Blockchain Report — 11/16/2018

Summary: Moscow State Gallery Is Uploading Paintings On The Blockchain; Bitcoin Cash Price Is Faltering Over Hard Fork, Says Brian Kelly; Malaysian Banking Group Partners With Ripple

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Moscow State Gallery Is Uploading Paintings On The Blockchain

According to U.Today, the Moscow State Gallery has announced that it is teaming up with the RDI.Digital platform in an effort to launch a blockchain project known as My Tretyakov. Famous Russian paintings, such as Serov’s Girl with Peaches and Malevich’s Black Square, will be put on the blockchain.

Ultimately, however, the aim is to allow anybody to put the museum’s exhibits into a digital format on the blockchain. An organization or person that provides the funds for digitizing artworks will be considered a “Patron” by the art gallery. Patrons and artworks will be connected randomly.

Creators of the project hope that the new digitized artworks will become the foundation of the development of an AI system that can take into account an art gallery customer’s preferences and tastes in artwork.

Bitcoin Cash Price Is Faltering Over Hard Fork, Says Brian Kelly

According to CNBC, the founder and CEO of BKCM Brian Kelly explained why he believes the price of Bitcoin Cash has dropped within the past few days. Kelly stated that Bitcoin Cash is currently engaged in a “cryptocurrency civil war”, with no clear winner.

Kelly is referring to Bitcoin Cash’s hard fork, which is a sort of upgrade on the underlying protocol that runs Bitcoin Cash. Usually, everybody agrees to a software upgrade on an underlying protocol or software. In the case with Bitcoin Cash, however, not everybody thinks an upgrade is the best way to do things. That has created some uncertainty in the market, with some traders concerned that the hard fork cause more confusion.

Kelly believes that the price is only falling for the “very short-term”, and he actually views the price dip as a buying opportunity. “We did some buying at my fund today,” Kelly said. He also warned, though, that newcomers who don’t know what a hard fork is should stay away from the market until things cool down.

Malaysian Banking Group Partners With Ripple

According to Coindesk, the Malaysian banking group CIMB decided to partner with Ripple. CIMB will use Ripple’s blockchain payment network, RippleNet, in an effort to enable faster cross-border payments.

Ripple stated that the partnership will solve the need for “speedy and cost-efficient international payments” between ASEAN (Association of Southeast Asian Nations) regions.

Brad Garlinhouse, Ripple’s CEO, said:

“We’re seeing banks and financial institutions from across the world lean into blockchain solutions because it enables a more transparent, quicker and lower cost payments experience.”

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