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The Leading Credit Institution In China Issued A Loan Using The Blockchain Technology

The Agricultural Bank of China (ABC), the fourth largest bank in China, has issued its first loan based on the blockchain, according to a July 31st report by the local news channel Financial News.

Agricultural Bank of China (ABC) had granted a loan via the blockchain technology

ABC, one of China’s leading credit institutions, announced that it had issued a credit of around $300,000, guaranteed by a piece of agricultural land in the province of Guizhou.

According to Financial News, the bank will bring together “local people, resource offices as well as agriculture and livestock offices” through the blockchain system, adding that the loan “will support the local tea industry.”

The ABC’s blockchain project received the participation of third parties, including the provincial branch of the Chinese People’s Bank, which acted as nodes for verifying the validity of credit data.

More blockchain-based loans to be granted in the future, according to ABC

In the future, as the bank says, other types of loans will be under the auspices of the blockchain technology, with decentralized ledger technology enabling ABC to prevent the issuance of customers applying for loans from different banks using the same property as a guarantee.

Accordingly, more blockchain technology-based loans would be granted in the future, as the distributed ledger technology wins more and more ground in China.

The Chinese government and local FinTech companies work on IoT and blockchain technology standardization

China continues to deploy blockchain technology at a significant pace, and the government plans to introduce industry-wide standards next year.

In July, China’s Joint Technical Committee of the International Organization for Standardization (ISO) and the International Electrotechnical Commission (IEC) announced that they would lead an international research group on standardization of the Internet of Things (IoT) and blockchain technology.

Be it as it may, China is making huge leaps towards becoming a blockchain nation, although cryptocurrencies are still considered high-risk assets for the Chinese economy.

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Crypto News

Paul Krugman, Nobel Prize Winner And Economist, Stated That Cryptocurrencies Are Useless

Nobel Prize winner Paul Krugman expressed skepticism towards cryptocurrency. Nobel laureate and economist Paul Krugman has voiced his skepticism regarding the value of cryptocurrencies in a comment issued in the New York Times on July 31st.

Krugman, who was awarded the Nobel Prize in Economics in 2008, strengthened his position as a “crypto-skeptic” by highlighting the high transaction fees and “lack of tethering” in the context of cryptocurrencies.

Krugman illustrates how the history of money has gradually moved from gold and silver coins, with an intrinsic value, to banknotes, and lately to credit cards and various other “digital methods,” all of which aimed at cheapening up purchases.

For Krugman, “those who celebrate the cryptocurrency effectively honor the use of advanced modern technology to reverse the currency system by 300 years.”

“Why would you do that? What problem does it solve? I still don’t have a clear answer to that question,” he added.

Paul Krugman challenges crypto enthusiasts to prove his crypto-skepticism wrong

Concerning the lack of crypto “tethering,” Krugman states that “total collapse is a real possibility.”

“If speculators were to have a collective moment of doubt, they suddenly feared that Bitcoin (BTC) was worthless, well, Bitcoin (BTC) would become worthless,” said Krugman.

The economist also observes that while there could be a “potential balance” in the future, only Bitcoin (BTC), out from all cryptocurrencies, simply for “black market transactions and tax evasion,” will most likely survive the collapse.

Krugman finishes by declaring that he may be wrong and then adds a call to all crypto enthusiasts to demonstrate that his crypto-skepticism is erroneous.

But if you want to argue that I am wrong, please answer the question – What problem does the cryptocurrency solve? Don’t try to silence the skeptics with a mixture of technobabble and libertarian derp, concluded Paul Krugman, former Nobel Prize winner for economics in 2008.

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Crypto News

About 90% of The US Blockchain Technology Initiatives Do Not Go Live Ultimately, According To Forrester Research

Around 90 percent of the blockchain initiatives of currently active US companies are ultimately abandoned.

This statistic comes from a study by Forrester Research, quoted by Bloomberg in an article dated July 31st. The US market research company Forrester Research assumes that most blockchain projects initiated by American companies will be suspended in 2018. Forrester Research concludes that in 90 percent of cases, “the project will never become part of the company.”

The researcher also claims that “some companies” that are seeking to incorporate widely advertised Distributed Ledger Technology (DLT) into their companies are now withdrawing and downgrading their ambitions.

The latest study marks at least the second instance in which Forrester Research has announced a lousy future for blockchain applications in America.

90 percent of the US blockchain technology initiatives do not go live, according to Forrester Research, as companies are still testing the water

Back in 2017, the company published an article entitled “Predictions 2018: The Blockchain revolution will have to wait a little longer” and claimed that 2018 would be “the year of reckoning for blockchain technology initiatives.”

“Those who have failed to turn headlines into reality will write off and give up their investments, while others who have a deep understanding of the technology and its transformation potential, in the long run, will continue to move forward,” according to Forrester Research.

According to Bloomberg, Ron Resnick, the first Executive Director of the Enterprise Ethereum Alliance (EEA), argued that blockchain technology development in 2019 could still experience an upward trend as “companies are still testing the water.”

Previously, Brian Behlendorf, CEO of Hyperledger, claimed that the “upcoming wave” of blockchain applications would not come from established technology giants like Google, Amazon or Facebook, as these companies are “blind in one eye when it comes to blockchain technology.”

At the beginning of July, Mike Novogratz, former Wall Street analyst, predicted that the mass acceptance of cryptocurrencies and blockchain technology would be “five to six years away.”

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Crypto News

Former US President Bill Clinton To Open The Ripple’s Swell Event In October

Former US President Bill Clinton will be the keynote speaker at the opening of Ripple’s Swell event, to be held October 1-2 in San Francisco, USA.

Ripple made the announcement July 31st, through its blog, noting that the former US president will participate in a Q&A session to be moderated by Gene Sperling, Director of the National Economic Council and adviser under Presidents Bill Clinton and Barack Obama.

Clinton’s involvement in the event can provide input to address today’s technology challenges, which pose dilemmas around the rapid exchange of value, financial inclusion and economic opportunity offered by digital assets and crypto-based blockchain technology, versus regulatory concerns and investor protection.

Former US President Bill Clinton will open the Ripple’s Swell event in October

The emphasis is placed on the experience of the former US President, who in the 1990s established programs that helped bridge the digital breakthroughs and helped to mark the beginning of a period of growth and adoption of the Internet.

After the announcement of Clinton’s participation in the Ripple’s Swell event was made, the Ripple followers on Twitter commented, and the opinions were mixed.

While some people found the fact interesting, others felt that the former US President Bill Clinton is not having much to do with the cryptocurrencies universe or that he might not have much to contribute to the topics that would be discussed during Ripple’s Swell event.

This one will be the second edition of Ripple’s Swell, which is an event created in 2017 by Ripple to bring together the leaders of banking and cryptocurrencies and blockchain technology, committed to changing the way money moves.

Under the 2018 programme, major financial services companies using distributed ledger technology will participate this year, as well as addressing new market opportunities in remittances, e-commerce and corporate markets. This, together with analyses of the regulatory frameworks being established for cryptocurrencies in Europe, Asia, and the Middle East.

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Crypto News

Monero (XMR): MyMonero Desktop Wallet Version 1.0.0 Launched

The team behind MyMonero, a popular web-based wallet for storing Monero (XMR), announced the 1.0.0 version of its implementation, which will be available for desktop use, too. Until now, the wallet has only worked in the web version.

This new version is a lightweight variant, so users of MyMonero desktop version should not download the entire blockchain, and can use the wallet immediately. The application is available for Windows, Linux, and Mac. Users using this version will be able to access the application using the same password.

The release contains fixes to the contact log, updates for connectivity via Firefox, the ability for the software to update automatically, and some other minor changes to the user interface.

As one of the developers of the application explained through Reddit, those who are concerned about automatic software updates and how repository corruption and the specification of the client protocol works with could compromise the handling of Monero (XMR) can just disable this option.

The developer also pointed out that many of the features of this version can still be improved, so he urged users to be patient and to test the new MyMonero desktop wallet for reporting bugs and malfunctions.

The new MyMonero desktop wallet to safely store Monero (XMR), welcomed by the crypto community

The Reddit users were extremely pleased with the announcement and welcomed the decision of launching a desktop wallet version for MyMonero.

This development comes shortly after the recent integration of Monero (XMR) into Ledger’s cold purse, Nano S, with the goal to make XMR a part of the primary interface.

Monero (XMR) is still developing, and just a couple of weeks ago the implementation of the Bulletproof protocol in Monero (XMR) network took place to reduce the size of transactions, the fees, and to streamline the network, without compromising privacy, one of the focal points of the Monero (XMR) crypto project.

At the moment of this writing, Monero (XMR) trades at $121.84 and is the 12th crypto coin in the market with a market capitalization of approximately $1,98 billion.

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