Yahoo Co-founder: Blockchain & Crypto Platforms Need to Establish ‘Trust’ to Succeed

Yang’s comments about cryptoassets and distributed ledger technology (DLT) came during a speech he delivered at the recent Nikkei Innovation Asia …

Yahoo co-founder Jerry Yang recently said that digital currencies and their underlying blockchain technology can only survive in the long-term if the crypto community builds a solid foundation of trust around them.

Yang’s comments about cryptoassets and distributed ledger technology (DLT) came during a speech he delivered at the recent Nikkei Innovation Asia Forum, held in Singapore. Notably, the tech entrepreneur

believes

blockchain-based platforms have the potential to disrupt many different traditional industries.

 

Specifically, Yang thinks blockchain-enabled solutions will play a key role in transforming the existing banking and finance sector. However, he emphasized that this can only happen if users are able to trust crypto and blockchain-based products.

“With Trust, Huge Opportunities” Will Come

Yang added that the emerging crypto industry could greatly benefit the world’s traditional trading platforms and streamline banking processes. The experienced Taiwanese-American businessman and former Alibaba Group board member noted that businesses could benefit from using blockchain-based systems for transactions.

Similar to what many other technology experts have said, Yang thinks DLT-enabled financial platforms could allow for greater transparency and efficiency. Commenting on why trust is important, the Stanford University graduate remarked:

For applications to get implemented successfully, trust must first be built. With trust, huge opportunities for the mass adoptions of blockchain will be realized.

As CryptoGlobe reported recently, giant US-based companies including IBM and Ford are planning to develop a blockchain-powered solution to ensure that cobalt is ethically sourced from the Democratic Republic of the Congo (DRC).

Ethically Sourcing Cobalt With Blockchain

Through a partnership with tech giant IBM and automobile manufacturer, Ford, two local firms LG Chem and Huayou Cobalt have started working on a DLT-based project that will ethically source cobalt and other valuable minerals. Notably, most of the world’s cobalt is mined in the DRC, one of the least developed countries in the world.

There have been reports of the use of child labor in the DRC for extracting cobalt, which has led many consumers and business owners to inquire about whether minerals such as cobalt are being sourced ethically. The pilot blockchain project is intended to help provide verification that the companies mining cobalt are not exploiting children or engaging in other types of abusive practices.

As reported on CryptoGlobe, blockchain developers are still being offered generous salaries despite the prolonged crypto bear market. The median salary for blockchain developers is of about $140,000 per year. In 2018, there was reportedly more than 300% in DLT-related jobs.

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Wyoming – the “cryptocurrency” state

The different states in the US have definitely different approaches and attitudes when it comes to cryptocurrencies. Some US states, like New York, …
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The different states in the US have definitely different approaches and attitudes when it comes to cryptocurrencies. Some US states, like New York, for example, are very pro-crypto, introducing legislations and initiatives to promote the use of cryptocurrencies. Other states, like Ohio, are already accepting Bitcoin for certain tax payments.

The latest example of a US state that comes forth with probably a revolutionary idea is Wyoming. In short, Wyoming has introduced a special legislation regarding the legal status of cryptocurrencies. Bitcoin can soon have the same legal status as fiat money.

Wyoming is taking an interesting and strategic step in its efforts to become a cryptocurrency heaven for businesses. While certain countries such as Estonia and Malta have already established themselves as cryptocurrency heavens, Wyoming is poised to become the “Silicon Valley of cryptocurrencies” if the legislation on Bitcoin’s legal status is passed in the House.

According to Forbes and other press, Coinbase, the largest US cryptocurrency exchange resumed its operations in the state after a long “break”. Wyoming has already passed two important bills for the regulation of cryptocurrencies in mid January of 2019.

The bill, according to Forbes, will allow Bitcoin to have a legal status just like regular money. Banks will be able to take custody of the cryptocurrency, if needed. There will be some balance between regulation and “deregulation”.

Milligan Partners and Rufftup.io Join Forces to Launch a Blockchain-Powered Tolling System

Milligan Partners, a leading U.S. tolling company has allied with Ruuftup.io, a distributed ledger technology (DLT) firm to launch Tolling.Network …

Milligan Partners, a leading U.S. tolling company has allied with Ruuftup.io, a distributed ledger technology (DLT) firm to launch Tolling.Network, a tolling solution powered by the Hyperledger Fabric, aimed at enhancing toll interoperability, according to a PR Newswire press release on January 18, 2019.

From Wall Street to Highways

As stated in the press release, in a bid to bring about efficiency, agency-to-agency national interoperability, and cross-border interoperability to the tolling industry, Milligan Partners and Ruuftup.io have come together to create Tolling.Network, a DLT solution based on the Linux Hyperledger Fabric.

Per the team, Tolling.Network is a tolling solution that harnesses blockchain technology to solve the problem of national interoperability which has plagued the U.S. tolling ecosystem for nearly a decade.

Reportedly, the platform uses smart contracts and DLT to make it possible for tolling agencies to seamlessly and directly communicate with each other, a feat the current hub-based model has been unable to achieve. The team has made it clear that all transactions carried out via Tolling.Network, are secured by the highly functional Hyperledger Fabric’s private channels and encryption system.

Miligan Partners Tolling Network Layout

Miligan Partners Tolling Network Layout

(Source: Milligan Partners)

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The team behind Tolling.Network claim that agencies using the system can customize their business rules for each of the firms they transact with, without having to adhere to “a consortium’s set of guidelines.”

Commenting on the development, Matt Milligan, Managing Partner at Milligan Partners and co-founder of Ruuftop.io reiterated that:

“For nearly a decade, the U.S. toll industry has been struggling to solve the problem of national Interoperability, and we strongly believe the solution is DLT. We also believe that an open-source project is a way to go.”

Milligan also noted that Tolling.Network will also function as a cost-efficient and innovative solution to government agencies.

Blockchain Technology: More than Meets the Eye

Although these are far from the best of times for bitcoin and altcoins regarding the current market conditions, it’s worth noting that cryptoassets and the technology underpinning them are steadily gaining traction in various sectors across the globe, a strong indication that these nascent technologies may have something to offer after all.

On January 13, 2019, BTCManagerinformed that the National Aeronautics and Space Administration (NASA) was considering integrating DLT into its systems. In related news, on January 21, 2019, reports emerged that crypto-friendly Venezuela was on the verge of getting its first Bitcoin ATM.

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Dark Web Cryptocurrency Deals Likely in News Sites’ Admin Hacks

Israeli cybersecurity firm Sixgill has told Bitsonline that cryptocurrency has a “very high probability” of being involved in any associated sales.

Dark Web Cryptocurrency Deals Likely in News Sites’ Admin Hacks

January 21, 2019 by William Peaster0 Comment2241 Views

A Russian-language dark web forum has recently caught international attention for postings offering to sell admin access to more than 1,000 U.S. news sites’ content backends. Israeli cybersecurity firm Sixgill has told Bitsonline that cryptocurrency has a “very high probability” of being involved in any associated sales.

Also read: Lightning Network Goes to Congress as Specter of Crypto Policy Grows

Subscribe to the Bitsonline YouTube channel for great videos featuring industry insiders & experts

Fakes News: Dark Web Cryptocurrency Deals for Sites’ Admin Panels?

Last week, news site Axiospublished a report detailing how Israeli cybersecurity firm Sixgill had discovered Russian dark web forum postings where large amounts of international and American news sites’ admin login credentials were being sold.

While the credentials were priced in U.S. dollars in the postings in question, the Axios report didn’t delve into how purchases were conducted.

Bitsonline reached out to Sixgill to see if cryptocurrencies were likely involved in related login sales, and the firm’s intelligence expert Alex Karlinsky said it was almost certain.

“There is a very high probability that the sales of access to news and media CMS’s will be facilitated by cryptocurrency, as this is now the go-to payment method of choice for cybercriminals,” Karlinsky told Bitsonline.

The unknown hackers have been offering “upload / edit posts” capabilities to as many as 1,425 U.S. news sites since Dec. 2018. Similar Saudi Arabian and Southeast Asian sites have apparently been on sale since last fall.

Two dark web postings offering login info for news sites’ admin panels. Images via Sixgill

Illicitly-gained data being sold for cryptocurrencies has been on the rise in recent years, as cybercriminals have used the pseudoanonmyity of digital assets to try to separate themselves further from their crimes.

One such case came last August when hackers hosted 130 million Chinese hotel guests’ travel data for sale on the dark web in exchange for bitcoin. And in June 2018, Europol seized more than $5 million USD worth of crypto in a bust against European dark web LSD dealers.

Crypto a Major Deanonymization Vector on the Dark Web, Though

Pseudoanonymity isn’t full anonymity. And that dynamic can out those who do turn to dark web cryptocurrency transactions.

That’s per anonymity researcher and Open Privacy executive director Sarah Jamie Lewis, who toldBitsonline last year that cryptocurrency use was “a major deanonymization vector.”

Of course when it comes to chain analysis endeavors, privacy coins like Monero and Zcash pose much harder challenges for law enforcement than less privacy-focused blockchains like Bitcoin and Ethereum.

In the fall of 2017, Europol issued a report saying bitcoin was still the currency du jour on the dark web at the time but that other cryptocurrencies were rapidly gaining ground there in popularity.

“Cryptocurrencies continue to be exploited by cybercriminals, with Bitcoin being the currency of choice in criminal markets, and as payment for cyber-related extortion attempts, such as from ransomware or a DDoS attack,” the authors said.

“However, other cryptocurrencies such as Monero, Ethereum and Zcash are gaining popularity within the digital underground.”

What’s your take? Do dark web cryptocurrency transactions work against mainstream adoption of crypto, or in favor? Let us know in the comments section below.


Images via Pixabay

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Large Indian Bank Clamping Down on Cryptocurrencies

One of the largest banks in India is asking its users to consent that they won’t be using their accounts to trade Bitcoin or other cryptocurrencies.

One of the largest banks in India is asking its users to consent that they won’t be using their accounts to trade Bitcoin or other cryptocurrencies. The bank also asks for authorization to immediately shut down an account if it’s associated with digital currencies.

Things Are Not Looking Good in India

On April 6th, the Reserve Bank of India (RBI) ordered all regulated financial institutions to refrain from working with cryptocurrency-related businesses of any kind.

The move was met with a swift response from the industry which challenged the order. However, a few months later, on July 3, the Supreme Court of India upheld the ban, delivering a heavy blow to the entire field.

It wasn’t long before this took its toll on the industry. In October, India’s very first Bitcoin ATM was shut down and both of the founders of the company which operated it were arrested.

In December, Live Bitcoin News reported that the country is allegedly planning to end its statewide cryptocurrency ban. Purportedly, the Government has created an interdisciplinary committee which is figuring out ways to legalize and regulate the cryptocurrency industry instead of banning it straight away.

However, a month later, one of the country’s biggest banks has also gone against crypto.

HDFC Jumps on the Anti-Crypto Bandwagon

A Twitter user CryptoIndia YT (@Cryptoindia) shared that HDFC has requested users to confirm that they won’t use their bank accounts for trading Bitcoin or any other cryptocurrency.

After Kotak and few other Indian Banks.

Hdfc asking customers to visit bank branch and sign this consent letter regarding trading with crypto currencies/bitcoin.#IndiaWantsCrypto#bitcoin#indiapic.twitter.com/r4iuwiZiA9

— CryptoIndia YT (@CryptooIndia) January 21, 2019

Additionally, the bank has also requested its clients to “authorize the bank to close the above account without any further notice if it is observed in future that transactions have been carried out for Bitcoin/virtual currencies.”

HDFC is currently the third largest bank in India and it has around 89,000 employees throughout its branches.

What do you think of HDFC going against cryptocurrencies? Don’t hesitate to let us know in the comments below!

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