News around the blockchain and decentralized solutions ecosystem

There has been a lot of discussion about how cryptocurrencies and blockchain can transform the world’s economy — leaving paper money behind and going truly digital. Indeed, many crypto businesses are pursuing solutions which can eradicate inefficiencies in practically every industry, positively affecting the goods and services we use every day.

But away from the profit margins, is there any way that blockchain can be a force for good? Some not-for-profit organizations — as well as companies and individuals who want to give back to the community — have shown that there’s a promising future in which this technology can address some of the biggest challenges facing the world in the 21st century. Read more: https://goo.gl/BWoYmv

Chinese e-commerce giant JD.com has revealed its new Blockchain-as-a-Service (BaaS) platform in a press release published today, August 17.

The new tool, dubbed JD Blockchain Open Platform, aims to enable businesses to build, host and implement blockchain solutions without having to develop the technology from scratch.

According to the press release, the service will offer smart contract functionality for “public and private enterprise clouds.” JD outlines a range of potential use cases for the platform:

“The technology can help companies streamline operational procedures such as tracking and tracing the movement of goods and charity donations, authenticity certification, property assessment, transaction settlements, digital copyrights, and enhance productivity.”

Read more: https://goo.gl/qFu9qM

Ripple has added three cryptocurrency exchanges to its cross-border payments settlement product, according to a press release published August 16.

Ripple has partnered with U.S.-based Bittrex, Mexican Bitso, and Philippine Coins.ph cryptocurrency trading platforms within its initiative to build a “healthy” ecosystem of digital asset exchange.

The new partners will enable Ripple’s xRapid payments solution to move between XRP and U.S. dollars, Mexican pesos, and Philippine pesos respectively. Ripple explained the operational principle like this:

“A financial institution (FI) that has an account with Bittrex would initiate a payment in U.S. dollars via xRapid, which instantly converts into XRP on Bittrex. The payment amount in XRP is settled over the XRP Ledger, then Bitso, through its Mexican peso liquidity pool, instantly converts the XRP into fiat, which is then settled into the destination bank account.”

Read more: https://goo.gl/z53Kpz

According to the Deloitte 2018 global blockchain survey, almost 39% of the respondents were of the view that blockchain technology was ‘overhyped’.

In the study in which over 1,000 blockchain-savvy executives at firms boasting annual revenues of $0.5 billion or more in the United States, the United Kingdom, Canada, Mexico, Germany, France, and China were polled, this perception was stronger in the world’s largest economy.

“Despite enterprise digital respondents’ interest in blockchain’s capabilities, nearly 39 percent of the broad global sample said they believe blockchain is “overhyped.” In the United States, this number is higher: 44 percent of respondents view blockchain as overhyped, up from 34 percent in a 2016 survey by Deloitte,” notes the survey.

Read more: https://goo.gl/ZUSCME

Throughout the past two months, investors in the local crypto market of South Korea have continuously expressed their optimism towards a drastic change in the regulatory landscape of crypto.

Since early February, the crypto market has endured the third-worst correction in its history, experiencing a 78 percent decline in price. Despite the bear market, the cryptocurrency industry of South Korea has seen significant progress pertaining to regulation and adoption.

Read more: https://goo.gl/Sm9PmG

South Korea’s Jeju island is proposing a plan to become a blockchain haven wherein initial coin offerings (ICOs) would be allowed in the autonomous province despite the ongoing ban in the mainland.

According to a report by the JoongAng Daily on Monday, the governor of Jeju Island has formally proposed that the central government of South Korea designate the island as “a special zone for blockchain and cryptocurrency” in its interests to become a hub for the blockchain industry.

Jeju Island governor Won Hee-ryong notably made the proposal during a meeting with high-ranking government officials including Kim Dong-yeon – Korea’s finance minister and deputy prime minister for the economy as well as other policymakers last week. Read more: https://goo.gl/exJqVD