25th Sept. Blockchain Updates

  1. Walmart Tells Produce Suppliers to Use Blockchain by Next September.

The world’s largest retailer both by revenue and by employee count announced that it told its suppliers for leafy green produce to integrate a blockchain-based tracking system built in collaboration with IBM by September 2019.

  1. IBM CTO Tells US Congressmen ‘Let’s Get Government Ready for Blockchain’

IBM and members of the U.S. Congressional Blockchain Caucus discussed the use of blockchain for ID systems, payments, and supply chains. IBM recently published a report entitled “The Impact of Blockchain for Government: Insights on Identity, Payments, and Supply Chain” made in collaboration with the U.S. Congressional Blockchain Caucus.

3.      US: Crypto Industry Reps, Lawmakers, Venture Capitalists to Discuss Regulatory Landscape.

Representatives from U.S.-based financial giants and cryptocurrency start-ups will meet with Washington lawmakers this Tuesday to discuss the regulatory landscape. The roundtable dubbed “Legislating Certainty for Cryptocurrencies” will reportedly be hosted by Rep. Warren Davidson (R-Ohio). The attendees will address the issue of policy-making regarding the new asset class in the run-up to the introduction of a bill in the House of Representatives by Davidson this fall.

  1. Decentralized App to Give Social Media New Meaning by Rewarding Real-Life Interactions.

Although these networks play a vital role in our daily lives – with research suggesting we now spend 135 minutes a day browsing and posting on such sites – a blockchain-based social platform is now trying to inject meaning into the interactions we have online by enabling physical meetings and friendships.

  1. Major Thai Bank to Test Visa Blockchain Solution for Cross-Border Payments.

Thailand’s fourth largest bank, Kasikornbank, has recently joined the blockchain-based Visa B2B Connect program for cross-border payments.As per Visa’s website, B2B Connect was launched back in 2017 to process corporate cross-border payments. The U.S. Commerce Bank, South Korea’s Shinhan Bank, the Union Bank of Philippines, and the United Overseas Bank in Singapore were mentioned among the first partners that could make direct transactions from one to another via Visa’s B2B technology based on blockchain architecture.

  1. Bank of America Files New Patent for Multiple Digital Signatures on a Distributed System.

The U.S.’s second-largest bank, Bank of America (BofA), has filed a new patent for adapting multiple digital signatures in a distributed network, according to a U.S. Patent and Trademark Office (USPTO).The new patent proposes a system for managing data communication from Internet-connected devices. The document underlines that “the invention provides automated determination of which devices are communicating to which third-party entities and, in some embodiments, the type of data being communicated to such third-party entities.”

  1. Spain to Develop Blockchain Tech Application for Transparency in Forestry Industry.

The Spanish Ministry of Agriculture, Fisheries and Food plans to apply blockchain technology to develop the forestry industry. The operating group, entitled ChainWood, aims to improve the traceability and efficiency of the wood supply in Spain by implementing blockchain technology in industry logistics.

  1. US Tech Firm Eyes Blockchain Supply Chain Solution for Major Chinese Ports.

U.S.-based technology company Ideanomics has partnered with the Asia-Pacific Model Electronic Port Network (APMEN) Trade Tech Co. to streamline supply chains with blockchain tech. Together with APMEN Trade Tech Co., Ideanomics aims to leverage blockchain and what it calls “super artificial intelligence” to cut out “layers of middlemen” in port clearance and shipping handling for the Asia-Pacific Economic Cooperation’s (APEC) online port clearance system.

  1. WEF — Blockchain Could Improve Multiple Spheres of Global Economy.

Blockchain technology has the potential to have a massive financial impact on the global trade industry. The World Economic Forum (WEF) released an optimistic outlook for the global economy, which would be driven by the impact and adoption of blockchain technology in the next 10 years. According to the organization, blockchain could bolster global trade to the tune of $1 trillion by 2028. The report, “Trade Tech – A New Age for Trade and Supply Chain Finance,” looked at the effect distributed ledger technology (DLT) could have on global trade finance.

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