Blockchain Report — 11/7/2018

Summary: Thailand Will Use Blockchain To Fight Against Tax Evasion; Cryptocurrency Wallet Announces $125 Million Airdrop Of Stellar; Ethereum Price Rises As It Receives Massive Bank Approval And Proof-Of-Stake Is Closer

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Thailand Will Use Blockchain To Fight Against Tax Evasion

According to CCN, Thailand’s tax collection agency will start using blockchain technology in an effort to fight against tax evasion. The director-general of the Thailand Revenue Department said that the Thailand government will use blockchain technology to verify if owed taxes were paid in correct amounts. Furthermore, blockchain technology will help with decreasing the time required for tax refunds.

The director-general has made using blockchain technology and machine learning a priority when it comes to collecting taxes. This might not come as a surprise to some, considering that the Thailand Institute of Justice recently stated that blockchain technology could be used to increase transparency and reduce the possibility of corruption.

Torplus Yomnak, a researcher who studies corruption, stated that blockchain technology could also be used to promote good governance in both the public and private sector. For example, civil servants in Thailand have to declare what assets they own. Blockchain would make this process more trusted and transparent.

Furthermore, Thailand’s Ministry of Commerce is implementing several blockchain feasibility studies that would discover the technology’s potential uses for intellectual property registration and trade finance.

Cryptocurrency Wallet Announces $125 Million Airdrop Of Stellar

According to Fortune, the cryptocurrency wallet “Blockchain” (not to be confused with the technology) has announced that it will have an airdrop for the cryptocurrency Stellar. The airdrop will be the largest of its kind — each person involved in the airdrop will get $25 of Stellar and distribute in total $125 million.

Blockchain CEO Peter Smith said that he is working with Stellar because he believes that it is a superior blockchain that is capable of making a massive amount of transactions in a short amount of time. Smith also said that Blockchain is not paying anything to do the airdrop, and that Stellar is simply using the Blockchain wallet as a way to perform the airdrop.

The airdrop will take place over the course of the next few months. How much Stellar each person receives is dependent on some geographical factors. Jed McCaleb, the founder of Stellar, said:

“We believe that airdrops are central to creating a more inclusive digital economy. Giving away lumens [XLM] for free is an invitation to communities to design the services they need. Our hope is to eventually have global citizens own and use lumens, in both developing and developed economies. By working with Blockchain to increase the availability and active use of lumens on the network, leveraging their almost 30m wallets, we will increase the network’s utility by many orders of magnitude.”

Ethereum Price Rises As It Receives Massive Bank Approval And Proof-Of-Stake Is Closer

According to Forbes, the price of Ethereum rose considerably after Ethereum founder Vitalik Buterin said that switching to “proof-of-stake” is not as far as one might think. The rise in price could also be in part as a result of JP Morgan Chase announcing that it has created an enterprise version of Ethereum.

At a conference in Prague, Buterin explained the path to Ethereum 2.0 which he refers to as “Serenity”. Serenity is an attempt to solve the scalability issues that Ethereum has been consistently plagued with. At the moment, Ethereum can only handle about 15 transactions per second which isn’t nearly enough if Ethereum is to be adopted globally.

Ethereum currently uses proof-of-work which can use a considerable amount of electricity. Proof-of stake can massively reduce the total electricity used. Although promising that the update was soon, Buterin would not give specifics at the conference of when the update will occur:

“Launch is basically the milestone that we’ve all been waiting for, that we’ve been working toward for the last four to five years, and a milestone which is really no longer so far away”

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