Blockchain News

Credit Card Giant Visa Launches Digital Identity Blockchain System

Published

6 days ago

June 11, 2019

Stefan

Credit Card giant Visa has officially launched its long-anticipated digital identity system based on the blockchain-Visa B2B Connect today. In the latest cryptocurrency news today, we read more on the company’s claims.

According to the statements, the company will allow financial institutions to quickly process high-value corporate international payments. The B2B Connect will facilitate transactions from the originating bank directly to the beneficiary bank:

“The network’s unique digital identity feature tokenizes an organization’s sensitive business information, such as banking details and account numbers, giving them a unique identifier that can be used to facilitate transactions on the network.’’

The Senior Vice President Kevin Phalen who is also the Global Head of Visa Business Solutions stated that the new product ‘’will accelerate the evolution of how commercial payments move around the world.’’ He also added:

“By creating a solution that facilitates direct, bank to bank transactions, we are eliminating friction associated with key industry pain points.’’

The company has previously partnered with Bottomline, IBM and FIS launching the B2B Connect while the Commerce Bank and the Corner Bank both tested the new product in the pilot program. The new digital identity system based on the blockchain will cover more than 30 global trade corridors, aiming to expand to more than 90 markets by the end of the year according to the reports in the coming altcoin news. The Senior Vice President for International Payments and Trade at Commerce bank was quoted when he spoke about the Credit Card Giant Visa and the new project:

“Having participated in the pilot program, Commerce Bank is excited to see how this innovative solution will change the way cross-border payments are made, while increasing the speed and transparency for businesses around the world.’’

As it was previously announced, Visa announced the B2B Connect blockchain solution in October 2018. During the same month, the CEO of Visa Al Kelly said that he ‘’certainly’’ does not see how cryptocurrencies can be a threat to his business right now and added that ‘’if we have to go there, we will go there.’’ Also, Visa Inc. which is one of the largest payment processors and credit card companies is currently seeking a full-time technical product manager specializing in blockchain for its office in Palo Alto, California.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

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Stefan

Stefan has been a Bitcoin Specialist for over 5 years. Providing daily news and updates for DC Forecasts.

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Blockchain News

Bitmain Sues Three Former Employees Who Founded Rival Mining Pool

Published

3 hours ago

June 17, 2019

Stefan

Bitmain sues three ex-employees who founded the rival mining pool Pooling and now the company demands $4 million in damages. The latest cryptocurrency news will talk some more about their history. Bitmain alleged that Poolin’s co-founders violated their non-compete agreements and founded the rival mining pool but according to the former employees, Bitmain failed to pay them as agreed. The crypto mining giant is now in a legal battle with the seventh-largest pool in the world. The three Poolin co-founders say that they are no longer bound to the agreement since Bitmain was the one that first broke it by not paying their compensation on time. Bitmain makes most of the money from selling mining equipment according to the reports but it also operates mining pools which offered the miners the ability to split rewards. The service accounted for $43.2 million of the company’s revenues in the Q1 of 2018 compared to the $2.7 billion of the hardware sale in the same timeframe. The three co-founders filed lawsuits against Bitmain and so now the mining giant Bitmain sues in return claiming that they caused major losses to the company by going to a competing pool. Bitmain asked the court to keep the non-compete agreement in action and not to set free the three Poolin executives. The dispute went unnoticed in the public but there was video footage recently where you can hear the two sides making their respective cases. The Poolin executives left Bitmain somewhere in the middle of 2017 since Bitmain wouldn’t pay them. Under the non-compete agreement, Bitmain should have paid monthly compensation to one of the founders of about $2,780 and in return, he shouldn’t have had operated another mining pool. After their departure, Pan, Zhu, and Li launched Poolin as a mining pool for multiple cryptocurrencies in 2017 in November and in July 2018 they mined the first bitcoin block. As reported in the coming altcoin news, Poolin became one of the largest bitcoin mining pools since it has the third biggest operation by the hash rate in the world right after BTC.com and AntPool. Miners that are connected to Poolin managed to mine about 26,825 bitcoins.

Altcoin News

IBM And Stellar Partnership In Jeopardy Amid Exec Disruption

Published

11 hours ago

June 17, 2019

Stefan

The IBM and Stellar partnership has been featured on many altcoin news sites and was praised as something that the crypto world needs. However, a series of disruptions have apparently put this partnership in jeopardy, the latest news show. As a company that is always pro technology, IBM (International Business Machines) has been pioneering the adoption of blockchain and cryptocurrency in the Fortune 500 arena for some time now. In order to strengthen its presence, the American firm has teamed up with some of the biggest companies and showed them how its technology can be used to benefit their bottom line - and society as a whole. The IBM and Stellar partnership was one of the examples of further innovation in the crypto and blockchain spaces. However, it all changed when a recent exclusive from a crypto-friendly news site known for its "scoops" and interviews showed that IBM has just lost its chief technology officer - Stanley Yong. Yong acted as the company's lead for its central bank digital currencies (CBOC) initiative. As reports in the coming altcoin news show, he was integral to the "Big Blue's" ventures in the blockchain space. Now that he is gone (along with his connections), the IBM and Stellar partnership is in clear jeopardy. Most importantly, no one knows why Yong left or where he is headed next. However, the latest cryptocurrency news show that IBM is concerned - as well as many other involved parties. https://twitter.com/arrington/status/1140297606431510529 Aside from Yong, the IBM and Stellar partnership is also concerned by the news (from weeks ago) that Jesse Lund, the Global Head of IBM Blockchain who made a $1,000,000 Bitcoin price prediction, suddenly departed the firm. Both Lund and IBM gave very immaterial and confusing statements, with the former stating that he had left “but am still optimistic about payments innovation using Blockchain.” With all of this in mind, the IBM and Stellar partnership is definitely in jeopardy. Anonymous news sources show that there is no one to laud the projects and lead the company and partnership in the right directions. Still, the good news is that IBM is unlikely to shutter its blockchain division because of the executive departures.

Blockchain News

Samsung Taps Blockchain And 6G, Seeks Collaboration With Firms

Published

12 hours ago

June 17, 2019

Stefan

The vice chairman of the South Korean consumer electronics company Samsung is apparently looking to collaborate with platforms on the development of blockchain technologies and 6G. The news that Samsung taps blockchain, AI and sixth generation mobile networks has gone viral on many best cryptocurrency news sites. First reported by Bloomberg on June 16, Samsung's plans come directly from the vice chairman of the company, Jay Y. Lee, who now serves as the firm's de factor leader. Lee held discussions with executives - directly spreading the news that Samsung taps blockchain and other technologies, in a statement cited by Bloomberg. This is also the first time that Lee discussed on the news that Samsung taps blockchain - as well as the news about 6G technology and its massive potential. Also, it is right on time when rivals of the company such as Apple Inc. and Huawei Technologies Co. race to commercialize a lot of services based on 5G networks, which are already launched in South Korea (from April this year). The report also shows that a platform company is an initial acquisition by a private equity firm, all in order to make further acquisitions within a certain sector. As per Bloomberg and the latest cryptocurrency news, the movie to pursue such bleeding edge technologies comes after a rapidly changing business climate and a lot of structural changes in the technology industry. This, according to Lee, presents new challenges for major firms.

“We should challenge ourselves with a resolution to make new foundations, moving beyond the scope of protecting our past achievements,” Lee noted, confirming the news that Samsung taps blockchain.

As we reported last month in our altcoin news section, the budget smartphones by Samsung will start to include cryptocurrency and blockchain features. Meanwhile, crypto and blockchain functionalities have already been confirmed for the Samsung S10 phone and will be included in other Galaxy smartphone models, too. At the end of April, one anonymous source also claimed that Samsung could eventually develop its own public-private blockchain which will be completed with its own token. This confirms the craze for blockchain technology and innovation that is currently spreading among Asian conglomerates.

Blockchain News

First Legally Registered DAO Created By Blockchain Devs dOrg

Published

2 days ago

June 15, 2019

Stefan

First legally registered DAO was created by the developer group dOrg which says for itself that is a ‘’blockchain development shop.’’ The group registered the first legally established Decentralized Autonomous Organization under U.S law and we read more about it in the latest cryptocurrency news today. The idea behind the first legally registered DAO was to set a standard for other DAOs in the future. The cooperative set up a Vermont-based company named dOrg LLC. This project marks an interesting milestone since DAOs can be opened without permission and beyond borders by anyone that has the needed know-how. Now, dOrg’s goal is to find a way for the future in which the DAOs can become official legal entities which also suggests that these bodies may be plugging right in the mainstream business circle. In order to actualize the initiative, the developers’ group members consulted with Oliver Goodenough who is a special counsel to one of the top law firms in Vermont-Gravel and Shea. Goodenough who also works as a Law School professor in Vermont has noted that the dOrg DAO seems to be the first of its kind:

“dOrg asked us to help design a DAO legal wrapper after discovering the potential of BBLLCs. We believe that dOrg is now the first legal entity that directly references blockchain code as its source of governance. Its material operations and ownership interests are managed entirely on-chain.”

The dOrg group also noted that the BBLLC registration process should become much easier:

“We want to make what we just did accessible to anyone in the world. Ultimately, the process of configuring and deploying a legally registered DAO will be as easy as creating a social media account.”

The ConsenSys-backed ‘’smart legal contracts’’ as previously explained in the coming altcoin news, project OpenLaw proposed a new Ethereum dapp called Incomshare.me which helps students to tokenize income share contracts and to take participation in secondary markets with them. The contracts help the students commit negotiated portions of future salaries. The Incomeshare.me platform uses the ethereum blockchain to host these contracts. OpenLaw community member Josh Ma noted

“As this alternative model for funding higher-education becomes more popular, enabling a secondary market would accelerate its adoption by providing liquidity and opportunities to mitigate risk, both attractive qualities for investors.”