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PwC Partners With Ethereum-based Digital Identity Firm uPort

Sying Tien

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PricewaterhouseCoopers (PwC), one of the largest professional services firm in the world and one of the Big Four auditors has partnered with ​uPort​, a digital identity platform based on the Ethereum blockchain and with Onfido​, ​a global identity verification provider to explore portability of consumer identities in the financial services sector in the UK and beyond.

Multi-national financial entities are obligated to be KYC compliance (Know Your Customer) and apply AML (Anti Money Laundry) standards, which is expensive and time-consuming process for both the financial entities and clients, leading often to customer drop-off and poor customer experiences. The recent PwC and uPort partnership will reduce compliance costs for financial firms.

The ability for customers to use their digital identity to on-board seamlessly with financial firms will be game-changing. It opens up access to financial services, helps reduce fraud and is instrumental in drivingmore competition into the U.K. banking ecosystem.

Mike Kennelly, Director at ​PwC

About uPort

uPort is a user-centric identity and decentralized data platform anchored on the Ethereum blockchain. It delivers scalable decentralized solutions for digital identity, reputation, and multiparty trust. Built on interoperable standards, it offers a collection of tools and protocols allowing users to establish identities,send and request credentials, sign transactions, and securely manage keys and data. uPort is backed by ConsenSys, a software development and venture capital firm.

About Onfido

Onfido is the new identity standard for the internet. Our AI-based technology assesses whether a user’s government-issued ID is genuine or fraudulent, and then compares it against their facial biometrics. That’s how we give companies like Revolut, Zipcar and Bitstamp the assurance they need to onboard customers remotely and securely.

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Emaar UAE Will Launch a Blockchain Royalty System

M. Ali

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Emaar Group, a leading UAE property developer and the one who developed the world’s tallest building “Burj Khlaifa” in Dubai, revealed that it will be releasing a new blockchain-based referral and loyalty platform later this year.

Emaar new royalty token will be called EMR, Emaar customers Dwill earn EMR tokens for their loyalty and business referrals. EMR tokens will not only be redeemable in Emaar’s real estate, hotels, ecommerce operations and malls, but can also be traded with other users, the company said in a statement.

Emaar said this is the first product of its kind being launched in the world, which aims to provide customers with digital tokens using blockchain technology on a mobile application.

In the last couple of years, UAE business entities and the city of Dubai have shown interest in blockchain technologies.

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Ernst & Young Launches a Public Finance Management Blockchain Solution

June G. Bauer

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Ernst & Young, one of the largest professional services firms in the world and one of the Big Four accounting firms, has announced the launch of EY OpsChain Public Finance Manager (PFM), a blockchain-enabled solution designed to help governments improve their processes for financial management of public funds.

The blockchain based solution Ops Chain can support up to 20 million transactions per day on private networks. The platform support advanced token technology that enables financial services functionality to be integrated into assets and the development of a library of smart contracts that automate standard business processes.

EY Ops Chain is maturing into a full-featured business application that allows enterprises to digitize and automate their interactions with key business partners, from procurement to financial settlements. We now have clients across a range of industries from automotive, to food and beverage, to health care that are all using the same scalable code base and open blockchain standards

Paul Brody, EY Global Innovation Leader, Blockchain, says

EY OpsChain has been piloted for the city of Toronto. The application was tested to the way reconciliations and interdivisional fund transfers are managed, as part of its ongoing financial management transformation efforts.

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Video: Bloomberg Interviews Facebook’s Head of Calibra

Sying Tien

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Bloomberg Technology interview with Marcus, Facebook Inc.’s head of Calibra about Facebook’s foray into cryptocurrencies and the push back coming from regulators.

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