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Chainlink launches network on Ethereum, Honeywell to use blockchain in used aircraft market

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Chainlink, the interoperability focused company, has announced the launch of its network on the Ethereum blockchain. The news was announced on the company’s official blog post on 30th May, 2019.

This move by Chainlink will allow the company to create and run the Oracle network. Oracle Network acts as a bridge between the real-time feed from real-world data and the smart contract. This first implementation on Oracle network will allow the feeding of real-time market data into smart contracts.

Sergey Nazarov, the ChainLink community leader explained,

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“The Chainlink network allows multiple independent nodes to perform decentralized computations about the accuracy of an external input before it is written into a smart contract.”

Honeywell uses Blockchain for Used Aircraft Market

Multi-Billion dollar conglomerate, Honeywell, will be using Blockchain technology to create a decentralized marketplace to enable buyers and sellers trade aircraft parts in real time, reports WSJ.

The company plans to use distributed ledger technology to track the origin and certification of used aircraft parts. Some of the participants of Honeywell’s marketplace includes Dassault Falcon Jet Corp. and aircraft-repair specialist Standard Aero Aviation Holdings Inc.

According to WSJ,

“Before blockchain, a transaction took, on average, two phone calls and four emails to arrange, and two days to close. The sale of larger parts such as engines could take weeks of sending quotes and exchanging documentation. With blockchain, a buyer can locate a part and purchase it immediately.”

Source:blockmanity

Blockchain

South Korea’s ‘Bit-Island’ Jeju Announces New Blockchain Initiative

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South Korea’s “Bit-Island” Jeju announced the Blockchain Hub City Development Research Service on Aug. 13.

An island with blockchain ambitions

Local news outlet JejuDomin reported on Aug. 14 that Jeju announced the Blockchain Hub City Development Research Service on Aug. 13. Furthermore, the author of the report stated that cloud services provider Tilon will carry the research. Per the report, the budget meant to cover the costs of the project amounts to 175 million won (nearly $145,000).

In April local news outlet BusinessKorea reported that Busan — South Korea’s second most populous city — has been picked over Jeju as the preferred location for South Korea’s blockchain regulation-free zone. 

The island that does not surrender

Jeju previously hoped to become the local initial coin offering (ICO) hub, after being granted the status of regulation-free zone. Still, the latest developments show that the island is still fighting for relevance in the blockchain and cryptocurrency industry.

As part of the project, parties involved will reportedly analyze and investigate advanced use cases for blockchain technology and derived services, and also develop a blockchain service model suitable for Jeju Island. Future strategy director of Jeju Island Noh Hee-seop commented on the development:

“We expect that this research service will contribute to the establishment of Jeju as a blockchain hub city that maximizes the potential of blockchain technology, the core technology of the 4th Industrial Revolution.”

After first banning ICOs in September 2017, South Korean state financial regulator the Financial Services Commission announced that it will not lift its ban on ICOs in the country at the end of January. 

Busan looks to release local crypto

As Cointelegraph reported in July, Busan city authorities are seeking to develop a blockchain-based digital currency project in collaboration with BNK Busan Bank, a subsidiary of local holding company BNK Financial Group.

Source:cointelegraph

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Court Allows Blockchain.com’s Trademark Lawsuit Against Paymium to Proceed

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The New York Federal Court denied the motion to dismiss the ruling in the trademark infringement action by cryptocurrency wallet and exchange operator Blockchain.com against fintech startup Paymium and its CEO Pierre Noizat over the use of domain “blockchain.io”.

According to the court documents published on Aug. 7, the lawsuit, originally filed by Blockchain.com in September 2018, claimed that Paymium and its Blockchain.io platform not only infringed on the trademark, but also were involved in alleged unfair competition and false advertising.

Blockchain versus Blockchain

In February 2019, Paymium moved a motion “to dismiss the amended complaint for failure to state a claim upon which relief can be granted […] and for lack of personal jurisdiction over Pierre Noizat.”

In its turn, Blockchain.com successfully managed to argue that their marks were not inherently descriptive and acquired secondary meaning, and that Blockchain.com and Blockchain.io marks were substantially similar enough for the case to proceed.

The New York Federal Court denied the trademark infringement part of the Paymium’s motion and allowed the suit to continue.

You don’t mess with the SEC

The court also found Paymium’s advertising claims that the “filing has been accepted and [it is] now registered with the SEC!” to be false, so this part stays in the lawsuit too. 

In reality, the only thing the startup registered at that time with the U.S. Securities and Exchange Commission was a Form D. Blockchain.com argued that “the filing of a Form D does not mean that a security is ‘registered’ or that it has been in any way scrutinized or approved by the SEC.” The court agreed.

At the same time, all claims against Pierre Noizat were dismissed due to the actual lack of personal jurisdiction. The court also argued that the advertising of “hack-free status and atomic swaps” was not false.

Recently, Cointelegraph reported that IT giant Oracle sued blockchain startup CryptoOracle alleging trademark infringement and cybersquatting in the Northern District of California.

Source:cointelegraph

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IT Giant Oracle Sues Blockchain Startup for Taking Its Name

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Software development behemoth Oracle is suing blockchain startup CryptoOracle, alleging trademark infringement and cybersquatting.

Cybersquatting and trademark infringement

Technology market news outlet Computer Reseller News (CRN) reported on Aug. 15 that Oracle sued CryptoOracle alleging trademark infringement and cybersquatting in the Northern District of California. 

Wikipedia states that cybersquatting “is registering, trafficking in, or using an Internet domain name with bad faith intent to profit from the goodwill of a trademark belonging to someone else.”

The complaint filed by the tech giant reportedly claims that the startup’s name has been chosen “to trade on Oracle’s reputation as an innovator and leader within the technology industry, and to evoke among consumers the goodwill that Oracle has built in its own famous brand.”

CryptoOracle is an advisory firm focused on the cryptocurrency space, which also sells tickets to industry events that it organizes, such as CryptoMondays. Oracle, on the other hand, is the software development giant behind Java that also happens to provide blockchain services.

Oracle also works on blockchain

For instance — as Cointelegraph reported in February — Oracle is expanding features on its enterprise-grade Oracle Blockchain Platform. The startup has been featured multiple times on CNBC, and one such interview is why the IT giant decided to take legal action.

Oracle reportedly first sent a cease and desist letter CryptoOracle filed for trademark rights to its name. Now, Oracle is asking a federal judge to order the startup to withdraw that trademark application, stop using its name and remove the branding from all web domains that reference it.  Lastly, Oracle’s attorney also reportedly claims that the firm has the right to recover the startup’s profits.

Source:cointelegraph

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