LVMH Blockchain | Louis Vuitton on the Blockchain?
Blockchain technology has many uses. Mostly synonymous with the financial sector and for crypto trading, it might surprise some to learn that the fashion industry has found a clever use for the technology. Dubbed the AURA blockchain, luxury brand conglomerate and owner of the Louis Vuitton fashion label, LVMH, has developed the LVMH blockchain.
The fashion giant will use the technology to prove the authenticity of its branded goods.
LVMH Blockchain
Given the code name AURA, the LVMH blockchain is expected to go live this May or June. It will launch first with the Louis Vuitton and Parfums Christian Dior brands, and then extend to include LVMH’s 60 luxury brands.
If all goes well, then competitor brands will eventually be added to AURA.
Incognito Project
The company has reportedly enlisted a full-time blockchain team that has been working on the project for over a year. Kept under the radar, this team has worked closely with Ethereum design studio ConsenSys and Microsoft Azure.
>> OKEx Blockchain: The OKChain will Test-Launch in June
As such, AURA is built using a version of the Ethereum blockchain called Quorum—a blockchain developed by JPMorgan and which focuses on data privacy.
According to CoinDesk, the platform will work as follows:
“To begin with AURA will provide proof of authenticity of luxury items and trace their origins from raw materials to point of sale and beyond to used-goods markets. The next phase of the platform will explore protection of creative intellectual property, exclusive offers and events for each brands’ customers, as well as anti-ad fraud.”
LVMH Blockchain for Competitors
LVMH intends to offer the AURA blockchain in a “white-label” form to its competitors in the luxury brands sector.
The aim of placing luxury goods on the blockchain is to reduce counterfeit efforts. It will also assure customers of the origins of their purchase.
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OKEx Blockchain | The OKChain will Test-Launch in June
Malta-based crypto exchange OKEx has announced plans for its own decentralized exchange or DEX on its own blockchain. The company made the announcement on Friday detailing the OKEx blockchain.
OKEx Blockchain: OKChain
According to a release on Medium, the company detailed how its operations team has been developing a blockchain called OKChain. The blockchain will be the underlying tech for the exchange’s first decentralized exchange, suitably called OKDEx.
OKChain is at the final stage of development with a test network launch expected in June.
The exchange’s native coin OKB will migrate to an Ethereum ERC-20 standard blockchain in April. Then after the test and once the OKChain is deemed stable, it and all other tokens will be moved to the new OKEx blockchain. OKB will become the native token of the OKChain blockchain.
According to the announcement:
“OKB will be the native token of the OKChain network, which can be used to settle transaction fees or used in the Dapps developed on OKChain.”
OKEx Blockchain and Others
A decentralized exchange is becoming a popular add-on for many cryptocurrency exchanges of the world. OKEx is not the first major exchange to develop its own DEX.
The world’s largest cryptocurrency exchange by market volume, Binance, is launching its own blockchain network soon.
>> Chicago Mayor Believes Crypto Adoption is “Inevitable”
Last month, Binance ran public testing for its DEX and allowed users to create wallets and play around with the interface. It also launched a trading competition offering prizes of up to $100,000 worth of its native token, BNB, to draw testers to the platform.
Another major exchange, Singapore-based, Huobi is also doing something similar. It too announced a standalone decentralized exchange last June. However, Huobi is planning on evolving completely into a DEX. The company is on the lookout for developers to create the underlying open source blockchain protocol for the platform.
What do you think of the OKEx Blockchain?
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Chicago Mayor Believes Crypto Adoption is “Inevitable”
Cryptocurrency received an endorsement from Chicago Mayor Rahm Emanuel when he stated that wide-scale crypto adoption is “inevitable” at a FinTech meeting in his city earlier this week.
The chief of staff for former US President Barack Obama said that while he is no expert in crypto technology, he believes digital assets could help financially unstable countries with their economic recovery.
The politician thinks that “an alternative way of currency dealing with the debt markets is going to happen” at some point in the future.
“One day, somebody’s going to figure out—whether that’s Argentina, ten years from now, five years from now—how to use cryptocurrencies to stay alive when their [sic] facing a financial crisis, and then you’re going to find out that this moment has arrived,” Emanuel said of crypto adoption.
Countries like Venezuela have already turned to cryptocurrency in an attempt to circumvent US-led sanctions, attract investment and bring the country back from the brink of full-blown default.
Crypto Adoption: Cryptocurrency Here to Stay
Despite crypto being a highly volatile market, the Chicago mayor isn’t the only one that believes the currency is here to stay. In fact, some believe cryptocurrency could replace fiat currency as early as 2030.
Former IBM engineer Thomas Frey said at a recent event that “cryptocurrencies are going to displace roughly 25% of national currencies by 2030. They’re just much more efficient, the way they run.”
According to a recent survey led by researchers at the Neustar International Security Council, 80% of businesses are interested in using cryptocurrency for transactions. What’s more, 48% of the survey respondents said that the use of cryptocurrency could be a way for their businesses to generate income by delivering increased value.
Crypto Adoption: Big Companies Moving into the Space
A number of major companies have already begun creating their own cryptocurrencies, including Starbucks, Samsung, Square, Facebook, and IBM.
The most recent company to join the cryptocurrency movement is US multinational financial services giant Visa, which is on the lookout for project managers with blockchain and cryptocurrency knowledge to join their team.
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Square is Hiring | You Can Be Paid in Bitcoin if You Want
Twitter and Square founder Jack Dorsey has always been bullish in his Bitcoin views. So it’s no surprise that his payments startup Square is now offering new employees the chance to be paid in Bitcoin. According to tweets from the CEO, the company is on the hunt for skilled labor to add to the team.
Square Bitcoin Payments
If Dorsey’s tweets are anything to go by, then the company is hiring engineers and a designer to “work full-time on open source contributions to the bitcoin/crypto ecosystem.”
The Square cash app already supports Bitcoin purchases and sales so it is intriguing to think of what these new hires may be working on.
But beyond that tweet, information is scarce. However, what is notable, is that these new hires will be able to be paid in Bitcoin if they so choose. It makes sense that Square would offer this option, Dorsey being a major advocate of cryptocurrency, earning himself the nickname Bitcoin Evangelist.
His belief is that Bitcoin should become the world’s single native currency and using it is moving forward.
>> Polymath Partners with SeriesOne for Security Token Issuance
Impactful
Dorsey added in a separate Tweet that “the most impactful thing” his company can do is to build upon the current cryptocurrency ecosystem. And this is one way it can give back to the community.
He commented:
“Square has taken a lot from the open source community to get us here. We haven’t given enough back. This is a small way to give back, and one that’s aligned with our broader interests: a more accessible global financial system for the internet.”
Dorsey recently spoke in a podcast about the Square app saying how payment apps like it are the future for cryptocurrency:
“We’re empowering the electrician to send invoices, setting up the food truck with a delivery option, helping the clothing boutique pay its employees, and giving the coffee chain capital for a second, third, and fourth location.”
What do you think? Would you like a job working for Square?
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Polymath Partners with SeriesOne for Security Token Issuance
Security token platform, Polymath, has reportedly partnered with digital securities fundraising platform, seriesOne, to give customers “end-to-end” solution for security token issuance.
Polymath and SeriesOne Partnership
The news was first announced by seriesOne yesterday via a press release. The company said the new product will allow issuers to create and manage security tokens that are “compliant throughout their entire lifecycle.” This means from the initial token offering all the way to trading on an exchange.
Easier
The aim of the partnership is to simplify the creation and management of security tokens. seriesOne believes that Polymath’s St-20 security token standard will become the industry-wide standard. As such they are going to partner with the company to make security token management easier.
SeriesOne is a securities issuance platform and as such can qualify for a number of securities exemptions in the US.
CTO of seriesOnes, Dmitry Grinberg, said the following:
“The token control layer that Polymath offers will be the future standard and we are excited to be working together.”
CEO Michael Mildenberger furthered that the partnership aims to reduce the “complex challenges” of creating and managing security tokens. The result will become a “critical” component of seriesOne’s digital securities offering ecosystem.
In using Polymath’s ST-20 protocol, the CEO believes the platform will generate more revenue.
>> Trading with Crypto Exchanges and Crypto CFDs: Which is Better?
Ethereum for Securities
According to its website “What Ethereum did for tokens, Polymath will do for securities,” in saying that the company is aiming to be like the Ethereum network but for securities.
The company has its own token standards that facilitate compliant trading. In fact, its ST-20 security token standard is described as “an extension of the more generalized Ethereum ERC-1400 standard that introduces the ability to restrict transfers of blockchain tokens.”
What do you think about seriesOne partnering with Polymath?
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