The State of the Market: Following news that the central bank of India would likely proceed with their ban on all crypto-related accounts, the crypto markets have turned red — with the total market capitalization decreasing from $275 billion to $266 billion over the last 24 hours. Despite the bearish news, bitcoin (BTC) and ether (ETH) have managed to maintain relative stability. BTC recorded a 2% loss on the day, down to just under $6,600 and ETH decreased by 1% to just under $470.

1) The Australian government has awarded IBM a $740 million contract for the development of blockchain-fueled technology solutions for various Australian government agencies. In particular the contract calls for the implementation of blockchain within the Australian Department of Defence and a system whereby civilian identification data would be stored in a blockchain. The project’s mission is scheduled for implementation over the next 5 years (read more).

2) A slew of major companies unveiled blockchain related patents today, signalling increased interest from transnational corporations. IBM filed a new patent application which outlines a system for cataloging coding updates and goals on a blockchain. German car manufacturer Volkswagen has applied for a patent for a blockchain-based vehicle network that could enhance road safety by warning drivers of potential collisions and nearby vehicles. And Western Union has filed a patent for a system that manages recurring transfer notifications and payments for a cryptocurrency network (read more).

3) Ontology (ONT), the 23rd largest cryptocurrency with a market cap of $758 Million, announced two major partnerships today. The first was with CCX Credit Technology, a leading credit technology service provider in China with over two decades of experience will provide enterprise investigation for Ontology’s ecosystem to enhance its reliability. The second was with the China Financial Certification Authority (CFCA) with the aim of creating a robust trust ecosystem through CFCA’s identity authentication services (read more).

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