A summary of some of the widely followed stories on cryptocurrency and blockchain during the past 24 hours.
Blockchain-powered 'smart money' successfully tested in Australia
The Commonwealth Scientific and Industrial Research Organization's (CSIRO) digital innovation center "Data61" and Commonwealth Bank of Australia (CommBank) announced Wednesday that smart money, also known as programmable money, could be used to help manage insurance payouts, budgeting, and the management of trusts and charities in Australia. The technology was trialed in the National Disability Insurance Scheme (NDIS) using a prototype app.
South Korea's Myongji Hospital to use blockchain for medical info services
South Korea's Myongji Hospital, one of the largest in the country, has teamed up with local IT firm BICube to develop a blockchain-powered medical information exchange system. The partners intend to commercialize the service by 2019. The data exchange service will be provided by the hospital through the inter-hospital blockchain to other online hospitals after gaining the patients' consent to share the sensitive medical data.
German Crypto Exchange Bitcoin Group SE Buys Investment Bank Tremmel
German cryptocurrency exchange Bitcoin Group SE acquired investment bank Tremmel Wertpapierhandelsbank GmbH, aiming to significantly expand its service portfolio. The purchase price was not disclosed, but the company said it is in the lower seven-digit euro range. The closing of the deal is expected to be in the first semester 2019 and is subject to relevant regulatory approval. With the acquisition, Bitcoin Group expects to obtain the use of Tremmel's banking license, which will help to significantly expand its crypto-related offerings
Amex Files Patent For Blockchain System To Match Receipt Images
Financial services firm American Express or Amex has filed a patent for a blockchain-based system that can match the images of a receipt with stored records. According to a U.S. Patent and Trademark Office or USPTO patent filing, named "Linking digital images with related records", the system offers a new method to receive, record and transmit images of receipts. The blockchain-based system utilizes optical character recognition on the image. In July, Amex' travel unit had filed another patent for a blockchain-based system to automate proof-of-payments.
MUFG Bank to use RippleNet for new cross-border Payment Service to Brazil
Japan's MUFG Bank agreed with Brazilian bank Banco Bradesco S.A. to collaborate on developing a new cross-border payment service to the Latin American country. Under the agreement, MUFG Bank will develop the cross-border payments service between Japan and Brazil using San Francisco-based Ripple's global enterprise blockchain network RippleNet.
Current Prices
As of this writing, Bitcoin is 2.13 percent or $133.79 percent lower at $6162.23. Ethereum is trading down 4.98 percent or $10.25 at $195.02 on Coinbase.
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