China continues to draw global attention after crushing it throughout the first quarter of 2018. From opening its payments market to foreign competition, diving into the digital era along with another powerhouse (India), the country applies creativity and imagination to business financing, powering emerging industries. In the years ahead, with the right regulatory approach and financing, China can leapfrog the world in fostering innovation.
While China’s fourth industrial revolution is believed to be powered by AI (+ the world’s most valuable AI startup is in China), the country’s governing structures are making significant resource commitments to get ahead in another area – blockchain technology and the opportunities it offers. As always the case with China, we are talking about billions – a $1.6 billion-dollar initiative comprised of a fund itself, a park, and a research institute, promises to help the FinTech industry in the country to enter the new era.
Pick #1. Chinese Blockchain Industrial Park Opens With $1.6 Bn Partially Govn’t-Backed Fund
A ¥10 Bn (~$1.6 Bn) blockchain innovation fund was announced during the opening of the Hangzhou Blockchain Industrial Park in China on Monday. The Xiongan Global Blockchain Innovation Fund is financed by the Yuhang District Government – 30% of the total funds are “government-guided” – the Future Science and Technology City Administrative Committee, and the Hangzhou Haoyu Investment Management Co, which will manage the fund.
The three blockchain-related entities – the industrial park, the fund, and the research institute – will give academic and financial support to the development of blockchain technology in Hangzhou.
Pick #2. State of Arizona Selects RiskSense Platform to Monitor & Manage Cyber Security Risk
The state of Arizona has deployed RiskSense platform to protect its 133 agencies from cybersecurity threats. Using the RiskSense Safety Score, the State has implemented a governance program to monitor and track each agency’s security posture and risk exposure to prevent breaches.
On average, the Arizona Department of Administration experiences 200 brute force attempts and 500 Trojan attacks per day; as well as 35,000 malware attacks and 500 SQL injection attacks per month. The RiskSense platform identifies what vulnerabilities are present in the State’s nearly 100,000 IT assets, including which agencies and devices are affected, and singles out those that pose the greatest risk and need immediate attention.
Pick #3. Apple Introduces Payment Request API for Apple Pay – Could Work with Interledger
Apple introduced a Payment Request API for the Apple Pay system that implements Ripple’s Interledger in Safari for iOS. The Interledger payment method is a protocol that can be used for sending payments among different ledgers.
“This specification defines the ‘interledger’ payment method for use, for instance, with the Payment Request API. With it, merchants can request a payment that follows the Interledger standards.
The Interledger Protocol defines a number of standards that can be universally applied to all payments, irrespective of the network used to initiate or receive the payment. These include a universal addressing scheme for any destination account, a two-phase request/response orchestration for payment authorization, and a standard message “signature” scheme using simple SHA-256 hash digests.” – GitHub project
An Interledger Address is an address for any account on any payment network that can be the target of a payment. This includes traditional payment accounts like bank accounts (identified by an IBAN or account number), or card accounts (identified by a PAN), but also accounts on newer networks such as distributed ledgers and crypto-currency systems. It is defined in the [interledger-addresses] specification.” – GitHub project
Pick #4. Opening Speech by Vice-President Ansip at the Digital Day 2018 (European Commission)
“…the European tech sector identifies AI and blockchain as the areas where Europe is best positioned to play a leading role. However, it is no secret that we have to invest – both politically and financially. There is quite some ground to catch up. Other continents are moving ahead quickly.
Today, I encourage those EU governments represented here to sign a declaration to work together more on artificial intelligence. This includes pledges to:
invest in AI development and deployment;
align national research agendas as much as possible;
make AI available to all companies and more public sector data available;
work together on ethical, legal and socio-economic aspects of AI.
I would like to see EU countries make a similar commitment to blockchain technologies – now moving out of the lab and going mainstream.” – Andrus Ansip, European Commission Vice-President for the Digital Single Market