Malta Passes Blockchain Bills to Establish Framework for Blockchain Technology

Malta Passes Blockchain Bills to Establish Framework for Blockchain Technology  Malta’s Parliament passed three bills today in order to establish a regulatory framework for blockchain technology as reported by local news outlet Malta today on July 4.  The junior minister for financial services, Silvio Schembri, stated that the island nation is a pioneer in providing legal framework or future blockchain companies. This is the first world jurisdiction to provide legal certainty within this space. The move taken by Malta’s Parliament would put investor minds at ease as companies now have the necessary legal tools to operate in a regulated environment. The government now offers a stable system which will result in further economic growth for blockchain companies. Numerous blockchain and cryptocurrency businesses have already moved to Malta, as the country has taken many regulatory steps become the “blockchain island”.  Many cryptocurrency exchanges, including Binance, BitBay, and OKex have set up operations in Malta due to their blockchain development and cryptocurrency friendly space. The Malta gaming authority also issued a document of guidelines on blockchain and cryptocurrency applications within the gaming industry. The goal of the group is to apply standards to games that use cryptocurrency in blockchain technology. The government of Malta announced that they would soon be developing a project in which the use of blockchain technology would be used for recording academic certificates and diplomas.

Malta’s Parliament passed three bills today in order to establish a regulatory framework for blockchain technology as reported by local news outlet Malta today on July 4.

The junior minister for financial services, Silvio Schembri, stated that the island nation is a pioneer in providing legal framework or future blockchain companies. This is the first world jurisdiction to provide legal certainty within this space.

The move taken by Malta’s Parliament would put investor minds at ease as companies now have the necessary legal tools to operate in a regulated environment. The government now offers a stable system which will result in further economic growth for blockchain companies.

Numerous blockchain and cryptocurrency businesses have already moved to Malta, as the country has taken many regulatory steps become the “blockchain island”.  Many cryptocurrency exchanges, including Binance, BitBay, and OKex have set up operations in Malta due to their blockchain development and cryptocurrency friendly space.

The Malta gaming authority also issued a document of guidelines on blockchain and cryptocurrency applications within the gaming industry. The goal of the group is to apply standards to games that use cryptocurrency in blockchain technology.

The government of Malta announced that they would soon be developing a project in which the use of blockchain technology would be used for recording academic certificates and diplomas.

Facebook Exploring Applications for Blockchain Technology

Facebook Exploring Applications for Blockchain Technology

The head of Facebook’s messaging app, David Marcus, announced today that the social media giant will be exploring uses for blockchain technology in the foreseeable future. This reported on CNBC on May 8.

Marcus has been in charge of the Facebook Messenger app for almost 4 years. He also joined Coinbase as a board member back in December 2017.

The executive posted on his personal Facebook page… “I’m setting up a small group to explore how to best leverage blockchain across Facebook, starting from scratch”.

Back in January, Mark Zuckerberg stated that he would be looking into cryptocurrency as a way to explore the potential of empowering individuals. He commented that the decentralized systems like cryptocurrencies could help remove power from centralized banks and place freedom in the hands of the people.

In January, Facebook announced that they would be banning all ads that are relevant to cryptocurrency and ICO’s (initial coin offerings). The ban was a surprise to many as Zuckerberg had just announced his interest in cryptocurrency.

Due to the recent Senate hearing over Facebook’s privacy issues, blockchain technology would be a welcome technology for this company considering this current “social matter”.

NASA Awarded Grant to Support Autonomous Spacecraft Using Blockchain Technology

NASA Awarded Grant to Support Autonomous Spacecraft Using Blockchain Technology

NASA has been awarded a grant that supports the development of an autonomous spacecraft that will utilize blockchain technology in order to make decisions without human intervention. This reported by Space.com on April 18.

The assistant professor of electrical and computer engineering, Jin Wei Kocsis, received a $330,000 NASA grant support her research. The program will take a closer look into the Ethereum based blockchain technology regarding the development of a secure computing system to be utilized in deep space.

Kocsis states…

“In this project, the Ethereum Blockchain technology will be exploited to develop a decentralized, secure, and cognitive networking and computing infrastructure for deep space exploration… I hope to develop technology that can recognize environmental threats and avoid them, as well as complete a number of tasks automatically. I am honored that NASA recognized my work, and I am excited to continue challenging technology’s ability to think and do on its own.”

The NASA spacecraft will reportedly use smart contract technology in order to “think for itself”. This will enable it to automatically detect and dodge debris in a timely and efficient manner.

Kocsis is hoping that this technology will allow the spacecraft to complete more tasks, give scientists more time for analysis, and provide more data so that operators would no longer be occupied with environmental threats to the craft.

A timeline wasn’t disclosed for when this technology would be sent into space. The advanced communications program manager, Thomas Kacpura, stated that this is the first time the center considered blockchain applications regarding navigation and space communications.

Unitedhealth Group, The US Healthcare Giant Plans To Utilize Blockchain Technology For Medical Records

Unitedhealth Group, The US Healthcare Giant Plans To Utilize Blockchain Technology For Medical Records

UnitedHealth Group, the US healthcare giant plans to utilize blockchain to keep their records up to date claims BusinessWire on April 2.

Optum subsidiary is going to be working with several other industry specialists to address US medical directories of over 50%, containing incorrect information according to the US government.

The medical industry estimates that 2.1 billion is spent annually on chasing healthcare providers data.

There are often mismatched records provided by claims compared to the actual records stored by healthcare providers. Blockchain ledger will be able to resolve this issue and avoid these inconsistencies.

“The pilot will examine how sharing data across health care organizations on blockchain technology can improve data accuracy, streamline administration and improve access to care.”

This marks a major step forward in blockchain within the US healthcare sector. UnitedHealth is the sixth ranked healthcare provider within the country exceeding over $200 billion in 2017.

An increasing array of startups are tackling various obstacles within healthcare and other businesses utilizing blockchain technology worldwide.

Audi Testing Blockchain Technology for It’s Financial & Physical Distribution

Audi, the German-based car manufacturer, is currently testing blockchain technology for both its physical and financial distribution processing. With this new solution, Audi ‘s goal is to increase the security and transparency of its international supply chains.

Audi released its POC (Proof of Concept) system last year after testing the technology on IBM’s Hyperledger Fabric. Audi’s management team decided to advance the project beyond POC due to its overwhelming positive feedback.

Audi’s research teams are currently exploring international logistic processes, including financial settlements with regard to the blockchain technology. They’re also looking to utilize the blockchain to improve safety of data transfers, effectiveness of supply chains, local energy grid management, and the management of digital entities.

Alexander Dietmeier, Head of Group Treasury at Audi AD, stated that blockchain has a potential to change various operating principles. He also stressed that he believes it’s likely the alley will be offering cryptocurrencies as a payment method in the near future.

BMW, Mercedes, and Porsche have also recently hit the headlines with announcements of their own experiments with blockchain technology.

Mercedes Benz, is issuing its own cryptocurrency called MobiCoin to reward drivers for environmentally cautious driving. Porsche is also exploring blockchain applications in its vehicles.

BMW is also planning to expand its portfolio by partnering with a blockchain startup in developing a system for ethical sourcing of cobalt for its future products.

United States Postal Service Files Patent To Use Blockchain Technology For User Identity Verification

United States Postal Service Files Patent To Use Blockchain Technology For User Identity Verification

United States Postal Service (USPS) filed a patent last September for a system with public and private keys as well as a blockchain component for authenticating customer and user information. This patent was filed yesterday, March 22, by the US Patent And Trademark Office.

The patent states…

“As more of life’s daily interactions move to online activities, it is apparent that a tool that provides trust to our customers are lacking in the ability to adequately provide a desired level of security. Tools that have evolved from physical interactions, like face-to-face communication, and the ability to “go there” to resolve issues, are not possible in a digital environment.”

Back in May 2016 USPS released a report titled “Blockchain Technology: Possibilities for the U.S. Postal Service” which researched how blockchain technology could be utilized by the United States Postal Service for future innovations, once the technology had become more developed.

Other companies like Lenovo (a Chinese computer corporation) and PayPal have also filed patents in the US for blockchain technology related applications. One things for sure, blockchain technology is here to stay and is being considered as a crucial part of future development for many corporations within the tech industry.

Bank of America Files Blockchain Patent for Data Validation

Bank of America Reveals Blockchain Patent for External Data Validation
 

Bank of America (BoA) has filed a patent for a blockchain-based system allowing the external validation of data, according to a United States Patent and Trademark Office (USPTO) patent filing released July 17.

BoA’s patent filing proposes using blockchain for tracking resource information and confirming resource transfers, noting that

“A need currently exists for providing a more accurate indication of a user’s financial standing by allowing external validation of data in a process data network.”

The patent describes how the system would record information on the blockchain based on “aggregated information associated with past transfer of resources executed by an entity,” and would update the information on the blockchain with each new transaction activity.

In April, the USPTO had published another patent from BoA for a blockchain-based storage system. According to Fortune, BoA currently has 45 live patents related to blockchain pending, with the bank’s CTO noting that the amassing of patents allows the bank to be “prepared.”

At the same time, the BoA has become infamous for its distaste for cryptocurrency, in May calling Bitcoin (BTC) “troubling” while upholding a previous decision to ban its customers from purchasing crypto using credit cards.

Despite its apparent foresight in the blockchain sphere, BoA is not without its competitors, Mastercard this week unveiling a patent of its own allowing transactions of what it calls “blockchain currencies.”

Boeing to Use Blockchain Tech to Track Unmanned Air Vehicles for Future Flight IndustryBoeing Will Use Blockchain Tech to Track Unmanned Air Vehicles for Future Flight Industry

Boeing, the the world’s biggest aviation company, recently announced their intention to tap into blockchain technology by utilizing it for their future unmanned airplanes used for the transport of cargo as well as future commercial air travel.

Boeing is partnering with SparkCognition, who develops artificial intelligence and is capable of developing a decentralized platform able to track unmanned airplanes in flight and allocate traffic and routes to ensure secure transportation. This announced on Tuesday, July 17.

This partnership will make use of blockchain technology in order to monitor Boeing’s next-generation airplanes which will deploy within numerous commercial applications and include remote package delivery as well as commercial air travel. They also intend to use blockchain for their future services similar to that of the uberAIR, which is in the early stages of planning.

In preparation for the future, Boeing and their new subsidiary, SparkCognition, plan to focus on advancing aeronautic flight and next-generation travel.

For example, Boeing NeXt is including the company’s first hypersonic passenger flights concept alongside its electrical vehicle takeoff and landing vehicles for on-demand cargo transport in future urban air travel.

SparkCognition founder, Amir Husain, recently stated “the urban aerial mobility opportunity will lead to the creation of the largest market in our lifetime, estimated by some analysts at over $3 trillion”.

South Korean Officials To Develop New Cryptocurrency Exchange & Blockchain Regulations

South Korean Officials To Develop New Cryptocurrency Exchange & Blockchain Regulations

The Korea Times reported today that South Korean regulators are finalizing drafts of bills intended to develop a set of rules on cryptocurrencies, blockchain technology, and initial coin offerings (ICO’s).

South Korea lawmakers will introduce the draft as an extraordinary session of national assembly which is going to Take Pl., July 13th through 26. According to Korea times, representative Song Hee-Kyung, of the Liberty Party Korea is calling for regulations on crypto trading platforms in order to prevent money laundering, personal data leaks, and cyber crimes.

South Korean officials are reportedly planning to present new regulatory bills on the legal status of digital currencies and the legal requirements for cryptocurrency exchanges. Many officials are calling for more security measures for cryptocurrency exchanges with regard to the recent string of crypto hacks.

As of recent, South Korean regulators have been gradually changing their stance towards cryptocurrency. Last month, the government announced that they plan to reverse the ICO ban which they initially enacted back in September of 2017.

The South Korean Ministry of Science And Technology also strengthened their cooperation with the US in order to advance the “Fourth Industrial Revolution” powered by blockchain technology.

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