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Cryptocurrency And Blockchain News Update 27st November 2019

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Travala Teams Up With Booking.com

Travala, which is a service that allows its users to pay for hotel stays with cryptocurrency, will now let its customers reserve any hotel that is bookable through Booking.com. Travala announced in a recent press release that it has already integrated Booking’s accommodations to its platform. The new feature will allow users to book 90,000 different destinations using cryptocurrencies

Hollywood Executive Steals Millions To Buy Crypto And Gamble

A former executive of a Hollywood-based digital marketing firm has said that he embezzled $22 million from his employer to buy digital currency. The United States Attorney’s Office of the Central District of California announced on Nov. 22 that the man in question pleads guilty to wire fraud and identity theft. He embezzled over $22 million from his employer and used the stolen funds to buy cryptocurrency, gamble and to cover personal expenses. 

China Continues To Lead The Way In Blockchain

89% of China’s blockchain firms have tried to create their cryptocurrency, according to a senior exec at a local blockchain association. According to the state-run CCTV, Yedong Zhu, the president of the Beijing Blockchain Technology Application Association (BBAA), revealed that the vast majority of the blockchain industry in China is focused on tokens, not blockchain. 

Central Bank Of France Looking To Use DLT

The first deputy governor of the French central bank has called for distributed ledger technology (DLT)-based settlements and payment systems in Europe. Speaking at the Annual Capital Markets Technology and Innovation Conference, Mr. Denis Beau, the first deputy governor of Banque de France, delved into the issue of policy frameworks that could potentially help to bring innovation and growth into Europe’s capital markets

Formula 1 Blockchain Game To Sell Tokens

Blockchain game F1 Delta Time — licensed by the racing series Formula 1 — is holding an auction of F1 car-branded non-fungible tokens in the coming days. The auction will be held on Nov. 28, with fans already able to participate in a live contest to compete for various related prizes. As previously reported, F1 Delta Time purportedly draws 1.6 billion television viewers across over 180 territories and engages 506 million fans worldwide. 

 

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Dubai Government Set To Launch KYC Blockchain Consortium In Early 2020

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Dubai Government Set To Launch KYC Blockchain Consortium In Early 2020
Dubai Government Set To Launch KYC Blockchain Consortium In Early 2020

One of the financial hubs of the Middle East, the United Arab Emirates (UAE), is continuing to expand blockchain-driven developments. The Department of Economic Development (DED) of Dubai has established a Know Your Customer (KYC) blockchain consortium with six major banks. Dubbed “KYC Blockchain Consortium,” the new blockchain-powered regulatory platform is designed to accelerate processes like an exchange of digital customer data and documents while ensuring security. 

Scheduled for launch in Q1 2020, the KYC Blockchain Consortium will purportedly become the first project of its kind in the region, the report notes. Ali Ibrahim, Deputy Director-General of the DED, outlined that the effort aims to bring more investment to the region:

“Our strategic alliance with banks to launch the first KYC blockchain platform in the UAE is an important step towards continuing to attract investors to this market.”

Additionally, the consortium-powered ecosystem hopes to boost business as well as regulatory compliance in the UAE. According to the report, the UAE Central Bank and Smart Dubai authority will be monitoring operations of the KYC Blockchain Consortium. The UAE’s newly reported blockchain comes in line with the general growth of blockchain spending in the region. 

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Governments across the Middle East and Africa region are projected to see at least a 400% surge in their investment to blockchain-based solutions in four years. In October 2019, the UAE accepted cryptocurrency regulation after releasing the draft law for public comment. As reported, the UAE has taken a very positive stance to the crypto and blockchain industry as the country is already hosting a number of blockchain-based initiatives such as digitized trade projects the “Digital Silk Road” and the document exchange platform known as the “Bank Trust Network.”

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CBSG PoB Transactions With Their Cross-Carrier Payment System Successful

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CBSG PoB Transactions With Their Cross-Carrier Payment System Successful
CBSG PoB Transactions With Their Cross-Carrier Payment System Successful

Further developments to blockchain technology are being tackled every day. One of the biggest challenges is how best companies working on blockchain can make their services not only accessible but also practical for users in different countries. The Carrier Blockchain Study Group (CBSG) Consortium is one such collaboration doing just that. Launched in September 2017, the group provides a secure way for telecom customers to make digital payments directly with their carriers using blockchain technology.

Blockchain platform TBCASoft, a founding member of the CBSG, announced in a Feb. 18 press release that Taiwan-based Asia Pacific Telecom Co. Ltd. (APTG) and a US mobile carrier successfully completed Proof-of-Business (PoB) payment transactions. Using the Cross-Carrier Payment System (CCPS), a blockchain network developed by TBCASoft, transactions can be paid directly in the user’s currency through their mobile carrier. 

Image result for Asia Pacific Telecom Co. Ltd.

The CBSG worked with local merchants in Taiwan to complete transactions through APTG’s payment system, Gt Pay. All participants were mobile subscribers with a US-based carrier. APTG Vice President of Marketing Mei-Hui Teng commented on the success of the PoB:

“[We] will be one of the first carriers to launch the cross-border payment service and commercialize it in the Taiwan market. We foresee the strong growth of overseas travel and the popularity of the e-wallet service; our cross-border mobile payment service will create a considerable benefit to APTG’s subscribers. The service can help travelers reduce foreign transaction fees and enjoy the benefits of mobile cashless payments.”

They’re not the first blockchain platform to see the advantages of working together. Samsung Pay partnered with the payment platform Finablr on Oct. 3 to offer cross-border payments to its users.

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One Million UEFA Tickets Set To Be Distributed Through Blockchain in 2020

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One Million UEFA Tickets Set To Be Distributed Through Blockchain in 2020
One Million UEFA Tickets Set To Be Distributed Through Blockchain in 2020

Soccer fans in Europe will join the ranks of early blockchain adopters thanks to a new initiative by the Union of European Football Associations (UEFA). According to a Feb. 17 announcement, UEFA will distribute over one million soccer match tickets via a blockchain-enabled mobile application. 

The organization claims that this new ticketing system will make “entry into the stadium smooth, safe and secure.” The new blockchain-based mobile ticketing solution is meant to prevent the duplication and replication of tickets by “QR codes only being activated by Bluetooth once fans are in close proximity to the stadium.” The app will be available for download toward the end of May for both Android and iOS devices. Tickets will be delivered no later than seven days before the match and “UEFA expects to deliver over one million mobile tickets to fans across all 51 matches.” 

UEFA decided to adopt this system in an attempt to facilitate ticket distribution to what is expected to be the most in-demand UEFA cup ever. UEFA also stated that digital ticketing will help curb paper consumption and be more convenient for soccer fans:

“Supporters who purchase ‘Follow my team’ tickets will receive their mobile tickets only once their team has qualified for a specific match. The ability to deliver mobile tickets to fans close to matchday will considerably enhance the fan journey, as fans will no longer be required to visit ticket collection points to exchange ticket vouchers. ”

The initiative builds on the successful deployment of the mobile ticketing system in August 2018 for the UEFA Super Cup soccer match between Real Madrid and Atletico Madrid held in Tallinn, Estonia.

Image result for UEFA Tickets

Many sports franchises and event organizers are turning to blockchain for ticketing, as the technology promises to be a highly effective way to prevent forgery and ensure convenience. Ticketmaster’s vice president of blockchain products Sandy Khaund said that the technology can prevent secondary ticket markets from popping up and ensure that “tickets end up in the right hands.” The CEO and founder of EventChain, Ashton Addison, said:

“The whole point of implementing blockchain in the ticketing industry is to bring back fairness to the artists, event organizers and fans. For example, a major problem facing the industry is counterfeit tickets. Blockchain can prevent this by allowing attendees to verify the authenticity of their tickets. This also turns tickets into scarce digital assets, which are unable to be double sold.”

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