30th July Blockchain Updates…

  1. Commonwealth Bank Claims Success in Global Trade Blockchain Test

The Commonwealth Bank of Australia (CBA) has announced the completion of a cross-border shipment that utilized blockchain to track goods in the supply chain.

The CBA said the blockchain-based system stores data of containers, documents and financial transactions on a distributed network. As such, different partners can view and track information about the shipment in real-time and simultaneously, such as the shipment’s status as well as the temperature and humidity of the containers.

  1. Mount Sinai Hospital to Explore Blockchain Applications

The New York-based medical school founded by Mount Sinai Hospital has launched a new research center focused on blockchain applications in healthcare.

The Icahn School of Medicine said the Center for Biomedical Blockchain Research would be created inside the school’s Institute for Next Generation Healthcare, which researches the application of artificial intelligence, robotics, genomic sequencing, sensors and wearable devices in medicine, New York-based news organization

  1. UK Govt. Researches Use of Blockchain Smart Contracts In Law

The UK Law Commission is in the process of codifying the use of smart contracts into British law as part of an ongoing effort to update British law and make it relevant to of the challenges of modern technology.

This was revealed in the Commission’s 52nd annual report covering  the period from April 1, 2017 to March 31, 2018. According to the report, a proposal to create an effective legal framework for smart contracts under UK law was part of the Commission’s Thirteenth Programme of Law Reform.

The definition of ‘smart contracts’ given in the report is a technology that runs on the blockchain through which legal contracts may be executed automatically, or at least in part.

  1. Thai Bond Market Association to Incorporate Blockchain Technology

The association announced it’s pushing for a fintech platform using blockchain technology. The new registrar system will cut issuance times in more than half.

The Thai Bond Market Association (TBMA) plans to implement a new registrar service platform combining financial technology with blockchain technology. There are ongoing plans to put it to practice during the current year to improve the growth of the secondary market.

  1. 108-Year Old Japanese Conglomerate Hitachi Tests Blockchain for Retail Settlements.

Multinational conglomerate, Hitachi Ltd, and telecommunications operator, KDDI Corporation, have disclosed they are testing a blockchain solution that will see the biometric features of shoppers being used for authentication prior to settling retail payments.

Initially, the coupon settlement system will be trialed at KDDI retail stores located in Tokyo and fast food outlets of the Mr. Donut chain.

According to Hitachi, shoppers will register their biometric information as well as coupon credits when they enroll to use the system. This data will then be encrypted before being stored on the blockchain.

  1. Samsung: Smartphones are the Most Secure Device When Using Cryptocurrency

Smartphone wallets such as Blockchain and Jaxx are the go-to applications the majority of cryptocurrency users utilize to send and receive payments with digital assets.

Joel Snyder, a senior IT consultant, a contributor to Samsung Insights, explained in a recent paper that smartphones are significantly more secure than laptops and other devices, because of the presence of the Trusted Execution Environment (TEE).

Most smartphones have a native environment called the TEE, which operates as a separate execution environment with its own memory and storage, isolated from the device. Hence, not even the operating system (OS) like Android can reach into the TEE and potentially initiate alterations in its memory.

In an event of a hacking attack or a security breach, attackers cannot possibly break into the TEE and attempt to steal data such as the private keys of cryptocurrency wallets because the TEE exists completely independent of the device.

  1. ‘Big Four’ Firm EY Acquires Crypto-Assets Tax Tool to Audit Blockchains

As it seeks to expand its blockchain-related services and capabilities across the globe, accounting giant Ernst & Young has acquired crypto-related technology assets developed by the San Francisco, California-based Elevated Consciousness.

This includes the Andy Crypto-Asset Accounting and Tax (CAAT) technology, a tool which links with multiple cryptocurrency wallets and exchanges thus enhancing the visibility of transactions and inventory.

  1. Stratis Announces New Blockchain Identity App

According to the announcement, the free Stratis app allows users to manage their identity and imprint it upon the Stratis blockchain, allowing for secure and verifiable sharing experiences without compromising sensitive personal data. Stratis Identity will also open up the potential for enterprises to securely manage customer identities using cloud-based or internet login services, Stratis stated.



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