Digital ID System of Canada May Secure Data Using Blockchain

It has been recently reported that a banking group in Canada is optimistic on the notion of using blockchain technology as part of a digital ID system for the country’s residents.

Neil Parmenter, the chief executive of the Canadian Bakers Association (CBA) believes that blockchain is necessary for a tamper proof solution to form the basis of ID procedures for finance and banking.

He adds that the decentralized nature of blockchain solutions is the single point of failure is highly unlikely.

The digital ID was envisioned by the CBA May last year when it releases its whitepaper.

The organization did not make any reference in the released document that the project will be using the emerging technology.

However it praised ID systems that are being rolled out in Estonia and India that may serve as reference for Canada’s own ditial ID system.

Like many other countries, Canada is embracing the underlying technology that made Bitcoin such a successful disruptive financial instrument, blockchain.

The country is also looking to employ the technology in other sectors in the government such as the recent initiative involving customs border processing.

Binance’s 6th Quarterly Coin Burn Completed Without Incident

According to online news reports, Binance was able to carry out its 6th quarterly Binance Coin (BNB) token burn successfully.

It was revealed that the crypto exchange was able to burn around 1,623,818 BNB with an estimated value of $9.4 Million USD.

The CEO of Binance took to twitter to express what he felt during the event saying that he still feels nervousness each time they conduct the activity.

The activity realizes what they wrote on their whitepaper that they would continually buy back a certain amount of BNB from circulation every quarter for destruction.

To be able to do this the company sets aside 20% of its earnings to buy back the digital asset.

Ultimately they plan to reduce total supply of the coin to 100 million BNB which is about half its original total supply.

Currently there is about a total supply of 189,175,490 BNB which indicates that the exchange needs to burn around 89 million tokens for them to be able to achieve what they have indicated in the whitepaper.

By lowering the number of supply Binance hopes that this gives investors the notion that as the supply decreases the value of BNB rises.

Oil Companies Joining Blockchain-Powered Energy Commodity Trading

News outlets online are stating that one of the largest American multinational energy corporation, Chevron, has joined a blockchain platform for energy community trading.

The platform is called Vakt which is based in the United Kingdom.

Along with Chevron two other major energy companies have joined Vakt.

They are Total, a leading French multinational integrated oil and gas company and Reliance Industries, a major Indian refiner.

This marks the second round of on boarding industry giants into the Vakt platform.

Last fall, industry world leaders from all over the globe in energy industry and large banking and trading houses have joined together to established the aforementioned Vakt for energy commodity trading.

These companies include BP, Shell and Equinor.

This project underscores the disruptive powers of blockchain technology as it continuously disrupts not only the financial sector but other allied industries such as what has been described in this article.

This paints a very bright future for the burgeoning industry.

South Korea Achieving Administrative Transparency Via Blockchain

There have been reports circulating the internet that one of the districts in South Korea has decided to apply blockchain technology to its proposal evaluation system.

According to the report Yeongdeungpo-gu, an administrative district in the southwest Seoul, aims to administrative transparency with the use of the said emerging technology.

Aside from increasing the transparency of their processes the project will also help them avoid falsifications within the various public services bidding company selection procedures.

The project will run throughout 2019 which will eventually expand to the whole department as well as to other nearby municipalities.

South Korea is one of the countries that has been actively pursuing different use cases for blockchain technology and leverage it for a more efficient and cost effective way of running the government.

In this regard the country is pushing hard for research and development of the sector.

In fact starting this year, blockchain fields of research and development are now eligible for tax credits with the aim to support innovation within the ecosystem.

South Africa Starts Monitoring Cryptocurrency Transactions This Year

According to a recent crypto-related news owning Bitcoin in the South Africa will get a lot more complicated as authorities will start a new policy in the first quarter of this year.

This was revealed on a recent consultation paper that the South African Reserve Bank (SARB) that states that hefty new regulations will be enforced soon.

The paper states that there are many problems cryptocurrencies present that can only be addressed only through a new regulatory framework since no financial regulations fits well with the emerging asset class.

While the working group acknowledges some of the advantages of cryptocurrency within the South African Market, it seems that is more focused insinuating that the digital assets benefits more illegal activities.

The new regulations will focus heavily on AML/KYC/CFT requirements as well as the compliance of cryptocurrency exchanges, custodial services and Bitcoin ATM machines to existing South African Financial security legislation.

In addition, these businesses need to register with the Intergovernmental Fintech Working Group (IFWG) which comprised of members from SARB and the Treasury.

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