Blockchain News 2018/8/7

Welcome to our blockchain news part. We will share the latest news about blockchain and cryptocurrency on every Tuesday. Here we go!

Goldman Sachs Mulls Crypto Funds Custody Service — Report

One of the major global banks, Goldman Sachs, is considering to launch custody service for digital coin-based funds, Bloomberg reported on Monday, quoting sources familiar with the bank’s new initiatives. The Sachs spokesman neither confirmed nor rejected the news, according to Bloomberg.

If Goldman Sachs establishes custody service, it will be a major development in the crypto industry because the bank would hold the securities on behalf of the funds, which will reduce the risk for clients seeking to protect themselves against the threat of losing their investments to rogue attacks.

From: Cryptovest

Scottish Government Mulls Adoption of Blockchain in Public Services

The Scottish Government published a report that underscores the benefits of blockchain or distributed ledger technology (DLT) in public services laying the ground for a push in using the technology.

In a report, the official website for of the public sector UKAuthority, titled “Distributed Ledger Technologies in Public Services” the government described blockchain as creating opportunity on “natively digital” services and also presented several suggestions to build on the possibilities.

Compiled from research carried out by blockchain development specialist Wallet Services for the Scottish Government Digital Directorate, it says the country should ‘join the international ecosystem’ of DLT, develop a national vision and launch small-scale public sector projects.

The report recommended more studies whether blockchain is capable of supporting or undermining compliance with the latest General Data Protection Regulation. It noted that DLT makes it unclear who is the data processor when used for citizen data, however, there are blockchain applications that credit the technology with ‘privacy by design’ as it allows the data subject to retain control of who has access to the information.

From: Cryptovest

Coinbase Resumes Bitcoin Buying and Selling in Wyoming

The San Fransisco-based cryptocurrency exchange Coinbase is offering services again to residents living in the U.S. state of Wyoming.

The exchange published a blog post on Saturday that it has renewed its money transmitter license in Wyoming, marking a long-waited return since Coinbase abruptly pulled out from the state three years ago.

As previously reported by CoinDesk, Coinbase announced in June 2015 that it would be costly and impractical to continue its services in Wyoming after state regulators clarified the company fell under the Money Transmitter Act.

The Act required at the time that Coinbase must “double reserve” state residents’ assets — meaning holding fiat currency reserves for all crypto assets held on consumer’s behalf — in order to renew the money transmitter license.

From: CoinDesk

Korean gene sequencing service provider partners with Big Data to create a blockchain medical big data platform

Macrogen, South Korea’s leading gene sequencing service provider, said Monday that it will work with local big data company Bigster to create a blockchain-based medical big data platform where information such as gene data can be safely stored and exchanged by interested parties.

The two companies plan to complete the platform by June next year, joining a number of other firms that are also working to launch a blockchain-based medical data trading platform here.

Gene data, which carries critical information about a person’s biological makeup, requires a high level of security and privacy protection. To achieve this, the platform will be based on blockchain technology to ensure high encryption and big data processing capabilities, Macrogen said.

Blockchain is a distributed ledger database that records and shares transactions among all participants in the network. By nature, blockchain is self-operational and tamper-proof since data is shared with and verified by all members of the network.

Macrogen’s envisioned platform will operate on a “private blockchain” in which only selected parties — pharmaceutical companies, research institutes, hospitals and gene sequencing firms — can participate.

“Despite its wide utility, gene data has been difficult to move around due to privacy protection issues and technological barriers. We hope that our upcoming blockchain-based platform will allow health care gene and medical big data to be circulated freely,” Macrogen CEO Yang Kap-seok said in a statement.

From: BlockAisa

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