18th August Blockchain News Update…

  1. Capital One Applies for Blockchain-Based Collaborative Authentication System Patent.

American bank holding corporation Capital One has filed a patent application for the implementation of blockchain technology in user authentication. According to the document, the inquiry is a continuation of a patent application submitted by Capital One to the USPTO in June 2017. The proposed system is designed to receive, store, record, and retrieve authentication information for a user in multiple blockchain-based member platforms.

  1. Blockchain Used to Trace Deadly Chemical Linked to $289 Mln Monsanto Cancer Lawsuit.

Food safety firm ZEGO is using blockchain to test products for residue of a deadly chemical tied to a recent $289 million Monsanto lawsuit. Earlier this month, Monsanto was fined $289 million in damages after a court ruled in favour of a plaintiff’s claims that the company’s use of an herbicide containing glyphosate had caused his cancer.

ZEGO reportedly has a patent-pending blockchain system that would allow companies to test foodstuffs for glyphosate. The company says it had initially developed the solution to enable consumers to make better informed choices about the presence of allergens and gluten in various goods.

  1. Russian Independent Electoral Watchdog to Pilot Blockchain for Voting System

A Russian independent electoral watchdog is trailing a blockchain-based electronic voting system. The inaugural Russian Congress of Public Observers was held on the initiative of NOM, alongside the Russian Fund for Free Elections and the Association of Lawyers of the Russian Federation.

  1. Chinese Retail Giant JD.com Launches Enterprise Blockchain-as-a-Service Platform.

Chinese e-commerce giant JD.com has revealed its new Blockchain-as-a-Service (BaaS) platform. The new tool, dubbed JD Blockchain Open Platform, aims to enable businesses to build, host and implement blockchain solutions without having to develop the technology from scratch.

JD presents the BaaS tool as the “latest expansion” of its Retail as a Service (RaaS) strategy, through which it aims to make advanced technologies and infrastructure accessible to other businesses and industries.

  1. The “Fapiao” Case: How China Is Fighting Corruption With Blockchain.

China has been on the verge of blockchain adoption as of late. The technology, in fact, has become part of the country’s national, president-signed program. The latest advancement in the field relates to the country’s old corruption staple — fake invoices used to embezzle corporate and state funds.

Tax authorities of the city of Shenzhen and a state-owned aerospace firm have recently turned to blockchain for immutable and transparent record-keeping, steadily putting an end to paperback corruption.

  1. Bank of China Partners with China UnionPay to Explore Blockchain for Payment Systems.

The commercial, state-backed Bank of China (BOC) and financial services corporation China UnionPay (CUP) have entered into a partnership, according to an August 15 announcement. Per the terms of the agreement, the two parties will jointly explore blockchain technology applications for payment system development.

The partnership comes in response to market demand and regulatory requirements, giving rise to further opportunities for cooperation between the two parties in the field of cross-border mobile payments.

  1. Capital One Wants to Authenticate Users on a Blockchain

Blockchain adoption continues to rise in the banking sector, with the news that Capital One has applied for a patent to potentially develop a blockchain system that authenticates new users in a secure manner.

Capital One is a bank holding company specializing in credit cards and bank loans, making security a primary concern. According to documents published this week, the company has applied for a patent entitled “Blockchain Systems and Methods for User Authentication.” The patent was filed in Virginia, USA, with Johnathan Weimer and Ryan Fox listed as the inventors of the authentication system.

  1. Chicago Blockchain Project to Hold First Voice of Blockchain Event40% of Enterprises Believe Blockchain is ‘Overhyped’: Deloitte Global Survey

According to the Deloitte 2018 global blockchain survey, almost 39% of the respondents were of the view that blockchain technology was ‘overhyped’.

In the study in which over 1,000 blockchain-savvy executives at firms boasting annual revenues of $0.5 billion or more in the United States, the United Kingdom, Canada, Mexico, Germany, France and China were polled, this perception was stronger in the world’s largest economy.



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