Does Nigeria really need CBN’s e-Naira? – Nairametrics

The Central Bank of Nigeria (CBN) has stated that it plans to launch the pilot scheme of its Central Bank Digital Currency (CBDC) on Independence Day. This was mentioned at a press briefing delivered by Rakiya Mohammed, Director, IT Department at the CBN.

She stated that the apex bank has been conducting research in regard to central bank digital currencies since 2017 and may conduct a proof of concept before the end of this year.

The project name is tagged Project “GIANT” and a blockchain technology known as the Hyperledger Fabric Blockchain is being used. The CBN has also dubbed its CBDC ‘e-Naira.’

READ: CBN drafts guidelines to Nigerian banks on e-Naira

In a presentation to banks, as earlier reported by Nairametrics, the CBN gave insight into how the e-Naira would operate, noting that it will be a legal tender for the entire country and have non-interest-bearing CBDC status, a transaction limit for customers and a value-based transaction limit.

According to the presentation also, the CBN will issue its own wallet called the “Speed wallet,” but the wallet will not compete with existing banks. The CBN awaits the creation of “wallets” by banks and other innovators.

READ: Exclusive: Digital Currency partner, Bitt Inc to register in Nigeria, CBN to own stake

How to use the e-Naira

To use the e-Naira to transact, users will have to download the speed wallet, validate their account on the wallet by using either their phone number, National Identity Number (NIN) or Bank Verification Number (BVN). Once done, users can begin to use the wallet. According to the presentation, users will be able to send money using Peer-to-Peer (P2P) transactions through their wallets to other wallet holders, Person-to-Marchant/Business where e-Naira users can pay for items to merchants who have the e-Naira wallet and vice versa.

The presentation also shows how the Government Ministries, Departments and Agencies (MDAs) will be onboarded and use the e-Naira to do remittances to their staff and members of the public once there is mass adoption of the e-Naira and how citizens can make payment to MDAs using the e-Naira.

READ: How CBN’s e-Naira would affect Nigerians

Benefits of the e-Naira

Sean Stein Smith, a professor at the City University of New York, Lehman College, stated, “A CBDC issued and governed by a central bank or other governmental agency will help push the accounting and reporting conversation forward.

“Accounting might not make for splashy headlines, but in order for any crypto, and by extension blockchain, to achieve wider usage, accounting and reporting needs to be standardized.

“Looking at the tax issues linked to cryptocurrency alone highlights the need for standardized and consistent regulatory treatment that does not stifle further innovation.”

The e-Naira will also benefit as it will make governmental remittances easier. The case of the palliatives given during the lockdown last year, where many Nigerians did not receive theirs, can be solved if the government can easily remit money to its citizens. The e-Naira will also be able to better implement the CBN’s cashless policy.

Another point will be the reduction in the need for printing money in the long term. As more people adopt the CBDC as a means of payment, the need for paper currency will drop and the government can spend less on printing since they can easily issue new coins or e-Naira through the Hyperledger Fabric Blockchain. Data from the Central Bank of Nigeria‘s annual report, which was compiled by the currency operations department, shows the nation spent a total of ₦307 billion on printing banknotes between 2014 and 2019.

In addition, the cases of financial fraud can be easily tracked as the government will be able to monitor the flow of money in and around the country as it provides transparency and is difficult to counterfeit.

With the use-case explained let’s address the elephant in the room. Does Nigeria really need a CBDC?

The Nigerian banking system is one of the most sophisticated in the world and the banking system continues to advance its technological strength. In Nigeria, domestic intra bank transactions are done within seconds and at most minutes, a feat the United States was only able to achieve in 2017 through the creation of Zelle.

Before Zelle, fintech products like CashApp dominated instant transfers in the U.S. The U.S commercial banks took 2-3 days to transfer money between banks and when they realized a lot of users started adopting these fintech applications, they started integrating Zelle into their system to foster these instant payments between banks so as to meet up with the competition.

Asides from our technological strength, the average Nigerian transaction involves the use of four payment methods which are all instant; Point of Sale (POS) machine, Online Bank Transfer, USSD Code enabled transfers and fiat currency. The average Nigerian retailer accepts at least one of these payment methods when a transaction is about to take place. If the intent of the government is to reduce the use of paper money, the POS systems and online transfers can be encouraged through targeted campaigns, just like the cashless policy campaign in 2012.

Dipo Fatokun, CBN’s former Director of Banking and Payment System, defined financial inclusion as the access to financial services that are available to the adult population in any given economy. A major component of the e-Naira is the need for smartphones. This poses a problem because according to Pew Research Center, only 32% in Nigeria use smartphones. Nigeria’s population is 206 million people and this represents approximately 66 million people. Another report from the Guardian states that Nigeria has roughly 170 million mobile phone users based on subscriptions but only about 25 and 40 million users have smartphones which represent only 10-20% of the population.

Since the CBN’s mandate also includes financial inclusion, the proposed e-Naira limits the number of people within the country that can have access to a digital wallet, let alone, a CBDC.

Bottomline

Although one could make a case that the use of CBDC helps to better monitor illicit transactions within the country, but in the real world, a Nigerian CBDC will be too costly to implement and may be rendered useless quickly when compared to other systems that exist. The banking system is sophisticated enough to handle transactions as a means of payment. The central bank is better off spending its time and resources on pressing issues like how to combat double-digit inflation.

According to Olumide Adesina, a writer for CoinDesk, “The CBN aims for the CBDC to increase financial inclusion rapidly and easily. Creating and holding funds for citizens in a central bank account could offer better access to financial services for the unbanked or underbanked.

“However, some economists also believe the CBN can spend in deficit and shift funds directly to citizens without worrying about the national debt in times of economic hardship. In other words, a CBDC could present an obvious inflation risk.”

He further stated, “This would also enhance control over the level of access a Nigerian citizen has to a financial system, particularly if the citizen attempts to engage in behaviours considered to be a threat by the financial authority.”

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Hyperledger Adds Visa and Six Others to Its Blockchain in September

Reading Time: 2minutes by Adeniyi Olowoporoku on September 28, 2020&nbspBlockchain

Enterprise-grade blockchain project Hyperledgder confirmed the arrivals of new members Visa and SAP to its blockchain project in September. Visa joined six other new members including EMURGO, SIX Digital Exchange, Chainstack, SIMBA Chain, SIX Digital Exchange, SAP on the alliance.

A Growing List of Members

The collaborative project aims to consolidate the links between blockchain firms and mainstream companies that wish to take advantage of novel technologies.

EMURGO is the commercial arm of the Cardano project, so its arrival within Hyperledger is hardly a surprise. As for SIX Digital Exchange, the Swiss national stock exchange group had already expressed its interest in cryptocurrencies, in particular with a stablecoin project backed by the Swiss franc (CHF).

Furthermore, Hyperledger also revealed that seven more companies had finished training programs to become Hyperledger Certified Service Providers (HCSPs). This brings the total number of HCSPs to 18 and the list includes NEC, SAP, SwissCom, Tech Mahindra, Creativehill, DeepDive Technology Group, and Tencent

The addition of Visa is a major one for Hyperledger as the payment processing giants are one of the biggest in the world. Visa has a vested interest in blockchain technology with the firm already securing partnerships with exchanges to produce debit cards.

Hyperledger to Testrun More Products in 2021

Speaking on the addition of Visa to the Hyperledger blockchain alliance, Brian Behlendorf believes that it was a positive achievement for the blockchain project. He further attributed this to the increase in the adoption of blockchain technology and the aims of its members to become the driving forces of the new technology.

When quizzed about the plans for Hyperledger in 2021, Behlendorf expects the blockchain to grow in the area of digital identity and its traceability solutions. Why there could be more products in the offering for its members.

“As a project, we have benefited from a broad greenhouse strategy testing new pilots and other active projects, working to develop new standards in multiple industries. Our membership continues to be solid and growing,” he said.

The success of Hyperledger has been huge since its inception its solutions have been the goto for top financial institutions.

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Danal FinTech to Adopt a Complete AML Product Suite Developed by Uppsala Security

Decentralized cybersecurity solutions firm Uppsala Security announced on Tuesday that it had signed a cryptocurrency anti-money laundering (AML) solution contract with the South Korean mobile payments solutions platform, Danal FinTech. As per the official tweet, the collaboration makes it the first crypto AML solution to support Hyperledger’s Fabric framework.

?? It is a great pleasure to announce the fact that we signed a #Cryptocurrency AML Solution Contract with Danal FinTech, making this the industry’s first #Crypto#AML Solution to support the @Hyperledger Fabric framework! Read more here: https://t.co/gqaVrr6sB3@payprotocol

— Uppsala Security (@UPPSentinel) May 12, 2020

In the official Medium post, Uppsala stated that as part of the contract, Danal FinTech would adopt a complete AML product suite developed by Uppsala Security. It further added the product includes not only the existing AML function implemented by financial institutions but also monitors, tracks, and analyses transactions of digital assets in the form of cryptocurrencies suspected anti-social activities like money laundering or terror funding. Patrick Kim, Founder & CEO of Uppsala Security, said,

It is a great honor to provide our AML solutions to Danal FinTech, the leading virtual asset payment company in South Korea. Based on the results of the crypto AML support offered to Danal FinTech, we hope to expand our business by jointly providing ready solutions for payment companies using the Hyperledger Fabric framework.

Danal FinTech CEO, Ted Hwang said that the company intends to consider and apply necessary policies and tools to create a safe and compliant asset settlement network before expanding their business globally.

Hwang added,

Our goal is to respond in a timely manner to changes established by major core countries in the regulatory environment, and we will do so by starting with the introduction of Uppsala Security’s solutions.

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Electroneum, IBM’s Hyperledger, Gemini Trust, CryptoCompare And Consensys Codefi, Among …

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Circa 200 crypto and blockchain influencers, entrepreneurs and experts turned out to the event in London’s business district despite risks and concerns over the COVID-19.

The show must go on, and so City AM’s Crypto Awards did despite the increasing COVID-19-related cancellations across the UK and around the world. James Bowater, the head editor of the city’s most-read business newspaper’s Crypto Insider edition, hosted what he said are the first of many Crypto Awards to come.

Some big names in blockchain and crypto projects won awards, including CryptoCompare, in the Community Enhancement category. Bitstamp received the Payment Service Provider Award. Electroneum, the Social Impact and Sustainability Award. Gemini Trust won the Digital Asset Custodian Award.

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The Deployment in Fintech Award went to Consensys Codefi. UK-based Coinpass received the Crypto Exchange Platform trophy. Marta Piekarska-Geater of IBM’s Hyperledger project received the Outstanding Industry Contribution Award. The Service Provider Award went to CMS Lay, while Zerion got the UX/UI Award. Outlier Ventures and Cygnetise won the Incubator/VC and Enterprise Blockchain awards, respectively.

“I am really thrilled to see you were all able to make it despite the trying times,” said Mr. Bowater to an audience of about 200 crypto and blockchain entrepreneurs, experts, and influencers. He recalled that Crypto Insider’s journey began two years ago and has so far been “astonishing.”

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The 697th Lord Mayor of London William Russell and Crypto AM’s Editor James Bowater.

The Lord Mayor of London William Russell was also present and delivered a humorous speech saying that being the 697th person in any role was not so cutting edge and that the first Lord Mayor appointed by Richard the First in 1198, Henry Fitz Ailwin, would have thought blockchain was some sort of new castle defense system.

On a more serious note, the Lord Mayor thanked City AM for supporting the Crypto Awards and emphasized that London is a world leader in financial innovation.

“We are the world hub for tech talent,” he added. “We have generated over76,000 FinTech jobs and closed deals in the sector worth more than £2.9 billion in 2019, which helps us support regulation standards globally.”



The Lord Mayor said the London’s talent and global leadership in innovation “are reflected here today at the Crypto Awards,” which he said are the first of many more to come.

The buzz, the hype, and the energy were overwhelming, and the expectations that grown for weeks before the event was coming to its climax as Electroneum CEO and Founder Richard Ells took the stage to deliver his speech before the awards ceremony’s attendees.

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He explained how cryptocurrency could help make a difference in a world where 1.7 billion people are unbanked, and half of the global population has difficulties accessing the digital economy.

“Electroneum, for example, has made it easy for people to earn cryptocurrency and through our AnyTask freelance platform that does not require sellers of tasks to have a bank account, hundreds of people are now supplementing their income. We’ve created a whole new way for people to buy technical skills at ridiculously low prices.”

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Mr. Ells spoke of the over 40,000 people who have signed onto AnyTask as sellers since the 13 February soft launch and spoke of the benefits to users who are unbanked and therefore do not have access to any other freelance platform.

“There is a logo designer in Pakistan. He is unbanked, so he cannot use Fiverr. He is disabled, struggles with work, and he’s so excited to be on AnyTask,” Mr. Ells went on to say. “He’s been really busy since AnyTask went live, his skills are superb and charges only US$10 for a logo design. He is only one of loads of stories of people in developing countries who are benefitting from AnyTask.”



The 11 March 2020 Crypto Awards in London are a clear demonstration that cryptocurrency and blockchain are revolutionising the financial sector in a way that not even a global pandemic can stop.

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The Times’ Georgie Frost took the stage to announce the winner of the awards.

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State Street Slashes DLT Developer Team as Bank Rethinks Blockchain Strategy

State Street, the global custodian bank, has taken a new direction with its blockchain strategy and cut scores of developer jobs in the process, people familiar with the situation said.

The focus is now more on digital assets such as tokenized stocks and bonds through to cryptocurrencies, rather than the heavy lifting work of re-plumbing front to back office with distributed ledger technology (DLT).

Because of various cost pressures weighing on the Boston-based bank, there has been a dramatic streamlining of the global blockchain team in the past few weeks. A former State Street engineer, who wanted to remain nameless, said the cuts numbered over 100 blockchain developers.

Related:Foreign Exchange Giant CLS Admits: No, We Don’t Need a Blockchain for That

A second person familiar with the situation said “most of the blockchain team had gone,” and that the number let go was “upwards of 100.” There are now “only a few token people left” from the team, this person said, meaning “token” as in perfunctory, not in the crypto sense.

(All told, State Street has 39,407 employees worldwide, according to its latest quarterly filing with the Securities and Exchange Commission).

“They are moving away from this giant in-house DLT initiative,” the source said of State Street. “They are more focused on digital assets, stablecoins, custody, and the USC initiative [the Utility Settlement Coin being developed by bank consortium Fnality].”

Ralph Achkar, managing director of digital products at State Street in London, acknowledged that it had “streamlined some of the people in those teams,” declining to give exact numbers of those let go.

Related:Energy Commodities Trading Software Launches on Hyperledger Fabric

But that streamlining should not be taken to mean “we are not focused on distributed ledger,” he said. “That is absolutely not the case.”

Innovator’s dilemma

Previously, a large DLT team at State Street had been working with the Hyperledger Fabric open-source permissioned blockchain software.

The aim was to create a single book of record, which could run State Street’s investment book at the front end, an accounting book of record for the middleware and a custody book of record on the back end. This new DLT system would remove the need to reconcile between hundreds of databases, involving hundreds of man-hours each day.

Now, however, the bank is now describing its approach as “ledger-agnostic,” and relying more on outside providers.

“If something is Fabric-related we still have some Fabric engineers on board,” said Achkar, who runs a digital asset product development and innovation team in London, complemented by similar teams in the U.S. and Singapore. But his objective is to identify the best business cases, rather than the best protocol, he said.

“I think the choice in approaching that space was, do we need to have all of these resources internally, or can we actually build partnerships and work with other providers in the market?” he said.

Most big banks face the same issues as State Street in grappling with how best to upgrade legacy systems. When the system in question controls over $30 trillion in asset movements, digital transformation is not going to happen overnight.

“There is an innovator’s dilemma,” said Achkar, using a well-known term for the challenge to large incumbent players of adopting technologies that would disrupt their business models. “What we recognize is that some of the processes that might appear to be inefficient in the market today are there for a reason.”

Market rules and market structure have been put in place to ensure bad behaviors can be detected early on, or prevented altogether, he said. “We don’t believe that you are going to throw everything you have done away and replace it with new tech and everything is resolved. It’s hard to imagine it happening that way.”

New kid on the block

In any case, State Street’s loss has turned out to be a gain for others.

Moiz Kohari, the former global chief technology architect at State Street, who left the bank in April to co-found DLT-based data privacy startup Manetu, has been busy hiring.

According to its website, Manetu has so far hired former State Street senior vice president Greg Haskins, as chief technology officer; former SVP of enterprise data Conor Allen as head of product; and former managing director Binh Nguyen as chief scientist.

“I on-boarded some of the big names to my Manetu team on Nov. 5,” said Kohari. “There are others from the bank behind them who I’m not going to name; multiple maintainers on the Hyperledger project.”

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SD Times news digest: Facebook’s cryptocurrency Libra, Applitools announces free OSS licensing …

Facebook announced its new cryptocurrency Libra, which aims to enable developers and businesses to build new, inclusive financial service products for people all around the world, according to the company.

The cryptocurrency comes with the new executable bytecode programming Move, which can be used to implement custom transactions and smart contracts. Move can be used to define custom resource types with semantics inspired by linear logic. A resource can never be copied or implicitly discarded, only moved between program storage locations.

Libra is centered around the new Libra blockchain and the value of the currency is backed by a reserve of real assets called the Libra Reserve.

“Moving money around the world should be as easy and cheap as sending a text message. No matter where you live, what you do, or how much you earn,” Facebook wrote on the Libra website.

Applitools announces free open-source software licensing

Applitools Eyes is now available for open-source libraries, allowing open-source projects to add the automated visual testing solution to their library for free.

In addition, Applitools partnered up with This Dot’s Open Source Apprentice Program to encourage young developers to contribute to open source, according to the company.

“By making our technology freely available for anyone in the world to use, we can help mentor generations of developers and technologists through more inclusivity,” said Moshe Milman, co-founder and COO at Applitools.

Hyperledger announces new members

Hyperledger, an open- source collaborative effort to further blockchain technologies, announced that it is adding 8 new members including Ethereum Foundation, Microsoft, Nornickel and Salesforce.

Hyperledger allows organizations to create industry-specific applications, platforms and hardware systems to support their individual business transactions by offering enterprise-grade, open source distributed ledger frameworks and code bases.

Last month, Hyperledger added its 13th project, Hyperledger Aries, a shared infrastructure of tools that enables the exchange of blockchain-based data, supports peer-to-peer messaging in various scenarios, and facilitates interoperable interaction between different blockchains and other distributed ledger technologies (DLTs).

“Our new members illustrate the breadth of organizations that see the value of contributing to the Hyperledger community,” said Brian Behlendorf, executive director of Hyperledger.

Threat Stack announces unified application security solution

Threat Stack announced that it is adding a new application security monitoring solution to its cloud security platform.

The solution will add runtime application self protection and risk detection capabilities, which will provide customers with contextualized information from every aspect of the cloud stack throughout the entire SDLC, according to the company.

Threat Stack Application Security Monitoring includes features like proactive risk reduction, targeted real-time attack blocking, improved insight across the stack, developer context and eLearning.

“With the rapid adoption of cloud-native architectures – including microservices, containers, and serverless – application security is more important than ever,” said Brian M. Ahern, CEO of Threat Stack.

Appery.io adds Ionic 4 integration

Digital software solutions provider Exadel announced that its low-code application development platform Appery.io now integrates with Ionic 4.

Additionally, Appery.io Ionic 4 framework supports the latest Angular version 7 and Cordova 8 and includes overall performance improvements, modern web platform features and CSS variables.

“Now Appery.io users can seamlessly build an Ionic 4 app directly in the platform. Appery.io is dedicated to helping developers effortlessly build quality, high-performing applications and the Ionic 4 integration is our continuation of this commitment,” said Dmitry Binunsky, VP of products and platforms practice at Exadel.

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Salesforce Unveils New Hyperledger-Based Platform To Help Companies Explore Blockchain …

Salesforce, a U.S.-based cloud software company, has announced a new blockchain platform called Salesforce Blockchain.

According to a live stream announcement aired on Wednesday, May 29, the new platform provides the tools companies need to explore blockchain technology.

Salesforce Blockchain is built using the firm’s native application builder called Salesforce Lightning and is also based on Hyperledger’s open-source blockchain technology.

The low-code blockchain platform, as noted above, has been designed to give companies access to the tools they would need to create smart contracts, apps and other networks that help users to share verified data by leveraging distributed ledger technology (DLT).

Salesforce Blockchain also helps companies to automate various functionalities using artificial intelligence (AI) algorithms.

The product is currently offered to selected partners, with a number of institutions in the United States said to have already implemented it.

Companies reported to be using the platform’s tools include intelligence firm S&P Global, advanced analytics provider IQVIA, and the Arizona State University.

Salesforce said that it expects its blockchain platform will be publicly available in 2020.

In November last year, Salesforce acquired a patent for a blockchain-based solution that would help customers detect whether an email is a spam or not.

Filed with the U.S. Patent and Trademark Office on November 4, the patented solution was also reported to identify whether a received email had been modified in the process of being sent.

The program was also said to improve current email filters that sometimes fail to differentiate regular emails from spam.

Hyperledger, on its part, recently announced it would be rolling out a set of blockchain tools designed to improve interoperability between blockchain platforms and distributed ledger technologies (DLTs).

The “Hyperledger Aries” would analyze blockchain-based data to allow for efficient exchanges, including data and peer-to-peer messaging. This will be on top of facilitating interactions between various blockchains and other DLTs.


Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.

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Indian Multinational Corporation Wipro Limited Partners With Travacoin

Wipro Limited is an Indian multinational corporation who has made a partnership with a payment solution company called Travacoin in order to develop a blockchain solution. An announcement of the development of the solution is done on May 22, 2019. The payment solution company Travacoin is actually a digital payment system enabling airlines to refund. It isn’t only enabling the airlines for refunding, but also enabling the airlines for compensating passengers in a timely manner when a disruption occurs.

Passengers will get notification related to delay or cancellation. Travacoin is also a blockchain based cryptocurrency. They will get refunded in the form of the cryptocurrency. They can use the cryptocurrency to repurchase airline tickets, book hotels, and other available services which belong to airport and travel. They can enjoy a reduction in the waiting time for compensation. The cryptocurrency can be used at retail stores in and around the airport.

The Indian multinational corporation Wipro Limited is recognized as a blockchain technology implementation leader for its clients. It provides strategic advisory. It also provides consulting services. The services are a combination of a deep portfolio of industry solutions. The company creates firm blockchain communities. It also develops talents to build huge technology expertise in a wide range of leading blockchain platforms (Hyperledger Fabric, Etherum, Quorum, Corda, Mutichain, Hyperledger Indy and Hyperledger Sawtooth). It is also involved in various distributed ledger technology consortia and alliances ( Hyperledger project, the Ethereum Enterprise Alliance, the Energy Web Foundation and the Blockchain in Transport Alliance).

Airlines can reduce administrative overheads by compensating passengers with Travacoins. They can’t just the administrative overheads reduce, but they can also channel the savings to offer a better travel experience to fliers. Better travel experiences can be offered to fliers.

FTI Consulting is a management consulting company who has conducted a study recently. Whereas Travacoin commissioned the study. The study is related to the commercial feasibility of digital tokens usage for refunds and compensation for flight delays. Travacoins are indicated to save airlines between 20% and 40%. During travel disruptions, customer loyalty will be increased towards airlines through improved convenience.
Travacoin is located in Dublin, Ireland. It is considered as a revolutionary idea. It is based on positive principles of collaboration. Passengers can make donations for charities through a commercial model of Travacoin, according to the official site of Travacoin.
The Indian multinational corporation Wipro Limited is actually a leading global information technology, consulting, and business process services company. The power of cognitive computing, hyper-automation, robotics, cloud, analytics, and emerging technologies is harnessed in order to help clients in adapting to the digital world. Clients aren’t only helped for the digital world adaption, but they are also helped for making them successful. It is recognized at the international level due to its comprehensive portfolio of services and a strong commitment to sustainability. It is also recognized for its good corporate citizenship. It has 175,000+ dedicated employees. It helps clients in six continents, BusinessWire reported.
[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

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Trend Micro Finds Shifting Threats Require Businesses to Rethink Security Priorities

Dateline City:
DALLAS

2018 roundup report reveals substantial growth in phishing, cryptocurrency mining and BEC

DALLAS–(BUSINESS WIRE)–Trend
Micro Incorporated
(TYO:
4704
; TSE:
4704
), a global leader in cybersecurity solutions, today released
its 2018 Security Roundup Report, which depicts a threat landscape that
has evolved heavily through both approach and tactics. One shift in
attacks that businesses should be aware of is the rapid growth of
cryptocurrency mining, which increased 237 percent in the same time.

Language:
English

Contact:

Erin Johnson
817-522-7911
media_relations@trendmicro.com

Ticker Slug:
Ticker:
4704

Exchange:
TOKYO

ISIN:
JP3637300009

Ticker:
TMICY

Exchange:
NQB

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The Italian Postal Service announces joining the Hyperledger Blockchain community

The Italian Postal service, Poste Italiane, has announced that it is joining the Hyperledger blockchain community, per a press release on January 29.

Hyperledger, being established by the Linux foundation to create open source standards for distributed ledger technology and blockchain, can add the Poste Italiane to their growing list of users. The users that already take advantage of the platform include American Express, Cisco, Intel, JPMorgan, Deloitte, Huawei and more.

The idea to join Hyperledger is a part of their Deliver 2022 Business Plan. This business plan also involves the acquisition and acceleration of new technology in the agency’s operations. Implementing Hyperledger is also a response to data protection and the issues that may go along with it. They state that blockchain tech is “an effective response to the problems of security, transparency, interoperability and privacy.”

Fedex, the courier delivery industry heavyweight also joined Hyperledger late last year. CEO Fred Smith believes that blockchain in supply chains has “big implications in supply chain, transportation and logistics.”

Just this last week a Italian Senate committee set forth and approved an amendment on blockchain industry regulation. This amendment is to create definitions for distributed ledger based technologies and smart contracts.

Read more: These are the 3 coins to watch for in February – Cryptocurrency

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