India Welcomes ‘Blockchain District’
Authorities of the Indian state of Telinghan signed a memorandum of understanding (MOU) with Tech Mahindra to launch the country's first 'Blockchain District' in the state capital of Hyderabad. It should become a technology development hub and incubator for blockchain startups from all over India.
WHY IS IT IMPORTANT?
1. There is a very difficult situation around cryptocurrencies in India. Reserve Bank of India made all Indian banks stop crypto related operations in June. The Supreme Court of India has postponed giving its verdict to the crypto-ban issued by the central bank. Next hearing is scheduled for September 11, therefore the ban is still in place until the court’s decision.
2. At the same time, the authorities of the country are positive about blockchain. Not so long ago, Indian Prime Minister Narendra Modi called blockchain revolutionary technology and stated the need for its early adoption.
Scotland Recommends Using Blockchain
The research report commissioned by the Scottish Government Digital Directorate in September 2017 was tasked to explore the potential benefits of distributed ledger technology (DLT) in the public sector of Scotland. The document says that DLT offers great opportunities for safe and open data storage. Blockchain will enable the government to create digital services and join the "international ecosystem" of DLT. The report also highlighted the importance of introducing technology in areas where Scottish public services still rely on paper or Internet-based paper substitutes.
WHY IS IT IMPORTANT?
1. The authors of the document emphasize that an effective and appropriate exchange of information is extremely important for ensuring inter-organizational cooperation and improving service for citizens. It is the blockchain that can help in this information exchange since its technology is based on the invariability and transparency of data being entered.
2. Researchers propose to allocate funding to a group of progressive leaders from the public sector. This will help determine common themes for deploying DLTs to solve common problems. They must actively scan the horizon, share their experience in the international network and recognize that although some initiatives will fail, it's better than doing nothing and staying behind.
Blockchain Will Protect Gene Data
Macrogen, a leading provider of gene sequencing services in South Korea, together with Bigster will create a medical platform based on the blockchain. The new project will safely store different confidential information, including data on genes. The site should be launched by June next year. Data that will be stored on the platform requires an extremely high level of protection. This is exactly what the distributed ledger technology (DLT) will be used for.
WHY IS IT IMPORTANT?
1. The project will be built on a private blockchain, that will be exclusively available to pharmaceuticals, research institutes, hospitals and gene sequencing companies.
2. So far, the technology has not become so widespread in the medical sector. However, medical organizations are increasingly considering various solutions based on the blockchain.
Goldman Sachs Mulls Custody for Crypto Funds
Goldman Sachs (TOCOM: GS) is considering the possibility of creating a custodian solution with the help of which cryptocurrency funds will be able to store their assets. In other words, the investment bank is preparing to assume the function of storing clients’ cryptocurrency assets, thereby reducing the risks associated with hacking and other incidents occurring from time to time in the industry. According to anonymous sources, the discussion of the issue of opening a custodial service is continuing, and the deadlines for the decision were not established.
WHY IS IT IMPORTANT?
1. Goldman Sachs is the world’s leading investment bank. This is the most influential organization on the Wall Street, from which the secretaries of the U.S. Treasury (for example, the current secretary Steven Mnuchin), lobbyists, senators, advisors to the presidents come out. The bank even jokingly called the Government — Sachs.
2. If Goldman Sachs really adds this option, it will allow cryptocurrency funds to get a reliable support and attract new investors' attention to the digital assets.
3. The creation of a custodian solution within Goldman Sachs will enable the credit institution to start providing other services for working with cryptocurrencies, for example, the primary brokerage service.
Bank of Spain Positive About Crypto
Bank of Spain, which has recently published a report on the use of digital forms of money in the banking system has come to the decision that digital currency issued by a central bank could have "important" effects on the transmission of monetary policy. However, Galo Nuño, the Director General of the Economy at Banco de España, also warns about cryptocurrency uncertainty and the associated risks.
According to the author, there are three main reasons why central banks would consider the possibility of launching a cryptocurrency:
1. Banks are already noticing the lower demand for cash in some jurisdictions,
2. The possible improvement of some aspects of the functioning of payment systems.
3. Potential improvements in the transmission of monetary policy.
At 20:30 (GMT+1) total cryptocurrency market capitalization stands at $252 billion
Bitcoin (EXANTE: Bitcoin) $6967 (-1,11%)
Ethereum (ETH/USD) $406 (-0,24%)
XRP (XRP/USD) $0,41 (-2,04%)
Bitcoin Cash (EXANTE: Bitcoin.Cash) $691 (-1,35%)
EOS (EOS/USD) $7,01 (-0,19%)
Tether (+0,07%) showed the best growth in the top-10
Holo (+27,88%) showed the best growth in the top-100
Market Dynamics
The trading volume of cryptocurrencies for 24 hours reached $11,34 (-2 billion per day)
Mining Profitability
BTC $2,6 for 10 TH/s
ETH $0,2 for 10 MH/s
BCH $0,29 for 1 TH/s
LTC $3,9 for 1 GH/s
DASH $0,11 for 1 GH/s
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