05/06/2018: Biggest Stories in the Cryptosphere

by BlockEx

1. China Creates Blockchain System That Digitises Cheques

People’s Bank of China, the country’s central bank, has created a blockchain-based system which digitises cheques issued by national companies. Di Gang, the Deputy Head of the Digital Currency Research Lab, revealed that digital cheques are issued on the blockchain platform with the help of smart contracts technology. The achievement comes following one year of R&D. The idea is to tackle the issue of cheque fraud, especially considering that intermediaries can act as banks and issue cheques. However, this is not the first bank to employ blockchain technology to fight fraud. In fact, we previously reported on major UAE bank National Bank of Dubai (NBD) integrating blockchain in its cheque-issuance system.

2. GMO Reveals Mining Machine

We previously reported Japanese giant GMO’s announcement of the launch of a mining machine which would be the only one of its kind, B2. The tech firm has now released the product. The machine is the first one to be developed in Japan, as well as the first one to feature 7nm semiconductor chips. This makes the product superior to products which are currently on the market. GMO wants to overthrow Bitmain as the main player in the industry. B2, which will retail for about $1,999, will also be part of the strategy to further develop the company’s own bitcoin mining operation, which was first established last year.

3. EU Blockchain Partnership Enlists Denmark

The EU blockchain partnership has enlisted Denmark. The 22 EU members promote the same standards and solutions for the pan-EU area. As we previously reported, during the Digital Day 2018, which was hosted by the EU Commission in April, the participating countries formed a partnership to facilitate and promote the development of blockchain technology. Brian Mikkelsen, the Danish Minister for Industry, Business and Financial Affairs, has also stated that the country will operate blockchain technology to record ships in the local ship registers. The employment of blockchain in the business sector is also under consideration.

4. SEC Assigns Its First Crypto Senior Advisor Role

U.S. Securities and Exchange Commission announced it has assigned the role of Senior Advisor for Digital Assets and Innovation to Valerie A. Szczepanik. The role, which was recently created, involves the coordination, within SEC Divisions and Offices, of the SEC rules being employed on these emerging technologies, ICOs and cryptocurrencies included. The new senior advisor joined the SEC in 1994, and was considered the right choice because of her work throughout these years. Furthermore, it was noted how she acknowledged the securities law ramifications when dealing with these emerging technologies.

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