Morning Brief 18.05.2018

Enterprise Ethereum Alliance Launches Interoperable Platform for Corporate Blockchains

The EEA Alliance announced the launch of Enterprise Ethereum Client Specification (CS) 1.0 - an open source cross-platform blockchain system that creates and builds trust in smart contract-based systems.. Client Specification (CS) 1.0 is designed to replace bulky and expensive multi-platform protocols, enabling EEA participants from different sectors of the economy to create customized blockchain systems that will satisfy their specific needs. Before the introduction of this platform, participants had to settle for a proprietary, privately-exclusive version of the Enterprise framework.

JPMorgan Establishes Position of Crypto Strategy Director

JPMorgan’s former Fintech and In-Residence Program Director Oliver Harris has been appointed as head of the bank’s cryptocurrency strategy, the Financial News reported yesterday.

29-year-old Oliver Harris was responsible for identifying high-potential fintech startups and building partnerships with them. In his new role, he will develop strategies for implementing new blockchain projects across JPMorgan’s corporate and investment bank.

JPMorgan’s stance towards cryptocurrencies and related technologies appears to have changed since September 2017, when CEO Jamie Dimon labelled bitcoin as fraudulent, “stupid” and “dangerous”.

South Korea to Test Potential of Blockchain for Customs Clearance

The Korea Customs Service (KCS) will test a blockchain-based system which should simplify and speed up customs clearance, according to the Korea Times. KCS intends to check if the use of blockchain will bring down the amount of errors in issued Certificates of Origin (C/O), which include all the data on imported and exported goods. If the test is successful, KCS will optimize other processes using the same technology.

Bitmain Turns to AI Chips

A leading manufacturer of ASIC miners sees the market of artificial intelligence (AI) as an alternative source of income in a highly regulated cryptocurrency sphere in China, said co-founder Cihan Wu. According to Wu, "artificial intelligence requires large amounts of computation," making the field a natural alternative for the manufacturer of specialized computing equipment. Wu predicts that the production of machine learning chips will make up to 40% of Bitmain’s profits in the next five years.

Infosys to Create Blockchain-based Trading Network Along with 7 Private Banks

An Infosys subsidiary has announced the launch of a trading network called India Trade Connect (ITC) in partnership with seven Indian private banks, including ICICI, Axis Bank, South Indian Bank and Yes Bank. The blockchain-based network was designed to digitize trade financing, covering areas such as property verification, and the certification of document and payments.

Cryptocurrency Slump Not Affected by Consensus

The Consensus 2018 Conference in New York appears to have had no impact on the slump in virtual currency prices, which have sunk by $52 billion since May 11, Moneyweb reported today.

It appears that a 1000-person yacht party, a trio of rented Lamborghinis outside the entrance and a Snoop Dogg performance were all just there for show. “The quality of the projects and speakers were not really as good as expected,” said Sunny Lu, CEO of VeChain Tech.

Cryptocurrencies are being heavily debated in the U.S., while the federal government is working on introducing new standards regarding digital currency regulation, categorization and trade.

Total cryptocurrency market capitalization stands at $371 598 590 301

Bitcoin (EXANTE: Bitcoin) is down 1,91% to $8 159,18

Ethereum (ETH/USD) is down 2,56% to $685,30

Ripple (XRP/USD) is down 3,06% to $0,675543

Bitcoin Cash (EXANTE: Bitcoin.Cash) is down 6,57% to $1 202,36

EOS (EOS/USD) is down 4,19% to $12,74

Expected ICOs

Click here for the full list of ongoing ICOs.