Weekly Cryptocurrency News Roundup – 20th May

If you are a fan of luxury items or simply love cryptocurrency so much that you always want to have it close to your back pocket, this past week delivers on all these.

Verify Your Luxury Goods

Ever felt the need to know if that luxury item you bought was an original or a ripoff? LVMH, the owners of Louis Vuitton and Christian Dior, has partnered with ConsenSys and Microsoft to develop a blockchain system that verifies luxury items.

The system, known as Aura makes it possible for you to access a product’s history and provides a proof of the authenticity of luxury goods. With Aura, you will be able to explore the whole journey of a luxury item, from raw material to point of sale and all the way to second-hand markets.

Crypto, A Big Part of The Future

It appears that Blockchain is getting a spotlight in the lead up to the American presidential elections. 2020 United States Presidential aspirant, Andrew Yang, says that Crypto is a big part of the future.

Speaking at a conference Andrew stated “I believe that blockchain needs to be a big part of our future. If I’m in the White House, oh boy are we going to have some fun in terms of the cryptocurrency community.”

Banks Invest in Digital Cash Settlement

Sources have hinted that some major players in the banking industry are currently investing $50 million, to create a digital cash settlement powered by blockchain technology.

The participating banks will reportedly be setting up a new entity called Fnality for the project, which could launch next year.

Proof-of-Work Patent

Tech giant, Amazon, has obtained a proof-of-work patent that enables them to build a proof-of-work cryptographic system. This system would be like what is used on various blockchains including Bitcoin.

Cryptocurrency and Blockchain in Your Pocket

Samsung is set to release smartphones with cryptocurrency and blockchain features. These smartphones will also come with wallets for Bitcoin, Ethereum and two other cryptocurrencies.

This was first reported on May 14. The Samsung Galaxy S10 series is reported to be the first smartphone to be released with these features.

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