Samsung SDS Tests a New Blockchain Medical Claims Processing System

Samsung SDS, the blockchain wing of Korean electronics giant Samsung, is testing a medical insurance claims processing system that has been developed on a blockchain network. To pilot the new system, Samsung SDS revealed it is working with a bunch of medical providers and insurance companies from around the world to examine the performance as well as the effectiveness of the new system.

As CoinDesk reports, if the system is successful it is expected to be rolled out later this month. Yoon Shim, Samsung SDS vice president, revealed that the firm launched the piloting program in August this year. Shim was speaking during the Blockchain Seoul 2019 event.

According to Shim the aim of the new system is to ease the challenging process that patients have to go through while filing for medical claims or refunds for medical services rendered from the insurance companies. Shim explained that while most people have medical insurance covers and are not supposed to pay most of the medical expenses from their own money, the majority are hesitant to file for claims as the process is very complex. The new system, she said, would help in connecting hospitals, pharmacies, insurers as well as other health-related firms to make the process easier for users.

According to Shim, once the system is up and running, patients will get an instant message via the KakaoTalk messenger once they are treated. They will then be able to send the receipt to their respective insurers using just a single click to file their claims.

The blockchain technology is being utilized to share personal medical data and information among the right companies. According to Shim, the new network will aid in the reduction of the paperwork or workload involved in medical care-based companies, reduce the waiting times involved once a patient has filed for claims as well as lessen the claims’ processing costs by more than 70 percent.

Samsung Hospital, Severance Hospital, and Korea University Medical Centre are among the institutions that Samsung CDS is working with and plans are underway to add extra institutions in the future. The new system has been developed on the Nexledger blockchain network.

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Author: Joseph Kibe

US Second Largest Bank, Bank Of America, Secretly Tests Ripple XRP Technology

Recent reports leak that the second-biggest bank in the US, has secretly piloted Ripple’s blockchain technology and is poised to do more with it.

Late last year, during a seminar organized by the International Monetary Fund (IMF), Ripple recognized Warren Buffett-backed Bank of America as one of its customers during its presentation.

Probed about whether the Bank of America was indeed using Ripple’s products, the company’s spokesperson did not confirm nor deny if the bank was one of Ripple’s clients. She however stated that the two firms had done a pilot together. She stated that Bank of America has indeed been part of Ripple’s Global Payment Steering Group and joined in 2016. The spokesperson was adamant to reveal more details about the piloting project and Bank of America also refused to comment on the issue.

A Ripple representative told CoinDesk:

“Bank of America has been part of Ripple’s Global Payment Steering Group since 2016 and we did a pilot with them,”

Although it has been an open secret that Bank of America is a member of the steering committee which offers advice about rules as well as standards for Ripplenet, which is the network used by financial institutions that utilize Ripple products. However, the revelation that the bank has been conducting a pilot is the strongest indication that the two companies are involved in something bigger than friendly advice.

In the past, the bank has been shy of blockchain technology with its chief technology officer, Cathy Bessant, openly saying she was bearish about the technology despite the bank having the most blockchain patents. Bessant explained that the patents were only meant to ensure that the bank was ready to use the technology if need arises.

However, signs points out that the bank is poised to use Ripple technology after it advertised a job opening earlier this month for a product manager who will steer a team for ‘Ripple project’. As per the job advert, the project entails ‘a decentralized ledger technology-based solution to cross border payments marketed to GTS clients’.

The CD report states that the bank appears to have tested xCurrent which is Ripple’s payment system that will allow online global transfers among financial institutions.

Leading Spanish bank Santander, American Express, as well as PNC, are some of the customers of the xCurrent payment service.

Make sure to read “XRP Ready to ‘Swell’ 220% in the Next Three Weeks as Ripple Event Nears” as many Ripplers are excited for the upcoming SWELL event happening Nov 7-8.

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Author: Andrew Tuts

Bermuda Kicks Off Natural Blockchain I.D System Development With Shyft Network

Bermuda’s blockchain identification system recently kicked off. This project is currently under development with the main partners being Perseid and Shyft Networks.

The blockchain i.d ecosystem is set to leverage decentralization in keeping records for the citizens of Bermuda. This small Island nation joins Catalonia who is also creating a digital ledger for i.d record keeping.

Both Shyft and Perseid Networks are experienced with smart contracts and blockchain technology. The two firms will work together in designing efficient e-ID’s which can prove other data requirements as well. According to Shyft Network, the initial phase involves creating the Perseid base layer. This is in turn expected to allow for the deployment of smart contracts such as the Financial Action Task Force designed by Shyft to oversee compliance.

Perseid’s CEO, Bruce Silcoff, noted that the integration of e-ID’s with the smart contract regulatory intelligence would allow for efficiency in data authentication. In addition, data sharing within Bermuda’s ecosystems is expected to grow given the ease of verification. Perseid will oversee the base layers that facilitate integration by external stakeholders to enable Bermuda’s government to get maximum utility from the project.

Shyft, on the other hand, will be handling the blockchain technology designs involved in this project. Joseph Weinberg, the current chair of Shyft, added that his firm will provide its public key infrastructure for identification. Furthermore, the company will also provide other blockchain features to entities and individuals on-boarding the ecosystem once the project is complete.

The Prime Minister of Bermuda, David Burt, said that Perseid’s infrastructure is a good example to highlight the value of blockchain. He noted that modern technology is without a doubt a pacesetter in achieving global compliance standards at ease. This efficiency also reduces the cost of governments and firms incur in implementing compliance standards and procedures.

So far, the island nation has been welcoming to digital currencies with it’s latest being the USD Coin (USDC) in tax payments. A step towards a blockchain pegged nation is, therefore, a strategic move in line with modern Tech payment solutions.

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Author: Lujan Odera

Celsius Network Crypto Mobile App Partners with Trust Token; Adds 4 New Stablecoins

Celsius Network, a blockchain based marketplace for crypto financial products, announced its partnership with Trust Token, a stable coin company, to offer high interest incomes on five new stable coins.

The press release on Oct. 16 confirms the addition of Trust Token’s stable coins including: True US Dollar (TUSD), True Hong Kong Dollar (THKD), True Canadian Dollar (TCAD), True British Pound (TGBP) and True Australian Dollar (TAUD).

Up to 10% APR on crypto investments

Following the partnership with Trust Token, Celsius Network expands its asset base to ten stable coins including Paxos’ PAX, Coinbase’s USDC and Maker’s DAI.

The platform will offer investors an annual percentage rate of 10% on their investments on any stable coin. The high interest rate is earned from the deposits and loan services offered – 80% of the interest distributed to the investors.

The CEO of Celsius Network, Alex Mashinsky, praised the partnership with Trust Token highlighting the importance of stable coins on the platform. He explained,

“Stable coins built on the blockchain allow us to move dollars in the form of digital tokens over the internet, and that enables us to earn more for our borrowers from all over the world.”

Celsius Network’s current rate of interest on deposits beats the normal 1-3% traditional banks offer their customers. Alex added,

“By offering high interest income on stable coins, Celsius enables anyone around the world to earn 10x more on their dollars than they ever could at a traditional bank.”

Low interest collateral backed loans

Furthermore, the platform will open up loan services for its customer base offering low rates of up to 3.5% APR.

The customers can apply for a loan using their digital assets as collateral while earning interest on their deposits. The company saw a 20X increase in deposits through its mobile application in August as users took advantage of the low loan rates and high APR on their deposits.

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Author: Lujan Odera

DappRadar Releases A Full EOS Tracker, Revealing $1 Billion In Hidden Volume; ETH And TRX Coming Soon

DappRadar, the ranking and tracking site for decentralized apps (dapps) on the EOS blockchain has added a new feature which now monitors the volumes of both EOS as well as tokens developed on the EOS platform, Decrypt reports.

According to DappRadar, other sites that tracks the volumes of the EOS crypto do not track the value created by the trading of tokens which are not native to the blockchain such as tokens which are traded on decentralized exchanges or ones that are used in game currency.

DappRaddar claims that the phenomenon presents about 25% of volume into the EOS blockchain which goes unaccounted. As per today’s total trading volume which is $12 million, whereby, $9 million represents the EOS while $3 million is for other EOS based tokens.

According to DappRadar’s brand communication manager, Jon Jordan,, this represents an underestimation of the EOS ecosystem by about $1 billion. To arrive at the figure, Jordan multiplied $3 million by 365.

Jordan also explained that DappRadar will henceforth rank EOS dapps as per the total volume of the entire EOS-backed tokens going through smart contracts. He explained:

“This will greatly increase the transparency of value creation on the EOS blockchain, especially for decentralized exchanges that support the trading of EOS-based tokens.”

The latest announcement comes as a major boost for decentralized exchanges within the EOS platform that trade more tokens other than EOS. Prior to the new update, DappRadar realized that Newdex exchange had about $1.8 million worth of EOS trading volume every day but after the update, the value surged by a further $1.6 million worth of trading volume per day.

DappRadar also gave another example of Wild-West game Prospectors that utilizes an EOS-based Prospectus Gold (PGL) that was not present for ranking. The addition of the token brought about $3000 worth of extra trading volume every day.

In due course, DappRadar says it is planning to launch the new feature in Ethereum as well as other blockchains.

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Author: Joseph Kibe

Death By Abandonment’ Is Reason Most Crypto Projects Die Before Their 2nd Birthday: Longhash

In efforts to understand the major causes leading to the demise of many crypto projects, blockchain education platform Longhash dug into Coinopsy’s data to come up with conclusions on what kills crypto projects.

The analysts examined 700 crowd sourced projects in a span of 8 years and came up with a conclusion that majority of crypto projects had died due to abandonment which accounted for 63.1% of the dead crypto projects.

According to an article released by Longhash, crypto projects dying as a result of abandonment were mostly due to the investors halting trading an asset which led to volumes dropping to zero. These projects, on average, had a lifespan of about 1.6 years.

The research also identified that scams accounted for about 29.9% of the dead crypto projects making it the second most prevalent cause. The researchers found that 2017 recorded the highest number of scams in the crypto industry. The number of projects dying due to scam increased five-fold as per the researchers as indicated below.

The report by Longhash also identified three people who were severely implicated in three distinct dead scam projects mentioning Bitcointalk user Crunck as well as another person going by the name Daniel Mendoza.

The other category of dead crypto projects identified by Longhash was joke projects like AnalCoin, BieberCoin as well as BagCoin. This category accounted for 3.2% of dead crypto projects and had an average lifespan of about 1.4 years.

Longhash’s report indicates that its difficult to quantify the exact number of dead crypto project since most of the data is crowdsourced. The report also notes that there is little consensus on what constitutes a dead crypto project.

Cointopsy has listed 705 projects as dead, DeadCoins has listed 1779 as dead while CoinMarketCap has more than 1000 projects that record less than $1000 every day in terms of trading volume as near their death or lifeless.

Cointelegraph reports that in its recent research, it was found that the most common causes of crypto projects deaths were low liquidity, fraud, lack of utility as well as poor management.

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Author: Joseph Kibe

How Blockchain Technology Use Cases are Positively Impacting Legal Firms

Several industries have already been touched by blockchain technology and the law sector is definitely one of them. A recent article published on DataFloq recently talked about how this part of the industry is dealing with the changes.

According to the author, blockchain has a very strong potential to change the field in huge ways and we’re currently only seeing “the tip of the iceberg”. A few years from now, the blockchain will get considerably more important.

There are already some specific use cases for the law sector, for instance. Smart contracts can be very useful for the legal sector as they enforce contracts automatically. These contracts cannot be changed, which adds to their usefulness. Smart contracts are one of the most important tools for legal professionals, as they free people from several kinds of problems that original contracts had.

Right now, there are also companies that are already using technology to aid in disputes such as car accidents. The use’s for the technology are almost limitless.

Property management of real estate, precious metals, intellectual property and more can also be done with the blockchain, as the tool can be used to ditch old paper-based systems and achieve more efficiency. Intellectual property, specifically, can be tracked with the technology in a much more efficient manner, as it is fully digital most of the time.

Finally, the law sector can also use blockchain technology for record-keeping. The decentralization of the blockchain and its immutability are two very important characteristics that will help to convince more companies to use it in the future.

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Author: Gabriel Machado

Overstock Rolls On State-of-the-Art Blockchain R&D Campus In Ireland, Over $1.1 Million Invested

US e-commerce and tech giant Overstock has announced that it has established a blockchain research and development center that will be based in Ireland.

In a press statement issued on Oct. 9, the company revealed that the new R&D base will be situated in ‘IDA’s flagship North West business park in Sligo’. The statement also stated that the center will employ its hundredth employee who will be Irish before the end of the year. At the moment, the center boasts of approximately 80 technologists.

The press statement also stated that the new R&D center in Ireland is worth more than €1 million ($1.1 million). According to the firm’s vice president who also doubles as the site head, David Kenny, the company was excited with the opening of the new center that will see all the teams under the same roof. Kenny explained that the new center was a validation of Overstock’s preference of the North West as a friendly area for business and the creation of high-performance teams for software development.

He added that the blend of varied career paths as well as high-quality tech environment coupled work-life balance had gone won excellently with the techies. This, he stated, was an added incentive for the numerous individuals who have continued to be part of their team.

Here is his exact quote:

“We’re absolutely delighted with our new home and getting all our teams back under one roof. It further validates Overstock’s choice of the North West as a great place to do business and build high performance software development teams. The combination of a diverse career path, a cutting edge tech environment and a great work life balance has really resonated with the techies who continue to join our growing team.”

The press statement was also categorical in that the new center will not only focus on blockchain but also on emerging innovations within the e-commerce sector as well as the machine learning domain.

Despite the opening of the new center, not all is smooth with the company. The tech giant is embroiled in a controversy which has contributed to negative effects on its reputation. A fresh complaint has been filed in Utah alleging that the immediate former Overstock CEO, Patrick Byrne as well as the former CFO Greg Iverson were in the middle of a securities fraud. In this case, it remains unclear whether the opening of the new R&D center will add to the company’s fortunes.

Cointelegraph reports that Overstock is following in the footsteps of IT firm Cisco which opened an innovative center in Singapore in February that also focuses on blockchain.

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Author: Joseph Kibe

Canadian Blockchain Companies Request More Regulatory Understanding From Government

The blockchain companies in Canada are eager to understand more about how the national government stands on the crypto space, a new report made by the Canadian Digital Chamber of Commerce has shown.

According to the new report, which was devised to comprehensively analyze the national blockchain market, several new companies appear very bullish about their own futures, however, they want to know if the government shares this sentiment with them.

Almost 40% of the survey’s responders affirmed that the main issue for their growth were “legal and regulatory challenges”. So far, Canada has been reticent in creating crypto laws that are any different from other major countries, so progress is pretty slow in the country.

Michael Gord, the CEO of MLG Blockchain, a consulting firm in the country, affirmed that the regulation of digital assets in the country is very ambiguous and that the local lawyers often are unable to give simple yes or no answers to entrepreneurs. This has been a major issue and local companies are championing more attention from the government to this matter.

Tanya Woods, the managing director of the Canadian Digital Chamber of Commerce, there are still a few missing pieces of data for the government to decide on in the industry. Lawmakers want to know if the blockchain can create jobs and if there is enough talent in the country to create a strong industry and people often don’t have the answers for that yet.

Fortunately, the research was able to find some of these answers. 96% of the companies that have over 500 employees have considered the technology and 25% of them are spending on blockchain solutions. There is certainly room for growth, the market is only waiting for the right regulation.

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Author: James W

Insolar Announces Microsoft, Oracle and Innosuisse Collaborations Ahead of Mainnet Launch

The blockchain provider Insolar has announced several important partnerships. The company is set to collaborate with Oracle, Microsoft and several innovations groups such as the German Energy Agency, the UK Energy Innovation Center and Innosuisse.

This was the perfect time for the company to announce these partnerships as the release of it’s mainnet is scheduled for November 1, 2019. This way, it will possibly call to the attention of even more potential investors and clients.

Microsoft is set to collaborate with Azure, its cloud computing platform, which is important for the technical infrastructure of the new product. Insolar will work closely with Microsoft to use its solutions while it also gets a share of their clients.

Oracle also has a cloud-based solution and will help in the architecture of the system, providing scalability and security to the company.

According to Insolar CEO Andrey Zhulin, these collaborations will be important to advance the company’s technology and to upgrade the cloud-based capabilities of the company. The academic and energy agency partners of the company will also be important, as they will help coming up with innovative solutions for the ecosystem.

The testnet of the company was already capable of 19,500 transactions per second with only 20 operational nodes, so the company believes that the launch will make it possible for even more transactions to happen, which could put Insolar’s blockchain among the top products of the market.

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Author: Gabriel Machado