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REGULATORS : Blockchain events within governments and regulatory authorities

blockchain identity solutions for government deloitte and attest NEWS REGULATORS 

Deloitte Joins Startup Attest to Push Blockchain Identity Solutions for Governments

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The world’s largest professional services network, also known as one of the ‘Big Four’, Deloitte has partnered with blockchain startup company Attest Inc. to develop and push blockchain identity solutions for Governments. According to a press release on Monday by Deloitte, it will collaborate with the Chicago-based blockchain startup to develop a digital identity offering for its impressive list of Governmental clients, based on Attest‘s existing products. Founded in March 2018 by Cab Morris and Jennifer O’Rourke, two former employees of the Illinois State’s governing office, and leaders of its blockchain initiatives, Attest‘s shared…

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Ofcom Wins Almost $1 Million to Develop a UK Blockchain Phone Number System

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The U.K.’s telecommunications regulatory authority, Office of Communications (Ofcom) has received close to $1 million (£700,000 Sterling) to develop a national blockchain phone number system. The Department for Business, Energy and Industrial Strategy, setup by the government in 2016, has awarded the grant to Ofcom as part of its £10 million Regulators’ Pioneer Fund.  As stated in a press release on Friday, the Business Secretary MP (member of Parliament), Greg Clark said the project will: “further strengthen our regulatory system and ensure that it keeps pace with the innovation and technological…

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Blockchain Browser Brave Files Complaints Against Google Ads Data Collection Practices

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Developed by Mozilla co-founder and Javascript creator, Brendan Eich, the blockchain browser Brave files complaints against Google advertisement (ads) data collection practices in the UK and Ireland.   Together with Jim Killock of the Open Rights Group, and Michael Veale of University College London, Brave’s chief policy officer Johnny Ryan filed formal complaints with the Irish Data Protection Commissioner and the U.K. Information Commissioner. Brave, an open-source blockchain browser that blocks ads and website trackers, cited that the way Google and the advertising technology (adtech) industry publish personalised online ads…

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blockchain land registry solutions NEWS REGULATORS 

UK’s Property Regulator Enlists R3’s Corda for Blockchain Land Registry Solutions

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R3 CEO, David Rutter announced on Thursday at London’s CordaCon annual gathering, that the U.K. government has selected R3’s Corda to develop blockchain land registry solutions. The U.K. government‘s HM Land Registry (HMLR), which safeguards land and property ownership worth over £4 trillion, including approximately £1 trillion of mortgages, aims to explore how to make the house buying process in the UK faster, simpler and more transparent. The appointment comes as part of the second phase of HMLR’s research and development project, entitled ‘Digital Street’.  The HMLR’s website states: “The point of…

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blockchain to fight fake news NEWS REGULATORS 

Social Media Giant Twitter Looking into Blockchain to Fight Fake News Says CEO Dorsey

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Jack Dorsey, CEO of the social media giant Twitter, testified before a U.S. Congressional committee on Wednesday, confirming that Twitter is considering the use of blockchain to fight fake news and prevent online scams. U.S. Congress is currently probing into the potential political bias among tech giants Twitter, Google and Facebook, questioning CEO’s such as Dorsey and Zuckerberg of Facebook, to identify what steps they are taking to prevent future election meddling. Doris Matsui, a representative of California, questioned Dorsey during a House Committee on Energy and Commerce hearing about user…

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blockchain insurance data platform NEWS REGULATORS 

Major US Insurance Advisory AAIS and IBM Pilot Blockchain Insurance Data Platform

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One of only two major ‘rating bureaus’ in the US, the American Association of Insurance Services (AAIS), has partnered with IBM to launch a blockchain insurance data platform. Entitled Insurance Data Link (openIDL), it aims to simplify regulatory reporting for insurance carriers, which currently requires time-consuming data calls across various parties. Several major US insurers are being on-boarded, and AAIS is reported to be targeting carriers and organisations of “every size and configuration”.

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first ever blockchain bond - world bank NEWS REGULATORS 

World Bank and CBA to Issue First Blockchain Bond with Ethereum and Microsoft

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In a major announcement, the World Bank is preparing to issue the first blockchain bond to the Commonwealth Bank of Australia (CBA) on a private Ethereum-based blockchain, which will run on Microsoft Azure’s cloud platform. Currently, the World Bank issues between US$50-US$60 billion annually in bonds for sustainable development. It says that blockchain technology has the potential to “help simplify raising capital and trading securities; improve operational efficiencies; and enhance regulatory oversight”

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U.K. Law Commission Researching Law Reform for Use of Blockchain Smart Contracts

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Further to the release of a report, the U.K. Law Commission, has begun a formal project researching into law reform for use of blockchain smart contracts in the British legal ecosystem. The agency, set up by Parliament, has dentifyied blockchain technology as a significant area that is seeing uptake, especially in the financial services world. With finance and banking being one of it’s top industries in the UK, and London the world’s largest financial centre. The commission has stated the necessity of reform to remain competitive for enterprise.

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coinbase launches crypto gift cards NEWS REGULATORS 

Coinbase Launches Crypto Gift Cards for Major Retailers in Partnership with WeGift

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One of the world’s biggest cryptocurrency exchanges, Coinbase launches crypto gift cards for its European customers, enabling them to purchase goods and services using their crypto assets with over 120 major brands including Amazon, Tesco, M&S, Thomas Cook and Uber. The new feature comes a few months after securing an e-money license from the UK’s financial regulator. Partnering with digital gift card startup WeGift, customers can convert upto $5000 per day of their cryptocurrency stored in their Coinbase wallets into gift cards.

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saudi arabia selects ibm to develop blockchain NEWS REGULATORS 

Saudi Arabia Selects IBM to Develop Blockchain for the City of Riyadh

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In a major contract with oil rich Saudi Arabia, IBM have been selected to develop blockchain for the Municipality of its capital city Riyadh, integrating both government and commercial services for its 7 million citizens and residents. IBM have been instructed to work closely with the municipality’s technology partner, Elm. The blockchain initiative is in line with the Saudi Vision 2030 program, a plan enacted by Crown Prince Mohammad bin Salman in 2016, and is focused on reducing the country’s dependence on oil revenue by diversifying the economy.

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UN takes aim on blockchain NEWS REGULATORS 

UN takes aim on Blockchain with new ‘High-Level Panel on Digital Cooperation’

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The United Nations has assembled a ‘High-Level Panel on Digital Cooperation,’ which will be co-chaired by U.S. philanthropist Melinda Gates and Jack Ma, the founder of China’s technology giant, Alibaba. Putting blockchain technology at the forefront of the 9 month initiative, 20 high-profile figures from industry, civil society and academia will present a report to advise on how to effectively use and benefit from digital technology, as well as measures for greater protection against the possible negative impacts of technological advancements. Many blockchain advocated are citing the announcement as a significant step for the potential global dissemination of the technology.

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delaware signs ibm to build a blockchain filing system NEWS REGULATORS 

Leading U.S. Business State, Delaware Signs IBM to Build a Blockchain Filing System

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In a $738,000 deal without competitive bidding, the corporate friendly U.S. state of Delaware signs IBM to develop a blockchain filing system prototype on its Hyperledger Fabric blockchain. Delaware aims to utilise blockchain technology to assist business registration, and allow corporations to take advantage of smart contracts to automatically track stocks and collateral assets in real time. With more than half of all U.S. publicly traded companies, and two thirds of the fortune 500 incorporated in the state, it is a significant move.

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Blockchain for the Government of Australia NEWS REGULATORS 

IBM Signs $1 Billion Deal to Develop Blockchain for the Government of Australia

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IBM has signed a five year contract to the value of AUD $1 billion (US $740 million), to develop blockchain for the Australian government over the next 5 years. The deal will see blockchain technology utilised to improve data security within federal departments and across different realms of the state’s jurisdiction, including taxation and border control. It is the largest technology contract ever to be negotiated by the government, and is set to save it over $100 million dollars.

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blockchain technology can save the UK government £8 billion NEWS REGULATORS 

British MP Reveals that Blockchain Technology Can Save the UK Government £8 Billion

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On the release of a report entitled ‘Unlocking Blockchain’, British Conservative Member of Parliament (MP) Eddie Hughes urges government to appoint a Chief Blockchain Officer, stating that blockchain technology can save the UK government £8 Billion. The report suggests that businesses standing to benefit from increased adoption of blockchain technology, could fund a competition to attract talented blockchain developers. British Prime Minister Theresa May has recommended that a digital copy of the report should be sent to every member of British Parliament for their consideration.

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Food chain blockchain UK Food Standards Agency NEWS REGULATORS 

UK Government Food Agency Trials Food Chain Blockchain, Beginning with Beef

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In a major development, the UK’s Government Food Standard Agency successfully completes a food chain blockchain pilot for beef, marking the first time that the technology has been used as a regulatory tool to ensure compliance in the UK food sector. The world’s meat consumption is at an all time high, and with recent food fraud incidents such as the 2013 horse meat scandal, the UK is primed for the streamlined management and immutable security that blockchain can offer the farming industry.

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Xi blockchain for a technology revolution in china NEWS REGULATORS 

President Xi Jinping Endorses Blockchain for a Technology Revolution in China

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For the first time in public, China’s President Xi Jinping gave a speech to the countries leading scientists, endorsing blockchain as a critical part of a technology revolution in China, and one they must seize to thrive in the global economy. Xi’s unprecedented speech, comes just days after China’s State Council, the government’s central administrative branch, sent its highest-level order demanding that local authorities, especially the Guang Dong Free-trade Zone, accelerate blockchain technology development.

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EU and US Legislators Discuss Blockchain Regulations for Business

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EU and US legislators discuss blockchain regulations for business, agreeing that in the absence of official guidance, regulatory ‘sandboxes’ are the best approach. Eva Kaili of the EU said it may take a few years for the blockchain industry to be fully regulated. Meanwhile, US Rep David Schweikert said the ‘fog’ we are in now may actually be beneficial.”

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UK Parliament Question Ripple NEWS REGULATORS 

Blockchain Hearing in UK Parliament Question Ripple

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UK Parliament question Ripple in a hearing. Asked whether XRP was designed to avoid regulations, Ryan Zagone, Director of Regulatory Relations, explained that Ripple merely use XRP and are not directly connected to it. Martin Walker, Director of Centre for Evidence Based Management, and MPS scrutinised the company. In conclusion, Dr. Kotsialou suggested that cryptocurrencies should not be stopped, however bringing in taxes and employing inter-disciplinary working groups to regulate them, could assist in the long term.

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Sen. Hertzberg Introduces California Blockchain Bill 838 For Corporate Shareholders

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Senator Bob Hertzberg’s campaign for a ‘California Blockchain Bill’ has passed the Senate’s Banking and Financial Institutions Committee, with a recommendation to enact when it goes before the Senate Judiciary Committee in May. The Blockchain Bill ‘838’ will permit the use of blockchain technology for the issuance and transfer of corporate share certificates, alongside a record of a corporation’s stockholders details and their shares. This comes as an exciting step forward for California’s Silicon Valley.

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bank of england blockchain NEWS REGULATORS 

Bank of England releases a Blockchain Proof-of-Concept to handle Data

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Bank of England release a blockchain Proof-of-Concept partnering with blockchain infrastructure developer ‘Chain’. BoE aim to use blockchain to create a system allowing users to share data privately over a Distributed Ledger Network, whist maintaining a regulatory overview. This is part of BoE’s ‘Fintech Accelerator’ project, who’s previous partners include Ripple, Enforcd, MindBridge Analytics Inc, PwC and BitSight.

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