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Iceland’s Industry to Shift From Crypto Mining to ‘Pure Blockchain Business,’ Insiders Say

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Chairman of an Icelandic data center provider claims that the local crypto industry is going to shift from crypto mining to “pure blockchain business.”

Iceland’s crypto industry is expected to move away from crypto mining and shift to “pure blockchain businesses.This is according to forecasts made by a number of local industry insiders who talked to the news site Red Herring September 23.

Halldór Jörgensson, chairman of Reykjavik-based Borealis Data Center, told Red Herring that demand from local crypto and blockchain facilities is “shifting more towards the pure blockchain business,” rather than focusing on Bitcoin mining.

According to Jörgensson, the frenzy around Bitcoin (BTC) mining has declined to a level that is “not as crazy as it was a year ago,” when the cryptocurrency has hit its all-time price high. Despite that, the chairman has suggested that the Bitcoin mining “wavehas contributed to the faster growth of local energy and data industries, whose well-developed infrastructures are now expected to provide a boost to blockchain-related businesses.

Iceland has become one of the leaders in crypto mining due to its naturally cold climate, as well as the abundance of cost-efficient renewable energy sourcesmainly geothermal and hydroelectric. The country is home to one of the world’s 5 largest crypto mining farms, whose operator Genesis Mining is reportedly the single largest consumer of electricity in Iceland.

In February, Johann Snorri Sigurbergsson, the business development manager of a local energy supplier HS Orka, predicted that the volume of crypto mining in Iceland will likely double in 2018.

HS Orka’s CEO Asgeir Margeirsson claimed in July that the industry of crypto mining has pushed “the fourth revolution,” while the director of the Icelandic Institute for Intelligent Machines stated that Bitcoin miners are “central to the industrial revolution that is still under way.

However, HS Orka’s Sigurbergsson also argued that Bitcoin “probably won’t be here far into the future,” claiming that the data centers that are currently used by miners will eventually become new technology incubators.

Earlier this week, blockchain technology group Bitfury announced the launch of its new-generation BTC mining hardware, with plans to use the new machines in its mining centers in Canada, Norway, Iceland and Georgia.

Home Crypto News Korea Customs Service Partners with Samsung SDS to Build Blockchain Customs Platform
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Korea Customs Service Partners with Samsung SDS to Build Blockchain Customs Platform
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Korea Customs Service Partners with Samsung SDS to Build Blockchain Customs Platform

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Samsung SDS will develop a blockchain platform for the Korean customs service to fight customs fraud and forged documents.

The Korea Customs Service has signed an agreement with Samsung SDS to deploy blockchain technology for its customs clearance system, according to a press release published September 14.

Samsung SDS, the IT arm of electronics giant Samsung, will develop a blockchain-powered platform based on Nexledger, which will be used for export customs logistics services. Nexledger is a blockchain platform designed to provide an integrated solution to businesses looking to reduce expenses while managing digital financial transactions and data exchange.

The new product is reportedly aimed at organizations active in export operations, enabling them to streamline and secure document sharing at each stage, from customs declarations of the exported goods to the delivery, in addition to detecting and preventing the use of forged documents.

Along with the Korea Customs Service, forty-eight different organizations, including public agencies, shipping, and insurance companies have also entered the agreement.

The upcoming platform is not the first blockchain-powered logistics project developed by Samsung SDS. In June, the company revealed the Cello 3.0 platform, which will combine artificial intelligence (AI) technology and the company’s “logistics knowhow.

In August, Samsung SDS announced the launch of BankSign, a blockchain-based certification tool for banks and a joint project with the Korea Federation of Banks. BankSign reportedly enables customers to acquire a certification that is valid for up to three years, replacing the existing certificate system, which requires annual renewal and registration and authentication with each individual bank.

U.S. Customs and Border Protection is also looking to adopt blockchain for its shipment tracking system. The agency announced in August that it will launch a live test of the system, the results of which will define how blockchain is able to enhance the verification process of certificates of origin from partners of the North American Free Trade Agreement and the Central America Free Trade Agreement.

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