Bitcoin Daily: Samsung SDS Tests Blockchain Health Claims; Bermuda To Accept Digital Currencies; CIMB Singapore Does Blockchain Trade Financing

Samsung SDS will reportedly launch a blockchain-based medical claims processing system this month. According to CoinDesk, the new system will link all hospitals, pharmacies, insurers and other companies in the sector. After medical treatment, users will receive a message on the KakaoTalk messenger, and can press both a receipt button and an insurance claim button to send their information to the insurer.

In other news, Bermuda will now accept one-to-one U.S. dollar-backed digital currencies for the payment of government taxes, fees and services.

“Technology is the future. If you look at five of the six largest companies in the world today, they are technology companies,” said Premier David Burt. “We know that embracing new technology is necessary for the future growth of our economy, and so, in Bermuda, we are making sure that we are leading the world in facilitating innovation. If existing and new businesses cannot innovate in Bermuda, they will find other jurisdictions to innovate — meaning Bermuda will lose out on opportunities. It is essential that Bermuda remains a center of innovation, and continues to improve our competitive advantage in financial services.”

Telegram has filed a motion with the U.S. District Court for the Southern District of New York, asking that the court deny the U.S. Securities and Exchange Commission’s (SEC’s) request for a preliminary injunction, and requesting an order to maintain the offer, sale or distribution of Grams — its native crypto. Telegram is challenging the SEC’s assertion that Grams is a security.

The company said it has been working with the SEC regarding both the TON blockchain and Grams for the past 18 months, but the regulator has not provided any feedback. Telegram has accused the SEC of purposely remaining vague because the company promised to reimburse its investors if TON does not launch by Oct. 31.

“Despite the SEC knowing for 18 months that if the TON Blockchain did not launch by Oct. 31, 2019, Telegram would be obligated under its agreements with private purchasers to return the funds it raised, the SEC (i) never requested that Telegram delay the launch of the TON Blockchain; (ii) never advised Telegram of its intention to seek injunctive relief; and (iii) waited until the 11th hour to file an ex parte application to enjoin Telegram’s launch,” the filing stated, according to Cointelegraph.

CIMB Bank Berhad Singapore Branch and iTrust have announced the completion of their first structured trade financing transaction on iTrust’s Blockchain and Internet of Things (IoT) platform, centered on the financing of dairy products imported into China.

“Given the rapid technology shifts in the market today, we will continue to focus on digitalization and customer experience to transform the way we finance our corporate customers, thus adding value to our services. This blockchain trade financing with iTrust will present an opportunity for CIMB Singapore to support our customers more efficiently and cost-effectively. It mitigates fraud risk, and alerts us of any unauthorized movement of the financed cargo. We are looking forward to working closely with iTrust on this innovative way of trade financing in other markets as well,” said Mak Lye Mun, CEO of CIMB.