26th August Blockchain News Update…

  1. US Customs and Border Protection to Test Blockchain Shipment Tracking System.

One of the largest law enforcement agencies in the U.S., Customs and Border Protection (CBP), will launch a live test of a blockchain-based shipment tracking system. In the upcoming test, the CBP will reportedly combine two separate systems: the CPB’s legacy application and a blockchain-powered platform developed by the agency’s parent body — and the country’s primary border control organization — the Department of Homeland Security (DHS).

  1. New York District Judge Rules That CFTC Can Permanently Ban Crypto Firm.

The U.S. Commodities Futures Trading Commission (CFTC) has won a court order to permanently bar the operator of the New York-based firm CabbageTech Corp. for cryptocurrency-related “bold and vicious fraud.

Earlier this year, Patrick McDonnell, cryptocurrency promoter and operator of CabbageTech Corp., was charged with “fraud and misappropriation in connection with purchases and trading of Bitcoin (BTC) and Litecoin (LTC).” McDonnell subsequently argued that the CFTC did not have the authority to regulate his commercial operations; however, New York district judge Jack B. Weinstein rejected his claim.

  1. More Than $500 Mln Tether Issued in August Is Not Impacting Crypto Markets.

New issuances of stablecoin Tether (USDT) are not currently affecting the prices of either major cryptocurrencies or smaller altcoins.In the article, Bloomberg noted that the allegations that Tether has been used to manipulate or stabilize the price of Bitcoin (BTC) — previously put forward in a paper from the University of Texas — are not holding true for the crypto markets this August.

  1. Iran: State-Backed Crypto Draft is Ready, Central Bank to Soon Announce Stance on Crypto.

Iran’s National Cyberspace Center has revealed that the draft of the state-backed cryptocurrency project is ready.According to the article, the national digital currency project was developed on instructions from President of Iran Hassan Rouhani.

Saeed Mahdiyoun, the deputy director in charge of drafting regulations for Iran’s Supreme Cyberspace Council, has reportedly revealed to local news agency IBENA that the idea of introducing a national cryptocurrency is being actively pursued by Iran’s cyberspace authority.

  1. Graph Blockchain Solutions Target $15.5 Trillion Logistics Sector With Latest Contracts

Leading-edge technology company Graph Blockchain Limited – which provides private blockchain solutions – has been focused on the growing need for blockchain data management in the global logistics market.

With the growth of this sector as a tactical objective, Graph’s foray into the global logistics industry commenced with providing solutions to divisions of Samsung and LG corporations.  Both companies are South Korean based multinational conglomerates, known to be the world’s largest manufacturer of mobile phones and smart phones, and the world’s second-largest television manufacturer, respectively.

  1. Blockchain City Dubai Hosts Showstopping Summit, Unveils Registry to Expedite Business.

Dubai’s Blockchain Strategy has a lofty goal: to execute all applicable government transactions using blockchain by 2020. And increasing the happiness quota of Dubai’s citizens is the ultimate objective of this focus on governmental efficiency, and advancing legislation and global entrepreneurship. To hurry this along, a new registry for foreign business was announced in the lead up to the city’s inaugural Future Blockchain Summit which took place last week.

  1. World Bank’s Blockchain Bond Experiment Raises $81 Million.

The World Bank has exceeded its $73 million goal for its upcoming blockchain bond by $8 million, according to a new announcement.

Australia’s Commonwealth Bank (CommBank) intends to settle the bond, dubbed bond-i (for blockchain operated new debt instrument), on Tuesday, marking the first time the World Bank settles a blockchain bond. While the bank originally reported it would settle $100 million AUD ($73 million U.S.), it reported Friday that it had raised as much as $110 million AUD (roughly $81 million U.S.).

  1. Singapore Stock Exchange Taps Blockchain for Faster Settlements

Singapore’s stock exchange is working with the Monetary Authority of Singapore (MAS), the city-state’s de facto central bank, to utilize blockchain in a bid to improve the efficiency of securities settlements.

The Singapore Exchange (SGX) said in a release on Friday that the collaboration is aimed at scaling up the country’s Delivery versus Payment (DvP) capacity so that it’s able to automate transactions via blockchain-based smart contracts. DvP is a settlement process that ensures assets are transacted only when corresponding payments are received.

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