BLOCKCHAIN DAILY RUNDOWN
Blockchain Daily Rundown
Porsche is innovating, this time with blockchain
Porsche is about to bring in a revolution with their integration of cars with the blockchain technology. The luxury car manufacturer has announced its partnership with XAIN, to explore the utility of blockchain technology directly in the vehicles. The technology will be tested for automatic locking and unlocking of the vehicle through an app, data logging, parking as well as the temporary access authorizations. XAIN is a Berlin-based startup and it won the ‘Porsche Innovation Contest’ beating a whopping 100 applicants.
Starbucks hints at the possibility of Blockchain payments app
Starbucks Executive Chairman, Howard Schultz, a staunch critic of bitcoin, is open to the idea of incorporating blockchain technology. While hinting at the technology being a part of the coffee retailer’s future, Schultz pointed at the blockchain delivering as a customer application for the cryptos. While Starbucks is already spearheading its cashless store in Seattle, blockchain can create an integration with cryptos as well.
Central Bank of Taiwan talks about incorporating Blockchain into payments
The new chief of Taiwan’s Central bank is in favor of exploring the applications of blockchain technology. Yang Chin-Long the new incoming chief, emphasized on utilization of new technologies including the AI and blockchain technology to ensure seamless banking experience. The bank will now start exploring a secure and efficient payment system backed on the decentralized ledger technology.
Oil Industry finds its future in the blockchain
While major sectors all over the world have started analyzing the potentials of blockchain technology, Oil Industry executives are accelerating their investments to incorporate the technology in the industry which is considered propitious for the distributed ledger technology. Blockchain technology will enable the transparent and reliable platform for recording as well as executing energy trades.
Blockchain vis-a-vis the inefficient government
When the market fails to provide with efficient results, it creates the market failures. Sometimes government interventions to the market situation worsen the case, and the market failures become government failures. Solutions by governments in most of the cases are not efficient and practicality is usually missing. Blockchain can help solve the problems and bring to light the inefficient government solutions to the market crisis. Blockchain will increase choice as well as information. Consumers can make a decision on the references rather than what is fed to them. No one can get away with misallocation of funds and government solutions will have a competition.
JPMorgan acknowledges Cryptocurrencies as banking disrupters
In the latest annual report by JPMorgan, cryptocurrency and peer-to-peer technology are labelled as the disruptive forces that may be a risk causing factor financial as well as other non-banking partners. The firm which managers 2.53 trillion dollars’ worth assets, has called on spending more to retain customers and adapt to the new technologies to match what competition is offering.
Craig Wright is accused of defrauding Dave Kleiman
Craig Wright, who claims to have created the computer-based currency-Bitcoin” is accused of swindling a whopping five billion dollars of cryptocurrency that was mined by his friend, Dave Kleiman. Craig had allegedly scammed Dave after forging signatures and using phony contracts. The family of Kleiman maintains that they owned rights to one million bitcoins and other assets worth $5 billion, which were fraudulently duped by Craig after forging series of contracts.
Niti Aayog to bring out discussion on blockchain for land records
Niti Aayog is in the process to let out a discussion paper to explore the possibilities of using blockchain technology to maintain health and land records. The government’s think tank is likely to bring out the paper around March, which will contain an intensive research about what the blockchain holds for in it for better governance.
Blockchain will minimize the transactional cost: FICCI-PwC
The Federation of Indian Chambers of Commerce and Industry in association with its consultant firm-pricewaterhousecooopers have come up with a joint report that suggested that blockchain will remove the third-party costs in any transaction, thereby significantly reducing the total transactional cost. Utilizing the technology in government schemes will ensure low cost and high sustainability.
Technology as an invigilator to check on frauds
Banks and other financial institutions form the backbone of economies in every country. The banking system regulates the flow of funds, but recent times have witnessed a turmoil with ongoing scams and frauds in trade finance. Time is to re-think the strategies and imbibe technology in our processes to reduce the fraud risks. Technology like blockchain is capable of keeping a real-time check so that no fraudulent transaction is processed. The technology will make the trade landscape more transparent and less fraud-prone.
Blockchain creates jobs in India
Amidst the uncertainty around the regulatory measures related to virtual currencies in India, Jobs related to blockchain continue attracting Indians. The Internet is more frequently searched for information about cryptocurrencies and there is a considerable increase in job postings related to blockchain. Job postings related to blockchain and cryptocurrencies on one of the employment sites, Indeed.com, has seen an increase of 290 percent.
Tech Mahindra incorporating blockchain for vehicle registration
Tech Mahindra is in a process to develop a solution in two of the southern Indian states, where blockchain technology will be used for vehicle registration. The move will ensure easy vehicle registration and the technology will make sure that customers will not have to take their vehicle to the RTA for registration.