The blockchain news section has been quiet on many best cryptocurrency news sites this month. However, this doesn’t mean that the technology did not make a leap forward this month. As we can see, there have been a lot of blockchain achievements, partnerships, plans and pilots among some of the world’s leading firms.
Below, we are listing the top blockchain achievements for the month of May, summing up all that has happened until this point.
1.FedEx adopts strategy for using blockchain in logistics
First on the list is FedEX which is in the latest cryptocurrency news for developing a collaborative and enthusiastic approach towards blockchain in transportation. “Rather than focusing on competitive advantage, FedEx is focused on how we can leverage our industry leadership to foster innovation and collaboration among our peers,” Richard Carter wrote in a summary of our discussion.
2.Pepsi pilots blockchain for improved digital ad efficiency
The blockchain achievements seem to come in the form of advertising. PepsiCo, a major food and beverage giant, made its own leaps in the technology and its potential use in digital marketing. The pilot used smart contracts to reconcile data from a lot of sources in the advertising chain.
3.Starbucks taps into blockchain to track the source of each cup of coffee
Starbucks is in the list of blockchain achievements. The world’s largest coffee chain is apparently going to use the technology and track the source of each cup of coffee. The project would apparently build more consumer confidence in the sourcing of the coffee.
4.Volkswagen starts using blockchain to source cobalt
VW, which is Europe’s largest auto manufacturer, has begun using blockchain to track the source of cobalt. By using the technology, Volkswagen and others will make sure that the cobalt used in their batteries is mined using only ethical labor practices.
5.Amazon releases a Managed Blockchain Service
It seems like Amazon won’t be in the altcoin news for rolling out its cryptocurrency – but in the blockchain news – because of its Managed Blockchain service announcement. The product is in the list of blockchain achievements and allows businesses to connect AWS accounts as nodes in their own blockchain network.
As you can see, more and more big names are turning to blockchain.
Silvergate Bank Will Expand Services Including Cryptocurrency Lending
Telegram Open Network Will Finally Launch On October 31st
“Telegram was the first big project that legally prohibited investors from selling their allocation. Investors usually just share their allocations with friends, without signing documents.’’The purchase agreement which was written for Telegram by the US legal powerhouse Skadden, Slate, Meagher, and Glom LLP according to one investor stipulates that the buyers of grams may not offer pledge, swap, sell and encumber or dispose of their tokens directly and indirectly. The investors may sell any securities convertible into or exercisable or exchangeable for the investment contract between an investor and the company. The issuance of the tokens is conditional upon the investors’ compliance with the rule. One investor stated for the latest cryptocurrency news:
The future issuance of tokens is conditional upon the investor’s compliance with this rule. If Telegram learns the investor broke the agreement, it can cancel the allocation.
Blockchain CEOs Tired Of The South Korean Regulation: Report
‘’Experts point out that domestic blockchain projects are flocking to foreign exchanges largely due to tougher domestic cryptocurrency exchange market conditions. Investors cannot make or withdraw deposits in the Korean currency at Korean exchanges’’If we don’t include the nation’s four largest exchanges, some of the 200 smaller exchanges cannot even open real-name virtual accounts and this is one of the reasons why crypto investors cannot benefit from the protection systems. The international players such as China’s BW.com, Bitholic and Binance Labs sense the demand from South Korea hence they are either opening Korean won markets or in this case, Binance Labs is only sponsoring the blockchain efforts. Only this week, Japan as one of the governments that openly claim to foster crypto exchange innovation while still has a strict licensing scheme added another platform to its domestic economy in the form of Rakuten Wallet. These moves are also impacting other exchanges and market players' share of the market. As a result the South Korean exchanges are less appealing in 2019 because of the low volume and out of the top one hundred in the world, there are only a few exchanges that are located under the jurisdiction in Seoul. Other issues faced by the local include added responsibility for loss or theft of the customers’ funds. Earlier this month, the commentators warned that the existing restrictions on cryptocurrency by the regulators will throttle attempts to foster blockchain innovation as read in the latest cryptocurrency news:
“It is no exaggeration to say that 97 percent of domestic exchanges are in danger of going bankrupt due to their low volume of transactions’’
Coinbase Confessed To Have Put Traders’ Funds At Risk
‘’Under [a very specific] and rare error condition, the registration form on our signup page wouldn’t load correctly, which meant that any attempt to create a new Coinbase account under those conditions would fail. Unfortunately, it also meant that the individual’s name, email address, and proposed password (and state of residence, if in the US) would be sent to our internal logs.’’The exchange noted that the users who resubmitted the form had their usernames and passwords and other details kept securely. Unfortunately, more than 3,000 customers as mentioned logged their private data onto the servers. Coinbase pretended to be the good Samaritan and fixed the issue on top priority. The company traced the entire line of storage to confirm that they are not holding any more information from the customers’ personal information. According to the blog post:
‘’We have an internal logging system hosted in AWS, as well as a small number of log analysis service providers. Access to all of these systems is tightly restricted and audited. A thorough review of access to these logging systems did not reveal any unauthorized access to this data.’’The company also started a password reset for affected customers and asserted that a password alone could not have a hacker potentially stealing their bitcoins because they protect each account with mandatory email and 1FA authentications. Coinbase confessed:
‘’We maintain incredibly high standards for securing the Coinbase platform, and any time we fall even slightly short of those standards, we mobilize a team to figure out what went wrong, and how we prevent it from happening again. We also believe in being transparent with our customers, which is why we’re sharing the results of our investigation today.’’As we can read in the coming altcoin news today, the alert came in a time when the institutional investors are taking huge steps into introducing bitcoin in their portfolio because security is still the top of their concerns.
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