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KPMG Predicts IoT and Blockchain Will Soon Be Used To Manage Climate Change

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KPMG Predicts IoT and Blockchain Will Soon Be Used To Manage Climate Change
KPMG Predicts IoT and Blockchain Will Soon Be Used To Manage Climate Change

Accounting giant KPMG’s US blockchain lead, Arun Ghosh, predicts that blockchain, combined with the Internet of Things (IoT) will be used to manage climate change in 2020. IoT is a term for systems of interrelated devices that are embedded with sensors, software and network connectivity that enables them to collect and exchange data. According to a list of 6 blockchain predictions from KPMG, Ghosh noted:

“The convergence of these technologies is enabling organizations to accelerate environmental governance, with blockchain’s chain of custody being deployed as a central component to driving sustainability.”

With KPMG’s presence in 154 countries, Ghosh explained that the firm is seeing an uptick in emerging economies focused on automating air quality control mechanisms. Ghosh noted that KPMG firms in India, Ukraine, and China have had ongoing conversations with key players about what future air quality standards may resemble. While Ghosh refused to go into detail of these discussions with KPMG, a recent report from Grand View Research, Inc., the air quality market size is expected to reach $6.5 billion by 2025. The report also notes the use of wireless communication networks for IoT-based air quality monitoring systems is likely to be the future. Ghosh pointed out that as more data from IoT-based devices is collected around air quality, there is growing evidence behind carbon offset, which is a reduction in emissions of carbon dioxide or other greenhouse gases

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While this may be, Ghosh explained that accounting standards powered by blockchain-based protocols are being applied to enable climate management to ensure carbon offset. IoT-enabled devices provide regions with solutions to limit emissions. A network of stationary sensors can provide a source of historical data about air or water pollution. Point source monitoring of water resources demonstrates where IoT sensors can be installed in particular locations to monitor sewage outfalls or storm drains over time. 

Ghosh notes that blockchain platforms offering smart contracts will soon control IoT networks to ensure that operations run smoothly. In addition, blockchain-based storage platforms can be used to securely store data recorded by IoT devices. Ghosh said:

“There is a lot of momentum around accounting standards of carbon monoxide that requires trusted data coming from IoT enabled devices. We are hearing more conversations around data and carbon offset programs and how we can merge these programs into developing better accounting standards through blockchain and IoT devices.”

Ghosh also noted that blockchain’s application in climate management will be discussed in Switzerland this month during the World Economic Forum, also known as Davos 2020. The World Economic Forum has been funding certified offsetting projects around the world since 2017. This year, the World Economic Forum has noted that blockchain will have an opportunity to create social impact. According to a blog post from the World Economic Forum, an increase in hybrid blockchain models will be discussed at the event:

“This year, we expect to see increased experimentation with hybrid blockchain models, both in the financial sector (for example, decentralized finance or DeFi and “synthetic” CBDCs) and the public sector (increased use of smart contracts). These are a great way to increase comfort with the technology.”

This in mind, Ghosh noted that conversations with KPMG partners had indicated that blockchain and IoT in climate management will be discussed at Davos this month. He said:

“I hope to see these conversations happening at Davos this year. We’ve had many conversations with institutions and KPMG partners indicating there will be signs of how blockchain will enable effective climate management.”

Blockchain News

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. 

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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.

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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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MoneyGram Discloses Real-Time Remittance Tech, Based on Visa not Ripple

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Remittances giant MoneyGram announced a new service allowing real-time money sending, but the solutions of its blockchain partner Ripple are not involved. MoneyGram recently announced FastSend, a new service that allows its customers to send money in real-time to a phone number via a dedicated website or mobile application.

Kamila Chytil, MoneyGram Chief Operating Officer explained that FastSend uses Visa’s Direct Original Credit Transaction to deliver funds to bank accounts through a Debit card deposit. While DLT is not involved, the dedicated website and app make use of an open-source cloud-based microservices. Chytil also pointed out that while Ripple is not involved in this service, the firm uses blockchain-based extensively in other areas:

“Today, MoneyGram is utilizing Ripple’s On Demand Liquidity product which allows MoneyGram to trade FX at a corporate level using XRP. It’s a back-end treasury function that’s not consumer facing. The technology is helping to solve the most expensive and time consuming aspect of the current process by reducing the amount of money the company needs to park around the world, which will eventually reduce working capital needs.”

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Furthermore, Chytil said that MoneyGram is also evaluating other use cases “where blockchain could help solve data privacy and regulatory obligations through distributed ledger technology.” Overall, she spoke highly of DLT and cryptocurrencies, noting that the firm believes blockchain to be the future of global cross-border payments and money transfers. Chytil also praised the cryptocurrency market for being always active — unlike traditional markets — and the ability of crypto assets to shorten the delivery times of the currency. Lastly, she said that MoneyGram is looking at multiple use cases to maximize the use of Ripple’s tools and is integrating with the latest version of Ripple’s service suite to offer cash-out service to all network members. Ripple is seeing increasing adoption among financial institutions as a provider of DLT services.

This month, Bangladesh-based Bank Asia — which holds over $3.4 billion of assets — has joined Ripple’s RippleNet blockchain-based financial services network. Ripple’s crypto-asset XRP, also recently hit a 7-month high of $0.33. Still, over the last 25 hours to press time the cryptocurrency later lost about 7.82% of its value.

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