Category Archives: Blockchain

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Court rules that bank had duty to provide banking services to cryptocurrency exchange!

CCN.com reported that a court ruled that the South Korean commercial bank Nonghyup could not terminate a contract even though Nonghyup was trying to comply with “…the anti-money laundering guidelines issued by the regulator Financial Services Commission (FSC).” The November 3, 2018 article entitled “South Korean Court Rules Bank’s Action to End Banking Services to … Continue reading this entry

Spain creates new law to force declaration of Cryptocurrencies with 0.2% tax!

Coinlaw.io reported that “The Spanish Ministry of Finance has drafted a bill aimed at clamping down on cryptocurrency holders using legal loopholes to avoid asset declaration laws.” The October 25, 2018 article entitled “Spain Set to Clamp Down on Crypto-Holders Flaunting Asset Declaration Laws” included these details about the draft bill: proposes the imposition of … Continue reading this entry

Wanna buy 4.2 million of Bitcoin? Just make a bid with the US DOJ!

Bitcoinnews.com reported that a US$200,000 “…deposit is required to take part, with bidders needing to register their interest in the sealed bid auction by 31 October. The official bid for the bitcoins will take place on 5 November.”  The October 19, 2018 report entitled “Us Department of Justice to Auction off 660 Bitcoins” included a … Continue reading this entry

IBM Blockchain in use by Maersk (think largest shipping company in the world)!

Computerworld reported that “After launching a proof of concept earlier this year, IBM and Maersk have unveiled TradeLens, the production version of an electronic ledger for tracking global shipments; the companies say they have 94 participants piloting the system, including more than 20 port and terminal operators.” The August 17, 2018 report entitled “IBM, Maersk … Continue reading this entry

SEC enjoins an ICO for false claims!

The Securities and Exchange Commission (SEC) filed a “complaint unsealed yesterday alleges that Blockvest falsely claimed its ICO and its affiliates received regulatory approval from various agencies, including the SEC.” The October 11, 2018 press release entitled “SEC Stops Fraudulent ICO That Falsely Claimed SEC Approval” included these statements: According to the SEC’s complaint, Blockvest … Continue reading this entry

Blockchain’s immutability is in conflict with GDPR’s “right to be forgotten”!

Legaltechnews reported about the French’s Commission Nationale de l’informatique et des Libertés (CNIL) guidance on Blockchain regarding the “right to be forgotten” since “…private blockchains can be managed and controlled, public blockchains are a free-for-all that will likely pose an ongoing challenge for CNIL and other EU regulators.”  The October 5, 2018 report entitled “France’s … Continue reading this entry

Walmart will use IBM Blockchain to track spinach and lettuce!

The New York Times reported that Walmart announced “After a two-year pilot project, …that it would be using a blockchain, the type of database technology behind Bitcoin, to keep track of every bag of spinach and head of lettuce.” The September 24, 2018 article entitled “From Farm to Blockchain: Walmart Tracks Its Lettuce” included these … Continue reading this entry

Banks wary of Blockchain-based payment systems

Computerworld.com reported that while “blockchain-based payment networks could help eliminate central authorities and their accompanying fees for cross-border transfers, banks and other enterprises see risks.” The September 25, 2018 article entitled “Banks remain wary of blockchain-based electronic payment networks”included these comments from Fabio Chesini (Gartner research director for transaction banking): Using a new infrastructure rail … Continue reading this entry

Good news for Blockchain -EU not in a hurry to regulate!

The-Blockchain.com reported that  as “…blockchain technology has the potential to transform the business landscape and make its mark across many different sectors, it is imperative that policymakers become more accommodating with the development and adoption of blockchain technology.”  The September 11, 2018 article entitled “EU Holds Off on Crypto Regulation” was not limited to cryptocurrencies … Continue reading this entry

Wow! 84% of companies are using Blockchain!

Blockchain.com reported about the “the release of PwC’s Global Blockchain Survey 2018, which highlighted that 84% of companies are now incorporating blockchain technology at some level…”  The August 28, 2018 report entitled “PwC survey: 84% of companies now using blockchain, so what does the future hold?” included these comments Shiv Malik (Head of Strategy and … Continue reading this entry

SAP offers ERP Blockchain as a Service (BaaS)

Computerworld reported that SAP recently “created a consortium of business partners to help it craft applications for a cloud-based blockchain platform that can track goods from creation to shipment to manufacturer as part of an automated supply chain system….. consisting of seven companies, including Intel, Hewlett Packard Enterprise Co. (HPE), UPS and A3 by Airbus … Continue reading this entry

Foley 2018 Cryptocurrency Survey – Cryptocurrency Regulation is Critical!

After reviewing the Foley 2018 Cryptocurrency Survey results Eddie Block and I posted this article entitled “Amid Increased Activity in Texas and Across the Country to Regulate Cryptocurrency Activities, Industry is Also Seeking Greater Regulatory Certainty” Take a look at the Survey and let us know what you think.… Continue reading this entry

Blockchain Smart Contracts are neither smart nor contracts!

Smart Contracts are basic to creating and verifying blocks in Blockchain, and Wikipedia defines a Smart Contract “is a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract.” But if you study that definition really Smart Contracts are computer programs which are “made partially or fully self-executing, self-enforcing, … Continue reading this entry

G20 countries skeptical about cryptocurrencies & Blockchain

Law.com reported that “crypto assets, which include cryptocurrencies, tokens, and ICOs, ‘raise issues with respect to consumer and investor protection, market integrity, tax evasion, money laundering and terrorist financing.’” The August 6, 2018 article entitled “G20 Countries’ Cryptocurrency Regulations Highlight Contradictory Blockchain Realities” included these comments: At the 2018 G20 international forum, finance ministers and … Continue reading this entry

Bermuda, Malta or Gibraltar are great places to avoid cryptocurrency regulation!

The New York Times reported that “Now the race is on to become the go-to destination for cryptocurrency companies that are looking for shelter from regulatory uncertainty in the United States and Asia.” The July 29, 2018 article entitled “Have a Cryptocurrency Company? Bermuda, Malta or Gibraltar Wants You” included these comments: In small countries … Continue reading this entry

Big news for central Texas - Chinese Bitcoin mining to start at shutdown Alcoa Aluminum factory!

The DallasNews.com reported that in a small Texas town of Rockdale that  “Chinese firm Bitmain Technologies is opening cryptocurrency mining operations at the site of a former aluminum smelter.”  The July 20, 2018 report entitled “With coal gone, this Texas town is going all in on Bitcoin mining!” included these comments about Bitmain Technologies, based … Continue reading this entry

Are you ready for Walmart Blockchain patents?

Blockchain.com reported that among other patents Walmart “has procured a patent for medical records being kept on a blockchain—or “public ledger,” as they refer to it. Patient’s data will be stored in a wearable device, combined with an RFID scanner, for medics to access using the patient’s fingerprint or retina in an emergency.”  The July … Continue reading this entry