The Royal Bank of Canada (RBC), the country’s biggest bank with over $900 billion in total assets, is reportedly looking to launch its own cryptocurrency exchange.
According to The Logic, four public patent applications the RBC filed reveal it’s looking to create a cryptocurrency trading platform, and could also let customers buy crypto in-store and online. Moreover, the patents show the bank is looking to let customers open bank accounts containing crypto.
The bank is said to already be using blockchain technology, with its CEO Dave McKay saying earlier this year it was looking to tokenize a variety of assets to register them on a blockchain. Some of its other uses for decentralized ledger technology include verifying client identities.
Offering cryptocurrencies to clients via its own crypto exchange would make it a pioneer in the country. One of the patents reads:
To individual users, managing cryptographic keys and transacting with different cryptographic assets can be a challenge. In some situations, cryptographic asset transactions may take time to be confirmed, and/or may not be compatible or supported by merchant systems or point-of-sale devices.
The RBC’s patents suggest it can avoid these issues, while offering users easy access to cryptocurrencies like bitcoin, ether, and XRP. They also suggest clients may use Visa and Mastercard to by cryptocurrency, and then transfer it to an RBC account. Marc Kaufman, a Washington, D.C.-based partner at Rimon Law, was quoted as saying:
Just like a mutual fund makes stocks more accessible, this could make tokenized assets more accessible.
Other banks throughout the world have applied for these kinds of patents, as The Logic notes. One of them, JP Morgan, ended up launching its own cryptocurrency JPM Coin.
Google Collects US Patient Data in Secret, Another Call For Blockchain
New reports indicate that Google has been secretly collecting US patients’ data from over 2,600 hospitals in order to train its new AI project.
Codename ‘Project Nightingale’
A recent report published by The Wall Street Journal indicates that Google has been collecting medical data on millions of US citizens through something known as the ‘Project Nightingale.’
According to the report, the project had started in secret at some point in 2018, in collaboration with a St. Louis-based healthcare system known as Ascension. The system includes a chain of around 2,600 Catholic hospitals, all of which have handed over private medical information to Google’s new AI initiative.
Of course, the company had a reason behind collecting all of this data, and the reason was to create and test new software. The software is based on AI and machine learning technologies, and it should be able to help with analyzing patients’ records, confirming doctors’ diagnoses, and potentially even influencing patients’ treatments.
Furthermore, Google apparently did not break federal laws by collecting this data. Hospitals are allegedly allowed to share medical data with business partners if doing so helps them carry out their healthcare function. With Google’s goals in mind, it obviously does.
However, the issue with the entire event is that neither Google, nor the collaborating hospitals, did not see fit to inform patients or even their staff of the fact that they were collecting all of this data. This highlights the complete lack of control that individuals have over their own personal data, and how little is known about who can view, share and store it.
Can Google and Other Firms Be Stopped?
The question of privacy in the modern day is one that is asked quite frequently. It has been a topic of countless discussions, debates, arguments, and speculation for years now, and thanks to modern technologies, there might finally be a solution.
Those familiar with the blockchain likely already know that this technology can be used for storing excessive amounts of information. The same technology is also praised for its privacy and security features, especially since it serves as an underlying tech for digital currencies.
As such, many have speculated that blockchain could be used for storing patients’ data. Furthermore, patients could also share and monetize this data with whomever they wanted to, and even choose which parts of it would be visible.
A recent report on the future of blockchain technology in the global healthcare market, expects the industry to grow by $500 Million over the next 3 years. Medibloc, Medishares and Medicalchain are just a few examples of projects already using blockchain technology to allow patients to take back control of their own medical data.
While this technology is still young and needs further development, it definitely sounds promising when it comes to stopping firms like Google from invading patients’ privacy.
What do you think about blockchain technology? Would you be willing to use it to stop Google and other IT giants from looking over your shoulder at all times? Join the discussion in the comments below.
Lolli Users Can Now ‘Stack Sats’ While Shopping on Alibaba
Lolli, a bitcoin denominated rewards application, has partnered with e-commerce giant Alibaba to bring their customers the ability to earn a cashback in bitcoin on Alibaba’s singles day. As the most intensive yearly online shopping festival, singles day poses a huge potential for Lolli users to buy goods at a discount whilst earning up to 5 percent of their purchase back in Bitcoin, November 11, 2019.
Bitcoin and Commerce
Lolli’s tie up with Alibaba is a huge development for the cryptocurrency space as a whole. Alibaba’s founder, Jack Ma, earlier dismissed cryptocurrencies as a bubble while calling blockchain the real innovation.
Although Jack Ma has stepped down from his executive position at Alibaba, this is an indication that the world’s largest e-commerce retailing hub is open the concept of cryptocurrency – even if they’re not dealing with it themselves.
There will have been real encouragement on the adoption front once companies like Alibaba and Amazon allow for payment in crypto, perhaps through easy processors like BitPay. Earning a reward in crypto is great, but being able to spend it would induce more real world adoption.
Last year, Alibaba customers spent $31 billion on singles day. If this is to be repeated, and hypothetically every purchase is logged with Lolli at 5 percent sats back, it would result in $1.05 billion worth of rewards being disbursed on this one day alone.
Adoption is Gradual, Legitimacy is Here
With focus hinged on adoption and the various metrics that capture user growth, qualitative aspects are being ignored.
3 years ago, was it fathomable that firms like EY and J.P. Morgan would find value in public protocols like Ethereum? Would anyone have expected the Chinese government to, more or less, endorse Bitcoin?
Companies with major corporate clout and long-standing track records have accepted the value proposition of cryptocurrencies – whether directly or indirectly. With more companies jumping off the “blockchain, not Bitcoin” bandwagon and starting to understanding the incentive system that is conceived from having a censorship-resistant ledger with a native form of money, legitimacy of digital currencies is already here.
Sovereign entities looking to issue their own digital currencies is the icing on the cake. Although these entities want to hinder Bitcoin and are launching digital currencies to protect their own monopoly, by acknowledging the benefits of a digital currency, they concede that something like Bitcoin has utility.
Universal Protocol Alliance to List Mega-Utility Token on Bitcoin.com Exchange
In addition to listing the Universal Protocol Alliance’s mega-utility token, Bitcoin.com Exchange will also list the group’s stablecoins, as well as support interoperability between the Ethereum protocol and the Simple Ledger protocol.
It was announced today that Bitcoin.com Exchange will provide an initial exchange listing to support an interoperable mega-utility token backed by the Universal Protocol Alliance, the Universal Protocol Token (UPT). The new token is expected to be on listed Nov. 20, 2019, and will be available for trading by non-U.S. persons only.
In addition to listing UPT, the platform will also be listing Universal Protocol Stablecoins, including the Universal Dollar (UPUSD), Universal Euro (UPEUR), in addition to an ERC-20 version of bitcoin core, the Universal Bitcoin (UPBTC). The exchange will also support interoperability between the Ethereum protocol and the Simple Ledger protocol on Bitcoin Cash, as well as work to develop the Universal Yen (UPYEN).
The Universal Protocol Alliance is a group of like-minded cryptocurrency companies and blockchain organizations that want to connect different digital assets in a single network. The alliance members include Bittrex, Brave, Certik, Omisego, Blockchain at Berkeley, Uphold, and Cred. Bitcoin.com Exchange now supports the alliance and its mission to provide blockchain interoperability, mainstream consumer safeguards, and practical applications for blockchain that reduce time, effort and cost for businesses and consumers as well as local governments.
“At Bitcoin.com Exchange we believe in tokens that tie communities and ecosystems together,” said David Shin, head of Bitcoin.com Exchange. “UPT is a perfect example of how an alliance of strong and active members can come together to create higher utility for its respective users. The very concrete and practical work the Alliance has done, the successful track record of its members, and the overarching mission of the Alliance aligns well with the key criteria we look for at the Bitcoin.com Exchange.”
Bitcoin.com Exchange was launched on Sep. 2, as an easy-to-use trading platform that offers world-class security and a powerful trading engine. The venue has a wide variety of trading pairs like litecoin (LTC), ripple (XRP), tron (TRX), zcash (ZEC) and denominated markets with base currencies such as tether (USDT), bitcoin cash (BCH), and bitcoin core (BTC). The platform employs institutional-grade encryption, two-factor authentication (2FA) and IP whitelisting, meant to keep users’ accounts secure at all times. If you haven’t signed up yet, the process takes less than a minute and you can start swapping digital assets immediately after you register.
The Universal Protocol Alliance Mission
Founded in 2018 to accelerate mainstream adoption of blockchain technology, the Universal Protocol Alliance is aiming to produce viable and pragmatic use cases that can benefit consumers, businesses, and governments globally. The group has identified that many users need innovative solutions to move digital assets seamlessly across different wallets, exchanges, and networks. In addition to the contributions made by alliance members, each member organization will integrate and incorporate UPT directly into their businesses, which will be announced soon by the group.
“The early days of the internet were very similar to the world of blockchain today, with many different technology platforms fragmented and incapable of communicating with each other,” said JP Thieriot, co-founder of the UP Alliance and Uphold. “We believe that the Universal Protocol Platform is a technology that has the potential to connect blockchain technologies – much like the breakthrough of the TCP and IP protocols that drove the internet towards mass adoption.”
Digital assets like bitcoin cash and ethereum operate on disparate networks that currently cannot communicate with each other. Collaboration in meaningful ways without costly workarounds remains difficult, resulting in critical inefficiencies. Universal Protocol Platform has a solution to solve this communication problem, one that will enable all existing cryptocurrencies to become available, and fungible, on one blockchain network: the introduction of Proxy Tokens.
Universal Protocol recently demonstrated a new service for vendors called Cred Merchant Solutions, which allowed elected California officials, along with members of the community, to purchase goods at a vendor with bitcoin cash (BCH). This mechanism permits merchants to settle transactions in the Universal Dollar in real-time, and transmits the tax remittance to the appropriate government authorities. Universal Protocol has declared its support for California Assembly bill AB 953, which would permit the California state government to accept tax remittances in stablecoins like the Universal Dollar. This is meant to resolve a significant tax-collection issue for governments, and paves the way for comprehensive adoption of digital assets across the state .
“We are thrilled to build technology that solves real problems for customers, merchants, and elected officials to help usher in the next 100 million users of blockchain,” said Dan Schatt, co-founder of the Universal Protocol Alliance and Cred. “Not only does blockchain technology result in significant cost reduction for consumers and merchants, but it also enables highly productive tax collection, transparency, and predictability for city and state governments.”
What do you think about the Universal Protocol Alliance listing the mega-utility token and stablecoins on Bitcoin.com Exchange? Share your thoughts in the comments section below.
Images courtesy of Shutterstock.
Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Bitcoin.com Markets, another original and free service from Bitcoin.com.
Avi Mizrahi is an economist and entrepreneur who has been covering Bitcoin as a journalist since 2013. He has spoken about the promise of cryptocurrency and blockchain technology at numerous financial conferences around the world, from London to Hong-Kong.
2018年初，Haney试图以19147053美元的价格在一家加密货币交易所售出他账户中剩余的比特币时引发了交易所的警觉，该交易所在第一时间冻结了他的账户，并针对这比资金的来源进行了回溯调查。最终Haney在2019年7月因涉嫌使用比特币进行巨额洗钱被捕。美国检察官Geoffrey S. Berman证实称，Haney计划出售的价值超1900万美元的比特币，都是他通过丝绸之路网站向全球买家出售毒品的非法所得。
On Tuesday (November 12), Taiwanese smartphone manufacturer HTC announced that it is planning to release a special edition of its EXODUS “blockchain phone” (aka “cryptophone”) that will offer support for Binance DEX and its native coin BNB.
A Brief History of HTC’s Experience With Building Crypto-Friendly Phones
On 15 May 2018, at the Consensus 2018 blockchain summit in New York City, Phil Chen, the “Decentralized Chief Officer” (DCO) for HTC announced the firm’s plan to create HTC Exodus, “the world’s first native blockchain phone.”
The first Exodus model to launch was the Exodus 1, which went on sale in Europe and the U.S. late last year. It initially cost 0.15 BTC (though later, it became possible to buy it for $699). HTC’s reason for calling this a “blockchain phone” was that it came with a built-in hardware wallet and a pre-installed Decentralized Apps (DApps) browser that was integrated with this hardware.
HTC says that its wallet app, Zion Vault, “uses the Trusted Execution Environment (TEE) to protect your private keys and sensitive data,” and that it supports storing, sending, and receiving organize over 100 types of cryptocurrencies.”
The HTC Exodus 1 is a dual-sim Android-powered phone with the following specs:
6.0” Quad HD+ display with 18:9 aspect ratio
Qualcomm® Snapdragon™ 845 processor
Android Oreo (i.e. Android version 8.x)
128GB of storage and 6GB of RAM
What happened next is that HTC used its experience with the Exodus 1 and feedback from developers and the market to build a more budget-friendly device: the Exodus 1s. This is the device that HTC introduced on October 19 at the two-day Lightning Conference in Berlin. In fact, HTC started selling some of the first production units at this event, and was even accepting payments via Bitcoin’s Lightning Network. HTC said that Exodus 1s was the first mobile phone that supported running a Bitcoin full node (with the blockchain data to be stored on a 400GB microSD card that needs to be purchased separately).
HTC Announces EXODUS 1 Binance Edition
According to a report by Coindesk, HTC is planning to offer a new special edition version of HTC EXODUS 1 that will offer support for Binance DEX, Binance’s decentralized exchange, integrating “Binance Chain with the device’s native Zion Vault wallet app,” thereby enabling the phone’s owners to “directly access the Binance DEX using the phone.”
HTC’s DCO, Phil Chen, said via a press release:
We are partnering with the biggest and most liquid crypto exchange along with the trust minimized principle of empowering users to own their own keys and run their own full bitcoin node.
As for Binance CEO Changpeng Zhao (aka “CZ”), he had this to say:
The implications are profound and far-reaching. The most innovative smartphone makers are racing to adopt crypto. We are delighted to support and work with HTC EXODUS to make sure its users can access the Binance chain and DEX to help people access crypto and exchange anywhere.
The report says that EXODUS 1 Binance Edition will sell for $599 and that it will only be available to order via HTC’s website.