Cryptocurrency wars, security tokens and blockchain in logistics: what’s new in the crypto universe?
While NVIDIA kisses blockchain companies goodbye, Union Bank AG and UPS are blending into the industry. Read our digest of the news in the cryptocurrency space to get to know about patents on blockchain-based inventions, cryptocurrency wars and new market players.
NVIDIA leaves the cryptocurrency segment
“NVIDIA ceased its production of chips for mining,” reports CFO Colette Kress. The point is that the demand for NVIDIA chips runs down since the computational capacity of their GPU equipment falls behind with new ASICs. What is more, the drop in the demand for video cards was due to the presentation of the specialized Bitmain equipment and complication of the mining process.
According to Kress, the company’s 2018 revenue gained from video card sales was expected to be $100 m but they managed to earn only $18 m.
UPS to track shipment via blockchain
According to the application filed for the US Patent & Trademark Office (USPTO), the logistics company UPS will leverage blockchain tech to track parcels.
As stated in the document, the DLT would allow the company to manage the delivery service and store certain data: for instance, sending and destination offices, the information about customs and sort facilities as well as a schedule.
Chinese messenger WeChat declares war on cryptocurrency media
The popular Chinese messenger WeChat designed by Tencent bans accounts of blockchain- and cryptocurrency-associated media.
The Chinese financial website Lanjiner was the first to come across the ban. Currently, the Lanjiner official profile on WeChat has a pinned message about the account suspension.
Then, Jinse and Deepchain, the services that back financially only cryptocurrency funds, complained about the messenger. Media representatives see such measures as a call for the introduction of the harsh regulatory framework in terms of cryptocurrencies and information resources.
Liechtenstein-based bank to be the world’s pioneer launching security tokens
Liechtenstein-based Union Bank AG announced its intention to launch in-house security tokens. As reported by its representatives, Union Bank AG will be the world’s first licensed financial institute to launch blockchain assets.
Security tokens will be the bank’s first step. Then, its stable currency pegged to fiat Union Bank Payment Coin will enter the market.
“Our aim is to become the world’s first investment blockchain-based bank as well as provide our clients and partners with practical solutions for cost-cutting and new business opportunities creation,” claimed the Chairman of the Board of Directors at Union Bank AG M.H. Dashmaltchi.
The Union Bank AG representative also said that the bank’s business operations will be moved to blockchain in the future.
Coinbase to boost safety of its e-wallets
The cryptocurrency exchange Coinbase submitted an application for the US Patent & Trademark Office (USPTO) concerning the registration of a new technology aimed at the protection of in-house e-wallets.
As stated in the application, currently, exchange-based transactions are possible with private keys only. The one-factor security system is user-friendly but pretty vulnerable since fraudsters can easily access the accounts.
Coinbase specialists propose to introduce a system of multistage key generating to accompany every transaction, which would mitigate the risk of the e-wallet breach.