Financial news outlet Forbes has released a list of “Blockchain’s Billion Dollar Babies,” or companies implementing blockchain technology that have minimum revenues or valuations of $1 billion, on April 16.
The list includes companies in the cryptocurrency and blockchain development spaces, in addition to traditional financial firms like banks and clearing houses, food companies, supply chain management firms and others.
Most of the companies listed are household names like Amazon, Walmart, Facebook, ING, Mastercard, Microsoft and Nestle.
Cryptocurrency-related companies featured on the list include United States-based cryptocurrency exchange Coinbase, European mining and hardware firm Bitfury, and blockchain-based financial services network and XRP token creator Ripple.
In addition to noting major firms that are dabbling or full-on adopting blockchain technology, the list also includes which blockchain protocols are being adopted and by whom. Various Hyperledger protocols, blockchain consortium R3’s Corda protocol and the Ethereum network are prominently featured at a number of firms across various industries.
Forbes notes the potential for blockchain technology to simplify various business process per the example of Depository Trust & Clearing Corp (DTCC), which keeps records of 90 million transactions a day, or most of the world’s $48 trillion dollars in securities.
Per Forbes, the firm will begin switching its 50,000 accounts to a blockchain-based system, which will help eliminate duplicate procedures and reconciliations that are still prone to happen on traditional electronic clearing networks.
In mid-March, DTCC published a white paper outlining guiding principles for the post-trade processing of tokenized securities. The paper notes the unique characteristics of the nascent market for tokenized securities and proposes that global policy standards for traditional markets are often applicable, and useful for stakeholders to identify the legal responsibilities pertaining to security token platforms.
Germany’s central bank chief is not alarmed by Facebook Libra
- Germany’s central bank chief, Jens Weidmann, believes that Libra must answer all the questions before they go ahead.
- He feels that if Libra delivers on its purposes, then it can be “attractive to consumers.”
The president of Germany’s central bank and European Central Bank policymaker, Jens Weidmann has stated that he is in favor of Facebook’s Libra. As per Reuters, Weidmann said at a G7 meeting:
“There’s no reason to be alarmed but there’s reason to be vigilant.”
Weidmann also said that Facebook should only go ahead with Libra after answering all the questions posed to them. Facebook’s blockchain lead, David Marcus, recently revealed to U.S. senators and congressional representatives, that Libra will go ahead only after it has satisfactorily addressed all regulatory and ethical concerns. Weidmann also believes that if Libra delivers on all its promises, then it can be “attractive to consumers.”
Someone Is Trying to Trademark ‘Samsung Coin.’ It’s Not Samsung
Someone in South Korea appears to be trying to take advantage of Samsung’s blockchain efforts by nabbing the “Samsung Coin” trademark.
According to filings with the Korean Intellectual Property Office (KIPO), an application to register the trademark in both English and Korean was submitted on July 10 by an individual called Kim Nam-jin.
The filing was made under categories related to computer programs, such as “downloadable electronic money computer program,” “electronic money card,” “electronic encryption device,” and “IC card with electronic money function.”
However, when contacted, a Samsung representative told CoinDesk that the tech giant was not behind the application.
“We don’t work this way,” they said.
While the trademark application does not specifically state whether it’s related to blockchain or cryptocurrency, the filing follows CoinDesk’s previous report that Samsung is developing its own blockchain using ethereum tech, and may eventually issue its own cryptocurrency, possibly called “Samsung Coin.”
In a possible clue as to their motivation for the filing, the same individual has previously tried to lodge trademarks relating to cryptocurrency work by other major technology companies.
The KIPO database shows that Kim Nam-jin also filed an application on July 10 seeking to trademark “ThinQ Wallet.”
However, on July 2, LG Electronics, also based in South Korea, filed trademark applications both in South Korea and in the U.S. for “ThinQ Wallet.”
Based on the LG application details, the wallet would provide a variety of mobile services including “software platform for blockchain” and “mobile electronic wallet for cryptocurrency.”
The “Samsung Coin” filing was initially covered by a few news sources that incorrectly indicated Samsung is applying for the trademark.
CoinDesk Korea’s Shinjae Yoo assisted with reporting.
WATCH: A FinTech Lawyer Breaks Down Libra’s Legality
Joel Telpner, Chair of Fintech and Blockchain Practice Group at Sullivan & Worcester LLP, isn’t surprised that Facebook is getting a grilling on Capitol Hill. In fact, he’s pleased.
“These are attacks on Facebook itself that really has nothing to do with crypto has nothing to with Libra it’s just Facebook being bad boys you know [they’re] concerned about [their] privacy policies,” he said.
His point, quite simply, is that any scrutiny of crypto in DC is vital.
“Parts of the hearing so far where they’ve actually been able to get into conversations about Libra and about crypto have been interesting because on that side of it you’ve seen some Senators that have been skeptical,” he said. “But overall it’s kind of it’s been encouraging to hear some of the senators talking about ‘Hey, this is a good thing.’”
Telpner joined CoinDesk editor Pete Rizzo in a wide-ranging conversation about the legality of Libra and, in the end, what Facebook and the Government will have to do to come to terms with the future of crypto.
You can read our complete Libra coverage here and watch our CoinDesk LIVE interviews here.