The Commonwealth Scientific and Industrial Research Organisation (CSIRO) in Australia recently announced the formation of a data consortium that comes in partnership with IBM and the law firm Herbert Smith Freehills – which will mainly focus on building a groundbreaking and large-scale, cross-industry blockchain platform to help Australian businesses collaborate and do business within.
Dubbed ‘the Australian National Blockchain (ANB)’, this platform is now being prepared. The early phase already introduced businesses to the game-changing infrastructure and helped them make use of the legally-enforceable smart contracts and exchange data, as well as to confirm the status and originality of legal contracts.
The ANB aims to permit Australian businesses to electronically manage the lifecycle of a smart contract – right from its negotiation through to its execution phase – with complete transparency and trustless, permission-based access among the parties on the platform.
To sum it up, ANB will let Australian Businesses gain the ability to use smart contracts and trigger business events and processes using preset milestones. The SLC provided by ANB will record information from external data sources such as IoT devices which will be able to self-execute once conditions are met.
The vice president and partner of the Cognitive Process Transformation at IBM Global Business Services, Paul Hutchison, commented the platform ahead of its pilot, stating:
“IBM Blockchain and the IBM Cloud provide the highest level of security to support even highly regulated industries such as healthcare and government, and IBM has extensive experience building blockchain networks and convening large consortia focused around solving important business problems. Blockchain will be to transactions what the internet was to communication – what starts as a tool for sharing information becomes transformational once adoption is widespread. The ANB could be that inflection point for commercial blockchain, spurring innovation and economic development throughout Australia.”
Meanwhile, IBM’s we.trade blockchain platform for finance recorded its first live trades in July 2018 – after more than a year spent in development.
Russia Is Not Planning To Buy $10 Billion In Bitcoin
“This statement has no common sense. The Russian Federation — like any other country in the world — is simply not ready to combine its traditional financial system with cryptocurrencies.”Sidorenko reacted to the fake news reports from Telegraph where it was noted that Russia wants to invest $10 billion in bitcoin in order to mitigate the economic impact that is brought up from the US sanctions. The rumors emerged on Twitter where a particular user wrote that Kremlin has no choice but to invest in bitcoin and that it is the only way to avoid the harsh sanctions by President Trump. Ginko posted on Twitter and his post went viral after Telegraph wrote a story about it and lots of other websites just added their own touch to it. Ginko is known to the public for making such shocking tweets and comments after once saying that sham investment adviser Bernie Madoff is the real Satoshi Nakamoto. However, Sidorenko said that Ginko’s comments are absurd:
“Even if Russia wants to place its cryptocurrency assets now, it simply cannot do this. We do not have any mechanisms that would allow us to introduce a system: where these assets would be stored, which authorities would be responsible for it, which would be responsible for abuses and stuff.”However, according to Tota Kaliaskarova, the director of macroeconomic policy with the Eurasian Economic Union says that crypto could have a huge impact on the Eurasian economy.
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- Russia Is Not Planning To Buy $10 Billion In Bitcoin
- Huobi Re-Launched As Fully Licensed Platform In Japan
- $1 Billion In Transactions Reported For 2018 By BitPay
- Third Audit Attestation Of USDC Stablecoin Reserves Released By Circle
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