Blockchain Weekly Recap 8-27-2016
UK’s FCA Considering Blockchain Commercial Approval
The United Kingdom’s Financial Conduct Authority (FCA) is reportedly weighing approval for a number of companies that have various products that utilize blockchain technology. If that regulatory approval is ultimately given, it would enable blockchain-based products to be made available to the country’s consumers. The companies under consideration are all part of the Authority’s Project Innovate venture – an effort designed to provide FCA counsel to startups about regulatory compliance concerns for their state-of-the-art products. More than three dozen startups have received FCA approval in the project’s first year.
Australia Getting Serious about Blockchain Voting?
In a move that could pave the way for future votes in Australia to be managed through the blockchain, the government-owned Australia Post recently announced that it is going to begin testing of digital voting using digital ledger technology. The Post has reportedly provided a submission to the Victorian Electoral Matters Committee that would see the postal service managing the blockchain-based election process. The Post has indicated that it can achieve greater efficiency, more accurate counts, improvements in transparency, and reduced costs by utilizing the blockchain in this way.
While proponents of the idea have praised it as a way to achieve tamper-proof voting, some skeptics are not yet sold on the idea. Some have decried the idea of using the technology in this way, noting that trust is important in any electoral process. And, while two blockchain users can interact without any need to trust one another, voters need the assurances that come from having a trusted third party overseeing the process. Apparently, the Post recognizes that dilemma as well, and appears poised to place itself into the role of trusted third party.
WFE Requests Greater Regulatory Clarity for Blockchain
The World Federation of Exchanges (WFE) recently issued a call for greater clarity in the regulatory environment for blockchain technology. After meeting with its member exchanges and asking them about their future plans for incorporating the technology, the WFE noted that uncertainty was one of the main factors slowing down blockchain adoption by the industry. That uncertainty encompassed everything from questions about how much the technology could actually benefit their businesses to concerns about standards, regulations, and scalability. WFE’s survey was conducted alongside efforts from an IOSCO consultative group that is also exploring the potential impact of distributed ledger technology.
Can You Hear Me Now? Verizon Dialing Up the Blockchain
Telecommunications giant Verizon is reportedly exploring digital ledger technology, and a report from Business Insider indicates that the company has been working on a passcode blockchain for roughly three years. In fact, Verizon actually filed for a patent related to that passcode tech back in May. Judging from the text of the patent filing, the blockchain application Verizon is exploring apparently relates to management and tracking of passcodes for its customers – in connection to digital media that consumers might access using their electronic devices.
Chronicles Unveils Ethereum Registry for the Internet of Things
As tech leaders continue to march toward the Internet of Things (IoT), one company has now unveiled a new tool that will enable the registration of all devices connected to Ethereum’s blockchain. The new platform is designed to register the chips that smartphone and other devices use to communicate with one another, providing a comprehensive registry of those consumer items. Chronicled has cited interoperability as one of its chief goals for the project, as the company is attempting to resolve one of the main roadblocks to completing a true IoT: the multiple standards of communication currently in use across the tech world.