Although some people in life do an extremely convincing job of indicating otherwise, all humans have an identity. This identity comes in many forms, and as modern life has progressed, the ways in which people can identify have multiplied. Technology has now made it easier for people to explore and share their identities. But, at some point in the not-so-distant past, the internet overtook people’s ability to manage their identities online. Companies, notably the big data giants, have become the new gatekeepers. As the world enters a more data-conscious era, innovators in the tech industry believe that blockchain technology could …
This week’s headlines from Japan included exchange self-regulatory organization, JVCEA, suggesting guideline changes, financial institutions collaborating with a blockchain startup for asset management, GMO Coin exchange listing BAT, and news that Toyota has built a blockchain-based identity platform. Check out some of this week’s crypto and blockchain headlines, originally reported by Cointelegraph Japan. JVCEA adds regulatory suggestions and revision regarding exchange JVCEA, a Japanese self-regulatory organization (SRO) for exchanges, proposed alterations to an upcoming initiative called the Revised Funds Settlement Law, set to come into play in the first half of 2020. The group also noted changes to the Financial …
China Everbright Bank (CEB), a major commercial bank in China and one of the world’s largest public companies, is debuting a blockchain-based supply chain finance solution by Ant Financial. Ant Financial, the financial arm of Chinese e-commerce giant, Alibaba, has partnered with CEB to collaboratively implement Duo Chain — a network services platform designed to handle supply chain-related financial transactions. Ant Financial started working on the Duo Chain in 2019 CEB and Ant Financial initially formed their partnership during the second half of 2019. CEB is the first Chinese bank to deploy Ant Financial’s Duo Chain, as reported by local …
While some global cryptocurrency exchanges move to expand Know Your Customer (KYC) rules, some major rivals claim that crypto platforms do not need KYC at all. Digitex, a Seychelles-based crypto derivatives exchange, will start removing KYC identification this week in response to a major user data leak that happened last month. Digitex will have no KYC identity requirements as of April 2020 Adam Todd, CEO at Digitex Futures Exchange, revealed the news in a public video statement on March 4, declaring that Digitex will have all KYC identification processes removed from its platform as of April 2020. Todd clarified that …
Human resources firm Ranstad, which recently became global leader in the sector, has chosen to further automate its workflow using a smart contracts-focused blockchain. The firm’s 40,000 employees will be using an enterprise blockchain solution from New York-based Cypherium, which has struck partnerships with major cloud providers Google Cloud Wing, IBM Cloud, and Amazon Web Services. All of the paperwork-intensive processes involved in HR allocation, Randstad revealed on Feb. 28, will soon be automated using the platform in conjunction with Google Cloud. Automating verification Cypherium has a hybrid design, combining two consensus mechanisms: Proof-of-Work (PoW) and HotStuff (also used for …
A major blockchain identification project backed by South Korean tech giant Samsung is being rolled out for first commercial use. South Korea’s NongHyup (NH) Bank has introduced a blockchain-based mobile ID system developed within a tech consortium established by major local firms including Samsung Electronics and LG Uplus. According to a Feb. 25 report by South Korea’s news agency JoongAng Ilbo, NH Bank is jointly implementing the new ID system with South Korea's largest wireless carrier, SK Telecom. NH Bank held a blockchain ID card demo with 20 executives According to local reports, NH Bank president and CEO Lee Dae-hoon …
As the United States continues to actively embrace blockchain, more new blockchain-powered products supported by national organizations continue to mature. CULedger, a major fintech firm coordinated by an American national trade association, has commercially launched its blockchain identity platform. Formerly known as MyCUID, CULedger’s blockchain-based identity verification solution MemberPass is now commercially available after a successful pilot in late 2019, CULedger announced on Feb. 21. Credit union members can use safe blockchain-based ecosystem to protect their privacy As a major credit union service organization (CUSO), CULedger aims to provide a trusted peer-to-peer services network of verifiable exchange for financial cooperatives. …
As the new decade unreels, a new wave of disruption seems to be coming to the shores of the global financial system. That wave is called decentralized finance protocols. Decentralized finance, or DeFi, simply refers to financial software that is built on the blockchain to make it easy for anyone to piece together digital assets and financial smart contracts. Think of DeFi as a Lego system for the finance industry. According to Defi Pulse, an analytics site that tracks the sector’s growth, the entirety of the DeFi ecosystem achieved its highest valuation in 2019 when its value peaked beyond $600 …
Matterum’s platform for authenticating collectible items is now live, and it’s already processed several $10,000 William Shatner figurines. According to its website, Mattereum “has the tools to make physical goods flow around the world as easily as information using Ethereum blockchain smart contracts.” The company’s first client is Third Millenia Inc. (which works on the authentication of real-world items), co-founded by actor William Shatner of Star Trek fame. Amongst the first digitized objects were several signed Captain Kirk action figures. They’re worth a lot of money! A Mattereum Asset Passport for a Captain Kirk Action Figure. As you might imagine, …
An eighteen-year-old from Montreal is facing four criminal charges connected to a $50 million SIM-swapping scam targeting cryptocurrency holders, Infosecurity Magazine reported on Jan. 17. The hacker, Samy Bensaci, is accused by Canadian authorities of being part of a ring that stole millions of dollars in cryptocurrency from American and Canadian holders. The theft is said to have occurred in spring of 2018, with Québec police representative Hugo Fournier saying that the hackers were responsible for the theft of "$50 million from our neighbors to the south and $300,000 in Canada." Among the purported victims were Don and Alex Tapscott, …
A 19-year old man has been indicted for identity theft as part of an alleged $1+ million cryptocurrency heist affecting at least 75 victims in the United States. A news release published on Dec. 18 by Manhattan District Attorney Cyrus R. Vance alleged that Yousef Selassie, 19, conducted a complex “SIM-swapping” scheme targeting residents across 20 different states. SIM-swapping — also known as a port-out scam — involves the theft of a victim’s cell phone number in order to hijack their online financial and social media accounts by intercepting the automated messages or phone calls used for two-factor authentication security …
CULedger, a blockchain consortium and credit union service organization, has successfully completed a pilot project together with three American credit unions. Fintech Futures reported on Dec. 16 that the pilot focused on implementing CULedger’s blockchain identity platform in the call centers at Unify Financial Credit Union, Desert Financial Credit Union, and TruWest Credit Union. All three credit unions chose to focus their trial on high-risk transactions conducted via phone, identifying these as “a high-friction channel that fraudsters find effective and least expensive to attack.” Secure identity for a potential 260M credit union members worldwide As Cointelegraph previously reported, CULedger uses …