Inshorts

Samsung SDS launched a blockchain consortium. According to Korea Herald, the consortium will specialize on implementing the distributed ledger technology into shipping logistics. The consortium’s members include the Korea Customs Service, Ministry of Oceans and Fisheries, Hyundai Merchant Marine, IBM Korea and Korea Trade Network Co. Ltd. (Ktnet).

Two finalists appeared in the global startup competition. MassChallenge announced its 2017 finalists, which include two bitcoin and blockchain companies Token Labs and Voatz. The two companies will compete with others across a broad range of industries in the multi-million dollar competition this summer. The selection of these two companies follows an upward trend in Bitcoin and Blockchain startups this year.

Donald Trump’s tweet led to the creation of new cryptocurrency. Seemingly erroneous word "covfefe" has made the whole internet crazy, including cryptocommunity. Jeff Garzik was first to capitalize it. He promised to pay 1 eth to person who will be first to create and launch covfefe token on ethereum. In response, such token was created. It is not yet known whether an ICO will become available in the future.

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Now is not the right time to regulate bitcoin. According to Cointelegraph, the American Institute For Economic Research senior research fellow Max Gulker says it is not a practical to overregulate Bitcoin and digital currencies at the moment. Gulker explained that regulations may even be damaging to startups both financially and in the technical sense.

Bitcoin continues conquering Japan. BITPoint, Japanese payment gateway will now take Bitcoin payments to thousands of domestic retailers. Besides, several cooperation arrangements are currently under negotiation. Bloomberg, quoting President Genki Oda, reports that going through a company providing payment terminal services to shops is easier than talking to lots of individual retailers. This is another one step to integrate Bitcoin as a payment option for the mass consumer market

Disclaimer. These videos are brought to you by CoinIdol.com in partnership with Koles Coin News Channel. This information is provided by a third-party source and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds in any company. 

Indian politicians criticized the governmental digital economy reforms. Nowadays India is increasingly engaging with digital currencies. However, according to country’s Parliamentary Standing Committee on Finance quoted by the Economic Times, some local representatives fear that Bitcoin could become a parallel instrument for cycling black money and a source for terror financing. 

Disclaimer. These videos are brought to you by CoinIdol.com in partnership with Koles Coin News Channel. This information is provided by a third-party source and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds in any company. 

Canada is not going to integrate blockchain into banking system. According to major players of the industry, at the moment there are too many hurdles to overcome for blockchain to be integrated. As stated by Gerry Gaetz, CEO and President at Payments Canada, and Carolyne Wilkins, Senior Deputy Governor of Bank of Canada in their public address, there is a fundamental inconsistency or tension between a centralized wholesale interbank payment system, as they have now, and the decentralization inherent in Distributed Ledger Technology. Nevertheless, there is a possibility for blockchain to be integrated in future.

Chinese Cryptocurrency Exchange Huobi Launches Ethereum Trading. In an announcement, Huobi stated, the exchange has implemented the Chinese Yuan/Ethereum (CNY/ETH) trading pair, with trading to begin midday on 31st of May. To bait users into trading Ethereum, traders of Bitcoin or Litecoin will be rewarded with 5 ten thousandths Ethereum (0.0005 ETH) and better introductory commission fee up to June 3rd.

Spanish banks created first blockchain-consortium in the country. According to Forklog, bank consortium, partnered with Grant Thornton consulting firm, consists of Cecabank, Abanca, Bankia, CaixaBank, Kutxabank, Ibercaja, Liberbank and Unicaja. They represent 33 percent of Spanish banking sector. Consortium will give the opportunity to puzzle out the distributed ledger technology and look into the potential of its practical usage.