The Most Important News in Blockchain Industry

Storiqa
Storiqa
Sep 5, 2018 · 4 min read

Recently we posted an article in which observed the situation with cryptocurrency adoption and now we would like to talk about blockchain adoption. Unfortunately, the theme of the application of blockchain technology fades because of a flood of news about the cryptocurrency and especially Bitcoin. We believe that this is dishonest and therefore decided to make a selection of the most important news in blockchain industry for the last month in order to keep you updated and probably to cheer you up after sad news about Bitcoin ETF rejection.

Technological giants continue to experience with Blockchain

IBM: “Node Characterization in Blockchain”

According to a patent document published by the U.S. Patent and Trademarks Office on August 16, IBM has registered a patent for the development of transaction data identifiers based on nodes. The system described in the patent, entitled “Node Characterization in Blockchain”, represents a method of data extraction from nodes on a blockchain network in order to identify different types of transactions.

Lumenlab is testing a blockchain-enabled insurance solution

As was stated in the press release of Monetary Authority of Singapore’s (MAS) regulatory sandbox on August 20, Singapore-based digital innovation center Lumenlab is testing a blockchain-enabled insurance solution for diabetes sufferers. Lumenlab is a subsidiary of financial services provider MetLife and has reportedly developed the new project within the MAS. The blockchain solution has been designed to securely integrate EMR data in order to trigger an automatic payout upon diagnosis, effectively removing the need for manual policy claims.

The banks still keeping an eye on blockchain

Capital One is ready for the implementation of blockchain technology

American bank holding corporation Capital One has filed a patent application for the implementation of blockchain technology in user authentication. According to filing published by the U.S. Patent and Trademark Office (USPTO), the inquiry is a continuation of a patent application submitted by Capital One to the USPTO in June 2017. The proposed system is designed to receive, store, record, and retrieve authentication information for a user in multiple blockchain-based member platforms.

Bank of China and ChinaUnionPay explore blockchain together

The commercial, state-backed Bank of China (BOC) and financial services corporation ChinaUnionPay (CUP) have entered into a partnership, according to an August 26 announcement. Thus, the two parties will jointly explore blockchain technology applications for payment system development. The partnership comes in response to market demand and regulatory requirements, giving rise to further opportunities for cooperation between the two parties in the field of cross-border mobile payments. The BOC and CUP will jointly investigate big data and distributed ledger technology deployment in order to improve mobile banking products.

“Blockchain Encryption Tags” by Bank of America

As was stated in the patent document published on August 23 by the U.S. Patent and Trademarks Office (USPTO) — The second-largest bank in USA — Bank of America (BofA), has applied for another blockchain patent — the development of a secure crypto storage system. The patent, entitled “Blockchain Encryption Tags,” represents a system of recording and storing cryptocurrency-related transactions that are handled by enterprises. In short, the invention offers a system of data security for blockchain networks by implementing encryption and linking data units to the blocks of a certain blockchain.

Governments are also involved!

Trialing a blockchain-based electronic voting system

According to the Russian local news platform Tass’s report by August 17 — A Russian independent electoral watchdog is trialing a blockchain-based electronic voting system. The non-profit Association of Independent Public Observers, dubbed “National Public Monitoring” (NOM), announced the pilot at a press conference in Moscow on Friday.

Tax authorities turned to blockchain

Tax authorities of the city of Shenzhen and a state-owned aerospace firm have recently turned to blockchain for immutable and transparent record-keeping, steadily putting an end to paperback corruption.

Some new players

Ticketing system based on blockchain

On August 17 ​​The Union of European Football Associations developed a new ticketing system via mobile phones based on blockchain technology. After the successful launch of the blockchain ticketing system for 50 percent of the tickets for the 2018 UEFA Europa League final in Lyon in May, the UEFA had decided to increase the technology’s reach “to all of the general public” in Estonia.

Blockchain for testing products

According to a press release published on August 16. Food safety firm ZEGO started to use blockchain to test products for residue of a deadly chemical tied to a recent $289 million Monsanto lawsuit,.Earlier this month, Monsanto was fined $289 million in damages after a court ruled in favor of a plaintiff’s claims that the company’s use of a herbicide containing glyphosate had caused his cancer.ZEGO reportedly has a patent-pending blockchain system that would allow companies to test foodstuffs for glyphosate. The company says it had initially developed the solution to enable consumers to make better informed choices about the presence of allergens and gluten in various goods.

To sum up

As you might see, the belief in blockchain is still strong. The number of big companies joining the blockchain growth weekly. More and more people started to think that blockchain is not only the core for cryptocurrencies but also the excellent time and money saver. As a blockchain startup, we believe that the blockchain can bring a lot of benefits to almost all areas of business and develop our personal blockchain solutions in eCommerce market.

Stay updated!


Storiqa

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Storiqa

crowdsale.storiqa.com. We believe in the Blockchain. We are into e-commerce too. We are creating a project that integrates these two issues into one.

storiqa

storiqa

#1 crypto marketplace. Sell and buy goods with cryptocurrencies. No financial borders, extra fees and fake reviews anymore.

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