Blockchain Should Target Manufacturing Industry According To Jack Ma

According to Jack Ma, the co-founder and chairman of $414 billion e-commerce conglomerate Alibaba, AI, Blockchain and IoT will all be meaningless if it fails to promote the transformation of the manufacturing industry, and the evolution of the society towards a greener and more inclusive direction.

He made this revelation at the World AI Conference 2018. Ma’s focus on manufacturing is not surprising given the massive value of the sector is.

The manufacturing sector in China alone is valued at around $3.1 Trillion USD with the US and other major economies operating multi-trillion dollar manufacturing as well.

Outside of finance, this sector is seen by many as the biggest market which emerging technologies like blockchain can target.

Ma also notes that if blockchain can be used at a large-scale as the primary data processing technology and decentralized database by companies in the manufacturing industry, then decentralized systems will see true mainstream adoption outside of the real of finance.

Mobile Carrier Of LG to Offer Blockchain Payments

The cellular carrier subsidiary of South Korean electronics Giant LG Corp, LG Uplus is said to be launching a cross-carrier blockchain payments service for international travelers.

The platform is called Cross-Carrier Payment System (CCPS) and will be collaborating with partners in Japan, Taiwan and the United States to enable global mobile payment services among global telecommunications carries.

It will be developed by U.S.-based Silicon Valley Startup TBCASoft.

The blockchain powered platform will be based on the Rich Communications Service (RCS) global messaging standard which will enable Korean subscribers of LG Uplus to make purchases at partner retailers in Taiwan and Japan using their mobile phones.

The platform will help save on overseas credit card markups that include foreign exchanges fees.

SBI Launching Ripple-Based Mobile Payment App

Japanese banking giand SBI Group and US-based Ripple’s joint venture SBI Ripple Asia, is set to release its mobile blockchain-based payment application dubbed as the MoneyTap.

According to the CEO of SBI Ripple Asia, Takashi Okita, the app’s website has already been launched.

However the only information disclosed in the site is its logo and that the app will have a free version for devices for Android and iOS.

The development of the said applications was unveiled by Ripple back in March and is said to have been based on the company’s distributed ledger technology (DLT), xCurrent.

The main target of the applications are Japanese on-demand payments with 24/7 service as the availability is a significant issue for the country’s business.

The domestic banking transactions have a working window weekdays between 8:30 am and 3:30p pm.

Nasdaq Acquiring Swedish Crypto Trading Solutions Provider

The second largest stock exchange in the world, Nasdaq is acquiring a Swedish crypto trading solutions provider, Cinnober which has a history for bullishness towards digital assets and making it easier for institutions to invest in them.

The said company is partnered with BitGo which is widely considered a giant in institutional-grade cryptocurrency custody security.

The latest acquisition of Nasdaq highlights its interest in the burgeoning asset type.

President and CEO, Adena Friedman states that the combined intellectual capital, technology competence and capabilities of Cinnober and their company’s Market Technology business will expand the breadth and depth of the fastest growing division of Nasdaq.

Adena states that with this new acquisition it will enhance their ability to serve market infrastructure operators worldwide, and will accelerate their ability to expand into new growth segments.

Palestinian Using Bitcoin For Cross-Border Transactions

Bitcoin has become a lifeline for a small but growing community of users in the occupied Palestinian territories of the Gaza Strip and the West Bank.

There is about an estimated 20 unofficial crypto exchange offices working in the territory which enable users to invest abroad and make money to work for them.

Through their use of cryptocurrencies, they are able to bypass economical isolation due to political agendas imposed by rival states.

The use of cryptocurrencies is particularly appealing to Palestinians as they do not have a national currency and will not have to resort to using stable foreign currencies.

Moreover, cryptocurrencies are censorship-resistant. Once the transaction has gone through, it cannot be reversed once confirmed and no third party or intermediary will be able to stop the transaction.

It would appear to solve a real problem for a country that has restricted access to the global economy.

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