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Blockchain News

Singapore’s Main Stock Exchange Taps Blockchain For Rapid Settlements

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A new announcement which was officially made on Friday saw the Singapore Exchange (SGX) revealing more details about a working partnership with the Monetary Authority of Singapore (MAS) – which is the country’s central bank – all in order to improve the Singapore Delivery versus Payment (DvP) capacity with automation all run on blockchain smart contracts.

With this, the primary stock exchange in Singapore officially announced its working partnership with the country’s central bank – forming a blockchain platform for all security settlements.

The project will be built upon the blockchain that is developed by the central bank – in order to tokenize the Singaporean dollar as a digital currency, which is part of the initiative known as ‘Project Ubin’.

The effort also sees the objective of developing a DvP mechanism that will enable institutions to transact and settle securities – which are tokenized digitally – across many different blockchain platforms. This will eliminate the risks and improve the operational efficiency.

As the SGX stated, this joint endeavor will “allow financial institutions and corporate investors to carry out simultaneous exchange and final settlement of tokenized digital currencies and securities assets, improving operational efficiency and reducing settlement risks.”

The head of technology and project chair at SGX, Tinku Gupta stated:

“This initiative will deploy blockchain technology to efficiently link up funds transfer and securities transfer, eliminating both buyers’ and sellers’ risk in the DvP process.”

In the end, it is safe to say that blockchain is transforming the way financial transactions are performed today – opening up a world of new business opportunities.

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Blockchain News

Binance Announces Major Changes To Launchpad Token Sale Format

One of the largest cryptocurrency exchanges on the crypto market-Binance, officially announced there will be major changes to the Launchpad token sale format into a new lottery format according to the blog post published today, March 24 which we are reading more about in the crypto news below. According to the announcement, the company will start a new lottery format for every new project on the Binance Launchpad. Initially, the platform worked according to the method first come-first served which wasn’t adequate for many users who joined the high-demand and were left without tokens. The blog post also shows that the lottery ticket system, in which users and participants can join, will be able to claim up to five tickets if the users hold the Binance Coin (BNB) tokens more than 18 days prior to the lottery with 1 ticket per 100 BNB. The exchange platform will then be able to announce all of the winning tickets and how big the amount of funds is and which owner of the ticket will receive the funds. Also, users will be able to choose the number of tickets they wish to use as participants in the lottery in a period of 24 hours before the winners are chosen. While the exchange giant claims that the new system may cause some issues in BNB trading before the snapshot but also after the snapshot time, the reports show that the side effects will be brought to a bare minimum:
 “Other market participants may view this as an opportunity, and countertrade to even out the fluctuations.”
The Binance Launchpad is the company’s token launch platform, as the name says, and in most recent times it has concluded a $4 million sale of the Celer Network (CELR) token seven days ago. The platform also conducted the Fetch.AI (FET) token sale and was able to raise about $6 million in just 20 seconds back in February. As previously reported, multiple changes were done to the Binance Application Programming Interface that shows how the company is working hard on implementing margin trading. A week ago, LBank and Bit-Z both of which are exchanges, overtook Binance on the adjusted trade volume according to the rankings on CoinMarketCap but the newly found reports show that most of their volume is fake.
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Blockchain News

Central Bank Of France Won’t Be Issuing Its Own Digital Currency: PwC Executive

Issuing a digital currency would be a very difficult process that will hurt the French economy; at least this is what Pauline Adam Kalfon who is a blockchain partner at PwC France believes. Her stance on central banks issuing their own cryptocurrency is what we have in our blockchain news today. Kalfon says that despite the fact that the growing interest in blockchain in France, the virtual currency economy has to be further tested in order for the investors to be protected from scams because the sector is still unchecked thoroughly. She stated:
 “France’s central bank may not be the best entity to drive forward such a digital currency project, which would sit within the prerogatives of the European Central Bank. Having said this, Banque de France could seize technological leadership by following European Central Bank guidance. It is clear that a European-level project would be very complex and challenging governance-wise, requiring alignment and the political consensus of all relevant stakeholders from each Member State.”
Kalfon continued that the central bank of France should let the large corporations such as Facebook and JPMorgan to test the technology first as an experiment and later the banks could give it a try. She said:
 “This would reduce the likelihood of potentially negative consequences on the economy arising from any central bank issuing a digital currency.The underlying rationale is…to achieve the right balance between investor protection and technology friendliness.”
The French minister of Finance Bruno Le Maire is known to be a bitcoin opponent but he later changed his mind and embraced cryptocurrencies. He even said that he is passionate about blockchain technology and wants to make sure that the citizens of France are among the leading countries in the world that are crypto-active. However, he believes that the crypto revolution in the country could not happen without better regulation. Also, two members of the French Parliament urged the members of the government to invest about 500 million euros in blockchain development by saying:
 “2019 will be the year of the blockchain in Franc. This 10-year technology is moving out of the experimental stage into industrial implementation. The public will see the emergence of its uses in their daily lives.”
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Blockchain News

Shipping Giant UPS Announces New Blockchain Integration Aimed To Increase B2B eCommerce Sales

One of the largest shipping companies in the world and a true giant in the US, UPS, is in the latest headlines of our DC Forecasts crypto news site for a new blockchain integration. According to the news, UPS is ready to bring business-to-business (B2b) sales into the digital age. Officially announced yesterday, UPS has inked a new deal with the eCommerce company Inxeption that will help it develop a platform to facilitate business-to-business sales supported by blockchain technology. The platform will be named "Inxeption Zippe" and will work as an online catalog for businesses, as the UPS news page sums it up. The shipping giant said that the integration of services is aimed to bring more B2B customers in eCommece, claiming that slow adoption of online selling resources can directly impact businesses that use traditional methods for selling and advertising. To help the clients go digital, this platform will make it easy for merchants to set up an online site for the company, list their products and achieve sales. In fact, the platform has made all of this an easy experience - focusing on blockchain and its popularity Speaking of, blockchain will certainly play a role in the offering services for scheduling and monitoring shipments as well as with all transactions, purchase orders and financing record tracking on the Zippy platform. Even though merchants will be able to pay with credit cards - there will be no other means of payment such as cryptocurrency mentioned in the announcement. The chief marketing officer for UPS commented on the new project, saying that “B2B buyers expect the same fast and convenient shopping experiences that consumers enjoy.” On top of this, the platform will also provide marketing services such as search engines, sales reviews and analytics. What's interesting is a new survey by Forrester research which predicts that the B2B eCommerce market trade will reach $1.8 billion by 2023.
The CEO of Inxeption commented on the partnersh““We’re revolutionizing B2B e-commerce and bringing companies and their customers together online in a trusted manner. This relationship creates simplified pricing solutions for B2B merchants with limited digital marketing and IT resources to easily manage all aspects of selling and shipping from one secure place."
 
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Bitcoin News

Bitcoin Expertise Is ‘Exploding’ Among Insurance Professionals In 2019: Study

A new study highlights the Bitcoin and blockchain expertise in the insurance industry, mentioning how it "exploded" over the past two years. The insurers who ignore blockchain technology, according to it, do so at their own peril. The report made the crypto news today. Created by Aite Group which is a global research and advisory firm, it showed that Bitcoin is among the strong sides of professionals in the insurance industry. As it showed in detail, individuals with technical expertise in both Bitcoin and insurance soared from 102 in April 2017 to 5,418 this January 2019. The ones with expertise in blockchain and insurance, on the other hand, rose even more dramatically - going from 96 in 2017 to 29,355 in January this year. Even though blockchain is not a completely immature technology in the insurance industry, there is still a lot of development ahead. More specifically, many different platforms are coming to market in the past two years as the report shows. Named “Blockchain in Insurance, 2019: A Market Overview,” this report was based on 40 phone interviews with blockchain experts, innovation directors, C-level executives, insurers, reinsurers, consulting firms and venture capitalists between October 2018 and January 2019.
“If you are not already involved in a blockchain project, you need to start looking for opportunities to test the waters with a limited use case or low-impact proof of concept,” is what Greg Donaldson said in the report, namely a senior analyst at Aite Group.
When it comes to the actual growth and the need for blockchain experts, it is constantly increasing. 'Talent growth' is a category that we can see in the report which shows dramatic results. For example, only seven individuals showed their Bitcoin expertise in April 2017 - but 390 of them did in January 2019. Similarly, only two claimed both insurance and blockchain in their expertise - but 2,260 were skilled in both in January 2019.
“The interest in this technology has created an extreme need for more experts who can help the insurance industry develop solutions using blockchain,” the report notes.
To sum things up, the report says that there is one system that is already implemented by some companies - which actually makes the insurance process more transparent and efficient. It keeps all of the customer information on a 'permissioned' blockchain - starting from the moment when a customer is offered a price quotation for a policy.
“Then once the customer purchases the policy, the customer knows the status and receives a policy and proof of insurance almost instantly,” explains Aite.
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