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Here’s what’s in store for you this week: JP Morgan Chase is set to expand the use of blockchain technology to improve the banking industry’s payment system and Volkswagen announces it will use blockchain to track its mineral supply chain. We’ve got thoughts from the Blockchain Review on the Delusional STO Hype, and a special invitation to apply for our new investor and entrepreneur community. Check it out below!
JPMorgan to Widen Use of Blockchain System
JPMorgan Chase is to widen the use of the industry’s leading blockchain technology to help smooth the banking industry’s payment system while also inviting fintechs to experiment on how to develop the platform. The expansion of the Interbank Information Network (IIN), which enables banks to share information on a mutually accessible ledger, comes after 75 of the world’s biggest banks joined the venture last year.
Volkswagen to Track Minerals Supply Chains Using IBM Blockchain
Volkswagen Group has announced it will use blockchain tech to track its mineral supply chains. The German automaker said Thursday that, in order to “responsibly source” minerals such as cobalt (used in lithium-ion batteries for electric vehicles), it has joined an open industry collaboration, which also includes Ford as a member.
Blockchain Billion Dollar Babies
According to International Data Corp, total corporate and government spending on blockchain should hit $2.9 billion in 2019, an increase of 89% over the previous year, and reach $12.4 billion by 2022. When PwC surveyed 600 execs last year, 84% said their companies are involved with blockchain. Check out Forbes to 50 large companies leading the way.
There’s No Such Thing As An STO
STOs have been all the rage in the crypto sphere. But hidden in plain sight are major structural challenges which put the viability of STOs and the benefits they are said to provide into serious question. Get ready because in 2019 this delusional STO hype is going to be met by a cold, hard, and highly regulated reality.
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