Lending network enables transparent credit history in Africa via blockchain partnership

African mobile banking platform Aella has partnered with Creditcoin Network to integrate transparent credit history by integrating all its transactions into Creditcoin’s public blockchain. In an announcement sent to Cointelegraph, Creditcoin said that all Aella’s credit transactions will be recorded on the Creditcoin blockchain, making it easy to audit and available for viewing through their block explorer. The recorded transactions will include the terms of the loan as well as payments and repayments. Creditcoin said that the partnership comes with the release of Creditcoin 2.0, an upgrade that makes the…

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Transparent financial systems won’t get real traction, blockchain exec argues

As the conversation around privacy intensified with the recent Litecoin (LTC) upgrade called Mimblewimble and regulators’ reaction to the feature, Adrian Brink, the founder of blockchain protocol Anoma, weighed in on the topic and shared his perspectives to Cointelegraph.  According to Brink, privacy is an essential tool for democracy because it prevents huge corporations from targeting people and segregating them into different bubbles. The Anoma founder told Cointelegraph that: “The fact that you have surveillance capitalism allows micro-targeting to such an extent that it can put people into their own…

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DLT makes diamond industry more transparent

Diamonds are some of the world’s most valued gemstones, and the global diamond industry has managed to remain afloat despite being partially eclipsed by the emergence of modern stocks and novel virtual assets. The diamond industry, however, appears to be undergoing a paradigm shift in recent times — incorporating modern technology such as blockchain to improve diamond production, tracking and ultimate sales. Leanne Kemp, CEO of independent technology company EverLedger, stressed the need for blockchain integration in the industry to improve the tracking of a stone’s provenance. Speaking on the…

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Transparent stablecoins? Conclusion of Tether vs. NYAG raises new questions

A long-standing legal drama finally found resolution on Feb. 23, with the New York Attorney General’s office announcing that it had come to a settlement with cryptocurrency exchange Bitfinex after a 22-month inquiry into whether the company had been trying to cover up its losses — touted to be worth $850 million — by misrepresenting the degree to which its Tether (USDT) reserves were backed by fiat collateral. According to the terms of the announced settlement, which now marks an end to the inquiry that was initiated by the NYAG…

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China Implements Blockchain Invoicing in Beijing for More Transparent Governance

The tax bureau of Beijing has officially announced that it will start implementing blockchain invoicing within the city on March 2. Beijing hopes blockchain invoicing can bring more transparency to taxpayers Beijing aims to bring blockchain’s unique transparency, traceability and immutability to its future governance with the usage of blockchain invoicing. The official announcement said that: “To reduce taxpayers operating costs, save social resources, increase consumer convenience for saving invoices and build a healthy and fair tax environment […]The tax bureau of Beijing has decided to pilot the application of…

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Blockchain Storage Offers Security, but Leaves Data Transparent

In November 2019, security firm Risk Based Security called last year the “worst year on record” for breaches, with almost 8 billion records affected. Third-party control over personal data makes privacy something that is no longer a given. The advent of blockchain technology seems to have heralded a new era in data security. However, as the technology has become more common on the internet, questions have arisen concerning its ability to securely store data. The reason lies in complete transparency that may not be good for confidentiality, as recently claimed by blockchain…

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Binance Charity Foundation’s Donation Records Aren’t Transparent Yet

The Takeaway: The charity arm of Binance was reportedly financed late last year by donations of at least $13 million. However, less than half of the donations made to the Binance Charity Foundation (BCF) are accounted for on BCF’s website, which shows under $6 million worth of crypto. BCF is partnering with the nonprofit AFRIpads for its Pink Care Token project but is still working to establish ties with actual recipients. The nonprofit has a long way to go until it can reach its stated goal of being “100 percent…

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