March 29, 2023

Tickets for Euro 2020, satellite information processing system and other blockchain initiatives of the week

Distributed ledger technology remains one of the hottest trends among financial, government and commercial organizations worldwide. ForkLog Magazine offers an overview of the most interesting initiatives of the past week.

UEFA will distribute over a million tickets for Euro 2020 through the blockchain

Football fans will receive more than a million tickets purchased for the 51st match of the upcoming European Championship through the blockchain-based mobile application.

The Union of European Football Associations (UEFA) is confident that the new system will increase safety and convenience for fans by preventing counterfeiting and duplication of tickets.

Tickets can be downloaded to the app seven days before the match. It will be necessary to activate them in the immediate vicinity of the stadium via Bluetooth using a QR code.

Draft mobile tickets for the Euro 2020 gamesbased on the successful experience of UEFA in hosting the League of Nations finals in June 2019. Then, 80% of all available tickets were delivered to mobile phones, the statement emphasized.

For the first time, the organization tested the distribution of tickets through the blockchain in 2018, thus selling 50% of the seats to the Europa League final.

Central Bank of South Korea will develop a blockchain system for the bond market

Global central banks are increasingly considering blockchain technology as a tool to increase the efficiency and transparency of interbank operations.

The Central Bank of South Korea is exploring the possibility of developing a new blockchain system for the circulation of bonds. According to plans, it will improve market accounting and expedite settlements.

Yonhap Infomax Announces New SolutionThe Bank of Korea inspired the example of the World Bank, which previously jointly with Commonwealth Bank of Australia successfully sold bonds on the Ethereum public blockchain totaling $ 108 million.

The system will be developed for joint use by relevant financial institutions, as well as the Central Bank and the Fair Trade Commission (FTC), the market regulator.

It is not known whether only government bonds will be integrated into the blockchain initiative or whether it will include corporate debt obligations.

Scottish startup to create blockchain solution for processing satellite data in the mining industry

European Space Agency (ESA)is funding a project to create a blockchain-based service that will improve the transparency and accuracy of satellite data for mining companies, reports Oil & Gas Middle East.

The solution implements a startup Hypervine from Glasgow. According to the developers, mining companies have been compelled for months to verify information from numerous reports with data from satellite sources. A small creeping error can lead to serious, even catastrophic, consequences.

Using a distributed registry will eliminate the risk of an increase in data chain changes, which will prevent miscalculations.

ESA and Hypervine confident that blockchain systemNot only will it reduce the cost of geodetic work at new sites and the potential risks for field teams, but it will also provide better environmental protection by improving operational efficiency and reducing carbon emissions.

Microsoft integrates Lition blockchain in Azure cloud service

Microsoft has added on the cloudAzure platform support for Lition blockchain. Corporate clients were given the opportunity to develop, test and deploy Lition sidechains and applications using the service infrastructure.

According to a statement, Lition has become one of the few public blockchains supported by major cloud service providers like Microsoft.

Earlier, the corporation integrated services in Azure based on the Quorum blockchain, developed in the banking giant JPMorgan based on Ethereum.

Also this week we reported:

  • The Department for Strategic Development of the Financial Market of the Central Bank of the Russian Federation approved the digital platform of Norilsk Nickel for trading tokens secured by exchange commodities;
  • the Forbes US publication made a list of 50companies actively using blockchain technology in their activities. It includes companies whose income or capitalization exceeds one billion dollars a year. For the first time in Blockchain 50, an organization from Russia is represented - the National Settlement Depository (NSD);
  • Paxos, the issuer of the stablecoin of the same name, has launched a blockchain platform for securities settlements;
  • Juventus Italian football club will release collections of digital cards featuring their players. They can be purchased through the Solare blockchain platform;
  • the central bank of Sweden, together with the consulting firm Accenture, announced the start of testing electronic crown;
  • the Cardano network successfully hosted the Ouroboros Byzantine Fault-Tolerant (OBFT) hard fork;
  • Fintech-startup Ripple announced its intention to achieve interoperability between the XRP token and Ethereum using the Interledger protocol (ILP).