Weekly Crypto News Review 10/29/18 - 11/02/18

By Hermione Daguin

Monday, October 29

Smart Dubai Partners With IBM to Create Government-endorsed Blockchain Platform in UAE

Dubai is moving along with their plan to turn the United Arab Emirates (UAE) into a globally competitive smart city through their new project Smart Dubai. Smart Dubai partnered with IDM to create a government-endorsed blockchain platform in UAE. This will serve as a stepping stone for UAE organizations that have been testing blockchain services to fully adopt it. Smart Dubai wants blockchain to become a part of all government processes and the daily lives of their citizens. There have already been previous efforts to use blockchain in government processes like infrastructure, health care, and education. The new Dubai Blockchain platform will allow these blockchain processes to integrate effortlessly into the citizens daily tasks. If it succeeds, the standing of blockchain will be elevated in the eyes of the rest of the world since Dubai is already one of the richest cities in the world. Now, it would also be the "smartest" one, which will give it a large advantage that other cities would want to obtain.


Tuesday, October 30

Social Justice Movement, #MeToo, in China Has Found a New Home With Blockchain

In a world with increasing political divides, activists feel the need for new ways to share their untold stories. In China, some are turning to blockchain. Activists have started to document and share stories that pertained to the #MeToo movement. This social movement brought attention to sexual assault and harassment in both everyday life and in high-profile societies such as Hollywood or Silicon Valley. Chinese activists first began to voice their stories under the name woyeshi which is the Chinese spelling for “Me Too.” When it was censored, they chose “rice bunny” which has the same pronunciation as “Me Too” in Chinese. Unfortunately, this movement was also censored. Therefore, the activists decided to move their platform to the blockchain under the name “Every Snowflake.” This move gave blockchain an opportunity to obtain more validation from the main population, the louder voice. With the adaptation of “Every Snowflake,” other activists may come to blockchain as a mean to keep their stories alive without government interference. This bridges blockchain with the growing rise for social justice.


Wednesday, October 31

India Open its Arms For Blockchain, Not Cryptocurrency

The Indian government and the Reserve Bank of India (RBI) have been in a long legal battle with cryptocurrency that has reached the Supreme Court. RBI warned banks and businesses against taking part in crypto-related activities. It declared that it wasn’t a legal tender, so no individual or organization can use it to pay for any transactions. Despite this attitude toward cryptocurrency, the Indian government is a major champion for distributed ledgers. It wants to implement blockchain in more processes around the country. The Financial Stability and Development Council (FSDC) and RBI have recently met to discuss the ban on cryptocurrency along with the future of experimenting with blockchain. This stance may not be contradictory as it seems since other countries have made similar moves. People are comfortable with the concept of blockchain, but not when it takes form of currency.


Cryptocurrency May Have Found a Friend in The Adult Entertainment Industry

Based on new market research studies, cryptocurrency has finally integrated in the adult entertainment industry. As of 2018, more than 470 adult video sites, 50 webcam platforms, and 35 sex shops accept cryptocurrencies as a form of payment. Early on, there have been a couple of attempts to create a cryptocurrency to be used only in the adult industry, but they haven't caught on. Experts believe that they most likely will never truly thrive, even the ones that are now emerging. Very few consumers of adults entertainments care to use cryptocurrency as their payment methods. The ones that do use them are happy with using the traditional coins like Bitcoin. It’s predicted that cryptocurrency use may increase soon because of the additional layer of protection that it provides. Although the adult websites do provide anonymity, many consumers are worried about others being able to track their transactions through their payment forms. Cryptocurrency uses pseudonyms that makes it harder to track anyone’s porn habits.


Thursday, November 1

New Zealand Bank Made History By Combining Blockchain and Meat Trade

ASB, a subsidiary of Australia’s Commonwealth Bank, made New Zealand history this week. It led the country’s first bank-led blockchain trade. Kiwi meat exporter Greenlea Premier Meats conducted a meat trade with a large Korean importer, and ASB tracked it through its blockchain platform. All important documents were uploaded, shared and updated within the blockchain. Every level of command in the supply chain was able to access these documents which decreased waiting time and the risk of fraud. The entire process was done parallel to the traditional trade process because ASB thought it unwise to rely only on a distributed ledger. This is a huge step for New Zealand, a country in which 40% of its economy is export-based. The use of blockchain will make the shipping process faster and more reliable.


Friday, November 2

Bitcoin Celebrated Its 10th Birthday With a Karaoke-style Cryptocurrency ATM Machine

Bitcoin Turned 10 years old this week. To celebrate, Crypto platform eToro placed a cryptocurrency ATM machines in the streets of London. The machine required passersby to sing the song “Happy Birthday.” Depending on how loud and for how long the person sang, the machine gifted them with cryptocurrency vouchers between £20 and £250. These people were also captured on video which the machine posted on social media. With their videos uploaded on social medias, these participants may win an additional £1,000. Now, that the birthday has passed, this interesting ATM machine is being moved around to a few soccer clubs. Fans will be able to sing their team’s chant and win cryptocurrency vouchers.