Proof-of-Authority Algorithm Use Cases Grow: From Pharma to Games

While the proof-of-authority consensus algorithm is turning into perhaps one of the most mature versions of blockchain technology. It is faster than other algorithms, more scalable, and does not depend on mining. Market leaders Walmart and GE Aviation are using PoA to track supply chains, and Microsoft has created a whole line of PoA-based enterprise products.

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China Issues First Tax Authority-Approved Invoice on Blockchain

China’s first digital invoice on the blockchain has been issued in the southeastern city of Shenzhen, local news platform EEO reports August 10.

This is the first implementation of a pilot blockchain ecosystem for invoices that has been developed by Tencent — the developer of the 1 billion-user social media platform WeChat — together with the Shenzhen Municipal Taxation Bureau.

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Japanese Association Seeks Authority to Enforce Self-Regulation on Crypto Exchanges

Japanese Association Seeks Authority to Enforce Self-Regulation on Crypto Exchanges

Regulation

Japanese crypto exchanges may soon have an official self-regulatory body. The Japan Virtual Currency Exchange Association has applied with the country’s financial regulator to become the authority for self-regulation, with the power to enforce rules on its crypto exchange members.

Also read: Yahoo!

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Hong Kong Monetary Authority to Launch Multi-Bank Blockchain Trade Finance Platform

Hong Kong’s de facto central bank will launch its own blockchain trade finance solution with 21 banks in August, Financial Times (FT) reported Sunday, July 15.

The joint venture between the Hong Kong Monetary Authority and Chinese company Ping An Group’s fintech subsidiary OneConnect aims to substantially reduce paperwork, costs security risks for participants,

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