Hitachi Experimenting with Biometric Blockchain Verification & US Politician to Accept Crypto Donations
A slight change in market activity overnight for cryptocurrencies, the global market cap up by $3 billion rising to $304 billion, Bitcoin down marginally, falling by $12 to $8292 and Ethereum rising by $7 to $482.
Japanese tech giants Hitachi in conjunction with telecoms company KDDI are reportedly experimenting with blockchain based system that validates consumer payments using the purchasers fingerprint. Built on the Hyperledger Fabric platform by Hitachi, the system combines Hitachi’s biometric verification data and KDDI’s current coupon system enabling the ability to verify customer coupons with just the customer’s fingerprint, with no need for a smartphone or any other device. Hitachi record the customers biometric information at the point of registration which is subsequently written to the blockchain, which can then be queried and verified by retailers with a fingerprint reading device in-store – theoretically eliminating the need even for coupons themselves. Biometric technology has been around for quite some time now, but has come under fire on a number of occasions over its capabilities, accuracy and reliability. Even if Hitachi have managed to reach a point of reliability with the tech itself, the other sticking point for the public and the authorities is privacy. By all accounts, this particular project is reliant upon users registering their fingerprints with a corporation that, at some point, could be subpoenaed for its records – something the general public might not be too happy about.
Cryptocurrencies are once again making their way into US politics after Presidential Candidate Andrew Yang announced that he will be accepting donations in Bitcoin, Ethereum and other cryptos. Yang is running as a Democrat and is recognised for being favour of a universal basic income and opposed to artificial intelligence and automation technology. One has to wonder how Yang believes blockchains and smart contracts actually work if he is opposed to automation. Having said that, at least he is being open about accepting crypto donations, as opposed to Brad Shermans approach of only accepting FIAT donations (including some with a potential conflict of interest) from the traditional FIAT service providers and then continually berate the cryptocurrency industry.
In an unexpected turn of events, the Indian Law Commission has published a report proposing that cryptocurrencies could be used as a legal form of settlement for the sports betting industry. To date, financial regulators have been branded as “heavy handed” with their regulatory approach banning most cryptocurrency related activity, a decision which is currently being reviewed by India’s Supreme Court. Support from the Law Commission would certainly add weight to the relaxation of the current regulatory stranglehold put in place by the central bank.
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Created: Thursday, July 26, 2018
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