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Cryptocurrency And Blockchain News Update 2nd December 2019

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Bitcoin Improvements Continue

Bitcoin (BTC) node synchronization would be impossible if it were not for the improvements that have been made to the software, this is according to the research arm of crypto exchange BitMex. BitMex Research measured the Initial Block Download (IBD) times of Bitcoin Core software releases from 2012 to 2019 needed to download the blockchain and verify it and recently shared their conclusions.  The research team claims that the older version of the Bitcoin Core software may be impossible to synchronize now and that the scalability improvements made to the software are essential to the operation of the network.

Crypto Regulations In The EU To Change In 2020

In January 2020, the regulatory landscape for crypto businesses will be changing in the European Union. Not long ago, the Anti-Money Laundering regulations were extended to cover cryptocurrency custodian wallet service providers and crypto-to-fiat exchanges in the EU. The legislation known as the EU Fifth Anti-Money Laundering Directive passed on July 9, 2018, and shall be transposed into the national legislation of each EU member state by Jan. 10, 2020. Before that, cryptocurrencies, in most cases, fell outside of the EU regulatory regime.

Can Blockchain Help The People Of East Africa?

In the rural areas of Kenya, the people living there face a very common problem associated with traditional finance and hard cash. Another persistent problem in third world countries is the lack of easy access to the services of a bank. To tackle these issues the Red Cross implemented a two-year plan to furnish the ‘disaster-prone areas’ with smooth money management and financial freedom – all with the help of a smartphone. In the new plan, credits are automatically recorded on the ledger and people can spend the earned credits on daily commodities and services.

US National Goes To North Korea To Teach About Crypto

A group of United States prosecutors announced the arrest of Virgil Griffith, who allegedly traveled to the Democratic People’s Republic of Korea (DPRK) to deliver a presentation on how to use cryptocurrencies and blockchain technology to circumvent sanctions. The 36-year-old Griffith was arrested at the Los Angeles International Airport and will be charged with conspiring to violate the International Emergency Economic Powers Act (IEEPA).

IBM Files For Blockchain Patent To Protect Against Drone Package Theft

IBM has filed for a patent of a system that uses blockchain technology to prevent drone-enabled package theft.  As per the filing published by the United States Patent and Trademark Office (USPTO) on Nov. 12, IBM will track drone altitude using an Internet of Things (IoT) altimeter, while continuously uploading that data to a blockchain secure platform. 

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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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