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SPRING LABS; A BLOCKCHAIN START UP PROPOSES LOAN SYSTEMS THAT WILL ELIMINATE CREDIT BUREAUS

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The year brings forth great news despite the currently trending news on price nose dive in the  crypto market. Amongst many, is the great research and recent discovery of new ways financial systems can best provide loans. In clearer terms, it would soon be very possible to carry out loan transactions with your bank directly without the banks having to deal with credit bureaus and any other third-party entity.

According to bloomberg, Spring labs is testing a decentralized peer-to-peer model built from partnership with 16 lenders and Fintech firms, some of which are SoFi, OnDeckCapital and Avant.

The present situation is that banks give out the data of their customers to credit bureaus for free and then have to buy it back as credit reports from these credit bureaus simply because they cannot carry out credit checks as stipulated under current regulatory and competition frameworks. Thus, banks definitely have to deal with third-parties such as Equifax Inc and Experian Plc to disburse loans.

In an interview, Adam Jiwan the CEO of Spring Labs said that the blockchain and its open ledger system would help run the verification processes which the credit bureaus once did. This statement was backed up by the unanimous decision of interest from the 16 lenders lenders who would love to see the peer-to-peer system, which cuts off all third-parties launch successfully.

It is no news that Blockchain can solve a lot of issues for corporate entities if and only if these corporations can identify the use case to which to apply the technology and most importantly if these corporate bodies are going to open their doors to possible partnership with experts in the field, though Spring labs have set the ball rolling.

The technology to be tested uses a “tripple-blind” method of information sharing where nothing relating to the identities of both parties (lender and customer) is made public and at the same time, Spring labs would have no form of access to the information being shared. “This would be made possible by the combined use of cryptography, blockchain and privacy enabling technology”, Jiwan said.

Some incentives in form of digital asset, would be made available to customers so as to get them to provide their information. In the CEO’s words; “ the goal is to pay customers for sharing their information with the native digital asset”.

Furthermore, spring labs intends to drastically reduce fraud with this new model. Also, crowd-sourcing would be the new method of building clientele for banks offering loans instead of just limited exchange between banks and the credit bureaus.

The tests are already ongoing and the launch date for the information sharing and anti-fraud services are slated to be due in the first half of 2019.

Spring labs, has its offices at Chicago and Los Angeles and is advised by former Goldman Sachs president Gary Cohn.

Do you think Spring Labs can pull this off against credit bureau giants like Equifax Inc? Would the Government be in support of this? Share your opinion with us in the comment section below.
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Singapore Shipping Association Warms up to Embrace Blockchain-based Ship Registration System

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A news report has it that there is a collaboration between the Singapore Shipping Association, the International Chamber of Commerce and the Singapore startup called Perlin to develop what has been dubbed the International E-Registry of Ships (IERS) which they believed has the ability to minimize time, costs as well as the occurrence of errors in the process of ship registration.

 

Since Singapore is undoubtedly is the fifth-largest registry in the world with a fleet of around 4,500 ships, there would be a to restructure the process of registration, which would enhance performance and improve procedures. In this regard, the three organizations have opined that the new arrangements could improve the productivity of the ship-registration process for the Singapore flag, which is currently done via the Marinet web portal. The organizations are also of the opinion that embracing the blockchain-based method could benefit other ship registries that are using manual and paper-based processes.

 

According to the report, Perlin’s wavelet will be used to power the IERS and which if the implementation is successful, the ICC after urging for global adoption among its international network of members and affiliated Chambers, will also give a useful hand in submitting the IERS in all the government tenders.

John Denton, the secretary-general of ICC has been reported to say that their goal for working with Perlin is for the IERS which are  built-in Singapore (making Singapore the world’s first blockchain shipping registry solution) to be shown and adopted globally to help power the next 100 years of shipping-based trade across all industries,

 

In all, this development is going to be supported by the Maritime and Port Authority of Singapore. They will back this remarkable initiative by sharing the IERS ship-registration process and exploring an open Application Programming Interface in the registration process.

 

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UNICEF Gets into the Cryptocurrency Industry as it creates a Crypto Fund

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The United Nations Children Fund UNICEF has made move into the cryptocurrency industry. The body through the creation of a crypto fund successfully achieved the move into the industry.

According to a press release dated 8th of October, 2019, UNICEF announced it will now be able to receive, hold and send cryptocurrencies through its newly established UNICEF Cryptocurrency Fund.

“Together with UNICEF, we’re taking action with the Cryptofund to improve access to basic needs, rights, and resources,” – Aya Miyaguchi, Ethereum Foundation

The fund according to UNICEF will be used to fund open source technology benefitting children and young people all over the world.

Executive Director of UNICEF, Henrietta Fore was quoted saying “this is a new and exciting venture for UNICEF. If digital economies and currencies have the potential to shape the lives of coming generations, it is important that we explore the opportunities they offer. That is why the creation of our Cryptocurrency Funds is a significant and welcome step forward in humanitarian and development work.”

Funds contributed to the fund will be held in the cryptocurrency of contribution and given out to beneficiaries in same currencies.

At current, UNICEF only supports the two largest cryptocurrencies by market cap, Bitcoin and Ethereum and the first contributions to the fund will be received from the Ethereum Foundation. The contribution will benefit three grantees of the UNICEF innovation fund and a project of coordinated by the GIGA initiatives, UNICEF revealed.

Expressing excitement at the development, Aya Miyaguchi, Executive Director of the Ethereum Foundation said “The Ethereum Foundation is excited to demonstrate the power of what Ethereum and blockchain technology can do for communities around the world. Together with UNICEF, we’re taking action with the Cryptofund to improve access to basic needs, rights, and resources,”

Continuing, she said “We aim to support the research and development of the Ethereum platform, and to grow the community of those that benefit from a technology that will better countless lives and industries in the years to come. We’d like to thank UNICEF and the UNICEF family of national committees for their leadership as we create real progress together.”

The Ethereum Foundation will make its initial donation through the French National Committee, and the UNICEF Innovation Fund grantees that will receive their first donations are PrescryptoAtix Labs and Utopixar,  UNICEF reported.

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First of its Kind in Africa: SisiPower to Empower the ‘African Sisi’ with $1m Entrepreneurial Grants and 150m Anion Sanitary Pads to women and the less privileged girl-child in Africa

Sisipower is committed to positioning the African sisi and equipping HER with one of the most trending innovative skills and technology, which is blockchain.

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Sisibox -Nigeria's first Sanitary Product powered by the Blockchain

Sanitary pads which is supposed to be readily available and affordable to every girl or young woman in Africa is not. Though we have some sanitary pad brands in the market, it’s just that many of these girls and women can’t afford to buy and use them for their monthly menstrual circle. In order to get these pads, these young women find themselves in despicable situations where they are forced to have sex with the chemist or shop keepers who sells these items. They are also exposed to having sex with any available male in exchange for sanitary pad. So sad that girls have to sell their dignity just to get a paltry sum of money to care for their monthly period.

It is also not new as research shows that many girls especially in public secondary schools miss class during their menstrual period. They do this as a result of the fear of being shamed by boys and girls alike for the blood stains that reflects at the back of their skirts. Not only that, some of these girls, if at all they try to come, end up using unhygienic materials like dirty clothes or tissue papers. And while they are away from school they miss out on academic lessons which affect their overall academic performance and deny them of better future prospects.

A look at our female prisons wards, tales of woes, agony and pains as another worrisome situation is brewing there. In the prisons, we have a situation where about five female inmates have to share one sanitary pad. Thus exposing them to all manners of highly contagious disease and infection.

Some of these girls and women when interviewed say, “we can’t afford to eat three square meals how much more buy a sanitary pad.”

In putting an end to this problem which have skipped the eyes of many, BEEP Foundation, a concerned non-governmental organization launches SISI POWER, a campaign to empower indigent women and girls with 1 million Dollars and 150 million sanitary pads across Africa, though starting from Nigeria.

This cash will be given as business grants to indigent women, after proper training. Also, they shall be mentored by successful business women and the foundation to ensure they make better use of the grants given to them.

For girls, they shall have access to free monthly sanitary pad and access to Blockchain Technology, ICT and life skills training which makes it possible for them not to sell themselves short just for sanitary pads. They will be trained in the following areas; Coding, Mobile App Development, Animation, Digital Marketing, Graphic Designs and other relevant courses that ensure for their self-sustenance, productivity.

With this innovative gesture, BEEP Foundation through the launch of Sisi Power has placed itself at the forefront of poverty eradication, entrepreneurial empowerment of Girls and Women in Africa.

The narrative has to change , Sisipower is committed to positioning the African sisi and equipping HER with one of the most trending innovative skills and technology, which is blockchain. SisiPower leads the way in its application of blockchain technology by enabling acceptance of donations in BMCTokens and made provision for acceptance of a smart contract shared Master-Node Equity reward on the blockchain to support and sustain the vision and mission of sisipower.

Sisi Power is an initiative of Beep Foundation, a foundation geared at providing empowerment and innovative development in Africa.

Operations Head Office : 15 Yinusa Adeniji street off Muslim Avenue ikeja lagos Nigeria. www.sisipower.org. Info@sisipower.org.

A few members of the executive team were unveiled at the event.

Amb. Dr GIlead Okolonkwo - Brain and Founder of the Sisipower Initiative

Amb. Dr GIlead Okolonkwo – Brain and Founder of the Sisipower Initiative


Dr Chinwe Ikpe- Global Director of grants and Operations

Dr Chinwe Ikpe- Global Director of grants and Operations SisiPower


Dr Stephany Nwanmah - Global Director of Strategy and Partnership Sispower

Dr Stephany Nwanmah – Global Director of Strategy and Partnership Sispower

This launch happened on Saturday, 28th September, 2019, at 10:00am at the ZAAZ Hotels, Ikeja, Lagos.

Find Photos of the event here

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Bitcoin Cash Support Added to HTC Flagship Smartphone, the Exodus 1

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Image: Bitcoin.com

Bitcoin Cash support has been added to the Exodus 1, the flagship smartphone of HTC as part of a new partnership between the Taiwanese smartphone consumer electronics manufacturer and Bitcoin.com

The Exodus 1 which is an Android powered mobile phone is the first native web 3.0 mobile devices with architecture that secures crypto assets. The device has an easy to use digital wallet, Zion Vault whose software interfaces with the device’s hardware security.

The wallet allows users to store and make transactions using the bitcoin cash cryptocurrency without having to be exposed to remote system penetration.

According to Bitcoin.com, the partnership will see HTC pre-loading the firm’s popular wallet app on the device. In turn, Bitcoin.com will offer for sale the Exodus 1 Flagship device and other lower device from the manufacturer on the Bitcoin.com online store. The lower priced device Exodus 1s will also feature same native bitcoin cash support which the flagship users are to enjoy.

Speaking on the partnership, Bitcoin.com CEO Stefan Rust said “There are so many synergies between Bitcoin.com and HTC. We are very excited to be on this incredible journey together.”

Roger Ver, the Executive Chairman contributed saying  “Bitcoin.com’s partnership with HTC will enable Bitcoin Cash to be used as peer to peer electronic cash for the millions of HTC smartphone users around the world.”

Based on the news reporting arm of bitcoin.com, HTC sees great promise in cryptocurrency and that is the reason why it has added support for bitcoin cash.

The Taiwanese firm’s Decentralized Chief Officer Phil Chen speaking on the importance of the partnership between both organizations said “Smartphones are everywhere and have proliferated across the planet. It’s very important for the adoption of crypto that it is easy to store and use, no matter which cryptocurrency is preferred by people. So the fact that BCH, one of the biggest cryptocurrencies, is now easy to use on our smartphone is very important for us. Together, HTC and Bitcoin.com are helping to bring crypto to the masses.”

He went further saying HTC believes in user ownership of, control of their data and cryptocurrency presents the best opportunity to start the journey into owning personal data. Understanding the fear of users owning and controlling access to their data, Phil Chen believes this will significant impact the business models and revenues of these ‘powerful firms’.

HTC believes the smartphone will be the tool which will allow users manage, access, store their digital assets.

Bitcoin.com revealed that future plans of the partnership includes offering discounts when paying for goods in BCH as well as sales of the Exodus phones on store.bitcoin.com

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