02/02/2018: Biggest Stories in the Cryptosphere

1. FedEx to Integrate Blockchain Technology in its Operations

Shipping firm FedEx has decided to start implementing blockchain technology in its operations by joining the Blockchain in Transport Alliance (BiTA). The news was first reported by the industry news website FreightWaves. The integration of blockchain technology in the company’s logistics will increase the level of transparency and security. Blockchain would be used for several divisions of the company. For example, a pilot program to use it to store data for dispute resolution has just been launched. This would help establish what data a permanent ledger requires in order to facilitate dealing with customers arguing over goods delivered to each other through the company.

2. Education and Work Experience History To Be Verified with Blockchain

The billionaire entrepreneur David Geffen is probably one of the most successful people to have lied getting a degree in order to secure a job. However, blockchain technology could now make this practice harder. Internet Entrepreneur Steve Chen has launched the blockchain-based system EchoLink. Recruiters and employers will be able to certify a candidate’s education, work experience and skills history. Considering the e-Education market booming, this could be a helpful tool. Furthermore, Chen announced the launch of a digital currency at the Berkeley Blockchain Lab this week.

3. Nigerian Senate To Investigate Bitcoin

The government of Nigeria launched an investigation into cryptocurrencies, in order to assess the advantages and risks. This is due to Bitcoin’s rising popularity in the country. The Senate Committee on Banking and Other Financial Institutions will evaluate the cryptocurrency’s potential as a form of investment, and advise the government on how to deal with the phenomenon. The Central Bank of Nigeria recently spoke against the cryptocurrency. However, citizens, especially millennials, are dealing with issues such as a lack of employment opportunities, inflation eroding their savings, and difficulty when trying to exchange currencies. At the moment, traders are using Telegram to implement their KYC protocol, as a way to fight fraud.

4. Mnuchin Joins Calls For Cryptocurrency Discussion At G20 Summit

In December we reported that France’s Finance Minister Bruno Le Maire wants to include Bitcoin as a discussion topic. Germany’s Finance Minister Wolfgang Schäuble and Italian Finance Minister Pier Carlo Padoan agreed with the proposal. Now, U.S. Treasury Secretary Steven Mnuchin has joined calls for cryptocurrency to be discussed at the G20 Summit in Buenos Aires. During a speech at the Senate Banking Committee, Mnuchin affirmed that he does not perceive Bitcoin as a threat, but still believes that its involvement in illegal activities needs to be dealt with. Regardless of one’s personal stance, cryptocurrency is a phenomenon that is hard to ignore.

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