IBM to work with French National Council of Clerks to deploy blockchain technology

IBM, along with the French National Council of Clerks (NCC) have successfully developed a blockchain-based commercial court solution dedicated to the clerks of commercial courts' commercial and corporate registry.

The blockchain network will be used from 2019 by the Clerks operating in commercial courts across the nation, which will add transparency and bring efficiency through improved management of legal transactions associated with the lifecycle of organisations. The network...

Exploring a blockchain conundrum: Is current regulation unable to keep up with advances in tech?

It’s an age-old issue – the wheels of the legislative process move at a glacial pace. By the time a cogent and coherent framework has been issued and subsequently understood by the masses, it’s already rapidly becoming obsolete. Consider, for instance, the GDPR, only recently brought into law in Europe: prior to its existence, collection, storage and holding of data was governed by archaic regulation such as the UK’s 1998 Data Protection Act.

As systems and infrastructures...

Tangem raises $15 million to help push through blockchain-enabled smart cards

Tangem, a Swiss manufacturer of blockchain-based smartcard wallets, has raised $15 million (£11.6m) from Tokyo-based digital asset venture investment firm SBI Crypto Investment.

The manufacturer, which claims to be a pioneer in making cryptocurrencies as easy to use as cash, is now attracting additional investment to hasten the deployment of its technology in various industries where secure storage and circulation of blockchain assets has the highest potential. Industries of...

Switzerland wants to accommodate crypto within existing financial laws

The Swiss Government believes that its existing financial laws are compatible to deal with new technologies like the 21st century’s most talked about distributed ledger technology (DLT) – the blockchain. And that is why the country’s Federal Council recently issued a report that outlines a legal framework for distributed ledger technology (DLT) to be included in the current financial system.

In the report, the council has proposed an amendment to the country’s securities...

Accenture deploys software management app on distributed ledger platform

Accenture has recently completed its first transactions with the use of a distributed ledger technology (DLT)-based application that delivers enhanced enterprise software asset management capabilities. The new application uses Digital Asset’s smart contract language, DAML, to model and enforce software license events throughout their lifecycle, from origination to purchase, which simplifies tracking, usage and audit functions. The patent-pending capability was developed by the Accenture...

China Cyberspace Administration tees up to make blockchain censor-ready

China’s Cyberspace Administration, the main agency enforcing its hard line on censorship, has laid out plans to regulate blockchain companies operating in the country. As reported by South China Morning Post (SCMP), under the proposed new rules users of blockchain services would be required to register their real name and national identification card numbers. Blockchain information service providers themselves would be required to censor content deemed a threat to national security,...

Crypto regulations in UK could be two years off, says top law firm

For better or worse, wide-scale cryptocurrency and blockchain adoption, particularly buy-in from corporate investors, will come down to regulation. If words from leading law firm Reynolds Porter Chamberlain (RPC) UK are to be believed, here in the UK we might be waiting some time. One of the firm’s legal directors, James Kaufmann said that it could take two years for cryptocurrency regulations to be introduced, with estimates based on a “best case scenario” where the House of Commons...

$1bn in crypto lost to hackers this year, exchanges facilitate $2.5bn in laundering

As part of a report that serves as a stark reminder of how the cryptocurrency market is still mired in criminal practices, in more ways than one, cybersecurity firm CipherTrace estimates that the theft of digital currencies through the hacking of exchanges and trading platforms in 2018 amounts to $927m. Just three-quarters of the way through the year, that figure represents a 250% increase on that of 2017. While here at The Block we’ve endeavored to keep track of the larger and more...

Blockchain and identity: Five predictions – and how they fared

In 2017, One World Identity (OWI), an independent advisory firm focused on trust and the data economy, issued a report that sought to lay a foundation for understanding blockchain and identity. The report identified five primary conclusions on 2017’s blockchain and identity outlook: Smart contracts are underexplored Authorisation use cases have potential for growth Blockchain has a problem with identity creation The on-chain/off-chain pivot is a persistent challenge Investors...

Japanese crypto exchanges face tighter screening from FSA watchdog

Japan’s financial regulator has enforced a tighter screening process for applicants looking to open cryptocurrency exchanges. A report by the Japan Times yesterday revealed that The Financial Services Agency (FSA), Japan’s main financial regulator and watchdog, will ramp up its registration review of cryptocurrency exchanges to ensure they are properly conducting risk management. The registration process forms part of the Payment Services Act introduced in April last year to protect...