Russia’s government to experiment with a blockchain based land registry system

The Russian government recently announced its plans that it would run an experiment on the use of blockchain technology in the real estate market by releasing a blockchain based land registry system early next year.

The Ministry of Economic Development released a statement explaining why they decided to take up this project. “The use of blockchain will be aimed at increasing the availability of information on the property registry, guarantees of protection of property rights, as well as the level of citizens’ trust in the sphere of turnover of real estate.”

The instruction to find ways to apply blockchain technology to the operation of various government institutions comes from the Prime Minister Dmitry Medvedev. “I gave instructions to the relevant ministries – the Ministry of Communications and Ministry of Economic Development – to consider the applications of these technologies in preparation for the program “Digital Economy.”

Russia’s announcement is just the latest in a slew of other national and regional governments announcing their own land-registration projects. These include the government of Ukraine, Sweden and the United Kingdom and the Indian state of Andhra Pradesh.

 

 

 

Laws & regulations of Blockchain around the world

This year was the year of blockchain technologies, today there is more than 1100 cryptocurrency on the market, usually with the price between $100 to $1000 and the biggest and well-known Bitcoin even reached $5,856.10 on October 13, 2017. This means that compared to this years beginning the price of bitcoin went up by 400%; the number of ICOs this year was also unbelievable so the regulations started to enter the world of blockchain.

Laws and regulations in the EU

The Eu is trying to follow the innovation-first philosophy, and also regulate it in a way that is can be widely accepted and used. In February the executive arm of the European Union government revealed that it is working on the blockchain to support distributed ledger-based projects, and they  also clarified that the Commission wants to “pilot projects to foster decentralized innovation ecosystems and help reshape interactions between consumers, producers, creators and among citizens, businesses and administrations to the end benefit of society.”

Switzerland one the main players of Blockchain technologies just revealed an answer to China’s ICO regulations with a blockchain and cryptographic ecosystem and it will include an “ICO code of conduct”.

Laws and regulations in the US

The blockchain and ICO question in the US is not that easy, to sum up because all the states are free to introduce their own rules and regulations, for example,  New York did not enact state-wide legislation recognizing blockchain for record-keeping purposes in 2015.

In the past few years, a few states also made some regulations: Arizona: recognition of smart contracts, Vermont: blockchain as evidence, Chicago: real estate records, and, most importantly, Delaware: pending initiative authorizing registration of shares of Delaware companies in blockchain form.

The U.S. Commodity Futures Trading Commission has developed a cryptocurrency trading platform operator LedgerX, to become the first federally regulated digital currency options exchange and clearinghouse in the U.S.

So to sum up everything the regulations just started to become real just as the world of cryptocurrencies and ICOs, and the regulations are most likely to be positive and supportive and want to make the blockchains/crypto, and ICOs wildly accepted and adopted.

 

Cross-border blockchain payment system by IBM

IBM announced a project that uses public blockchain technology to make transactions all over the world, focused on developing countries. More efficient, faster and less expensive.

IBM+Logo+for+Acclaim+Profile

Public blockchain, for the first time, a fully transparent ledger system connected to the internet all over the world, allowed users to make transactions across the borders. The banking network incorporates, which encompasses New Zealand and Australia, along with smaller countries like; Tonga and Fiji.

pexels-photo

IBM said that the economic impact of improving the flow of money and commerce could be significant.

SafeChain wins $100,000 Steve Case investment in ‘Rise of the Rest’ tour

The real estate transaction security startup SafeChain Financial LLC is, as of the 13th of October the winner of a $100,000 investment from AOL co-founder Steve Case. The startup received a ceremonial big check in a pitch competition capping off Case’s Rise of the Rest bus tour, which highlights technology clusters in areas outside of Silicon Valley and the East Coast.

The terms of the investment have not been disclosed as it is a personal investment by Case, not his Washington D.C.-based venture capital fund Revolution LLC.

The goal of SafeChain is to build software that can facilitate secure online real estate transactions using blockchain. The company is close to signing its first customer, a real estate tile insurer, for its first product: Safewire, which prevents hackers from infiltrating email or otherwise intercepting bank account numbers when large sums of money are wired in a home purchase.

SafeChain co-founder and CTO Robert Zwink, who joined the startup after 13 years at JPMorgan Chase & Co., had this to say about the introduction of blockchain technology into not only the industry but the financial world in general. ” I’ve used the same eight tools, invented for the most part in the 1960s, to build large enterprise systems, it’s novel from a  career perspective to have a brand new tool.”

How blockchain technology could revolutionize music streaming

The music industry, whose revenues have been dropping as a result of music streaming services like Spotify gaining ground is undergoing a revitalization of sorts with blockchain-related startups coming up with new ways to solve issues.

The blockchain’s decentralized nature is especially suited to the music industry with its armies of middlemen such as record labels and agents. All of this leads to reduced earnings for artists. Add music streaming on top of all this and it has resulted in a large drop in earnings for a majority of lesser known artists. Blockchain’s distributed ledger can be used to ensure direct payments to artists and to establish digital rights management (DRM) services run by the artists themselves. Smart contracts could be used to ensure direct and transparent payments of royalties to artists as soon as certain conditions are met as specified by the contract.  Information related to a variety of physical assets in addition to set terms of use for an album could be stored using the distributed ledger thus enabling more artists to release albums without the help of record companies.

Some streaming services have also taken notice of this type of technology. For example, Spotify acquired Mediachain, a startup that uses blockchain as a base to develop media technologies. Prior to its acquisition the company had developed a media attribution engine for creators as well as a distributed database connecting creators to different forms of media.

 

The first Real Estate sold on the blockchain

An Ukranian developer Mark Ginsburg sold his property to Michael Arrington, co-founder of tech news site TechCrunch for $60,000 via a smart contract on the ethereal blockchain.

The transaction happened last month, but it was only announced last week by “Propy”, a Real Estate startup.  This startup promises more transparent transactions and also fewer paper contracts and no need for lawyer fees.

The Developer said that “Ukrainian real estate is very affordable, and the Ukrainian market will soon be growing dynamically.” He believes that this can also potentially increase the Real Estate market of Ukraine.

Blockchain technology could permanently change the pharmaceutical industry for the better

Blockchain technology seems to be the go to solution nowadays for all of our technological problems and this appears to be no different in the pharma industry. The flow of stolen or counterfeit pills all the way to the consumer has proven to be a serious risk and  thus many people and corporations have been investigating how to create a solution.

Enter blockchain technology which provides tamper-proof, indelible records of transactions. In September, 2017 a group of companies announced their partnership in developing the MediLedger project. This group, which includes pharma industry giants Genentech and Pfizer, has already completed a successful pilot program to track medicines. The project will eventually allow everyone from drug makers to hospitals to record drug deliveries on a blockchain. Such a system makes it very straightforward to identify discrepancies in the amount of drugs being delivered as multiple computers have the complete history of transactions.

This isn’t the first time that blockchain technology has been useful in the supply chain marketplace. Wal-Mart, IBM and Nestle have recently collaborated on a project that would effectively track the movements of their products up to the point of sale. This technology is starting to become widely used because of how inexpensive it is to audit. That leads to prices being driven down as getting the product to the shelves is cheaper.

 

 

 

IPFS: the replacement for HTTP

HTTP the most known and used web protocol has served us since the beginning of the internet, but as the time goes on and the internet changed but HTTP did not, and this lead to a few problems including bandwidth and latency. This is what IPFS (Interplanetary File System) trying to solve.

IPFS is decentralized internet where each user stores data and with the help of this, it solves every problem with HTTP. The bandwidth will be lower thanks to the higher number of providers, and also thanks to this the latency should be also lower.

IPFS combines a few popular ideas from computer science to achieve this, for example, BitSwap(BitTorrent protocol) and HASH function.

IPFS has a big future it can make the internet even faster and more efficient with lower costs.

 

The government of Andhra Pradesh partners with blockchain startup ChromAway

Swedish startup ChromaWay and the government of the Indian state of Andhra Pradesh have agreed to collaborate on the issue of property fraud which has been rampant not only in the state but in the entire country for decades. With modern technologies like blockchain and smart contracts on the rise a solution to these problems may be in sight.

Chromaway has previously piloted a blockchain based project in Sweden focused on the purchasing and sale of real estate and this time it wants to combine the features of a traditional land registry database with that of blockchain technology. The test platform is part of the Fintech Valley Vizag initiative launched by the government of the southeast Indian state. According to the startup the project uses a distributed ledger on the back-end and a user-friendly web-app on the front end which provides “radically transparent access to data”.

This project, one of the first of its kind promises to be extremely helpful for both buyers and sellers in addition to the government although it remains to be seen whether the technology will be implemented by other state or national governments.

 

 

 

 

Dubai Land Department Blockchain Real Estate Platform

DLD, the Dubai Land Department developed a new blockchain based system, to make the renting process easier: no checks or physical documentation needed.

dubai-skyline-UAE

The new system was announced at the GITEX technology week, and it was developed in a cooperation with Smart Dubai initiative. The system records all real estate contracts, lease contracts and also the local Electricity, water, and telecommunication providers contracts as well. DLD hopes all transaction by 2020 will be using this technology.

Director-General Sultan Butti bin Mejren said that this movement is the beginning of their commitment that they will make Dubai the smartest city in the world. DLD hopes all transaction by 2020 will be using this technology. Mejren also said that this movement will be followed by further usages of the blockchain technology.