Bitcoin Daily: China’s Cosco Shipping Will Test Blockchain Tool; Tech Mahindra Rolls Out Blockchain System; Texas Orders S. African Co. To Stop Selling Crypto In Lone Star State

China’s Cosco Shipping will test out Ant Blockchain from Alibaba’s Ant Financial in an effort to simplify its business, Coindesk reported Wednesday (July 8). The firms noted that blockchain could be used to send out documentation that can be authenticated and can’t be modified like import licenses and container records.

Cosco, which is based in Shanghai, has 1,330 ships in its roster with the ability to carry slightly below 106 million tons. Alibaba and Ant had started to experiment blockchain with China Merchants, the port company, earlier this year. And Tesla, the maker of electric vehicles, indicated at an earlier time in 2020 that it was piloting blockchain with the port authority of Shanghai to determine if it made importing items less difficult.

And Tech Mahindra rolled out a blockchain-based system for the entertainment and media sector called Blockchain based Contracts and Rights Management System (bCRMS), The Economic Times reported. The technology is meant to let production companies and those who make content to manage rights and monitor revenue, among other tasks. Tech Mahindra’s Blockchain and Cybersecurity Practice Leader Rajesh Dhuddu said per the outlet, “bCRMS is developed to usher in the next generation of digital rights management systems for the media and entertainment industry that orchestrate the entire media content life cycle workflows.” The technology is created on Hyperledger Fabric and harnesses technology such as forensic watermarking and content hashing.

On another note, The Texas State Securities Board announced an “emergency action” in the form of a cease-and-desist order to halt South African company Mirror Trading International PTY LTD, which was referred to as an “international, multilevel marketing” effort in a press release.

The Texas State Securities Board said in the release that the company seeks multilevel marketers to allegedly sell “fraudulent investments in a bitcoin and forex pool.” Investors buy the investments by moving bitcoin to the company, which is said to pool the cryptocurrency from investors and move them to forex brokers. Bitcoin is then reportedly traded via artificial intelligence (AI) on the forex market.

A Mirror Trading International representative said in an e-mail to PYMNTS, “We are dedicated to resolve this issue, but would like to assure all members that we have every intention of working with regulating bodies to understand our model and to ensure that we service our members legally and effectively.”

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