Chainbreakers – a New Strategy Game Powered by Smart Contracts

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Chainbreakers – a New Strategy Game Powered by Smart Contracts

Chainbreakers incentivizes players to earn dividends and strategically develop their assets by actively playing. The game assets are contained in NFTs stored on the Ethereum blockchain.

Chainbreakers – a New Strategy Game Powered by Smart Contracts

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Singapore Government Agency, PwC and Others Back New Blockchain Accelerator

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Singapore Government Agency, PwC and Others Back New Blockchain Accelerator
A joint initiative of Singaporean government and global enterprises, Tribe Accelerator is going to provide technical guidance for the large-scale blockchain startups starting next year.
Singapore Government Agency, PwC and Others Back New Blockchain Accelerator

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Investment Funds Network Calastone Set to Move Its Settlements System to Blockchain in 2019

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Investment Funds Network Calastone Set to Move Its Settlements System to Blockchain in 2019

Calastone, an investment funds transaction network, said that they will shift their entire system to blockchain in May, a move that could slash costs for the sector by billions of dollars a year.

Investment Funds Network Calastone Set to Move Its Settlements System to Blockchain in 2019

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Smart Contracts Premier Released by US CFTC to Bolster Innovation and Participation in Fintech

While the world has seen some harshness from the SEC towards cryptocurrencies, the other regulatory that looks after commodities in the USA, The Commodity Futures Trading Commission (CFTC) has been quite welcoming. In a recent move to bolster innovation in the space, the CFTC has released premier on smart contracts.
CFTC premier makes effort to engage market participants  
The primer released by Commodity Futures Trading Commission’s LabCFTC sets out to define “smart contracts,” including by exploring their history, characteristics, and potential applications that may eventually impact daily life. The primer also includes graphics to help explain early self-executing software logic evolving into current smart contract technology – for example, starting with a simple vending machine illustration and then discussing more complex examples, including credit default swap contracts
The official announcement quoted LabCFTC Director Daniel Gorfine saying
“Smart contracts are being used to drive further automation in our markets and may have an impact across a range of economic activities,” “This primer is focused on explaining smart contracts, exploring how they may impact our markets and highlighting potentially novel risks and challenges.”
The premier also includes a section which mentions a range of operational, technical, cybersecurity, fraud and manipulation, and governance risks and challenges as the regulator believes that it is critical to understand and mitigate risks and challenges to enjoy the potential benefits of the new innovation.
The premier also highlights CFTC’s role to protect market users and their funds, consumers, and the public.
The premier is a work of LabCFTC which was launched in 2017 and is dedicated to facilitating market-enhancing financial technology (FinTech) innovation, informing policy, and ensuring the agency has the regulatory and technological tools and understanding to keep pace with changing markets. LabCFTC was designed to make the CFTC more accessible to FinTech innovators and serves as a platform to inform the Commission’s understanding of emerging technologies. LabCFTC also enabled the CFTC to be proactive and forward-thinking as FinTech applications continue to develop and to help identify related regulatory opportunities, challenges, and, risks.
While CFTC is clear on its stance with blockchain and cryptocurrencies, now its time for SEC to do the same for innovation to flourish in the US.
Will SEC follow CFTC’s roadmap in allowing cryptocurrencies to flourish in the US? Do let us know your views on the same.
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Oil Industry Giants Shell and BP to Fully Automate Energy Trading Processes Using Blockchain

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Oil Industry Giants Shell and BP to Fully Automate Energy Trading Processes Using Blockchain

A group of oil industry giants including Shell and BP are launching a blockchain platform to facilitate post-trade processes.

Oil Industry Giants Shell and BP to Fully Automate Energy Trading Processes Using Blockchain

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US Regulator Wants to Adopt Blockchain to Maintain Pace with Market Manipulators

The chair of the U.S. Commodity Futures Trading Commission (CFTC) has said that he wants to adopt blockchain to “keep pace with those who attempt to defraud, distort, or manipulate” financial markets.
CFTC Chairman Giancarlo Envisions Compliance Built into Business Operations Through Smart Contracts
J. Christopher Giancarlo spoke about the use of blockchain and machine learning for regulatory purposes at Georgetown University. The head regulator is confident the digital era will prove to be a positive factor to better oversee financial markets.
“These tools will become even more paramount as emerging blockchain technologies seek to decentralize markets or disintermediate traditional actors. It is critical that we have the ability to keep pace with those who attempt to defraud, distort, or manipulate.”
Giancarlo gave several examples of adoption of new technologies at the regulatory level.
These include “using machines to independently identify segments of the markets where concentration risks or unrecognized counterparty exposures are emerging and flag them for staff consideration and action” and “new machine-learning based surveillance tools” designed to “sniff out patterns of likely illegal trading activity or attempts to manipulate markets for enforcement analysis.”
The CFTC chair said the ongoing digital revolution in the world’s trading markets have far-ranging implications for capital formation and risk transfer. He added that he expects the majority of standard tasks to be managed by machines as automation technologies are paired with blockchain to standardize and distribute data to market actors and regulators.
“We can also envision the day where rulebooks are digitized, compliance is increasingly automated or built into business operations through smart contracts, and regulatory reporting is satisfied through real-time DLT networks. The machines here at the CFTC would have the ability to communicate regulatory requirements and consume and analyze the data that comes in through such systems.”
Giancarlo has recently stated that cryptocurrencies “are here to stay” and that many countries across the globe are hungry for functioning currencies, which shows there is a market for digital currencies. He is, however, skeptical about cryptocurrencies’ ability to rival the dollar or other hard currencies.
While the U.S. CFTC is yet to adopt blockchain technology to better oversee financial markets, the financial watchdog has won its first Bitcoin fraud action. A  New York federal court has ordered Gelfman Blueprint and its CEO Nicholas Gelfman to pay over $2.5 million in civil monetary penalties and restitution over their +$600,000 Ponzi scheme.
Related Reading: CFTC Chair: Cryptocurrencies Have a Future, They Are Here to Stay
Featured image from Shutterstock.
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Japan’s NRI Presents Its New Blockchain Security Tool, Becomes ConsenSys‘ Development Partner

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Japan’s NRI Presents Its New Blockchain Security Tool, Becomes ConsenSys‘ Development Partner

Nomura Research Institute’s cybersecurity subsidiary revealed its new security tool called “Blockchain Security Monitoring Service” and confirmed its partnership with ConsenSys.

Japan’s NRI Presents Its New Blockchain Security Tool, Becomes ConsenSys‘ Development Partner

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