Blockchain Report — 9/5/2018
Summary: British Maritime Society Creates Blockchain Tool To Register Ships; IBM Reveals Stellar-Based Blockchain Payment Network; MyCrypto Raises $4 Million To Build “Consumer-Friendly Gateway” To Cryptocurrency
British Maritime Society Creates Blockchain Tool To Register Ships

According to Coindesk, British maritime classification society Lloyd’s Register was able to develop a proof of concept for a blockchain platform. The goal of the blockchain platform is to enable more efficient shipping registration. This is not the first time Lloyd’s Register has used blockchain technology. The organization has already looked at using blockchain technology to improve the safety and security of critical shipping infrastructure and individuals.
Before blockchain technology, Lloyd’s uses its register to record information about a ship’s condition, which merchants and underwriters can then use when determining whether to insure or charter a vessel. The register was first created in 1764. Now the register is using blockchain technology, and the demo for the new register will be revealed at the international maritime trade fair SMM.
Gary Pogson, Lloyd’s Register lead technical specialist, said:
“We have taken a systems approach in undertaking this project, exploring customer needs to derive requirements. In looking at potential solutions, we’ve been careful to ask whether blockchain is a valid component of a solution. In our view, applied carefully as part of a well-designed system, it is uniquely disposed to offer additional value and set a foundation for the maritime industry’s future needs.”
IBM Reveals Stellar-Based Blockchain Payment Network

According to Cointelegraph, IBM introduced its Blockchain World Wire (BWW) payment network out of beta mode this week. BWW uses digital currency on the Stellar blockchain to allow for international monetary settlements between banks in “near real-time.” A summary of the platform from IBM reads:
“The solution uses digital assets to settle transactions — serving as an agreed-upon store of value exchanged between parties — as well as integrating payment instruction messages…It all means funds can now be transferred at a fraction of the cost and time of traditional correspondent banking.”
This is not the first foray IBM has made into blockchain technology or cryptocurrency. In July, IBM partnered with Stronghold to create the Stellar network’s first stablecoin.
IBM’s vice president of global blockchain Jesse Lund said:
“We see this as a way of bringing financial settlement into the transactional business network that we have been building”
MyCrypto Raises $4 Million To Build “Consumer-Friendly Gateway” To Cryptocurrency
According to L.A. Biz, MyCrypto is aiming to build the first widely-adopted consumer friendly gateway for cryptocurrency users. Already the company has raised $4 million in a Series A led by Polychain Capital, a San Francisco-based cryptocurrency fund. MyCrypto offers an interface that simplifies the process of storing, sending and receiving digital assets for its users.
MyCrypto founder and CEO Taylor Monahan said:
“The cryptocurrency market is always changing and evolving, which can make navigating and understanding it difficult and overwhelming for both new and seasoned users…We’re dedicated to designing an experience that can further simplify how people can access and store cryptocurrency.”
Polychain founder and CEO Olaf Carlson-Wee said:
“We believe today one of the major bottlenecks to cryptocurrency adoption is the lack of an easy-to-use interface for average people…MyCrypto is led by hardcore cryptocurrency entrepreneurs and is well-positioned to onboard the next 100 million cryptocurrency users.”
Additional investors in MyCrypto’s latest round include Boost VC, ShapeShift, Mainframe founder and CEO Mick Hagen, Chance Du of Coefficient Ventures, and Ausum Ventures.
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