Blockchain
Conflux Network event in Shanghai examines blockchain use in international trade and exchange
China continues to explore the potential benefits of blockchain technology despite its well-known dislike of speculative digital asset trading. This week, representatives from the Conflux Network project announced they had participated in a demonstration meeting for a “super-large-scale blockchain basic platform for the Belt and Road” in Shanghai.
Other attendees at the event on March 30 included representatives from the China Academy of Information and Communications Technology, Shanghai Jiao Tong University, Fudan University, and Shanghai Maritime University. According to Conflux Network’s
announcement, others from China’s Industrial Development Promotion Center of the Ministry of Industry and Information Technology and the Shanghai Science and Technology Commission were also present.
Launched in November 2020, Conflux Network describes itself as a “PoW/PoS hybrid blockchain without barriers.” Like BSV blockchain, it claims “unmatched scalability,” security, low fees, a focus on openness but with regulatory compliance, and parallel transaction processing using “tree graphs” to lower confirmation times. Its native asset is the $CFX token.
Conflux also said the event was based on a discussion of requirements related to China’s international “Belt and Road” initiative, a government program to streamline physical and electronic trade routes. The aim was to develop a blockchain platform and demonstration applications that fulfilled these needs, supporting “multi-country deployment and multi-subject collaborative supervision” and “cross-border cooperation in the economic, trade and cultural fields.” (Any open-blockchain network would support these functions.)
Some technology press outlets claimed the event was further proof the Chinese government remains interested in blockchain technology despite its speculative asset and mining bans over the years (which it is). However, this event should not be seen as an official government endorsement of any one blockchain over others. Its use of the term “Belt and Road” in the event’s title is simply stating its focus and should not be taken as a claim to be an official component of the B&R initiative.
Yes, China is still looking at blockchain
To be fair, Chinese authorities have never dismissed blockchain technology, despite years of the “China bans BTC” media trope. Their main objection was always to the wild market speculation (and associated scams) that came with digital assets. With increasing amounts of new wealth in the population forming a relatively naive retail investment market, China had valid concerns that millions could lose their life savings trading digital trinkets—and there had already been examples of this. There were also concerns that block reward mining operations were exploiting energy subsidies in some regions to enrich themselves.
China has maintained an interest in blockchain technology development despite its restrictions on ICOs and other speculative digital assets. The country has hosted several conferences over the years aimed at exploring what other benefits blockchain could provide.
The People’s Bank of China (PBoC) has conducted its own research into using digital currencies since 2014—the same year the first “China bans Bitcoin” rumors arose—and for several years hinted it was developing a CBDC (central bank digital currency) of its own at some point.
That currency, officially named “digital renminbi (RMB)” and also commonly called the “digital yuan” and “e-CNY” became the first CBDC-like asset to undergo public use trials in 2020. E-commerce and IT firms Alibaba (NASDAQ: BABA) and Tencent (NASDAQ: TCTZF) joined in, as did Huawei, JD.com, and credit card company UnionPay, as well as big-brand merchants.
Even though the digital RMB gets frequent press in blockchain industry media, it does not run on a blockchain base. The PBoC has also said the currency is intended to make local cash transactions easier in daily life, but it isn’t intended to replace bank account savings. The central bank has also said the digital RMB shouldn’t be used internationally and (in answer to other rumors) isn’t meant to replace globally-used currencies like the U.S. dollar.
Source: coingeek.com
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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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