Kodak Reveals New Blockchain-Based Document Management System

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Thomas Simms reports:

Kodak Services for Business unveiled a blockchain-based document management platform during a two-day conference in New York, according to a news release published on June 5.

The company says the technology enables businesses and governments to better manage sensitive documents and keep them secure — automating workflows and archiving to ensure records can be accessed in real time.

According to Kodak, this system can help organizations achieve cost savings of up to 40% by improving productivity and preventing the loss of information.

Other products showcased during the event included Scan Cloud, which enables users to process data wherever they are.

“Smart Cities” were also discussed at the conference — a concept where cutting-edge technology is used to improve infrastructure and services in urban areas.

The company has used blockchain to establish databases before, and recently forged a partnership with RYDE Holding to build an image rights platform to protect copyright and help photographers monetize their works. Known as KodakONE, a limited beta test reportedly generated more than $1 million in licensing claims.

Back in February 2018, Kodak was forced to delay the launch of its KodakCOIN cryptocurrency in order to evaluate the status of potential investors — a day before a planned initial coin offering was due to start.

Last month, the Polish-British fintech firm Billon secured a $2.1 million grant from the European Commission to further the development of its own blockchain document management system.

Via Cointelegraph.com

Bahamas Central Bank Enters Agreement to Deliver First National Digital Currency by 2020

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Helen Partz reports:

The Central Bank of the Bahamas (CBOB) will enter an official agreement for development of a digital fiat currency system on May 30, local news agency the Nassau Guardian reports on May 29.

Tomorrow, the CBOB will sign an official agreement with transaction provider NZIA.io in order to build and implement “Project Sand Dollar,” the first digital currency in the Bahamas, the report notes.

The Bahamian central bank first announced NZIA as its key collaborator for the project in early March 2019, along with Singapore-based software development firm Zynesis.

The “Project Sand Dollar” initiative will be an “integrated, affordable electronic payment system for all businesses and residents,” the central bank said. The project will comply with local financial regulations, and aims to provide equal access to digital payments for the residents of the island country, reducing cash transactions and service delivery costs, as previously reported.

While the CBOB has still not announced the first selected islands to pilot the project, bank governor John Rolle reportedly claimed that the institution expects to fully adopt the project for the Family Islands by 2020.

The CBOB first revealed plans to introduce its own government-backed digital currency back in June 2018.

Earlier today, the president of Germany’s central bank, Deutsche Bundesbankwarned central banks about the potential risks of introducing digital currencies. The official said that the adoption of digital money could potentially destabilize the financial system during periods of crisis, as well as could “fundamentally change the business model of banks” even in a good economic environment.

via Cointelegraph.com