Dubai Intends to Become the First Blockchain Government in the World

By 2020 the Dubai Road and Transport Authority (RTA) plans to launch a vehicle life cycle monitoring system based on blockchain, which will provide the customer with a history of the car purchased by him from “the manufacturer all the way to the scrap yard,” as the local news source Arabian Business reports.

The system will be able to configure a transparent report about where the vehicle was at any time of its existence. The implementation of this solution will begin in Dubai and will cover cars in this city, and after that the program will expand to all vehicles in the United Arab Emirates.

According to the chairman and CEO of RTA, Mattar Al Tayer, this system will be the first government platform in the world that can fully document the life history of a vehicle:

“The platform benefits many stakeholders including car manufacturers, dealers, regulators, insurance companies, buyers, sellers and even garages, providing transparency and trust in vehicle transactions, preventing disputes and lowering the cost of services. It tracks ownership, sale, and accident history to create smart, more efficient systems for supply chains.”

Arabian Business informs that IBM will act as a strategic development consultant, and the list of future partners includes: Dubai Customs, Dubai Police, Dubai Department of Economic Development, Emirates Authority For Standardization and Metrology, Emirates ID and the Ministry of Internal Affairs.

This project is one of many in the Dubai 10X program designed to make Dubai the first blockchian government by 2020.

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Cryptocurrency Prices Today, February 21: Is Cryptocurrency Declining Again?

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency Rate

According to the Coin360 online platform, Bitcoin (BTC) has lost 0.72% over the past 24 hours. The price at the time of writing is $3934 per coin.

Cryptocurrencies show a slight downward trend:

Bitcoin Cash lost 2.15% over the past 24 hours and now costs $140 per coin;

Ripple decreased by 2.21% and costs $0.32;

EOS added 1.77% and its price is $3.78;

Litecoin fell by 0.21% and its price is $48;

Cardano lost 4.29% and its value is $0.044;

Stellar decreased by 1.71% and costs $0.088;

IOTA added 2.48% and its cost is $0.31;

Dash minus 0.8% and its price is $85;

Monero has become cheaper by 1.8% and costs $50.

Over the past 24 hours, Ethereum remained stable, decreasing slightly from time to time. The course of the coin is $144.

The total market capitalization increased to $133 billion. Bitcoin accounts for 52% of the total. In monetary terms, this is $69 billion.

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Elon Musk: Bitcoin Is Good, But Not For Tesla

Elon Musk has recently made a statement showing his attitude towards cryptocurrency and financial world as a whole. He supports Bitcoin, yet, it will not bring good for Tesla.

Elon Musk is a well-known technology entrepreneur and engineer with a fortune of $22.8 billion, he projects, like SpaceX, Tesla, PayPal, cover different areas of live, meanwhile they are competing to other companies at a high level. Musk is also a socially active person, he likes to post tweets sharing his thoughts about what is happening in the world. Though, sometimes it may bring consequences, like it was in July last year, when the SEC sent a request to Tesla regarding tweets of Elon Musk.

Furthermore, he freely expresses his attitude towards cryptocurrency. Once he even claimed how many Bitcoins he actually possessed. The Twitter community blowed up every time when Musk speaks about cryptocurrency. For instance, in October 2018, Elon posted a tweet about his love for anime and offered a subscriber to buy Bitcoins.

Twitter even blocked his account for a certain period of time to make sure he was the author. So, this time the world has gone mad, when Musk expressed his feelings about financial system and Bitcoin, in particular,  in the podcast “On the Road to Full Autonomy With Elon Musk.”

“Paper money is going away. Crypto is a far better way to transfer value than pieces of paper, that’s for sure,” he said. “Bitcoin’s structure is brilliant but I don’t think it would be a good use of Tesla’s resources to get involved in crypto.”

Furthermore, Musk added that Bitcoin has its pros and cons, yet, what he is really concerned about is crypto mining, to create one Bitcoin, people use high-powered computers to solve a complex math problem.

“We’re really just trying to accelerate the advance of sustainable energy, and I think one of the down sides of crypto is that computationally it’s quite energy intensive. There had to be some kind of constraints on the creation of crypto. But it’s very energy intensive to create slightly incremental Bitcoin, at this point.”

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Is The World Not Ready for the Power of Blockchain Yet?

The blockchain technology undoubtedly has a huge potential for companies specializing in various fields and areas. On a daily basis, we witness enterprises all over the world incorporate blockchain for security, cross-border payments, storing data and many other purposes.

Blockchain is used in the healthcare sector, studied in universities and even used to combat crimes against humanity, like child labor and drug trafficking. However, if we take a closer look at the statistics, we will be surprised to find out that most businesses are not yet at the stage of development to start using blockchain.

According to the research made by the software company Globant, among the participants of the survey, less than a half (46%) are actually ready to apply the blockchain technology right away.

Our report reveals organizations are eager to invest in blockchain solutions to improve their internal operations. Enthusiasm toward blockchain has yet to translate into readiness, however,” is mentioned in the report.

As for the statistical results of the survey, here it is worth pointing out the following bullet points:

  • 64% of the respondents are willing to incorporate blockchain and invest into blockchain solutions, but have not undertaken anything specific yet;
  • 61% are already actively researching the technology and the ways of applying it for their businesses;
  • Only 28% have selected their first or subsequent blockchain vendor.

Out of the respondents whose businesses have already started researching blockchain:

  • 42% are in the discovery phase;
  • 30% are still unsure of which blockchain provider to choose;
  • 19% have chosen their first vendor;
  • 9% have already moved on to another provider.

Thus, we can clearly see that although the interest in blockchain is obviously present and growing with every single day, however, it is still quite far from being fully incorporated by the businesses worldwide.

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Cryptocurrency Prices Today, February 20: Bitcoin Is Growing Steadily

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency Rate

According to the Coin360 online platform, Bitcoin (BTC) added 1.1% over the past 24 hours. The price at the time of writing is $3958 per coin.

Cryptocurrencies are in a stable green zone:

Bitcoin Cash added 0.46% over the past 24 hours and costs $145 per coin;

Ripple increased by 0.53% and its cost is $0.33;

EOS raised by 12% and its price is $3.95;

Litecoin grew by 6.5% and its price is $50;

Cardano plus 1.8% and its cost is $0.046;

Stellar increased by 4.7% and costs $0.091;

IOTA added 1.7% and its value is $0.30;

Dash grew by 0.3% and its price is $87;

Monero became more expensive by 1.1% and costs $52.

Over the past 24 hours, Ethereum has lost 0.17%. The coin rate is $146 per coin.

The total market capitalization is $135 billion. Bitcoin’s share is 51.7% of the total. In monetary terms, this is $69 billion.

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Chinese Fudan University Opens Up a Research Center Devoted to Blockchain

One of the oldest and most prestigious educational establishments in China, Fudan University, located in Shanghai, is moving with the times. Just like their colleagues from universities in Tokyo, Stanford and other cities around the world, Fudan scientists decided to try out the potential of the blockchain technology.

The university partnered up with a couple major companies in Shanghai, one of them being Shanghai Zhongren Information Technology Co., Ltd, and launched Shanghai Blockchain Engineering Technology Research Center.

The new blockchain hub will function not only to benefit Fudan University, but also for the sake of the whole city.

Professor Lu Haibin, the newly appointed Director of the Blockchain Research Center of Fudan University, introduced it during the official opening:

The Blockchain Research Center will carry out basic research, demonstration of possible application and training talented people with the help of the blockchain technology, strengthen the combination of production, study and research, and serve Shanghai’s economic development.

Frankly speaking, this is not the first time that a Chinese higher educational establishment opened up a similar center. The fintech research department of the Tsinghua University in Beijing cooperated with the blockchain payment solution producer Ripple and established a special scholarship for gifted students in this area called the Blockchain Technology Research Scholarship Program.

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CryptoMining.Farm Scam: 30 Victims Lost $1.34 Million

Thirty people have filed complaints to Thailand’s Technology Crime Suppression Division stating that they were victims of crypto mining scam, they allegedly lost 42 million baht ($1.34 million). The police thinks that the amount of victims can be bigger.

According to the victims’ words, the leaders of the scam convinced them to invest money into CryptoMining.Farm, a blockchain-mining website. One anonymous victim said to the Bangkok Post that one of the leaders promised investor an impossibly high return – 70% a year.

The victims signed contracts when they entered the website, the documents said that a customer may withdraw money at any time he/she wanted without any additional condition. However, the situation has changed since August. The victim stated that:

“From August the owner began imposing conditions for withdrawing the money. Then at the start of this month, the site announced it would start paying back investors in 84 installments which would take over seven years to complete. The payments were supposed to be made in foreign currencies [which] is not permitted by Thai laws.”

After a preliminary investigation, the police is sure that not 30, but 140 people became victims of the scam. Moreover, it can be related to a big scandal which happened in August 2018, when a popular Thai actor and his siblings stole about 797 million baht ($25.5 million).

According to the Bangkok Post, the company has two official offices in Bangkok and Chiang Mai, which may make the victims think that the company’s operations are legal.

Thailand treats digital money with caution and tries to regulate it. The Thai Ministry of Finance even issued a document last year where all the country’s cryptocurrency activities were regulated, including the taxation of participants of crypto market.

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