GMO Blockchain Open Source Software project enters fourth phase

Maria Nikolova

GMO Internet partners with GMO-Z.com RUNSYSTEM JSC to demonstrate the practical security applications of blockchain technologies.

There have been many announcements around the push of GMO Internet Inc. (TYO:9449) in the area of crypto currencies and related technologies lately. And today we got another one, as the company said its Blockchain Open Source Software project entered its fourth phase.

This time, GMO Internet has teamed up with GMO-Z.com RUNSYSTEM JSC to demonstrate the security applications of blockchain technologies. As many of you are aware, the enhanced security is one of the main advantages of this type of technologies.

One area in which this collaboration works is deterring illegal resale of tickets and the rollout of paperless tickets that are protected via the new technology. In a ticket sales system using this program, entrance permission is assigned to the address on the blockchain given by the ticket purchaser (event visitor), and the entrance permission is confirmed by the only key generated within the device such as smartphone owned by the purchaser. Thus a mechanism to prove entrance permission is achieved. GMO believes that any use of tickets acquired by means alternative to the the authorized sales is prevented. This also serves as a way to prevent illegal resale.

In the end of August, GMO Internet announced the launch of the third phase of GMO Blockchain Open Source Software Project, introducing its new Region Token. The open source Region Token is a program whereby municipalities and companies can issue their own tokens (points). Thanks to the storing processing rules of tokens in a blockchain without having to build a dedicated server for managing tokens and employing an administrator, it is possible to issue tokens and register shops as point service participants on the blockchain. The use of such a token is seen as a means for regional revitalization.

GMO Internet keeps working on new blockchain based technologies. In December 2016, the company started offering beta versions of Z.com Cloud Blockchain and ConoHa blockchain services. In July 2017, GMO Internet launched GMO Blockchain OSS, an open-source project enabling real service deployments.

Read this next

Digital Assets

AAX ranked world’s second largest spot exchange, only behind Binance

Crypto trading volumes experienced their first surge in activity since March as the majority of digital assets began their recovery from the recent grim price action, according to a new report by Cryptocompare.

Digital Assets

Bitpay teams up with Cardlytics to provide 15% cashback rewards

Crypto payment service provider Bitpay announced a partnership with Cardlytics Inc (NASDAQ:CDLX), which it says will offer more rewards for BitPay cardholders on its platform.

Digital Assets

BlackRock digs further into crypto with spot bitcoin private trust

BlackRock, the world’s largest asset manager with almost $8 trillion in AUM, has launched a spot bitcoin private trust for institutional clients in the United States.

Digital Assets

SEC fines Bloom Protocol, orders refund to BLT token purchasers

Blockchain startup Bloom, which raised $30 million in funds via an initial coin offering (ICO), has agreed to return the money to token purchasers and pay a $300,000 fine, the SEC announced.

Institutional FX

FX volume takes step back at Singapore Exchange in July

The Singapore Exchange (SGX), the country’s paramount exchange operator, has released its monthly volumes across its FX, derivatives and commodities segments for July 2022.

Market News

The Week Ahead: 12 August from David Madden, Market Analyst at Equiti Group

There was a spike in volatility last week when the US CPI report ticked down to 8.5% from 9.1%, missing the forecast of 8.7%. The announcement led to chatter the Fed might not carry out a 0.75% interest rate hike in September.

Digital Assets

Pomelo Pay adds crypto payments capabilities from TripleA

According to a June survey conducted by Deloitte, nearly 75% of retailers plan to accept either cryptocurrency or stablecoin payments within the next two years.

Executive Moves

Talos appoints “boss, mentor, and friend” Neal Pawar as strategic advisor

“Foundational technologies are needed for institutions to fully embrace this potential, however, and in my opinion Talos’s platform is steadily becoming the de facto industry standard for digital asset trading.”

Technology

Avelacom enhances Middle East connectivity amid new market trends

Avelacom found that smaller markets in the region were not sufficiently covered by third-party vendors.

<