Another Canadian City Will Now Accept Bitcoin For Property Tax
The City of Richmond Hill is taking a page from the city of Innisfil. The former will now provide the option to pay Bitcoin for Property Tax. The city has joined hands with Coinberry, a digital currency platform and the same company that partnered with Innisfil.
The company has begun negotiations with the city to provide a robust cryptocurrency payment processing solution. The city council reportedly voted on whether to allow payment of bitcoin for property tax. It decided in favor of entering into an agreement with the trading platform operator. The council and Coinberry want to get feedback from municipal staff on how effective the launch of property tax payments is. They are considering implementing crypto asset payment options for other city charges and fees as well.
Though the cities are far from the norm they are not alone in their acceptance of Bitcoin for tax payments. Ohio reportedly became the first US state to allow for some business taxes to be paid for in Bitcoin last year.
Crypto Firm UnitedCoin Partners with The Cleveland Cavaliers
The Cleveland Cavaliers (The Cavs), the pro basketball team from Ohio and its esports club Cavs Legion GC is collaborating with the crypto firm UnitedCoin. This partnership intends to promote UnitedCoin as its official crypto partner. It will help the Cavs to enter the fintech domain with cryptocurrency.
The primary motive behind the partnership will be LED signage inside Rocket Mortgage Fieldhouse in the course of Cavs games. The esports club, Cavs Legion will also promote the partner within NBA 2K. It implies that UnitedCoin will appear as a part of the game on the team’s home court. The team will also use it as its branding on social media platforms.
UnitedCoin provides transaction service in both fiat and crypto functionality via smartphones or emails. It also provides a Mastercard debit card that can transact in both fiat and cryptocurrency.
Recently, the American football team Miami Dolphins announced Litecoin as its Official cryptocurrency. The team partnered with payment service provider Aliant payments to process crypto payments in the forthcoming 50/50 raffle.
Korean Credit Card Giant Granted Patent for Blockchain Payment Solution
The major South Korean credit card company Shinhan card finally patents its Blockchain payment solution. As the name suggests, this system will set the spending limits, enable payment in installments and payment processing. Apparently, the firm is the first one in the world to come up with such a credit transaction service.
Shinhan Card has been working hard on their system performing feasibility studies. It took them one year to patent their system. When this blockchain system will be functional, users can perform app-to-app transactions using their mobile devices.
This blockchain payment solution will aim to fully integrate electronic devices. Users can make payment requests via home appliances and automobiles. The spending amount can be set by the customer himself.
South Korea is currently one of the hotbeds for blockchain development & application. Previously, Shinhan Bank has come up with a blockchain loan system. Also, there are various hospitals in Korea that have integrated blockchain for various medical care applications.
Binance Chain Successfully Launches Galileo Upgrade
The Binance Chain Mainnet has completed the upliftment of its mainnet services. The upgrade goes by the name of The Galileo Upgrade. The latest mainnet upgrade is a hardfork of its previous version. The upgrades to the revision engine and state syncing aims for a better user experience all around.
The Binance Chain Mainnet has introduced some significant changes in the Galileo Upgrade: Firstly, an addition of user-friendly matching logic which includes Taker and Maker concepts. Secondly, validators on the Binance Chain can now register a delisting proposal. Thirdly, businesses can now block a certain amount of tokens for pre-defined periods of time and vest them in the future according to the schedules. Lastly, the state sync implementation is refactored in order to improve user experience and reduce syncing time.
Galileo required at-least 2/3rd consensus from validators to successfully upgrade. This actually puts more control into the Binance validators. So, it seems like some pretty solid changes are coming to the Binance Chain.
Use Of Blockchain Technology In The Healthcare System
The requirement of development becomes much higher when it comes to the field of healthcare. We need quality healthcare services backed up with the latest technology. Moreover, the healthcare system landscape is taking a shift towards a more patient-centric approach. The present healthcare framework is probably not efficient to handle information exchanges and requires certain changes. One of the biggest reason of the use of Blockchain Technology in the Healthcare System is the lack of central administrator. With the help of blockchain technology, cryptography will eliminate the need for a central administrator. Let us now see what is the current situation of the healthcare system.
Current Situation of the Healthcare System
When you focus on giving quality health care services you should ensure the patient’s health management is at a superior level at all times. That being said, the rules and regulations are making processes even more tedious and lengthy. This is why it is not easy to keep such processes intact and still provide effective patient care. The biggest problem that comes in the way of providing healthcare services is the gap between providers and payers. The dependency of middlemen in the supply chain makes it even worse.
The critical patient data and information are scattered across different systems which is why the data is not handily available in times of need. The existing healthcare system cannot perform smooth process management. Moreover, it is also inefficient for handling the exchange of information and requires certain major changes.
A good number of healthcare facilities are still dependent on outdated systems for keeping patient records. These systems keep local records of the patient data. This can make it difficult for the doctor to diagnose which is time-consuming for the doctor and tedious for the patients too. Due to this, the cost of maintaining a patient-oriented business increases considerably.
Now, that we know the problems that exist in the current healthcare system, let us see how blockchain technology will be useful in this field.
Use Of Blockchain Technology In Healthcare Systems
Blockchain can streamline medical records and enable their sharing in a secure way. Additionally, it offers access to security, scalability, and data privacy. Let us see how blockchain technology will help in healthcare.
Protection of Sensitive Medical Data Of Patients
When it comes to health management, the largest challenges faced to date are data security, shareability, and interoperability. With the help of advanced cryptography, medical records are added to the blockchain. With time the block becomes longer, requiring a consensus. The consensus prevents any breakage or breaches of the records.
Improved EHR(Electronic Health Record)
With the help of Blockchain, a singular patient-owned EHR system will be possible. The information, in turn, will transmit safely and securely to different financial institutions, and be accessed as soon as new data is added to it. The blockchain will not replace the EHR itself. It will act as an extra layer for additional functions and prove that records are complete and unmodified. Also, it will record patient consent when it comes to data sharing.
Costs and Safety
The adoption of blockchain will make sure the pharmaceutical companies do nor counterfeit drugs which is leads to death worldwide. In 2017, the WHO(World Health Organization) estimated that counterfeited drugs cause tens of thousands of deaths a year. Blockchain will have complete transparency which will help trace the drugs to the point of origin, helping to banish falsified medication. This will make it safer for patients and saving up to $43million a year for pharma companies.
Last month a Canadian Pharmacy Shoppers Drug Mart implemented blockchain in medical cannabis tracking. It is a pilot program to provide software to track medical cannabis from seed to final product. Similarly, pharma giant Boehringer Ingelheim has launched a blockchain based healthcare network. It aims to raise awareness about diabetes.
With the help of smart contracts, a medical professional can spot a mistake in their records. They will be able to make a correction, which will then accepted or rejected as a smart contract. It can also revolutionize the complicated prescription drug supply market. It will help cut out middlemen, thus considerably cutting costs for consumers.
There are some cryptocurrencies that are developed particularly for health-related reasons. These cryptos offer health-based incentives. Sweatcoins, Sobercoin, clinicoin are some of the health-related cryptocurrencies. These are the cryptos that help the user win incentives in return for doing some exercises or getting rid of drugs. People can also trade these cryptos which can be used to get help in their recovery.
The usage of Blockchain depends on a major factor i.e if it gets accepted in the healthcare ecosystem. Though people are skeptical regarding the technology’s integration it is still popular in the healthcare sector.
Blockchain has been capable of creating a surge in the healthcare industry by storm over the past year. Many solutions are in process to adopt the technology. With vast potential use cases and possibilities, blockchain will disrupt the healthcare landscape for good.
New Twist in Crypto Ban In India; Digital Rupee To Roll Out
India’s Local blockchain legal experts are talking about draft legislation that will allegedly impose a ban on cryptocurrencies. Apparently, the bill suggests no crypto but ‘Digital Rupee‘ will be valid in the country. The Central Government will allegedly approve the RBI issued new crypto Digital Rupee.
A tech lawyer, Varun Sethi’s published unverified document contains the draft bill, dubbed “Banning of Cryptocurrency & Regulation of Official Digital Currencies“. The document defines cryptocurrencies as “any information or code or number or token that is not a part of any Official Digital Currency, generated through cryptographic means or otherwise, providing a digital representation of value“. The bill will allegedly have no place in Parliament’s monsoon session.
The prohibition completely bans any interaction with cryptocurrencies, including mining, or even holding at all. The penalty for violating the prohibition would be either a fine or up to ten years’ imprisonment, or both. Recently, the Reserve Bank of India (RBI) is reported to be developing a blockchain platform for banking in its R&D branch.
Thanks to the new regulations, the infamous Facebook crypto is not planning to launch in India. The stringent regulations also forced many crypto exchanges to stop their operation such as Koinex. Banks have become strict regarding accepting crypto payments due to RBI’s strict warning. RBI has so far denied any knowledge or involvement in the drafting of such a prohibition.
Police Seize Thousands Of Bitcoin Mining Machines In China
The police of China have seized around 4,000 bitcoin mining machines from a bitcoin mining firm. It has been using local electricity for its mining operations. This was directly affecting the electricity usage of local consumers in the region.
The police allege that the firm has stolen nearly 20 million yuan ($3 million) cost of electricity. As per the police, it is one of the largest cases in the history of New China. The investigators suspect that more than 20 people are involved in the mining operation. A local power provider informed the investigators about the theft.
Previously, the Chinese government authorities also spotted many illegal Bitcoin mines setups in hydropower stations. These mines were working without any government approval in the Sichuan region.
It seems that electricity theft is slowly becoming a trend for bitcoin miners. Earlier in June, the Iranian government seized around 1000 bitcoin mining machines due to power issues. Two crypto mining firms were using these machines in some abandoned factory premises in the Yazd province. There has been a spike of 7% in electricity use which was due to the use of high-end systems to mine crypto.
US Senate Board Embraces The Blockchain Promotion Act
The US Senate board of commerce, science, and transportation has officially accepted the Blockchain Promotion Act. This bill pushes the US nearer to the blockchain definition at the federation.
The Blockchain Promotion Act will also set up a blockchain working group in the Department of Commerce. The participants of this group should represent the federal agencies. They should be accessible to blockchain and non-governmental stakeholders. The non-governmental members will involve the manufacturers of IT and communication tech, suppliers, software & service providers, and experts.
The group needs to submit a report to Congress proposing blockchain definitions within a year. Additionally, the report should also mention research-based on Distributed Ledger Technology (DLT). Also, it should include DLT’s effect on electromagnetic spectrum policy, applications, and other uses for federal agencies.
Brazil’s Coffee Farming Community To Release Coffee Backed Crypto
Minasul, a Brazillian coffee farming communal is planning to launch coffee-backed crypto this month. Jose Marcos Magalhaes, the president of Minasul made this announcement at Global Coffee Forum in Campinas. The farmers can use this token to shop fertilizer, machinery, and even non-farm products online.
The farmers can also obtain the coffee-backed crypto in exchange for the production of coffee beans. It is portioned as 30% of the current harvest, 20% of the next crop, and 10% for the eligible upcoming seasons. It will minimize the operating cost for both the communal and farmers. There won’t be any need for registering via a notary’s office.
This project has a broader aspect of digitization for both the cooperative and the farmers. It also intends to enable farmers to sell their harvest using smartphones. Earlier in June, Microsoft filed a blockchain-based application suite in Brazil for efficiency in agriculture production.
Litecoin To Represent as Miami Dolphins’ Official Cryptocurreny
Miami Dolphins, the American football team has declared the Litecoin (LTC) as their official cryptocurrency. The team and Litecoin are collaborating with a crypto merchant and payment services firm Aliant Payments. It will process the crypto payments for the team in the forthcoming 50/50 raffle.
The fans can use LTC and Bitcoin to buy their tickets online or using stadium kiosks at Hard Rock Stadium. The LTC will be a part of Dolphin’s branding and other advertisement options.
The creator of Litecoin Charlie Lee wants to use this collab to educate the crowd about the LTC and cryptocurrencies. It will bring the coin in front of millions of people across the world. This appearance will reinforce the adoption of cryptocurrencies and support various causes in a possible manner.