22/06/2018: Biggest Stories in the Cryptosphere

blockex (37)in #bitcoin • 6 years ago

1. Blockchain To Help Reduce Disputes Over Timestamps In Real Estate

Chinese online real estate brokerage Lianjia.com is looking at blockchain technology to improve how it manages customers’ signing process and the storage of digital contracts, by connecting a contract management database to the blockchain. The patent for this system was filed in November of last year but was made public last Friday. When signing a digital contract, a timestamp is created and recorded on the network. This will serve as proof during disputes over who has the right to purchase the property. Alteration of contract content is managed through their multi-signature technology.

2. Chinese Government Works On a Blockchain Security Alliance With Tencent

A China Blockchain Security Alliance is being created by the Chinese government, with the help of tech conglomerate Tencent. The news was announced during the government-backed China Blockchain Security Forum, which was hosted in Beijing by the China Technology Market Association (CTMA) and Tencent’s security arm. The alliance includes 20 other public and private institutions, including blockchain companies, governmental agencies and network security companies. This initiative will create an environment where blockchain technologies can be developed in a secure way and illicit activities can be dealt with more efficiently. This comes as a response to several cases of blockchain and crypto-related fraud.

3. ICO Market Needs A Bit Of Regulation, Says US Congressman

During the CNBC’s Squawk Box, R-OH 8th District Congressman Warren Davidson stated that the ICO market needs a bit of regulation in order to stabilise itself and provide more certainty. Davidson went on to say that it is important to define what cryptocurrencies are. Securities and Exchange Commission (SEC)’s definition of Ethereum (ETH) as a commodity was brought up as an example. However, it was also noted that a strong crypto regulatory framework is still lacking. The change would not only benefit investors, but also businesses, by giving them more clarity in terms of how they should behave. During the discussion, the importance of know your customer (KYC) and anti-money laundering (AML) practices was also stressed. Finally, Davidson said that using cryptocurrencies for illicit activities is easy, but Mt. Gox is an example of how it is still possible to track the ‘beneficial owner’.

4. Bitcoin Cited By US Supreme Court While Discussing Legal Tenders

Yesterday, Bitcoin was cited by the Supreme Court during the summary comments for the case Wisconsin Central Ltd. v. United States. The case involved a dispute over how worker stock options should be taxed. While discussing what people perceive as money, the judge also mentioned Bitcoin. It was suggested that in the future, wages could be paid out using the cryptocurrency. It might have been just a quote, but it was still received with excitement by the public. Some believe this could be the beginning of a new approach by the Supreme Court.