Last weekend, Forbes held its 30 under 30 Summit in Detroit. Gracing the event were executives from BMW, Ford, and the Mobility Open Blockchain Initiative. They all took to the stage talking of how blockchain can be used to transform the auto industry in the U.S. While a horde of firms across the globe are exploring the potential of the new technology, perhaps the Detroit and Michigan auto industries stand to gain the most. Their auto industry was brought to its knees when motor vehicle production in America started to shift abroad in the early 2000s.
Detroit giant motor vehicle manufacturers, Ford and GM, are building a vehicle identity that tracks a car’s entire life in rare a partnership with their international competitors Honda, BMW, Groupe Renault, and other MOBI members.
The Cryptocurrency markets
In the previous week, Bitcoin experienced a tremendous rise from $7500 to $10,500 in just a few hours. This is after the Chinese president expressed his support for blockchain. Xi Jinping insisted that the country needs to take advantage of the vast opportunities presented by the technology. Genesis Capital has also reported a 38% rise in stablecoin loans in the third quarter of the year. The rising demand for the stablecoin that has an equal value to the U.S. dollar indicates an improving business sentiment towards to the crypto sector of modern finance. The positive attitude is most probably due to the two-fold increase in the value of bitcoin in the past one year.
Blockchain’s Regulatory Race to the Bottom
As the American regulators come to terms with blockchain and cryptocurrency innovations, they could be heading for the so-called ‘race to the bottom.’ Two major blockchain firms met the regulators head-on last month. Block.one, a blockchain builder, paid a fine worth $24 million for an unregistered security offering. Heath Talbert, CFTC’s new chairman, lead his firm in announcing Etherium as a commodity.
The Crypto Enterprise
Justin Sun took to twitter this week to reveal that Tron tokens and applications can now be accessed by Samsung Galaxy S10 users on their gadgets. The move gives Tron access to space earlier reserved for Bitcoin and Etherium. The integration with Samsung Blockchain Keystore makes Tron the latest example of how cryptocurrency firms are using enterprise partnerships to expand and capture more mainstream users. With more crypto firms reporting exponential growth over the years, the future of trade is undoubtedly going to be largely influenced by this ingenious technology.