Blockchain Report — 8/27/2018

Summary: CNBC Gets Criticism For Upcoming Bitcoin Documentary; Japan’s Ministry Of Economy Announces Blockchain-Based Platform; Bank Of America Applies For Blockchain-Based Cryptocurrency Storage Patent

CNBC Gets Criticism For Upcoming Bitcoin Documentary

According to Ethereum World News, CNBC will soon be airing a documentary focused on Bitcoin. CNBC announced that it would release a documentary that would “explore the world of bitcoin”. In a press release, CNBC described the documentary:

This documentary is an eye-opening journey that proves to be as informative as it is entertaining and unexpected. Lee offers viewers a rare look inside the wild world of bitcoin, uncovering the unusual landscape and cast of characters surrounding it, and ultimately, allowing viewers to take their own side in the crypto craze.

Along with the press release, a 90-second trailer was released. Cryptocurrency enthusiasts, analysts, and investors quickly criticized and picked apart the trailer. For example, they criticized the use of the term “HODL” in the trailer. The trailer claims that HODL stands for “hold on for dear life”, when in reality HODL is not an acronym and was simply the result of a typo of “HOLD”.

They also criticized the trailer’s focus on “Crypto Kid”, an over-the-top person who sold all his possessions for cryptocurrency. Critics say that it would have been better to focus on more informative cryptocurrency enthusiasts, such as Andreas Antonopoulos and Nick Szabo.

Japan’s Ministry Of Economy Announces Blockchain-Based Platform

According to Coin Telegraph, Japan’s New Energy and Industrial Technology Development Organization (NEDO) is working on a blockchain-based data sharing system for the trade industry. The organization is operating under the Ministry of Economy, Trade and Industry (METI).

The system will be developed through a project called “Development of Infrastructures for Creating New Industrial Models Taking Advantage of IoT”. The infrastructure system will digitize and enhance the process of logistics data sharing between trade entities, such as shipping companies, brokerage operators, port authorities, banks and insurance companies.

The NEDO project is a joint venture with Japan’s NTT Data, one of the largest IT companies in the country. NEDO also plans to create a social implementation of the new infrastructure platform in 2019 in an effort to boost the global supply chain.

Bank Of America Applies For Blockchain-Based Cryptocurrency Storage Patent

According to Coin Telegraph, Bank of America has applied for a blockchain patent for the development of a secure cryptocurrency storage system. This is based on a patent document published by the U.S. Patent and Trademarks Office (USPTO) on August 23.

The patent is called “Block Chain Encryption Tags,” and it goes into detail about a system of recording and storing cryptocurrency-related transactions that are handled by enterprises. The system offers data security for blockchain networks by implementing encryption and linking data units to the blocks of a certain blockchain.

This is not the first time Bank of America has ventured in blockchain technology. Bank of America has filed nearly 50 blockchain-focused patents as of June 2018. This would make it the largest holder of blockchain-related patents among all companies globally.

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