Blockchain Weekly – May 4th, 2020

As the world celebrated Labour Day on May 1 (Ironically, with most workers at home!), the crypto economy was on the continuous rise. Throughout the week, Bitcoin has been valued around $9,000, after an impressive 20% rally in a single day. The recent price rise is mostly driven by U.S. investors and Bitcoin Whales buying bitcoin on spot and derivatives exchanges.

World Economic Forum to Use Blockchain as The Savior of Failing Global Supply Chains

The World Economic Forum published a report looking at how the deployment of blockchain-based solutions can help reboot the global economy to address the supply chain inefficiencies and failures that have been exposed by the COVID-19 pandemic. Along with the 244-page report, WEF has released a blockchain deployment toolkit intended to help governments and businesses in adapting their supply chains to the current economic climate. 

Women Participation in Crypto Economy Has Exploded in Q1 2020

A new study released by CoinMarketCap revealed a 43.24% growth among female crypto users in Q1 2020 with Greece leading the way at 163.67 % growth. The rise is phenomenal when compared to a mere 15.5% increase seen in Q4 2019. The study revealed a staggering 65% growth in the number of women aged between 18-24. According to the study, Europe appears to be leading the growth rate among female users, showing 58.55% in Q1 2020, followed by America with 50.59%.

Nasdaq Partners With R3 for Managing Digital Assets

On April 29, 2020, R3 announced a long-term, non-exclusive partnership with Nasdaq stating that Nasdaq can now use Corda to help financial institutions with the issuance, trading, settlement, and custody of digital assets. Together the organizations aim to bridge the gap between financial institutes and blockchain-based digital asset solutions.

China’s Office of the Central Cyberspace Affairs Commission (OCCAC) has approved 224 new blockchain-related projects, which includes projects from major tech firms Alibaba, JD, China Merchants Bank, Suning Baidu, and China Mobile. Approximately 40% of these projects are from Beijing and around 53 of these 224 projects will target the fintech sector.

US Congress Discusses Blockchain-Based Voting Amid COVID-19

The United States Congress is deliberating the possible use of blockchain technology as a means for the Senate to conduct remote voting amid the coronavirus pandemic. The ‘Permanent Subcommittee’ debated deploying blockchain alongside end-to-end encrypted, or E2EE, applications to facilitate remote voting. The popularity of blockchain and cryptocurrency technology is totally evident as Members in the House of Representatives and U.S. Senators have introduced a total of 32 bills in the 116th Congress.

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