Market Analysis Report (14 Sep 2017)

Chinese Bitcoin Exchanges May Face Stricter Regulation and Licensure

According to recent reports from the country’s National Internet Finance Association (NIFA), bitcoin is not ‘illegal,’ but exchanges may face tighter regulatory supervision and might have to cease operations temporarily until they are licensed.

Bitmain’s Jihan Wu explained to his Twitter followers that China has not banned Bitcoin. Further Mr. Wu detailed that exchanges needed licensure and the same thing would happen in the U.S. if trading platforms didn’t have a license.

“None of the Bitcoin exchanges in China have licenses that are required for order book exchange. Such law is older than Bitcoin. Because some establish in China that Bitcoin exchanges need to stop operations right now does not mean that they cannot open again once with a license.”

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AXA Uses Ethereum’s Blockchain For a New Product

French insurance giant AXA has launched a new flight delay insurance product that uses the public Ethereum blockchain to store and process payouts. The product, called Fizzy, is being pitched as a “smart insurance” tool that flyers can use to ensure their trips if their flight is delayed by two hours or more. 

According to AXA, Ethereum’s public blockchain plays two key roles here. It maintains an accessible record of the insurance contract itself within a smart contract and serves as a mechanism for triggering the payment to the client once the two-hour mark is passed. AXA representative Jean-Baptiste Mounier said:

“The smart contract is the party that decides whether or not we should indemnify the policy holder and triggers a payment request to our system. The use of a smart contract to trigger claims will add trust in the insurer/policy holder relationship.”

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Tencent Taps Intel’s Hardware for IoT Blockchain Solution

Chinese internet conglomerate Tencent announced a blockchain research partnership with multinational tech corporation Intel at a conference on Tuesday. The deal aims to fuse Intel Core technology with the Tencent User Security Infrastructure (TUSI) standard to develop a secure blockchain system for the Internet of Things (IoT).

The effort aims to develop accounts secured by “hardware keys and blockchain,” so that IoT devices can enjoy unified security capabilities. Intel has been pursuing blockchain technology for some time, with a particular emphasis on its own hardware-based security.

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