Cryptocurrency Ether, the token transacted on the ethereum blockchain, witnessed a 3% rise on the Bitstamp exchange to touch $3,144 to set a new record. The present value of the digital currency has jumped 325% higher in the year so far, outgrowing a 95% rise of bitcoin. Both Ether and Bitcoin soared over 100% this year and hit a 2.5-year high on the last Sunday. The rise in Ether highlights the fact that investors are diversifying their exposure.
Birlasoft said it would adopt a platform-based strategy to offer a faster and outcome-based digital transformation solution to clients by investing in developing platforms for core industry processes. Revenue for the quarter ending December rose 5.7%, while profit jumped 32.6%. The first set of platforms will bring together the combined power of digital techs such as cloud, automation, IoT, edge computing, artificial intelligence, 5G and blockchain, said CEO Dharmendra Kapoor.
Lygon, an Aussie platform of ANZ bank, the Commonwealth Bank of Australia, Westpac, IBM and shopping centre company Scentre Group announced minting industry’s first standardised digital bank guarantee using blockchain tech. The group, formed in July 2019, claimed that it was the first time blockchain has been used for a commercial banking product in Australia. The Lygon platform runs on the IBM public cloud and leverages it Blockchain Platform.
The govt will explore the use of blockchain tech to ring in the digital economy. “The government will explore the use of the blockchain technology proactively for ushering in the digital economy,” Minister of State for Finance Anurag Singh Thakur said in a written reply in Rajya Sabha. The MoS said that the govt does not consider crypto-currencies legal tender and will take measures to eliminate the use in financing legal or illegitimate activities.
IT firm Tech Mahindra and telecom analytics solution provider Subex joined hands to drive adoption of blockchain-based solutions for telecos across the globe. These solutions will reduce fraud, drive operational efficiencies for telcos by reducing compliance issues and faster time-to-market. Tech M will use its capabilities in OSS and BSS domain, while Subex’s will exploit its blockchain network and the capabilities of an enterprise-grade DLT network.
Synchrony and the University of Hyderabad have signed an MoA to help fund the country’s first blockchain project for providing financial services to farmers. The three year PPP project aims to bring farmers and financing experts together to simplify the exchange of information and payments. The key objective is to reduce the costs for farmers who cannot access loans from formal channels of lending and provide AI-based tools to project future cash flows of farmers.