US Credit Union Blockchain Consortium Joins R3's Global Ecosystem

CULedger, a credit union service organization (CUSO)-owned blockchain consortium, has joined enterprise software firm R3’s global blockchain ecosystem. The partnership was officially revealed in a press release published Dec. 13.

Based in Denver, Colorado, CULedger reportedly delivers blockchain applications to credit unions and their members, using the technology to mitigate cybersecurity and fraud risks, as well as streamline administrative and operational processes to save time and costs. The firm also provides a specific blockchain-based identification solution for credit union members.

As the press release notes, the consortium joins the R3 global network, which has to date reportedly gathered over 200 financial services companies, tech firms, central banks, regulators, and trade associations to collaborate on or use its enterprise-grade blockchain platform “Corda.”

Corda has been designed to work within the financial services industry and uses a permissioned distributed ledger technology (DLT) system to restrict data access to the required participants only. This July, R3 released a commercial version of Corda, dubbed “Corda Enterprise,” aimed specifically at businesses.

The Corda platform has seen a wave of positive adoption news in recent months.

Just in December, R3’s Corda-based Euro Debt Solution was used by a German-French-Dutch triad of banks to successfully complete a live commercial paper transaction; major Japanese financial services company SBI Holdings announced its partnership with R3 to boost use of Corda in Asia; and 26 French companies and five major banks completed a know your customer (KYC) test using Corda.

In mid-October, United Kingdom-based bank Natwest announced it would be integrating a new blockchain platform based on R3 Corda technology for use in the syndicated loans market.

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Trend of Global Crypto Mining: Despite the US-China Trade War, Activity Surges as Samsung and GMO Enter

Throughout 2018, the cryptocurrency market experienced the fourth worst correction in its nine-year history, as Bitcoin lost more than 69 percent of the value from its all-time high of $19,500.

Despite the substantial decline in the price of Bitcoin (BTC), which heavily affects the earnings of miners, the hash power of the Bitcoin network has continuously increased throughout the past 10 months, from 15 million TH/s to over 50 million TH/s from January to October.

As portrayed by the research of blockchain analyst Barclay James, the breakeven cost of mining Bitcoin at 35 million TH/s is around $6,900. The formula employed by James considers the hash power of the Bitcoin network, the hashing power of an ASIC Bitcoin miner, and the efficiency of each miner in producing BTC:

# units = global hashing power ÷ unit hashing power ÷ unit efficiency

Given the cost of Bitcoin mining, when its hash power is currently around 35 million TH/s and the value is $6,400, the breakeven cost of Bitcoin is in the $7,000 to $8,000 range. Which means, at $6,400, Bitcoin miners are losing money by generating BTC and are solely relying on their expectations of the price of BTC to eventually increase in the months to come.

For miners outside of China, specifically the mountainous region of Sichuan known to have the cheapest electricity in Asia and a cold climate that naturally cools down cryptocurrency mining equipment, it is even more expensive to mine BTC. The paper of Barclay James reads:

“China has some of the world’s cheapest electricity rates as well as average temperatures consistent with temperate regions. This is important as cooling is one of the largest overheads in mining. In addition, the country’s generally low operating costs also give it a competitive advantage. In fact, current estimates place 70 % of global hashing power in China, the majority of which is located in the Sichuan region.”

Since June, Bitcoin miners have been mining the dominant cryptocurrency at a significant loss. The fact that the hash power of BTC has continuously risen throughout the bear market of 2018 demonstrates large activity in the global cryptocurrency mining sector and the confidence of miners that the industry will recover as the year comes to an end.

Bitmain and its Antminer sold at a discount

BitMEX Research, a cryptocurrency firm that operates as a research subsidiary of major digital asset exchange BitMEX, disclosed in its paper in August that Bitmain, the dominant conglomerate in the cryptocurrency mining sector, has been deliberately selling its latest Bitcoin ASIC miner Antminer S9 at a lower price.

In 2017, Bitmain sold more than one million Antminer S9 miners and another 700,000 of them in the first quarter of 2018. According to the researchers, who calculated the disclosed gross profit margin of Bitmain in 2017 and the implied cost of each miner. Bitmain has set a negative profit margin of 11.6 percent for the Antminer S9, its main product.

The researchers stated that the distribution of Antminer S9 miners at such a low profit margin and the sudden increase in the sale of the miner in the first quarter of 2018 suggest the company employed a strategy to outsell its competition by underpricing its products.

“These low prices are likely to be a deliberate strategy by Bitmain, to squeeze out their competition by causing them to experience lower sales and therefore financial difficulties. In our view, herein lies the key to one of the main driving forces behind the decision to IPO. A successful IPO may increase the firepower available to continue this strategy and eliminate an advantage rivals could have by doing their IPOs first.”

The paper also proposed that the company may simply have too many Antminer S9 miners in its inventory.

In June 2018, Bitmain was criticized for shipping Antminer S9 miners caked with dust. Some miners alleged the firm of sending old or used ASIC miners. In response to this, Bitmain stated that all traders who received defective or affected Antminer S9 miners would be fully compensated.

“Any product can be imperfect, and there will be shortcomings in the process of enterprise development. We have also compensated the miners who have received mining equipment with inadequate computing power and the mining equipment are now being run properly.”

Whether the decision of the firm to sell its main ASIC miner with a low profit margin was to due to its competition or to clear its inventory, the end result was the distribution of an increased number of efficient and high performance ASIC miners to the global mining sector, which ultimately led to the increase in the hash power of the Bitcoin network.

Is Bitmain’s dominance in danger with the emergence of Samsung and GMO?

In the first quarter of 2018, Bitmain generated twice the profit of Nvidia, the world’s largest graphics card manufacturer. Nvidia generated $550 million in pure profit while Bitmain recorded $1.1 billion in profit from January to March.

The lucrative business model of Bitmain and its high profits led GMO and Samsung, two of the most influential technology conglomerates in Japan and South Korea, to enter the global cryptocurrency mining industry.

GMO introduced its own ASIC miner with competitive specifications in comparison to Bitmain’s Antminer S9. Samsung Electronics has allocated a portion of its foundry in Suwon, South Korea, to manufacture cryptocurrency ASIC miners, in partnership with emerging companies in the mining sector.

When Samsung Electronics first announced its decision to target the global cryptocurrency mining industry, it emphasized that it remains unsure whether it can improve the company’s revenues in general. But, the emphasis of the establishment on its mining venture was to engage in an emerging industry like crypto, given that it has successfully penetrated into insurance, fintech, electronics manufacturing, car making, and ship building in the past several decades. Samsung Securities analyst, Hwang Min-seong, said in January of this year:

“Samsung Electronics could increase its revenues through ASIC chip manufacturing but because the foundry only accounts for a small portion of the company’s semiconductor manufacturing plant, it is difficult to predict that the firm’s mining venture will have a significant impact on the company’s revenues.”

 Since then, Samsung has aggressively expanded its mining businesses, seeing an increased demand in the market. The uncertainty of Samsung towards cryptocurrency mining demonstrated the firm’s unwillingness to commit to the industry unless the company sees significant potential in both the short-term and long-term growth of the market.

Most recently, Samsung signed a deal with Squire, a Canada-based crypto mining corporation that raised $19.5 million in August to develop cryptocurrency mining equipment, to manufacture ASIC miners on behalf of the Canadian firm.

Around a similar period, Taiwan Semiconductor Manufacturing Co. (TSMC), the world’s largest independent chipmaker, slashed the growth target of the cryptocurrency mining sector from 9 percent to 6.5 percent.

The conglomerate stated that the weakening of the demand for cryptocurrency mining led the firm to decrease the growth target of the industry. But, it remains unclear whether the report is exclusive to Bitmain, given that TSMC is the manufacturer of Bitmain’s ASIC miners, or to the rest of the industry.

“However, our business is also negatively impacted by further weakening of cryptocurrency mining demand. As a result, we estimate our 2018 growth rate will be about 6.5% in U.S. dollar term, which is close to the foundry industry’s growth but slightly below our 7% to 9% guidance given in the last conference.”

New multi-million dollar mining facilities open

Despite the conflicting viewpoints of Samsung and TSMC toward the demand for cryptocurrency mining, in the past several days, two multi-million dollar mining facilities have opened in Armenia and Colorado.

Local publications in Armenia reported that a new $50 million digital asset mining facility was opened on October 19 with 3,000 ASIC miners to mine Bitcoin and Ethereum. In the upcoming months, 120,000 ASIC miners are expected to be added to the facility.

It was local real estate firm Multi Group Concern (MGT) and Malta-based technology company Omnia Tech International Company which created the facility with the support of the government and local authorities.

The plan to build the facility was originally released in April, when Omnia Tech founder, Robert Velghe, said that the two companies intend to invest more than $2 billion in mining and crypto-related businesses in Armenia.

“We will also help Omnia Tech with the establishment of the Financial Technology Park and the data exchange center in Armenia. We intend to create here a blockchain-based center for the development of new information projects, which will turn Armenia into a high-tech platform.”

On October 25, MGT, the largest mining facility operator in the U.S., announced that it will establish another large-scale mining facility in Colorado equipped with 6,300 Bitmain S9 miners. Already, MGT operates 6,800 Bitmain S9 miners and 50 GPU Ethereum mining rigs in the country.

MGT COO Stephen Schaeffer emphasized that despite the decline in the price of Bitcoin, the company intends to “run into the burning building” to find opportunities, which in this case is to mine BTC.

Regulation and state of the mining sector

Many of the world’s largest economies are in the process of implementing practical regulatory frameworks to facilitate the growth of mining companies. Authorities in South Korea, Japan, and the U.S. have welcomed mining facilities to operate with low-cost energy. Countries with ambiguous cryptocurrency regulations such as China and Russia have also demonstrated a neutral stance towards mining.

Throughout the past 15 months, China has banned virtually every business and activity related to the cryptocurrency sector including trading, events, and over-the-counter (OTC) investment. However, it has opened two use cases of cryptocurrencies: processing transactions and mining digital assets.

Several regional governments in Russia have also opened up to cryptocurrency mining, leading various initiatives to convince major mining companies to launch mining farms in the country.

In August, Deputy Governor of the Leningrad Region, Dmitry Yalo, said at the opening of a new mining facility in Russia that the region intends to lure in more mining centers in the years to come with low electricity prices, qualified personnel, and a naturally cold climate to cool down ASIC miners with no additional costs.

US-China trade war

The conflict between the U.S. and China began to affect chip makers and mining equipment manufacturers based in China, including Bitmain. The 27.6 percent tariffs on the Antminer S9 has made it significantly more expensive for buyers outside Asia to purchase the miner.

Previously, Bitmain was able to ship Antminer S9 miners with no tariffs as the product was classified as a data processing machine. The sudden imposition of tariffs against electrical machinery apparatus, which includes data processing machines, has created an inefficient ecosystem for China’s ASIC manufacturers.

The imposition of tariffs by the US against China comes in a period in which U.S. President Donald Trump has expressed concerns about the lack of reciprocity between the two countries. For many years, China has been able to ship products to the U.S. with near-zero tax and fee, thus, Amazon’s Vice President of Global Policy Paul Misener said once:

“The cost to ship a one-pound package from South Carolina to New York City would run nearly $6; from Beijing to NYC: $3.66.”

South Korea and Japan remain unaffected by the tariffs, and with practical regulatory frameworks established by both countries, Samsung and GMO are expected to continue their successful run in the global mining sector.

As of current, despite the significant drop in the price of major cryptocurrencies, the demand for cryptocurrency mining remains relatively high as seen in the rise in the hash rate of the Bitcoin network and the expansion of Samsung, GMO, and Bitmain’s operations.

Major regions have established positive regulatory frameworks towards cryptocurrency miners and companies, which could lead to the increase in the establishment of mining facilities by investors that foresee a substantial surge in the valuation of the crypto market in the mid-term.

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South Korean Official Proposes Greater Cooperation for Global Crypto Regulation

An official from South Korea’s Financial Supervisory Service (FSS) has proposed greater international cooperation between regulators for crypto and Initial Coin Offering (ICO) regulation, local news outlet Asian Economic TV reports Friday, September 7.

Yoon Suk-heun, governor of FSS, made a statement about the potential for more cooperation during the opening ceremony of the 20th Integrated Financial Supervisors Conference (IFSC) held in Seoul Thursday, September 6, and attended by officials from 15 countries.

The South Korean official stressed that country’s main aim is to “improve transparency in transactions to prevent illegal activities.” As Asia Economic TV reports, Yoon Suk-Heun urged the need for international coordination, including information sharing among countries, in preparation for the risk of money laundering that could rise as new financial products or services emerge.

The FSS governor also mentioned that cryptocurrency regulation must include a consumer protection system and internal control of finance companies.

IFSC is an organization which supervies the financial industry including banks, security and insurance companies. South Korea, Japan, Australia, Singapore, Canada, the UK, Germany, Netherlands, Austria, Switzerland, Norway, Sweden, Hungary, Iceland, Denmark, and Ireland are among ISFC members.

As Cointelegraph reported earlier, South Korea has previously expressed interest in integrating cryptocurrencies and blockchain to various services. The country’s officials have visited Switzerland’s Crypto Valley to gain an understanding of technologies, while South Korean lawmakers have also discussed creating their own “Blockchain Island”.

However, South Korean officials have also taken strict measures to regulate crypto market. In August, the government excluded cryptocurrency exchanges from legislation governing venture businesses, Cointelegraph wrote.

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DST Global Denies Bitmain IPO Investment Few Days After SoftBank, Tencent’s Involvement Called Into Question

Investment firm DST Global has confirmed that it “has never invested” into the cryptocurrency mining giant Bitmain’s pre-IPO in an email to Cointelegraph August 21.

Cointelegraph received an anonymous tip today, claiming that DST Global has not participated in Bitmain’s $400 million funding round earlier this year, despite reports to the contrary.

After being asked to confirm the rumour, John Lindfors, a managing partner at DST Global, has said this in an email to Cointelegraph today:

“I can confirm that DST has never invested in Bitmain.”

The news follows days after another major player, Uber’s largest investor SoftBank, told Cointelegraph that reports about its participation in Bitmain’s initial public offering (IPO) were also false.

“Neither the SoftBank Group Corp. nor the SoftBank Vision Fund were in any way involved in the deal,” a spokesperson said August 18.

Also today, Chinese multinational Tencent has allegedly denied involvement in Bitmain’s IPO, according to a Hong Kong news outlet AAStocks.

According to the publication, China’s largest technology entity by market cap confirmed that “the company did not take part in the investment of Bitmain Technologies.”

As of press time, Tencent had not responded to requests from Cointelegraph to confirm the AAStocks report.

The news nonetheless increases the already controversial nature of Bitmain’s IPO plans, which centers on the company’s Bitcoin Cash (BCH) holdings, rumoured poor Q2 sales and the general underperformance of cryptocurrency markets this year.

Cryptocurrency industry and well-known community commentators reacted warily to a pre-IPO investor deck disclosure earlier this month, Blockstream CSO Samson Mow describing the planned flotation as “incredibly risky for any investor to buy into.”

“They purposely didn’t include the Q2 numbers for Pre-IPO buyers since they were a disaster… They told Pre-IPO buyers they would use some of the money to buy more BCH,” commentator WhalePanda meanwhile added during a Twitter debate before the SoftBank news.

As of press time, Bitmain has not responded to Cointelegraph’s request for commentary.

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Soar TGE to Generate the World’s First Fully Decentralised Global Super-Map Using Drones

This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the press release.

Leading Australian geospatial mapping technology company Soar has announced their highly anticipated Token Generation Event (TGE) designed to fund the launch of the world’s first decentralised global platform for the distribution of drone content and maps.

The TGE will be facilitated by an international consortium of blockchain advisors including the Krypital Group and Fidem. The Soar TGE is expected to raise up to US$20 million through the sale of its SKYM token and has already secured several cornerstone investments from technology funds including crypto heavyweights JRR Crypto, Node Capital, LD Capital and Lateral Capital Ventures.

Soar’s stage 1 is the initiation of its global drone content marketplace platform, which company founder and CEO, Amir Farhand believes will be the go-to place for almost any content that drones produce at both consumer and commercial levels.

Amir Farhand said: “Both professional and hobbyist drone operators will be able to monetise unused content, the majority of which are sitting on old hard drives and forgotten. In the last month we have already onboarded almost 600 drone operators globally, and we are just scratching the surface of this opportunity.”

Soar’s platform is intended to provide an easy-to-use home for drone content, with a broad range of applications in industries such as agriculture, environmental, logistics, insurance and even news and media. In addition, the Soar platform will integrate with several global technology giants including a key partnership with Alibaba Cloud, a key provider of cloud hosting and computing power services.

Leveraging the power of the Alibaba Cloud, the Soar platform is expected to pave the way for Soar’s Stage 2 project: the world’s first fully decentralised global super-map protocol.

Amir Farhand said: “What we are setting out on doing with Soar is to build a compelling solution for not only drone technology but in fact the greater mapping community, with a primary focus on decentralisation and community engagement.”

“The blockchain further enhances this by encouraging both accountability and authenticity. Our end game is to build a dynamic super-map of the world at an unprecedented level of detail through the aggregation of everything from satellite, aerial through to crowdsourced drone content.”

With over a billion monthly views, Google Maps is one of the most significant sources of geographic data and has ultimately become the first universal map. However, as concerns continue to rise over the risks associated with any centralised private organisation controlling and owning such significant public data, the value and demand for the decentralised ownership of such powerful and vital content is set to continue. An industry snapshot released by PwC and Bloomberg, recently stated that the drone industry would be worth a massive $127B by 2025.

To find out more about the Soar TGE, please visit or join via Telegram

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An Australian Blockchain Experiment: Tracking Global Almond Shipments

Following a successful 2016 trial of blockchain technology in an interbank open account transaction, the Commonwealth Bank of Australia (CBA) has partnered with five international and Australian companies to ship 17 tonnes of almonds from Melbourne, Australia, to Hamburg, Germany, using a new distributed ledger platform built on the Ethereum blockchain.

The Experiment

Originating in Sunraysia, the shipment made its way to Western Europe in a pioneering experiment that combined a private blockchain, smart contracts and a geotracking Internet of Things (IoT) framework to facilitate end-to-end movement of the almonds. Using the joint solution, the entire process was seamlessly tracked and verified remotely from the point of origin to delivery in real time.

Taking part in the procedure alongside the CBA were Pacific National, Olam Richards Australia Pty Ltd, OOCL Limited, Patrick Terminals and LX Group. The primary purpose of the experiment was to establish a reliable framework for digitization of the three pillars of international commerce, namely documentation, operations/logistics and finance. This was done using a custom blockchain which hosted all information regarding container location, task completion status and shipping documents.

Using the information provided by four IoT devices inside the container, transaction partners could track cargo location in real time and view real-time cargo data, such as temperature and humidity. The information was accessed through the blockchain platform, making it impervious to manipulation.

CBA Managing Director of Industrials and Logistics in Client Coverage Chris Scougall said:

“Our blockchain-enabled global trade platform experiment brought to life the idea of a modern global supply chain that is agile, efficient and transparent. We believe that blockchain can help our partners reduce the burden of administration on their businesses and enable them to deliver best-in-class services to their customers.”

In 2016, the CBA and Wells Fargo conducted the world’s first interbank open account transaction combining the application of blockchain technology, smart contracts and IoT connectivity. The transaction, which took place in partnership with Brighann Cotton involved a cotton shipment from Texas, USA, to Qingdao, China, using a private blockchain and smart contracts enabled with IoT geolocation technology.

Implementing this framework on a larger scale in the future means that international transactions can be carried out with a high level of transparency, with all parties constantly aware of the location, authentication and condition of goods in transit.

In addition to the tracking of goods and added efficiency, the blockchain-enabled supply chain also enables transaction parties to upload and access key documents required by port authorities such as the bill of lading and certificates of origin.

The CBA’s experimental blockchain platform is being built on the Ethereum protocol because of its popularity and customizable functionality. When fully set up, it will take the form of a private blockchain made up of a closed network of trusted entities.

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Global Blockchain Spending to Hit $11.7 Billion in 2022, Fastest Growth in Japan and Canada: Report

Enthusiasm for blockchain technology in businesses and organizations continues to gather steam, with global spending on blockchain solutions expected to rise almost tenfold between 2018 and 2022.

According to market research firm International Data Corporation, the global expenditure on blockchain is expected to grow at a compound annual growth rate of 73.2% to reach a figure of $11.7 billion in 2022. This year, $1.5 billion is expected to be spent on these solutions.

The biggest investments in this technological field will be made in the United States, with the world’s largest economy grabbing 36% of the global spending throughout the five-year period. Western Europe will be the next biggest beneficiary, followed by China. Countries in the Asia Pacific region will also see significant investments in blockchain.

Fastest Blockchain Growth Rate

Japan blockchain
Japan is expected to see DLT investments grow at a faster rate than any other country, though the largest overall investment will remain in the United States.

On a country-by-country basis, per the IDC report, the fastest compounded annual growth rate (CAGR) will be witnessed in Japan where the CAGR will be 108.7% during the forecast period. Canada will enjoy the second-fastest growth in blockchain spending, with the CAGR hitting 86.7%.

Worldwide, most of the spending on distributed ledger technology (DLT) will flow to the financial sector, with this year seeing an expected $552 million spent in this field. The distribution and services sector will occupy the second position, with the manufacturing and resources sector coming in third. This year, the former is expected to record blockchain investments totaling $379 million, while the latter will see spending of approximately $334 million.

DLT Spending: Industry and Use Cases

Industries which are expected to enjoy the fastest growth with regards to blockchain investments include process manufacturing, which will see a compound annual growth rate of 78.8%. Professional services will enjoy a CAGR of 77.7%, while the banking sector will see a CAGR of 74.7%.

In the financial sector, the use case that will witness the largest amount of DLT spending will be cross-border payments and settlements, with $193 million expected to be invested this year. Amounts totaling $148 million are expected to be invested in trade finance and post-trade transaction settlements, another use case of blockchain in the financial sector.

Lot or lineage provenance, one of the use cases of blockchain technology in the manufacturing and resources sector and the distribution and services sector, will record DLT investments totaling $160 million this year.

Reducing Costs, Enhancing Efficiency

The efficiencies and cost-effectiveness that blockchain solutions could bring about in the manufacturing and resources sector, as well as in the distribution and services sector, have been cited as part of the reason for the rapid adoption of the technology.

“We continue to see the greatest spending and growth for blockchain around lot lineage and asset and goods management. Highly visible scandals combined with complex supply chains and incomplete information set the stage for investments and projects in these areas,” IDC’s Customer Insights and Analysis program vice president, Jessica Goepfert, said.

Images from Shutterstock

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Ex-JPMorgan Exec: Blockchain May Be Key to Avoiding Next Global Financial Crisis

The former vice president of North American investment banking at JPMorgan Chase has said that blockchain “may be the key to avoiding the next global financial crisis,” the China Economic Times reports today, July 23.

Pang Huadong, currently an honorary academic advisor of the Asian Blockchain Institute, said that his experience at JPMorgan during the peak of the 2008 financial crash led him to think that blockchain could be the pivotal technology for establishing transparency and trust in the global economic system:

“[When I began to work at JPMorgan in 2007,] 13 people managed [the bank’s] $40+ billion [assets]…. when the 2008 financial crisis was at its worst, [the] average daily loss was $300 million. It is only gradually that I understood that blockchain technology may be the key to avoiding the next global financial crisis.”

Huadong added that while the technology is still “at a very early stage,” its development prospects are “limitless.” He isolated blockchain’s cornerstone innovation –– that of establishing disintermediated and transparent systems –– as having the potential to radically reduce global financial risks and “establish trust mechanisms at the lowest cost.”

While the Chinese government’s policy remains tough on decentralized cryptocurrencies, blockchain has been gaining increasing traction with political, academic, and financial sector leaders –– with even the country’s president Xi Jinping openly praising its potential this spring.

Just last week, the official newspaper of China’s Ministry of Science and Technology reported that the country would lead an international research group on the standardization of Internet of Things (IoT) and blockchain technology.  

On July 16, the deputy director of China’s IT Ministry urged the country to “unite” forces to foster blockchain as a “core” technology for the new digital economy, and advocated easing institutional constraints in order to optimize the environment for its integration.

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GXChain Ranked Top 4 in Global Public Blockchain Technology Assessment Index (GPBTAI)

This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the press release.

China’s Ministry of Industry and Information Technology (MIIT) Published Its Global Public Blockchain Technology Assessment Index (GPBTAI), GXChain Was Placed Fourth in The World, with a total score of 108.3. GXChain was highly regarded by senior evaluation specialists. 

Unlike most industry awards and assessments, GPBTAI led by MIIT is highly professional and valuable. GPBTAI is managed by China’s Center for Information and Industry Development (CCID), the research institute under MIIT, which dedicates to scientifically evaluate the development level of global public blockchain technology, accurately grasp the innovation trend of blockchain technology, and undertake the exploration and establishment of national public blockchain industry standards. At present, CCID does not accept applications from the public for projects to be included in its assessment list. Instead, CCID’s core team selects all eligible public blockchain projects to be considered based on its strict inclusion criteria. GXChain also received the attention of many popular overseas media, such as NASDAQ, as it became CCID’s 3rd monthly lucky winner last week.

CCID’s GPBTAI is managed by lots of renowned scholars. CCID’s core team brings together first-line scholars and technical experts in the field of blockchain which have rich experience in practice and project assessment, including professor Shoucheng Zhang of Stanford University, professor Zhong Chen of Peking University, professor Ke Xu of Tsinghua University, CTO Jiang Li of Microsoft China, CTO Jing Wang of bubi and vice president Guohua Gan of taiyiyun. In the previous, CCID’s core team assessed several famous public blockchains including Ethereum, EOS, Cardano, and Bitshares. Every monthly GPBTAI was reported by Reuters, Daily Mail, CNBC, Yahoo Finance, NASDAQ and Coindesk, which has become a significant reference standard.

GXChain got a high score of 108.3 and was in fourth place for CCID’s GPBTAI ranking, and all of these was due to the advantages in technology, applicability, and innovation of the project.

GXChain started its business in the past two years with the fast-developing trend and dedicated with the innovation of blockchain underlying protocol and technical applicability. CCID’s marking criteria reflects that GXChain has dominate advantages in technology, applicability, and innovation.

For technical strength, it is developed on basis of Graphene and DPoS consensus mechanism. Meanwhile, GXChain developed BaaS, G-ID and other abundant services which support smart contract and project commercialization. It is expected that after the launch of GXChain virtual machine – GVM in September, its technology score and overall ranking will improve further.

Regarding applicability, GXChain has already commercialized. The transaction amount of To B product -decentralized data marketplace has exceeded 50 million CNY and To C product – Blockcity has 1.89 million real-name verified users.

In terms of innovation, GXChain has 13 software copyright, such as the combination of asymmetric encryption technology and DES, side chain storage, the independently developed configuration module and data structuring control algorithm. GXChain has long since open its public blockchain code and DApp code.

The rapid prosperity of GXChain ecosystem also confirms its expanding influence and attraction. At present, GXS LABS has already received over 3000 applications from third-party developers and launched three DApps which have been used by over a thousand users. Keep the development threshold to a minimum and deploy more applications can improve GXChain’s applicability score. Besides followed by developers, 11 venture capitals including ZHEN FUND, INBlockchain, LFENBUSHI capital and YUANDAO capital appreciated the value of the GXChain ecosystem and invested last week.

Globally, the blockchain industry, which was a bubble in 2017, is gradually becoming rational. For those mere passers-by on the stage of history, they were destined to stagnate or even bury in oblivion. Whereas for those dedicated to underlying technology and ecosystem expansion, they will shine like gold. For investors and practitioners, technology, commercialization and public blockchain ecosystem expansion are the valuable things. Resources will also be refocused to excellent projects, this is also the faith and persistence of GXChain.

GXChain was included CCID’s GPBTAI this time and was highly regarded by senior evaluation specialists. This is not only the recognition of GXChain technology and ecosystem by colleagues and experts but also powerful support for its global influence. GXChain is going to foster more valuable and novel DApps and deliver a better data ecosystem in the future.

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Hong Kong: 100 ‘Mainstream Media’ Establish ‘Global Media Blockchain Alliance’

The Global Media Blockchain Alliance has been established in Hong Kong to create a “healthy public opinion environment” for the blockchain industry, Taiwanese newspaper China Times reports July 20.

At the 2018 Global Media Blockchain Summit, held in Hong Kong July 19, the Global Media Blockchain Alliance released its “Hong Kong Initiative.” In it, they underlined the unique role of the media in providing high-quality information about the blockchain industry to the public, People’s Daily reports

The Global Media Blockchain Alliance has been established by an association of more than 100 mainstream media, according to China Times. The Alliance plans to provide an open membership entry mechanism for new media, also built on blockchain.

Blockchain technology will bring new social changes, according to Ding Laibin, the secretary general of the Global Media Blockchain Alliance. People’s Daily reports him as saying that the media should fully play its role by tapping into the value of the blockchain industry, cracking down on fraud, and contributing to the industry’s long-term success.

Hong Kong continues making steps towards becoming a global leader in the development of blockchain tech, as Cointelegraph reported earlier this month.  

On Wednesday this week, Cointelegraph reported that China will lead an international research group focused on the standardization of the Internet of Things (IoT) and blockchain tech. This group was established by the International Organization for Standardization (ISO) and the International Electrotechnical Commission (IEC).

Hong Kong’s Monetary Authority is set to launch its own blockchain trade finance platform in August this year, Cointelegraph wrote July 16.

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Singapore: Gov’t Owned CrimsonLogic Launches Global Cross-Border Blockchain Platform

Singapore e-government service provider CrimsonLogic has unveiled its cross-border blockchain network for global trade, according to a July 18 press release.

Dubbed the Open Trade Blockchain (OTB), the platform is principally designed to boost the efficiency of trade corridors between China and the Association of Southeast Asian Nations (ASEAN) nations.

Various operators have already signed up to join OTB, including the China-ASEAN Information Harbor Co., TIFFA Group, and Singapore’s Commodities Intelligence Centre.

According to Eugene Wong, the chairman of CrimsonLogic and its subsidiary, GeTS, which will operate the platform, blockchain tech can “help create greater trust amongst cross-border traders,” adding

“Trade volume between ASEAN and China would become the single largest transaction between two regions and we hope to facilitate this.”

The move marks a further venture into the blockchain revolution for Singapore, CrimsonLogic being owned by a city-state governmental authority and port operator.

In April, a meeting of ASEAN nations saw Singapore pledge wide-reaching support for blockchain throughout the area, with finance minister Heng See Keat noting that distributed ledger tech can “promote financial inclusion for underserved and underbanked segments in ASEAN.”

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