29/01/2018: Biggest Stories in the Cryptosphere

1. WWF To Use Blockchain To End Illegal Fishing and Tuna Fishing Slavery

The World Wide Fund for Nature (WWF) announced on its official website that it would start using blockchain technology to put an end to illegal fishing, and slavery in the tuna industry. This technology would enable buyers to know if the producer was unregulated, or abused human rights, by scanning a QR code with their smartphone. WWF-Australia, WWF-Fiji, and WWF-New Zealand have joined forces with blockchain tech firm ConsenSys, seafood traceability tech specialist TraSeable, and tuna fishing and processing company Sea Quest Fiji Ltd. The project would focus on the Pacific Island tuna industry.

2. Decentralised Insurance Could Be Next

Bee Token, the startup trying to decentralise Airbnb, and financial services platform WeTrust, have partnered to decentralise insurance. The two San Francisco-based blockchain startups will do so by creating a “decentralized insurance layer based on crowdsourced security deposits”. The target audience for this project are people already into cryptocurrencies. However, they are not the only ones to believe blockchain technology could revolutionise the insurance industry. Ken Markle, Ageas UK Head of Strategic Development, said that this technology could cut administrative costs by up to 30%, by improving the transaction process. Markle is also a representative of B3i, another project wanting to use blockchain technology to improve the insurance industry.

3. One of South Korea’s Largest E-commerce Platforms Is Adding 12 Cryptocurrencies, Bitcoin Included

One of South Korea’s largest e-commerce platform, WeMakePrice, has announced it will add 12 cryptocurrencies to its payment platform OnThePay. Examples of cryptocurrencies which are going to be included are Bitcoin, Ethereum and Litecoin. The platform, also known as Wemepu, is working in collaboration with the country’s largest cryptocurrency exchange, Bithumb. This is the first time that an e-commerce of this size has offered cryptocurrency payments. However, considering that almost every big business group in the country owns stakes in cryptocurrency companies, it should not come as a surprise.

4. Japanese Electronics Merchant Yamada To Accept Bitcoin Payments

Japan’s largest consumer electronics merchant Yamada Denki has partnered with Bitflyer, and is now trialling Bitcoin payments in its stores. The adoption will be gradual, starting with two stores located in Tokyo. It will then expand to the rest of the country. One is in the business district of Tokyo, while the other one is in an area frequented by tourists. According to an announcement by the company, the trial started on January 27. The company hopes to increase Bitcoin awareness and usage. A settlement cap of 300,000 Yen ($2,760) has been set on individual accounts.

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