Azerbaijan Government Inks a Deal with IBM to Use Blockchain Technology for Customs Processes

Azerbaijan-Government-Inks-a-Deal-with-IBM-to-Use-Blockchain-Technology-for-Customs-Processes

Azerbaijan’s State Customs Committee and IBM are set to sign a new agreement that will see blockchain technology being used in customs processes. The new deal signifies the developing cordial relationship between IBM and Azerbaijan government.

In October last year, Azerbaijan’s central bank inked an agreement with IBM which will effectively mean the bank can use blockchain technology in different areas for a period of five years. The new says that IBM will deploy its blockchain technology targeting cargo transportation.

The deal was made public by State Customs Committee chair, Safar Mehdiyev, during a press meet that was held to update the country about the ongoing IT/TI Conference and Exhibition of the World Customs Organization (WCO) that is being held in Baku, Azerbaijan.

Mehdiyev told the reporters that IBM blockchain technologies will be used to manage cargo transportation in the country and will be implemented before the end of the year. He explained that blockchain technology will permit sending of information about container shipments to the database. He explained:

“It will be possible to obtain the necessary information from the database online, without outside interference,” Mehdiyev stressed. “It will be useful for both entrepreneurs and customs authorities, as it will improve the quality of customs services provided.”

Blockchain For Seamless Custom Procedures

Majority of governments across the world are acknowledging the advantages of blockchain technology in customs processes. One of the governments implementing blockchain technology in its customs is the US which unveiled a trial scheme that is custom built on blockchain technology in August 2018.

Meanwhile, Azerbaijan looks forward in advancing blockchain technology outside its borders with an immediate target on its neighbors. Mehdiyev added that his committee was working on agreements to boost bilateral cooperation that will allow the use of the technology with different countries. The chair said that Moldova, Ukraine, and Georgia are under consideration presently.

“In this direction, we are implementing a project with Ukraine with the support of Georgia and Moldova,”

Cointelegraph quotes the chair.

Azerbaijan is proving to be friendly to blockchain based technologies with key government departments embracing the technology. Notably, Justice Ministry of Azerbaijan has also conveyed its interest in using distributed ledger technology to carrying out its day-to-day proceedings. It will be interesting to see whether other key governmental departments will embrace the technology in efforts to offer seamless services to the public.

Do you think adoption of blockchain technology by government agencies will improve service delivery? Share your views with us in the comments section.

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Author: Joseph Kibe

Live Planet’s Blockchain Division Welcomes Departing 20th Century Fox Film CTO to Work on VideoCoin Network

Former-20th-Century-Fox-Film-Industry-Veteran-Joins-Live-Planets-Blockchain-Powered-Division
  • Live Planet, Inc., a media technologies firm, will be joined by Hanno Basse, a former Chief Technology Officer (CTO) with 20th Century Fox Film Corporation.
  • Basse will be joining the Los Angeles based corporation, bringing his wealth of experience as he assumes the position of Live Planet’s Decentralized Media Solutions division, as president.

Traditional Institutions and Firms Considering Adopting Blockchain and Crypto-based Solutions

A few traditional institutions are known to be actively considering cryptocurrency and blockchain solutions as additions to their business, in recent times.

Some have already begun implementing these new solutions while others are reportedly still on the drawing board or in the testing phase.

Facebook, for example, is set to launch its own cryptocurrency called GlobalCoin and as part of its process to secure a space in the growing cryptosphere, the social media giant employed two former compliance managers from one of the biggest crypto exchanges in the world, Coinbase.

Live Planet Secures 20th Century’s CTO

In the practice of employee cross-carpeting, a new move has been announced as an addition to one of the major creators of next-generation media technologies, Live Planet Inc. According to a press release on the 11th of June, the media technologies firm will be joined by Hanno Basse, a former Chief Technology Officer (CTO) with 20th Century Fox Film Corporation.

Basse will be joining the Los Angeles based corporation, bringing his wealth of experience as he assumes the position of Live Planet’s Decentralized Media Solutions division, as president. Basse is a well-known technology expert in Hollywood and is expected to improve on Live Planet’s current solutions and probably add new ones as well. Some of Live Planet’s current efforts include an end-to-end virtual reality (VR) service for streaming videos as well as the VideoCoin network, a video infrastructure platform based on blockchain technology.

Live Planet CEO, Halsey Minor, has expressed quite a bit of optimism at the possibilities that will stem from the new addition. Minor said:

“I’m absolutely thrilled to mark the next stage of growth for Live Planet with the addition of Hanno to our world-class team of media and technology experts. Hanno brings a truly unique level of senior experience to Live Planet that will be extremely valuable to us as we help our customers meet the increasing demands of streaming video and next-generation on-demand services.”

Hanno Basse

Basse has a long track record of contributing to certain key innovations in the film industry. He was one of the key figures responsible for the forging of strong partnerships with major companies like Samsung, Barco and Ericsson. During his time at Fox, Basse was the first chairman of the UHD Alliance and played a pivotal role in the launch of the 4k-UHD Blu-Ray Disc format and the High Dynamic Range (HDR) as well.

Cryptocurrency and Blockchain in Other Film Industries

PewDiePie who until very recently had the YouTube channel with the most subscribers, (currently over 96 million with 3,864 videos) has revealed his decision to join a blockchain video service known as Dlive and begin streaming there. Dlive is powered by the Lino blockchain and seeks to pay content creators as well as viewers, for the effort and contribution to the platform. These creators and viewers will be paid in Lino tokens, the blockchain’s native cryptocurrency.

A little over a week ago, Brazil’s National Bank for Economic and Social Development (BNDES) was announced to be creating a documentary film which will mostly be funded via its own ether-based stablecoin called the BNDES token. The film will be produced in collaboration with a production company known as Elo Company who’s “The Boy and the World” movie by Alê Abreu successfully snagged a nomination at the Academy Awards in 2016.

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Author: Tolu

Roman Schnider Leaves PwC’s Blockchain Division And Joines Tezos (XTZ) as The New CFO

Roman-Schnider-Leaves-PwCs-Blockchain-Division-And-Joines-Tezos-XTZ-as-The-New-CFO
  • Roman Schnider left PwC and joined Tezos as the new CFO
  • This will help Tezos expand in the crypto market

Roman Schnider, the individual behind the blockchain and cryptocurrency assurance division of PwC in Switzerland is now joining Tezos as the chief financial officer (CFO). The information was released by the company in a recent announcement.

Roman Schnider Joins Tezos as CFO

After working 15 years at PwC, Roman Schnider is now working on Tezos, the blockchain network and cryptocurrency that was audited by PwC. Tezos is a platform that focuses on smart contacts and also on decentralized applications (dApps). The project is also offering a network that is governed by stakeholders.

The Tezos Foundation informed that it is very important for the network’s success to have this CFO and his experience in the matter.

About it, the Tezos Foundation said:

“Roman’s experience makes him the ideal finance and operations specialist for our team. He is already familiar with the opportunities and challenges blockchain projects face and has a deep understanding of the Tezos Foundation from his time at PwC.”

Schnider succeeds Eelco Fiole as the CFO of Tezos. Mr. Schnider said that he is ready to serve and support the Tezos community as a whole in the most efficient way as possible. He has also mentioned that transparency will be important as well.

Just last month, reports said that Tezos was going to be undergoing the first token holder administered update. This was going to take place after proposals were approved in a three-month vote. Moreover, PwC has also emerged as one of the most prominent recruiters for blockchain-related jobs on Indeed. The company surpassed other competitors such as Ernst & Young, Deloitte, and KPMG.

At the time of writing this article, Tezos (XTZ) is the 19th largest virtual currency in the market with a valuation of $840 million. Meanwhile, each XTZ is currently traded around $1.27 according to CoinMarketCap.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Carl T

Former R3 Research Analyst Tim Swanson Joins UK-Based Blockchain Rival Clearmatics

Former R3 Research Analyst Tim Swanson Joins UK-Based Blockchain Rival Clearmatics
  • Tim Swanson joins U.K.-based Clearmatics
  • He will be working on the organization in different initiatives

The recognized blockchain analyst Tim Swanson, former R3 director, is currently joining the R3 rival company Clearmatics.

Mr. Swanson is the founder and director of research at Post Oak Labs and he has been advising Clearmatics since 2015 through its advisory board. The information was released by CoinDesk a few hours ago.

Tim Swanson Joins Clearmatics

According to the report, Swanson is going to be working full-time on Clearmatics and he will be working as the head of market intelligence. Swanson has been the director of market research at the blockchain builder R3. He has been working on this position from 2015 until late 2017, when the most popular digital asset, Bitcoin (BTC), was reaching its all-time high.

Clearmatics is the technology partner for Finality, a consortium of financial institutions that build the interbank virtual currency “utility settlement coin” (USC). The virtual currency gathered $63.2 million in funding just last week. Clearmatics has also raised $12 million in a series A round in October.

Although Mr. Swanson will not be directly working on Finality’s USC project, he will be focused on other initiatives. He wants to participate in the creation of critical infrastructure for the future of the organization.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Carl T

OmiseGo Price Prediction Today: Daily (OMG) Value Forecast – June 7

  • On the downside, if the bearish pressure continues, the crypto’s price will fall to a low at $1.40 or $1.60 price level.
  • On the other hand, if price breaks above the EMAs the crypto’s price will rise to retest the overhead resistance level.

OMG/USD Medium-term Trend: Ranging

  • Resistance Levels: $2.20, $2.40 ¸ $2.60
  • Support levels: $1.80, $1.60, $1.40

Yesterday, June 6, the price of OMG was in a bullish trend. On April 5, the OMG price reached its peak price of $2.49. However, on April 6, the bulls were resisted at the $2.49 overhead resistance. OmiseGo market had a downward correction to the support of $1.40 price level. At the $1.40 support level, the bulls make an upward move to the overhead resistance. The bulls break above the EMAs but were resisted at the $2.20 resistance level.

The crypto’s price fell from the $2.20 to the support of the 12-day EMA. On June 2, the bulls retested the overhead resistance but were resisted. The crypto’s price had another downward correction as the price fell below the EMAs at a low of $1.96. The crypto’s price is below the EMAs which indicate the price is likely to fall.

On the downside, if the bearish pressure continues, the crypto’s price will fall to a low at $1.40 or $1.60 price level. On the other hand, if price breaks above the EMAs the crypto’s price will rise to retest the overhead resistance level. Nevertheless, the OMG price is in the oversold region of the daily stochastic but below the 20%range. This indicates that price is a bearish momentum and a sell signal.

OMG/USD Short-term Trend: Ranging

On the 1-hour chart, the BTC price was in a sideways trend. The crypto’s price fluctuates between the levels of $1.90 and $2.10. The 12-day EMA and the 26-day EMA are sloping horizontally. The crypto’s price tests the lower price range then resumes its range bound movement. Meanwhile, the price is in the oversold region of the daily stochastic but below the 20% range. This indicates that price is in a bearish momentum and a sell signal.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Azeez M

Crypto Chart Analyst Peter Brandt: You Should Buy Ripple’s XRP and Litecoin (LTC)

Crypto Chart Analyst Peter Brandt: You Should Buy Ripple's XRP and Litecoin (LTC)
  • Litecoin (LTC) and XRP prices will likely go up significantly.
  • This, according to prominent Crypto trader Peter Brandt’s recent analysis which he shared via Twitter.

Many people follow cryptocurrency gurus in order to discover the best investments. They all have their hot takes and sometimes they are actually spot on in what is going to happen in the markets. Peter Brandt is often considered a very prominent crypto guru and he spoke on social media this week predicting the future of two popular crypto assets.

According to the crypto specialist, both Litecoin (LTC) and Ripple’s XRP token are going to get price increases soon.

He has affirmed that Litecoin will grow against Bitcoin soon and that the prices of the XRP tokens are also bound to increase in the next couple of months, reaching a price between $0.5688 and $0.6260 USD.

Litecoin To Go Up In August

While the expert did not talk a lot about XRP, which was only mentioned when he affirmed that prices would go up, he did talk about Litecoin and how the asset is ready for the price increase in August.

Both tokens were trading very well this morning, which is a signal that their price might start to enter full bull run mode soon. Litecoin was up by 9% this year while XRP was up around 5%. These were the two best assets at the time. Both of them remained in the Top 10 list of crypto assets, too, and were the best-performing ones.

Another point that should be taken into account is that Litecoin is going to halve its block rewards in August, which is certainly affecting prices. The halvings happen from time to time and they cut the block rewards by half, meaning that mining will become less profitable as time passes. This generally pushes the price of the tokens upward.

The other halving will be Bitcoin’s, which is set to happen next year and will possibly impact the whole market since the crypto market generally does well when Bitcoin is doing well.

Nobody is really sure how the halving will impact the assets, though. There some strong consensus that they will go up, but how much? Some people say that the asset, which is now trading around $112 USD, can go as high as $1,000.

All of Today’s Litecoin (LTC) Price Analysis, Chart Forecasts and Industry News

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Author: Gabriel M

Bloomberg Terminal Will Include Cadence, an Ethereum Blockchain-based Debt Instrument

Bloomberg-Terminal-Plans-to-List-Cadence-Debt-Instrument
  • Blockchain-based Cadence becomes recipient of FIGI.
  • Cadence will be available through a new listing with Bloomberg terminal.

The Cadence platform allows consumers to convert their commercial debt into ERC-20 tokens. The platform has recently made headlines is for becoming the first blockchain-based financial instrument to obtain a Financial Instrument Global Identifier (FIGI). By having a FIGI, Cadence now becomes easier to research and can be traded, which is exactly why Bloomberg Terminal plans to list it.

With FIGI records, all of the metadata is included, like maturity schedule, instrument type, and interest rate. Since Cadence is connected with blockchain and ERC-20 tokens, their FIGI features a smart contract address on Ethereum as well.

Cadence is directly involved with debt businesses that need to create a seamless flow in cash, rather than succumbing to short-term gaps. Nelson Chu, the founder of Cadence, believes that the reliance on Excel spreadsheets and phone calls has created an opaque approach. Speaking with CoinDesk, Chu notes that the whole is to develop “an immutable ledger that houses all asset-level performance data,” covering

“inception through maturity.”

Chu added, “This creates an oracle of asset performance data that every counterparty in a private credit transaction can reference to accurately price, structure and invest.” At this point, there are eight issuances through the firm, utilizing one-month, three-month, and nine-month maturities. They also offer automatic rollovers, and all of these issuances can be seen on the terminal.

The lead of data standards with Bloomberg, Richard Robinson, said that using an FIGI with cryptocurrency assets shows a “natural and simple example of the standard’s native utility.” He further states that the fact that an FIGI can be obtained by a blockchain-based instrument shows that it is capable of being adapted to “esoteric” and “new” use cases.

FIGIs were preceded by the creation of the Bloomberg Global Identifier (BBGID), but the innovation was open sourced by 2014 when it was welcomed by the consortium on industry standards for computers. Even though Cadence is still in its infancy, it will allow users to get $500 and higher investments with short-term commercial debt instruments. It has only been available in private beta since the start of the year.

On the terminal, users will see a ticker symbol CDGRP for the Cadence issuances, which will also be logged on the Ethereum blockchain. Chu commented that this innovation makes it possible to develop

“a level of transparency and efficiency that has simply never been possible before.”

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Author: Krystle M

Gate.io To Release Startup Discount Offer With First Project In Association With Lambda

Gate.io To Release Startup Discount Offer With First Project In Association With Lambda

Gate.io recently announced that they will be introducing their Startup Discount Offer and their first project will be with Lambda. The project with Lambda will be launched

Trading service will be enabled once the project fulfills its fundraising goal. In order to participate in Startup Sale, users will need to be a VIP. Participants will have a higher purchase limit with more GT holdings.

With the mission of promoting the decentralized development of the Internet, Lambda aims to build the storage infrastructure for Internet 3.0.

It is a safe, reliable and infinitely extendable decentralized storage network, whilst using data integrity and security verification as well as the operation of market-oriented storage transactions on the Lambda Chain consensus network, and provides the infinitely extensible data storage capacity for the new generation of value Internet.

Details Of LAmbda Startup Sale

The start time will be on June 3rd, UTC 4:00–6:00. The price and the number of orders of Startup Sale will be set 3 hours prior to the sale, based on the market price of GT/USDT within the 3-hour period. Each order is worth $100 — $200 USD, users can place one or a few orders according to the individual purchase limit.

Below is a chart that shows the purchase limit based on the different amount of GT holdings.

Users need to ensure there is sufficient balance (exceeding the purchase value) in accounts for the purchase after placing the orders. An insufficient balance will result in the cancellation of the purchase order.

They will be able to use each type of currency once only. After UTC 6:00, Gate.io will collect all the qualified orders and distribute the tokens according to the individual purchased orders: total purchased orders ratio. The final result will be announced at UTC 8:00 that day.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Sritanshu S

NEO Announces New Oversize Fee Addition as Part of Its Blockchain Mainnet Upgrade On June 3

NEO Announces New Oversize Fee Addition as Part of Its Blockchain Mainnet Upgrade On June 3
  • NEO announces it will be performing a network upgrade on June 3
  • The goal is to make general improvements on the network for it to become more efficient

The Ethereum (ETH) of China, NEO, announced that it is planning to conduct a network upgrade as soon as on June 3 at 9:00 am (GMT). The information was released in an official blog post on May 29. NEO has lost several positions in the market after the bear trend that digital assets experienced in 2018.

NEO Announces New Plans For Its Network

NEO, one of the most popular blockchain networks in the market, announced that it will be upgrading its network on June 3. According to the blog post released by the organization, one of the main features of this upgrade is related to the addition of an oversize fee that is measured in GAS, a digital currency used on the NEO blockchain. This oversize fee is going to be applied to transactions of over 1,024 bytes.

The oversize fee for transactions is going to be determined by a new formula: (transaction size) * 0.00001 GAS + 0.001 GAS. There are also some exceptions to this rule. Transactions that cost less than 0.001 GAS are going to be considered as low priority and will be capped at 1,024 bytes.

The fees that the network imposes aim at discouraging spam attacks on the network or malicious transactions. This allows users to have a better overall experience while using the network. According to the post, exchanges and individuals that are using different NEO tools should upgrade their clients to avoid transaction losses due to the new fee protocols.

The NEO 3.0 upgrade launched at the end of the last month was created in order to improve the overall network performance and its stability. Erik Zhang, the co-founder of NEO, explained that he hopes large-scale entertainment applications to start using the NEO blockchain.

Zhang mentioned that the new network provides users with the possibility to run large-scale apps on top of blockchain technology. They expect applications such as YouTube, Alipay and other giants to deploy their services on the Neo blockchain.

Currently, NEO is the 19th largest cryptocurrency in the market. It has a market capitalization of $880 million and each NEO can be purchased for $13.55, according to CoinMarketCap.

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Author: Carl T

Ripple Sheds Light on “Regulatory Climate” of UAE and the Measured Legal Outlook

Ripple Sheds Light on “Regulatory Climate” of UAE and the Measured Legal Outlook
  • Ripple’s Insights blog focuses on the regulations of the UAE and other regions.
  • The FSRA will be creating a balanced approach for the UAE to promote innovation and protect stakeholders.

There has been a lot of volatility experienced in the regulatory atmosphere over the last year around the world. However, Ripple recently gave an update to their customers about the Ripple Regional event, which was based in the Middle East and North Africa (MENA). The individuals on the panel discussed a possible new approach with the Abu Dhabi Global Markets (AGDM), which would provide a little more balance.

Sagar Sarbhai, the Head of Government & Regulatory Affairs for APAC, noted that there is a shift in the attitude of regulators for cryptocurrency. Before now, there was more of a “wait and see” approach to determine how to deal with this asset, which quickly became a more fearful and uncertain way of handling the regulations, which resulted in more aggressive approaches.

By finding balance between these two sides, places like Thailand and other countries have eliminated their bans, choosing more welcoming rules to urge along innovation without losing the protection needed for stakeholders. By taking on this approach, the environment for regulatory measures has beneficial for the growth of the market.

Simon O’Brien from the Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority (FSRA) is one of the team members responsible to creating the regulations for the United Arab Emirates (UAE).

Ultimately, the goal of this team is to create the infrastructure that will go past the normal issues, like anti-money laundering standards. As Ripple’s latest Insight article says, much of the attention will be on “practical needs,” like “market abuse, transparency, and reporting.”

The CEO of BitOasis, Ola Doudin, supports this approach, noting that the long-term potential of the crypto market will ultimately be realized by going further than just the price of the assets included.

In order to follow along with this necessity, the CEO added that the company is developing the new rules with the support of ADGM, though she praised the FSRA team for their decision to be forward-thinking in their framework.

Now, BitOasis is trying to establish itself as the first regulated exchange in the region by the time the year ends.

While global cooperation is a priority of ADGM, O’Brien pointed out that this is hardly the only fixation of the organization. It is presently working with several regional entities, including the UAE Central Bank, as the FSRA works to introduce the bank and others to the new framework. Rather than just regulating the various exchanges, O’Brien added that the licensing of the firms plays a role as well, giving them similar validity to a bank.

Overall, taking this refined approach will hopefully improve the credibility of the crypto market, leaving banks, investors, and other stakeholders with more confidence in it. Doudin concludes that everything will come down to “risk and reward,” though the infrastructure will hopefully be designed in a way that both sides feel comfortable with this wager.

Presently, Ripple’s XRP token is trading at $0.449539, rising by 0.5% in the last 24 hours.

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Author: Krystle M