Blockchain
Blockchain startup ITM collaborates with Microsoft and MediaTek to address the crisis of trust during the COVID-19 pandemic
Award-winning Taiwan blockchain solutions provider International Trust Machines Corporation (ITM) has collaborated with Microsoft and joined MediaTek AIoT Ecosystem to create out-of-the box solutions for enterprises to use blockchain for IoT (Internet of Things) technology.
ITM, established in January 2019, offers innovative blockchain solutions for three common problems – scalability, privacy and cost. By empowering IoT devices with blockchain capabilities, ITM makes large amounts of data generated by connected devices more tamper-proof, ensuring trust in data for enterprises and its clients.
ITM applies blockchain technology to transform data validation
Together with Microsoft and MediaTek, ITM has developed a solution for TaiPower, Taiwan’s largest energy provider, to record solar power data generated by smart meters.
The project, using MediaTek chipsets certified for Microsoft Azure Sphere, has been successfully deployed in TaiPower’s power fields. Data collected by the smart meter will be sealed on Blockchain, and automatically connected to Azure Sphere security cloud services, establishing trusted renewable energy data while retaining hardware-level security.
This project comes when the COVID-19 pandemic has impacted virtually all businesses. “The pandemic has caused increased disruption in the mobility and communication of office personnel. ITM uses blockchain technology to ensure the accountability of your data and reduce the need of third-party verifications. The audit process is automatically done by the machine, which speeds up data exchange between supply chain participants,” said Julian Chen, CEO of ITM.
ITM’s blockchain solution adds security into data transfer
Traditional efforts to check and verify data usually involve a third party and can be time consuming and expensive. By sending data generated by IoT devices to an immutable blockchain ledger, ITM creates an automatic audit mechanism that verifies and validates data in a cost and time effective way.
Apart from data compliance, ITM’s cryptographic security algorithm solves common problems of scalability, privacy and cost highlighted in the current blockchain for IoT systems, it also plays a pivotal role in accelerating post-crisis digital transformation initiatives.
“Scalability, privacy and cost are the common issues enterprises face. Most public chains face the difficulty of processing a large amount of data generated by IoT devices and that affects the scaling up of a company. Meanwhile, it costs companies an exorbitant amount of money to have miners turn raw data into useful information. Concerns about data stored on a blockchain have also been raised owing to the lack of a mechanism to erase information after it’s been input,” says Chen.
“By designing their new solutions with Microsoft Azure Sphere, ITM is building products on a foundation of security,” said Nicole Denil, Microsoft GM IoT Asia. “ITM’s edge computing solution makes connected devices more secure and reliable. It enables them to register millions of data transactions, sealed in a single fingerprint on a blockchain. ITM’s technology is specific to IoT devices, which makes it possible to process large amounts of data without causing latency problems.”
Blockchain
FBI warning against crypto money transmitters ‘appears’ to be aimed at mixers
A recent warning from the FBI regarding a crypto money transmitter seems to be aimed at the Samourai Wallet. This development highlights the increasing scrutiny and regulatory challenges faced by privacy-focused cryptocurrency wallets and services.
The FBI warning raises concerns about the use of certain cryptocurrency wallets that prioritize user privacy and anonymity, potentially enabling illicit activities such as money laundering and terrorist financing. While the warning does not explicitly name any specific wallet or service, the language used suggests that the Samourai Wallet may be the target of the advisory.
Samourai Wallet is known for its focus on privacy and security features, including coin mixing and stealth addresses, which aim to enhance user privacy and protect against surveillance and tracking. However, these features have drawn the attention of law enforcement agencies and regulators, who are increasingly concerned about their potential misuse by criminals.
The FBI warning underscores the challenges faced by privacy-focused cryptocurrency wallets in navigating regulatory compliance and law enforcement scrutiny. While these wallets aim to empower users with greater control over their financial privacy, they must also address regulatory requirements and law enforcement concerns to avoid legal and reputational risks.
As the cryptocurrency industry continues to evolve, privacy-focused wallets like Samourai Wallet will need to strike a balance between privacy and compliance, ensuring that they can provide robust privacy features while also addressing regulatory concerns and maintaining transparency with authorities. This delicate balance is essential to foster trust and confidence among users and regulators alike, ultimately enabling the continued growth and adoption of privacy-enhancing technologies in the cryptocurrency space.
Source: cointelegraph.com
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Blockchain
Pantera Capital Plans to Raise $1 Billion for New Fund Offering Exposure to Crypto Assets
Pantera Capital is reportedly planning to raise $1 billion for a new fund that offers exposure to various crypto assets, as reported by Blockchain.News. This ambitious fundraising initiative underscores Pantera’s continued confidence in the potential of the cryptocurrency market and its commitment to providing investors with diversified investment opportunities in the digital asset space.
The new fund from Pantera Capital aims to capitalize on the growing demand for exposure to cryptocurrencies and blockchain-based assets among institutional and retail investors. By offering a comprehensive portfolio of crypto assets, the fund seeks to provide investors with access to a wide range of investment opportunities, spanning cryptocurrencies, tokens, and other digital assets.
Pantera’s decision to raise $1 billion for the new fund reflects its optimistic outlook on the long-term growth prospects of the cryptocurrency market. With increasing mainstream adoption and institutional interest in cryptocurrencies, Pantera sees significant potential for value creation and capital appreciation in the digital asset space.
As one of the leading blockchain-focused investment firms, Pantera Capital is well-positioned to attract capital from investors seeking exposure to the cryptocurrency market. The firm’s track record of successful investments and its experienced team of investment professionals are likely to bolster investor confidence and support for the new fund.
Pantera Capital’s plans to raise $1 billion for its new fund underscore its commitment to driving innovation and growth in the cryptocurrency market. As the fund attracts capital and deploys it into promising investment opportunities, it is poised to play a key role in shaping the future of the digital asset ecosystem.
Source: blockchain.news
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Blockchain
Existing Blockchains Can’t Adopt Post-Quantum Cryptography Without Significant User Impact, Says Johann Polecsak
Johann Polecsak argues that existing blockchains face significant challenges in adopting post-quantum cryptography without causing substantial disruption to users. This assessment highlights the complex and multifaceted nature of transitioning to new cryptographic standards in blockchain networks.
Post-quantum cryptography refers to cryptographic algorithms that are resistant to attacks from quantum computers, which have the potential to break traditional cryptographic schemes. While post-quantum cryptography offers enhanced security, implementing it in existing blockchain networks poses technical, operational, and usability challenges.
Polecsak suggests that transitioning to post-quantum cryptography could require significant changes to blockchain protocols, consensus mechanisms, and user interfaces. These changes may disrupt existing workflows, require modifications to software and hardware infrastructure, and necessitate coordination among network participants.
Furthermore, Polecsak emphasizes the importance of ensuring backward compatibility and interoperability during the transition to post-quantum cryptography. This is crucial to prevent fragmentation of the blockchain ecosystem and maintain continuity for users and applications.
Polecsak’s assessment underscores the complexities and trade-offs involved in adopting post-quantum cryptography in existing blockchain networks. While the transition promises improved security against quantum threats, it requires careful planning, coordination, and investment to minimize disruption and ensure a smooth transition for users and stakeholders. As the field of post-quantum cryptography continues to evolve, blockchain projects will need to carefully evaluate their options and strategies for implementing these new cryptographic standards.
Source: news.bitcoin.com
The post Existing Blockchains Can’t Adopt Post-Quantum Cryptography Without Significant User Impact, Says Johann Polecsak appeared first on HIPTHER Alerts.
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