Ben covers blockchain news from 2017: segwit2x gets cancelled, Italy considers blockchain for tomato tracing, the SEC warns celebrities promoting ICOs could face legal trouble if they don't disclose payments, and Visa launches crypto debit cards in Singapore.
Welcome to our weekly roundup of blockchain News. I'm Ben. Throughout this video, we'll be telling you about everything that's been happening in the blockchain universe this week. Please, we ask questions throughout the videos, so don't be shy to let us know what you think in the comments below. The biggest story this week is of course, the segwit2x in the comm after the storm, segwit2x was found dead in the water. The controversial update to increase the size of bitcoin's blocks that could have led to bitcoin forking itself has been put to rest by the creators themselves. Do you think that this was the right move? Alright, now let's talk about tomatoes. And in Italy, people have come under fire after an investigation revealed the exploitation of immigrant workers in the country's south, leading to debates over whether to implement blockchain technology. One side is arguing that blockchain technology will allow consumers to know the source and quality of their food products, and the opposition is arguing that blockchain technology can be limited in such a field and sometimes you just don't want to know where it comes from. Okay, so our question of the week comes out of China and it's Does China's government have as tight a hold on the crypto market as people thought? The short answer is no, because people are people and people will always find a way to make money. The more spiritual Chinese investors seem to be following the ancient Confucian proverb, the man who moves a mountain begins by carrying the smallest stones away from China. It seems that in spite of the government's hard stance against ICOs, Bitcoin and the subsequent regulations imposed on the market, Chinese investors are finding ways to wriggle their way out of the government's back pocket. Investors are doing things as small as dropping the government controlled messenger app WeChat for a more secure Russian based telegram, as well as bigger changes such as taking the crypto mining operations into less regulated areas. What is the future of Bitcoin in China? The United States Postal Service is one of the newest of what is sure to become one of the many companies and industries outside of the cryptoverse to embrace blockchain technology. Announcing a partnership with Beta, the consortium claimed that UPS will be implementing blockchain in systems used to track or monitor packages and facilitate payments between shipping parties. But this is only the beginning. The possibilities for blockchain are seemingly endless for ups, and they could lead to improvements in efficiency and transparency in every aspect of the business. Except the boxes themselves. Let's not make those transparent. It seems that UPS is one of the many companies stepping up to bring us greater transparency, even when it hurts.
What was in the box? What's in the box? Oh God. Oh God.
Alright. And now with a story out of Russia. Russia has announced plans to integrate blockchain technologies into its tourism sector within the next four, five to 10 years. Russia, where its warm beaches and big smiles have attracted tourists for decades, want to use blockchain technology so that tourists will be able to connect straight to service providers without the need for third parties or intermediaries. They believe this will lead to more responsible practices by tourism agencies such as paddleboat rental services, beach umbrella vendors and tiki torch manufacturers. Now we have just another reason to move to Cyprus. The SY CySEC plans to integrate a DLT into its ELT after signing a partnership agreement with the BARC. What does this mean? The Cyprus securities and Exchange Commission has announced that it will be integrating blockchain into its electronic payment system. It is their hope that this will lead to a more efficient, secure and simplified financial industry. This is just another reason to go to Cyprus, especially if you have an ICO startup in mind. So should we be getting our financial advice from celebrities? Well, the SEC says that's your business, but they warn that celebrities like Paris Hilton and Jamie Foxx who have been touting different ICOs could be illegal if they're part of an undisclosed paid promotion. They stress that it's in your best interest to do your own research and make decisions based on hard facts over celebrity endorsements. And also they'd like to remind folks that don't eat raw chicken and if you plan to go out in a snowstorm, wear boots. Now we have Visa, who has decided to be the first major credit card to jump into the crypto pool. Starting with Singapore, cardholders will now be able to use their Visa backed cryptocurrency debit cards to make purchases at over 44 million locations worldwide. Parents of students at the Montessori schools in Fliteron and Soho recently asked the chairman Marco Siosa, if they could pay their children's tuition with Bitcoin, to which she replied yes, and then very quickly added please. Though the school does not hold on to the Bitcoins themselves, it has offered a more affordable, reliable and efficient way for schools to process tuition payments, especially when you factor in the processing fees of most major credit cards. And out of the US in a year rife with conflicts regarding transparency in US government, especially with the past election, blockchain technology might be on its way to save the day. The blockchain firm Consensys has partnered with the U.S. department of State to explore all the potential applications of blockchain technology. Do you think that this could be a new age of transparency in the US Government? And really, do you want to know? And that's all the news for this week. Upcoming next week, we'll be bringing you Daily News. Please don't forget to subscribe down below and leave us any comments with any suggestions or answers to any of the questions posed today. This being our first crack at a weekly news update, we want to know what kind of stories you want to hear about. Do you want to hear more about finance or do you want to hear more about the different advancements in blockchain in all different types of industries? Please let us know what was interesting to you and what you would like to see more of in the future. Thank you.
