Off the Blocks | Vol 56, Feb 26, 2019
|Feb 26||Public post|| 1|
This newsletter is our weekly roundup of some of the significant blockchain news, that provides an overview of the rapidly changing blockchain landscape to help you map your blockchain strategy and be aware of regulatory announcements globally. Get your friends to Subscribe Here.
Companies built around blockchain technology are both global and public at the moment of their inception.
And yet, too many blockchain startups are working in isolation trying to disrupt and dis-intermediate the status quo across all market verticals. True disruption, however, happens when there is a clear path to market that allows new solutions to thrive and make a lasting impact. For most companies this means fostering a culture and an ecosystem of collaboration. For most founders, it requires a re-education of their tightly held beliefs and a deep understanding of the tech, business and legal issues as they adopt blockchain solutions.
ProteumX is uniquely positioned to accelerate the development and deployment of blockchain solutions. Through our physical presence in Silicon Valley and Barcelona, we are empowering startups and transforming businesses to succeed in global markets.
We are at the beginning stages of a massive technology shift that is not only creating new business models but also ushering in an era of financing startups outside of the traditional seed and angel ecosystems that companies have come to rely on. The unique social nature of blockchain and crypto-assets is beneficial to startups in two ways. One, it allows them to raise financing from global investors. Secondly, startups can now leverage their investors to create a distribution platform for its products and services. ProteumX intends to create viable opportunities for startups to strategically scale and thrive in this environment. And we are not doing this alone - we are joined by our partners on both sides of the Atlantic who are equally committed to bringing innovation to markets.
Stay tuned for more information in the coming weeks and months. In the meantime, feel free to drop us a note here.
Now for some other significant news form the world this week:
Education | Malta to Store Education Credentials on Blockchain: In Malta, all educational certificates will be stored on a blockchain, local English-language local media MaltaToday reports on Feb. 21. The initiative is reportedly the scaling-up of a two-year-old pilot project to include all the nation’s schools, including secondary school certificates issued by the state, church and independent schools. According to the report, the Maltese government signed a two-year contract with software company Learning Machine, to build on the aforementioned pilot project. [… CoinTelegraph]
In 2017, we said Malta will become the blockchain island, and it has.
Supply Chain | A Circular Supply Chain by Accenture: Accenture introduced a “circular supply chain” allowing consumers to make more sustainable choices about what they buy. Consumers are also able to tip producers, directly rewarding them for their choices in production. All of this is made possible through digital identity management and blockchain technology. Accenture is collaborating with Mastercard, Amazon Web Services, Everledger and Mercy Corps to build its supply chain capability. The partners are working on in-store, web and app-based implementations where consumers could scan a unique digital identifier on an item registered to the people who produced it. Scanning the tag on a pair of jeans, for example, would give customers its supply chain origins from start to finish, along with the opportunity to send a token of appreciation to the people who produced them. [… Forbes]
Inventory Management | 10M Used Cars on the Blockchain: Cryptocurrency non-profit, the Fusion Foundation, and the Automotive eXchange Platform (AXP) are joining forces to bring the U.S. second-hand car market and its insurance and financing to a blockchain. The first step in the partnership, according to a Monday announcement, is to integrate Fusion’s blockchain platform and digitize AXP’s current database of 10.5 million automobiles, so they can be properly tracked and audited. The AXP network encompasses some 25,000 independent car dealers across the U.S. and this extends to relationships with counterparties in finance and loan origination. [… Coindesk]
There’s a million vehicles on the road that have ‘washed’ titles, which means there is fraud there. The insurance industry is hit with billions in fraud because of missing information, drivers providing the wrong information and inaccurate reporting.
Crypto | XRP Set to Trade on Coinbase Pro: It is a day that’s been long awaited by one vocal corner of the cryptocurrency world. XRP, the cryptocurrency associated with payments firm Ripple, will soon trade on Coinbase, one of the largest crypto exchange operators in the United States, the company announced Monday. Still, questions about XRP’s connection to Ripple and the possibility that it might be a security hang over the market. Insiders say the decision about XRP’s regulatory status was debated within the firm. The token will NOT be available for trading in the state of New York. [… The Block]
After 10am PT on February 25, 2019, we will begin accepting inbound transfers of XRP to Coinbase Pro. We will accept deposits for a minimum of 12 hours prior to enabling full trading. Please note that inbound transfers require the specification of an XRP destination tag.
Identity | SoftBank Announces Blockchain ID Working Group: Japanese multinational holding conglomerate SoftBank Corp. and American telecoms-focused blockchain firm TBCASoft are to lead a new blockchain-based digital identification study group under the canopy of the Carrier Blockchain Study Group (CBSG). CBSG — a global blockchain consortium of telecom carriers — was founded in September 2017, in a bid to push greater adoption of the technology in the industry. Alongside Softbank and TBCASoft, the organization counts Taiwan-based telecoms carrier Far EasTone and U.S.-based telecoms firm Sprint as founding members. The announcement reveals that the new working group, devoted to blockchain-based identification and authentication solutions, will initially focus on a new foundation application framework called CrossCarrier Identification System (CCIS), developed by TBCASoft. [… CoinTelegraph]
We envision that individuals should create encrypted digital identities, instead of using and storing multiple usernames and passwords on databases here and there with various qualities of privacy protection
Image Source: Shutterstock
IBM VP of Blockchain and Digital Currencies Jesse Lund is bullish on Bitcoin – so bullish, in fact, that he set a long-term $1 million price target. The IBM executive pointed out that the higher the price of a crypto asset, the more utility it has. Therefore, he thinks people should focus less on the moving prices of crypto assets and more on their utility. [… CCN]
If the price of Bitcoin were higher, there would be more liquidity on the network, we could be having a really different discussion with banks right now. I have a long-term outlook. […] It goes back to that discussion about the utility of the network with a higher price. I see Bitcoin at a million dollars someday. I like that number because if Bitcoin’s at a million dollars, then the satoshi is on value parity with the US penny. And that means there’s over $20 trillion of liquidity in this network. Think about $20 trillion in liquidity and how that changes things like corporate payments.
Proteum is a global blockchain advisory firm that works with public, private and start-up companies to help them transition into the world of blockchains and decentralized applications. We help companies strategically build their ecosystem and unique capabilities so that they can own and control their future. ProteumX, our accelerator program, invests in and accelerates the time to market for companies building blockchain solutions.