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.
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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Akon Finalizes Agreement to build Fully Functional Crypto City, Akon City
Senegalese/American national and global musician & businessman Akon has finalized the agreement to build Akon City. A city fully powered by the cryptocurrency, the Akoin.
The announcement which was made via the singer’s his social media account contained few words but has been a building story for several months.
Just finalized the agreement for AKON CITY in Senegal. Looking forward to hosting you there in the future pic.twitter.com/dsoYpmjnpf
— AKON (@Akon) January 13, 2020
Akoin according to the cryptocurrency website is “a new cryptocurrency from visionary changemaker Akon and is the foundation of the AKoin Ecosystem – a unique global project that offers an abundance of digital and in-real-life platforms and experiences that create opportunity and inclusion”.
The website went on saying “Akoin will provide a much-needed platform for individuals to gain access to educational materials, tools and resources to make their entrepreneurial visions a reality. This, in turn, will foster a more sustainable environment that encourages a focus on entrepreneurship over charity.”
Akon City named after the himself according to the Rapper will be built on a 2,000 acres of land provided by the President of Senegal and it will be a fully functional crypto-based city with Akoin as the transactional currency.
The “Lonely” singer has stated himself that the City will a short drive from the country’s capital, Dakar. It’s also going to have an airport.
The singer believes that the initiative will bring power back to the people and also security to the currency system. It will also allow people to in various ways to advance themselves and not rely on government’s intervention.
On the technicalities involved in the project, Akon who noted he would want to run for the Presidency, stated that he only comes up with the concepts and knows nothing about the technical aspects but he lets the geeks figure it out.
The project according to the rappers and business man said, it will be a 10-year building block and though the project has started, stage two will commence from 2025.
Italian Football Club Juventus Now Has Its own Crypto Token $JUV.
Italian football Club Juventus has partnered with sports focused blockchain firm Socios.com to launch a cryptocurrency token $JUV.
Socios.com is the world’s first blockchain-based fan voting and rewards platform. A tokenized voting platform that gives fans the power to crowd-manage their favorite sports teams.
The token which football fans can purchase via the Social’ App grants holders the right to vote on certain club decisions and earn rewards.
In sport focused token offering ‘Fan Token Offering FTO™, a significant number of the 20,000,000 total supply the JUV token is already available for sale to interested fans.
Giorgio Ricci, Chief Revenue Officer of Juventus speaking on the development said;
“We are proud to be the first Club to be activated by Socios.com on its platform, inaugurating a new way to interact with our fans around the world”.
The price of $JUV will fluctuate according to supply and demand once the marketplace feature is launched, and Fan Tokens can be traded by fans on exchanges.
Alexandre Dreyfus, the founder and CEO of Socios.com who also commented on the partnership between both organizations said;
“99.9% of sports fans are not in the city/country of the team they are supporting. We created these fungible fans tokens to allow fans to have an influence over some fan-based initiatives”.
$JUV is currently priced at around €2 (~$2.2) apiece. A limited number of these tokens are also available for free via Socios app’s Augmented Reality feature, Token Hunt.
According to Socios.com, it also has other clubs that are ready to join its platform and six are already lined up for tokenization by Q1 2020.
These include Paris Saint-Germain (PSG) and Atlético de Madrid (tokens for which will be launched in late January); West Ham United, Galatasaray and A.S. Roma (in February) and esports provider OG (in March), per the announcement.
The Socios app is available to download for Android and iOS users can apply for a beta version of the app.
Royal Bank of Canada is Exploring the Launch of a Cryptocurrency Trading Platform
Royal Bank of Canada is exploring the Launch of a cryptocurrency trading platform for investments, in-store and online purchases according to a report.
The platform would facilitate the purchase and sale of cryptocurrencies such as Bitcoin and Ethereum and also facilitate the transfer of funds in different types of cryptocurrencies.
It was learned the Bank would also allow customers to open bank accounts containing cryptocurrency.
This move will position the Royal Bank of Canada as the first Canadian bank to launch a cryptocurrency exchange or offer its customers crypto accounts.
The Bank had previously applied for four patents in Canada and The US showing how it will integrate cryptocurrencies into its operations.
The patent read “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 spokesperson for the Bank, Jean Francois Thibaultwas quoted saying;
“As part of the innovation and discovery process, RBC, like many other organizations, files patent applications to ensure proprietary ideas and concepts are protected,”
The bank has been partly using blockchain for payments between Canada and the US since 2017. The CEO of the Bank, Dave McKay had earlier talked about asset tokenization. According to him, “We’re experimenting with taking an asset and breaking it into smaller pieces and registering that in a decentralized register called blockchain. You can take an asset or even a company and create a unit on a decentralized blockchain and then sell that into the marketplace.”
The Royal Bank of Canada isn’t the only Financial Institution that has applied for crypto-related patent. Goldman Sachs had earlier in July received a crypto settlement system. The Bank of America over the years has published several patents relating to crypto. Payment giants such as Visa and MasterCard also have been in the crypto-patent league
According to the report, the Bank didn’t answer the question on whether it would launch a cryptocurrency trading platform and when, if it plans to.
Singapore Shipping Association Warms up to Embrace Blockchain-based Ship Registration System
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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