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Venice, California based UNA Blockchain Introduces a DLT focused Ecosystem for the Automotive Industry

UNA Blockchain, a subsidiary of Hopium, the car manufacturer that develops “high-end” hydrogen sedans, is launching its new blockchain ecosystem.

Based in Venice, California, UNA Blockchain aims to position itself as a leader within the automotive sector, according to a release shared with Crowdfund Insider. The ethos of the business is “based on security, sustainability, transparency and ethics,” the announcement noted.

UNA intends to leverage partnerships with key players in the tech sector like IBM Hyperledger. The firm will also be backed by Hopium, its “genesis” partner that carried out an IPO in December 2020, resulting in its current valuation of more than $250 million.

As explained in the release,

“The [UNA] ecosystem will use IoT hardware to record unaltered data on a blockchain and a way of measuring emissions and assessing the impact of each vehicle on the environment. … UNA will actively participate in answering climate change issues while maintaining optimal data security.”

The release added that drivers will be able to create their own “digital passport” as well. By writing “individual” preferences to a blockchain or DLT-based platform, they’ll be able to seamlessly switch between vehicles without losing any settings or preferences by pulling the previously stored profile from the ledger.

As mentioned in the release, a test-drive will “instantly feel like home and driving a rental will no longer feel like a rental.” The announcement also mentioned that “not only does this remove pain points from the user, but also enables the company to study aggregate user preferences and learn about consumer [preferences and behavior] over time.”

The announcement added:

“UNA’s core value of transparency begins before the vehicle has been manufactured and shines a light on the supply chain leading up to the finished product. By tracing parts through the supply chain, UNA ensures partners and suppliers take environmentally-friendly … approaches to the manufacturing process, along with the added guarantee of high quality materials and workmanship. By keeping this detailed ledger, owners know exactly what went into their vehicle and have guarantees on each individual part in case of damages or failure.”

UNA’s ecosystem will offer improved security. As explained in the release, ownership of a vehicle may be recorded on a blockchain or DLT-based system. And access by “unauthorized” parties will “automatically be rejected,” the release noted while adding that user profiles may be managed via the blockchain.

This means that a family will have the option to assign several different users to the same vehicle. This concept of authorized users “extends to include both a ‘guest mode’ and a ‘child mode’ to grant access to specific individuals for set time periods,” the announcement noted.

As stated in the release, this “first chapter” of UNA’s history is part of a “greater vision to balance and decarbonize both the blockchain and the automotive industry.”

Launched in 2021, UNA is a US-based blockchain firm and subsidiary of Hopium, the hydrogen car manufacturer founded by racing driver Olivier Lombard.

UNA aims to embody the “next era” of automotive and claims that it is “poised” to take a leadership role within the automoble sector. With “an emphasis on security, ethics, transparency, and sustainability, UNA is leveraging ‘next-generation’ technologies to build a blockchain ecosystem capable of exceeding expectations,” the announcement noted.

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Japanese bank Sumitomo Mitsui launches the country’s first ‘a-1’ rated security token

Japan-based bank Sumitomo Mitsui Trust Bank, or SMTB, has launched its first asset-backed securities token in partnership with Securitize on March 29.

The instrument is the first security token compliant with the Financial Instruments and Exchange Act (FIEA) to launch in the Japanese Market. The token has received an “a-1 rating” from Japanese rating agency, Rating and Investment Information, Inc, suggesting the product is very likely to fulfill its short-term obligations.

The token was created by tokenizing paper-based beneficiary certificates representing investor ownership to an underlying asset. SMTB has also created a trust company to manage its underlying securitized investments.

SMTB issued the product using Securitize’ security tokenization platform. Securitize was founded in the United States in 2017, before launching a Japanese division that secured investment backed from some of the country’s leading companies including Sony, SBI, and Softank.

In March 2020, Securitize partnered with Tokyo-based LIFULL to create a tokenized real estate investment platform.

In an announcement shared with Cointelegraph, SMBT’s Hirohito Niji expressed pride in the bank embracing digital securities, stating:

“We are committed to proactively develop and deliver innovative solutions to our customers with their changing needs by combining cutting-edge digital technologies and our conventional trust bank expertise.”

SMBT is a member of the Japan Security Token Association alongside local telecom giants NTT and Softbank. The firm first began exploring blockchain in October 2016, when they teamed up with IBM to explore using DLT to improve the efficiency of its asset management, real estate, and banking businesses.

Security token offerings, or STOs, have recently been gaining mainstream acceptance in Japan, with the country’s Financial Services Agency recognizing the Japan STO association in May last year.

Japanese bank Sumitomo Mitsui launches the country\’s first \’a-1\’ rated security token

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CipherTrace and Blockchain Industry Insiders Comment on Updated FATF Guidelines on Virtual Assets and VASPs

Blockchain security firm CipherTrace has provided an analysis on the proposed Financial Action Task Force (FATF) guidance for digital assets and virtual asset service providers (VASPs).

On March 19, 2021, global anti-money laundering watchdog, the FATF, released a public consultation for its latest Draft Guidance on a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers.

As noted by CipherTrace, some important changes in the draft guidance are as follows:

  • DEXs or decentralized/non-custodial crypto exchanges and crypto-asset escrow services are considered Virtual Asset Service Providers (VASPs)
  • Stablecoins are virtual asset (VAs) and FATF Standards apply to these financial instruments
  • Only non-fungible tokens or NFTs that are able to potentially carry out money laundering (ML) and terrorism financing (TF) activities may be considered VAs
  • VASPs need to “assess and mitigate” proliferation financing (PF) risks
  • “Best practices” for counterparty VASP due diligence
  • Options for “mitigating peer-to-peer transaction risks”
  • Updated Travel Rule “clarifications and guidance”

As mentioned in CipherTrace’s blog post, FATF has clarified the definitions of Virtual Assets and Virtual Asset Service Providers.

The FATF doesn’t consider central bank digital currencies (CBDCs) to be a form of virtual assets. The agency “applies standards similar to any other form of fiat currency issued by a central bank,” CipherTrace noted.

The blockchain firm also mentioned that FATF considers decentralized exchanges, platforms, or apps to be VASPs.

As stated in CipherTrace’s blog post:

“A decentralized or distributed application (DApp), is not a VASP under the FATF standards—the Standards do not apply to underlying software or technology—but entities involved with the DApp such as owners or operators may be VASPs under the FATF definition.”

CipherTrace’s blog post added:

“VA escrow services, including services involving smart contract technology, brokerage services, order-book exchange services, advanced trading services, and custody providers are all VASPs.”

The CipherTrace analysis further noted:

“Some non-fungible tokens (NFTs) that may not initially appear to constitute VAs may in fact be VAs due to secondary markets that enable the transfer or exchange of value or facilitate money laundering, terrorist financing, and proliferation financing.”

CipherTrace added that assets “should not be deemed uncovered by the FATF Recommendations because of the format in which they are offered and no asset should be interpreted as falling entirely outside the FATF Standards.”

John Paul Koning, who focuses on monetary economics, financial inclusion, and cryptocurrency, pointed out that if you’re a shareholder of Uniswap (a leading non-custodial Ethereum token or ERC-20 exchange), then you’re likely a VASP.

Koning claims that these developments indicate that decentralized finance or DeFi “might be on the cusp of becoming KYC’ed.”

Brendan Blumer, CEO and Block.one, the company behind the development of EOS, a major blockchain platform for developing DLT-powered applications, has argued:

“DeFi is too often an intentional excuse to violate KYC & AML laws, but this will end abruptly. Compliant programmable finance will radically transform our financial system by displacing inefficient fee-taking middle-men and driving more value back to end-users.”

(Note: you may check out FATF’s complete report here.)

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Ant Group, the Fintech Division of Digital Commerce Giant Alibaba, Aims to be Carbon Neutral by 2030

Ant Group, the Fintech division of digital commerce giant Alibaba Group Holding Limited (NYSE: BABA), has made a commitment to become carbon neutral by 2030.

Ant Group’s management stated that to achieve the carbon neutral target within the coming decade will involve establishing a carbon neutrality fund. This will be done to support the ongoing research and development (R&D) of renewables and other new “green” technologies. The digital payments firm will also be working cooperatively with other industry participants to support green finance initiatives.

Ant Group further noted that it would be looking into ways to leverage blockchain or distributed ledger tech (DLT) solutions to support the ongoing climate effort. These initiatives may involve using DLT to more accurately track the carbon reduction process.

Ant Group’s management stated that it has outlined a roadmap to neutralize direct and indirect emissions that are associated with the purchase of electricity (starting in 2021). By 2030, the firm intends to completely cancel out carbon emissions from other sources it doesn’t actually  own or manage. This may cover key areas including business travel and supply chain.

Ant’s pledge or commitment to lower carbon emissions has come after the announcement of the resignation of the firm’s CEO Simon Hu.

Ant Group’s Alipay virtual payment platform had launched the Ant Forest green project back in 2016. It was found within the app and aimed to encourage its users to actively participate in low-carbon emission activities, like making utility bill payments via online platforms and walking to work or other places instead of driving. Green energy points that are earned by users taking part in the project may be used for planting more trees or for protecting a particular area of land for biodiversity conservation.

Other large firms have also made commitments to become carbon neutral within the next 10-20 years. These efforts are all part of an international focus and effort to reduce the harmful effects of climate change.

Apple (NASDAQ: AAPL) stated in July 2020 that it intends to become carbon neutral across all its main businesses by 2030.

Microsoft (NASDAQ: MSFT) previously pledged to become “carbon negative” in the coming decade. The tech giant said it plans to cut more carbon from the environment than it produces.

Amazon.com Inc. (NASDAQ: AMZN) co-founded The Climate Pledge in 2019. It’s basically a pledge to become net-zero carbon across its different businesses within the next 20 years, – which would be 10 years ahead of the Paris Agreement.

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MicroWorkers Integrates with Ontology’s ONTO Digital Wallet to Facilitate Additional Payment Options for Workers

MicroWorkers has integrated Ontology’s ONTO wallet in order to facilitate additional payment options for workers.

MicroWorkers’ integration of ONTO wallet completes the latest phase in their joint venture with the Ontology development team. Through the partnership, MicroWorkers plans to continue to promote users’ access to new and more flexible payment options.

As noted in an update from the Ontology team:

“To further their mutual aim of empowering microworkers across the globe, Ontology, the high performance, public blockchain specializing in decentralized identity and data, and global freelancing marketplace leader MicroWorkers (MW), have announced the completion of the latest phase of their collaboration.” 

Ontology is working cooperatively with Microworkers to carry out the integration of its ONTO Wallet with the MicroWorkers platform. The integration should allow users to get their rewards via payment methods other than PayPal and Payoneer, while “increasing access to capital for many around the world.”

As confirmed in the announcement, the online freelancing market is growing steadily and members of the nascent industry are leveraging blockchain or distributed ledger technology (DLT) to make their platform and marketplaces “more efficient.”

This latest announcement has come when interest in crypto payments and related services has been growing. MicroWorkers will now be leveraging the Ontology blockchain to support its “growing AI demands and enable workers and employers to use their ONTO digital wallets to receive and send crypto payments.”

The update further noted:

“MicroWorker users are also able to securely store and share their account history and reputation score through their ONT ID on-chain, allowing for cutting-edge encryption while placing sole control of the data in the hands of the user. With the initial test phase of the integration now completed, these services will soon be available to all MicroWorkers users.”

Li Jun, Founder of Ontology, noted that they’re proud that this collaboration will allow users and employers of MicroWorkers to get paid via the ONTO app, “showcasing Ontology’s blockchain and identity platform as a way to deliver these much-needed services at a time when micro workers most need it.”

By using their ONTO digital wallet, MicroWorkers are able to withdraw Binance USD (BUSD) virtual currency, and then make deposits in Euros into their debit cards. This “greatly expands the amount of withdrawal methods and currency types available for users of MicroWorkers, giving them greater choice over how they get paid for their work,” the announcement noted.

While sharing other benefits this partnership should offer to users, the update revealed that there’s now a “significantly lower withdrawal fee rate, which at 2% is lower than other withdrawal methods on the current MicroWorkers platform.”

The update also mentioned:

“Additional benefits will be [also be] offered, including the elimination of card opening fees and the wider availability of digital currency rewards…. an income certificate can [also] be generated on ONTO with one click, which provides convenience for users when seeking related jobs, and also makes ONTO’s functions more demonstrative.”

Nhatvi Nguyen, CEO at MicroWorkers, stated that “by enabling this integration with Ontology, we are making significant strides in terms of how our workers can get paid.”

Nguyen added:

“We believe that this development will promote a new level of financial freedom among our platform users and enable them to benefit from the number of exciting new services that we have in the pipeline. We see blockchain and digital identity as hugely important, and we’re dedicated to leveraging these emerging technologies to provide micro workers around the world with the best possible experience.”

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