The blockchain technology has come a long way from being solely known as the underlying technology of Bitcoin (BTC). It has in fact evolved into an independent entity, constantly offering various use cases to industries across the board, from financial to tech, to education and to even the entertainment industry, nothing seems to be unaffected by this technology. And now content creation and journalism can also be added to the list.
According to Joseph Lubin, the co-founder of Ethereum (ETH) and the mastermind behind ConsenSys, the blockchain technology and decentralization has the potential to benefit the people working in the content creation and journalism circuit.
In a video on March 12, Lubin spoke about several different industries that are reaping the benefits from the blockchain technology, and he made sure to include the industries of art, journalism and content creation. While speaking of the art industry, he specifically added that artists are “set to benefit quite dramatically” from blockchain.
He went onto explain further that blockchain actually gives artists the power to attach policies and specifications as to how their content is consumed and further shared, in the sense of derivative works, streaming, public performances, etc. Owing to its nature, blockchain eliminates the middlemen in this process as well.
I think artists in the music industry on average capture about 11 or 12 percent of the value in the industry and those big record companies are sucking up 70 or so percent. We can replace those record companies with smart contracts on the Ethereum platform.
However, Lubin did go on to add that blockchain doesn’t eliminate all kinds of intermediaries, there still will intermediaries like promoters but they won’t be able to “get to a commanding position where they’re extracting enormous rents just because of their intermediary role.”
With regard to the journalism industry, Lubin focused on the possibility of brining back “ethics to journalism” through blockchain-powered platforms like Civil, that could help the “gutted” industry deliver content directly to the consumer.
If they break that pledge in some way, their readership, their listenership can call them to task, can challenge their stake and potentially have them bumped off the platform.
Speaking of Civil, it announced its official launch only earlier this month despite going through a disappointing initial coin offering (ICO) last year. The blockchain-powered platform aims to provide an alternative business model to the journalism industry.
Civil now allows its participants to purchase Civil membership, including CVL tokens which will represent members’ voting power within the Civil ecosystem.
For further updates stay tuned to BlockPublisher.
Italian Banking Association Uses Blockchain to Test Data Reconciliation Successfully
The banks from the Italian Banking Association (ABI) have processed a reconciliation of data from an entire activity of the year using the blockchain technology. According to the group’s press release, the tests were successful and proved that the technology could be very useful to local banks.
During this first test, the group processed around 200 million data entries using the blockchain system, which is called Spunta Project. The success is proof that the platform can be used to verify the data quickly.
At the moment, the project has eighteen Italian banks participating and 35 nodes that process the transactions and operations. This means that 78% of the banks present in the country are a part of this project.
According to the reports, the system will be officially implemented on March 1, 2020. Most of the necessary tests were already made, so the technology is ready to be more widely used by the banks which are a part of the national association.
The Spunta Project is officially led by ABI Lab, a research team created by the ABI. It also has the participation of NTT Data, Sia network and the R3 network with its Corda technology.
This is far from the only case in which banks are using the blockchain to achieve better results when processing data. In fact, blockchain technology is impacting the banking sector more than almost any other sector and specialists believe that it will be responsible for huge changes in the upcoming years.
Swedish central bank now looking into plausibility of issuing ‘e-krona’ CBDC
According to the Head of the Swedish central bank, Facebook‘s Libra project has given incentive to central banks across the world to review and investigate the development of new financial technologies. Stefan Ingves, Governor of Sveriges Riksbank, told CNBC,
“It has been an incredibly important catalytic event to sort of shake the tree when Libra showed up out of the blue, and that forced us to think hard about what we do. Part of my job is to produce a good/service called the Swedish krona which is convenient to use for Swedish citizens, and if I’m good at that in a technical sense then I don’t have a problem. But if I were to start issuing 20-kilo copper coins the way we did in 1668, then we soon would be out of business.”
As the use of cash continues to fall in Sweden, the Swedish central bank has been looking into the possibility of issuing its own digital currency. Several local business in the country no longer accept physical currency, with some even putting up signs to warn customers before they enter the store. As of now, Sveriges Riksbank is looking to investigate the plausibility of an ‘e-krona’ digital currency, which it says could be introduced if it decides to do so. However, it isn’t the only central bank looking into this.
China has already announced that it is close to launching its own digital currency while just last week, the Swiss National Bank declared that it was looking into the use of digital currencies in trading.
With Libra having lost backing from more than a few companies recently, Ingves warned that Facebook would be faced with challenges as it moves forward with the project. He said,
“In this day and age we have to twist things in our heads and do things based on the assumption that nothing is on paper, and then when we talk about money everything is going to be digital in one form or the other. But the old issues — private sector money or public sector money — they are basically identical, and if history gives us any guidance at all then almost all private sector initiatives have collapsed sooner or later.”
Just yesterday, The Libra Association announced the appointment of members to the Board of Directors, with the Board including David Marcus, former PayPal executive and Head of Facebook’s blockchain strategy. Currently, the group has 21 members, 7 fewer than its original 28 after Mastercard, PayPal, Visa and four more members backed out.
CipherTrace’s Blockchain Forensics Service Now Covers 700 Crypto Assets
The transactions of over 700 cryptocurrencies are now searchable via the blockchain analytics offering from CipherTrace.
That means more than 87 percent of the top 100 cryptocurrencies by volume can now be traced through the API service, the company said Tuesday.
Backed by notable firms like Galaxy Digital, CipherTrace has most recently been involved in the push towards addressing regulatory guidance issued by the Financial Action Task Force in June.
With some 522 million data attribution points, CipherTrace says its platform is uniquely situated to tackle real-world applications like terrorist financing.
“Until now, large swaths of the cryptocurrency ecosystem have remained opaque to AML and CTF monitoring,” CipherTrace CEO Dave Jevans said in a statement.
Providing a view into this data is vital for the future of the industry, Jevans argued, saying:
“Only by helping virtual asset service providers rid their networks of criminals and terrorists will the industry achieve the level of trust required for widespread adoption and government acceptance.”
With the update, the complete financial transaction histories of top cryptocurrencies by market cap such as ethereum, litecoin, and bitcoin cash have become available. Support for ERC-20 tokens and smart contracts has also been added, including transaction and counterparty information, CipherTrace said.
Through features such as transaction alerts for flagged accounts, CipherTrace is marketing its product to government and law enforcement agencies, as well as crypto and blockchain firms that seek to align with increasingly tough international rules.