Cities in China are Using Blockchain to Track Parolees

Twitter Facebook LinkedIn At least two Chinese cities are using blockchain technology to track offenders on parole, CCN has learned. In the city of Foshan, a report from May indicates that officials would like to deck their system out with bracelets similar to those issued in western countries. In the city of Zhongshan, which is in the same province as Foshan (Guangdong), the system will reportedly transcend boundaries previously in place for community corrections officials, such as when data regarding parolees was available to them. Both cities are essentially using…

15 Banks Join DTCC Post-Trade Blockchain as Project Enters Testing

The Depository Trust & Clearing Corporation (DTCC) has advanced its main blockchain project to a testing phase with 15 global banks, one of the last steps before taking the tech live.  Announced today, U.K.-based Barclays is among the global banks participating in the test, while the other 14 were not named. Together they will be kicking the tires of DTCC’s distributed ledger and cloud-based platform for its credit derivatives Trade Information Warehouse (TIW). Upon successful completion, DTCC expects to move to an “open” testing phase by the end of the year,…

Thailand’s Tax Authority Taps Blockchain to Fight Tax Evasion

Twitter Facebook LinkedIn In its fight against tax evasion Thailand’s tax collection agency will turn to blockchain technology among other measures to fight the vice. According to the director-general of the Revenue Department, Ekniti Nitithanprapas, the government agency will employ blockchain technology in verifying whether owed taxes were paid in the correct amounts. Per the Bangkok Post, distributed ledger technology will be used in hastening the tax refund process by the department which falls under the country’s Ministry of Finance. The director-general of the Revenue Department, who was appointed to…

China’s Central Bank Slams Blockchain Investment ‘Bubble’

Twitter Facebook LinkedIn China’s central bank has called on the government to strengthen supervision into ‘speculative’ financing and investments in the blockchain sector. The Research Bureau of the People’s Bank of China, the country’s central bank, published a working paper titled ‘What can a blockchain do and cannot do?’ on Tuesday. An early analysis of the working paper by CCN China can reveal that the central bank’s research arm is studying the impact of blockchain and various projects aimed at commercializing the decentralized tech in society. Pointedly, the central bank…

India’s Biggest Private Company Gets Paid on a Blockchain

Twitter Facebook LinkedIn Reliance Industries, India’s largest private sector firm, has successfully participated in its first ever trade finance transaction powered by blockchain technology. In an industry first, Indian oil and energy conglomerate Reliance Industries completed a trade finance transaction with US-based Tricon Energy, a global chemical distributor. The end-to-end ‘live’ transaction was executed over R3’s Corda blockchain, a press release from HSBC India confirmed. Corda’s blockchain platform is described by the press release as a “single shared application, rather than requiring multiple isolated digital systems across various counterparties, located…

Expert Says EOS isn’t a Blockchain — Just a Distributed Database

Twitter Facebook LinkedIn Blockchain testing and research company Whiteblock Inc. has released a damning verdict on EOS, describing it as a “distributed homogeneous database” masquerading as a blockchain. In a report titled “EOS: An Architectural, Performance and Economic Analysis,” the company dissects several aspects of the EOS protocol and comes to the conclusion that it suffers from a serious security deficiency as well as network performance that is significantly lower than what was claimed. Extraordinary Findings According to the report compiled by Whiteblock’s research team made up of Brent Xu,…

IBM Files Patent for Blockchain-Based AR Helper System

Twitter Facebook LinkedIn IBM has filed a patent for a blockchain-based system which will prevent players of augmented reality games entering physical spaces that are undesirable. They cite as examples “high-risk locations, culturally sensitive locations, locations marked by property owners.” Augmented reality is a technology which adds layers to physical reality. An example is Zombie GO, an AR game which places zombie in real life or perhaps the most famous example, Pokemon Go. AR can have other applications than games, however, such as displaying historical views of locations. The aim…

Overstock Rwanada Launch Blockchain Land Rights Platform

Twitter Facebook LinkedIn Medici Ventures is a wholly owned subsidiary of Overstock, one of the most cryptocurrency friendly businesses in the world, whose CEO has frequently promoted the use of bitcoin and other cryptos. Medici is specifically geared toward blockchain businesses, development, and technology, and on Thursday it signed a second Memorandum of Understanding with the Rwandan Government (specifically the Land Management and Use Authority and Information Society) for the development of a blockchain-based land management and property rights platform. In a nutshell, the blockchain will be used to secure…

Cboe’s Head of Equity Options Just Joined a Blockchain Startup

Blockchain startup AlphaPoint has hired a senior executive from Cboe Global Markets, the parent of the Chicago Board of Exchange. Revealed exclusively to CoinDesk, Kapil Rathi joined AlphaPoint as global head of trading markets,  a newly created position, and will be in charge of the company’s trading and exchange business. He was previously Cboe’s head of equity options, and earlier worked at the New York Stock Exchange, ISE (now a part of Nasdaq) and Bats Global Markets, which Cboe acquired in 2017. Rathi told CoinDesk that he has been watching AlphaPoint…

Hong Kong Exchange Prepares for Blockchain Trading Platform

Twitter Facebook LinkedIn Hong Kong Exchange and Clearing Limited (HKEX) has joined forces with Digital Asset to develop a blockchain platform for post-trade allocation and processing of trades. This alliance was created under the Stock Connect programme with China, based on a FinExtra report. HKEX had been working on a prototype system for Stock Connect using Digital Asset’s platform and smart contract modeling, as it attempts to speed up the post-trade process and reduce settlement risks among traders. This plan was made known by HKEX CEO Charles Li at a…