Amazon has a plan to narc on every single Bitcoin user

 The US Patent and Trademark Office have released a blockchain-related patent that Amazon first filed for in 2014, and it’s not exactly what you’d expect. Rather than coming up with a way to secure the delivery chain or drones using blockchain, Amazon instead has appeared to work out a way to de-anonymize cryptocurrencies, and make money selling the data to law enforcement (or anyone else). Crypto-libertarian this is not. 

 The potential applications are nearly infinite, but the blockchain-specific applications become clear in the patent’s detailed description: 

 One example is a data stream that publishes or includes global bitcoin transactions (or any crypto currency transaction). These transactions are completely visible to each participant in the network. The raw transaction data may have little meaning to a customer unless the customer has a way to correlate various elements of the stream with other useful data. For example, a group of electronic or internet retailers who accept bitcoin transactions may have a shipping address that may correlate with the bitcoin address. The electronic retailers may combine the shipping address with the bitcoin transaction data to create correlated data and republish the combined data as a combined data stream. A group of telecommunications providers may subscribe downstream to the combined data stream and be able to correlate the IP (Internet Protocol) addresses of the transactions to countries of origin. Government agencies may be able to subscribe downstream and correlate tax transaction data to help identify transaction participants. 

 

Brazil’s Biggest Investment Firm To Launch OTC Crypto Exchange, Local Sources Say

 Brazil’s largest investment company XP Investimentos is allegedly seeking to launch an over-the-counter (OTC) Bitcoin exchange, local news outlet Portal do Bitcoin revealed Tuesday, April 17.Appearing to confirm documents filed with Brazil’s Department of Federal Revenue, anonymous sources told Portal do Bitcoin that the company was specifically eyeing the OTC market.

The reported move is the first for XP, which first registered an outfit called XP COIN INTERMEDIACAO in August 2017, the publication reports.Later that year, following a 5 mln reals (about $1.5 mln) capital injection, the company rebranded to become XDEX, according to data from the São Paulo State Board of Trade. Since then the company has received another 20 mln reals ($5.9 mln).

While showing interest in Blockchain technology like many governments worldwide, Brazil has generally remained suspicious of interaction with Bitcoin.In October 2017, Ilan Goldfajn, president of the country’s central bank, likened Bitcoin to a “pyramid scheme” and described it as “a financial asset with no ballast.

”XP Investimentos’ alleged entry into crypto is thus a conspicuous rebuttal of establishment suspicion, the giant boasting 3.2 bln reals (almost $1 bln) in assets under management.An official website for XDEX is already reserved but currently contains no information. 

 

 Indian Exchange Takes Central Bank to Court Over Bank Ban 

 The Indian bitcoin community keeps fighting for their rights to operate freely in the country like any other industry. The latest show of defiance is a petition to the court against the actions of the Reserve Bank of India by the operators of a local exchange. 

 Kali Digital Eco-Systems, the company behind the upcoming cryptocurrency exchange Coin Recoil, has appealed to the High Court in Delhi against the recent crackdown on banks providing services to bitcoin related companies by the Reserve Bank of India (RBI).According to the petitioner, the RBI directive is arbitrary and a violation of the Constitution of India and the court should therefore quash it. The document presented to the count, which news.bitcoin.com has obtained, explains that due to the RBI Circular the company will not be able to secure banking services that are imperative for the business’ operations rendering it “stillborn.” It argues that the ban is unconstitutional on two main grounds. 

 Article 19 of the Constitution of India guarantees citizens’ rights to carry on any occupation, trade or business. But by preventing exchanges’ access to baking services the government is in affect preventing people from engaging in the business of their choice.Article 14 prohibits discrimination based on arbitrary and unreasonable classification. The petition explains that the RBI did not provide a clear definition of what constitutes ‘virtual currency’ and that this ambiguity dilutes any reasonability in what may be alleged as a classification. For instance, reward points such as airline miles may also be unreasonably construed as virtual currencies.Two months ago the Supreme Court of Israel issued an injunction order forbidding one of the biggest banks in the country from halting the account activity of a local bitcoin exchange. This was a major victory for the Israeli cryptocurrency industry that set a precedent for other bitcoin businesses struggling to get banking services in the country. Hopefully the Indian high court will follow this example, even though there is a difference between the authority of a commercial bank and a central bank. Meanwhile, over 42,000 Indians have now signed an online petition that against the RBI directive. 

 

Japanese Police Arrest 12 Men For Allegedly Buying $1.7 Mln In Bitcoin With Fake Fiat

 Tokyo and Hyogo police have arrested a further five persons in connection with an alleged fraud case involving ¥190 mln ($1.7 mln) worth of Bitcoin, bringing the total number of arrested persons in the case to 12, local news outlet TBS reported April 16. 

 According to TBS, on July 25, 2017, in a Tokyo hotel, the suspects allegedly presented a man, who was acting as an agent for a company executive in his 40s, with ¥200 mln (~$1.9 mln) in counterfeit cash remittances.  Having been assured his agent had received the cash, the man then transferred ~¥190 mln ($1.7 mln) equivalent in Bitcoin (BTC) to a designated account managed by a cryptocurrency exchange in Yokohama. The suspects are then said to have cashed in the Bitcoin, earning over ¥170 mln after fees, TBS reports. 

 Kentaro Yagihashi, 32, is suspected of directing the group, several of whom are reported to be in their 20s, local outlet Sankei reported. According to Sankei, the first seven men were arrested April 10. All twelve have denied charges.Local news outlet Tokyo Reporter reported that the victim told the police he accepted the deal in order to evade paying commission fees on a crypto exchange service. 

 

Samsung Electronics Co is Now Exploring Blockchain Technology for Global Shipments

 One of the world’s largest makers of semiconductors and smartphones is considering blockchain technology for their global supply network, Bloomberg reported this morning. Samsung SDS, Samsung’s IT subsidiary, is looking to the technology to cut costs. Song Skwang-woo, Samsung’s VP and blockchain chief, thinks that adding blockchain to its current systems could cut costs up to 20%.The South Koreans tech giant added Nexledger last year, which functions as a transaction management tool. Last year, Kwang-woo said in a press conference when announcing Nexledger: 

 “In developing our blockchain platform, we thought hard about how to merge our strengths and know-how from our system integration service expertise with the advantages of blockchain technology.” 

  Blockchain technology helps save time and money with the step-by-step processes of global trade. Paperwork is sent back and forth to various port authorities and customs, and can often take weeks to fully process. With the information stored on the blockchain, details of the cargo are available immediately, speeding up the entire process. 

 Cheong Tae-su, Professor of industrial engineering at Korea University, said: 

 “It cuts overhead and eliminates bottlenecks. It’s about maximizing supply efficiency and visibility, which translates into greater consumer confidence.” 

 Samsung isn’t the only major company looking to adopt blockchain tech in the supply chain. Air France, IBM, and NTT Data are all working on their own systems. 

 

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