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Quick Take

• From the outside, it may appear China is cracking down on crypto OTC trading, but the reality is more complicated.
• Law enforcement’s crackdown on internet-enabled financial crime has caused widespread fear among Chinese crypto users.

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The European Commission will issue a call for tenders for legal advice to help with its public sector blockchain project.

The contract is worth €60,000 and applicants have been asked to address “all conceivable relevant legal questions and challenges arising from the operation of the EBSI infrastructure” at both the network level and in terms of use cases.

The so-called European Blockchain Services Infrastructure is envisaged as a “blockchain backbone infrastructure for the public sector with, over time, interoperability with private sector platforms”.

The idea is that every member of the European Blockchain Partnership – which includes the 27 EU members, Norway, Liechtenstein and the European Commission itself – will run at least one node.

Its development will be financed from 2021 onwards under the Digital Europe Programme, which is focused on building the strategic digital capabilities of the EU.

Applicants for the tender have been asked to provide advice on potential legal vehicles that could operate the EBSI infrastructure, as well addressing as the legal implications of different governance structures for permissioned public blockchains.

© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Dell-owned software company VMware has commercially launched its blockchain platform for enterprises.

VMware first beta announced the platform in 2018 under the name Project Concord. The finished product, VMware Blockchain, is aimed at helping businesses to build and deploy decentralized applications.

VMware says its blockchain platform addresses the issues of scalability and performance with its proprietory consensus mechanism called Scalable Byzantine Fault Tolerance (SBFT). This mechanism preserves fault-tolerance and defense against malicious attacks, maintains decentralized trust, and supports governance in multi-party networks, VMware said.

The blockchain platform also supports the DAML smart contract language by crypto startup Digital Asset.

VMware is targeting financial services, manufacturing, retail, healthcare, and supply chain industry players as key customers for its blockchain platform.

“We have been focused on building an enterprise-grade blockchain platform that meets the most stringent application requirements of the financial services industry and other mission-critical distributed workloads that require reliable and high-performance blockchain services,” said Brendon Howe, VP and general manager of blockchain at VMware. “VMware Blockchain delivers to customers the enterprise features they need for production today and the flexibility to adapt to future needs in the rapidly evolving blockchain space.”

© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.