The Largest Venture Firm Of South Korea Supported The First Blockchain Startup

Korea Investment Partners (KIP), the largest venture capital company in South Korea which is  promoting growth of promising businesses for the past 30 years, is investing in its first blockchain startup. KIP is managing over 20 funds total size over 1.5 billion USD. Every year, KIP invests about 50 companies from Korea, China and the U.S.

KIP invests an undisclosed amount of money in Temco, a blockchain-based startup that seeks to revolutionize supply chain management systems for small and medium businesses using blockchain technology. In particular, according to the Temco website, suppliers can track the movement of products from distribution to possible consumption on the blockchain, and then share the data.

KIP is widely regarded for investing in major billion-dollar Korean enterprises, such as the country’s largest web search engine, Naver and Kakao, the country’s dominant mobile messaging application operator Kakao Talk.

The news also signals some thawing resistance from the still-nascent blockchain industry after domestic financial regulators in South Korea imposed strict restrictions on selling and other cryptocurrency transactions about a year ago. Since then, support for more friendly blockchain policies has been significantly renewed.

The post The Largest Venture Firm Of South Korea Supported The First Blockchain Startup appeared first on Bitcoin News.

from Bitcoin News https://www.cryptocynews.com/largest-venture-firm-south-korea-supported-first-blockchain-startup/
via Bitcoin News
via Bitcoin News Today

Australian Research Agency Is Testing The Blockchain Red Belly On Amazon Web Services

CSIRO Data61 and the University of Sydney declared that the first international test of the Red Belly Blockchain has registered a growth in performance and energy productivity on a global scale.

CSIRO’s Data61 was formed at a critical time as both Australia and the world are currently experiencing the Fourth Industrial Revolution, including structural changes to the economy and its industries through the convergence of IT, biology and materials science.

It was posted that the blockchain achieved the level of 30 000 transactions per second after it was tested on 1000 nodes in 14 countries.

The red Belly blockchain was developed by the technology division of the national science Agency of Australia, CSIRO Data61, and the Concurrent Systems research group at the University of Sydney. The first large-scale experiment was conducted on the global cloud infrastructure Amazon Web Services.

For the experiment, the Red Belly blockchain was deployed on 1,000 virtual machines in 14 of Amazon Web Services’s 18 geographic regions, including North America, South America, Asia Pacific, and Europe.

The benchmark was set by sending 30,000 transactions per second from different geographical regions, demonstrating an average transaction delay of three seconds from 1,000 replicas.

According to Data61, Red Belly Blockchain solves problems that plagued previous generations of blockchain systems, including the environmental impact of significant energy use, double spending when a person spends their money twice, initiating more than one transaction, and bandwidth, which refers to how many pieces of information can be processed in a short period of time.

The post Australian Research Agency Is Testing The Blockchain Red Belly On Amazon Web Services appeared first on Bitcoin News.

from Bitcoin News https://www.cryptocynews.com/australian-research-agency-testing-blockchain-red-belly-amazon-web-services/
via Bitcoin News
via Bitcoin News Today

Sierra Leone And The United Nations Concatenate To Develop Blockchain-Identification System

Two divisions of the United Nations – the United Nations Capital Development Fund (UNCDF) and the United Nations Development Programme (UNDP) – together with the non-profit start-up Kiva and President of the West African Republic of Sierra Leone announced the project named “modernization of the credit Bureau”. Within the framework of the initiative, it is planned to create a blockchain system that allows each resident to obtain a digital identification and a personal wallet with a credit history.

According to representatives of Kiva, Sierra Leone was chosen due to the fact that there is only one credit Bureau in the country, serving about 2,000 people, which is less than 1% of the total population. Kiva has worked without blockchain for over 13 years. And even without the DLT, the nonprofit organization managed to raise more than $ 1.2 billion in loans to people in more than 80 countries. In addition, 80% of citizens do not have access to banking services. This is especially problematic for people involved in startups and small businesses who are constantly looking for capital to launch or expand services. In the absence of an official identity and credit history, these people cannot access the mainstream financial system. In one example, even a well-known businessman could not raise the necessary amount to expand his business in Dubai. Reason: he had no credit history.

The government of Sierra Leone, in its previous efforts, had established a credit Bureau, but that alone could not facilitate the financial integration of people with zero credit history. Thus, Kiva’s blockchain-based identification system can improve the situation on the ground by giving non-Bank and non-Bank people their own digital identity.

The post Sierra Leone And The United Nations Concatenate To Develop Blockchain-Identification System appeared first on Bitcoin News.

from Bitcoin News https://www.cryptocynews.com/sierra-leone-united-nations-concatenate-develop-blockchain-identification-system/
via Bitcoin News
via Bitcoin News Today

Cryptocurrency Japanese Industrial Group Plans To Tighten The Rules On Management Of Assets After Theft

A group of operators of cryptocurrency exchanges plans to tighten self-regulation measures that should be taken into account when managing clients ‘ assets as a result of another incident with hackers in early September, informed sources said on Saturday.

According to sources, The Japanese Association of virtual currency exchange will set the maximum size of the number of digital currencies that are online. According to them, the ceiling can be from 10 to 20 percent of customer deposits.

The industry group will soon review the self – imposed rules developed in July and implement them after they are certified by the Financial Services Agency in accordance with the law on Payment Services.

In the recent case of hacking, cryptocurrency amounting to about 7 billion yen has been stolen from the exchange – managed Tech Bureau Corp. startup in Osaka.

The stolen funds were managed via the Internet, and about 4.5 billion yen belonged to customers.

The incident followed a similar case involving Coincheck, a major exchange from which 58 billion yen worth of cryptocurrencies were stolen.

The post Cryptocurrency Japanese Industrial Group Plans To Tighten The Rules On Management Of Assets After Theft appeared first on Bitcoin News.

from Bitcoin News https://www.cryptocynews.com/cryptocurrency-japanese-industrial-group-plans-to-tighten-the-rules-on-management-of-assets-after-theft/
via Bitcoin News
via Bitcoin News Today

Two Arrested For Stealing Cryptocurrencies Worth Of $ 14 Million In Oklahoma

Oklahoma police arrested two men who reportedly stole millions of dollars from a California cryptocurrency company, local media reported.

23-year-old Fletcher Robert Childers and 21-year-old Joseph Harris from Missouri were arrested on suspicion of grand theft, first-degree felony and identity theft.

Court documents filed by Crowd Machine, a decentralized IT company in San Jose, called Childers and Harris for their alleged involvement in a $ 14 million theft. Subjects traded the victim’s mobile SIM card with a fake to steal his personal data and phone number. This allowed Childers and Harris to compromise a cryptocurrency wallet registered on a stolen SIM card and steal $ 14 million Crowd Machine Compute Tokens. The hacking occurred around September 22^nd, when the CMCT price fell 87%.

An investigator with the Santa Clara County district attorney and members of the Regional Enforcement Allied Computer Team along with local Oklahoma police tracked the phone used by hackers. He was later followed to a hotel where subsequent arrests were made.

The post Two Arrested For Stealing Cryptocurrencies Worth Of $ 14 Million In Oklahoma appeared first on Bitcoin News.

from Bitcoin News https://www.cryptocynews.com/two-arrested-stealing-cryptocurrencies-worth-14-million-oklahoma/
via Bitcoin News
via Bitcoin News Today

Araa Group Becomes The First Legal Blockchain Firm In Dubai

Araa’s group of lawyers and legal advisors became the first blockchain-based law firm in Dubai after signing a joint partnership with e-Mal.

Dubai law firm Araa has committed to lead by example and become the first law firm in Dubai to be based on blockchain and become part of the Blockchain strategy in Dubai, the media said in a statement.

The CEO and founder of e-Mal, Yasmin Khan, said that the main goal is to create sustainable growth and environment throughout the economy, as only then will it be possible to achieve the standard of living that everyone is striving for.

Lawyers ‘ interest in blockchain has grown significantly in 2017, as the Wall Street Blockchain Alliance said, as the legal industry is one of the fastest growing industries.

The post Araa Group Becomes The First Legal Blockchain Firm In Dubai appeared first on Bitcoin News.

from Bitcoin News https://www.cryptocynews.com/araa-group-becomes-first-legal-blockchain-firm-dubai/
via Bitcoin News
via Bitcoin News Today

Coinsquare Becomes The First Cryptocurrency Trading Platform To Ensure Relationships

Most cryptocurrency companies operate in the Wild West of the financial world, deprived of the security of traditional financial markets. However, the Canadian cryptocurrency firm Coinsquare brings the financial world on the basis of Fiat to digital currencies. Coinsquare becomes the first cryptographic company in Canada to provide banking relationships with one of Canada’s Big 5 banks.

Coinsquare’s partnership with 5 Canadian banks will help simplify the deposit and withdrawal process for users. It will also help build a solid Foundation for the platform’s global growth.

Coinsquare allows users to trade Bitcoin, Ethereum and other popular digital currencies. This was the first time since 2014 when the trading platform completed a third-party audit. It is one of the first exchanges in the world to issue audits of consolidated financial statements.

Chief financial officer Coinsquare Ken Tsang said that the successful completion of the audit and the beginning of a relationship with a leading bank in the country helps the platform to promote their agenda to become the most reliable cryptocurrency exchange in the world.

The post Coinsquare Becomes The First Cryptocurrency Trading Platform To Ensure Relationships appeared first on Bitcoin News.

from Bitcoin News https://www.cryptocynews.com/coinsquare-becomes-the-first-cryptocurrency-trading-platform-to-ensure-relationships/
via Bitcoin News
via Bitcoin News Today