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Will south korea beat China?
Former South Korean dentist hoped to smooth payment transactions. He stopped pulling teeth, and began working on a solution. His eighth iteration became Toss, a way to send and receive money peer-to-peer (P2P). Its next step includes bitcoin and even real estate transactions.
Also read: South Korean Crypto Community to Push Back Against ICO Ban
South Korea’s 500 Billion USD Consumer Market
Known as the most wired country on earth, South Korea is no stranger to using mobile devices as a way of life. The Group of 20 (G-20) nation’s tip-of-the-tongue heavyweights include Samsung, LG Electronics.
It also has the highest smartphone usage in the world.
With its focus on international trade, domestic payment systems ironically lagged.
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Singapore's de facto central bank has disclosed new details about its research into financial applications of blockchain technology.
The Monetary Authority of Singapore (MAS), along with the Association of Banks in Singapore (ABS) trade group, today unveiled a new set of distributed ledger prototypes that form the second phase of "Project Ubin," an initiative that began last year with the goal of testing how a tokenized version of the Singaporean dollar could be created.
To date, the MAS has taken a more proactive approach to its work with blockchain compared to some central banks. Its research dates back to as early as 2015, when the regulator revealed that it was looking at uses that included leveraging the tech for record-keeping purposes.
Based on new statements, Project Ubin has grown to include prototype tools from all parts of the interbank settlement process.
As the regulator explained: "The three software models developed are amongst the first in the world to implement decentralized netting of payments in a manner that preserves transactional privacy. Existing netting programmes used in inter-bank payments rely on a single payment queue visible to the operator to find offsetting payments. Decentralizing the queue, however, potentially exposes payment details to an unauthorized party. The latest models in Project Ubin achieve a superior combination of decentralization and privacy." The regulator's chief fintech officer, Sopnendu Mohanty, expressed hope that the release would spark further research developments, including those between the MAS and other institutions like it. "We are sharing our learnings and knowledge from Project Ubin to encourage greater experimentation amongst central banks and financial institutions. We look forward to working with other central banks on the use of DLT for cross-border applications," Mohanty said.
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From: Coindesk.com
Malta's government is set to trial blockchain for keeping track of academic certifications.
The Ministry of Education and Employment has struck an agreement with blockchain startup Learning Machine Technologies to build a prototype platform that will allow users to securely store and share their academic documents – as well as prove that the credentials belong to them.
The system will be built using the Blockcertsopen standard, which was developed by Learning Machine Technologies and the MIT Media Lab in 2016.
Evarist Bartolo, Minister for Education and Employment in Malta, stated in a press release: "This is a win/win for Malta, whose skilled workforce is among the primary drivers of its economic success." Blockcerts allows users to receive, verify, store and share their academic credentials on a blockchain via a digital wallet, which also issues keys that enable secure access to the material.
The release indicates that this is the first time a national government has tested this specific application of the tech.
Back in April, Malta's prime minister, Joseph Muscat, said that pursuing blockchain was high on the government's agenda, and urged his country to be at the "frontline" of its development. "We cannot just wait for others to take action and copy them." Muscat said. "We must be the ones that others copy." Last month, Malta continued on this bullish path, with local media reporting that the government is considering a regulatory "sandbox" for cryptocurrency innovation.
Maltese government building image via Shutterstock
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