Tag: Hedera

Shinhan Bank and SCB TechX Achieve Milestone with Successful Stablecoin Remittance Pilot on Hedera Network

by Blockchain News

Shinhan Bank, SCB TechX, and Taiwan’s largest financial institution have successfully completed a stablecoin remittance proof-of-concept (PoC) pilot on the Hedera network, as announced on July 18th, 2023.

Shinhan Bank, a leading commercial bank in South Korea, boasts KRW 664.4 trillion in assets and serves 27 million customers. SCB TechX Co., Ltd., a digitally native, industry-leading platform-as-a-service business, provides innovative banking and non-banking services to commercial institutions and consumers throughout Southeast Asia.

The Hedera network, on which the pilot was conducted, is the most sustainable public ledger for the decentralized economy, built by a global community, and governed by a diverse council of industry-leading organizations.

The pilot, a major stride in the use of blockchain technology for cross-border payments, achieved real-time settlement and real-time foreign exchange (FX) rate integration across the Thai Baht (THB), New Taiwan dollar (NTD), and South Korean won (KRW). This was accomplished in a test environment that aligns with current production capabilities.

Notably, the PoC is EVM-compatible, opening the door for any EVM-based stablecoin issuers to participate using the framework in the future. This pilot is a continuation of Shinhan Bank’s previous work that began in 2021, when they partnered with Standard Bank on stablecoin international remittances.

Both Shinhan Bank and SCB TechX highlighted the potential of stablecoins in facilitating cross-border remittances. They emphasized that stablecoins offer a low-cost, fast, and reliable way to transfer value across borders. This could significantly increase financial inclusion and improve access to financial services for individuals and businesses in underserved communities.

Stablecoins, like the ones used in this pilot, are increasingly becoming a critical part of the crypto-asset ecosystem due to their frequent use in the trading of crypto-assets and as liquidity providers in Decentralized Finance (DeFi).

However, despite their name, stablecoins may not always be stable. Their stability is dependent on the management of their reserve assets, which if mismanaged, could lead to a loss of confidence and large-scale redemption requests, potentially leading to financial instability.

Despite these challenges, the use of stablecoins in cross-border remittances, as demonstrated by Shinhan Bank and SCB TechX, is a testament to their growing use cases.

However, the potential risks and cross-border nature of stablecoins call for the urgent implementation of effective regulatory, supervisory, and oversight frameworks before significant further interconnectedness with the traditional financial system occurs.

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DSF Launches to Promote DLT Adoption and Provide Grant Support

by Blockchain News

As part of its efforts to promote the adoption of DLT, the DSF will provide support through grants to its university network. The organization has also opened its first call for grant proposals, offering up to $5 million for eligible organizations or individuals.

The DSF is supported by the open-source public ledger project Hedera, which will lend its expertise in DLT to the DSF University Network. This partnership will enable the DSF to empower academics and education in various universities, drawing from its own experiences and the challenges it has faced.

Paolo Tasca, chairman and co-founder of the DSF, expressed his excitement over the potential breakthroughs that may come from the organization’s efforts. He believes that unlocking the potential of DLT will lead to a better future for everyone. The DSF aims to drive innovation, foster new collaborative models between academia, industry, and government, and promote the responsible adoption of DLT in business and society.

Nikhil Vadgama, the director and co-founder of the organization, also commented on the launch. According to Vadgama, the DSF has an opportunity to empower academics and education in various universities, drawing from its own experiences and the challenges it has faced. The DSF has developed grant programs that are specifically designed to address the needs of the DLT community.

The DSF University Network includes prestigious institutions such as the Indian Institute of Technology Madras, the London School of Economics, the National University of Singapore, University College London, and the University of Zurich. These institutions are at the forefront of DLT research and are uniquely positioned to drive innovation and foster collaboration between academia, industry, and government.

In addition to providing grant support, the DSF will also focus on promoting the responsible adoption of DLT in business and society. The organization recognizes the potential of DLT to transform industries and improve the lives of people around the world. However, it also acknowledges the need for responsible adoption to ensure that the technology is used ethically and with the best interests of society in mind.

In conclusion, the launch of the DSF is a significant development in the world of DLT. The organization’s focus on promoting adoption and providing grant support to its university network, combined with its partnership with Hedera, has the potential to drive innovation and foster collaboration between academia, industry, and government. The DSF’s efforts to promote responsible adoption of DLT in business and society are also commendable and will ensure that the technology is used ethically and for the greater good.

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LG Launches NFT Platform With Hedera Blockchain

by Blockchain News

South Korea-based digital manufacturer LG Electronics has launched a new NFT platform in collaboration with Hedera blockchain.

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The platform LG Art Lab will allow users to buy, sell and put up digital art or non-fungible tokens (NFTs) on their television sets, the company announced.

While Swiss-based Tag Heuer became the first watchmaker in June to announce a tool to allow watch owners to display NFTs on their smartwatches, the Seoul-based television company has become another top company to add value to the NFT space with this new mew move.

The company also announced that LG Art Lab is available on television webOS 5.0 or later in the US.

The platform also allows users to preview the profile of artists and their upcoming work, along with a countdown to their upcoming NFT releases. Its marketplace provides a venue for trading pieces.

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The Hedera network supports LG Art Lab, and the transactions will run through Wallypto – an LG-patented crypto wallet for smartphones.

According to a report from Blockchain.News, LG Electronics is launching Wallypto as a part of plans to expand its business scope to include platforms and software.

Wallypto will help the tech giant enter the blockchain or NFT market in earnest.

Per the announcement, “it is also expected to actively create synergy effects by combining blockchain technology with existing flagship businesses such as home appliances and electric fields.” 

Christian Hasker, CMO of Swirlds Labs, the Hedera developer, said in a statement that the announcement will bring NFTs “beyond being computer-based collectables and toward becoming a piece of art displayed as any other artwork would be within the home of its owner.”

Earlier this year, LG made it clear that it was eyeing an expansion drive beyond home appliances to include blockchain, cryptocurrency, and medical devices as new sectors in its corporate charter.

During the company’s Annual General Meeting (AGM) held in March, shareholders approved these changes so that its new objectives would entail the brokerage and sale of cryptocurrencies and the development and sale of blockchain-based software, Blockchain.News reported.

LG has also partnered with the Kakao Ground X blockchain platform and launched smart TVs with an NFT option in February this year. 

Image source: Shutterstock

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Shark Tank Investor Kevin O’Leary Says Solana (SOL), Polygon (MATIC) and Hedera (HBAR) Have ‘Large’ Potential

by Dailyhodl

Shark Tank star and billionaire investor Kevin O’Leary sees several leading altcoins that he believes have the potential to add problem-solving value as the blockchain world expands and evolves.

In an interview with Anthony Pompliano on The Best Business Show, O’Leary says cryptocurrencies should be viewed as functional “software” rather than simply alternate forms of money.

When it comes to determining which blockchain projects to pursue, the investor says he relies on the same process of vetting teams and vision as with traditional software companies. He cites his hands-on approach with layer-2 scaling solution Polygon (MATIC) as a real-world example of the strategy.

“I’ve seen this movie before. I was an investor in software engineers twenty-two years ago at the Learning Company when we made educational software.

The way I used to do it then is the way I’m doing it now…

If I want to invest in Polygon, I want to meet the engineering team, which I did in Dubai. I met the team, heard the vision of what they’re doing, looked at the economic reality at the outcome, the potential of it.

First is team. If I check the box on team – smart guys, good engineers, good strategy, good group – I’m interested.”

O’Leary says that beyond the initial concept, he wants to see the potential for a positive economic impact as well.

“Here’s the second test. What economic value are they creating?

In the case of Polygon, aggregating transactions to reduce gas fees on Ethereum is a smart idea.

You have an economic reason to pursue that. You save money. Transaction fees are less. I think the potential of that is large.”

The Shark Tank personality next mentions enterprise-grade public network Hedera (HBAR), which is tailored for security and regulatory compliance.

“Great team, good engineers. What’s the economic premise that would keep that growing?

Boeing wants a quasi-centralized/decentralized platform, they want the best of both worlds.

HBAR can deliver that, check the box there.”

Lastly, the billionaire mentions smart contract platform Solana (SOL) as a project seeking unique solutions.

“They’re trying to solve problems a different way to speed everything up.

Check the box. Who’s working on that? [FTX exchange head] Sam Bankman-Fried and his team. Why wouldn’t you bet that horse?”

O’Leary concludes his remarks by reiterating the importance of conceptually looking at cryptocurrencies differently.

“They’re software platforms. I say to institutions, ‘You criticize me for investing in Bitcoin? You own a big position in Microsoft [and] a five-percent weighting in Yahoo. What is that? That’s software.

‘Why don’t you do the same thing in Bitcoin? Why aren’t you in Ethereum? Why aren’t you in HBAR and Polygon? Why aren’t you in Serum? Why aren’t you in Helium?’

With that attitude, it’s hard to say I’ll only invest in publicly traded software companies. One day crypto and all these software platforms are going to be the 12th sector of the S&P.”

Bitcoin (BTC) and Ethereum (ETH) are perhaps the most well-known cryptocurrencies. Serum (SRM) is a trustless decentralized finance protocol, while Helium (HNT) is an Internet-of-Things open-source public blockchain.

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Featured Image: Shutterstock/Jorm S

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Hedera Governing Council to buy hashgraph IP, and open-source projects code

by Cointelegraph

The Hedera Governing Council has officially voted to purchase the intellectual property rights to the hashgraph consensus algorithm from founding architect and inaugural member of the council, Swirlds Inc, for an undisclosed fee.

A Jan. 19 announcement also details plans to transition their code to an open-source model this year under Apache 2.0 license, in addition to transferring core team members such as CEO Mance Harmon and chief scientist Dr. Leemon Baird from Hedera to Swirlds Inc. as the CEO and CTO respectively, and deploying community staking and node opportunities, among other updates.

Hedera Hashgraph is an enterprise-grade distributed ledger technology designed to create decentralized applications in the Web3 sphere.

It’s governing council is composed of 39 corporations including Google, IBM, Tata Communications and Boeing, who each support the project’s decentralized ambitions through the establishment and operation of blockchain nodes, and participating in governance voting, among other duties.

Hedera’s evolution to an open-source technology differs from their current model of open-review, in which the code appears as publicly visible, but is not accessible for editing or developmental purposes by the global community.

The decision to enact this change came about following conclusive technical assessments that the probability of a network split within the Hedera ecosystem is highly unlikely, and therefore the patent upholding legislative exclusivity to the technology can be safely distributed into the public domain, with assurances that it will not serve as an advantageous tool for market competitors, but rather a mechanism to foster internal growth.

Baird, the newly appointed CTO of Swirlds, and co-chair of the Hedera Council’s Technical Steering and Product Committee, said:

“From day one, I have had a vision to enable ‘Shared Worlds’, where anyone can gather, collaborate, conduct commerce, and control their own online footprint.

Baird also noted that the next challenge for Hedera is to expand from a Layer 1 protocol “to deliver products and services that enable others to leverage the power of the Layer 1 protocol to create value.”

Harmon and Baird, among others are scheduled to host a YouTube webinar at 11 a.m. ET today to discuss the Shared Worlds initiative in further detail, alongside developments over the coming months.

From a technical perspective, Hedera’s native token, HBAR has largely consolidated in the $0.33 to $0.25 price range since the turn of the year, currently valued at $0.257.

Related: UK air traffic tech firm uses Hedera Hashgraph to track drones

Earlier this month, Hedera partnered with London-based tech firm, Neuron Innovations on a drone initiative designed to collate and store quantitative data metrics on an array of sectors including commercial and military aviation, as well as government initiatives.

Supported by the United Kingdom’s Department for Business, Energy and Industrial Strategy, the pilot scheme — conducted in April and October 2021 — is expected to support the adoption of drones into the existing air traffic transportation system.