Lufthansa Announces Global Blockchain Challenge for the Aviation Industry

Lufthansa Innovation Hub (LIH) and the SAP.iO Berlin Foundry have teamed up to launch the first ever Aviation Blockchain Challenge worldwide. Announced in a blog recently, the challenge seeks to explore potential opportunities and drive adoption of Blockchain technology in the airline industry. The Challenge According to the reveal announcement, application of blockchain technology in finance currently dwarfs what is obtainable in the Travel and Mobility Tech scene. In order to change this, the challenge aims to attract the most talented blockchain entrepreneurs from all over the world and give them an…

JPMorgan Wants to Use Blockchain to Issue ICO Tokens

American investment banking giant JPMorgan Chase is pursuing a patent for a distributed system that uses blockchain technology to issue virtual depository receipts that sound suspiciously like initial coin offering (ICO) tokens. JPMorgan Wants to Host IPOs on a Blockchain The patent application, filed by JPMorgan in January and published by the U.S. Patent & Trademark Office (USPTO) on Thursday, outlines a method whereby users on a distributed network such as a blockchain can tokenize assets and trade these virtual depository receipts. To create a security token, an originator such…

Barclays Pursues Blockchain Patents to Create Digital Currency Network

Barclays, the UK’s biggest bank, has applied for three U.S. patents that collectively outline a system that uses blockchain technology to combine the pseudonymity of cryptocurrency with the legacy financial system and its KYC/AML regime. The London-based bank first applied for the three patents in July 2016, though they were only published by the U.S. Patent & Trademark Office (USPTO) on Thursday. Create & Destroy Digital Currency Units In one patent, Barclays proposes a system that allows particular users on the network to create and destroy units of digital currency…

‘World’s First’ Trade Blockchain Launches in Singapore to Link China and ASEAN Nations

A Singapore-based e-government service provider – notably owned by a government body and a port operator – has launched a blockchain platform focused on cross-border trade between ASEAN nations and China. Singapore-based CrimsonLogic, an e-government solutions provider with a presence in over 20 countries, announced [PDF] details of its ‘inclusive and extensible blockchain service’ that the company says will will ‘boost overall efficiency, security and transparency’ for global trade. The company launched the blockchain platform through its fully-owned subsidiary GeTS, labeling it the GeTS Open Trade Blockchain Platform. The platform…

Japanese Internet Giant GMO’s Web Bank Will Use Blockchain for Payments

Multi-billion-dollar Japanese tech conglomerate GMO has launched a new internet banking business that will use blockchain technology for faster and cheaper payments and financial services. In an announcement [PDF] on Tuesday, the GMO Internet Group confirmed the launch of the GMO Aozora Net Bank in partnership with Aozora Bank Group, a joint-initiative that has been in preparation since July 2016 that will leverage the use of blockchain, artificial intelligence (AI) and Internet of Things (IoT) to provide new financial services through financial technologies. The advent of a cashless society amid…

China Sees 454% Increase in Companies with ‘Blockchain’ in Name

Today’s $1,000 bitcoin price rally aside, the cryptocurrency market might be enduring a bear cycle triggered by vanishing consumer interest, but blockchain, it seems, is still big business — particularly in China. Citing government data sourced from Chinese-language outlet Qixin, the South China Morning Post reports that, from Jan. 1 to July 16, 3,078 China-based companies have filed to include qukualian, the Chinese word for blockchain, in their names, up from just 555 in all of 2017. In the past calendar year, 16,600 newly-registered firms have included blockchain as part…

Tech Giant Oracle Launches Blockchain Cloud Service Platform

Tech giant Oracle has formally launched its much-anticipated blockchain service, and many global organizations have already jumped aboard the platform. News of Oracle’s new blockchain platform first came to light in May, as reported by CCN. At the time, Thomas Kurin, Oracle’s president of product development, mentioned how this upcoming platform would be integrated with other existing services. After Years in The Making, The Platform is Ready for The World Today, those goals began to come to life. The Oracle Blockchain Cloud Service offers its clients a safe environment to…

Boeing Will Use Blockchain Tech to Track Unmanned Air Vehicles

Aerospace giant Boeing has announced its intention to tap blockchain technology to keep an eye on unmanned air vehicles used for cargo transport and urban air travel in the future. Boeing is partnering artificial intelligence (AI) firm SparkCognition to develop a decentralized platform capable of ‘tracking unmanned air vehicles in flight and allocate traffic corridors and routes’ to ensure secure transportation, the company said in an announcement on Tuesday. The collaboration will notably make use of blockchain technology to monitor Boeing’s planned next-generation air vehicles that the company plans to…

Hong Kong Trade Finance Will Fight Fraud With a Blockchain-Based Platform

The Hong Kong Monetary Authority (HKMA) has partnered with Chinese Ping An to release a blockchain-based trade finance platform. The joint effort is expected to speed-up the process and prevent fraud. CCN first reported the Hong Kong’s de facto central bank’s initiative back on March 30. At the time, the bank unveiled a proof-of-concept (PoC) blockchain platform built for trade finance. Initiative Went from 6 Participant Banks to More Than 21 The enterprise initially included participants such as Bank of China (Hong Kong), Deloitte, HSBC, the Bank of East Asia,…

Thailand Plans Blockchain Token for Instant Securities Settlement

A prominent securities markets body in Thailand is preparing a blockchain-based token that will power instant clearing and settlements of corporate bonds. After researching blockchain technology for a bond registrar services platform, the Thai Bond Market Association (TBMA) has revealed its intention to create a “Bond Coin”, a custom token on a private blockchain between permissioned participants including issuers and investors alongside regulators and registered firms. Notably, the TBMA has already received permission from the Securities and Exchange Commission, the country’s securities market regulator, to develop the blockchain in a…