Daily Roundup 20th July – Smart Contract for UK law and Japan’s biggest Telecom Firm, India’s Crypto Hearing and Quebec Energy Prices for Miners

World’s fourth largest telecom company plans to implement smart contracts

Nippon Telegraph and Telephone (NTT) already patented its application. The patent outlines how the application encrypts and stores contracts decentrally. This way processes could become much faster and simpler. Also, NTT ensures that personal data will be more secure. As of now, it is unclear when exactly NTT will implement its patented application.

UK investigates how law could be reformed to use blockchain and smart contracts

U.K. Law Commission published a report today in which it stated that it is currently researching how it could use decentralized technology to its benefit. The report constates that blockchain technology could make data transactions and storage more safe and certain. An important aspect for the Law Comission seems to be also to stay competitive in comparison to other international courts.

Energy price doubles for Crypto miners in Quebec

Especially after China cracked down on Bitcoin and Altcoin miners, many miners settled down in Quebec. The French-Canadian province is famous for its cheap energy prices – or rather was. The country produces a regular surplus in energy. Therefore, it can afford to offer energy at low prices. Especially for households and utility users. However, this is not anymore the case for crypto miners that started their business in Quebec after the 6th of June. The regional government wants to ensure a consistent energy supply during high demand periods.

India postpones crypto hearing until September

News that could potentially catalyze a rally could be India’s decision to allow financial institutions to offer services for crypto based companies once again. It would be a step to a more crypto-friendly policy in the future. As of now, trading cryptocurrencies is de facto forbidden in the country. Understandably, Indian authorities struggle to enforce this law.

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