Blockchain Adoption

Two major UAE banks, Dubai International Financial Centre (DIFC), and Mashreq Bank announced the launch of a new blockchain data-sharing platform. This announcement was made on the 1st of March 2020, offering a new platform that allows for the instant opening of digital bank accounts. Licensed businesses and corporations will have to verify their identities through an internal blockchain platform. This platform has gone live, open to all corporates and banks based in the UAE. Increased Change and Simplification Signifying…

Blockchain is one of the most exciting technological developments over the last century. The rapid evolution of decentralized computing systems and hacker-proof ledgers has led to blockchain technology adoption in several companies and industries.  Formerly, traditional sectors like finance and healthcare have opened their doors to utilizing this ledger technology in their systems. As a known catalyst of change, blockchain has revolutionized the speed of transactions and trust in the system. However, does it stand a chance in the education…

America's largest bank now claims that the banking sector isn't ripe for Blockchain adoption. In a recent report, JP Morgan Chase acknowledges that the ongoing blockchain developments are the foundation for the adoption of digital currencies. However, it holds that full adoption will take years. The report also suggests that the bank is looking beyond blockchain technology. According to the report, the foundations for mainstreaming blockchain adoption, expedited payments and digital currencies is already set. It estimates that it will…

IBM plans to develop a  blockchain-powered proof-of-concept (POC) for the Food Safety and Inspection Service (FSIS). The purpose of the PoC, in this case, is to enhance the export certification process. FSIS ensures that the US commercial supply of meat, poultry, and egg products reaches safety standards. Additionally, this agency observes the inefficiencies in a legacy system involving regulatory processes and complex multi-country documentation requirements. Why FSIS Needs a Blockchain-based PoC According to FSIS, its focus is on the modernization…

A new report suggests that the healthcare sector is ready to harness the benefits arising from the adoption of Blockchain technology. The Report by TMR Research acknowledges that the sector doesn't feature readily when considering those likely to integrate Blockchain solutions. However, it asserts that the revolution is imminent. It further states that the change would impact every aspect of the sector. Global Effort for Adopting Blockchain in Healthcare Additionally, the report went on to identify key players pushing for…

Last year, Australia’s Ministry of Industry, Science and Technology, and Ministry of Trade Tourism and Investment announced an upcoming national blockchain strategy and roadmap. Recently, the Australian government announced the launching of its national blockchain roadmap. This blockchain roadmap aims at revolutionizing Australia’s blockchain industry. The roadmap contains the benefits of allowing blockchain technology within different sectors. The sectors prioritized are finance and banking. As per the national blockchain roadmap, a yearly business value of more than $175 million could…

Cryptocurrency adoption is increasing exponentially worldwide,  and several nations are working to introduce and launch their Central Bank Digital Currency (CBDC).  In an interview, the Wazir X CEO, Nischal Shetty, expressed that India should look into launching its CBDC. Shetty also talked about his bullish view concerning cryptocurrency and blockchain adoption in India, based on how the non-tech individuals are striving to comprehend DLT in a country like India. He says that there will be access to capital, and it…

Recent statistics provided by LongHash says that more than 26000 blockchain firms are operating in the country, and close to 80000 are legally registered companies. Guangdong province has the most blockchain companies, having 22 636 registered and operating firms in the province. Recently, the government of Guangdong province adopted a blockchain-based financing system. Additionally, there are over 5300 and 5000 blockchain firms registered and operating in Yunnan and Guangxi provinces. More Statistics on Crypto-Related Firms in China In 2018, the…

The Indian government is incorporating blockchain technology solutions into government schools in the country. Incorporating the technology will ensure the schools offer top education quality.  The IT minister, Ravi Shankar Prasad, asked the NIC team to find out possible ways of ensuring they merge blockchain solutions and technology to improve primary school quality. Foremost, people will get an education on the Crypto word basics, including BTC, ETH, and the role of technology in digital currency. The health minister's remarks considered…