China develops a blockchain intellectual property

Major Chinese universities are seeking means to patent the blockchain solutions
28 February 2018   691

China State Intellectual Property Office published data that clearly indicates the will of Chinese government-funded academic institutions to solidify its grip on blockchain technology. The list includes Zhejiang University, Shenzhen University and Chinese Academy of Sciences. Recently, the government of China is doing its best to establish a market for fintech companies, as the number of ordinary companies also trying to patent their patent-related inventions.

To be more specific. Zhejiang University designed a system for cross-border payment operations and it proposes using a blockchain ledger on cloud servers for handling and confirming the transactions instead of traditional third party acting as a trustee. Chinese Academy of Sciences is building a blockchain solution that aims to unite private, public and consortium types of blockchain into one package. As for Shenzhen University, its project is more specific: a system for tagging and tracing artists' works, and on top of that a tamper-proof artwork trading system upon successful launch.

Last week Bank of China reported to have submitted a patent application on using a data compression in the process of block creation in a ledger thus addressing the issue of scaling the latter.

US Congressman to Call for Crypto Ban

As reported, Brad Sherman has called for a blanket ban on cryptocurrency buying
19 July 2018   77

American authorities should ban cryptocurrencies and mining. Such a statement on was made by Congressman Brad Sherman during the hearings of the Committee on Financial Services at the US House of Representatives, CoinDesk reports.

According to Sherman, in the future, cryptocurrencies may become a form of money, but at the moment they are used either by rogue states to bypass American sanctions or by individuals to evade taxes.

We should prohibit U.S. persons from buying or mining cryptocurrencies.

Brad Sherman

Congressman, US

At the same time, Norbert Mitchel, director of the Data Analysis Center of the Heritage Foundation, noted that the possible use of crypto-currency for criminal purposes should not stain other possibilities of digital currencies.

Yes it is true that criminals have used bitcoin, but it's also true that criminals have used airplanes, computers and automobiles. We shouldn't criminalize any of those instruments simply because criminals used them. Those components I believe are the main barriers to widespread adoption in the U.S.

Norbert Mitchel

Director of the Data Analysis Center, Heritage Foundation

As Eswar Prasad, senior professor at Cornell University, said, the existence of cryptocurrencies had the potential to impact the financial services system, particularly the payments system, in positive ways.