Summary:
- UAE Govt. to strengthen its position in blockchain and artificial intelligence
- Oil giants’ blockchain trading platform already launched
- Major cryptocurrencies experience some losses after a slight recovery
Friday has not been successful for cryptocurrency traders compared to previous days. Major cryptocurrencies have experienced some losses after a slight recovery seen recently. The capitalization of the whole market sits a little below $130 billion. Looking around various coins it’s worth focusing on Bitcoin (BITCOIN on xStation5) and DASH (DASH on xStation5) which have not performed well so far being roughly 6% lower on the day.
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Bitcoin (BITCOIN on xStation5) has experienced heavy losses giving back around 6%. Source: xStation5
Oil giants’ blockchain-powered trading platform goes live
The blockchain-based oil trading platform created by Vakt Global, a consortium formed a year ago by some major companies including BP and Shell, was launched on Wednesday, as Reuters reported. The new platform could be an answer to some inefficiencies the industry faces. The blockchain-powered solution may potentially, for example, speed up crude oil deals, reduce costs significantly, and provide security. Access to the platform is now limited, only companies participating in Vakt could use it, but it will be opened for other users in January 2019, according to Reuters.
Dash (DASH on xStation5) declined below the $90 handle once again. As a result, the virtual currency is trading close to its recent lows. Source: xStation5
UAE wants to strengthen country’s position in blockchain and AI
The two blockchain-related initiatives were unveiled during the Second UAE Government Annual Meetings which took place in Abu Dhabi. The first idea presented in the capital of the country was the AI and Blockchain Guide aimed to provide a federal standardized definition of blockchain and artificial intelligence. What’s more, the Guide aims to make relevant authorities familiarized with concepts of artificial intelligence. The second project, called the National Programme for AI and Blockchain Capacity Building, is focused on scholarships and educational university programmes in the field of blockchain and artificial intelligence. Additionally, the mentioned Programme “offers specialised one-day or one-week training programmes, to train Emirati staff across all professional levels, and seeks to integrate Artificial Intelligence in the different stages of education”, as the Emirates News Agency reported. “The UAE is keen to adopt AI and Blockchain technologies in all the economic, health, educational and other vital sectors”, Omar bin Sultan Al Olama, UAE’s Minister of State for Artificial Intelligence, said, cited by the Emirates News Agency. Furthermore, UAE wants that as much as 50% of government transactions will be conducted by using the blockchain platform, according to the Emirates News Agency.
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