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#Blockchain Data Storage Could Soon Be The New Standard $SX $SX.ca $SXOOF $IDK.ca $AAO.ca $HPQ.ca $HIVE.ca $BLOC.ca $CODE.ca

Posted by AGORACOM-JC at 11:23 AM on Monday, June 25th, 2018
  • With growing concerns over data privacy and security, users are calling for companies to find better ways of handling sensitive information
  • Blockchain data storage has the potential to offer much-improved security solutions compared to traditional databases used today

Why Move to Blockchain Data Storage?

Data breaches have been a pressing issue for many tech companies over the past few decades. With an increasing amount of sensitive data stored on company databases, we have continued to see new hacks affecting a wide range of industries, leaving user data exposed. As a result, hackers have acquired information that has led to widespread identity theft, illegal data sells on the dark web, and other major concerns.

For example, the 2017 Equifax hack exposed tax ID and driver’s license details of 145.5 million people. In 2018, the issue only appears to be getting worse. Dixons Carphone reported that 7 million individuals had been affected by a hack that started in July 2017 but wasn’t discovered until June 2018.

In many cases, consumers not only have to be worried about the possibilities of such hacks but also the fact that companies are often unaware of the issues for months or even years.

While the implementation of GDPR does help make sure that more companies comply with data privacy standards, better security is also a big factor that companies need to research and implement.

GDPR

Potential Concerns for Blockchain

Since data has traditionally been stored on centralized databases, it has become more likely that any given hack will lead to a large amount of data exposure for a large number of users.

Despite the promises of blockchain to provide better security, it’s still important to consider some of the risks of blockchain implementation. Contrary to popular belief, the blockchain is indeed hackable. Sybil attacks, routing attacks, and DDoS attacks all present major security challenges for emerging blockchain projects.

For PoW consensus algorithm projects, 51% attacks executed by miners on blockchain networks have proven to cause big security issues for a number of projects. The Verge, and other projects, for example, have faced regular 51% attacks.

The fact that blockchain technology is still relatively new also means that the teams in charge of securing data have to consider a variety of possible (oftentimes theoretical) security scenarios. They then must design sophisticated solutions to prevent data breaches from occurring. In several cases, projects have had to make reactive changes to their security measures instead of being more proactive in preventing threats.

Scalability Needs Improvement

While security is a major concern, it’s not the only factor for companies and users to think about. Even with the advent of decentralized blockchains, there are still a lot of developments that need to happen.

It may take some time before companies and users can consider large-scale data storage on the blockchain an overall better solution. While security is essential for blockchain data storage adoption, so is usability.

In mid-2018, most of the major blockchains haven’t demonstrated enough scalability yet to meet potential increases in user demand. When thinking about cryptocurrency payments on the blockchain, the amount of data storage needed is actually quite low, considering the large amounts of data needed to save photo and video files.

Projects like Storj and Filecoin are working on making cloud storage of large files not only possible but also practical.

For many companies and users, however, blockchains have an even more immediate potential to store sensitive data that requires less storage. For example, financial and identity-related information stored on the blockchain could soon become practical to implement even with a few small improvements in scalability.

There are a number of scaling technologies like sharding and off-chain protocols being researched and implemented. These can make blockchain data storage more scalable, potentially allowing millions (or even billions) of users to store data securely.

Advantages of Blockchain Data Storage

Even with these concerns, blockchain still has a few advantages over traditional data storage security. As mentioned above, traditional data storage solutions rely heavily upon centralized databases to maintain security. For hackers, the target to attack is much clearer. Once a hack is successfully executed on a centralized database, vast amounts of data can be accessed by hackers.

With blockchains and distributed ledger technologies, however, hacks are much more difficult to execute. In Storj, for example, only a small amount of data can be accessed in a hack since data is encrypted and distributed across a large network of databases.

Blockchain ultimately aims to eliminate the all-too-common news reports of large-scale hacks which affect millions of users as seen in companies of today that rely upon centralized databases.

The Potential of Blockchain Data Storage

A number of blockchain projects are aiming to make data storage more secure. The potential benefits promise to be groundbreaking for end users. Blockchain projects not only have the potential to create the architecture for inherently more secure data storage systems but also to allow individual users to have full authority over which parties are allowed to view data.

In many cases, blockchain projects are using native cryptocurrencies as part of tokenomic models. These allow users to monetize from any third-party data use while also preventing any possibility of identity theft and other issues seen in recent years due to large-scale data breaches.

Final Thoughts

With continued large-scale hacks of traditional databases, consumers are increasingly wary of vulnerable, outdated data storage technologies as well whether or not companies are keeping sensitive data safe.

Yes, blockchain technology still needs some improvements in security and scalability before it can be considered the hands-down, go-to solution for data storage.

It’s still to be determined when exactly blockchain can become the ultimate solution and when user adoption will follow. Still, there are many signs of a momentum shift away from traditional database technologies and towards better data security via decentralized blockchains.

Source: https://coincentral.com/blockchain-data-storage/

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$HPQ.ca Announces Date For Vote On Proposed Beauce #Gold Fields Spin-Out And Launches Accelerated Warrant Exercise Incentive Program

Posted by AGORACOM-JC at 8:36 AM on Wednesday, June 13th, 2018

Hpq large

  • Obtained the required interim orders from the Superior Court of Quebec (commercial division) in connection with its previously announced planned spin-out of Beauce Gold Fields by way of a Plan of Arrangement under the Canada Business Corporations Act
  • interim order, among other things, authorizes HPQ to call and hold an annual and special meeting of its shareholders, which will be held on August 10th, 2018 at the InterContinental Montreal Hotel 360 St-Antoine Street, Fraser Room at 10:00 am to consider and vote for the spin-out of Beauce Gold Fields into a separately trading public company

MONTREAL, June 13, 2018 — HPQ Silicon Resources Inc (“HPQ”) (TSX VENTURE:HPQ) (FRANKFURT:UGE) (OTC PINK:URAGF) is pleased to inform shareholders that the Company has obtained the required interim orders from the Superior Court of Quebec (commercial division) in connection with its previously announced planned spin-out of Beauce Gold Fields by way of a Plan of Arrangement under the Canada Business Corporations Act (CBCA) (February 8, 2018 Release). The interim order, among other things, authorizes HPQ to call and hold an annual and special meeting of its shareholders, which will be held on August 10th, 2018 at the InterContinental Montreal Hotel 360 St-Antoine Street, Fraser Room at 10:00 am to consider and vote for the spin-out of Beauce Gold Fields into a separately trading public company.

An Information Circular containing the Plan of Arrangement will be mailed to shareholders 25 days priors to the date of the meeting. The board of directors of the corporation has unanimously approved the arrangement and recommends that shareholders vote in favour of the Arrangement

The Arrangement remains subject to the satisfaction of closing conditions, including, among other things, approval of shareholders at the meeting, the final approval of the TSX-V, receipt of a final order of the court and the arrangement certificate from the Director of the Corporations.

DISTRIBUTION OF SHARES TO HPQ SHAREHOLDERS

Upon receipt of the final Court approval, the board of HPQ will determine the date of record for distribution of BGF shares to shareholders in concert with the TSX-V.

Patrick Levasseur of HPQ Silicon stated, “This order authorizing HPQ to hold a meeting and a vote on the spin-out of Beauce is a major milestone for the Company and its’ shareholders.  A favourable vote will finally unlock the potential gold value of the Beauce gold property and allow our shareholders to benefit both directly and indirectly from this great asset.” Mr. Levasseur further stated, “After more than a century of major historical placer gold mining in the Beauce, Beauce Gold Fields will be the first company dedicated to the exploration for a hard rock gold deposit as an origin of the gold placers.”

About Beauce Gold Fields

BGF is a wholly owned subsidiary of HPQ Silicon that is in the process of “Spinning Out” its gold assets into BGF, a new public junior gold company, subject to approval by TSX-V.

The Beauce Gold Fields project is a unique, historically prolific gold property located in the municipality of Saint-Simon-les-Mines in the Beauce region of Southern Quebec. Comprising of a block of 152 claims 100% owned by HPQ, the project area hosts a six kilometre long unconsolidated gold-bearing sedimentary unit (a lower saprolite and an upper brown diamictite). The gold in saprolite indicates a close proximity to a bedrock source of gold, providing possible further exploration discoveries.  The property was also hosts numerous historical gold mines that were active from 1860s to the 1960s (see HPQ SEDAR-filed report).

A Beauce Gold Fields presentation is available and can be downloaded via the following link. http://www.hpqsilicon.com/wp-content/uploads/2017/07/BGF-Presentation-V-Jul-2017.pdf

WARRANT EXERCISE

$ 205,538 was raised through the exercise of 2,936,250 warrant expiring on June 8, 2018.

EARLY WARRANT EXERCISE INCENTIVE

HPQ intends to implement a warrant exercise incentive program designed to encourage the early exercise of up to 6,674,600 out of the 12,305,000 of its outstanding unlisted 7 cents warrants.   The 5,630,400 outstanding unlisted 7 cents warrants that are not part of the program are held by insiders of the Corporation and as such are not entitled to benefit from the incentive program.

3,034,000 of the 5,939,000 Aug. 27, 2018 warrants currently exercisable at a price of 7 cents per common share will be part of the program while only 3,640,600 of the remaining 6,346,000 Dec. 24, 2018 warrants currently exercisable at a price of 7 cents per common share will be part of the program.

The warrants were originally issued by the company as part of a unit private placement financing first announced on Aug. 19, 2015, which closed on Aug. 27, 2015 and as part of a unit private placement financing first announced on Dec. 18, 2015, which closed on Dec. 24, 2015.

Pursuant to the incentive program, the company is offering an inducement to each warrant holder who exercises their warrants during a 30-calendar-day early exercise period by the issuance of one additional share purchase warrant for each warrant early exercised. Each new warrant will entitle the holder to purchase one additional share for a period of 18 months from the date of issuance of such incentive warrant at a price of 17 cents. The early exercise period will commence June 18, 2018, and expire July 17, 2018.  The incentive warrants will be subject to a four-month hold period from the date of issuance.

Warrant holders who take advantage of the opportunity to exercise their warrants early will strengthen the company’s current cash position and provide the company with additional working capital to finance our ongoing Gen2 Purevap work, general working capital and the cost of the Beauce Gold Fields Inc spin-out.

Depending upon the number of warrants exercised during the early exercise period, the company expects to:

  • Receive gross proceeds of up to $467,222 on or before the early exercise expiry date;
  • Issue up to 6,674,000 shares pursuant to the exercise of warrants by holders in accordance with the original terms of the warrants on or before the early exercise expiry date;
  • Issue up to 6,674,000 incentives warrants to warrants holders pursuant to the early exercise of the warrants on or before the early exercise expiry date.

The terms and conditions of the program and the method of exercising the warrants pursuant to the incentive program are set forth in a letter that is being delivered to the registered address of each eligible warrants holder, along with a form of warrant subscription agreement to be completed by warrants holders in relation to the issuance of the incentive warrants. Under the terms of the subscription agreement, warrant holders who wish to participate in the incentive program will agree to exercise their warrants and deliver the other necessary documents in consideration of the issuance by the company of the incentive warrants.

The form of letter and subscription agreement will be posted on the company’s profile on SEDAR and be available on the company’s website. Holders of warrants who elect to participate in the incentive program will be required to deliver to the company at Suite 306, 3000, Omer-Lavallée St., Montreal, QC, Canada, H1Y 3R8, by 5:00 p.m. Montreal time, on or before the early exercise expiry date, the following:

  • A duly completed and executed subscription agreement in the form to be provided to warrant holders by the company;
  • A duly completed and executed election to exercise form attached as Schedule A to their original warrant certificates;
  • Their original warrant certificates;
  • The applicable aggregate exercise price for their warrants, payable to the company in Canadian dollars by way of certified cheque, money order, bank draft or wire transfer.

Any warrants that are not exercised prior to the early exercise expiry date will remain outstanding and continue to be exercisable for shares of the company on their current terms.

The company will not be offering incentive warrants to brokers holding any broker warrants and the Company did obtain the consent of the holder of 660,000 warrants expiring Dec 24, 2018 exercised during the six (6) months period before the start of the incentive program and the implementation of the program.

The company may pay a finder’s fee in respect of certain exercises under the incentive program in accordance with policies of the TSX Venture Exchange.

The incentive program is subject to the receipt of all regulatory approvals, including the final approval of the TSX-V.

This news release is available on the company’s CEO Verified Discussion Forum, a moderated social media platform that enables civilized discussion and Q&A between Management and Shareholders.  Powered by Agoracom

About HPQ Silicon

HPQ Silicon Resources Inc. is a TSX-V listed resource company planning to become a vertically integrated and diversified High Purity, Solar Grade Silicon Metal (SoG Si) producer and a manufacturer of multi and monocrystalline solar cells of the P and N types, required for production of high performance photovoltaic conversion.

HPQ goal is to develop, in collaboration with industry leaders that are experts in their fields of interest, the innovative metallurgical PUREVAPTM “Quartz Reduction Reactors (QRR)” process (patent pending), which will permit production of the highest efficiency SoG Si.  The pilot plant equipment that will validate the commercial potential of the process is on schedule for start up in late 2018.

Disclaimers:

This release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The Incentive Warrants to be issued pursuant to the exercise of the Warrants have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or the securities laws of any state of the United States and may not be offered or sold within the United States or to, or for the account or the benefit of, U.S. persons (as defined in Regulation S under the U.S.  Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.

This press release contains certain forward-looking statements, including, without limitation, statements containing the words “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “in the process” and other similar expressions which constitute “forward-looking information” within the meaning of applicable securities laws. Forward-looking statements reflect the Company’s current expectation and assumptions, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. These forward-looking statements involve risks and uncertainties including, but not limited to, our expectations regarding the acceptance of our products by the market, our strategy to develop new products and enhance the capabilities of existing products, our strategy with respect to research and development, the impact of competitive products and pricing, new product development, and uncertainties related to the regulatory approval process. Such statements reflect the current views of the Company with respect to future events and are subject to certain risks and uncertainties and other risks detailed from time-to-time in the Company’s on-going filings with the securities regulatory authorities, which filings can be found at www.sedar.com. Actual results, events, and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements either as a result of new information, future events or otherwise, except as required by applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information contact
Bernard J. Tourillon, Chairman and CEO Tel (514) 907-1011
Patrick Levasseur, President and COO Tel: (514) 262-9239
www.HPQSilicon.com

Shares outstanding: 198,463,807

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How #Blockchain Technology Can Save The IRS $SX.ca $SXOOF $IDK.ca $AAO.ca $HPQ.ca

Posted by AGORACOM-JC at 11:14 AM on Tuesday, June 5th, 2018
  • IRS plans to spend $291 million updating 140 computer systems to help it implement the new tax law
  • InformIation-technology costs and other back-office operations will consume more than 90% of the money Congress is giving the IRS for implementation.
  • Overall, the IRS budget is estimated to be $11.4 billion in the next fiscal year

Adam Bergman , Contributor

According to a previously undisclosed Internal Revenue Service (“IRS”) document, the IRS plans to spend $291 million updating 140 computer systems to help it implement the new tax law. Those information-technology costs and other back-office operations will consume more than 90% of the money Congress is giving the IRS for implementation. Overall, the IRS budget is estimated to be $11.4 billion in the next fiscal year.

For the IRS, keeping up with changes in the tax law and new technology can be quite expensive. The internet has created many positive changes for the IRS, including reducing costs for many services, such as tax return filing, data analysis and the exchange of information.  However, it seems that once again a new technology revolution is upon us; blockchain.

Shutterstock

Blockchain technology is based on the ideals of trust, security, speed, and cost efficiency. A blockchain is a digital ledger and can be designed to record any type of public or private transaction in real time.  The most widely used public blockchains involve cryptocurrencies, such as Bitcoin, however, blockchain technology can be employed without the involvement of cryptocurrency.

Cryptocurrency transactions, such as Bitcoin, are recorded in a blockchain, which can be thought of as a worldwide digital spreadsheet or ledger.  Blockchain leverages the capital of a large peer-to peer network to verify and approve each transaction.  Blockchain is encrypted and can be public or private. Blockchain encryption involves public and private keys (much like a two-key system to a vault) to ensure security. Each time a transaction is verified by a network, the transaction is stored in a block which is linked to the preceding block, thus, creating a chain.  Each block must refer to the preceding block to be valid.  In other words, if you wanted to steal a Bitcoin, you would have to rewrite the coin’s entire history on the blockchain.

Blockchain and its digital ledger platform can revolutionize the way data is analyzed, exchanged and stored by the IRS. Blockchain can help the IRS lower costs and increase security, as well as enhance the speed in which it accesses and reviews taxpayer data.  Here are just a few small examples of some of the issues the IRS is currently experiencing.

  • In 2017, approximately $600 billion dollars were rolled over from 401(k) plans to IRAs. Currently, the IRS could wait up to a year in order to receive the rollover data on the IRS Form 1099-R.
  • If a business pays an independent contractor an amount in excess of $600 during a taxable year, the IRS could wait up to a year in order to receive the data on the IRS Form 1099.
  • When a taxpayer mails a check to the IRS for a tax payment, the IRS may have to wait three to seven days for the transaction to settle.
  • The IRS reported that in 2017, there were 242,000 cases of taxpayer identity-theft reports, a big drop from 2015, but still a significant ongoing issue.
  • Spending within the IRS has declined by $533 million and its staff has dropped 14 percent since 2012.

The implementation of a private blockchain platform by the IRS can be transformational from a speed, security, and cost perspective.  Private blockchain or distributed ledger technology, as referred to by the financial services industry, can make the IRS a more cost effective and efficient regulator. Because tax return data is highly private, a public blockchain model, such as Bitcoin, would likely not be a suitable option for the IRS since anyone would be able to access and interact with it.  Whereas, a private blockchain model would allow the IRS and only other permitted parties to view the blockchain data. With a private blockchain model, transactions can be verified privately or by approved third-party verifiers, removing the need for anonymous miners who require a financial reward as well as the need for large amounts of electricity.

For example, when a bank or financial institutions transfers 401(k) plan funds to an IRA, the transaction can be verified and reported by the parties on a blockchain so that the IRS will have immediate access to the data.  The same technology can be employed for almost all Form 1099 related transactions, which amount to over one billion dollars a year, according to the IRS.  Likewise, a digital ledger platform could let the IRS or other government regulators audit individuals or corporations in real time, giving them instant access to financial or tax return related data.  Moreover, using a private blockchain platform will offer the IRS far more security against taxpayer identity theft because of cryptography. Smart contracts technology can help the IRS manage and enforce settlement agreements with taxpayers, as well as manage various other agreements with individual and corporate taxpayers.

We have just started scratching the surface of the potential impact of the blockchain revolution for all industries, including government agencies, such as the IRS.   As a 2016 PricewaterhouseCoopers (PWC) report stated, “Distributed ledger technologies offer institutions a once-in-a-generation opportunity to transform the industry to their benefit, or not.” Blockchain technology can potentially provide the IRS with a greater impact than E-filing. It will help the IRS save costs, allow for real time tax related data analysis, reduce fraud, as well as help agents better manage audits. The next time Congress is formulating a budget for the IRS, they would be wise to consider the many benefits that blockchain technology related investments can better the agency. Failing to do so could prove to be an IRS nightmare.

Adam Bergman is a tax partner with IRA Financial Group and president of IRA Financial Trust Company. Contact him via email at [email protected] or call him at 800-472-0646 Ext 12.

Source: https://www.forbes.com/sites/greatspeculations/2018/06/04/how-blockchain-technology-can-save-the-irs/#584ab320e7ab

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#Silicon’s Importance to the #Solar Power and #EV Battery Markets $FSLR $SPWR $CSIQ $NEP

Posted by AGORACOM-JC at 2:36 PM on Monday, May 28th, 2018
  • Silicon is one of the most unknown materials that’s used in everything from solar to pharmaceuticals
  • Also becoming an increasingly crucial component in the electric vehicle (EV) revolution, gaining fame as another prong in the battle against carbon emissions.

Silicon, found abundantly just beneath the planet’s surface, is the second most abundant element in the Earth’s crust.

Traditionally used in the construction of alloys for welding and brazing, its relatively newfound celebrity arrived in the late 20th century with the rise of silicon-based technologies in the Santa Clara Valley, which gave the region its well-known moniker: Silicon Valley.

Transcending microchips, new uses for silicon have transformed it into an essential component in the move towards renewable energy. Unlike typical metals, silicon is an excellent semiconductor which becomes more conductive as its temperature increases, making it critical in harvesting solar energy.

This INNspired Article is brought to you by:

HPQ Silicon (TSXV:HPQ) is a technology and resource company working towards becoming a vertically integrated producer of high-purity, solar-grade silicon metal.Send me an Investor Kit

“Silicon is one of the most unknown materials that’s used in everything from solar to pharmaceuticals,” HPQ Silicon (TSXV:HPQ) CEO Bernard Tourillon told INN. HPQ holds a portfolio of high-grade quartz properties in Quebec, Canada. Working towards becoming a vertically-integrated company across the quartz-to-solar cell value chain, HPQ has also partnered with PyroGenesis Canada (TSXV:PYR) to create a new carbothermic process to transform quartz into solar grade silicon in one step alone.

Silicon is also becoming an increasingly crucial component in the electric vehicle (EV) revolution, gaining fame as another prong in the battle against carbon emissions. The addition of silicon in the battery’s anode allows for the construction of longer-lasting lithium-silicon batteries. Projections from Persistence Market Research see lithium-silicon batteries remaining dominant through 2024 and beyond.

The reign of renewable energy

Solar power is now the most popular new form of electricity generation today. In a 2017 report, the Renewable Energy Policy Network for the 21st Century tallied the amount of energy generated by newly built power sources in 2016. The report found that more electricity was being generated by newly built solar panels than by any other method, surpassing wind, coal, gas and nuclear power for that year.

One reason for solar’s rise may be its cost. Renewable energy like wind and solar are now cost-competitive almost everywhere and are expected to become even cheaper. Whereas hydro power requires dams and other infrastructure, and biofuels require vast amount of crop residue, solar power and wind are virtually unlimited resources. The rise of wind and solar power has been so astronomical that other clean-energy technologies have only a limited chance of challenging their position for the next decade.

In 2018, BP forecasted a 400 percent growth in global renewable energy use by 2040, with solar power predicted to experience significant growth. Besides being cost-effective, solar power also ranks incredibly high in opinion polls. The Pew Research Center found in 2016 that “89 percent of Americans favor more solar panel farms,” while only nine percent oppose them.

Renewable countries and corporations

Helping to pave the way for a renewable energy future are corporations like Facebook (NASDAQ:FB). The globally-reaching company announced its aim to derive a minimum of 50 percent of its energy consumption from clean energy sources by 2018. Microsoft (NASDAQ:MSFT), in conjunction with Dominion Virginia Power, is also working with state officials to create a 20-megawatt solar project in the state.

In international rankings, the undisputed national leader in renewable capacity growth is China. The nation’s work towards counteracting air pollution due to industrial output has led to China accounting for the over 40 percent of global renewable capacity growth. Today, Chinese companies manufacture approximately 60 percent of all solar cells annually while China accounts for half of all solar photovoltaic power demand globally. The United States places second in the global rankings of solar power production, with Japan, India and Germany close behind.

Silicon in the EV revolution

Research by the Okinawan Institute of Science and Technology found silicon to offer “great advantages over carbon graphite for lithium batteries in terms of capacity,” adding that, although six atoms of carbon are needed to bind a single atom of lithium, a single silicon atom can bind four atoms of lithium simultaneously, essentially “multiplying the battery capacity by more than 10-fold.”

The downside to silicon anodes is that they expire more quickly, but companies like Sila Nanotechnologies are building prototypes which combine silicon and graphite to store as much as 20 to 40 percent more power than contemporary lithium-ion batteries, with BMW aiming to incorporate the technology into their designs by 2023.

Australian tech-firm 1414 Degrees announced in 2017 that they had designed a prototype molten silicon storage device which could easily surpass the Tesla 14KWh Powerwall 2 lithium ion battery’s capabilities. According to the company’s chairman, Kevin Moriarty, the prototype could store roughly 36 times as much energy while being roughly the same size as Tesla’s design.

Silicon in the energy metals market

In March 2018, Fortune reported that the transition from lithium-ion batteries to lithium-silicon could someday increase rechargeable battery life by as much as 30 percent, resulting from silicon anodes’ ability to hold more charge than their graphite counterparts.

Thanks to the EV revolution, the lithium, vanadium and cobalt markets are also greatly benefiting from the shift towards zero-emissions energy. The advantage silicon holds over its competitors, however, is its abundance.

Cobalt, one component of lithium-ion batteries, is seeing an uptick in interest in 2018. Prices rose in the first quarter thanks to an increasing demand from the battery sector, alongside more traditional uses of cobalt in superalloys. However, over fifty percent of the metal is sourced from the conflict-stricken DRC where questionable labor practices and a lack of transparency are commonplace. Coupled with increased mining royalties and an insurgency in the east, unease over cobalt supply abound.

The lithium market faces different concerns, namely potential oversupply, as well as the sector’s history of delays in mine ramp ups and processing problems. Addressing investors’ concerns at the 2018 PDAC convention, Alex Laugharne, a principal consultant at CRU Group, said the lithium market is “moving from a deficit into a sort of fairly balanced situation through 2018 to 2019, and that will keep prices relatively well elevated around where they are at moment.”

Vanadium prices rose in 2017, increasing from $25 per kilogram in the first quarter to $27 per kilogram in the second. Used primarily to produce high-strength steel and chemical catalysts, Vanadium is generating excitement based on its potential capabilities within vanadium redox flow batteries.

When compared to metals like lithium in the green-tech space, silicon is growing enormously. Global production of silicon reached 7.2 million metric tons in 2016, of which China produced 4.6 million metric tons. “The silicon market its already a $6 billion per year market and its growing 10 percent year over year, so it’s already six times the size of the lithium market,” said Tourillon.

Takeaway

Silicon’s abundance, combined with its applications in technologies like solar-panels and microchips, makes it one of the preeminent components of innovation in the 21st century. With the ongoing shift towards green energy driving solar farm and rechargeable battery production, the silicon market seems on-track to continue its tremendous growth.

This INNspired article is sponsored by HPQ Silicon (TSXV:HPQ). This article was written according to INN editorial standards to educate investors.

Source: https://investingnews.com/daily/tech-investing/cleantech-investing/silicons-importance-to-the-solar-power-and-ev-battery-markets/

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Clean Energy Revolution Needs Clean Solar Panels $HPQ.ca

Posted by AGORACOM-JC at 12:01 PM on Tuesday, May 1st, 2018

Solar energy is a clean alternative to fossil fuels; however, making the panels themselves comes with an environmental price tag.

  • Solar power is the fastest-growing source of that new renewable energy.
  • According to a report published by research firm Zion Market Research, the global solar panel market accounted for US$30.8 billion in 2016
  • Expected to reach US$57.3 billion by 2022, growing at a CAGR of 10.9 percent.

The Clean Energy Revolution is all about sustainability from cradle to grave. 

Both investors and consumers in this space want the manufacturing process for clean-energy products to have as small an environmental footprint as possible. Otherwise the movement away from fossil fuels will not lead us to a truly low-carbon economy.

Renewable forms of energy such as solar are key to that transition. In 2017, new renewable-energy-generating capacity surpassed that of net new fossil fuel capacity. “We are at a turning point … from fossil fuels to the renewable world,” Erik Solheim, head of UN Environment, told Reuters. “The markets are there and renewables can take on coal, they can take on oil and gas.”

This INNspired Article is brought to you by:

HPQ Silicon (TSXV:HPQ) is a technology and resource company working towards becoming a vertically integrated producer of high-purity, solar-grade silicon metal.Send me an Investor Kit

Solar power is the fastest-growing source of that new renewable energy. According to a report published by research firm Zion Market Research, the global solar panel market accounted for US$30.8 billion in 2016 and is expected to reach US$57.3 billion by 2022, growing at a CAGR of 10.9 percent.

The International Energy Agency (IEA) believes solar will dominate future growth in the renewable energy sector, with global capacity in five years’ time expected to be greater than the current combined total power capacity of India and Japan, reports the Guardian. “What we are witnessing is the birth of a new era in solar photovoltaics (PV). We expect that solar PV capacity growth will be higher than any other renewable technology up to 2022,” said Dr. Fatih Birol, IEA executive director.

That increased solar capacity will require more solar panels, and that means more silicon, the material responsible for converting solar energy into electricity.

Silicon is the solar energy metal

Silicon, an excellent semiconductor, is essential in the fabrication of solar panels. Unlike other metals, its conductivity improves as temperatures increase — making it ideally suited for solar-energy generation.

Yes, solar panels do not emit greenhouse gases when they are generating electricity; however, the conventional process for producing solar-grade silicon, or polysilicon, uses harsh chemicals and requires a lot of energy.

Environmental cost of conventional silicon production

According to a 2014 National Geographic report, the entire process results in the emission of greenhouse gases and the production of toxic chemicals. “The dirty little secret about solar panels is that while solar energy as a concept is green because you can generate electricity without generating pollution, you create a lot of pollution during the manufacturing of those solar cells,” Bernard Tourillon, CEO of HPQ Silicon (TSXV:HPQ), told INN. HPQ Silicon owns a portfolio of high-grade quartz properties in Quebec, and with PyroGenesis Canada (TSXV:PYR) is developing a new carbothermic process that has the capability to convert quartz into solar-grade silicon metal in just one step.

Although silicon is one of the most abundant elements on earth, it doesn’t occur freely but rather is found in compound form with oxygen as silicon dioxide (SiO2) or silica. Quartz is the most common form of silica. The conventional process for producing pure silicon from quartz and further refining it for use in solar panels requires a lot of energy and the use of caustic chemicals — leading to the emission of greenhouse gases and the production of the very toxic chemical silicon tetrachloride.

“Traditionally this is a very high-CAPEX smelter process that requires large-size plants and is extremely pollutive because to transform quartz into silicon metal by default you create carbon monoxide,” added Tourillon.

Silicon has a melting point of 1,414° Celsius, nearly that of iron. Freeing silicon from SiO2 requires passing quartz through a carbothermic process (basically adding carbon through extremely high heat) in giant electric furnaces, which in turn requires a lot of energy, notes Fengqi You, assistant professor of engineering at Northwestern University and a co-author of a study on the subject conducted in partnership with Argonne National Laboratory.

Further increasing the carbon footprint of solar-panel manufacturing, coal is often the source of energy used to heat the furnaces, especially in China where the majority of the world’s polysilicon and solar panels are produced. Hence, as the Economist points out, “when a new solar panel is put to work it starts with a ‘carbon debt’ that, from a greenhouse-gas-saving point of view, has to be paid back before that panel becomes part of the solution, rather than part of the problem.”

Nearly all of the silicon used in today’s solar panels comes from the refining of metallurgical-grade silicon using a chemical purification method known as the Siemens process, which involves the use of caustic chemicals, including sodium hydroxide and hydrofluoric acid. This process produces waste in the form of highly toxic silicon tetrachloride.

While most manufacturers recycle this waste to produce more silicon, the reprocessing equipment can carry a hefty price tag — in the range of tens of millions of dollars — leading some companies to dump the waste. Once silicon tetrachloride comes into contact with water it releases hydrochloric acid, which acidifies the surrounding soil and emits toxic fumes.

In an effort to crack down on illegal dumping of toxic waste produced by polysilicon manufacturers, environmental regulators in China shut down operations at several offending factories in 2017. The move sent prices of polysilicon soaring on shortages and spiked production costs for solar panel manufacturers.

Clearly, without sustainably produced silicon, solar panels are not a genuine clean-energy alternative to fossil fuels.

Game-changing technology

A potential solution to this challenge may come in the form of the fourth state of matter: plasma.

Plasma is a charged gas capable of strong, electrostatic interactions, making it a great conductor of electricity. Plasma’s semiconductive property is why in 2015, HPQ Silicon approached PyroGenesis, one of the largest concentrations of plasma expertise in the world, and inquired about the possibility of using its plasma-based knowhow to transform quartz into solar-grade silicon metal.

PyroGenesis has successfully developed plasma-based systems for the US Navy, including technology that destroys chemicals-based weapons, and has invented a plasma-based process for producing power for 3D printing that is now used internationally.

The resulting cooperation between HPQ Silicon and PyroGenesis led to the development of the PUREVAP™ Quartz Reduction Reactors process, a new carbothermic process that has the capability to convert quartz into solar-grade silicon metal.

In less than 18 months, the PUREVAP™ QRR process has demonstrated the possibility of converting quartz into solar-grade silicon metal at commercial scale in one step.

“Plasma is a very exciting area of technology. Our PUREVAP™ metallurgical process harnesses the advantages of plasma to commercially produce solar-grade silicon directly from quartz,” Peter Pascali, president and CEO of PyroGenesis, told INN. “If you can conduct that transformation in one step using a clean technology like plasma then without a doubt there are significant environmental benefits from that.”

A third-party revenue analysis of the process, conducted by private France-based Apollon Solar, found that at the commercial scale, the PUREVAP™ process could lead to the production of solar-grade silicon at a significantly lower cost compared to conventional processes.

PyroGenesis’ recent GEN2 testing results have validated the commercial scalability of the PUREVAP™ process. “The results we have achieved recently with the GEN2 PUREVAP™ give us increased confidence and assurance that at pilot scale, we will be able to reach significant higher production yields of the high-purity silicon metal that we are targeting,” said Pierre Carabin, PyroGenesis’ chief technology officer.

HPQ Silicon owns the PUREVAP™ technology as it relates to the transformation of quartz to silicon through a binding agreement with PyroGenesis. HPQ Silicon provides the strategic direction, marketing and funding for the project for a 90-percent interest.

HPQ Silicon, PyroGenesis and Apollon Solar are working together to conduct the GEN3 Pilot Plant phase, now in the planning stages, to further validate the commercial scalability of the PUREVAP™ process.

The takeaway

There are of course other factors that contribute to the carbon footprint of solar energy outside of how silicon is produced; for example, in the fabrication of the solar panels themselves. But solving this one challenge may still be a huge step forward for the solar industry and could bring the world closer to a more energy-efficient and environmentally sustainable future.

This INNspired article is sponsored by HPQ Silicon (TSXV:HPQ). This article was written according to INN editorial standards to educate investors.

Source: https://investingnews.com/innspired/environmental-impacts-of-solar-panels-manufacturing-threaten-the-clean-energy-revolution/?mqsc=E3953446

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INTERVIEW: $HPQ.ca Silicon Discusses Significant Commercial Scale Up Milestones From Gen2 PUREVAP $PYR.ca

Posted by AGORACOM-JC at 8:36 AM on Friday, April 20th, 2018

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PyroGenesis $PYR.ca Announces Significant Commercial Milestones with the Gen2 PUREVAP™ System for $HPQ.ca Silicon Resources Inc.

Posted by AGORACOM-JC at 8:40 AM on Thursday, April 19th, 2018

Pyr header 1

  • Announced significant commercial milestones with the GEN2 PUREVAP™ system for HPQ Silicon Resources
  • Company confirms that improvements and design modifications with GEN2 are generating significantly better results in terms of yield

MONTREAL, April 19, 2018 — PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSX-V:PYR), (the “Company”, the “Corporation” or “PyroGenesis”) a Company that designs, develops and manufactures plasma waste-to-energy systems and plasma torch systems, is pleased to announce significant commercial milestones with the GEN2 PUREVAP™ system for HPQ Silicon Resources Inc (“HPQ”).

The Company confirms that improvements and design modifications with GEN2 are generating significantly better results in terms of yield (total mass of Si Produced during one test) and production yield (conversion efficiency of quartz into silicon metal). The results to date have been summarized in a progress report which has recently been submitted to HPQ.

These recent results are positive indicators of the commercial scalability of the PUREVAP™ process. Significantly increasing the yield, and the production yield, with the GEN2 PUREVAP™ are both examples of such indicators. Of note, the results reported exceed not only those obtained previously, but more importantly, exceed the theoretical yields.

Results of yield and conversion efficiency achieved from tests done on the GEN2 PUREVAP™ are described as follows:

  • Yield:
    • Total mass of Si produced was 101.45g;
    • 11.5 times greater than GEN1 best result of 8.8g and 3.6 times greater than GEN2 previous result of 28.1g.
  • Production Yield (Conversion Efficiency):
    • 34.3%;
    • Astounding accomplishment considering the GEN2 PUREVAP™ physical limitations of the reactor;
    • Best efficiency to date and 2.5 times (+156%) greater than previous record production yield of 13.4%.

Additional testing continues with the expectations of further improvements.

 “The results we have achieved recently with the GEN2 PUREVAP™ give us increased confidence and assurance that at pilot scale, we will be able to reach significant higher production yields of high purity silicon metal that we are targeting,” said Mr. Pierre Carabin, Chief Technology Officer of PyroGenesis. “We are extremely pleased with the GEN2 PUREVAP™ progress results so far, and expect further improvements in the near term.”

About PyroGenesis Canada Inc.
PyroGenesis Canada Inc. is the world leader in the design, development, manufacture and commercialization of advanced plasma processes. We provide engineering and manufacturing expertise, cutting-edge contract research, as well as turnkey process equipment packages to the defense, metallurgical, mining, advanced materials (including 3D printing), oil & gas, and environmental industries. With a team of experienced engineers, scientists and technicians working out of our Montreal office and our 3,800 m2 manufacturing facility, PyroGenesis maintains its competitive advantage by remaining at the forefront of technology development and commercialization. Our core competencies allow PyroGenesis to lead the way in providing innovative plasma torches, plasma waste processes, high-temperature metallurgical processes, and engineering services to the global marketplace. Our operations are ISO 9001:2008 certified, and have been since 1997. PyroGenesis is a publicly-traded Canadian Corporation on the TSX Venture Exchange (Ticker Symbol: PYR) and on the OTCQB Marketplace. For more information, please visit www.pyrogenesis.com.

This press release contains certain forward-looking statements, including, without limitation, statements containing the words “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “in the process” and other similar expressions which constitute “forward- looking information” within the meaning of applicable securities laws. Forward-looking statements reflect the Corporation’s current expectation and assumptions, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. These forward-looking statements involve risks and uncertainties including, but not limited to, our expectations regarding the acceptance of our products by the market, our strategy to develop new products and enhance the capabilities of existing products, our strategy with respect to research and development, the impact of competitive products and pricing, new product development, and uncertainties related to the regulatory approval process. Such statements reflect the current views of the Corporation with respect to future events and are subject to certain risks and uncertainties and other risks detailed from time-to-time in the Corporation’s ongoing filings with the securities regulatory authorities, which filings can be found at www.sedar.com, or at www.otcmarkets.com. Actual results, events, and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements. The Corporation undertakes no obligation to publicly update or revise any forward- looking statements either as a result of new information, future events or otherwise, except as required by applicable securities laws.

Neither the TSX Venture Exchange, its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) nor the OTCQB accepts responsibility for the adequacy or accuracy of this press release.

SOURCE PyroGenesis Canada Inc.

For further information please contact: Rodayna Kafal, VP, Investor Relations and Strategic Business Development, Phone: (514) 937-0002, E-mail: [email protected]

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$HPQ.ca Reports Significant Commercial Scale Up Milestones From Gen2 PUREVAP $PYR.ca

Posted by AGORACOM-JC at 8:28 AM on Thursday, April 19th, 2018

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  • PyroGenesis Canada has confirmed that process improvements and design modifications are generating results that exceed expectations at this stage of development
  • Work continues in the Gen2 PUREVAP™ Commercial Scalability Proof of Concept Test Work
  • Results are summarized in a recently received progress report.

MONTREAL, April 19, 2018 – HPQ Silicon Resources Inc (“HPQ”) (TSX VENTURE:HPQ)(FRANKFURT:UGE)(OTC PINK:URAGF) is pleased to inform shareholders that PyroGenesis Canada Inc (“PyroGenesis”) (TSX Venture:PYR) has confirmed that process improvements and design modifications are generating results that exceed expectations at this stage of development. Work continues in the Gen2 PUREVAP™ Commercial Scalability Proof of Concept Test Work. The results are summarized in a recently received progress report.

GREATLY INCREASED YIELD AND PRODUCTION YIELD:

Significantly increasing the Yield1 and the Production Yield2 of the Gen2 PUREVAP™ through ongoing process improvements and design modifications are positive indicators of the commercial scalability of the PUREVAPTM process. The results reported by Pyrogenesis surpass the theoretical Production Yield referred to previously and result from continuous process improvements by the Pyrogenesis team.

Gen2 PUREVAP™ test #14 attained the following results:

  • Total mass of Si produced (yield) was 101.45 gr; 11.5 times greater than Gen1 best result of 8.8 gr (test #32) and 3.6 times greater than the 28.1 gr of Gen2 test # 007;
  • Production Yield reached 34.3%, a staggering accomplishment considering the Gen2 PUREVAP™ reactor physical limitations. This result is the highest to date and it’s 2.5 times (+156%) greater than our previous record: Gen2 test # 007 Production Yield of 13.4%.
  • These results are opening the way for further process improvements; design modifications and additional tests in order to further increase both the Yield and Production Yield of Si produced.

Bernard J. Tourillon, Chairman and CEO of HPQ Silicon stated, “These results confirm that our data driven, empirical and methodical approach is yielding phenomenal results. With every milestone reached, we are de-risking our project. Gen 1 testing proved that the PUREVAP™ QRR could convert quartz into Si while simultaneously increasing its purity and highlighted the key relationship between production yield and purity. Our ongoing Gen2 PUREVAP™ program has pushed the project from the lab to a semi-industrial scale. Results are validating the Commercial Scalability of the process while yielding crucial technical information that is allowing us to run ongoing concurrent development programs with a goal of decreasing the timeline to commercial deployment of the PUREVAP™ QRR process. Our objective for 2018 continues to be building on our technical successes as we get ready to commence the Gen3 PUREVAP™ Pilot Plant phase with our “Solar Silicon Team” of Pyrogenesis and Apollon Solar, as well as, building market awareness of our progress and plans.”

“The results we have achieved recently with the GEN2 PUREVAP™ give us increased confidence and assurance that at pilot scale, we will be able to reach significant higher production yields of high purity silicon metal that we are targeting,” said Mr. Pierre Carabin, Chief Technology Officer of PyroGenesis. “We are extremely pleased with the GEN2 PUREVAP™ progress results so far, and expect further improvements in the near term.”

Pierre Carabin, Eng., M. Eng., has reviewed and approved the technical content of this press release.

This Press Release Is Available On The Company’s CEO Verified Discussion Forum, A Moderated Social Media Platform That Enables Civilized Discussion and Q&A Between Management and Shareholders.

https://agoracom.com/ir/HPQ-SiliconResources/forums/discussion

About HPQ Silicon

HPQ Silicon Resources Inc. is a TSX-V listed resource company planning to become a vertically integrated and diversified High Purity, Solar Grade Silicon Metal (SoG Si) producer and a manufacturer of multi and monocrystalline solar cells of the P and N types, required for production of high performance photovoltaic conversion.

HPQ goal is to develop, in collaboration with industry leaders that are experts in their fields of interest, the innovative metallurgical PUREVAPTM “Quartz Reduction Reactors (QRR)” process (patent pending), which will permit production of the highest efficiency SoG Si.  The pilot plant equipment that will validate the commercial potential of the process is on schedule for 2018.

Disclaimers:

This press release contains certain forward-looking statements, including, without limitation, statements containing the words “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “in the process” and other similar expressions which constitute “forward-looking information” within the meaning of applicable securities laws. Forward-looking statements reflect the Company’s current expectation and assumptions, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. These forward-looking statements involve risks and uncertainties including, but not limited to, our expectations regarding the acceptance of our products by the market, our strategy to develop new products and enhance the capabilities of existing products, our strategy with respect to research and development, the impact of competitive products and pricing, new product development, and uncertainties related to the regulatory approval process. Such statements reflect the current views of the Company with respect to future events and are subject to certain risks and uncertainties and other risks detailed from time-to-time in the Company’s on-going filings with the securities regulatory authorities, which filings can be found at www.sedar.com. Actual results, events, and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements either as a result of new information, future events or otherwise, except as required by applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Shares outstanding: 195,527,557

For further information contact
Bernard J. Tourillon, Chairman and CEO Tel (514) 907-1011
Patrick Levasseur, President and COO Tel: (514) 262-9239
www.HPQSilicon.com

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Global #Solar PV Installations to Surpass 104GW in 2018 $HPQ.ca $FSLR $SPWR $CSIQ $NEP

Posted by AGORACOM-JC at 5:36 PM on Wednesday, April 18th, 2018

  • Global Solar PV Installations to Surpass 104GW in 2018
  • GlobalsolarPV market will add over 100 gigawatts of capacity for the first time in 2018 — and there is no looking back.

Key findings from GTM Research’s latest Global Solar Demand Monitor.

Mike Munsell April 16, 2018

According to the latest Global Solar Demand Monitor from GTM Research, installations will reach 104 gigawatts this year, representing 6 percent annual growth. After that, annual installations will easily exceed the 100-gigawatt milestone through at least 2022.

The year-over-year growth is due in part to geographic diversification, as the top four markets are anticipated to collectively decline by 7 percent.

Source: Global Solar Demand Monitor, Q1 2018

Installations in China will fall from 53 gigawatts in 2017 to 48 gigawatts in 2018, although China alone will account for 47 percent of global demand this year.

For the first time in China’s history, annual distributed solar installations (<20 megawatts) are expected to surpass 50 percent of the nation’s annual installed capacity.

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“Trade-restrictive measures continue to be a barrier to growth in the U.S. and India,” said GTM Research solar analyst Rishab Shrestha. “Although the availability of tariff-free modules in the U.S. and the announcement that compensation will be provided to Indian developers negatively impacted by tariffs and duties provides some encouragement.” According to the report, the U.S. market is expected to add 10.6 gigawatts of solar PV in 2018 while India will install 7.1 gigawatts.

In 2018, Latin America will add 5.6 gigawatts and the MENA region (Middle East and Africa) will add 4.7 gigawatts, representing explosive year-over-year growth of 61 percent and 281 percent, respectively. Up to 1 gigawatt of projects awarded through Mexico’s A1 auction are expected to come online this year, as is Egypt’s 1.8-gigawatt Benban solar park. These two markets will top their respective regions in 2018.

According to the analysis, Egypt and Brazil will become gigawatt-scale markets for the first time in 2018. This year will also see the re-emergence Spain. Meanwhile, France, which will firmly establish itself as one of Europe’s top three largest markets.

Number of Gigawatt-Scale Solar Markets by Year

Source: Global Solar Demand Monitor, Q1 2018

Source: https://www.greentechmedia.com/articles/read/global-solar-pv-installations-to-surpass-104-gw-in-2018#gs.7nb29HI

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#Blockchain can be new economic pillar $SX $SX.ca $SXOOF $AAO.ca $HQP.ca #Blockstation

Posted by AGORACOM-JC at 11:34 AM on Monday, April 9th, 2018

  • Bermuda is placing the emphasis on quality over quantity when it comes to attracting business opportunities in the blockchain and digital currency sector
  • If it gets things right the advantages will likely include adding a new pillar to the economy that can generate revenue to help reduce the island’s $2.5 billion public debt, together with the creation of jobs, education opportunities

Scott Neil, Assistant Business Editor

Apr 9, 2018 at 8:00 am

Bermuda is placing the emphasis on quality over quantity when it comes to attracting business opportunities in the blockchain and digital currency sector.

If it gets things right the advantages will likely include adding a new pillar to the economy that can generate revenue to help reduce the island’s $2.5 billion public debt, together with the creation of jobs, education opportunities and increasing Bermuda’s reputation in global markets.

Those were points highlighted by Chris Garrod in a presentation on the topic to the Bermuda Chamber of Commerce.

Mr Garrod, who is a partner at Conyers, Dill & Pearman, is involved in the blockchain and insurtech space. He played a role in the Bermuda launch of blockchain-based tokens Unikrn and iCash during the past seven months. In addition, he is on both working groups that form the Government of Bermuda’s Blockchain Task Force, announced in November. The task force’s aim is to advance the development of blockchain technology in Bermuda.

Mr Garrod said Bermuda is seeking to be the world leader in blockchain, not merely the offshore blockchain leader. He acknowledged that there is stiff competition from the likes of Singapore, Switzerland, Gibraltar, British Virgin Islands and Cayman Islands.

He noted that Cayman has been “progressing the most” among competing jurisdictions, and said: “Most of the queries I am getting from clients are saying ‘We’re trying to decide between Bermuda and Cayman’. They like Bermuda because we have a new, young, tech-savvy Premier and a new government. They are Googling Bermuda to see if it is moving into this space.”

Mr Garrod believes blockchain will be the next internet, and said that will become apparent over time. Using an analogy, he said in terms of development blockchain is today at the same stage as the “dot-com era” of the internet, when the likes of the now defunct Netscape Navigator web browser ruled the roost.

He said with blockchain “there will be failures, like Netscape and Pets.com, but you will have survivors like eBay and Amazon”.

Mr Garrod explained there were financial and non-financial uses for blockchain. Describing non-financial uses of the technology, where no regulation is required, he mentioned a proposal to update land registry details on blockchain, an aim aired by David Burt, the Premier, during a discussion linked to the World Economic Forum in Davos, Switzerland, in January.

Other potential uses for non-financial blockchains are in the healthcare sector, where patient information could be speedily transferred and accessed between hospitals and institutions.

Mr Garrod pointed to the transport and shipping arena. He said Maersk, the world’s largest shipping company, has its own private blockchain allowing it to securely monitor movements of its cargo and goods. He also mentioned self-executing smart contracts, such as insurance policies that are automatically triggered when a specific circumstance occurs, such as a delayed flight resulting in a travel insurance payout.

In addition, Mr Garrod said: “Fifteen per cent of financial institutions are now using some form of blockchain.”

Financial uses of blockchain include utility tokens that are issued to fund a business and provide associated benefits, cryptocurrencies such as bitcoin and altcoin, which are bought as investments and are traded on exchanges, and security tokens that have attributes of both utility tokens and cryptocurrencies.

Mr Garrod said the next steps for Bermuda regarding its digital ledger technology and blockchain ambitions include amendments of the Companies Act, and the development of a code of conduct with anti-money laundering, and know-your-customer requirements. Further steps include the creation of a Virtual Currency Business Act.

Mr Garrod said: “Will our regulations be perfect to begin with? No. It is a fast-moving space.” However, he pointed out that Bermuda had successfully improved and streamlined its initial regulations for other sectors, such as insurance and reinsurance, in the past.

He added that the code of practice for the Virtual Currency Business Act, which is being finalised, will have stringent AML requirements, while the code of conduct for the ICO [initial coin offering] legislation is also in the works.

“The emphasis is still quality over quantity, which is what Bermuda has always tried to emphasise,” said Mr Garrod. “We have always taken that approach, whether it was our funds industry or our insurance industry, and that is going to be the same approach with this brand new industry — blockchain. We only want the best; the quality business.”

Source: http://mobile.royalgazette.com/international-business/article/20180409/blockchain-can-be-new-economic-pillar&template=mobileart

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