Blockchain Weekly – May 18th, 2020

With several nations stepping forward with plans to foster some kind of central bank digital currency (CBDC) programs, we witness the world being more acquainted with the idea of digital assets. Last week, Yves Mersch, European Central Bank executive said that  Europe’s central bank is looking into “a retail CBDC, accessible to all.” Mr. Mersch said that it is now a primary area of research and would prove to be a game-changer. 

Italian Govt Allocates €15M to Combat Counterfeit Goods With Blockchain 

The Italian government has pledged to invest €15 million ($16.2 million) towards the development of a blockchain-based solution to fight the counterfeit “Made in Italy” products sold in marketplaces around the world. The government wants to aim for authentication of goods and raw materials through the supply chain, a secure ledger of intellectual property rights, provable sustainability & ethical practices, and closer relationships between brands and their customers.

Germany’s WEG Bank Partners With Singapore Fintech Consortium Anquan Capital to Explore DLTs

The FinTech arm of Germany’s WEG Bank, Ten31  has collaborated with Singaporean technology incubator, Anquan Capital to explore blockchain applications within the context of banking and financial services. The partnership will see Anqlave offering custody solutions to enterprise clients while WEG’s Ten31 would provide digital asset custody services for Anquan affiliates.

Enterprise Blockchain Market to Hit $21.07 Billion by 2025

As reported by GlobeNewswire, according to a new study from Fortune Business Insights the blockchain technology market is expected to reach a valuation of $21 Billion by 2025. The report states that the main factor behind this growth is the willingness of more enterprises to increase their investment in blockchain research and development from within. The research says that the expansion of the blockchain industry can also be attributed to rising interest from public or government authorities for growing research and regulatory approvals of blockchain products.

United Nations to Raise Governmental and International Awareness in Seafood Industry Using Blockchain

The Food and Agriculture Organization of the United Nations aims to raise governmental and international awareness on the role of blockchain in the seafood industry in its recent report titled “Blockchain Application in Seafood Value Chains.” The report highlights the regulatory concerns that arise with global trade, appropriate use cases for blockchain and challenges — such as scalability and interoperability — that need to be addressed in order to promote the mainstream adoption of blockchain.

Say Goodbye to Telegram Open Network and Gram Tokens

Pavel Durov, the founder and chief executive of Telegram announced in a message that  it is abandoning its blockchain platform Telegram Open Network (TON) and Gram Tokens after a lengthy battle with the U.S. Securities and Exchange Commission (SEC). In his message post, “What Was TON And Why It Is Over,” Durov wrote “The US court declared that Grams couldn’t be distributed not only in the United States, but globally. Why? Because, it said, a US citizen might find some way of accessing the TON platform after it launched So, to prevent this, Grams shouldn’t be allowed to be distributed anywhere in the world – even if every other country on the planet seemed to be perfectly fine with TON.”

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