Bitcoin Daily: India Central Bank Sets Up Blockchain Division; Samsung Subsidiary Blockchain Solution Streamlines Bank Transactions

Russian Airline S7 has experimented with an application based on blockchain that keeps track of data and paperwork related to plane refueling, CoinDesk reported. The company tested the system on a domestic flight with Alfa-Bank and Gazpromneft-Aero, the airline’s fuel supplier. In a statement, the airline said the system’s aim is to make transactions faster “without requiring advance payments and bank guarantees.” The airline also said the system made the process last only one minute and took away “a number of manual operations.”

The Reserve Bank of India (RBI) has reportedly created a division geared toward artificial intelligence (AI) and blockchain, Cryptovest reported. The new division, which is said to have been created a month ago, aims to bring the bank up to speed on emerging technologies and potentially draft regulations in the future.

“As a regulator, the RBI also has to explore new emerging areas to check what can be adopted and what cannot,” a person familiar with the matter told The Economic Times. “A central bank has to be on top to create regulations. This new unit is on an experimental basis and will evolve as time passes.”

In other news, a well-known figure in the digital currency community believes that bitcoin could drop to the $3,000 level, CryptoSlate reported. Morgan Creek Digital Founder Anthony Pompliano believes that the popular cryptocurrency will fall by 50 percent in the short term before arriving at $10,000. The price of bitcoin was $6,892.30 as of 8:47 p.m. on Monday (Aug. 27), according to CoinDesk.

A Samsung subsidiary, Samsung SDS, has unveiled a way to streamline bank transactions using the blockchain, The Next Web reported. The system was made for the Korea Federation of Banks (KFB) and allows users to make transactions on a mobile app after verifying their identities only one time. Users can also utilize a fingerprint, pattern or password to sign their transactions.