Blockchain Enabled Smart Cities
Welcome back crypto enthusiasts, to the weekly instalments of the latest news, topics and worldwide updates from Magnet Capital.
This week’s hot topic - Blockchain enabled Smart Cities
As blockchain technology improves and new and innovative blockchain enabled applications are developed, governments are looking to integrate these tools to improve efficiencies in the public sector. As the technology is still in its infancy, most instances of governments trialling blockchain to date are few and far between and restricted to proofs of concepts. However, more progressive governments such as Dubai have developed full blockchain strategies to power their ‘future city’.
Lead by the Government Agency, Smart Dubai, Dubai is said to be close to rolling out 20 blockchain solutions that will improve the efficiency and publics experience across numerous government interactions. The applications looking to be rolled out would be across roads and transport, tourism, land, energy, health and education sectors.
Through these initiatives, the Dubai government hopes to achieve 3 primary goals; improve efficiency, create new industries and be an international leader in blockchain.
Historically, digitising health data, land registries and identity has proven inefficient as the level of security required to ensure records are not stolen or tampered with has been prohibitive. However, blockchains immutable and anonymous characteristics can enable a paperless digital layer for all records and transactions. Examples of where blockchain can be utilised to improve efficiencies include visa applications, bill payments and license renewals.
Part of Dubai’s blockchain strategy is to enable individuals and businesses to partner with the government to provide services with and utilise their blockchain applications and infrastructure. The intention is to enable new business opportunities, create new jobs and attract international business.
Dubai is looking to become the global leader in applying blockchain solutions to the public sector. They aim to develop both local and international solutions that they will look to share with other international governments. One example of a global solution they are developing is a blockchain platform that will improve safety, security and convenience for international travellers, through providing a speedy, seamless method of identifying travellers and their visa allowances.
Governments are still trying to establish if public or private blockchains provide the best solutions for their needs. Government's will shy away from utilising public blockchains in some industries that are particularly sensitive such as health records and national identity, however, for many other applications such as car registries and power distribution, public blockchains can provide an cost effective, efficient and outsourced solution.
It’s starting to become clear how old world systems like banking, insurance, record keeping, transactions, identity and payments are going to be disrupted by blockchain solutions. We are at the beginning stages of testing various strategies on how-to successfully implement these programs, it’s not necessarily a one size fits all solution. Even more likely there will need to be developments across multiple layers of the stack to have interoperable blockchains that can transfer value between each other like TCP/IP for processing and authentication.
US Marshalls auction 2,140 BTC - Seized for criminal activity the government will conduct multiple auctions to sell the coins off - the FBI still hold 144,000 Bitcoin from the seizure of Silk Road profits.
China politicians positive on blockchain - during China’s biggest political debate, Blockchain was praised as an excellent invention, but politicians reiterated that there is currently no plan to make a native cryptocurrency.
PayPal seeking faster Crypto payments tech - Paypal have patented their own technology, it works by swapping private keys behind the scenes to speed up transactions rather than writing them to the blockchain.
European Banks Complete First Live Securities Transfer On R3’s Blockchain Platform - R3 Corda Blockchain facilitated Credit Suisse and Dutch ING transfer legal ownership of Dutch and German Government Securities worth €25m.
VC investment in Blockchain businesses on track to exceed 2017 numbers - 2018 has already reach 40% of last years total (US$900M).
Japan Crypto Exchanges join forces to self regulate - following a US$500Mn hack, 16 Japanese crypto exchanges have agreed to form an organisation to self-regulate the crypto market.
Bitcoin Private - Bitcoin Private forked successfully, released wallets and is waiting to be listed on major exchanges. BTCP we think will be far more successful than the other tier 2 Bitcoin fork such as; Bitcoin Diamond and Bitcoin Gold.
Bitcoin has picked up slightly back to meet the previous line of resistance just shy of US$12,000 and taken the rest of the market up with it.
Bitcoin and Ethereum transaction fees are the lowest we’ve seen since early-2017 - showing transaction volume has dropped off
Total Crypto Market cap has improved slightly for the week starting at US$450Bn ending US$460Bn - not much movement in the top 10 as they mostly control the dramatic shifts.
Bitcoin dominance is creeping back up from 38.9% at the start of the week, finishing on 41.9%