Blockchain
The Power of Blockchain for Social Good: Kakao’s Blockchain Project ‘Klaytn’ Takes Initiatives To Drive Social Impact
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Ground X, the blockchain unit of the leading South Korean mobile platform, Kakao has successfully completed its first pilot that leverages blockchain technology to enable in-kind donations to be monitored and tracked from donors to beneficiaries.
Since the launch of the private testnet ‘Aspen‘ last October, the Ground X team has worked with numerous charities and non-profit organizations in Korea to use blockchain technology to generate meaningful social impact. In particular, the Korean NGOs including Good Neighbors, The Happiness Foundation, Guidestar Korea, and the Beautiful Foundation have cooperated with Ground X for identifying the pain points of charity donation processes in the current industry and discussing the promise and potential of blockchain to enhance social funding. They also supported Klaytn in identifying potential areas where blockchain technology could further be applied to help improve existing business flows.
Together with the nonprofit tech startup Prisming and the Happiness Foundation’s Happy Gift Box project, which delivers the donated goods to beneficiaries, Ground X has completed the first pilot project that leverages blockchain technology to enable in-kind donation to be recorded and tracked from donor to intermediary to beneficiary. The pilot service, developed by Prisming, utilizes Klaytn’s recently launched public testnet, Baobab, by employing both the local database and the distributed ledger function of blockchain technology. In order to maintain the privacy of the data including the prices of the donated goods, some data are recorded on the local DB only while the blockchain records the entire donation journey thereby driving a more transparent giving. The Happiness Foundation plans to integrate this pilot project with its current system by the end of 2019 to improve administrative efficiency with blockchain technology.
The second pilot, set to launch in May through a Korean mobile application service called Inconvenience Box as developed by Nitpick, rewards users for reporting ‘inconvenient’ moments or instances they experience in their daily lives. The incentivized users can then choose to use the received ‘Social Innovator Tokens,’ which are minted on the Klaytn platform, to buy products online or donate them. The Klaytn-powered Inconvenience Box, which can be downloaded for free, endeavors to make social funding to be more fun and easy and is specifically for today’s millennials.
Together with social ventures and development charities, Ground X plans to continue incubating and implementing blockchain-based solutions that can address the existing challenges in the industry. According to Dr. Jerome Lee, the Head of Ecosystem and Social Impact at Ground X, “Blockchain has the potential to become the solution to address the world’s pressing issues particularly in social and development sectors, and we seek to develop real use cases that utilize blockchain for generating positive social impact.” He further added, “We hope that Ground X can take the initiative to promote the power of blockchain in transforming social funding and charitable giving by enhancing transparency and enabling new mechanisms for tracking impact.”
Once the second pilot is over, the complete report and the source code will be made publicly available online at www.klaytn.com. Ground X plans to enforce its ecosystem by expanding its community of developers and service providers.
SOURCE Klaytn
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Blockchain
Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)
Blockchain technology continues to drive innovation across industries, reshaping finance, infrastructure, and philanthropy. Today’s news roundup explores exciting developments in blockchain ETFs, tokenization funding, quantum-resistant chips, public blockchain initiatives, and impactful social projects. Here’s a deep dive into the latest blockchain headlines:
BlackRock ETF Embraces Blockchain with First Muni Bond Purchase
BlackRock’s blockchain-focused ETF has made its first foray into municipal bonds, signaling increased confidence in integrating blockchain technology with traditional finance. The ETF’s strategic investment demonstrates how blockchain can enhance transparency and efficiency in bond markets.
By tokenizing municipal bonds, BlackRock aims to simplify trading and settlement processes while reducing associated costs. This development underscores the growing role of blockchain in transforming financial instruments and fostering greater market accessibility.
Source: Yahoo Finance
Plume Secures Funding for Tokenization Platform
Blockchain fintech company Plume has raised significant funding to advance its tokenization platform. The company’s innovative approach enables businesses to convert real-world assets into digital tokens, streamlining asset management and unlocking liquidity.
Tokenization is rapidly gaining traction as a game-changer in sectors such as real estate, art, and commodities. Plume’s success reflects a broader trend of investment in blockchain solutions that bridge the gap between traditional assets and decentralized technologies.
Source: Fortune
SEALSQ and Hedera Partner for Quantum-Resistant Blockchain Chips
SEALSQ and Hedera have announced a groundbreaking collaboration to develop quantum-resistant chips designed to secure blockchain infrastructure. These advanced chips will provide robust protection against future quantum computing threats, ensuring the integrity of blockchain networks.
As quantum computing capabilities evolve, safeguarding blockchain ecosystems becomes increasingly critical. This partnership highlights the importance of proactive measures in maintaining the resilience and trustworthiness of decentralized systems.
Source: The Quantum Insider
Deutsche Bank’s Public, Permissioned Blockchain Initiative
Deutsche Bank’s Layer 2 blockchain solution is set to go public and operate as a permissioned network, according to its tech partner. This initiative aims to strike a balance between accessibility and security, leveraging blockchain to streamline financial services and enhance operational efficiency.
The decision to adopt a public, permissioned model reflects a growing trend among enterprises seeking to harness the benefits of decentralization while maintaining control over sensitive data. Deutsche Bank’s approach could serve as a blueprint for other financial institutions exploring blockchain adoption.
Source: CoinDesk
KuCoin’s “Light Up Africa” Initiative Brings Hope to Thousands
Cryptocurrency exchange KuCoin has made a significant impact through its “Light Up Africa” donation ceremony in Ghana, benefiting 36,000 children across the continent. The initiative combines blockchain technology with philanthropy to address energy poverty and support education.
By leveraging blockchain for transparency in charitable contributions, KuCoin sets an example of how the crypto industry can drive meaningful social change. The project demonstrates the potential of blockchain to empower communities and foster sustainable development.
Source: PR Newswire
Industry Implications and Key Takeaways
Today’s developments highlight the transformative potential of blockchain across multiple domains:
- Integration with Traditional Finance: BlackRock’s ETF underscores the synergy between blockchain and established financial systems.
- Tokenization Trends: Plume’s funding success reflects the growing demand for digital asset solutions.
- Quantum-Resistant Technologies: SEALSQ and Hedera’s partnership addresses emerging cybersecurity challenges.
- Enterprise Blockchain Adoption: Deutsche Bank’s public, permissioned network showcases the adaptability of blockchain in financial services.
- Social Impact: KuCoin’s philanthropic efforts illustrate blockchain’s capacity to drive positive societal outcomes.
The post Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin) appeared first on News, Events, Advertising Options.
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