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How Government Organizations Can Set the pace for Blockchain Technology Adoption

Alltypesoforganizationsstandtogainnewbenefitsfromblockchaintechnology,butgovernmentsareuniquelypositionedto_disibledevent="https://www.cryptocoinsnews.com/tag/estonia/">Estonia’sgovernmentjumpstarteditsrevolutionwithidentity-basedblockchainservices.Citizensfromanycountrycanseekagovernment-issueddigitalidentitysecuredonblockchains. About10,000Estonia“e-Residents”utilizedigitalidentity-basedservicesthattheirowncountriesdon’toffer.Suchtransnationalblockchainservicescanprovideabasisforcompetitionamongcountriesseekingtoboosttheireconomywithgreaterinclusion.Blockchainscouldunleashopengovernment.Governmentcouldbecomeatrustedpartnerandreinventprocessestoenablemorecollaborationamongagenciesandwithcitizens. Blockchainscanofferaconsistentandtransparentviewofactivities,informationanddecisions,fuelingtheinnovationsingovernmentservices.Theseinclude:•Co-createdservices:Disparate,top-downservicedeliveryprocessesreplacedbyaprocessthatempowersgovernmentandcitizenstoco-createtheservicescitizenswant.•Integratedservices:Centralizedsystemscanbereplacedbyasingledatabaseprovidingasecureandimmutableversionofthetruth.•Self-governedservices:Self-regulatedservicedeliverysystemscouldreplacecentralizedgovernmentcontrolanddisparatesiloes. Governmententitiescanbenefitnotonlyfromthetrustpromisedbyblockchains;theycancreateitforthebenefitofall.Thereportposesthefollowingthreequestionsforgovernmentorganizationstoaskthemselves:Howfastshouldwemove?Howcanwescaleacrossnetworks?Howcanweenablenewservicedeliverymodels?

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Technology Startup JAAK Introduces Blockchain For Entertainment And Media Companies

ALondon-basedstartupcalledJAAKhasdevelopedablockchainfortheentertainmentandmediacompaniestocapture,storeandverifymetadausingbothEthereumandSwarm,accordingtoAJournalofMusicalThings. Swarmdeliverssharedequitywithblockchaintechnologyforthesharingeconomy,accordingtoAngelList,asitewhichhelpsentrepreneursandinvestorsconnect. PartnersVaughnMcKenzieandhispartnersFreddieTibblesandViktorTronintroducedJAAKattherecentEuropeanEthereumDevelopmentConferenceinParis. LinkingMediaToMetadata JAAK,accordingtoitsAngelListlisting,linksmediatometadataasittravelsthroughthesupplychaintotheconsumer.Theinnovationisdesignedtoreducecomplexityandinefficiencyinthesupplychain,allowingafrictionless,real-timetransferofpaymentsandusagedataamongmediacompaniesandcreators. JAAK’steamhasrecognizedadiversityofrevenuestreamsassociatedwithorganizationsinvolvedincapturing,managingandusingdigitalrightsandusagemetadata. Discrepanciesintheaccuracy,completenessandmanagementofsuchinformationcanresultinseveredifficulty,if_disibledevent="https://www.cryptocoinsnews.com/tag/imogen-heap/">ImogenHeap isoneofthemostvisiblemusicianssupportingblockchaintechnology.InaninterviewwithRealBusinessthispastOctober,Heapsaidblockchainisenablingarethinkofthecorestructureofhowmonetarydistributionworksinthemusicindustryandseesthetechnologyastheidealplatformwhereimportantinformationabouthersongcanbestored. TatianaMoroz,asinger-songwriterandabitcoinenthusiast,recentlyannouncedanewbetalaunchofTatianacoin,atokencreatedonthebitcoinblockchain.Tatianacoinisdesignedtobringmusiciansandfansclosertogetherthroughblockchaintechnology.  

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Korean Central Bank To Deploy R3’s Blockchain Proof Of Concept

TheBankofKoreaplanstoexecutetheR3consortiumproof-of-conceptblockchaintechnologyproject.KimJung-hyuk,headofthee-financeplanningteamforthebank’sfinancialsupervisoryservice,announcedtheprojectattheDigitalMoney2017conference,accordingtoEconoTimes. TheR3consortiumisaworkinggroupofmorethan70oftheworld’smajorbankingandfinancialinstitutions. ScheduleToBeAnnounced “Werecentlydecidedtoproceedwiththeproof-of-conceptwithR3Consortium,andoncethefinaldecisionismadeinternally,thespecificscopeandscheduleoftheprojectwillbeannounced,”Jung-hyuksaid.“Asacentralbank,wewerelookingatdifferentwaystoutilizetheblockchaintechnology.” Thebankcreatedataskforceteamtooverseeissuingdigitalcurrency.Thetaskforcewillexaminetheeffectofdigitalcurrencyonthebank’smonetarypolicyanditsfinancialstability. Aseparateteamwillexplorewaystoissue,circulateandregulatedigitalcurrencytrading,Kimsaid.Hesaidthebankplanstoorganizeaworkinggrouponotherissuesincludinginvasionofprivacy. KoreaInvestsInBlockchain SouthKorea’sFinancialServicesCommission(FSC)–thecountry’sprimaryfinancialregulatoryandauthority–previouslyrevealeditsplantolaunchablockchain-poweredpilotprojectforfinancialservices. ThatannouncementcamejustoveramonthaftertheformationofSouthKorea’sfirstblockchainconsortium.Agroupof21financialinvestmentcompaniesandfiveblockchaintechnologyfirmssignedamemorandum-of-understandingtodevelopdistributedledgersolutionsasathinktankfortheKoreancapitalmarket. Thegovernment-civilianconsortiumhasbeenspearheadedbyauthoritiesliketheFSCandtheKoreaFinancialInvestmentAssociation. Thebankrecentlyreportedthatitsees_disibledevent="https://www.cryptocoinsnews.com/bank-korea-fintech-companies-will-reshape-financial-industry/">BankofKorea:fintechcompanieswillreshapefinancialindustry FintechMovesAhead ThereportnotedanumberofglobaltechnologycompanieshaveenteredtheKoreanfinancialmarkettointroducedigitalbankingproducts,pushingadoptionoffinancialtechnologies. Thereportparticularlypointedtoblockchaintechnologyandartificialintelligenceastwoinnovationsthathavealreadyseenimplementationinthemarket.

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Japan Megabank Mizuho Completes Digital Currency, Document Sharing Trial over a Blockchain

TheMizuhoFinancialGroup,oneofJapan’slargestfinancialservicescompaniesandamongthethreeJapanese‘megabanks’,hasannouncedthedevelopmentofanewblockchainapplicationaftercompletingtrialsofitscustomdigitalcurrencyandcross-borderdocumentsharing.Thepurposeofthetrailwastotestifabusinessprocess,builtonatraditionalcentralizedsystem,couldbedevisedtofunctioninadecentralizedsystematlowercosts. Japan’sMizuhofirstpartneredUS-basedITsolutionsproviderandconsultantCognizantthistimelastyearwiththeaimtobuildablockchainsolutionforsecurerecordkeepingofdocumentstobesharedbyvariousMizuhocompaniesandaffiliatesaroundtheworld. Inanannouncementyesterday,Mizuhoconfirmedthetrialsweresuccessful,statingthattheirtamper-proofblockchainsolutionprovedaneffectiveplatformtoshareinformationamongmultiplecompanieswithintheMizuhogroup.Thebenefitsoftheblockchain-basedapplicationpointedtocostsavingsandenhancedusability. ArepresentationofMizuho’sblockchainsystem.Credit:Mizuho. Anexcerptfromtheannouncementread: [The]applicationfocusedonenhancingcollaborationacrosstheMizuhogroupthroughfacilitatingdatasharing,aswellastheissueandtransferofdigitalcurrencybetweenMizuhosubsidiaries. Mizuho’scustomdigitalcurrencywasdevelopedinpartnershipwithtechnologygiantIBMlastyear.Thevalueofoneunitofthebank’sdigitalcurrencywasdevisedtobetheequivalentofasingleunitoftheJapaneseyentoreplicatethefiatcurrencyentirelyinadigitalform.InDecember,thedigitalcurrencywasputtoatrialinthesocialgatheringofagroupdinnerparty. Withitslatestblockchainsolution,Mizuhoconfirmedthesuccessfultrialofbothissuingandtransferringitsdigitalcurrencybetweenitsaffiliatesandsubsidiaries. Perhaps_disibledevent="https://www.cryptocoinsnews.com/mizhou-bank-announces-blockchain-trial-success-with-same-day-settlements/">same-daycross-bordersettlementsofsecuritiestransactions.  

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Tokyo Institute of Technology Forms Blockchain Collaborative with Hong Kong Fintech Firm

InputOutputHonkKong(IOHK),ablockchaindeveloper,andtheTokyoInstituteofTechnologyhaveteamedtocreateablockchaincollaborativewithintheTokyoTechSchoolofComputing. Thetwoinstitutionswillpromotejointresearchinblockchainrelatedtechnologies.IOHKresearcherswilljoinTokyoTech,whileprofessorsandgraduatestudentswilltackleindustrychallenges. Theinstitutionsrecognizethatcryptocurrenciescanrevolutionize_disibledevent="https://www.cryptocoinsnews.com/input-output-hong-kong-takes-stab-bitcoin-2-0/">InputOutputHongKongtakesitsstabat‘Bitcoin2.0’ ContinuingARelationship ThecreationoftheCollaborativeResearchChairisthecontinuationofa6-monthjointagreementbetweenthetwoparties. Thecollaborativeresearchchair,alongwithacenterattheUniversityofEdinburgh,Scotland,isthefirstinIOHK’sgrowingglobalnetworkoftechnologylaboratories. Thechairisspecificallydesignedto:1.Researchblockchain-relatedtechnologiesandrelatedareas2.Nurtureglobaltalentandexpertise3.Promotecollaborationamongresearchersworldwide Thechairwillconductresearchinfieldsrelatedtoblockchains,suchascomputerscience,distributedsystems,gametheory,programminglanguagesandcryptography.

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IBM Deploys 400 Blockchain Projects, But Perspectives Are Unclear

IBMPresidentandCEOGinniRomettybelievesBlockchaintechnologyisfarmoreimportantthanArtificialIntelligence(AI)andDeepLearning. AttheNASSCOMIndiaLeadershipForum(NILF)heldearlierthismonth,anannualeventwhereinbusinessesandindustryleaderscometogethertodiscussthepotentialoftransformativeanddisruptivetechnologies,RomettystatedthatBlockchaintechnologywilltransformthefinancialindustryastheInternetdidforinformation. RomettyfurtheremphasizedthatcognitionismuchmoreimportantandlargerthanAI,ascognitivetechnologiesliketheBlockchainenableindividualstoaugmentandevaluatedatawithinamoreefficientandpracticalecosystem. Essentially,RomettybelievesAIallowsindividualstomakebetterdecisionsandmachinelearninghelpsdecipherpatterns.However,BlockchainandtheIBMBlockchaintechnologyoffersmorethanthatshe_disibledevent="ltr">LookingbackatthefailedattemptsofR3CEVandotherconsortia,itseemsasifBlockchaintechnologyshouldn’tbethebasetechnologyIBMshouldbefocusingonconsideringthevisionthecompanyhasofprocessingmillionsofdatasets.IBMshouldattempttodiscovermorerealisticusecasesofBlockchaintechnologyiftheyintendtotakeittoanewcommerciallysuccessfullevel.    

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Sprint Explores Blockchain Technology For Communication Carriers

SprintCorporationhasteamedwithTBCASoft,Inc.andSoftBanktodevelopblockchaintechnologyfortelecommunicationcarriers. TBCASoft,basedinSunnyvale,Calif.,developsconsortium-basedblockchaintechnologyfortelecommunicationcarriers. SoftBankCorp.isasubsidiaryofSoftBankGroupCorp.thatprovidesInternetconnectionservices,mobilecommunicationandfixed-linecommunicationtocustomersinJapan. Cross-CarrierPlatform Thethreecompanieswillpromoteresearchanddevelopmenttobuildacross-carrierblockchainplatformforavarietyofservices,includingIoTapplications,securedclearingandsettlement,personalauthenticationandotherservicestelecommunicationcarriersprovide. InJune2017,thecompanieswillbeginatechnicaltrialtoconnectTBCASoft’sblockchainplatformtotelecommunicationcarriers’systems.Thepartieswillcollaborateonissuesrelatedtotechnology,businessandregulationsofdifferentjurisdictions. Sprintdevelopedthefirstwireless4GservicefromanationalcarrierintheUnitedStates. TelecomInvestsInBlockchain ArecentDeloittesurveyfoundblockchaintechnologyisbeingadoptedacrossindustries,includingtelecommunications,consumerproducts,manufacturing,technologyandmedia. Intechnology,mediaandtelecom,27%ofexecutivessaidtheircompanieswillinvest$5millionormorenextcalendaryear.Twenty-threepercentofrespondingfinancialservicesreportsuchinvestmentsplannedfor2017. Thus,telecom,technologyandmediaindustriesarepossiblythemostaggressiveinvestorsinblockchaintechnology,accordingtothesurvey.Thirtypercentofrespondentsinthoseindustriessaytheircompaniesaredonewithblockchainresearchanddevelopmentandhavemovedontoproduction. Alsoread:Tech,media&telecommoreaggressiveblockchaininvestorsthanfinancialservices TelecomsHaveMuchToGain Blockchainsmaybeabledeliverabroadvarietyofapplicationsacrossthetelecomindustry,accordingtoareportbyDeloitteandtheBlockchainInstitute.Thereportnotedthetechnologyhasthepotentialtosignificantlyimpactcommunicationservicesprovides’(CSPs)operatingmodels. TheimpactdependsonhowactivelytheadoptionofusecasesisdrivenbyCSPs.CompaniessuchasOrangeandVerizon,amongstothers,haveinvestedinstartupsintheblockchainareatoexploresynergiesandpotentialusecases.Moreplayersareresearchingusecasesin-house.  

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World Government Not Ready For Blockchain: Deloitte Report

ThelatestreportbyaccountsgiantDeloittesuggestsworldgovernmentsareunderpreparedfordisruptivetechnologiesincludingBlockchain. In“TechTrends2017:ThekineticenterpriseAgovernmentperspective,”thefirmgivesanoverviewofsevenemergingtechnologies,ratingtheirrelevancetogovernmentandgovernment's’“readiness”toembracethem. Outofalltechnologies,governmentalorganizationsareleastreadytoacceptBlockchain,Deloittefinds,scoringthemjustoneoutoffive. “Keepup.Evenifyouare_disibledevent="_blank">saidthatBlockchainprinciplescould“benefit”fromhavinggloballyacceptedauditingstandardsincorporatedinthem.

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Bank of Canada: Digital Currencies Need Regulation to Grow

ResearchersfromtheBankofCanadamaintainthatdigitalcurrenciessuchasbitcoinneedgovernmentinterventionforittoflourishlong-term. Thereport,CanadianBank_disibledevent="https://www.cryptocoinsnews.com/canada-cadcoin-experiment-bitcoin-dismissed/">currenciesplayasignificantroleinfinancialstabilityandfunctionasa‘transmissionmechanismformonetarypolicy.’ InheropinionthedigitalcurrencybitcoinisviewedmoreofacommodityratherthanamoneyitselfdespitethefactthatthiswasthecurrencythatprovidedthebuildingblocksfortheBankofCanadatodevelopitsCAD-Coin. GovernmentRegulation Thewholepointofbitcoin’sexistenceandthefactthatitremainsthemostpopulardigitalcurrencyisdowntothefactthatit’sanunregulatedanddecentralizedcurrency. ThefactthattheBankofCanadabelievethatthecurrencyneedsgovernmentregulationforittoflourishinthelong-termisunlikelytogodownwellwiththegeneralpopulace,andisunlikelytohappenanytimesoon. Notonlythat,butgiventhatabank-issueddigitalcurrencysuchastheCAD-Coinisunlikelytoforcebitcoinoutillustratestheimpactthecurrencyhasproducedinitsrelativelyshortlife-span. Asanalternativedigitalcurrencythatpeopleareusingtherearemanywhowouldsaythatit’smoremoneythancommodity.

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EU Parliament Report Explores Blockchain's 'Substantial Impact'

TheEUParliament'sin-houseresearchofficehaspublishedawide-rangingnewreportonblockchaintechnology. Aimedatprovidinganeducationalframework formembersoftheEU'slegislativebranch,thereportexploresusecasesincludingdigitalcurrency,patentprotection,e-votingandsmartcontracts. ResearchersworkingfortheEUParliamenthaveexploredaspectsofthetechinthepast.Forexample,athinktanksponsoredbytheParliamentanalyzedhowthetechnology'sabilitytosecuredatacouldensureelectiontransparencyinapaperpublishedinOctober. Thattopicandothersaretoucheduponinthenewresearchpaper,whichprojectsthatblockchaincouldsignificantlyimpactsociety. Theauthorswrite: "Althoughblockchainsare_disibledevent="_blank">otherpartsoftheworld havepursuedinthepast. Ultimately,thepaper'sauthorsfeelthetechcoulddeliverbenefitstoEUcitizens,evenifitprovestobeapplicableonlyincertaincases. "Whilethemostidealisticandrevolutionaryvisionsofblockchaindevelopmentwillprobablyremainnomorethanvisions,evenmoderateimplementationofblockchainmaystillpromotesomedegreeofredistributionandtransparency,"theauthorsstate.