German tech giant, Siemens, is reportedly looking into ways to utilize blockchain to use for a number of use cases, such as improving manufacturing, mobility, supply chain, and carsharing, among other areas. However, it seems that blockchain-related business hopes still look better in theory than in practice.
Currently, the German company is at the point where they have finished testing and explorations, and are now “really zoomed into a set of use cases that are related to Siemens’ business”, Andreas Kind, Siemens Corporate Technology head of cybersecurity and blockchain, was quoted as saying in an article by a Forbes contributor.
As Siemens has Siemens Mobility, a separately managed company of Siemens AG dedicated to the mobility sector, this area of mobility is of a particular interest for blockchain application. One possibility of blockchain usage is “blockchain-based smart parking”, as was presented at Bosch’s 2019 Connected World conference. But, one of the areas the focus is on specifically is carsharing. Kind finds that people living in the large, urban areas may want to rely more on the options that have as fewer responsibilities as possible, in this case things related to owning a car and all that comes with it, instead of simply renting one for an hour or a day as they need it, while stuff like parking and fueling are included. Some carsharing options include Enterprise CarShare, Zipcar, Getaround, car2go, CityBee etc.
The issues carsharing comes with, though, include the fuelling card as customers occasionally need to fuel the car, but finding a gas station that collaborates with the carsharing company may be difficult, and they must use the fueling card’s associated PIN, but the fueling cards get stolen and sold online, which is one example of fraud connected to this, Kind explained, adding that “that’s exactly where block
The Libra issue
Anyone living in fear that Facebook is about to take over the world by controlling the personal data of billions of its users globally can breathe a tentative sigh of relief.
India, home to over almost 20 percent of the total world population at 1.3 billion people, will not see the Libra coin within its borders. This is due to regulatory issues, specifically the fact that an order from the Reserve Bank of India forbids all regulated entities from transacting in virtual currency.
Facebook announced the news recently, with a spokesperson relaying the news via email to Bloomberg. “As you may know, there are local restrictions within India that made a launch of Calibra not possible at this time.”
This is bad news for Facebook, as its stated goal of “transforming the global economy” is not feasible with the exclusion of nearly 20 percent of the global population.
However, India is not the only country raising serious concerns over the Libra token. In the U.S, fed chair Jerome Powell expressing doubts about Libra, citing money laundering, consumer protection, and financial stability as top contenders.
According to Powell, “I just think it cannot go forward without there being broad satisfaction with the way the company has addressed money laundering”.
Central banks from other countries, including Britain, China, the European Central Bank, France, and Singapore are also skeptical about Libra.
Not just Facebook
Libra is not the only platform to face intense scrutiny from regulatory bodies internationally. Canada recently released AML regulations that apply to crypto. The EU announced similar requirements in April.
Many businesses are migrating to nations like Japan, Thailand, and Malta, all willing to welcome a digital economy.
This is in response to many other countries banning cryptocurrency at some level. Whether is it a total ban, or simply focused on safety as governments determine how to properly regulate crypto, it is difficult in many nations to invest, transact, or otherwise build wealth through cryptocurrency.
There is a reason
This isn’t entirely a struggle of superpowers to maintain control over us peasants. KYC and other cryptocurrency regulations implemented by central banks worldwide are really just an attempt to safeguard populations.
It is in the best interest of the government as well as the individual. If individual members of any country are financially secure, the governing agencies of that population benefit as well.
The majority of investors, crypto, fiat, beginner, and experienced, are still relatively uninformed about the digital asset economy. Misinformation abounds, and the market is volatile, somewhat out of necessity. The potential for widespread loss is high.
True blockchain innovation
Thankfully, blockchain technology is on a parallel path to ensure the safety of cryptocurrency investors. It looks a lot different from the regulatory path. However, it is equally, perhaps even more, effective than third-
All three of South Korea’s major mobile carriers, KT, SK and LG U+, have joined forces with Samsung, banks KEB Hana and Woori and financial IT firm Koscom to collaborate on a blockchain-powered mobile identification platform.
The consortium says its platform, which should be available on almost all South Korean smartphones as of 2020, will use Samsung’s Knox security solution. The platform, say the operators, will allow users to do away with personal data management intermediaries, and will also allow users to store and use their social security numbers and bank account information on mobiles in safety.
Per Boan News, the platform will make use of Decentralized Identifiers (DIDs) technology, an identifier that provides verifiable, self-sovereign digital identity solutions.
The consortium says, “We will plan a strategy that will allow them to apply blockchain-powered mobile electronic certification to various industries. […] We are market leaders in our respective industries.”
The new platform marks the first time mobile carrier rivals SK, KT and LG U+ have collaborated on a blockchain project – despite the fact that all three companies have been working at a furious pace on their own blockchain offerings.
LG U+ has recently been unveiled as one of the governance council members of Kakao’s ambitious new Klaytn blockchain platform.
Meanwhile, SK has recently announced, per Newspim, that it will make an investment in
ICONSENSUS is ICON’s answer to a truly decentralized blockchain network. It’s an overall term for the ICON blockchain’s move to a more decentralized network, which is made up of four key elements.
The first of these elements, the Public Representatives election campaign, is attracting a large amount of attention. Over 40 candidates have already applied to become a P-Rep, and there’s been a huge community response to the campaign. But how does ICON’s answer to blockchain democracy compare to other chains?
How is ICON different to other blockchains?
The first major part of the ICONSENSUS process is the public representative phase, or ‘P-Rep’ elections. ICON are a pioneer as they introduced a new form of delegated proof of stake (DPoS) called delegated proof of contribution (DPoC). DPoS/DPoC are types of blockchain protocols who use a voting process to elect a leader to run nodes. ICON’s new system of achieving consensus, which is far more democratic than in proof of work (PoW) systems where large mining groups can hold much of the hashing power, is also based on the amount of contribution each network participants adds to the ecosystem.
Similar to Tron’s super representative elections last year, P-Reps are voted in by the ICON community through delegation to host a full node on the ICON network. P-Reps are representatives of the ICON network, responsible for taking part in achieving consensus on the ICON network.
The interesting aspect of ICON’s delegation and consensus incentives are that they are more closely aligned with the core principles of a decentralized network than other delegated proof of stake blockchains.
For example, as opposed to Tron’s Super Representative network, which freezes Tron tokens (TRX) to be used in the voting process and offers community members few incentives to vote, ICON participants who vote will have the right to earn a portion of the block rewards if their chosen P-Rep is elected. ICON believe this will encourage more voting participation and make the process more democratic.
Likewise, EOS, another DPoS blockchain launched in June 2018 after one of the largest ICO raises in history, attracting $4.1 billion in investment, has had its fair share of governance problems since it’s launch. Moderators on EOS were shown to be reversing transactions which had already been confirmed on the EOS blockchain – a huge controversy which was highly opposed to the true nature of decentralization.
Although EOS also has 21 block producers,
Companies hoping to use South Korea’s regulatory sandbox to pioneer blockchain-powered overseas remittance operations have been left treading water – with ministers still undecided as to whether they will grant operating permits seven months after beginning deliberations.
Per media outlet Next Economy, South Korean company overseas remittance provider Moin had hoped to achieve a landmark first, winning government permission to conduct its business within the government’s blockchain sandbox project, launched in 2018. Moin lodged its application with the Ministry of Science and ICT, which is overseeing the sandbox, back in January this year.
But at a meeting held on July 11 between the ministry and a special external committee appointed to rule on the sandbox, officials revealed that they were still divided on the Moin case.
The media outlet quotes a ministry official as stating, “There are a few differences between the positions of the ministry and the committee.”
The official also noted that the ministries still need to consult other government ministries before making a final decision on the matter.
But it appears that the fact that the company uses cryptocurrencies as part of its business model has proven an insurmountable obstacle thus far. The sandbox operators initially promised to make decisions on companies’ sandbox applications within the space of two months. Next Economy says
Reports in South Korea claim that the Kakao Group may be holding discussions with Samsung about possible blockchain cooperation.
The mainnet of Kakao’s Ground X subsidiary Klaytn has recently gone live, and Kakao has now announced that it is working on a cryptocurrency wallet that will be able to manage Klaytn tokens “in conjunction with several wallet providers.”
Once the wallet is available, Kakao plans to make Klaytn blockchain applications (bapps) available on its own marketplace, rather than require users to download them via the Google Play Store.
However, Fn News quotes an unnamed developer working in some capacity with Ground X as stating, “Samsung is having discussions about updating its Samsung Blockchain Wallet to make it compatible with Klaytn Bapps.”
The Samsung Blockchain Wallet is a feature of the company’s latest flagship smartphone, the Galaxy S10. Earlier this week, Samsung revealed it is looking to expand the range of dapps it makes available via the wallet.
Kakao says some 50 companies will be offering their bapps on its new marketplace and added that this would not be the only place where users could access Klaytn bapps, although the company stopped short of mentioning possible partners. The company stated, “The new marketplace will not only be available through Kakao. We are looki