A new blockchain-as-a-service platform launched in China

Chinese government-backed Research Institute has presented their blockchain-as-a-service platform for data storage and verification
27 March 2018   421

Nowadays everybody tries to move to blockchain it seems. And the Chinese are going even further with this notion. Recently China Banknote Blockchain Technology Research Institute has debuted the new system called Blockchain Registry Open Platform (BROP for short). It's a platform for identity and supply-chain tracking utilizing blockchain-as-a-service (BaaS) approach.

Of course, it's not the first BaaS platform ever developed, with several other companies having their own flavor of the same thing. But in the case of BROP the significant difference lies in the developer's official connections. The Research Institute is quite strongly tied to Chinese government and has a luxury of their backing on such projects.

The aim of the new platform is to build the environment for a trustworthy collaboration. It is achieved by establishing verifiable digital identities, storing trusted data on the blockchain and providing digital vouchers which would verify agreement rights on the blockchain.

It can be used to store data and provide track record for the changes made. Also developers have presented plans to utilize their project to make public services more optimized and transparent for the government and the users.

Bakkt to be Launched in December

It is also reported that Goldman Sachs does not plan to create custodial cryptocurrency solutions based on the Bakkt infrastructure
19 October 2018   53

The expected launch of the Bakkt will take place on December 12 of this year. It is reported by The Block, citing informed sources.

Also, the material states that the investment bank Goldman Sachs does not plan to create custodial cryptocurrency solutions based on the Bakkt infrastructure. At the same time, the bank is considering the possibility of trading futures on a new platform.

In a recent Fortune interview with Bakkt, Kelly Lofler said that the cryptocurrency market is on the verge of a revolution comparable in size to the one that occurred on the energy market in the early 2000s.

Greater institutional participation in the digital asset markets requires secure and regulated custody solutions. We are impressed by BitGo’s product, unique services, and the management team. We view our investment in BitGo as an exciting opportunity to contribute to the evolution of this critical market infrastructure.
 

Rana Yared

Managing director, Goldman Sachs’ Principal Strategic Investments group

Bakkt is a cryptocurrency unit of the Intercontinental Exchange (ICE), which is the operator of the New York Stock Exchange. Giants such as Microsoft and Starbucks are taking part in creating of the new project, which is positioned as an “ecosystem for digital assets”.

The new platform will offer deliverable bitcoin futures to the market (unlike the settlement contracts for CBOE and CME, these are based on the underlying asset). The platform will support multiple fiat currencies.