Blockchain This Week: MoneyLoji Adopts Blockchain, Allaire’s Testimony Before US Senate And More

After David Marcus’ testimony to the US Senate Committee on Banking, Housing and Urban Affairs, Circle CEO and cofounder Jeremy Allaire has now testified before the Committee on “Regulatory Frameworks for Digital Currencies and Blockchain.”

Allaire, in his testimony, said:

Public blockchains, for the first time in human history, are creating new record-keeping and transaction processing systems that are designed to be inherently decentralised, tamper-proof, highly secure, and private.

He added that public blockchain technologies have enormous potential for simultaneously increasing our security and privacy while also enabling law enforcement to more effectively execute their mandate for public safety and national security.

Allaire also urged the US Congress to adopt a new national framework that defines cryptocurrency as a new digital asset class or the US will fall behind and not reap the economic benefits of blockchain technologies.

Despite its biggest application in the form of cryptocurrency which faces a roadblock in multiple countries, blockchain continues to surge. While US telecom giant Verizon is apparently cooking something on blockchain as the company has started hiring blockchain developers and project managers with experience in blockchain and related technology, Indian lending startup MoneyLoji has announced plans to use blockchain for loan disbursal and KYC purposes.

Let’s take a look at the blockchain developments of this week!

MoneyLoji Adopts Blockchain 

Delhi-based lending startup MoneyLoji has announced plans to use blockchain for loan disbursements and user identities. All loans will be disbursed through Smart Contracts through blockchain, the essential parameters required to disburse a loan will be written into Smart Contracts and these contracts will be updated regularly depending on the business requirements, said the company in a statement.

Blockchain will also be used to hold the data fingerprint of users’ KYC information. Once a user’s KYC is validated, the KYC information will be converted into hash by using mathematical models and stored on the chain.

Kumar Binit, CEO, Moneyloji said,

In blockchain technology, we saw the potential of making our services more efficient and transparent.

Daimler Builds Blockchain Solution For Cars

Mercedes-Benz parent company Daimler has partnered with four startups to build a mobility blockchain platform (MBP), including an European blockchain interface startup RIDDLE&CODE.

Under this partnership, the blockchain company will provide a hardware car wallet solution, in essence, a digital wallet for cryptocurrency, to give the vehicle a network identity that enables it to handle transactions automatically.

The MBP is a decentralised software platform that makes it possible to offer and manage mobility as a service with end-to-end encryption. Its scope of application ranges from the customer journey on the one hand through to fully digitalised contract processing, including the financial posting of the transactions in real-time, according to a media statement released by Daimler.

First Abu Dhabi Bank, Etisalat Launch UAE Trade Connect To Drive Blockchain

Etisalat Digital, in partnership with First Abu Dhabi Bank (FAB) and Avanza Innovations, have developed UAE Trade Connect (UTC), a new nationwide platform that will use the latest disruptive technologies to digitise trade in the UAE.

UTC is aimed at driving the digital transformation of trade in the UAE by enabling banks, enterprises and governments to collectively benefit from innovations such as blockchain, AI, ML and robotics. Seven major UAE banks, in addition to FAB, have joined the nationwide platform.

The initial phase will focus on addressing the risks of double financing and invoice fraud before turning to other key areas of trade finance. Etisalat Digital along with the eight banks will form a working group to further develop and extend the solution to other areas of trade.

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