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Binance

Binance Expected to Resume US Operations in the Next 2 Months

When it comes to trading in cryptocurrencies, it is always far more effective if one can trade on a large exchange. Large exchanges offer a lot of options with regards to the range of cryptocurrencies, liquidity, and other services. Over the course of the crypto boom that started a few years ago, some exchanges have become the leaders of the industry and Binance is certainly one of those. It went on to become one of the biggest crypto exchanges and was also the preferred choice of many traders in the United States.

Key Details

However, back in June, the company announced that it was working on establishing a new division named Financial Crimes Enforcement Network, and hence, it was going to temporarily stop its services in the United States.

Regulations in the United States have always been a major issue for crypto exchanges, and Binance has also struck a partnership with BAM Trading Services so that it is compliant with regulations in the country. Considering the fact that it now has a US-based partner, Binance will be able to have a bigger presence in the market.

>> Bitcoin Hovers Around 10K After the Recent Correction: What Next?

In an interview with Cheddar, the Chief Executive Officer of Binance, Changpeng Zhao, stated that the crypto to fiat services that had been stopped in the United States could be resumed within the next two months. It is a significant development for all crypto enthusiasts in the country who have not been able to trade in the platform all this while.

Additionally, Zhao also stated that since a new partner is now available, Binance will be exploring ways to increase its presence in the American crypto market once it reopens. However, the resumption of services can never be predicted accurately, and hence Zhao refused to divulge the exact date on which the operations will resume. He said, “I don’t want to promise any fixed dates, but there’s a lot of work being done and there’s a lot of things going on in flux, but I would say in a month or two.”

Featured image: DepositPhotos © kongvector

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Walmart

Walmart Submits Patent for Drone System Based On Blockchain

Walmart Inc (NYSE:WMT) has felt the convenience of blockchain and is not looking to back down soon judging from its latest patent application submission for a drone communication system anchored on blockchain technology. The patent application submitted to the United States Patent and Trademark Office (USPTO) early this month, dubbed “Cloning Drones Using Blockchain,” shows the retail giant’s commitment in adopting blockchain technology for most of its operations.

According to the details of the filing, the drone-based communication system codes and stores the drone’s crucial operational parameters in decentralized ledgers. The data can be accessed by other drones under the same network that will then decipher and configure the encryptions. Aside from relying on crucial information, the system allows the unmanned drones to know each other’s exact location at every particular moment of flight.

Unmanned Aerial Delivery

Note that the latest patent filing is not the company’s first attempt in blockchain technology, particularly in the field of Unmanned Aerial Vehicles (UAV). Walmart’s venture into blockchain technology began back in 2017 when it filed a patent for an “Unmanned Aerial Delivery to Secure Location.” The package delivery system will enable drones to share information relating to flight routes, Identification numbers, Speed, battery information, flight heights, and loading capacity, among other details. According to the filing, the system will be popular for safeguarding data integrity, considering that information stored on blockchain decentralized ledgers are incorruptible.

>> Ripple to Invest 1 Billion XRP to Fund Online Content

Walmart-IBM Partnership

Additionally, Walmart partnered with American tech titan IBM (NYSE:IBM) for a blockchain-based deliveries tracking system. The futuristic system has since been adopted by the US Food and Drug Administration in the tracking of prescription drugs. Merck and KPMG are also interested in the system. The system that was initially designed to identify and flag recalled foods is already being used to track meat deliveries in China and in the US.

Like Facebook (NASDAQ:FB), Walmart is also interested in having its own cryptocurrency and has already submitted another patent for this.

Featured image: DepositPhotos © nils.ackermann.gmail.com

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blockchain

Massive Indian Telecommunication Provider Develops Blockchain Network

There are plenty of trends in the technology sector that will fade over time. Blockchain does not appear to be one of them, however. Just as more countries are warming up to cryptocurrency—New Zealand just gave the go-ahead for employers to pay staff in digital currencies—more and more countries are starting to use this innovative technology. India is the latest. Here’s what we know.

India Moves into Blockchain Technology

At the start of this week, news came out that Reliance Jio Infocomm, a massive telecommunications provider in India, has decided to develop a blockchain network. The Chairman of the company, Mukesh Ambani, announced the network. According to the report, Reliance Jio Infocomm will use the technology for several reasons. First, it will be used for internal uses, like increased automation. But the Indian telecommunications provider will also make the technology available to millions. “Over the next 12 months, Jio will install across India one of the largest blockchain networks in the world with tens of thousands of nodes operational on day one,” the report said.

Why is This Big News?

This news is making headlines for several reasons. For starters, it means yet another country is adopting blockchain technology, indicating the success of it as a whole. Secondly, India has not always been overly supportive of the technology or the cryptocurrency industry. In April, the Supreme Court of India even recommended the ban of crypto assets.

>> Walmart Submits Patent for Drone System Based on Blockchain

Takeaway

If India develops a massive blockchain network, and blockchain is set to only become more popular in the next couple of years, then the country could very well become a hub for the technology. Or, the network could flop. Only time will tell.

What do you think about Reliance Jio Infocomm developing a blockchain network that will be accessible to millions? Let us know your thoughts in the comments below!

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Blockchain Security

South Korea’s Shinhan Bank is Building a Blockchain Security System

According to reports, the oldest bank in South Korea, Shinhan Bank, is soon to be the most technologically secure bank. The bank has partnered with two other companies to develop a blockchain-based security solution.

Moving with the times indeed.

South Korea’s Shinhan Bank is Making a Blockchain Security Solution

According to a report published earlier today in TheKoreaTimes, Shinhan Bank signed a memorandum of understanding with two developers: financial technology startup Ground X and blockchain developer Haxlant. The pair have been tasked with developing a blockchain security system for the bank.

More specifically, the two developers will create a Private Key Management System for Shinhan’s banking services.

Ground X and Haxlant will work in tandem utilizing each other’s expertise to develop the security blockchain. Ground X is the blockchain unit of South Korean messaging giant Kakao, and it will create the technology underpinning the blockchain-based platform. Haxlant then will develop the infrastructure to feature an unhackable and secure program for the platform.

Blockchain Security Takes Shinhan Ahead of the Pack

The new blockchain system is expected to begin testing in October. The bank believes its addition will help to encourage other financial institutions to adopt the technology. According to a Shinhan Bank official:

“Blockchain technology has gained attention from the financial sector for its advantages, but financial firms have experienced difficulties in applying the technology to their system. […] Shinhan Bank will provide a convenient user-friendly interface under the deal with Ground X and Haxlant.”

>> Veritaseum (VERI) Slumps 60% After Emergency Lawsuit by the SEC

Also this month, Shinhan Bank reported that it has a distributed ledger technology-enabled stock lending platform in development. This platform is being created in conjunction with financial services company Directional.

There’s something to be said for South Korea’s oldest bank taking the biggest leap into the latest technologies. Do you think its involvement in the blockchain space will encourage further adoption from other institutions?

What are your thoughts on this?

Featured Image: DepositPhotos © Pixabay

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Amazon Advertising Blockchain

Amazon is Building an Advertising Blockchain

According to CoinTelegraph, Amazon (NASDAQ:AMZN) is on the hunt for a software development engineer to develop an Amazon advertising blockchain. The world’s largest online retailer posted a job offer on LinkedIn and reportedly is in need of a development engineer for the new advertisement blockchain.

Here’s what we know.

Amazon Advertising Blockchain

The hire will join Amazon’s Colorado team. The goal of the advertising blockchain is to grow the advertising arm of Amazon’s business.

The job posting reads as follows:

“Our new team in Boulder, CO is looking for a Sr Software Engineer to work within our Advertising FinTech team focused on a Blockchain ledger, billing and reconciliation systems to provide data transparency on transnational financial data.”

The company is planning on leveraging its online retail data, industry-leading cloud services, and fast-moving startup culture.

What’s in the Role?

The role of the engineer includes “requirements analysis, lead design, implementation and deployment of core components, interfacing with engineers and program managers. The position will also be responsible for the operational support and maintenance of the systems.” As such, the role is a big one and requires the candidate to have a background in blockchain development as well as experience in advertising and financial technology.

Furthermore, the engineer will also “have an opportunity to define the technical and architectural roadmap for the systems.”

Amazon Advertising Blockchain

The job posting has spurred on excitement, as it is another step forward for blockchain adoption by the major retailer.

Back in June, Amazon announced a partnership with British insurer Legal & General (OTC:LGGNY) to develop a blockchain system.

>> ECB Boosts Crypto Surveillance to Monitor the Market Closely

On June 11, Reuters announced that the multinational insurer was going to work with Amazon to create a blockchain system specifically for corporate pension deals. The blockchain in question would be developed from the Amazon Web Services blockchain creator called the Amazon Managed Blockchain (AMB). It aims to process bulk annuities.

Amazon’s AMB is designed to easily create a blockchain network that is simple and scalable to manage. It uses Hyperledger and Ethereum open-source frameworks.

What do you think of the Amazon advertising blockchain?

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