Top 5 Blockchain News of The Day (7th March, 2018)
Blockchain technology is a catalyst to propel the future of other industries and surprisingly the technology itself has become a multi-billion dollar industry. Here is a list of top blockchain news of the day from Blockchain Magazine which you can’t miss out.
Blockchain-powered SyncFab will provide manufacturing assistance for small firms
SyncFab, a technology company, will be using distributed ledger technology to help small firms eradicate the entry barriers so that they can enter into the manufacturing without a hassle. The new platform posted as “the way forward into industrial revolution 4.0” will help small manufacturers showcase their abilities in a much business friendly way. Launched five years ago, SyncFab is currently working in partnership with United States Department of energy. The firm will help small manufacturers to bid on the contracts with the help of the smart technology. SyncFab has benefits stored for both the purchasers and manufacturers as the platform aims at slashing the procurement costs as well as creating a blockchain enabled system to maintain the transparency of the customers.
Blockchain Subsidiary for South Korean Kakao
The most popular South Korean chat app provider, Kakao is all set to establish a blockchain powered subsidiary. The new subsidiary is named’ Kakao Blockchain”. The final business plan will be out by March 20, as Kakao Blockchain is also considering launching an ICO (Initial Coin offering). The new venture will be represented by Jae-sun Han, who is also one of the partners and development officers of Future play, a tech startup incubator. Initial coin offering for Kakao blockchain will be located in Hong Kong or Singapore as it is illegal to conduct it in South Korea. The Token by the Kakao blockchain can be used across all the Kakao-powered apps like Kakao Driver, Kakao talk, and Kakao Games.
XRP in integration with xRapid, xCurrent, and xVia
XRP is becoming the center of attraction for more and more investors. By the start of this year, XRP shot up to almost one thousand percent. According to Ripple, all the products including xRapid, xVia, xCurrent, are efficient, cheaper as well as faster than available products in the market. XRP, being one of ripple’s product, is the asset one can buy and trade. Interledger (distributed ledger) is that platform on which xCurrent is built. Interledger is the company-built product of Ripple but comes under W3C group and is being managed by a non-profit group. xCurrent has connectors, and each connector holds value in a number of the currencies. These connectors enable xCurrent to trade in any currency as one party can trade in dollars and receiving party can do the same in euros. xCurrent enables tracking of the transactions. xCurrent system is used to trade XRP and gives rise to another product called the xRapid and xVia is tasked with generating the invoices.
Cambodia draws inspiration from Venezuelan “petro”
Last month, the world witnessed the rise of “Petro,” the Venezuelan cryptocurrency. Drawing the inspiration, Cambodia is also planning to launch a project on the same lines, called “Entapay”. The blockchain summit explains that Entapay will be a project that will be based on the ‘quantum entanglement’ of encryption and security and that it will use the blockchain technology to create a secure and safe experience for the user. The press release for the ASEAN, published on March 2nd draws a direct comparison between Petro and Entapay. The press release also describes Entapay as a channel to assist Cambodia to tackle the inflation and act as a channel to economic development.
China’s “Two Sessions” is all praises for the Blockchain
Almost every other country is influenced by the blockchain technology. In a similar chain of events, the biggest political affair in China, called the ‘Two Sessions,’ has witnessed a large number of comments on the blockchain technology. While China has clamped down on the ICO’s, the government of the country is accelerating the mining of blockchain technology and trying to imbibe the technology into real-life applications. The CEO of Tencent, the Chinese internet giant, Pony Ma, termed the blockchain technology as ‘excellent’ while maintaining the fact that cryptocurrency remains risky and there is no intention to venture into ICO’s at any point of time.