n The World Economic Forum has outlined more than 65 blockchain use cases for environmental protection in a recent reportn
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The Use Cases and Applications for Involving Women in Blockchain
While women in the blockchain industry want to focus on the technology, a lack of women is hurting the industry.
CoinDesk
CFTC Moves to Cement Authority Over Crypto Fraud Cases
The CFTC cited a U.S. district judge’s recent ruling that cryptocurrencies are commodities to show standing in a separate fraud case it is pursuing.
CoinDesk
Japan: Do Criminals Prefer Cryptocurrencies or Fiat for Money Laundering? 669 Cases vs 347,000
Japan’s National Police Agency said today that they received reports on 669 cases of suspected money laundering linked to cryptocurrencies from exchange operators between April and December of last year; This is just a tiny fraction of the total, as 347,000 money laundering cases were reported by traditional banks in the same time frame.
The data came after cryptocurrency exchange operators were ordered to report transactions suspected of involving money laundering following a revision last April to a law that intends to prevent the transfer of criminal proceeds.
Of the 669 cases, it is likely that many involved “questionable transactions repeated frequently in a short span of time,” Nikkei reports. And it’s worth considering that these crackdowns are not necessarily a bad thing: Punishment that comes as a result of these charges could result in removing bad actors in the crypto-space.
Currently, in Japan, 16 cryptocurrency exchange operators are registered based on the revised law on payment services. Ensuring security measures has been a challenge in the industry. Just last month, Coincheck — which was waiting for government approval of its registration — failed to protect its users from the theft of around 0 million worth of NEM digital currency.
The Numbers
The proportion of suspected money laundering cases involving cryptocurrency in Japan — 669 — is a fraction of the fiat total for 2017. The large majority of cases came from banks and other financial institutions, totaling 346,595 cases, followed by credit card companies at 15,448 cases, and credit unions at 13,259 cases.
The figures are promising in the battle against international governments who claims that money laundering is a key sector to be targeted by increased regulations.
This news comes as Japanese Finance Minister Taro Aso is speaking on the inspections taking place within the exchanges, as the government continues to look for weaknesses in the system and attempt to determine the viability of blockchain technology going forward. According to Aso, inspections are mainly used to determine the internal management structure of organizations and are taking place “impartially,” as Japanese officials are trying to not impede the growth of the sector.
There have also been self-regulation talks within the crypto-space: It was reported just over a week ago that Japan’s two cryptocurrency industry groups are working together to form a self-regulating body. The Japan Blockchain Association and the Japan Cryptocurrency Business Association are expected to merge as early as April, with the intention of implementing further safeguards to protect traders and investors.
The post Japan: Do Criminals Prefer Cryptocurrencies or Fiat for Money Laundering? 669 Cases vs 347,000 appeared first on NewsBTC.
Video Game Giant Ubisoft Is Exploring Blockchain Use Cases
Ubisoft, the company behind Assassin’s Creed and Just Dance, is exploring applications of blockchain for video games.
CoinDesk
Japan’s Exchanges Report 669 Cases of Suspected Crypto Money Laundering
Japan’s police agency has said hundreds of cases of suspected money laundering were reported from domestic cryptocurrency exchanges in 2017.
CoinDesk
IBM Wants Governments to Focus More on Internal Blockchain use Cases
Finding use cases for blockchain technology is not that difficult. Most efforts focus on the financial sector, but there’s a lot more to this technology than just finance. According to IBM, this technology can disrupt the way we think about governments altogether. Jerry Cuomo is convinced governments should embrace distributed ledgers and encourage global use of this revolutionary technology as much as possible.
There are a lot of different facets of blockchain technology. For most enterprises, it is all about streamlining financial operations. While there is merit in that approach, its important to keep an eye on the bigger picture. Distributed ledgers can be used to disrupt virtually any operation or business model we know of. Moreover, it is not just the foundation for cryptocurrencies, which are a pain in the neck for most banks and governments right now.
IBM is Bullish on Blockchain Technology
With IBM firmly advocating for blockchain, things will undoubtedly get very interesting. It is a transformative technology, which should be treated as such at all times. IBM fellow Jerry Cuomo is convinced this technology can disrupt governance and most business operations in a positive way. The company is engaged in over 400 distributed ledger projects as of right now, which is rather impressive. Moreover, he further confirms these efforts span many different industries. Supply chain, healthcare, and government services are just some of the potential industries prone to disruption.
Unfortunately, it seems most of these efforts focus on the US. Although that is not a bad thing, the rest of the world needs to “wake up”, according to Cuomo. IBM has shown there are dozens, if not hundreds, of use cases for distributed ledgers. It is now up to other governments to encourage the use of this technology. Moreover, it is time governments themselves start using blockchain technology as well. Securing identities, enabling convenient payments, and revamping administrative tasks are just some of the possibilities.
Whether or not the words by IBM will fall on deaf ears, remains to be seen. The Dubai government has partnered the technology company for a citywide blockchain pilot. It is only a matter of time until the rest of the world follows this example. Before that can happen, governments may need to nudge companies in the back a bit. Additionally, Cuomo explained there is a big difference between digital currencies and blockchain. While the former uses the latter, it’s not a representation of this technology’s potential by any means.
The post IBM Wants Governments to Focus More on Internal Blockchain use Cases appeared first on NewsBTC.
Dept of Veterans Affairs Wants Industry to Propose Use Cases for Blockchain
The U.S. Department of Veterans Affairs will consider any blockchain use cases that can help solve its problems, its CTO said Tuesday.
CoinDesk
90% of ICO Tokens Lack Use Cases Months After Their Crowdsales
There have been several dozen cryptocurrency ICOs this past summer alone. This new craze is attracting a lot of attention, although very few of these projects will ever realize their full potential. A new article on Bloomberg explains that only 20 out of 226 tokens tracked are currently being used. All the rest simply derive value from expectation and speculation. These numbers are pretty sobering, although no one should have expected anything else. ICO Tokens Are Speculation and Hype With hundreds of projects trying to raise millions of dollars through initial coin offerings, the industry has seen significant growth. While there
BitNewz.net
Three in Four Money Laundering Cases Involve Digital Currencies, FBI Sources Claim
Everyone involved in the world of Bitcoin and cryptocurrency will readily agree there are plenty of challenges ahead. While most of the opposition comes from external forces, the currencies themselves are not exactly perfect either. While most people won’t like to admit it, Bitcoin, Ethereum, and most other currencies are not exempt from criminal activity. The FBI certainly has its hands full in this regard; that much is certain. Digital Currencies and the FBI Criminal activity is often associated with Bitcoin and many other cryptocurrencies these days. While not all of these claims are entirely true, it is evident there are a
BitNewz.net