Blockchain this Week
Crypto markets take a pasting as China crackdown continues… Your summary of the latest from the world of blockchain technology
Crypto markets take a pasting as China crackdown continues
Bitcoin fell to almost 50% of its all time high on Sunday as China announced further crackdowns on mining and trading. Ethereum and Dogecoin also saw steep price dips. Elon Musk’s comments continue to cause waves throughout the market, with his comments about preferring cryptocurrency over traditional fiat causing a small bounce over the weekend. Altcoins, which have often weathered the storm of market fluctuations well in the past, have been hit particularly hard, in a crash that has drawn comparisons to the last major dip in 2017/18.
EcoWatt issues green asset-backed store of value on a blockchain
The renewable energy company recently issued the EcoWatt token (ECW). This is a finite supply of tokens backed by physical renewable power assets (1 ECW = 1 watt of renewable energy). The aim is to make green assets available to the blockchain community and allow it to participate in the growth of renewable energy facilities by buying and staking the token. Buyers should earn revenue through increases in the value of the token as renewable energy output eventually outstrips fixed token quantity. The project has a target of saving 750,000 tons of CO2 emissions yearly for the foreseeable future.
Dubai launches purpose-built crypto hub
The DMCC (Dubai Multi Commodities Centre), a global free trade zone in Dubai, this week announced the launch of the DMCC Crypto Centre, an ecosystem for businesses operating in the cryptography and blockchain sectors. The Centre aims to attract many types and sizes of crypto businesses offering a variety of services. It will offer co-working spaces, and a range of incubator and accelerator programs, all within the DMCC’s district in the Jumeirah Lakes Towers area.
Commerzbank tests blockchain in corporate supply chains
The tests have seen payments between the bank and partner institutions checked, paid and booked in a fully automated fashion, through a programmed payment process which created digital euros to make the payments. Commerzbank’s blockchain platform generated a total and tamper-proof depiction of the business processes needed with a particular supply chain, automating payments, validating digital contracts, and processing payments. Commerzbank has also explored using blockchain technology to process machine-to-machine payments, or to make market securities transactions safer and more efficient.
