MIT’s crypto and distributed ledger tech research group, the Digital Currency Initiative, recently explained that a central bank digital currency (CBDC) will eventually use some of the concepts and technology currently at play in the experimental crypto space.
“CBDC should not be a direct copy of existing cryptocurrencies with exactly the same design and features but there are things we can learn from their emergence — the usefulness of programmability in money and the importance of preserving user privacy,” the MIT group wrote in a lengthy report on Jan. 22.
Pointing to the intersection of technology and finance, the MIT group noted that digital value transfer innovation has lagged behind the world’s rapidly growing desire for computerized payment solutions, as partially seen in the e-commerce sector. The crypto space came into existence out of such necessity, the group wrote, which has contained significant trial and error so far in its history, causing authorities to reevaluated money’s current state.
In the crypto space, much of the ecosystem allows contributions from virtually anyone, making it an open system of development and counterbalance to an extent, while also igniting levels of market competition, the MIT group explained. “The cryptocurrency ecosystem should be viewed as a laboratory where developers are inventing different technologies, monetary policies, governance strategies, and reward systems which are competing,” the group wrote, adding:
“The space is still in its infancy, but make no mistake — successful ideas from this area will eventually find their way into the more conservative world of fiat digital payments.”
The report lists several key takeaways from the crypto and distributed ledger industry so far, including decentralized blockchain consensus protocols, “Atomic cross chain transactions as an example of programmable money,” and blockchain-based privacy methods.
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.
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.”
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.
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.
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.
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.”
Blockchain News5 days ago
MoneyGram Discloses Real-Time Remittance Tech, Based on Visa not Ripple
Regulation News4 days ago
Russian Central Bank Says Crypto Transactions Are Linked With Money Laundering
Blockchain News4 days ago
One Million UEFA Tickets Set To Be Distributed Through Blockchain in 2020
Bitcoin News3 days ago
Bitcoin Annual Investment Flow Could Beat Visa Next Halving
Exchange news4 days ago
Bithumb Soon To Have Wall Street-Level Fintech Expertise Through New Partnership
Altcoin News4 days ago
TON Devs Worldwide Working Together To Intervene In SEC Case Against Telegram
Altcoin News1 day ago
Tron Community Angry Because Genesis Coins Used In Super Reps Vote
Bitcoin News2 days ago
Bitcoin Gold May Be Held Captive by Whale With Almost Half The Supply