Recent Blockchain & Cryptocurrency News
This week, I would like to highlight some recent announcements related to blockchain and cryptocurrencies.
Walmart Canada to Launch the World's Largest Full Production Blockchain Solution
This week, Walmart Canada and DLT Labs™ announced the launch of Walmart Canada's blockchain-based freight and payment network, the world's largest full production blockchain solution for any industrial application. According to their news release, the new system uses distributed ledger technology to track deliveries, verify transactions, and automate payments and reconciliation among Walmart Canada and its carriers which deliver inventory to over 400 retail stores across Canada annually. All Walmart Canada's third-party carriers are scheduled to be live by February 1, 2020. The solution is accessible using a web portal and an easy to use mobile application.
Royal Bank of Canada Embraces Cryptocurrency with Potential Trading Platform
The Royal Bank of Canada (RBC), the largest bank in Canada, is considering deploying a cryptocurrency trading platform with several use-cases for its customers. On the platform, users would be able to buy and sell digital assets, including cryptocurrencies like Bitcoin (BTC) and Ether (ETH). Customers would also be able to use their digital assets as traditional currencies, for in-store or online purchases. RBC had restricted cryptocurrency acquisition through its accounts in 2018, however, the bank seems to have switched its stance and is now looking into letting customers open bank accounts containing cryptocurrency. RBC, as a fully regulated financial entity, would be the first traditional bank in Canada to launch a cryptocurrency trading platform and offer digital asset accounts.
Binance and HTC Partner on new Blockchain Smartphone
Earlier this week, the Taiwanese consumer electronics company HTC announced an initiative with Binance, the international cryptocurrency exchange, to release a special version of the EXODUS 1 smartphone that is compatible with the Binance Chain distributed ledger platform. HTC has been working on the EXODUS 1, a smartphone with hardware support that integrates a range of blockchain-based features, since at least the middle of 2018. The announcement did not include a specific release date, only stating that it would be open to consumer access “very soon.”
China is Pushing Toward Global Blockchain Dominance
This week the magazine Wired published an opinion article on China and its focus on blockchain technology. The article cited a speech last month by China’s President Xi Jinping during which he declared blockchain “an important breakthrough,” and promised that China would “seize the opportunity.” He detailed the ways the Chinese government would support blockchain research, development, and standardization. The article stated that the significance shouldn’t be underestimated since President Xi Jinping is the first major world leader to issue such a strong endorsement of the much-hyped, and much-maligned, distributed ledger technology.
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