BLOCKCHAIN LAW INCREASES SECURITY FOR INVESTORS

BLOCKCHAIN LAW INCREASES SECURITY
FOR INVESTORS  

Firms using blockchain technology in financial transactions now have legal certainty in Luxembourg after parliament passed a law on Thursday.

Bill 7363 was intended to “provide financial market participants with legal certainty for the circulation of securities via blockchain technology”, the bill document reads, adding: “The bill should provide more security for investors and make the transfer of securities more efficient by reducing the number of intermediaries.”

It was passed with 58 votes in favour and 2 against (Déi Lénk).

The new legislation builds on the reform of the 1 August 2001 law on the circulation of securities, which in 2013 introduced the generalised possibility to issue dematerialised securities. It goes further in clarifying that securities may also be registered in an account and transferred using secure electronic registration mechanisms, in particular based on blockchain-type technologies of distributed registers or ledgers.

Secure transactions
Blockchain, which was originally devised for digital currencies, works by creating lists of records, known as blocks, which are linked by cryptography. The blockchain keeps a record of all data exchanges, or transactions in a ledger. Every verified transaction is added to the ledger as a block. The system is secure because the transactions cannot be altered once they have been signed and verified.
There has, however, been some legal uncertainty regarding its use in Luxembourg, prompting calls in 2018 for a blockchain task force at government level. Responding to a parliamentary question in May 2018, finance minister Pierre Gramegna (DP) said the financial centre high committee served as a task force and gave the impetus for the creation of the Luxembourg House of Financial Technology. At the time, he said that 15 out of the 128 active fintech companies in Luxembourg were specialised in blockchain.
The passing into law of the bill was welcomed by the blockchain community. Lhoft CEO Nasir Zubairi told Delano on Thursday: “Though some would suggest that existing regulation was adequate, this new rule is welcomed in that it provides clarity on the settlement of securities by blockchain, removing ambiguity for Fintech firms and traditional institutions who are looking at Blockchain/DLT technologies as a means for reducing cost and optimising securities processes.”

February 15, 2019 by Jess Bauldry

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http://delano.lu/d/detail/news/blockchain-law-increases-security-investors/203294


 

Here's how blockchain can return confidence to the Indian food industry   Blockchain could help demystify today’s complex and sprawling food supply chains, making it easier to ensure the security and safety of the food that we eat.The last few years have been disruptive for India’s F&B industry. The rise of cloud kitchens and app-based food delivery has created a new normal. The customer who is ordering food, however, has no visibility or awareness of the hygiene standards maintained or the quality of products used, at the restaurants they choose.The most recent incident of a delivery agent eating out of a customer’s order has shaken up the industry and created doubts in the minds of consumers. Fake medicines and adulterated food items like milk, sweets and vegetables with injected colors, sneak into our food chain and no one gets any wiser. While tighter safety regulations and more stringent self-checks have a part to play, it is increasingly clear that better traceability and transparency could help the supply chains prevent future incidents like these from disrupting business owners’ and consumers’ lives.One of the possible sources of that transparency is Blockchain. This innovative technology could give manufacturers, distributors, restaurants and retailers a single source of truth about every shipment that passes through our incredibly complex food supply chains. Blockchain technology may even help businesses regain and reinforce trust from the general public – acting as a “certification of excellence” that consumers could rely on when choosing products off the shelf.Placing higher emphasis on traceabilityProducers, distributors, eateries and retailers often blindly must trust each other when operating their supply chains. For instance, instead of conducting stringent and time-consuming background checks on the authenticity of their shipped produce, food retailers will often choose to trust the quality assurance processes of their suppliers. Although this simplifies supply chains, it becomes challenging when a food crisis occurs – often thrusting businesses into a race against time to locate the source of contamination. At the beginning of a crisis, the standard operating procedure would be to perform a complete recall of all products – even uncontaminated ones – as both a cautionary action and an attempt to buy more time. While the immediate effects of this – profit loss, supply line disruption, food wastage – are quite damaging, it is the long-term aftereffects, namely the break of customer trust that can really hurt reputations. The longer a business takes to identify the source of a contamination and take remedial action, the greater the risk of mass uproar. Thus, tracing any product batch through the entire supply chain is in the best interest of every participant or stakeholder. Blockchain can do this by creating a record of every such batch – one that’s automatically updated as it goes from field to factory to supermarket to fridge and cannot be edited without the permission of every party in that supply chain. That creates a data trail which improves the track and trace capabilities throughout the supply chain – potentially allowing batches with issues to be identified and isolated within hours instead of weeks and paving the way for more concrete action. February 16, 2019 by Prasad Rai READ FULL ARTICLE https://economictimes.indiatimes.com/small-biz/security-tech/technology/heres-how-blockchain-can-return-confidence-to-the-indian-food-industry/articleshow/68020591.cms

GigaLayer Web Services Integrates Dash Expanding Usability Options in Africa   Dash Nigeria recently got GigaLayer, a web domain name and hosting service, to integrateDash after attending the Nerds Unite Conference in Lagos, Nigeria on February 15, 2019. The Nerds Unite Conference featured over 500 attendees that are professionals in fintech, blockchain, and IT from all over west Africa and the world. Aside from making valuable connections and setting up wallets, Dash Nigeria was able to forge a partnership with GigaLayer so they would accept Dash payments for their services. The direct integration is significant since the only other cryptocurrency accepted by the platform was Bitcoin. GigaLayer’s main operations are in Nigeria, but also services individuals and companies is 13 different African countries for a total of 6,000 business owners. Additionally, GigaLayer’s CEO, Ahmad Mukoshy, cited Dash’s “speed in payments”, “low transaction fees”, and the desire to “support the community and also be part of the community” as part of the reasons to integrate Dash. Ahmad Mukoshy also went on to discuss how the integration helps expand options for consumers.  Forging connections to benefit consumers Web services such as domain purchasing and web hosting is a very useful tool and even more popular within the tech and cryptocurrency space. Thus, GigaLayer will provide everyday value for consumers by giving them a service they needed anyways that they can now purchase with Dash. This is an overlooked factor in achieving adoption since in the early days, and somewhat still today, many items sold for cryptocurrencies are superfluous novelty products such as t-shirts, artwork, books, etc. While these are cool products and deserve merit, they ultimately are not going to help the average consumer live their everyday lives the same as the ability to pay for groceries, rent, gas, business products, etc, in Dash. As more businesses that focus on everyday consumption items accept cryptocurrency, not only can consumers more confidently spend cryptocurrency, but workers will be more willing to accept wages in cryptocurrency since they know they can easily spend it on essentials. The beginnings of this supply chain adoption is being seen in the cannabis sector where Alt Thirty Six has initiated a cash pickup system that will pay dispensaries in Dash for their cash and the dispensaries can then use the CannTrade platform to pay their suppliers in Dash. This saves a lot of money for the cannabis industry due to the banking issues in the United States, but the cryptocurrency benefits can also be carried over to other industries that focus on everyday consumption items to save money typically spent on card and bank processing fees. February 21, 2019 by  Justin Szilard READ FULL ARTICLE https://dashnews.org/gigalayer-web-services-integrates-dash-expanding-usability-options-in-africa/

Blockchain for Exchanging the World Ever since Binance was created, we have envisioned the creation of a native blockchain for our platform. And during the months that passed since the launch of Binance, amid all the expansions we made for the Binance ecosystem, the blockchain project remained an important step in our goal of exchanging the world. After months of groundbreaking work, we’re hours away from the testnet launch of the all-new Binance Chain, set at February 20. Binance Chain is a blockchain project initiated by Binance and has since involved a whole community of Binancians. Together, we want to ensure the creation of a blockchain that will serve as an alternative marketplace for issuing, using, and exchanging digital assets in a decentralized manner. The first use case for Binance Chain is Binance DEX, a new decentralized exchange (DEX) that aims to carry over the best features of the current Binance exchange in a decentralized setting, while also offering the benefits and security of a DEX. Below, we explain what sets Binance Chain and DEX apart. Why DEX? And Why Binance DEX? A DEX is a great manifestation of Binance’s mission to spread the freedom of money. With a DEX, a person fully holds his crypto funds and directly plug into the network to trade without needing to provide personal information. Unlike centralized exchanges that may be subject to downtimes, a DEX is kept running by nodes distributed around the world and codes that execute functions. However, the current DEX options face issues that hinder them from growing as widely used platforms. The user experience on existing DEX platforms is less intuitive and user-friendly compared to centralized exchanges. In addition, DEX platforms face speed and liquidity issues, which leave them lagging behind their centralized peers. At Binance, we are fully aware of the issues that hinder DEX platforms from reaching a wider user base. And among the current and emerging DEX players in the market, we are in a unique position of knowing how to run a secure exchange platform that quickly processes billions in transactions for millions of people. From there, it’s a matter of figuring out how to replicate the successes of our market-leading centralized exchange into the decentralized realm. Here’s where Binance DEX comes into the picture. What’s in Binance Chain and DEX? With Binance Chain and Binance DEX, our immediate goal is to quickly launch a platform that does one thing very well: exchange assets. “Binance Chain is a very simple chain in terms of application, but it can handle very large loads. It is our opinion that the load is more important than the features,” Binance CEO Changpeng “CZ” Zhao said about the upcoming blockchain. Once we show that the infrastructure is sound enough to handle many transactions quickly, the additional features will follow. February 18, 2019 by Binance READ FULL ARTICLE https://www.binance.com/en/blog/304219301536473088/Binance-Chain-Blockchain-for-Exchanging-the-World

Samsung SDS and IBM Collaborate to Strengthen Open Source Hyperledger Fabric and Blockchain Ecosystems During IBM THINK 2019, IBM’s annual conference focused on technology and business, Samsung SDS announced it is continuing its collaboration with IBM in support of advancing Hyperledger Fabric, an open source cross-industry blockchain technology, with recent code contributions, research and a new white paper. As a contributor to Hyperledger Fabric, Samsung SDS is working to improve fabric capabilities and actively contributing its new "Accelerator" code to the open source community. The new code is expected to significantly improve Hyperledger Fabric performance for specific use cases.Samsung SDS is also making a new white paper available, “Accelerating Throughput in Permissioned Blockchain Networks,” co-written by IBM. The paper validates the applicability of Accelerator to Hyperledger Fabric, provides a roadmap and also illustrates performance improvement in terms of transactions per second. A copy of the white paper and the Innovation Sandbox environment is now available for external developers to test. (https://github.com/nexledger/accelerator) While this technical initiative is being rigorously validated from the open source Hyperledger community, Samsung SDS will prepare to become IBM’s key go-to-market reseller partner of IBM Blockchain Platform in Korea. Ted Kim, Vice President, Blockchain Team from Samsung SDS America has been named to the IBM Blockcchain Board of Advisors. Additionally, during the IBM Think Conference in San Francisco, Kiwoon Sung, Head of Blockchain Research Lab, Samsung SDS, will discuss the company’s blockchain innovation efforts at a session entitled, “New Blockchain Solutions emerging from the IBM Blockchain ecosystem."Hyperledger is an open source collaborative effort created to advance cross-industry blockchain technologies. It is a global collaboration including leaders in finance, banking, Internet of Things, supply chains, manufacturing and Technology. The Linux Foundation hosts Hyperledger under the foundation. To learn more, visit: https://www.hyperledger.org/. About Samsung SDS Samsung SDS was founded in 1985 and has been leading the digital transformation and innovation of its clients for over 30 years. With the vision to become a data-driven digital transformation leader, Samsung SDS utilizes advanced technologies such as analytics platforms, AI, blockchain and cloud to serve a diverse range of industries including intelligent manufacturing, global logistics, enterprise mobility, financial services and retail. For more information, visit https://samsungsds.com   February 15, 2019 by Samsung SDS Communication Team READ FULL ARTICLE https://www.samsungsds.com/global/en/about/news/collaboration-with-IBM-blockchain.html

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