Blockchain Archives - Crypto Bloomberg

Guest authorJanuary 29, 2020
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6min144

The cryptocurrency which may also be referred to as the digital currency has affected the digital marketing agencies in Dubai in the blink of an eye. The number of consumers of digital currency has been increased to a huge extent. The social media is also played a huge role to make the digital currency e popular

Bitcoin- a digital currency

Bitcoin is a new type of currency that has been introduced into the market. It is a very innovative method of payment. Cryptocurrency is a new type of digital currency that uses different patterns of security to protect your data and money. It was released in 2009 and after about a decade now it has become a huge platform where people can transfer their money from one person to another more securely. Also, it is a very good way of transferring money because it takes charging money through Bitcoin. Bitcoin is taking over the whole world and people cannot be happy about it. The best thing about cryptocurrency is that it gives us a decentralized feature and also is very fast. People can use it without having to spend a lot of money in a very secure manner. People are investing in cryptocurrency and are getting huge profits from it. This unique way of transferring funds from peer to peer is attracting a lot of people towards it.

Cryptocurrency’s backbone

Blockchain technology has helped a lot in bringing the cryptocurrency as well as powering it. If there was no blockchain technology, there wouldn’t be any way where the Cryptocurrency could establish. The blockchain technology is not what limited to just cryptocurrency. It has a very huge impact on digital marketing as well. If we look from a deeper perspective, we will realize that the block chain technology has both positive as well as negative impacts. This is the reason why there is a need to prepare a proper campaign so that proper advantage from the digital currency can be taken without affecting the market in one way or the other.

The impact of digital marketing on cryptocurrency

  • Accessing the data

The first and the foremost thing that comes in our mind when we want to make something popular is to bring it to the eyes of the people so that they can get influence from it. This is what digital marketing has done to cryptocurrency. That digital marketing agencies use social media apps like Facebook Instagram Twitter and more to collect as well as sell the information to the consumers. This approach is working well because most of the people use digital media apps to get the news. This makes it easy for companies to inform the people through these apps. Not just that this is a very cost-effective way to inform people about cryptocurrency but also it increases the popularity as well.

  • Consumer empowerment

Digital marketers are nowadays using cryptocurrency so that they may sell the information to the consumers by making money through the companies. This works in a way that the companies make digital marketing companies advertise their products. Another good thing about this is that the advertisers would not be able to get any data from the users. The end to end-users will remain anonymous.

  • No middleman involvement

The cryptocurrency becomes even better when we get to know the fact that there will be no involvement of a middle man like social media apps including Facebook, Twitter, and Instagram etc using the Artificial Intelligence and doing so much more stuff unknown to us. Due to the moving technologies, cryptocurrency has got benefited to a huge extent. It has already started bringing revolutions in the industry and we are looking forward to so many more of them.

 

Guest Author: Umer Ishfaq


Guest authorJanuary 28, 2020
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5min82

[29 January, 2020, Hong Kong] — Quanta’s board of directors is today pleased to announce the appointment, with immediate effect, of Harmen Brenninkmeijer as the company’s new Chief Executive Officer.

Following the strategic review conducted by Dynamic Partners, the board were impressed with Harmen’s vision for Quanta’s future and subsequently made it their priority to secure Harmen’s commitment to lead Quanta through this period of change and onward through the company’s next period of evolution as a leader in the design and utilisation of blockchain to create gaming solutions that enhance potential whilst lessening barriers to entry.

Quanta stated, “Harmen is the ideal person to lead Quanta. He has significant experience in gaming as an operator and as a supplier and has a unique understanding of the challenges of all parts of the gaming business. He has worked in many countries and his network will help Quanta to expand its reach and establish new customers and partnerships in high growth markets. Harmen led the strategic review undertaken by Dynamic Partners and has made, and will implement, the recommendations resulting from the review. Harmen will focus on the stabilisation of the company, resetting the vision and the implementation of best practice across business development, product development, operations and management.”

“You can see from my track record that I have always had a great interest in emerging technologies in the gaming space. My feeling is that Quanta is the leading proponent in the development, operation and support of regulated gaming solutions that utilise blockchain. Our vision is to be the leader in this new space and to develop solutions that are low cost and so suit both highly competitive as well as emerging markets; are tech and currency agnostic to provide as broad coverage as possible; are decentralised where feasible to deliver transparency to the user and the regulator; and that are flexible enough to enable the discovery of new business models. I am hugely positive and excited about Quanta’s future,” said Harmen Brenninkmeijer.

 

About Harmen Brenninkmeijer
Harmen has a long-standing track record in regulated gaming sectors across emerging markets with a reputation for innovation, introducing unique products and adopting new technologies. He has worked in over 70 countries actively supplying gaming equipment, advising and developing the gaming industry.
Before taking the CEO position at Quanta, Harmen formed the Global Chain in 2016, as a vehicle to establish equity projects. Whilst working with carefully selected partners, the Global Chain has established Dynamic Partners, an Asia-based consultancy providing core services to Global Chain’s equity projects and selected third parties including various blockchain-based ventures like D-Tech: a Hong Kong‑based game studio building games for Asian players, Woke: an innovative blockchain‑based gaming project, Digitote: a Sports Betting systems solutions company and another game aggregation team.
Prior to Global Chain, Harmen founded the Gaming Incubator which sourced and brought to market gaming products and platform innovations. He has also served as the SVP Strategic Markets for Inspired Gaming Group after he previously founded Octavian Global Technologies and turned that into a $90m public company within five years. Harmen also developed and managed several land-based casinos around the world. Other notable achievements include: the establishment of Avalon Casino Management, the company that set up the Playboy Casino in Rhodes. During 1991-1997, he established Mikohn’s gaming divisions in Europe, Africa and Japan (covering Asia) into a changemaker. From 1993 to 1997 he was also the founding and inaugural Chairman of the European Gaming Organization elected unanimously for 4 years.

About Quanta
Quanta is a pioneer in the development of blockchain solutions for gaming. In 2017, the company launched the first licensed blockchain lottery, fully utilising blockchain together with its NMI-certified random number generator, Randao, which is entirely built and operated on blockchain. Quanta’s utility token, QNTU trades on six renowned cryptocurrency exchanges including HitBTC and Bit-Z.

 

Press release


Guest authorJanuary 7, 2020
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5min108

[8 January 2020 Douglas, Isle of Man] — Dynamic Partners has completed its previously announced strategic review of Quanta, and has presented its results and recommendations to Quanta’s board of directors.

 

As a result, Quanta’s board has made the decision to implement the following changes, with immediate effect:

Business focus – Quanta will implement the recommended strategy to expand its activities with a focus on b2b moving forward. b2c operations will continue from IOM and via its subsidiaries but Quanta Technology will focus on providing b2b solutions to governments and operators in regulated markets. This means Quanta will look to take greater advantage of its current and future flexible blockchain-based gaming solutions beyond its own operations, expanding the company’s potential reach.

Product development – Agile development practices will be adopted which will help to focus and accelerate development times. Quanta’s product roadmap will be focused on short to medium-term deliverables and all development will be strategically and business focused to ensure commercial potential is established and realised with much greater effectiveness moving forward. All products will be developed in such ways as to increase the potential for blockchain in gaming whilst reducing barriers to entry for non-crypto participants. Quanta will create product generating platforms that can be expanded to multiple use cases.

Myquanta.im – Quanta’s b2c lottery brand and operation will be significantly enhanced for greater user friendliness in terms of onboarding and participation. The crypto barrier will be reduced so that participation is currency agnostic (whilst also accepting QNTU and crypto) and new games will be added much more rapidly. Quanta will continue to use and promote the participation in Randao in the generation of lottery results and intends to scale and make the participation in Randao much more user-friendly moving forward. Once the product improvements are implemented focus will be given to rapidly scale users.

Senior management – The board has requested for all members of the existing senior management team to stand down and is in the process of appointing new senior management that it feels are better suited to implement the recommended changes and to take Quanta forward in its next stage of evolution and growth.

Quanta statement: “This strategic review has been an essential exercise for us to make sure that we have the right strategic vision, appropriate plans in place to achieve that vision and the right team and resources to deliver those plans. It has been a challenging 6 weeks but we feel we are now on the right path to significant growth and are excited about the future. Our focus is on our licensed lottery technology and operation but we see a very exciting future ahead as we introduce more solutions that have the potential to further enhance the gaming ecosystem.”

“Quanta has fantastic potential,” commented Harmen Brenninkmeijer, Managing Partner of Dynamic Partners. “We have identified some really exciting areas of growth and once Quanta has completed its period of adjustment we are confident we will start to see a real advance in Quanta’s intention to continue to pioneer the use of blockchain in gaming as a means to enhance the potential of gaming technology whilst lessening barriers to entry.”

 

About Quanta
Quanta is a pioneer in the development of blockchain solutions for gaming. In 2017, the company launched the first licensed blockchain lottery, fully utilising blockchain together with its NMI-certified random number generator, Randao, which is entirely built and operated on blockchain. Quanta’s utility token, QNTU trades on six renowned cryptocurrency exchanges including HitBTC and Bit-Z.

 

About Dynamic Partners
Dynamic Partners is a Hong-Kong based consultancy that is operated by a group of highly experienced gaming industry experts with decades of experience across a wide range of jurisdictions, with true root and branch understanding of the global gaming industry as suppliers, operators, executives, financiers and investors.

 

Press release


Guest authorDecember 19, 2019
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3min184

[20 December, 2019, Douglas, Isle of Man] — Quanta has engaged Dynamic Partners, part of the Global Chain, to perform a strategic review with the aim to optimise the potential of Quanta’s tech and products in the gaming industry.

The intention of this review is to ensure that Quanta’s strategic direction is focused on delivering the optimum products to a strict schedule, and to re-align company goals to ensure continued positive progress. This review additionally aims to identify strong potential markets/business opportunities, and look to increase the efficiency and effectiveness of the company.

Quanta statement: “Dynamic Partners has extensive experience in the gaming industry. As part of the strategic review process, Dynamic Partners will make recommendations to the Quanta board with the aim to expand Quanta’s potential and identify opportunities for growth.”

“We see huge potential for Quanta in the gaming industry,” commented Dynamic Partners’ Managing Partner Harmen Brenninkmeijer. “As the leading provider of blockchain solutions for gaming, Quanta is carving itself an exciting niche position. Our deep dive review at this stage is intended to ensure Quanta’s strategy is aligned with product development, and that resources and processes are optimised and aligned with business goals.”

The strategic review period begins immediately and will run for 6 weeks.


About Quanta

Quanta is a pioneer in the development of blockchain solutions for gaming. In 2017, the company launched the first licensed blockchain lottery, fully utilising blockchain together with its NMI-certified random number generator, Randao, which is entirely built and operated on blockchain. Quanta’s utility token, QNTU trades on six renowned cryptocurrency exchanges including HitBTC and Bit-Z.

About Dynamic Partners

Dynamic Partners is a Hong-Kong based consultancy that is operated by a group of highly experienced gaming industry experts with decades of experience across a wide range of jurisdictions, with true root and branch understanding of the global gaming industry as suppliers, operators, executives, financiers and investors.

 

Press release


Guest authorNovember 27, 2019
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2min193
First Licensed Blockchain Lottery Provider Joins SiGMA to Showcase its Blockchain Gaming Solutions

 

[27th , Nov, 2019, Douglas, Isle of Man] — Quanta Technology, the world’s first licensed blockchain lottery operator is heading to Malta hot after its successful showing at Singapore’s Blockshow Asia. Quanta will be exhibiting at SiGMA 2019 in Malta between 27th-29th November. If you are attending the event and are interested in how blockchain can be utilised in gaming please visit us at BR70. We will also be talking about the role of blockchain in fintech and payments at Tech Giants, Payment Solutions & Emerging Markets on 28th at 11:30-11:50.

 

Quanta is an innovative technology company that utilizes smart contracts to ensure fully automated and transparent blockchain-powered solutions. Quanta has built and operates the world’s first licensed blockchain-based lottery platform with plans to expand the reach of its products and services.

 

Satoshi Okubo, Marketing Manager: “Quanta is looking to establish its blockchain-based lottery and gaming solutions in markets and verticals that can most benefit from the characteristics of blockchain, whilst working seamlessly with traditional technologies. It is the beginning of our journey and we have big ambitions, seeing applications in high volume / low value markets that will leapfrog mature markets in their adoption of new technologies.”

Quanta’s blockchain-based random number generator, RANDAO, was rigorously tested and subsequently certified by NMi (now part of GLI). Quanta continues to expand its blockchain-based lottery solutions and is broadening its reach into other parts of the gaming ecosystem. Quanta is expanding its interest in Africa and plans to add new partners and markets to its established operations in Nigeria.

 

Press release

 


Guest authorNovember 14, 2019
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5min350

Blockchain, the tech that gave rise to the creation of Bitcoin, is arguably the most important innovation to come out of the ongoing fintech boom. As a decentralized, distributed, and immutable ledger, Fortunly attests that its disruptive prowess goes beyond the financial sector.

Imagination is the only limit to the number of blockchain’s feasible use cases. One of its most viable applications is proof of provenance.

As the global “ethical sourcing” movement grows stronger, the pressure on major brands across different industries to join the bandwagon mounts. Blockchain is the logical solution to rendering supply chains more traceable and transparent, which are key characteristics to satisfy the sensibilities of many consumers.

Here are a few brands that are integrating blockchain into supply chain management.

Volvo

As a strategy to stake out a claim for itself in the potentially lucrative worldwide electric vehicle (EV) market, Volvo is partnering with fintech firms to prove to consumers that it does not use child labor to manufacture lithium-ion batteries.

The Swedish automaker, with the cooperation of its battery suppliers, LG Chem and CATL, intends to use blockchain to track the journey of cobalt, a prized raw material for EV battery production, from the mineral’s point of origin to its XC40 Recharge.

Volvo’s move is consistent with the policies of some African countries to promote responsible mining. Nations such as Kenya and Rwanda are bent on reducing the demand for conflict minerals.

Topco

The largest food cooperative in America is adopting the Wholechain traceability system by Envisible. Topco wants to send a message to shoppers that its seafood items, such as shrimp and salmon, are sourced in an ethical and environmentally responsible way.

With the help of the Wholechain mobile application and QR codes, customers can easily learn about how the grocer’s products get from the sea to the store.

Walmart

The retail giant has teamed up with IBM to render its leafy greens seamlessly verifiable with blockchain. Using the IT corporation’s Food Trust platform, Walmart is requiring its vegetable suppliers to indelibly input data onto the blockchain to improve the tracking of goods.

Fonterra

Fonterra is one of the first partners of Alibaba in its blockchain-driven food traceability platform called Food Trust Framework. Thanks to this collaboration, the New Zealand dairy titan is able to bring its tracked goods to Tmall in China.

Martine Jarlgaard

A pioneering blockchain adopter in the fashion industry, designer Martine Jarlgaard has joined forces with London-based startup Provenance to tell the story of her collection. She used blockchain to record her supply chain in detail.

Using the QR code on the verified garment’s label, shoppers could see how the alpaca fabric made its way from a farm to Jarlgaard’s studio.

Helzberg Diamonds

The US jewelry retailer, along with three other parties, has tapped IBM to implement the TrustChain blockchain project. The initiative is designed to prove the legitimacy of its diamonds and gold by forcing supply-chain participants, such as miners and shippers, to build a shared, tamperproof record.

In addition to eliminating counterfeits, Helzberg Diamonds also hopes to capitalize on the tech to identify gems and precious metals coming from conflict areas with less difficulty.

Conclusion

Thanks to blockchain, average consumers are becoming empowered to scrutinize the supply chains of their favorite brands. Hopefully, more influential global corporations will follow the lead of these ethical vanguards to finally solve the many injustices in the world in the near future.

The infographic you can find here: https://fortunly.com/infographics/how-startups-disrupt-the-finance-ecosystem-infographic/

 

Guest Author: Stefan Ateljevic


Guest authorSeptember 26, 2019
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3min631

Hong Kong – September 27, 2019 – A new study conducted by QRC Group shows the blockchain industry has rebounded considerably from 2018 with very high investor and industry confidence (in part due to Facebook’s launch of Libra.) North America, South America, and Europe exhibit the highest confidence levels.

The research survey was titled “Global STO, Regtech Blockchain Industry Survey & Sentiment Analysis” and looked into the impressions of the current STO and blockchain industry held by industry professionals.

Fewer institutional investors are currently in the market. Investors’ stance in the market has shifted from “extreme caution” to a more neutral/normal stance concomitant with the blockchain/crypto recovery. The more aggressive investors are found in Singapore, North America, and South America. While there are more investors in Hong Kong per capita than other regions, they tend to be more conservative or extremely cautious.

CEOs looking for advisory firms to assist with STOs tend to look for technical expertise, experience, and connections to capital and investor networks. Each region has a different priority for these traits sought.

“We are very proud and excited to reveal our research results to the rest of the world,” said Shogo Ishida, CEO of QRC Group. “The STO and blockchain industry is currently in the midst of a great surge and professionals are beginning to trust the technology. Our report reflects this truth and we believe that many companies will begin to seek help and advisory to adopt the technology as a part of their business.”

Conducted in June 2019, the survey took a sample of 1871 respondents located primarily in North America (28%), Europe (and Russia) (18%), The Middle East (9%), Asia (23%), South America (3%), Africa (17%). This sampling and response provided 99% confidence +/- 2.98% error.

The survey comprised of CEOs (CXOs, Founders, Owners, Principals, Partners: (30%), senior management (VP, Director, SVP, EVP) (17%), mid-level management (14%), specialists / associates (9%), marketing and sales (5%), and investors (exclusively) (4%).

Visit our website to see the full research report. http://bit.ly/2nIjnDo

 

About QRC Group 

QRC is a RegTech and GovTech consultancy based in Hong Kong for the blockchain industry providing advisory services for STOs and IEOs and RegTech solutions globally. QRC is a recognized thought leader in RegTech, dedicating resources to supporting innovative RegTech technology, working on international standards for security tokens and partnering with academia including the University of Malaya and Taiwan Tech on RegTech and the re-structuring of capital markets using blockchain. QRC has an extensive global network including local lawyers, corporate finance agencies and broker distribution channels in the region.

 

Press release

Media contact: Al Leong

 

 

 

 


Guest authorSeptember 17, 2019
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5min805

One of blockchain-based tech’s big selling points is that it’s extremely secure. In theory, at least. The immutable nature of the data, the strict authorization process, and the decentralization of data all look good on paper.

Unfortunately, in reality, setting up a truly secure system is a little harder. Many of the cryptos currently on the market run in a way similar to Bitcoin. And, as we’ve seen, Bitcoin has proven that technology can work. In fact, the success of Bitcoin is one of the reasons that the world has sat up and taken notice of the tech.

The big concern for cybersecurity experts is where these systems need to interact with real-world systems. If we look at the most spectacular hacks, the failures are usually at the junctures between third-party apps and blockchain apps.

Personal Computers and Hot Wallets are Prime Targets

Part of what makes cryptos so secure is that you get along the cryptographic key. In theory, that’s a good thing. In practice, if you’re using hot storage it can be hacked. It was a hard-won lesson for the Japanese exchange Coincheck.

In January of this year, the exchange admitted to being hacked. The hackers stole in the region of $534 million worth of cryptos. As if that wasn’t enough, it now appears that the hackers gained access via employee’s personal computers.

The virus responsible for giving hackers access is said to have been delivered via email. And, while we’d like to give the employees some leeway here, the virus wasn’t even unique – it’s one that has been used before.

Someone at Coincheck slipped up badly. Had the staff been given basic security awareness training, this hack might not have happened at all. They did just about everything wrong:

  • They either didn’t use an effective anti-virus program or they didn’t bother updating it
  • The employees had access to the exchange’s network on their personal computers
  • The coins were obviously not stored in cold storage
  • Employees weren’t trained to detect potentially risky emails

It’s a lesson for investors – be careful which exchanges you trust with your coins. And, for safety’s sake, be sure to take out coins that you don’t need and use cold storage to protect them.

Smart Contracts

Smart contracts, though, are potentially the worst weakness in the system. The DAO hack exploited a loophole in the code. This loophole allowed them to get away with 3.6 million Ether coins.

Now, most people would think it would be simple enough to reverse the fraudulent transfers as they had to sit in a child account for a fixed period before they could be used. That highlights another big flaw when it comes to blockchain-based tech – you can’t reverse transactions.

To deal with this issue, the DAO had to create a hard fork. In this case, they reverted the chain to a time before the hack took place. Users could vote to upgrade or stay on the same chain.

That’s why there are now two Ethereum blockchains operating more or less independently of one another.

This hack highlighted a very serious problem when it came to smart contracts. These contracts are only as good as the code they’ve been based on.

What’s the Solution?

It appears that the tech that has been billed as “unhackable” has some kinks to be worked out. In all fairness, considering that it’s only about a decade old, there were bound to be teething problems. It is possible to hack the tech, but why bother when personal computers and hot storage give you access to such a vast sum in coins?

 

Chris Usatenko
Growth Marketing & Blogger

More about Cyber Security: https://www.everycloud.com/cyber-security-facts


BrankoMarch 27, 2019

7min699

It’s no secret that we’re living in a very different world from that of ourancestors. Technology has completely changed how we do things. There’s nowhere that the change is quite as apparent as in the financial services industry, though. We’ve gone from a system of notes and coins as currency, right through to paperless and digital banking. We’re fast moving beyond the point where we even need an actual wallet – with banks developing tech that allows you to use your phone to pay instead of an actual card or cash. 

Fintech Developments

It’s developments in fintech that have made all of this possible. What’s fintech? It’s where technology has been applied in the financial services industry. And while the term “fintech” is new, the concept is not. Way back in 1918, the first example of fintech was launched.

What was this exciting new invention? The wire transfer. It seems pretty tame now, but it was big news back then. Since then, there have been many other advances made. You can see what those were by checking out the infographic below by Carsurance straight after this post.

The Biggest News in the Fintech Industry This Century

It should be no surprise that blockchain tech is now considered the most disruptive fintech innovation of this century. It’s true that this is still a nascent technology, and so we don’t actually know how far things will go. But the fact is that the tech has definitely piqued the interest of the financial services industry. Major banks, who initially expressed skepticism about Bitcoin and its ramifications, seem to have done a complete 360-degree about-face. Many have already spent serious money on developing blockchain-based applications. They’ve acknowledged that there are distinct benefits in using the tech. Blockchain tech:

  • Is more secure
  • Helps to reduce infrastructural costs
  • Reduces the amount of time required to process transactions
  • Helps cut the cost of verifying transactions
  • Reduces the cost of securing data.

Basically, the tech could help banks run leaner operations overall. According to research by the firm Accenture and McLagan, adopting blockchain tech can reduce infrastructural costs by 30% and so save the major banks billions of dollars a year.

Why is Blockchain Considered So Disruptive?

It’s quite simple – it’s a complete departure from everything we thought we knew about internet security. Previously, it was considered better to lock all your data away behind secure firewalls. The idea of distributing that data across a range of different users seemed ludicrous. If we think about it more carefully, though, it’s a plan that is so simple that it is brilliant. By having the data duplicated over several computers, it is safer to keep it because it would be harder to change or delete the records.

So if a hacker wanted to insert her own information, she would have to take over every computer on the network and make the changes simultaneously. Assuming that she was able to do that, we have another security measure in place. Information in the chain cannot be altered or deleted because of the nature of the tech. So let’s say that the hacker was able to somehow get access to all the computers on the network and decided to make changes. Because each block on the chain is linked both to the block before it and the one after it, there’s no changing just one piece of data in the chain. You’d have to somehow go in, delete the chain up to the point where you wanted to start over, and then rebuild every other block afterward.

The security of the system does not just hinge on those two factors, though. The third security feature is that no one can add data without the consensus of the majority of users. So if I somehow managed to go in and delete the chain, I wouldn’t be able to rebuild the links without a verification process being conducted. I’d have to fool at least 51% of the other nodes. This would be a tough sell.

Final Notes

Blockchain tech is a major disruptor in the financial services industry. Not only because it showed us that there were different ways to do things, but also because it showed us that peer-to-peer transactions are possible. Where it will go in the future is not completely certain, but blockchain tech is here to stay. We’re not sure exactly how much it will change the financial services industry, we just know that it’s going to.

URL: https://carsurance.net/blog/growth-of-fintech/


UrbanMarch 3, 2019

3min948

The South Korean government will team up with a consortium of domestic companies to funnel a combined USD 7.7 million into three blockchain projects – a used car trading platform, a financial services project and a platform for charity donations.

Per KiNews and iNews24, the Ministry of Commerce, Industry and Energy and the Korea Internet Development Agency (KIDA) will provide USD 4 million in funding, with the remainder coming from 24 private sector consortiums comprising some of the country’s biggest conglomerates and banks, as well as crypto exchange operators, domestic venture companies and blockchain startups – making for a total of 80 companies.

The ministry and KIDA held consultation meetings with the consortiums beginning in December last year, and concluding at the end of January 2019. The parties say they are aiming to conclude all necessary contracts by mid-March, with a view to starting work on the projects before the end of the month.

The three projects will all be led by private sector companies, and are as follows:

  • A blockchain-powered used car servicing platform proposed by (and to be led by) the Hyundai Group’s Hyundai AutoEver subsidy. AutoEver specializes in vehicle sales over the internet. Blockchain startup Blocko, ABC Solutions, a software and services provider and another Hyundai subsidy, Hyundai Glovis(a logistics specialist), will also take part in the project.
  • A decentralized charitable donation platform proposed by (and to be led by) e4net, a software company. Participants in the project include Dunamu, one of the Kakao Group’s blockchain subsidies, and the operator of the Upbit exchange, the Child Fund, a children’s charity, and blockchain startup Inoblock.
  • A financial and educational services platform proposed by (and to be led by) SK Telecom. Participants in the project include Coinplug, operator of the CPDAX cryptocurrency exchange, major commercial banks Hana and Woori, as well asLG’s internet arm, LG U+. Blockchain startups Haechi Labs and Koscom will also be taking part in the project, as well as another SK subsidy, internet platform developer SK Planet.


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