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United Nations Is Partnering With Sierra Leone’s Government To Build A Blockchain-Based ID System

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The latest blockchain news on our DC Forecasts crypto news site shows that two of the United Nation’s wings are joining hands with the government of Sierra Leone in order to build a blockchain-based ID system for the 7 million people living in the country.

The UN Development Programme (UNDP) and the UN Capital Development Fund (UNDCF) are the two wings that entered into a partnership with Kiva, a technology nonprofit company which will lend its protocol to implement the ID system called “Credit Bureau Of The Future.”

According to reports, the new system will allow the citizens of Sierra Leone to have complete and secure ownership of their identities, just like the blockchain assets in a decentralized network such as the one focused on Bitcoin.

What’s interesting is the fact that Kiva was working without a blockchain for over 13 years – and even without it – managed to crowdfund more than $1.2 billion in loans for people in more than 80 countries. The Kiva protocol is what made the crowdfunding successful – known as the next step into the direction of enabling advanced banking access to the unbanked, starting with Sierra Leone which is in a dire need for an innovation like this.

As the Deputy Executive Secretary of UNCDF recently stated:

“Through this implementation, Sierra Leone is setting out to build one of the most advanced, secure credit bureaus. It could serve as a model for both developing and developed nations in the future and has the potential to change the landscape of financial inclusion radically.”

Currently, 80% of Sierra Leone’s citizens have no access to a formal identification system like this, which is why this initiative is popular. The government of the country, in its earlier efforts, has launched a Credit Reference Bureau.

However, that bureau alone could not contribute to the financial inclusion of people that have zero credit history. A blockchain system like Kiva’s would, in this case, improve things on the ground and grant underbanked and unbanked people with a digital identity of their own.

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Q3 Report: Chinese Blockchain Company Xunlei Reaches $45.3 Million In Revenue

The revenue report of the Chinese blockchain-based software company Xunlei is in today’s blockchain news where you can see that the company’s revenue increased this year after they introduced blockchain services. According to the report, the company’s Q3 revenue reached $45.3 million which is an increase since last year by 1.1 percent. The company also added $19.8 million of the revenue to its cloud services which is also an 8.3 percent increase since 2017. CEO of Xunlei group, Lei Chen noted:
 “We believe that blockchain is a technology that can change our lives, and we will strive to make it available in different areas in a simpler and more cost-effective way.”
Xunlei is known for its P2P software and BitTorrent client which is very popular in China, have turned to blockchain technology development in 2017. Before they turn to the blockchain, the company was facing a downturn for more than 2 years. After implementing blockchain, Xunlei became the best performing stock on Nasdaq with more than 70 percent in shares. However, in November 2017, Xunlei was under scrutiny from the financial regulator in China after the state ban on ICOs which led to a 40 percent drop in shares. Despite this however, Xunlei launched two new blockchain based products and increased its revenue incredibly. In 2018, according to a report from Cointelegraph, Xunlei partnered with People’s Daily to create a technology innovation laboratory in order to develop a blockchain-based platform for organizing seminars and workshops. Other companies around the world published their Q3 2018 Report where they record historical performances with high percentage incensement.
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Blockchain News

Bank Of America Secures A Patent For Crypto Aggregation Systems

Bank of America is in the crypto news again, this time for acquiring a patent for a cryptocurrency aggregation system that will allow companies to store customers’ crypto deposits on a special account and offline storage in an enterprise. This way safekeeping of the funds is guaranteed. Other patents mainly focus on the blockchain technology but, this system is a huge step up for crypto. The patent was approved by the US Patent and Trademark Office yesterday. The current system of the Bank of America is made of memory for storing customers’ accounts as well as to handle crypto deposits and also to identify public keys with the relevant customer. The processor aggregates the crypto into an enterprise account. This patent application was filed in 2014 where it was noted back then that the crypto transactions are growing incredibly and that crypto transactions are becoming more common. Companies and merchants around the world also started accepting cryptocurrencies and their number is also on the rise. This move could spike further crypto adoption and could possibly encourage businesses to transact in crypto as well. However, this idea is a major turn off for many crypto users and enthusiasts because of the large gap that exists between the two worlds. Despite that, Bank of America hopes to provide an efficient system that will put fees aside and to eliminate the third-party currency exchange to conduct a currency exchange. In the meantime, Michael Wuehler who is one of the inventors of many blockchain patents suggested that these patents are meaningless and want to deceive the public’s perception of innovation and banks.
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China’s Ping An Insurance Group To Build A ‘Smart City’ By Using Blockchain Technology

One of the largest insurance companies in the world, Ping An Insurance Group from China, is in today’s blockchain news for signing a cooperation agreement with the Sanya municipal government to build a ‘’ Smart City’’ by using blockchain technology. The new project will be constructed with the use of blockchain and artificial intelligence, cloud computing and huge amounts of data as the report states. The corporation designed a special strategic agreement with the Sanya municipal government in order to achieve comprehensive cooperating and build the ‘Smart City’ as a part of the major urban development strategy in China. Xinhua News, a governmental news agency, reported that the Ping An Group will invest more than $4 billion in the Sanya municipality to develop the construction of the smart city and also provide financial services and insurance fund utilization. The giant corporation released a white paper on smart cities this summer where they presented themselves as huge advocates for blockchain technology, cloud computing, and artificial intelligence. This fall, however, JD Finance, a division of the Chinese e-commerce company JD.com, established a research institute that has a goal to facilitate the development of the smart city construction with the use of blockchain and artificial intelligence. Also, the Chinese city of Loudi in the Hunan province, just a few days ago launched a blockchain platform where they will store real estate data and people can avoid all long and exhausting bureaucratic processes when getting their documents for the local land and taxes.
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Blockchain News

Blockchain ‘Smart Money’ Trialed By Australia’s Science Agency And Commonwealth Bank

A new trial that was conducted by the Commonwealth Bank of Australia is in the latest crypto news. In collaboration with the Data61 unit of the Commonwealth Scientific and Industrial Research Organisation (CSIRO), the trial proved that blockchain-powered smart money offers immense social and economic benefits for the insurance scheme in Australia - especially for people with disabilities. The proof of concept of this trial demonstrated that participants in Australia's National Disability Insurance Scheme (NDIS) benefited from the increased choice and control using the smart money that they accessed via the prototype app. The participants and carers which were part of the trial benefited a lot, where the NDIS prototype app saved them between 1 hour and 15 hours per week, while the estimates said that the cost savings ranging between 0.3% and 0.8% of their revenues. As the senior principal researcher at Data61 said, this trial proved that the blockchain-powered smart money system could be applied in other public programs, stating:
“Our use of blockchain added new kinds of programmable behaviors to the smart money in the prototype system. This automation and flexibility could reduce friction and enable greater innovation in many payment environments and unlock network-effect benefits. This could include more directly connecting citizens to public policy programs, empowering people to optimize their spending through things like smart savings plans and smart diets, and reducing costs for businesses, including through the potential for self-taxing transactions.”
This is not the first blockchain trial where the CSIRO was involved. Previously, the organization collaborated with the University of Sydney, testing a blockchain application on the cloud infrastructure platform of Amazon Web Services - finding that the application was able to achieve a speed of 30,000 transactions per second.
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