PayPal Submits A Patent Application for NFT Transactions

1. PayPal Submits A Patent Application for NFT Transactions

PayPal has advanced its efforts in the blockchain sector by filing a patent for a unique NFT purchase and transfer system. This proposed system, revealed in September but filed in March, is designed to facilitate NFT transactions both on and off the blockchain. While the specific third-party service provider for these transactions is not named, Ethereum is mentioned within the document. PayPal envisions this system to not just handle electronic collectibles but a broader range of digital and real-world items, from art and music to deeds and legal documents. The system is versatile, accommodating fractionalized purchases, enabling royalties, and supporting transactions without incurring on-chain fees. Additionally, while users can possess their individual digital wallets, they aren't mandated to, and the system can work with any currency.

2. Blockchain-Powered IDs: Brazil's Step Towards Secure Digital Identification

Brazil is launching a national identity program using blockchain technology, with the states of Rio de Janeiro, Goiás, and Paraná being the first to issue on-chain IDs. This initiative, developed by Brazil's national data processing service, Serpro, aims to securely digitize the identity of over 214 million Brazilians by November 6. Blockchain's immutability and decentralization characteristics make it suitable for this digital ID project, enhancing security and reducing fraud. Additionally, the system facilitates a unified ID issuance across Brazil, improving data exchange security between governmental departments. Moreover, Brazil is developing a central bank digital currency named Drex, designed to enhance business capital access and featuring controls like balance adjustments.

3. "UBS Asset Management Steps into Tokenization with Ethereum-Based Pilot

UBS Asset Management, a division of Switzerland's largest financial holding, announced its first live pilot for tokenizing a Variable Capital Company (VCC) fund, using its proprietary service, UBS Tokenize. This fund, representing a legal entity introduced in Singapore in 2020, will undergo a controlled pilot as a tokenized money market fund via a smart contract on Ethereum, aiding in fund subscriptions and redemptions. Part of the Monetary Authority of Singapore's Project Guardian, the initiative looks to tokenize real-world assets. While UBS has shown interest in blockchain, its CEO Ralph Hamers remains cautious about actively offering services related to alternative cryptocurrencies.

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