Saturday, March 21, 2020

Toyota launches blockchain lab for verification, supply chain and more

 


Japanese automotive manufacturing giant Toyota has launched a blockchain lab that will focus on integrating the technology into most of its operations. Known as the Toyota Blockchain Lab, the project has been in the works since April last year. It will integrate blockchain into its verification processes, global supply chain, financial systems and more.

The global automotive industry has evolved rapidly, forcing carmakers to focus on providing more value to their customers. Toyota intends on keeping ahead of its rivals, and with the integration of blockchain, it will allow its customers to "connect more openly under safety and security," the company said in a press release.

@ToyotaMotorCorp
#Toyota's latest #blockchaintechnology improves information reliability and accelerates the sharing of data among multiple parties in a more open environment that is safe and secure.

The Blockchain Lab is a collaboration between the Toyota Motor Corporation and Toyota Financial Services Corporation. It has been undertaking demonstration trials since its formation 11 months ago. It stated, "In the following initiatives focused on customers and vehicles, demonstration trials under specific conditions were completed in November last year, confirming the usefulness of blockchain technology in each use application."

One of the key application areas for blockchain technology will be in identity verification. Toyota currently requires its clients to verify their identity separately for every service they intend to use. This reduces the chances of fraud and data breaches, but at the same time, it's quite time consuming. With blockchain, the client will only need to verify his identity once, after which he can share the data in a permissioned blockchain system.

Toyota also plans on applying blockchain in its supply chain management to improve efficiency and traceability. It will record and share information regarding manufacturing, shipping and more on a blockchain-powered network. The company, which is the second-largest automotive manufacturer after Volkswagen, will also record information about its repair parts. This will enable the end user to verify genuine Toyota products.

Toyota intends to record information about its vehicles on the blockchain platform as well. Data to be recorded includes any repairs over a car's lifetime, its mileage and ownership. This data will make it much easier to accurately value a Toyota vehicle.

Going forward, the company will partner with other industry stakeholders in its project, it revealed, stating, "In addition, with regard to various blockchain platforms around the world, in collaboration with partner companies, we will formulate non-functional evaluation items to accelerate the social implementation of the technology, and accumulate technical knowledge to select a suitable platform for each application."

Toyota has also revealed that it will integrate blockchain technology in its utopian conceptual city. Known as Woven City, it will be powered by hydrogen and will rely on smart technology. It will be built on a 175-acre land in Japan, on the base of Mount Fuji, with the construction beginning early next year. Artificial intelligence will be central to the city's operations, Toyota revealed.

Indian Parliament probing suspect ‘Bitcoin businesses’

 


An investigation into dubious digital currency businesses in India is underway, amid concerns about rampant fraud in connection with digital currencies in the country.

The investigation was revealed in a filing submitted before India's lower house, the Lok Sabha, following a formal question to the Minister of State for Finance and Corporate Affairs Anurag Thakur.

Center-left politician Mohammed Faizal asked the Minister whether he was aware of the "cheating and fraudulent practices by bitcoin companies", and whether these firms "are repeatedly violating rules laid out by the Corporate Affairs Ministry by not filing annual balance sheets".

In his answer, Minister Thakur said the companies concerned "are not defined under the Companies Act". The Minister said only two firms dealing with BTC were registered with the Companies Registrar, and one of the companies, Zeb IT, had previously been subject to prosecutions under the Companies Act. The firm is currently in liquidation.

The other firm, Unocoin Technologies, was reported to be up to date in its filings, with the Minister saying he had yet to receive any complaints against the company.

The developments come at a time of rapid change in the Indian digital currency sector, following the decision of the Supreme Court to overturn the Reserve Bank of India's earlier ruling effectively banning digital currency in the country.

The following day, Unocoin resumed fiat deposits, with several other exchanges including OKEx, Coindcx and Wazirx taking similar steps to resume business—despite none being registered by the authorities, according to the Minister's answer.

International exchanges Kraken and KuCoin have since confirmed their intentions to expand into the Indian market, with both companies expected to be eyeing a share of the newly liberated Indian sector.

The Reserve Bank of India has said it intends to appeal against the Supreme Court ruling, casting doubt on whether the position is settled long-term. For the time being, digital currency exchanges and other related companies can take advantage of the ruling to rebuild the sector so badly affected by the RBI decision.

Saturday, March 14, 2020

Bank of England chief warns of CBDC ‘challenges’ on fiat money

 


The outgoing governor of the Bank of England has warned of the risks of central bank digital currencies (CBDCs), highlighting the potential impact of CBDCs on fiat currency and the wider financial system.

Mark Carney, who is due to leave his post on Friday, addressed the risks posed by central bank digital currencies, highlighting the "significant challenges" that could be posed to financial stability.

First reported by Reuters, the comments come at a time when the bank is reported to be considering the feasibility of issuing its own digital currency on the blockchain:

While CBDC poses a number of opportunities, it could raise significant challenges for maintaining monetary and financial stability…and would need to be very carefully designed if it were to be introduced.

Carney said there were likely implications for commercial banks, should significant balances move towards CBDCs: "If significant deposit balances are moved from commercial banks into CBDC, it could have implications for the balance sheets of commercial banks and…the amount of credit provided by banks to the wider economy."

The comments come in the final days of Carney's tenure at the bank, as he prepares to take up post as the U.K. government's Finance Adviser for COP26. He is set to be replaced by Andrew Bailey, the current head of the U.K. financial regulator, the Financial Conduct Authority (FCA).

In the report, the bank also addressed the decline of cash, with consumers and businesses alike increasingly opting for digital payment alternatives.

The Bank of England is scheduled to meet, alongside representatives from five other financial regulators, to discuss models for issuing a digital currency. On its preferred approach, the bank said that any digital currency would be denominated in Sterling, and would not be allowed to entirely replace cash notes.

It comes as other central banks are already testing their own digital currencies. In Sweden, for example, the central bank is running tests on issuing a digital currency dubbed the 'e-Krona', while other central banks are known to be running their own feasibility assessments on the technology.

FCA issues warning to avoid coronavirus-linked digital asset scams

 


Just like there always have been, scams are found in the digital currency space. There will always be those who are too inept to make a decent living and want to take advantage of situations in order to line their own pockets. As the coronavirus has gripped the world, there's no doubt that it is being used as a tool for initiating fraudulent activity, and the U.K.'s Financial Conduct Authority (FCA) has issued a warning to remind individuals to use caution when approached about making investments related to COVID-19.

In a message posted by the FCA on its website this past Wednesday, the financial watchdog explains, "Watch out for scams related to coronavirus (COVID-19). These scams take many forms and could be about insurance policies, pensions transfers or high-return investment opportunities, including investments in cryptoassets."

As is often the case, the potential scams will offer investment opportunities that are too good to be true, which should be the first sign for individuals to stay away. The FCA adds, as it has warned in the past, "If you decide to invest in something offering a high return or in a cryptoasset, you should be prepared to lose all your money."

The scams could come in many styles – requests for donations to the World Health Organization or the Centers for Disease Control and Prevention, or as a means to prepare for a rebound once the markets begin to recover. Common sense dictates that any investor perform his or her due diligence before making any type of investment, and understand the source of the request before turning over any funds.

Fortunately, digital asset enthusiasts have grown accustomed to potential scams and don't fall for the tricks as easily as may have once been seen. According to the National Fraud Intelligence Bureau in the U.K., those COVID-19 scams that have already been seen haven't had a lot of success. However, conventional investment scams in the U.K. tied to the virus have reportedly been able to collect more than £800,000 (a little more than $1 million).

The FCA recommends that individuals stay away from offers that appear out of the blue and to ignore investment opportunities that pop up on social media. It also suggests calling back those individuals who make contact looking for investments and to never provide any personal detail under any circumstances. In addition, before making any type of investment, consumers should check the FCA's register and its official Warning List to see if the entity is legitimate. If the company isn't listed in the register, don't hand over any money. The extra five minutes taken to do the research can help individuals avoid massive financial losses and headaches.

Saturday, March 7, 2020

Pair linked to crypto Ponzi scheme in US pleads not guilty

 


Two co-founders of an alleged crypto Ponzi scheme have pleaded not guilty to a range of charges, following a criminal indictment on money laundering and conspiracy to commit wire fraud.

John Caruso and Zachary Salter of Zima Digital Assets have been accused of running a crypto scam responsible for defrauding some $9 million from its customers, in a structure defined as a "classic Ponzi scheme."

The first $1.9 million of deposits into the scheme were returned to early investors, validating the scheme and its claims for significant investment returns. These payments were allegedly used to encourage more investment in the scheme.

The following $7 million invested was purported to have been spent frivolously by the founders, including on luxury vacations, private jets and casino trips. The founders themselves claimed no taxable income during the period, despite showcasing their monied lifestyle on their social media profiles.

Some 90 investors were conned by the scheme, including former athletes and some elderly victims. The pair were arrested by law enforcement authorities on January 30, with an initial plea hearing for Salter taking place earlier today.

Caruso entered his not guilty plea on February 26, having previously been released from prison in 2017.

The case will now move to trial in front of a jury, scheduled to begin on July 4. If either party is convicted on the charges, they will be required to return all assets acquired through the scheme or from the proceeds of their crimes.

Among the charges on the indictment are allegations of false statements in investor contracts, alongside misrepresentations through direct messages to investor clients.

At a hearing in February, the prosecution said, "There is no evidence any of the investment funds that have been provided to Caruso and Salter have gone to any cryptocurrency/digital asset investment, or to any investment of any kind, as fraudulently misrepresented by both Caruso and Salter."

On the date of the hearing, Zima Digital Assets was still receiving new funds from investors, which the co-accused were personally misappropriating to fund their own lavish lifestyles.

Altered Carbon reduces cryptocurrency to black market payment option

 


The world of Bitcoin involves a lot of speculation of what the future will be like. Through the power of unlimited on chain scaling, Bitcoin SV (BSV) offers a world where much of the data and transactions of the world can be immutably recorded on chain, and micro transactions create entirely new business plans for intrepid individuals to pursue. But in fictional future of Netflix's Altered Carbon, cryptocurrencies appear to have found their place as nothing but black market currencies.

If you're unfamiliar with Altered Carbon, the show depicts our galaxy several centuries in the future, where a breathrough in science has allowed the rich and powerful to avoid permanent death by passing their consciousness into new bodies indefinitely. The central conflict of the show is between those with power and infinite life, nicknamed the Meths, and the various groups principally opposed to this technology due to the imbalance it creates between rich and poor. The main character of the show, Takeshi Kovacs, falls in the second camp.

The currency of the future is typically referred to as credits. The financial system supporting it is never discussed at length, and as the main characters typically have more than enough credits to do whatever they need to, the topic is never explored at very much length. But in season 2, episode 5, the set designers of the show decided to have a little fun inserting some cryptocurrencies into the mix.

In a scene where the characters are shopping for contraband technology and weapons, price tags for the items clearly have labels for several cryptocurrencies.
The Bitcoin logo in particular caused some conversation on twitter. Depending on how you tilt your head, it could either be a BTC or BSV logo.

The prices drawn up for the stickers were probably done without much thought, but the fictional prices of these contraband items is fun to think about. Gloves in the shot are worth 0.867 (either BTC or BSV) and 3,089 Litecoin. That would mean a current day price of between $210.57 and $193,309.62. Considering they are high tech, contraband gloves, it's probably toward the higher end.

While this is all a bit of good fun based on the background of a fictional universe, BSV supporters will want to hope that the real Bitcoin becomes the credits of the universe, rather than the black market payment option.

This is the second time in just a few weeks that Bitcoin gets referenced by a significant piece of pop culture. The Simpsons also recently gave a cryptocurrency explainer, with an on screen gag noting they knew the real identity of Satoshi, but "we're not telling."

Saturday, February 29, 2020

Seoul to debut blockchain petition system in March

 


Seoul is set to launch its blockchain-powered petition system on March 1. The system will enable the residents of the city to air their views and share them with the local government. It will replace the existing system which has been marred by claims of fake identities and vote manipulation.

Known as Democracy Seoul, the new system will give the residents of South Korea's capital the opportunity to turn the government's attention to issues that affect them. A resident will be able to propose any issue on the platform and if it gets at least 1,000 votes from other residents, the city's Mayor Park Won-soon will have to address it. This system will be similar to an existing national system that allows South Koreans to air their issues with the government. Once an issue receives 200,000 votes, the national government has to address it.

The national petition system, as with any other online voting system globally, has been marred by accusations of vote manipulation and fake identities. As Decrypt reports, experts have unearthed that it's quite easy to deceive the system, even with little technical expertise. All one needs to cast a vote multiple times is to use a different username and internet service provider.

The use of blockchain will eliminate the authenticity challenge, with the technology being used to verify the identity of every person who votes, preventing duplicate voting. Blockchain will also give the system more transparency, giving the residents more trust in the system.

The blockchain system comes just a fortnight after the Seoul Mayor lowered the threshold number of votes required for the government to respond from 5,000 to 1,000. This will make it possible for the government to respond to more issues. According to a report by the Maeil Business Newspaper, Democracy Seoul has registered over 5,900 civic proposals since it launched in October 2017. 59 of these proposals have gone on to become official city policies.

As Seoul launches its blockchain petition system, South Korea is working on its national blockchain voting system. Announced in November 2018, the system provides real-time visibility of the voting process, making the system more credible. The system incorporates other emerging technologies including the Internet of Things, artificial intelligence and big data.

Iranian leader urges the country to use crypto to evade sanctions

 


An Iranian commander has called on the country to seek more unique ways to bypass the several sanctions imposed against it. The general cited cryptocurrencies as one ideal solution at a time when the sanctions have crippled the economy and are forcing the country into a recession.

Saeed Muhammad, a commander of the Islamic Revolutionary Guard Corps, was addressing a crowd recently, reported local crypto outlet Coinit.ir. The general criticized the stand taken by the American government, saying that it has been trying to impede the livelihoods of the Iranians and block its development.

For a solution, he suggested, "We are demanding the creation of a more sophisticated mechanism to bypass sanctions. To circumvent sanctions, we must develop solutions such as the exchange of products and the use of cryptocurrencies with our partnerships in other countries."

Iran has long been looking at using cryptos to evade the sanctions by the U.S government. For decades now, the country has been at loggerheads with the U.S especially regarding its nuclear programs. However, things took a turn for the worse after Donald Trump became president, imposing tougher sanctions as he seeks to force the Middle Eastern country to renegotiate its nuclear deal with the U.S.

Iran's president Hassan Rouhani called on all Muslim nations to unite and build a crypto that would rival the U.S dollar. In an event in December last year held in Malaysia, the president described the U.S as a bully and urged his fellow Muslim leaders to unite against it. By creating and using their own crypto, Muslim nations could be able to finally stand up against the U.S, he stated. Other Muslim leaders supported his call, including the presidents of Malaysia and Turkey.

The Iranian government has also sought to support existing cryptos by enabling crypto mining in the country. Iran has very affordable electricity which has attracted miners in their numbers. To bring the industry under control, the government legalized crypto mining last year. A month ago, it also issued licenses to over 1,000 miners.

Saturday, February 22, 2020

Binance not licensed to operate in Malta, regulators say

 


Controversial cryptocurrency exchange Binance has found itself scrambling to perform damage control and repair after regulators in Malta called it out over false claims. In a statement published by the Malta Financial Services Authority (MFSA) on Friday, the regulator made it quite clear that Binance has never received authorization to operate in the country. As a result, Binance has been trying to dance around the subject with some creative responses.

The MFSA's message reads, "Following a report in a section of the media referring to Binance as a 'Malta-based cryptocurrency' company, the Malta Financial Services Authority (MFSA) reiterates that Binance is not authorised by the MFSA to operate in the crypto currency sphere and is therefore not subject to regulatory oversight by the MFSA. The Authority is however assessing if Binance has any activities in Malta which may not fall within the realm of regulatory oversight. Admission of virtual financial assets to trading and/or for offering virtual financial assets to the public in and from Malta requires an MFSA licence in terms of the Virtual Financial Assets Act (CAP 590) of 2018."

It isn't clear where the assertion that Binance is a Malta-based company originated, but the exchange, led by controversial figure Changpeng "CZ" Zhao, is attempting to create its own rules regarding what defines business operations. Those attempts are falling flat.

For example, the company's chief growth officer, Ted Lin, told Decrypt just a few days ago, "We have offices in Malta for customer services, and some compliance people there, but it's not the headquarters per say [sic]. It's the spiritual headquarters. It's a name that people think about when they think about Binance."

Lin's comments to Decrypt were part of a larger story regarding the fate of the company in another region. Binance is, according to the countries' registry offices, registered in both the Cayman Islands and the Seychelles. However, the European Union (EU) is now ready to put the Cayman Islands on a blacklist of tax havens, which could make it difficult for any company registered there to do business with entities or individuals in the EU.

When it got started, Binance launched in China. However, as the country began to crack down on crypto, it decided to move to Japan. Not long after getting set up in its new headquarters, Binance suffered an attack on the exchange, leading Japan's Financial Services Authority (FSA) to require Binance to apply for a license. That apparently wasn't within the scope of the exchange's business model, and it left to find a new home, reportedly landing it in Malta.

The CEO of Malta-based Chiliz, Alexandre Dreyfus, weighed in on whether or not Binance is in Malta. He told Decrypt, "Insinuating that Binance doesn't have offices and people in Malta is offending for the employees here. As you can see on their website, they are still recruiting significantly in compliance, security, customer care."

Friday, February 14, 2020

$10K Bitcoin Prompts Influencers to Call a Bull Market

 


Cryptocurrencies have gained significant value over the last few weeks and it's causing exuberance among digital currency proponents. Now a number of traders and influencers believe bitcoin and other coins are in bullish territory. Despite the surge to $13K last July and the deep pullback that followed, BTC investors and influencers have no issue believing that crypto is on the threshold of another bull market.

'Calling the Bull' Is a Bold Move, But a Number of People Are Doing So After BTC Surpasses $10K
Bitcoin traders, analysts, and thought leaders on social media and forums seem to think that the crypto market is facing another bull run. Statements about a "bull market" and a possible "altcoin season" are littered all over Twitter and news articles about the cryptoconomy's swift rise. You can find a number of crypto influencers explaining that the bitcoin bull market is overdue for a variety of reasons.

Some people claim the reward halving is pushing BTC's price up, they say miner capitulation is over, the BTC hashrate has touched an ATH, and most of the non-ideological investors capitulated. Moreover, lots of crypto investors are stressing that "this time is different" even though they know calling a bear or bull market requires judgment and is considered a bold call. But this hasn't stopped a number of crypto's influential figures from doing so.

"Early signs of a bull market," explained @American_hodl on Wednesday. "I am finding myself explaining bitcoin to skeptics and new entrants again. This did not happen during the bear. During the bear, it was just us here."

However, other people disagree with American_hodl and the others who assume the market has turned bullish. Some individuals have certain price points that need to be obtained until they call the bull. "We aren't in a bull market until we close above $10.7k," emphasized @llamamarket. "So I'm patient but it looks more likely I was wrong about $5k at least at this very moment. I'll keep everyone posted if/when I buy." The specific price point at which a bull market occurs has been a trend lately and the crypto influencer Luke Martin touched upon the subject on February 6, tweeting:

Fun observation about BTC in a bull-market is the post each day stating: 'Bitcoin isn't bullish until we cross $10k' which quickly turns into 'Not bullish until we cross $11.6k' which quickly turns into 'Not bullish until we cross $14k,' which turns into 'Not bullish until…'

Bullish Pomp Tweets 'Altcoin Season' Phases, and Never Shorting the Bull
Anthony "Pomp" Pompliano, the well known cofounder of Morgan Creek Digital Assets has been talking about the bull run lately too. On Twitter, Pomp felt the need to give an "important message as we enter the next bitcoin bull market." Pomp explained: "BTC is very volatile, you can lose all of your money, only invest what is ok to lose, Twitter is not investment advice, don't buy BTC with credit cards, keep low time preference, [and] do your own research." When BTC crossed the $10K zone, Pomp let his 309,000 Twitter followers know that he still thinks "bitcoin will hit $100,000 by end of December 2021." In between all the social media and forum discussions about the bull market, a number of individuals say that "altcoin season or altseason" typically happens before the BTC bull market or comes in phases.

Managing partner at Blocktown Capital, Joseph Todaro, discussed the altseason topic and the next bull market on Wednesday. "This is the first altseason of the next bull market," Todaro tweeted. "You only get 3 real altseasons: The early alt pump when bitcoin is still less than ATH (weak), the mid alt pump after bitcoin passes ATH ~$20k (strong), [and] the late alt pump as bitcoin marks cycle top (strong). Bitcoin just hit $10,000." Todaro also quipped and said:
"You know we are in a bull market when Peter Schiff refuses to tweet about bitcoin."

Despite knowing about the prior BTC price dump after July's $13K high, bitcoiners everywhere are still calling the bull after the $10K position was reached. "Bitcoin is currently in an intense bull market and investors are getting excited," another individual tweeted on Wednesday.

"Never short bitcoin in a bull market," explained the BTC thought leader Whale Panda on Tuesday. "Never short bitcoin, period," the popular Twitter account @Arminvanbitcoin replied to Whale Panda's statement. Crypto Twitter influencer Paul McNeal from thecryptocurator.com tweeted to his 20,000 followers about the bull market situation as well: "Market Cap goes up – Bitcoin dominance goes down — Welcome to the bull market of 2020."

IOTA forced to suspend network after wallet hack

 



The group leading the development of the IOTA blockchain, the IOTA Foundation, has run into a troubling situation.  The non-profit was forced to halt its network this past Wednesday after discovering that the IOTA Trinity wallet had been attacked by hackers, resulting in the theft of tokens it held.  The issue is still being unraveled, but there are reports that anywhere from $300,000 to $1.6 million in IOTA tokens may have been lifted from the wallet.

When reports started flowing in on Wednesday that the wallet could have been hacked, the group took action and shut down the Coordinator node to look into the issue further.  It is reportedly looking into a security flaw found in an earlier version of the wallet, and explains, "First (but not all) exchanges have responded, reporting that no monitored funds have been transferred or liquidated.  Most evidence is pointing towards seed theft, cause still unknown and under investigation.  Victims (around 10 that identified with the IOTA Foundation so far) all seem to have recently used Trinity."

As indicated, there have been ten victims identified.  Trinity is available for mobile devices, as well as Windows and MacOS, and some reports indicate that the problem may be limited to the desktop application.  However, this has not yet been confirmed.

This isn't the first time that IOTA has run into security issues, but the possible theft of as much as $1.6 million could make it one of the most disastrous.  In the past, the wallet implementations have been known to be buggy and unstable, and tokens have been lost or sent to the wrong addresses.  The development team also previously rolled out a controversial hash function that was met with a lot of criticism, which developers refuted.  However, they later changed the code anyway to respond to those complaints.

By far, the most disastrous hit to the alternative blockchain's reputation came when a hacker out of the UK stole $11 million in IOTA tokens.  However, his run was short-lived, as law enforcement was able to track him down and arrest him, and IOTA was able to recover the majority of the stolen funds.

After this latest attack, the foundation is already working with law enforcement to determine how much damage was done.  The group explains in an announcement, "We've shifted the complete focus of all relevant resources of the IOTA Foundation to this investigation last night and we have been working in teams to investigate [the] impact and cause together with the identified victims."  It added, "We have been working on the investigation of attacked seeds and analyzed the attack pattern, using a set of newly developed tools, as well as finishing a complete manual verification (to validate tooling reliability)."

Saturday, February 8, 2020

Blockchain could help China respond better to Coronavirus, expert says

 


As China battles to contain the deadly Coronavirus outbreak, one expert believes that blockchain could greatly boost the country's efforts. The virus has infected over 28,000 people in just three weeks, with 563 losing their lives so far. According to an academic at the University of Hong Kong, it's time China turned to blockchain in its response efforts.

In his post on the Oxford University Faculty of Law blog, Syren Johnstone believes that the time to build borderless solutions based on decentralized technologies has come. Johnstone, who is the Executive Director of the Master in Laws Programme at the University of Hong Kong, pointed out that blockchain and artificial intelligence can be used to better manage crisis situations.

He stated, "A private blockchain network would enable the recording and tracking of anything that is donated, from donation dollars to N95 masks. It also creates clear points at which it is possible to hold a person or organization to account, from the loading of donations for delivery through to its final end-use."

This blockchain network can also have public visibility, providing end-to-end transparency to all stakeholders. This would allow the donors to trace their donations, ensuring that they are going to the intended use, which would in turn push them to become even more involved.

The network would also allow the charity foundations to make informed decisions on how to spend the donations, based on sufficient data regarding the infection. Artificial intelligence could also be integrated in this step to feed data to the network on the infections, guiding the decision-making process.

He stated, "In a blockchain-based donations context, such outcomes would not only be driven by models developed by epidemiologists but also by the current and forecast supply and utilization of limited resources. AI can also provide visibility to the decision-making process, which is critical to restore public trust in the system and the ongoing flow of much needed donations."

Currently, the Chinese government has directed all donations towards the Coronavirus outbreak to be channeled to five charity organizations. This centralization makes the response towards the epidemic slow and unnecessarily complicated, with historical data proving this centralization approach is counterproductive.

Blockchain is already in use in some of China's largest companies including Alibaba and Tencent, so why not charities? Moreover, President Xi Jinping has called for blockchain adoption in China, proving the technology is here to stay. The Coronavirus crisis, unfortunate as it is, provides the tech industry the opportunity to develop decentralized solutions which could lay the foundation for the charity sector, he argued.