New Blockchain Development Plans – This Week’s Crypto Update

New Blockchain Development Plans – This Week’s Crypto Update

South Korea allocates money for DLT development, China starts using blockchain more and Switzerland considers launching new crypto trading platform – these and more news are presented in the digest.

Chinese Aerospace Organization Switched to Blockchain

The main contractor for Chinese space program – Chinese Aerospace Science and Industry Corporation (CASIC) – starts using the blockchain technology. This way, the state-owned organization plans to improve its invoice management.

The current system faces several problems: lack of traceable invoice circulation and inefficient supervision for tax purposes. Also, one of the main difficulties is the system’s overload – in 2017, over 1.3 billion electronic invoices were in circulation.

The new DLT-based system is aimed at improving the work of organization and providing the easier invoice management.

Hong Kong University Gets $20 Million Grant to Improve Payment Systems

The Business School of the Hong Kong University of Science and Technology (HKUST) has got a $20 million research grant to upgrade the electronic payment systems by improving their security.

The received money will also be spent on exploring DLT uses and understanding how to transform Hong Kong into the global fintech hub.

For the purpose, HKUST has already joined forces with several other Chinese universities.

South Korea Will Spend $880 Million to Develop DLT

In 2019, the government of South Korea plans to budget over $880 million to enhance the development of technologies.

The determined amount of money is by 80% higher than the investment capital provided in 2018. The country’s authorities’ goal – to create innovations in such spheres as DLT, big data and AI.

More than that, the government has already set the plan for tech development for the next 5 years – it will invest a total of $8-9 billion in technological growth over that period.

SIX Group Considers Crypto Trading on Its New Platform

Swiss financial services provider SIX Group plans to launch the new trading platform in 2019. It is still unknown if crypto exchange is possible there, however, the company considers its implementation.

The new platform will offer issuing and trading digital assets and tokenizing existing securities. It will also guide firms on how to develop ICOs.

As for addition of cryptocurrency trading opportunity, the question is still open. However, the company highlights that it will be possible to add digital assets to the platform any time.

SEC Сontinues Investigating the Work of Riot Blockchain

The crypto miner Riot Blockchain is still under investigation of the U.S. Securities and Exchange Commission (SEC).

The examination of the company’s working processes has started in April, 2018, when SEC asked Riot Blockchain to provide information about the miner’s financial operations over the past 10 months.

Currently, the regulator is analysing company’s registration statements and its acquisition of stake in Coinsquare – Canadian crypto exchange.

Riot Blockchain states that it is aimed at cooperating with SEC and helping the regulator with the examination.

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