Blockchain Firm Pitches CBDC Operating System to Bank of England

United Kingdom-based blockchain firm L3COS has submitted a proposal to the Bank of England, or BoE, for a blockchain-based operating system to power a central bank-issued digital currency, or CBDC.

L3COS described the proposal as a response to the consultation document on CBDC published by BoE in March — which identified several benefits and challenges associated with central bank virtual currencies and invited feedback from technology providers,

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US Treasury to Complete PoC of Blockchain-Based Grants Payment System

The United States Treasury Department has almost completed tests of a blockchain-based grants payment capability as part of the exploration of how the tech can improve such operations.

As the Business of Federal Technology reported on Jan. 10, the Treasury Department launched a program designed to discover whether blockchain could provide more efficiencies into the operations of a blockchain-based grants payment system.

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The Financial System of the Future — Who Benefits From CBDCs?

In recent months, the race for the development of a central bank digital currency is gaining pace. The last signal was launched by Chinese President Xi Jinping, who publicly stated the need to invest public resources in blockchain, slated to be the core technology of the future. The euphoria of the Chinese market following the presidential declaration induced Mark Zuckerberg — who had been encountering considerable resistance from Western authorities since the beginning of the Libra project — to raise the alarm on an alleged Chinese overtaking of digital currency technology.

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Thailand Integrates Blockchain to E-Visa System for Higher Security

Thailand, one of the most-visited countries in the world, will soon apply blockchain to its Electronic Visa On Arrival (eVOA).

Thailand’s new blockchain-powered eVOA system intends to speed up and protect the digital visa application process and will soon be available for five million visitors from 20 countries.

eVOA operator partners with Australian travel firm for the blockchain-enabled service

The upcoming eVOA feature is a joint effort of Australian travel company ShareRing and Gateway Services,

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Visa Works on Blockchain System for Joint Computation of Large-Scale Private Data

International payment network Visa is working on a blockchain-based system for joint policy-compliant computation of large-scale private data.

Visa Research — the research and development arm of Visa that focuses on data analytics, security and payment innovation — released a paper describing a blockchain-powered system for policy-compliant computing. The system is dubbed LucidiTEE,

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Visa Set to Launch Blockchain-Based Digital Identity System with IBM in Q1 2019

Visa is readying its blockchain-based digital identity system for cross-border payments for launch in the first quarter of 2019, according to a press release published October 21.

The system, dubbed Visa B2B Connect, will provide a blockchain-based digital identity solution for financial institutions to securely process cross-border payments. The system reportedly tokenizes sensitive business data – such as banking details and account numbers – granting them a unique cryptographic identifier that will be used for transactions on the platform.

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Wells Fargo Files Patent for Tokenization System to Protect Sensitive Data

San-Francisco-based bank Wells Fargo has outlined a patent for a tokenization system that would protect data, according to a filing published by the U.S. Patent and Trademark Office (USPTO) July 17.

The newly published application details a system in which any type of data element — whether a document, graphic, or database value — could be located,

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