO) and other peers in a blockchain platform aimed at limiting the sectors costly paper trail.

The situation around the coronavirus is a very good catalyst for making sure everyone in the supply chain can communicate with each other digitally, Mike Bhaskaran, DP Worlds chief operating officer for logistics and technology, told Reuters.

The Dubai-based company, one of the worlds biggest port operators, plans to connect its entire business, including its 82 container terminals, using the blockchain technology.

The participation of key companies in the TradeLens platform, launched in 2018 by Maersk and IBM (IBM.N), is seen as crucial for cutting costs in an industry that has seen little innovation since the container was invented in the 1950s.

The current circumstances have shown that digitalisation of the logistic supply chain is picking up pace, Vincent Clerc, Maersks chief commercial officer, said in an interview.

However, despite more than 200 ports, shipping lines, freight forwarders, port authorities and customs authorities having signed up, the platform has yet to reach a critical mass to make a significant impact, Clerc said.

In many African countries, Maersk relies on fleets of motorcycles known as boda bodas to deliver documents between ports and shipping agents.

The physical flow of documents with courier and local deliveries on bicycles, all of that will eventually go away, Clerc said.

It currently takes an average of 228 hours to get the necessary documents and stamps ready for shipping a container with citrus fruits out of South Africa.

Reporting by Jacob Gronholt-Pedersen; Editing by Pravin Char

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Google Goes Blockchain? New Deal Opens A Door To Crypto – Forbes

A new partnership is a boost for functional blockchain and, perhaps, a decentralized future for Google Cloud.

Will Google's new blockchain partnership be a model for loads of content delivery?

Google, arguably the most important company in all of technology, has largely held the crypto movement at arms length. That changes today.

Theta Labs, a venture-backed blockchain company, has struck up a new partnership with Google Cloud, the rapidly-growing Alphabet subsidiary. Google Cloud will offer a new service allowing users to deploy and run nodes of Thetas blockchain network. Perhaps more importantly, Google Cloud itself will operate a validator for Thetas network servicing all of Europe.

Its a baby step for Google, but make no mistake about it: the company is now engaging in blockchain. This is one of our first validators, but we have many crypto customers, says Allen Day, Developer Advocate for Google. We had already made Bitcoin, Ethereum and six other cryptocurrencies data available through our public dataset program. This is the next step.

A validator is a foundation of a blockchain network, deciding if a transaction is legit and vouching for that transaction. Without it a decentralized network doesnt work.

This is a game-changer for Theta Labs. The San Jose, California-based company hopes to relieve overburdened networks everywhere, applying blockchain technology to online video distribution.

Content companies like Netflix NFLX or Alphabets YouTube essentially keep the content in centralized data centers, dishing video out when a customer asks for it. For every customer request, theres a big download.

Theta, however, has come up with a decentralized system that would move the content in small chunks around the extreme edges of the network. Their genius is the recognition that were all watching the same stuff.

If you decided to watch Narcos at noon (hey, its a quarantine no one will know), and then a neighbor decides to watch the same thing fifteen minutes later and yet another wants to watch it in an hour, chunks of the content would jump from your TV to your neighbors to the next even though you were the only one downloading Narcos from the central Netflix server. One server ping, many viewers.

Keeping track of all that would have been nearly impossible without blockchain. But Theta Labs technology meters the whole thing with a Theta token (an ERC20-compliant token, with a fixed supply of one billion.)

And there are payments. Theta Labs other token, Gamma, can be used as the gas to pay for video segment microtransactions. This means end users can rent out their unused bandwidth to facilitate the network, kind of like renting out your driveway while youre at work, and get paid in tokens.

The content delivery network [CDN] is a huge cost center for content creators, says Mitch Liu, Theta Labs co-founder and CEO. Were trying to disrupt existing CDNs, the Amazon AMZN Web Services and Akamais of the world, with a decentralized network.

Theta Labs has received venture backing from DCM, DHVC, Samsung, Sierra Ventures and the Sony Innovation Fund, among others.

Google, of course, is a two-decades past its days as a venture-backed startup. But even then it was designed as a distributed network but only to a point. Google has always relied on a distributed network of users to effectively vote on a search result, then ranked those results so a centralized corporation (Google) could sell advertisements against them.

Partnering with a truly decentralized network like Theta Labs, however, would bring Googles decentralization to a whole other level.

Amidst a global Covd-19 quarantine, YouTube content is now first among bandwidth users.

By hosting a Theta validating node, Google Cloud has joined Binance, Blockchain Ventures, gumi and Samsung, among others. Google will run just the twelfth Theta validator. The addition of Google also increases the decentralization of the Theta network because those validation notes are less controlled by Theta Labs itself.

The CDN industry is led by Amazon Web Services Cloudfront offering and Akamai, a dominance that has come at a cost. According to SEC filings, Akamai, for example, has spent $577.3 million in capital expenditures in the last two years alone, helping it develop a network in 130 countries. (Amazon wont break out its AWS network expenses.)

The problem? Centralized CDN networks are built for peak demand, those big moments like the Game of Thrones finale or the release of Ariana Grandes thank u, next. Its really hard to plan for a peak, says Liu. Netflix or Twitch or YouTube, they spend a bunch of money on infrastructure, on servers for peak demand. But thats less than 1% of the time. Incorporating Theta will relieve that, and the more users we have, the more efficient it becomes.

The Holy Grail for Theta, surely, is Alphabets YouTube especially now. A recent study from Sandvine found that during the Covid-19 crisis YouTube has dethroned Netflix as the most popular content on the Internet, consuming 15% of Internet traffic to Netflixs 11%.

For now, Liu is cagey about a direct tie-up with Alphabets YouTube. That's something that we are not talking about right now, he says. But you can imagine we are collaborating now with multiple groups inside Google.

Theyve never been closer than they are today.

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Google Goes Blockchain? New Deal Opens A Door To Crypto - Forbes

Blockchain Spending Steady in FY19, May Dip in FY20: This Is IT – Bloomberg Government

The federal governments exploration of blockchain technology was seen as a potential boon to companies that could provide applications, yet contract obligations remained steady from fiscal 2018 to 2019, and are on track to rise only slightlyor even declinethis year.

Blockchain is a semi-anonymous public ledger of verifiable and unalterable transactions, best known as the technology behind the virtual currency Bitcoin but with applications beyond finance that federal agencies want to implement.

In fiscal 2018, agencies obligated $13.3 million on blockchain-related contracts, more than double the obligations in fiscal 2017. Federal agencies formed a blockchain community of practice and came up with about 200 blockchain use cases during a forum in July 2017, including supply chain management, financial management, and smart contracts.

The Homeland Security Department, which has the second-most blockchain contract obligations among agencies, released a paper titled Blockchain and Suitability for Government Applications in 2018 that discussed implementation challenges, blockchain applications, and the federal governments role in investing in the technology.

Based on spending trends and agency initiatives, Bloomberg Government predicted an uptick in fiscal 2019 obligations. In an April 2019 paper, the market intelligence firm IDC Government Insights said it anticipated federal agencies would spend more than $123 million on blockchain in 2022.

But in fiscal 2019, obligations rose just $1 million, and based on historical spending, Bloomberg Government projects fiscal 2020 obligations to be somewhere in the range of $7.1 million to $15.1 million. The projection is a wide range, but in such a small market, it could be the difference of one or two awards. In any scenario within that range, the same takeaway holds true: agency spending on blockchain didnt take off as expected in fiscal 2017 and 2018.

Spending has probably tapered off because most of the contracting work and projects across the federal government are still in pilot phases and therefore have low values.

In the past two years the hype and buzz surrounding blockchain has begun to quell, and real work and building has begun, the Global Blockchain Business Council (GBBC) told Bloomberg Government in a May 22 email.

The Homeland Security Department has eight blockchain projects currently in Phase 1 through its Silicon Valley Innovation Program, which is aimed at using emerging technologies to solve homeland security problems. There are five phases. The first four phases are worth as much as $200,000 each. If Phase 5 is required, additional funding may be available.

The Data Foundation, a nonprofit think tank, highlighted seven additional programs in a June 2019 report titled Bringing Blockchain into Government. Obligations for four of them can be found in Bloomberg Governments data. Two are multimillion-dollar contracts, but none of their contract obligations have surpassed $10 million.

Obligations havent shown up for the other three. Its possible that blockchain spending is incorporated into those programs but doesnt appear in the reported obligations because agencies dont specify that blockchain is being used. Agencies may also still be exploring how to use the technology in these programs and have yet to award any blockchain-related obligations.

There are more blockchain investments that agencies have reported in BGOV, but most are low-value contracts and task orders. Its possible that investment will increase in fiscal 2021 and 2022 as these projects progress, open solicitations are awarded, and agencies transition from exploring blockchain use cases into implementation.

The consolidation of projects, proofs of concept, and working groups are a potential indicator of this shift towards professionalization and a heads down approach to building at the federal level, GBBC told BGOV.

But the future of the federal blockchain market will probably depend on whether these pilot programs are successful and agencies decide to continue investing in and expanding the uses of blockchain. At this rate, as agencies take longer than expected to test their pilot programs and explore use cases for blockchain, the market wont take off dramatically in the near future.

To contact the analyst on this story: Laura Criste in Salt Lake City, Utah at lcriste@bgov.com

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