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New stablecoin FreedomCoin to improve gun transactions

New stablecoin FreedomCoin to improve gun transactions

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It is a common joke in virtually all countries that the ruling governments are inefficient and, in many cases, wasteful with their resources. Governmental departments will go into spending overdrive toward the end of the fiscal year in order to retain, or grow, their budget allotments, spending unnecessarily and costing taxpayers huge amounts of money. The founder and CEO of online retail giant Overstock, Patrick Byrne, believes that this all could come to a stop if governments would make the decision to embrace blockchains.

In an interview with MarketWatch, Byrne asserts that blockchain technology can make governments “superefficient, inexpensive and incapable of being bribed.” His comments came in relation to a new idea he is working on that would create “government-as-a-service,” and which includes a set of applications and companies that would be able to bring blockchain to a number of government-led services.

One country that could truly benefit from the new design, according to Byrne, is Venezuela. He asserts, “We could step into Venezuela with six laptops and create not only a functioning society but arguably one with the most advanced government systems in the world.” The crypto enthusiast and visionary added, “We could bring them a central bank on the laptop. Everyone in Venezuela downloads a free app, and suddenly you have the most advanced monetary system on the planet.”

Byrne isn’t just another CEO with too much time on his hands looking to grab the spotlight. He is a firm believer in the power of crypto and blockchain technology and has gone so far as to announce that he would sell Overstock in order to work solely on blockchains. The company also recently became the first to pay taxes in cryptocurrency.

He is well on his way to being a major force in the crypto ecosystem. His crypto trading platform, tZero, began operations this past January and he has something else in the works. He reportedly hopes to lead the crusade to disrupt the financial industry by introducing blockchain technology and has said that he expects to have a contract with at least one sovereign nation “very soon” in order to launch a wide-reaching government services overhaul.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

Having safe and convenient access to funds is a delicate business. Money that is locked down very securely may be too inconvenient to access. If it’s very convenient to get at, it may also be a security risk. nChain’s Sebastien Plötzeneder recently broke down Bitcoin SV’s (BSV) solution to this problem, as originally explained by nChain’s chief scientist, Dr. Craig C. Wright.

With Secure Split Key and Deterministic Key Generation, both technologies for which nChain holds patents, BSV can provide the best of both sides of the convenience-security spectrum. With this combination, Plötzeneder explains that there is no need for third parties to insert themselves, no unauthorized access to funds or data, and a superior ability to recover lost funds.

How does BSV achieve this? Through Secure Split Key, the private key can be split into several shares, and distributed to as many parties as necessary. If any part of the key is compromised, the rest of it is still secure. That makes it safe.

Access can be granted based on any security scheme the group decides on. A husband and wife together could agree they must use their parts of the key to unlock funds. Maybe it’s an individual and their wallet server. That makes your money and data as accessible as you want it to be.

Through the Deterministic Key Generation, common secrets are determined by the group, and digital signatures authenticate access. As Plötzeneder explains it, “Potential attackers are prohibited from successfully imitating points of access, even if they manage to gain parts of a common secret.” Thus, the authenticity of transactions is guaranteed, and privacy is secured.

Finally, Plötzeneder notes that because security can’t be compromised, attacks are “practically infeasible.” Thus we have convenience for the user, as they can decide to access the funds through a group security scheme, or through a combination of “a user’s set daily limits, PIN, or biometric smart card—set according to the user’s preferences and needs.”

To use a real world example use case, the current problems facing QuadrigaCX would be trivial if they had used the system described above. That company is unable to access their user’s funds because their now deceased CEO, Gerald Cotton, had sole access of the exchange’s private keys. Had those keys been split and distributed to several trusted parties, the funds would be available to the company despite the loss of their leader, and without fear of a single rogue member withdrawing all the funds for himself.

As Plötzeneder concludes, this is a key building block to nChain’s Metanet project. The innovation here provides a valuable alternative to the current status quo, since it’s a better way of keeping and sending money and data, and removes unnecessary third parties completely.

We don’t have to choose between convenience or security anymore. Thanks to nChain’s work, we’ll have the best of both worlds with BSV.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

True to its roadmap of enabling massive, secure on-chain scaling, the Bitcoin SV node team rolled out on Monday the updated version of the Bitcoin SV (BSV) client.

The BSV version 0.1.1 adds scaling improvements that will deliver “crucial capacity and performance increases to transaction propagation,” according to the node team. These include faster relaying of transactions to enhance security of instant transactions and larger network messages for handling higher volumes of transactions, as well as increased parallelization of network communication.

Among the notable changes in BSV version 0.1.1 are the removal of random delay, parallelization of inventory-handling code, increase in inventory message size and in max protocol message size. The DNS Seed servers were also updated to exclude the Bitcoin Cash (BCHABC) network; the updated node client also features optional logging of transactional sources; and large invalid block messages will now cause ban instead of disconnect.

Another important update to the 0.1.1 version is the addition of the Scaling Test Network (STN).

“The scaling-focused changes in the release have all been researched and tested in the private Gigablock Testnet which is now being relaunched publicly under the new name: Scaling Testnet (STN),” the Bitcoin SV node team said.

Available on GitHub, the BSV 0.1.1 version features the advances used to achieve the sustained 64MB blocks for straight 24 hours, which showed that the network is capable of delivering constant rates of over 300 transactions per second continuously during a full 24-hour period “with no problem.” Tests for 128MB blocks are already underway, and according to BSV Node lead developer Daniel Connolly, the early results are encouraging.

The global Scaling Test Network is open to anyone in the BSV ecosystem interested in participating in a “continuous flow of transactions with rates reaching 700 transactions per second.” This initiative, according to the node team, paves the way for the creation of an environment where scaling capabilities of existing solutions and scaling technologies can be researched and verified. To learn more about STN, visit the Bitcoin Scaling Test Network site.

The Bitcoin SV version 0.1.1 builds on the improvements made in the initial release candidate, which focused on protocol stability. This time, the node team rolled out modifications that enable massive scaling of the BSV network, allowing major enterprises to build confidently on top of the regulation-friendly BSV chain. As Twitter user Brendan Lee noted: “Bitcoin [now reborn in Bitcoin SV] is scaling on-chain, ready for the world to jump on-board.”

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

The Outlaw group has reportedly been using a sophisticated version of Shellbot to conduct attacks on Linux systems to mine privacy-centric coin, Monero (XMR). Shellbot is a Trojan that enables hackers to control infected systems through the use of a command-and-control server (C2).

Researchers at Jask Special Ops have been investigating the attacks in which control of infrastructure is seized allowing hackers to engage in illegal XMR mining. Personal and system data is stolen, tasks and processes are controlled, and command line shells can be remotely opened. Trend Micro says that the first of these IRC bots appeared in November 2018 and are the work of the Outlaw group.

The researchers pointed out that Shellbot has the ability to infect Windows systems and Android devices but instances of that occurring are very rare. The initial attacks in November compromised FTP servers at a Japanese art organization and a Bangladeshi government website. Jask concluded that a third attack broke into several Linux servers belonging to a single entity. In each case, the systems were infected with IRC C2 botware along with the haiduc SSH scan and network propagation kit. The systems also received a cryptomining malware script that uses illegally gained server resources which enable it to mine for XMR.

Organizations are targeted through denial-of-service (DoS) and brute-force methods. Compromised servers strengthen the Outlaw group’s botnet allowing them to continue their attacks. Jask Special Ops claims the current botnet is monetizing compromised systems by using distributed denial-of-service (DDoS) along with illicit cryptomining. The Outlaw group’s network propagation toolkit is reportedly using a Perl-based IRC bot for the purposes of obfuscation.

After investigating the received payloads, Jask Special Ops believes the configuration of the mining pool related to the latest attacks is a VPS provider in the Netherlands. This VPS provider hosts several gaming servers which Jask takes as a sign that the perpetrators of these attacks may have constructed their own cryptomining infrastructure on this VPS provider as opposed to using providers that are publicly available.

Jask speculates that the Outlaw group’s motivation for the attacks is similar to that of other groups that target exposed Linux servers: “Broad propagation and revenue generation through illicit cryptomining on abused infrastructure.” One of the reasons Monero mining appeals to hackers is because they can gain access to such a large volume of computers. XMR can be used to purchase goods and services that are available on the cryptomarket.

Jask’s mission is to reduce organizational risk and increase human efficiency by using technology consolidation, enhanced artificial intelligence, and machine learning. The company’s Autonomous Security Operations Center (ASOC) assists SOC analysts with focusing on threats, streamlining their investigations, and delivering quicker response times. Jask ASOC identified signs of post-infection behavior from the Linux devices that were infected. They are certain that compromised credentials through brute force or credential stuffing allowed hackers to access the victims’ infrastructure.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

The head of a Russian bank has compared cryptocurrency mining to ‘counterfeiting’, and warned the industry is unlikely to have a long-term future. In an English translation of comments delivered at the I Am Professional Olympiad, Andrei Kostin, head of VTB Bank, said he was not a fan of cryptocurrency or the mining process.

“I’m not a big supporter of crypto-ruble. For me, this is some kind of counterfeiting: a person is sitting and mining, the same as sitting and printing money. This is not happening yet,” Kostin was quoted by TASS news outlet as saying.

According to the banking executive, “There are a lot of negative factors. I’m not talking about the fact that cryptocurrency is considered dangerous from the point of view of money laundering, terrorist financing, etc.. Today both the Fed and the ECB regulate the market with monetary policy instruments, but this is impossible, there is no mechanism for regulating the cryptocurrency market.”

Kostin said that while the future for cryptocurrency mining was unsustainable, “there will remain a rather narrow niche in which the cryptocurrency will be used.”

His remarks come at a time of significant struggles for cryptocurrency mining companies, with many suffering the ill-effects of the ongoing collapse in Bitcoin Core (BTC) prices.

Similar opinions have been expressed by other banking executives, who have variously labeled cryptocurrency a fraud, a scam, a Ponzi scheme and a danger bubble. Broadly in-step with other senior bankers, Konstin’s comments have been called out by the crypto community as ‘naive’ and incorrect.

In reality, Kostin misunderstands cryptocurrency and the technology behind it. Particularly with Bitcoin SV (BSV), the comparisons to counterfeiting are misguided. BSV’s entire purpose is to present an alternative to fiat money, rather than emulating it.

It’s about peer-to-peer electronic cash, and a decentralized payment infrastructure—in many ways the antithesis of fiat money.

Unfortunately, Kostin is not alone in his misapprehensions, with other mainstream financial institutions still wary of cryptocurrency and the very real threat it poses to legacy banking and payment systems.

But as more merchants and institutional investors are won over, the proliferation of BSV as an alternative will only continue to gather momentum. We suggest Kostin might want to rethink his analogy. Rather the counterfeiting fiat, Bitcoin is out to replace it all together.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

Throughout the history of human civilization, leaders and governments have sought to collect data that would provide insight on citizens of a given nation or state. Occurrences of this method, known as the census, are peppered in past records. For example, we know that censuses are mentioned in biblical old testament times. We know the ancient Greeks did similar, as did the Chinese and Romans. India’s oldest recorded census occurred in 300 BC.

The level of detail, particularly in those times acquired by governing bodies was rather minimalistic. Sure, at times there were instances of outright abuse of the process, but in general, controversies were limited in their regional scope and nature.

As the world progressed through the ages, things started to slowly change. World governments became increasingly obsessed with surveillance. Snail mail would very regularly be intercepted, opened, and assessed. Perhaps not surprisingly, this method continues to occur today in many countries. Following Snowden’s revelations, the U.S. Postal Service acknowledged that it took photographs the front and back of all mail sent through the U.S.

But the digital age has blown the doors wide open. Now, we have gone far and well beyond the snooping of the odd piece of snail mail, and into the collation of every word that passes through a mail server, and every word you type into a search engine. In fact even every mouse movement on a webpage is tract. Your movements are indeed capable of creating your own signature.

The state may have its own strategy for surveillance in the digital age. But the power of surveillance has moved drastically from being a state sponsored operation, to an industry that thrives it. Certainly, industry giants like Google and Facebook are now in many regards as powerful, and in some regards, even more powerful than the state. Not only do they have good numbers on every ‘citizen’ of their software, but they have tireless algorithms sifting through volumes of data about you, identifying your every like, dislike, emotion, search, secrets, geographic movement, weekly routine and much, much more.

Enter the ‘Surveillance Economy’.

The surveillance economy gets its name for good reason. Your data is worth a lot of money. Particularly when sold in volume.

This is still a foreign concept to many, but perhaps the easiest way to illustrate this is this primitive example which many are familiar with:

How many times have you created a new email address, signed up to a couple of services online, only to find you are suddenly bombarded with countless junk that you never signed for, or let alone visited… It’s likely, your active email address was sold in bulk.

The rabbit hole goes much deeper than the spam email you may receive however. While you load up your favourite search engine online, you may be searching for something, but an algorithm in the back is recording and researching yourself in return. It is analysing your location, your routine, your favourite search terms, your likes, your illnesses and medical conditions, your compulsiveness and other behavioural traits… Indeed, you are the product.

Perhaps the most naive of us may think that it is lovely that the internet is full of so many fabulous free-to-use services. The unadulterated reality however is that nothing in life is free. For every service that you perceive free online, there is a cost. Your data is valuable, and there is a buyer out there.

Likewise, if ever you see a crypto-currency that claims to be completely free on transaction costs, be sure to scratch the surface. Such claims are a mere side-show and an intentional diversion. This is a red-herring.

This is why the original Bitcoin protocol also charges per transaction. A micro-cent. This is astonishingly small in isolation, but in volume, it creates an economy that rivals the enormity of the surveillance economy itself, and much much more.

Bitcoin is incredibly important in this entire paradigm. If the internet can somehow commercialise every operation, then the monetary value comes directly in a wealth of transactions and interactions.

Dr Craig Wright himself has been working on an invention to enable this paradigm shift. He calls it the ‘Metanet’. The revolutionary idea is backed by ground-breaking methods that enable it all to work. Bitcoin SV will now see a secure alternative to the Internet, built on the blockchain.

This new model is indeed ground breaking, but we are at the tip of an ice-berg. The new economy still needs to be built, and it will take time. But there is a direct commercial incentive for all of this to happen.

Every interaction comes with a cost. BSV’s Metanet is the realisation of this in its most direct form – money. In return, you are provided with legitimate privacy, quality data, and an ad-free experience.

Enter the Metanet Economy.

In some economic sense, Metanet is a natural state of the internet, free from the shackles of the surveillance economy. I say ‘natural’ because this would have been the logical, intended pathway of the internet, if only micropayments were easily doable and could be administered easily through a single yet decentralized system. Alas, the commerce world was not ready – not technologically anyhow.

nChain’s Dr Craig Wright likes to use Coca Cola’s ‘coke can’ as an example to demonstrate profits in volume. This is precisely how Bitcoin and Metanet work. Countless transactions of all kinds, and all genuinely tiny in fees, having very little impact on a user’s wallet, but in volume generating an abundance of revenue for miners and businesses, creating not just a self sustaining system, but an ever growing secure system.

The Bitcoin SV blockchain has already seen social media apps make their presence well known. We have Keyport for example which enables private messaging on the blockchain…

Metanet takes it a leap further… We can have email, search engines and even facebook on the blockchain, and to further illustrate the power of it all, Dr Wright has even stated that the internet itself can be made into a side-chain for BSV. By this statement, he points out the intent of making Bitcoin SV the global public ledger that underpins the bulk of internet activity.

As Bitcoin is capable of disrupting the financial industry, so too, metanet is capable of disrupting the surveillance economy, and the internet itself. Internet searches no longer need to be delivered with targeted advertising. But instead will be delivered with quality results that are incentivised directly with micro-cent transactions. Advertising models across the web would be overhauled. Supply chain logistics would be securely backed with transparency and clarity. Quality control takes an entirely new meaning…

Metanet is a big vision project. Like the Apollo missions, we don’t get anywhere by thinking small. The world is paved by big thinkers, visionaries, and builders. Reaching a big vision sometimes takes years, and sometimes decades. Bitcoin itself is now a decade long project that has run into its own share of hurdles.

But always look for small wins to culminate in the end goal. This is why nChain’s CEO stated “The Metanet will initially enhance, then eventually drive the Internet”.

Eli Afram
@justicemate

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

There hasn’t been a lot of communication out of Bitmain lately. It’s probably because the company is dealing with a lot of issues – it’s replacing its two CEOs, Jihan Wu and Micree Zhan, and has also had difficulty finding support for its initial public offering (IPO), even by the exchange it expected to host it. As the cryptocurrency mining company has seen one blow after another, it is becoming increasingly possible that the end is near. This is substantiated even more by the fact that its share of hashpower is now at the lowest point it has been in the past 16 months.

Early last year, Bitmain’s two mining pools, Antpool and BTC.com, controlled 42% of the hashpower of Bitcoin Core (BTC). There was concern that the company could eventually take over the entire ecosystem if it were able to continue to gain, but Bitmain quickly began to stumble and has been sliding downhill ever since.

According to The Block Crypto, Bitmain now only controls 26% of BTC’s hashpower. The drop is just the latest example of the company’s inability to properly manage its resources, an ineptitude that resulted in at least two offices – one in Amsterdam and another in Israel – being shut down, as well as the potential demise of an entire Texas town.

Bitmain was once reportedly the largest supplier of crypto mining equipment, in addition to operating the mining pools. However, questions began to surface early in 2018 over the company’s stability and purpose, especially in light of its inability to provide clear financial details. As the year progressed, it became more and more apparent that it was not as viable as it wanted everyone to believe, and is now possibly on its last legs.

Whether it is able to bounce back remains to be seen, but the odds are certainly not high. It has fallen out of favor with many in the crypto industry and has lost almost all the respect it once felt it deserved. As it has not been able to pay its debts and has inventory it can’t sell, the latest developments do not paint a bright picture for the company’s future.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

Cryptocurrency miner manufacturer Bitfury has teamed up with South Korean firm Commons Foundation to set up a network of crypto mining facilities in Paraguay.

In a statement, Bitfury said the partnership will bring about the development of “a series of transaction processing sites in Paraguay.” The sites, which will be equipped with Bitfury’s BlockBox AC mobile datacenters, will be powered by clean energy from the Itaipú hydroelectric power plant.

The team-up is part of Seoul-based Commons Foundation’s initiative called Golden Goose, whose goal is “to expand cryptocurrency and blockchain innovation in Spanish-speaking countries.”

“We are committed to increasing the security of the Bitcoin blockchain, both through innovation in our hardware portfolio and expansion of its network throughout the world,” said Bitfury CEO Valery Vavilov, noting that the company “has consistently prioritized the global decentralization of the Bitcoin blockchain.”

Sandra Otazú Vera, a senior staff attorney in Paraguay and advisor to Commons Foundation, expects the partnership between the two groups to “bring much-needed” innovation to Paraguay, which she says, “is exploring creative ways to use emerging technologies, like blockchain and cryptocurrencies, to benefit their economy and their citizens.”

Aside from the crypto mining facilities, Commons Foundation is also planning to launch a crypto exchange in late 2019. The exchange will use Bitfury’s Crystal analytics platform to conduct Know-Your-Customer (KYC) and anti-money laundering (AML) procedures.

Launched in 2011, Bitfury is considered to be the largest non-Chinese-owned crypto company, developing crypto blockchain software and providing infrastructure for crypto mining. The company also developed products like a digital ledger for crypto transactions, chips for mining machines and software for institutions, governments, and companies.

In November, it received a private placement of $80 million from investors including Naver-backed Korean investment firm Korelya Capital. The private placement comes on the heels of reports that the European company has been looking at different strategic options to raise funds. These include possibly holding an initial public offering (IPO) this year or raising debt financing as well as selling a minority stake in the company.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

A Blockchain-based Bill of Lading has been successfully tested. In a collaboration between IBM and Pacific International Lines (PIL), a shipment documentation between China and Singapore was executed within a second.

PIL, the world’s 9th largest containership operator, used IBM’s Blockchain technology to hasten shipping of 28 tons Mandarin oranges to Singapore for Lunar New Year. 

A Bill of Lading is an important documentation in facilitating international trade. It is a legally binding document bearing evidence of contract of carriage. It also has commercial information of goods as well as doubling up as a receipt. Importantly, Bills of Lading are used by banks to finance trading.

Traditionally, Bills of Lading are mailed to the consigned. The process takes between of 5 – 7 days to deliver. This is not only inefficient as it is slow and costly, it also poses danger to the integrity of such a crucial document.

Through blockchain technology, participating entities are able to have instant, tamper-proof tracking at no extra cost. In a complex logistics network that involves various points of cooperation such as government entities, banks, agencies, ports & terminals and shippers, a decentralized mode of communication highly simplifies processes. 

Hupco Pte Ltd (‘’Hupco’’), the participating client in the pilot, expressed satisfaction and confidence that the success signaled improvements to come for both shippers and consumers. Faster collection enabled by e-BL will help shippers reduce costs in refrigeration, port storage fees as well as strengthening of security – consequently preventing fraud. Consumers on the other hand can be assured of fresh goods delivered timely.

IBM has been developing blockchain solutions for supply chains. Harriet Green, Asia Pacific IBM CEO and Chair commented;

“A Blockchain-based trade network will be a game-changer….. The e-BL developed by the IBM Research Singapore will be critical in helping to establish an extensible ecosystem for trade, thus expectedly enhancing trade efficiently and building trusted trade relationships among the industry players.”

The collaboration to create the e-BL is part of PIL’s greater strategy to use blockchain. PIL intends to extend e-BL to shadow an end to end shipment in real time. Ultimately, it wants to ‘’create an intermodal transport logistics ecosystem that incorporates the use of Blockchain.”

A similar trial from Singapore to Brunei for a negotiable e-BL was also carried out. Notable participants included Bank of China Limited Singapore Branch (BOC). This is set to create an ecosystem to facilitate transactions and settlement by enhancing the process of issuing Letter of Credit and Guarantee.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

Blockchain technology and artificial intelligence have been widely regarded as the two technology fields that will shape the future. And now, one company is bringing the two together to fight the ever-growing challenge of counterfeit goods. German pharmaceutical and life sciences giant, Merck Group, acquired a new patent which will allow the company to employ blockchain tech to protect the integrity of supply chains globally.

Based in Darmstadt, Germany, Merck Group is the oldest operating pharmaceutical and chemicals company in the world. It began operations in 1668 and has grown over the years to become the world’s fifth largest pharmaceutical company.

Issued by the United States Patent and Trademark Office, the new patent outlines the creation of crypto objects. The company defines these as “a novel security procedure linking Artificial Intelligence (AI) and blockchain technology.”

The patent will allow Merck to use machine learning and artificial intelligence to give objects a unique identity on a blockchain. The identity will be given through the use of fingerprints or identifiers, which can range from DNA patterns to chemical signatures and image patterns. This will be the foundation of a supply chain that relies on mass spectrometry and barcode scanners to authenticate products. 

The Widespread Ripple Effect

Merck’s chief strategist, Isabel De Paoli emphasized the great effect that the technology will have on multiple businesses. While making the announcement via a blog post on Merck’s website, she stated:

“This new patent continues to build on the momentum gained through earlier patents. Our heritage in the security materials business makes our company an expert in the sector. Merck is now spearheading the development of blockchain technologies that focus on a combination of physical objects and digital security. This will have implications for all industries that depend on reliable product authenticity, such as safety-critical supply chains in the pharma and food sector.”

While blockchain technology can ascertain the authenticity of products, the lack of data greatly impedes it. For products to exist in a digital format, they require input and this process determines the authenticity of the data contained on a blockchain. With artificial intelligence, authenticity becomes guaranteed.

This is the third blockchain patent by Merck Group. They included technology on the integration of physical materials into a digital format and the enhancement of the security functions safeguarding this data. 

Blockchain technology has grown in prominence in the pharmaceutical industry as stakeholders strive to kick out counterfeiting. The counterfeiting is quite profitable, with one research stating that every $1,000 invested in counterfeiting drugs brings in over $500,000. However, these counterfeits have a far-reaching cost on the consumers, with Reuters putting the annual economic impact at over $200 billion.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

Japanese tech giant Fujitsu has announced a new blockchain-based system for electricity exchange, with a model capable of improving efficiency by up to 40% on existing systems.

The latest blockchain project to emerge from the firm, the new “patent pending” technology is designed to tackle energy shortages and surges across the network, to deliver more stable supply than during peak periods.

Compared to the existing system, known as demand response, Fujitsu claims the exchange handles energy savings and distribution automatically, effectively matching buyers and sellers in a real-time digital environment.

Currently, consumers are required to opt in to demand response schemes, with incentives offered for those prepared to make savings—a system Fujitsu argues could be improved. Crucially, the technology facilitates the transfer of resources without wasting energy, adding to the numerous advantages Fujitsu claim over existing infrastructure.

In a press release announcing the new platform, Fujitsu said the system would lead to more consumers participating in DR electricity schemes.

It noted, “In order to realize a carbon-free society, it is important to increase the success rate of DR, which indicates the ratio of consumers who are compensated for achieving their power savings targets. It is also essential to secure an investment effect when consumers have joined the DR scheme and to increase the number of participants.”

“Improvement to the DR control success rate is expected to lead to more consumers participating in DR schemes. Moreover, this will enable the stable supply of electricity and the expansion of renewable energy use, another goal of the DR scheme. Fujitsu Limited and Fujitsu Laboratories will carry out further system verification and strive to build a carbon-free society.”

Trials on the technology will continue over the coming weeks, with Fujitsu working alongside its research arm, Fujitsu Laboratories, on the development.

With the system poised for being showcased imminently, it comes as only the latest significant blockchain develop to originate at the company.

In October, Fujitsu demonstrated a system for handling low-cost interbank settlements, in a bid to improve the efficiency of settling smaller transactions between different banking institutions.

Back in June last year, they also unveiled a blockchain storage system for the retail sector, which retailers can use to tokenize loyalty schemes and rewards.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

GunBroker.com, the world’s largest gun marketplace, has introduced a new stablecoin as its new payment method, calling it FreedomCoin. The new crypto was announced in a press release on January 29.

In the announcement, FreedomCoin is touted as a way for gun enthusiasts to save time and save on fees when compared to other methods. Steven Urvan, CEO and CTO of GunBroker.com, said in the release, “Anyone who has purchased a firearm knows how painstakingly brutal it can be to deal with traditional credit card companies and other financial institutions.”

The coin is pegged to the U.S. dollar and developed by blockchain developer ICOx Innovations. They promise that the coin will follow all money transmission, Know Your Customer and Anti-Money Laundering laws.

ICOx is also the developer behind the KodakOne platform, a blockchain that helps photographers protect their work and get compensated for it.

Bruce Elliot, President of ICOx, said in the press release:

“This is the one of the first use cases that I’m aware of where a compliant cryptocurrency can truly replace the need for other costly and time-consuming payment options which is something of extreme value to GunBroker’s users. With hundreds of millions of dollars transacted annually on GunBroker.com, this may potentially become the most retail transacted cryptocurrency in the US.”

It’s clear from their messaging that this stablecoin was developed to circumvent third party payment providers concerns and restrictions against gun transactions. What’s unclear is why GunBroker is needlessly spending money developing a new stablecoin when there’s a perfectly good cryptocurrency already available to them: Bitcoin SV (BSV).

BSV provides everything needed for this type of transaction. It offers the fastest, cheapest transactions; thanks to its large block size and ability to massively scale to the needs of the economy, fees remain minimal as there is never a concern about network congestion, and transactions are incredibly fast. It’s incredibly secure thanks to the BSV blockchain. Unlike other Bitcoin pretenders, it’s stable, sticking to the original Bitcoin vision set out in Satoshi’s whitepaper.

Gun nuts will wait to see the benefits of the FreedomCoin payment method as its release date is still unannounced. If GunBroker.com has a change of heart, BSV is ready to use right now.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

Source from : coingeek
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