ALU

Bitcoin and blockchain

Xunlei pushes ThunderChain, promises more open-source projects

Xunlei says the upcoming era requires real implementation of mass blockchain applications. Original Link

OKCoin office in Beijing vandalized amid accusations of fraud

In March, an investor threatened to commit suicide at OKCoin’s office after losing $1.6 million. Original Link

Blockchain rules expose China’s Achilles’ heel 

Closer scrutiny of blockchain could stifle China’s tech and innovation aspirations. Original Link

New proposed rules could rock China’s blockchain industry. Here’s what they mean

The draft regulations require blockchain users go through real-name registration, and service providers take responsibility for content. Original Link

China richest bitcoin billionaire Li Xiaolai says he’s done with investing in blockchain

“I plan to spend several years to contemplate my career change. As for what I’m doing next, I’m not sure just yet.” Original Link

Bitmain files for IPO in Hong Kong

Mining equipment sales made up 94.3% of Bitmain’s income in the first half of this year. Original Link

China takes 57 of 100 spots in global top 100 blockchain patent ranking

Alibaba, together with its affiliate company Ant Financial, tops the ranking with 90 related public patent applications. Original Link

Blockchain could help China’s push for decentralized energy

The development of increasingly efficient—and affordable —alternative energy sources is prompting the evolution of a system that is more and more decentralized. Original Link

Crypto exchange Huobi completes backdoor listing in Hong Kong

Huobi’s reverse takeover of a Hong Kong-listed company comes in the midst of another crypto crackdown. Original Link

Briefing: Three Chinese crypto mining gear makers prepare to go public

Investors are worried about the companies’ long-term viability as the value of cryptocurrencies continues to decline. Original Link

Briefing: Crypto chat blocked on Baidu Tieba

Sub-forums including “数字货币” (shuzi huobi, digital currency) and “虚拟货币” (xuni huobi, virtual currency) appear to have been taken down as well. Original Link

No more crypto events, says Beijing’s financial district

Events gathering cryptocurrency enthusiasts are a reminder for Chinese authorities that their struggle has had limited results. Original Link

Shenzhen becomes pilot city for blockchain-powered WeChat invoices

WeChat and blockchain are the ingredients that will make tax invoices or “fapiao” less available on the black market. Original Link

Shenzhen Stock Exchange questions LeTV for using blockchain as a buzzword

Shenzhen Stock Exchange questions LeTV for using blockchain as a buzzword · TechNode

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Chinese police cracks down on $1.5 billion cryptocurrency World Cup gambling ring

Chinese police cracks down on $1.5 billion cryptocurrency World Cup gambling ring · TechNode

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Ant Financial is tapping into blockchain technology

Ant Financial is tapping into blockchain technology · TechNode

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Ant Financial is more than just a financial tool

Ant Financial is more than just a financial tool · TechNode

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Illegal crypto and blockchain-related fraud cases on the rise

Illegal crypto and blockchain-related fraud cases on the rise · TechNode

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Bitcoin tycoon Li Xiaolai spills dark secrets in leaked recording

Bitcoin tycoon Li Xiaolai spills dark secrets in leaked recording · TechNode

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The future of global payments

In the age of the internet, we can send data and information to anybody around the world almost instantly at little cost. But when it comes to payments, the process is usually expensive and time-consuming because the architecture today is an antiquated infrastructure built decades ago.

Ripple, a US-based payment network and currency exchange, wants to solve this problem by utilizing the power of blockchain. On TechCrunch Hangzhou Blockchain Side Stage, Emi Yoshikawa, Director of Joint Venture Partnerships at Ripple, spoke about how Ripple is using blockchain technology to improve the fragmented infrastructure of payments today.

The idea behind Ripple’s Interledger Protocol is that anyone should be able to send money to anywhere in the world instantly at little or no cost and without the need for payer and payee to set up accounts on the same global payment service. The Interledger project aims to ease the friction of global payments by connecting banks and financial services into a single network. For banks and payment providers, Ripple is utilizing XRP, a highly-scalable digital asset that is used on the Ripple network, to reduce costs and improve efficiency for high-volume transfers.

A threat to banks and financial services?

When asked about whether Ripple is seen as a threat to existing banks and financial services, Yoshikawa said their technology is not just about reducing cost, but also about creating new opportunities that was not possible before—creating new types of business, providing greater access to financial services, etc.

“People tend to think that blockchain is a threat to existing financial services, but it’s not always the case,” Yoshikawa said. On the contrary: “We are providing solutions to help banks become better, so they can provide better services to their customers.”

In fact, Ripple is partnering with banks and financial services all around the world. While some do see blockchain technology chipping away traditional banking services’ source of revenue, however, Yoshikawa said, some innovative banks look at this as a way to create a new opportunities. Santander Bank, for example, has chosen to work with Ripple because “they were facing a lot of competition from fintech companies, like TransferWise and Paypal, and their market share in cross-border payment was quickly diminishing.” Realizing that sticking with the existing old technology is no longer an affordable option, Santander is focused on creating new opportunities.

Yoshikawa explains that ease of integration is part of why their services have been gaining traction in the financial industry. The integration process is easier than one would imagine because Ripple is not creating a new infrastructure, rather they are leveraging the existing infrastructure to enable ledgers and banks to talk to each other. For smaller banks, the integration process takes roughly three months. Also, Ripple is not only a technology provider, but they are establishing common rules for banks to use the technology.

Asia—the world’s center for remittance payments

“Low-value high volume use cases including remittances is an area that we’re focused on,” Yoshikawa said. Remittance is an area where there is still a lot of friction.

Yoshikawa believes that Asia is a critical market for Ripple. “Asia is the world’s center for remittance payments,” Yoshikawa said, “there is a lot of money going into Asia and flowing out of Asia as well.” In China’s case, their service can make far-reaching changes to the lives of migrant workers who rely on cross-border transfer services to send money back home. Other areas such as travel-based payments and e-commerce are also on the rise.

“Today’s cross-border industry is dominated by big western banks,” Yoshikawa said, smaller regional banks in Asia are increasingly seeing Ripple’s solution as a way to differentiate themselves and increase their competitiveness.

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Why is blockchain a social innovation that companies can’t ignore? Xunlei explains at TechCrunch Hangzhou

Why is blockchain a social innovation that companies can’t ignore? Xunlei explains at TechCrunch Hangzhou · TechNode

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China’s government is harnessing its data to make blockchain-based identity a reality

China’s government is harnessing its data to make blockchain-based identity a reality · TechNode

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Live blog: TechCrunch Hangzhou–Beyond Unicorns

Live blog: TechCrunch Hangzhou–Beyond Unicorns · TechNode

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China’s AIChain is decentralizing artificial intelligence

China’s AIChain is decentralizing artificial intelligence · TechNode

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Taipei-based startup TWO IoT is using IoT and blockchain to transform waste management

Taipei-based startup TWO IoT is using IoT and blockchain to transform waste management · TechNode

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China issues its first blockchain-based tax invoice

China issues its first blockchain-based tax invoice · TechNode

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China Blockchain Security Alliance established by Tencent, Huobi, and research institutions

China Blockchain Security Alliance established by Tencent, Huobi, and research institutions · TechNode

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Blockchain startups born out of Chinaccelerator Batch 13

Blockchain startups born out of Chinaccelerator Batch 13 · TechNode

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China’s first blockchain-based social network ONO raises $16 million Series A

China’s first blockchain-based social network ONO raises $16 million Series A · TechNode

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ONO is building the first blockchain-based social network in China

ONO is building the first blockchain-based social network in China · TechNode

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Ethereum wallet imToken raises $10 million Series A

Ethereum wallet imToken raises $10 million Series A · TechNode

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Qihoo 360 discovers high-risk security issues in EOS, says 80% digital wallets have problems

Qihoo 360 discovers high-risk security issues in EOS, says 80% digital wallets have problems · TechNode

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Blockchain conference in China gets Mao lookalike on stage and hilarity ensues

Blockchain conference in China gets Mao lookalike on stage and hilarity ensues · TechNode

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Tencent and China Unicom launch eSIM card with blockchain-based authentication

Tencent and China Unicom launch eSIM card with blockchain-based authentication · TechNode

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