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Singapore Launches Blockchain Centre to Help Small and Medium-Sized Firms

A Singapore-based fintech startup has launched a massive blockchain centre to help small and medium-sized businesses in a number of industries. The six-story construction is located at Serangoon North. New Singapore Blockchain Centre to Provide Various Services to Small and Medium-Sized Businesses The new blockchain centre will be known as The Blockchain Technology Creatanium Centre (BTCC). It has been created by PLMP Fintech. The BTCC is hoping to provide various blockchain-based services for small and medium-sized businesses wanting to get started using the technological breakthrough. PLMP Fintech’s co-founder and chief strategy officer, Peter Lim, told local news publication Channel Asia Singapore about what he hopes the BTCC will achieve: “Having a successful business is all about building efficiencies and getting a suitable...

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World's Largest Bank Eyes Faster Asset Exchange With Blockchain

The Industrial and Commercial Bank of China (ICBC), one of China's "Big Four" state-owned commercial banks and one of the world's largest by total assets, is seeking to patent a blockchain system for the exchange of financial assets. According to a patent application filed by the bank in January and revealed on Friday, the system envisions a platform whereby participating institutions can function as nodes to form a distributed network. When a user from one institution initiates a transaction request, it triggers a smart contract causing every node to validate the transaction based on the information provided, including the sender's account balance, name and transaction amount. A transaction would be considered complete once the network has received sufficient validations from participating nodes...

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Sergey Brin says Google 'failed to be on the bleeding edge' of blockchain

Speaking from a blockchain conference in Morocco over the weekend, Google co-founder Sergey Brin said the internet giant missed its chance to be at the forefront of blockchain technology. Brin, who currently serves as president of Google parent company Alphabet, joined blockchain technology leaders and researchers on a panel at Richard Branson's exclusive Blockchain Summit. "We probably already failed to be on the bleeding edge, I'll be honest," Brin said. Although Google may have missed out on early adoption of the distributed ledger technology, Brin suggested that blockchain is within the wheelhouse of X, the company's semi-secret research division. "I see the future as taking these kind of research-y kind of out-there ideas and making them real — and Google X...

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What is Segregated Witness (SegWit)

Why? Bitcoin core currently has a 1MB hard-limit, which limited the number of transactions that can be fitted into a block and transaction speed to approximately 7 transactions per second What is it? Segregated Witness, or SegWit is where signatures (which account for over 50% of the transaction)are removed from Bitcoin transactions. These transactions becomes smaller in size, freeing up each blocks for more transactions to be included. As the signatures are no longer counted, the 1MB limit essentially ballooned into 4MB. Segwit attempts to strip off the signature and move it towards the end of the structure, increasing the number of transactions that can be fitted into a block. TXID: Transaction ID   Why Not Increase Block Size? Increasing...

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What is Lighting Network?

TLDR at the bottom of the page Why? Bitcoin transactions are slow and expensive. Transactions can take hours to complete, not to mention the high transaction fees that comes with it. Furthermore, the non-scalability of blockchains is a huge obstacles towards global adoption. The Lighting Network presents a solution to all the challenges mentioned. What is it? Lighting network is a network that resides on the Bitcoin blockchain, relying on channels created by users to send payments back and forth without broadcasting to the whole network. Since the transactions are essentially between two parties, it is almost instantaneous and the transactions fees are low, or even zero. A multisignature wallet is set up and would hold some amounts of Bitcoin.The address...

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