Today, on our DC Forecasts crypto news site, we are focusing on the property development firm New World Development and the Hong Kong Applied Science and Technology Research Institute (ASTRI) which are together launching a blockchain platform for home buyers with the Bank of China being its first bank user.
The news went viral after it was first announced by the local news outlet the Standard on February 20th.
Jointly developed, this platform aims to replace paperwork operations such as signing the Provisional Sale and Purchase Agreement or a mortgage application with digital authorization. This gives users the ability to send the purchaser’s authorized, encrypted and digitally signed provisional agreement to selected banks.
The integration of distributed ledger technology (DLT) into the organisation structure and their internal processes will reportedly help reduce banks’ costs from 15% to 60%, while the platform itself is expected to see an increase in its number of users.
The CEO of ASTRI, Hugh Chow, reportedly stated that DLT in this case could reshape the property market operations and with that result in an efficient and flexible property buying procedures.
On the other hand, HKMA said that the DLT technology:
“allows all […] users in the ecosystem to share customer information and transaction histories securely over a distributed data infrastructure, without compromising customer privacy or sensitive business information.”
It seems like the crypto regulation efforts in China are moving forward. A month ago, China’s self-regulatory bank organization, the China Banking Association (CBA), announced the launch of a blockchain-based platform that will improve efficiency across the sector. This was only one of the efforts towards the adoption of blockchain in various sectors in the country.
Dissident Revolutionary Group Use Crypto To Overthrow Kim Jong-Un In North Korea
Crypto Benchmark Indices Launched On Bloomberg, Reuters And Nasdaq By CoinMarketCap
Binance Enables Australian Users To Buy BTC At 1,300 Newsstands
‘’Binance Lite is a simple site for users to easily buy bitcoin with cash at physical store fronts. This model makes it really easy to bring new users into crypto, starting with Australia, where the government has taken proactive steps to support the blockchain industry. Users won’t have to open complicated online accounts to start using the service.’’The crypto market in Australia was a little behind than other markets in the world such as South Korea or Singapore because the banks didn’t support the crypto businesses in Australia. Back in 2017, during the strongest crypto rally, reports show that the larger Australian banks closed the accounts on multiple crypto investors. However, starting last year, the government of Australia began its proactive approach in regulating the crypto space and the blockchain industry so the investors are now hopeful that they could improve the market in the long run. Zhou also said that more than $5 billion in crypto was traded in crypto in 2018 in Australia and that since then the government is funding blockchain startups and companies by issuing bonds on the blockchain. The government has also started to accept crypto on airports such as the airport in Brisbane and even held a voting trial on the blockchain. He finished his interview by saying:
“Binance Lite also completes a comprehensive value chain for the Binance ecosystem in Australia. For example, users can show their friends how to buy bitcoin from Binance Lite stores, immediately load it up onto Trust Wallet on their phones, and go on to spend this bitcoin in shops accepting bitcoin payments through TravelbyBit, the payments startup Binance invested in last year.’’
Ron Karpovich: Crypto Innovators Will Have To Use A Bank To Move Funds
“Ultimately behind the scenes, they [crypto innovators] are going to have to use a bank to move funds. There’s more partnership instead of competition in that space. [...] When it comes to margins and capabilities — payments is never something that grows in margin, nobody wants to pay for a payment. That’s one of the hardest parts of this process: you have limited resources in the capability to sell, so you need highly efficient and large players.”Karpovich also stated that the blockchain technology could revolutionize the entire payments industry so that consumers won’t even notice the transformation as the technology will develop quickly into a cost-effective and efficient service. When talking about the JPM Coin, JPMorgan Chase’s blockchain-powered cryptocurrency, Karpovich didn’t agree with the suggestion that this move by the banking giant is a huge u-turn in their stance on the crypto industry given that the CEO Jamie Dimon is a popular Bitcoin antagonist because of what he said:
“I think there’s a difference between trading a cryptocurrency that’s in the market that’s ubiquitous versus using the technology to enhance your payments infrastructure. We look at the technology as being a means to doing things faster and cheaper: every CEO would like to make things faster and cheaper. So from that standpoint I think it represents a buy into the concept of using blockchain.”He does believe that the decision to issue a cryptocurrency aligns with the initiatives at the bank and thinks that the bank could potentially become a huge player in the blockchain space because of their private blockchain platform Quorum and its Interbank Information Network. The crypto community has mixed feelings about the JPM Coin. Some believe that this is a great moment for the crypto industry while others believe that it will close down the network structure and it will fragment the financial sector.
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- Dissident Revolutionary Group Use Crypto To Overthrow Kim Jong-Un In North Korea
- Crypto Benchmark Indices Launched On Bloomberg, Reuters And Nasdaq By CoinMarketCap
- Binance Enables Australian Users To Buy BTC At 1,300 Newsstands
- Ron Karpovich: Crypto Innovators Will Have To Use A Bank To Move Funds
- Binance: Australians Can Now Buy Bitcoin With Cash From 1,300+ High-Street Stores
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