Bank of America Files for Blockchain Storage System Patent

According to a document published by the U.S. Patent and Trademark Office (USPTO), the Bank of America (BofA) have applied for a blockchain patent on the development of a secure crypto storage system.

The patent is called the Blockchain Encryption Tags which is described as an enterprise grade system of recording and storing cryptocurrency-related transactions.

The system offers a system of data security used in blockchain networks.

The said system will use encryptions algorithms and linking data units to the blockchain to secure the network.

BofA is one of the leading companies that have been promoting the innovation in the blockchain sphere despite its skepticism on cryptocurrencies banning its clients from using their credit cards in purchasing cryptocurrencies.

However the bank has admitted to U.S. regulators that it may be unable to compete with the growing use of cryptocurrencies due to its inability to adapt to evolving industry standards and consumer preferences.

Coinsquare Expanding To Europe

Coinsquare, one of Canada’s biggest cryptocurrency exchange is said to be expanding its operations to the European Market.

While most of its expansion efforts were made through partnerships with other companies, its expansion to Europe will mark its first international expansion under its own brand.

It plans to expand in Europe in the 4th quarter of 2018 and says that customers across Europe will have access to its entire suite of coins such as Bitcoin, Bitcoin cash, Ethereum, Litecoin, XRP, Dogecoin and Dash.

Coinsquare was founded in 2014 and claims to be Canada’s most secure digital currency trading platform with 95% cold storage policy on all digital currency with over 100,000 customers.

Singapore And Major Firms Partnering For Settling Tokenized Assets

The Monetary Authority of Singapore, the country’s central banking institution, with Singapore Exchange (SGX) are said to have partnered with major firms to develop solutions for the exchange and settlement of tokenized digital currencies and securities assets.

The project’s main objective is to reduce the risk associated with settlement and improve overall operational efficiency in the space.

Singapore’s latest move is seen as a very positive move for the city state for the cryptocurrency community with China’s latest crackdown on cryptocurrencies, blocking 124 offshore exchanges.

It was widely seen that the move by Singapore’s Central Bank represents a clear continuation of the city-state’s policies and attitudes towards crypto.

Blockchain Shipment Tracking System Being Tested By US Customs and Border Protection

The U.S. Customs and Border Protection (CBP), one of the US biggest law enforcement agencies, is said to be launching a live test of a blockchain-powered shipment tracking system.

The upcoming test will combine two separate systems: The current existing system of CPB and new system that is developed by the agency’s parent body as well as the country’s primary border control organization, the Department of Homeland Security (DHS).

The test will determine how the Distributed Ledger Technology (DLT) is able to enhance the verification process of certificates of origin from the partners of the North American Free Trade Agreement and the Central America Free Trade Agreement.

This will also test how well it will reduce the time-consuming procedure of the resubmission of shipping data.

The CBP is also developing another blockchain project that deals with intellectual property rights.

The said project will enable consumers to determine if certain products are authentic or not.

TronChat Will Reward Users With Tron

TronChat is a decentralized applications (Dapp) which is said to be a next-generation social media platform that aims to democratize peer-to-peer interaction payments on the Tron network.

This Tron Dapp combines some features of Instagram, Venmo and Telegram.

The team states that while other social media were built for the sole purpose of generating profits for the platforms based on user activity and data, TronChat aims to allow users to make money from their everyday interaction with social media.

It was also revealed that this application enables all users to monetize each aspect of their pages and post leveraging Tron network’s frictionless payment system.

TronChat is said to be 60 percent complete and continues to seek investor funding to launch full versions which includes web implementations as well as Android and iOS versions.

Official release date of the application has not been released by the developers but it hopes to be Tron’s first killer application.

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