CryptoSoc UNSW News: Week 7!

Written by Thalia Piperaris & Rao Zoraiz Mahmood| CryptoSoc UNSW |03.09.2018

UCBS News
UCBS News
Sep 3, 2018 · 3 min read

Blockchain and Cryptocurrency News

Bitcoin Annual Transaction value surpasses PayPal

The world’s top cryptocurrency by market capitalization, Bitcoin, currently sees a lot more in annual transacted value than PayPal and is second only to Visa. Bitcoin’s transaction value reaches 1.3 trillion USD compared to PayPal’s 1 trillion USD. Although still significantly behind Visa, Bitcoin has seen tremendous growth in transaction volume since 2013 (XBT).

Law firm partners with CSIRO and IBM to build a smart contracts platform

CSIRIO’s Data61, IBM and law firm Herbert Smith Freehills have formed a consortium to develop the Australian National Blockchain (ANB). The ANB will enable organisations to digitally manage the lifecycle of a contract. The platform aims to utilise smart contracts to automate business processes by intergrating smart clauses that will self-execute once pre-determined business processes are met. The consortium intends to invite banks, regulators and law firms to participate in the pilot before the ABN is brought to the market (Cointelegraph).

Taiwanese Hospital launches Blockchain platform to improve medical records

A Taiwanese Hospital has launched a healthcare Blockchain platform that will be used to improve patient referral services and allow individuals to access their medical records. Smart contracts will be used to allow the secure transfer of data between medical institutions and personal patient portals (CCN).

Samsung SDS unveils Blockchain Certification Tool for Banks

Samsung’s IT arm has developed Banksign, a Blockchain based certification tool for banks. BankSign aims to simplify certification processes by requiring certification from only one bank. Banksign was developed in collaboration with the Korean Federation of Banks and is said to make interactions between different banking mobile systems ‘seamless’ (CoinDesk)

Iran to remove Crypto ban by end-September

Iran’s ban on cryptocurrency, enforced since April, is likely to be reversed soon and to be replaced with a regulatory framework (cryptovest). Prohibition was previously in place to prevent money laundering; however, it only had a temporary effect as crypto exchanges soon resumed operations. Iran plans to implement rules rather than a complete ban to moderate the crypto space.

China’s largest state-owned insurance firm partners with VeChain

People’s Insurance Company of China (PICC) has partnered with VeChain to bring digital transformation to the insurance agency. PICC believes that blockchain technology can bring about digital transformation, resulting in reduced turnaround times, premiums, prevent fraud and improve claim experience. Furthermore, the insurance company believes “instant compensation” for companies will produce a much more profitable business model (asiainsurancereview).


DISCLAIMER:

This article provides information of a general nature. You are not authorised to rely on this article or any other article published by CryptoSoc UNSW for legal advice, business advice, or advice of any other kind. The authors at the time of writing hold various cryptocurrencies including those discussed herein. In no way are the authors, CryptoSoc UNSW or any of its affiliates responsible for any actions or investment decisions made by you in reliance upon this article, or any other article published by the authors or CryptoSoc UNSW.

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    UNSW Cryptocurrency and Blockchain Society — News Articles

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