Few Diplomas from National University of Colombia Are Validated in Blockchain

Willmen Blanco
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Few Diplomas from National University of Colombia Are Validated in Blockchain

The authorities wonder why only 2,816 of the 9,686 graduates have completed the process. In Spain, there are doubts about some technological solutions used to validate diplomas.

The National University of Colombia (UN) states that it has been implementing the blockchain-based diploma certification modality for almost a year. However, only 29.1% of last year’s graduates have completed the process.

This has been occurring despite the advantages that the institution claims to offer and the generation of greater trust among students, employers and the community in general. It should be noted that blockchain is an immutable technology that prevents saved information from being changed or altered, according to the university authorities.

Last February 25th, the UN urged graduates to complete the process to obtain the validated diploma in a blockchain, since only 2,816 of the 9,686 graduates of 2019 have downloaded it.

The graduates may not recognize the official e-mail address from which they receive the information to access and download the authentic electronic copy of the university diploma, according to Gregorio Enrique Rodríguez, an official of the General Registrar’s Office, which is responsible for registering the professional diplomas from the institution.

The UN explains that, in March 2019, it launched the issuance of diplomas under the certification of a blockchain. For that reason, it issues a virtual diploma developed by Signe, a company that is promoted as a specialist in the design and development of document security.

In February 2019, it was reported that a pilot test was implemented by the UN School of Engineering for the certification of diplomas, using the Ethereum blockchain. For the management of metadata, the pilot test used IPFS files, a P2P mechanism that allows storing and sharing content on the network.

Controversy over Diploma in Spain

An article published in Diario de España in 2018 states that more than ten Spanish universities offer a digital copy in PDF format of the diploma obtained. Although the company Signe, which markets it, claims that it has “the same validity and effectiveness as the paper diploma”, the Ministry of Science, Innovation and Universities questions that statement.

Besides, the article reports that the company defends on its website that the document has the same validity as the paper diploma. However, when consulting the company for the procedures in which the document can be used, it was not clear that the eTítulo can replace the official legal card issued by Spanish campuses.

It also mentions the case of a graduate from Universidad de Castilla-La Mancha that bought the product, reported to the Ministry of Education that the digital document did not contain the signatures or the stamp of the paper diploma and makes reference to other cases that have arisen since 2017, which has led to questioning the legality of the document.

However, the validation of blockchain diplomas is a growing trend. Last January, three universities in Murcia, Spain, agreed to apply jointly, during 2020, the validation of diplomas on a blockchain platform called Crypto Diplomas, to minimize the falsification of academic diplomas.

By Willmen Blanco

Chilean Crypto Exchange Obtains License to Operate in Estonia

Maria Rodríguez
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Chilean Crypto Exchange Obtains License to Operate in Estonia

The institution operates in Argentina, Brazil, Chile, and Europe and currently has almost 150,000 users.

CryptoMarket, a Chilean crypto trading platform, obtained a license issued by the Estonian Financial Intelligence Unit (FIU). In this way, CryptoMarket can offer its services for the purchase, custody, and sale of crypto assets.

The company would have received the license last November 18th but it made public the news in March 2020.

This crypto exchange house currently operates in Brazil, Argentina, Chile, and Europe. It has almost 150,000 users and operations in these countries. The company is now regulated by the legislation of a member country of the European Union (EU) to operate with Bitcoin and Ether. The website of CryptoMarket highlights it is an “EU regulated institution”.

It was founded in 2016 and now is part of a selected group of crypto companies that operate in Latin America other crypto exchange houses that operate in the region are Bitso (Mexico) and Mercury Cash, a native initiative of Venezuela, based in Europe with almost 90% of Latin American users. These two companies obtained licenses from Gibraltar and Estonia, respectively.

Stronger Regulations

Since Estonia reinforced Anti Money Laundering (AML) regulations concerning cryptocurrency trading last year, CryptoMarket had to comply with certain procedures to obtain the license.

First, the company was subject to an internal audit, underwent a criminal background check and had to demonstrate compliance with regulations related to Know Your Customer (KYC) protocols. It also had to prove it comply with AML protocols.

“Obtaining both licenses was hard and complex work for CryptoMarket, but the result warrants it”, Denise Valdivia CryptoMarket Chief Operating Officer said.

Besides, the FIU previously examines the criminal records of the owners of the company, as well as the internal audit standards of the startup to grant licenses.

“Among the requirements to be met, regulators require a compliance officer within the jurisdiction of Estonia, which forced us to incorporate a representative who will be based in the country of the European Union”, Rafael Meruane, CEO and co-founder of CryptoMarket commented to a local media.

CryptoMarket was founded in 2016. It started operating in Chile. Only a year later it expanded to Argentina and in 2018 it arrived in Brazil. That year it also announced the opening of its operations for European countries and users.

At the end of 2019, Chilean regulators showed again interest in the cryptocurrency ecosystem, according to a report from the Association of Banking Supervisors of the Americas (ASBA). However, the legal framework for Latin America is not clearly defined yet.

But Meruane considers that the European legal framework related to cryptocurrencies could be an example for Latin America. “Our vision of connecting more people to a new financial system needs innovative regulatory frameworks that enhance the creation of more competitive financial services, while at the same time granting the highest security standards for users in that context. Regulation in Europe is significantly more advanced than in our region”, he said.

Thus, Latin America could need more preparation in regulation issues to protect users and open the doors to new regulated crypto exchange companies.

By María Rodríguez

Hackers Demand Rescue in Bitcoin After Attacking Digital Government System in Colombia

Maria Rodríguez
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Hackers Demand Rescue in Bitcoin After Attacking Digital Government System in Colombia

Although the amount in bitcoin that criminals demanded to release the information is unknown, no payment was made by the authorities

Recently, it was known that some hackers would have carried out an attack with a computer virus on the information systems of the Quindío governorate, in Colombia. As a result of the attack, the criminals stole vital information from all the archives and all the secretariats subscribed to the department. Those responsible for the fact demanded a payment in bitcoin to return all this data.

Local media reported that all stolen data was retained by the attackers for approximately 5 hours. Jhon Mario Liévano Fernández, who is secretary of Information and Communication Technology (ICT) of Quindío, explained that thanks to the expertise and hard work of their technicians they managed to disable the attack by separating the server that was affected from the rest of the system. Which helped to recover the information without major problems.

According to sources linked to the authorities, the digital virus retained all the information that was on the server and, through a text message, they announced the event. Liévano mentioned that the attackers demanded bitcoin to recover that data.

Although no details were given on how the governorate had to pay the ransom or the amount that the hackers demanded, they said they did not agree to such demands and that they directly attacked the problem, recovering all the intact information, and preventing criminals from having access to records and documents of importance.

Due to this event, José Luis Ramírez Hinestroza, who is the commander of the local police department, said there was no major damage to regret after the attack. He added that thanks to the efficient response of the authorities, the hackers could not make copies of the files or steal valuable data.

In more specific statements, Harold Gomajoa, coordinator of the area of ​​cybercrime, explained that recently these types of attacks have been increasing in the country and that the use of potentially dangerous viruses has been focused on stealing sensitive information.

Gomajoa gave an example of this by mentioning that they have been using false information related to Covid-19 to capture people and thus steal valuable data from their digital devices.

They usually have the same modus operandi and only seek rewards for the return of the information. They demand, in most cases, deposits in cryptocurrencies such as bitcoin.

The Use of Bitcoin in Digital Crimes Increases in Latin America

On other occasions, cases similar to what happened in the Quindía government have been reported. Police sources in Colombia have published several warnings about this type of crime. The digital scam is becoming an increasingly common problem.

Colonel Iván Santamaría, who is the operational commander of Citizen Security, explained that this type of information theft scams to demand a ransom in digital currencies was called Spoofing, and can easily be avoided if the person knows how to interact on the Internet and how to avoid some risks.

Not only in Colombia exist cases of this nature. In Latin American countries, the number of cases where hackers demand large sums of digital money is growing. A clear example of this happened at the end of 2019 when, through an attack against the Data Center servers, in a town in Argentina, hackers managed to steal more than 7 thousand GB of valuable data, which allowed criminals to ask for up to 50 BTC to give back the information.

In news related to this type of crime, an investigation carried out by the FBI and the National Office of Investigation of the United States, showed that during these last 6 years the thefts of data through computer virus have accumulated almost 144 million dollars in rescue payments using cryptocurrencies like bitcoin.

By María Rodríguez

Reduction of Annual Inflation to 1% Is Approved by EOS Block Producers

Willmen Blanco
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Reduction of Annual Inflation to 1% Is Approved by EOS Block Producers

The majority of the main block producers decided on the vote. Previously, part of the funds went to a savings account for developers.

Members of the EOS community decided to reduce the annual inflation of the network from 5%, which was written in the code to 1%. This was defined by a vote among the block producers (BP) of the network, responsible for the validation and maintenance of EOS.

It can be verified through the EOS Authority site that the main 17 EOS block producers approved the proposal introduced last February 25th. According to the statutes of the network, this type of proposal requires the approval of at least 15 of the top 21 network validators. Therefore, this proposal was approved with the participation described above.

Along with the change in the protocol, the network participants decided to burn all the available funds in the eosio.savings account. Until now, this fund has been the repository of most of the tokens generated by inflation. Of the previous 5%, 4% went to that fund, whilst the remaining 1% was allocated to block producers.

A total of 34,106,869.1596 EOS are eliminated, a figure that is calculated at the current price of the asset in the market, which is equivalent to almost USD 120,000,000. These funds should have been used in projects focused on the development of the network, but they had not yet been used due to a lack of consensus.

It was established that the funds generated by inflation will only be distributed among network validators. In that sense, there are no changes as these network participants will continue receiving 1%.

EOS Price Reactions and Behavior

Among the reactions aroused by this decision, it is observed that the reduction in inflation was a general expectation within the EOS environment. In that regard, various users expressed on Twitter their satisfaction as the reduction was “finally” implemented.

Also, Brendan Blumer, creator of Block.one, an EOS-based development platform, expressed his surprise at the vote, which took place at night. Blumer believes that what happened shows “the power of decentralized governance,” as he wrote on his Twitter account.

Despite this assessment, it is worth remembering that complaints of centralization, as well as criticisms of the voting system, weigh on EOS governance. For instance, EOS New York, one of the block producers of the network, reported last November that the same China-based entity controls at least 6 of the BPs registered in the network.

While the news around EOS is the reduction of its annual inflation, the price of cryptocurrency in the market has not reacted as expected. Faced with an event like this, an increase in the price of EOS was expected, but the cryptocurrency has lost about 14% of its value at the time of writing this article, according to data from CoinMarketCap.

After examining the behavior of the first 20 cryptocurrencies in the market, it can be seen that EOS is among those that have suffered the greatest losses during this period. At that same time, the entire market has been in the red, with Bitcoin losing more than 6% and falling below USD 9,000.

By Willmen Blanco

Dubai Has Its First Blockchain KYC Platform for Global Businesses

Maria Rodríguez
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Dubai Has Its First Blockchain KYC Platform for Global Businesses

Thanks to this new tool, it would be possible to improve the experience of the users, by allowing them to open a bank account quickly and easily.

Dubai International Financial Centre (DIFC) and Mashreq bank announced the launch of their new blockchain data-sharing platform, which would be the first one of this type in that region and even in the Middle East. This platform would benefit the operations of global businesses.

This initiative is known as Know Your Customer (KYC) and it will work along with the DIFC Financial Technology (FinTech) firm, Norbloc.

In this way, the objective is to support licensed businesses and corporations opening digital bank accounts instantly by verifying their identities through a blockchain platform, as the official website of the Dubai International Financial Centre explained.

Before this development, the process was done manually. Now, Mashreq removes the existing paper-based Know Your Customer procedure and replaces it with a blockchain-based digital process.

How Does It Work?

DIFC and Mashreq took a strategic decision to focus on improving both the quality and integrity of KYC corporate information by automating this important step that allows them to carry out the process.

Besides, with this new tool, they would contribute to improving the customer experience by opening a bank account and, in this way, facilitating the processes that allow doing business in DIFC.

According to the official information, DIFC prepares each new KYC record as part of a company’s corporate license application. Then, with the customer’s consent, this information is shared electronically with Mashreq through the blockchain platform.

Thanks to blockchain, this is a simplification of the traditional process that companies carried out when opening a new bank account. Now, Dubai’s blockchain KYC platform will make it easier and faster for new companies to do business in the United Arab Emirates (UAE).

Besides, according to DIFC’s statement, the FinTech firm Norbloc provided the blockchain platform, Gowling WLG drafted the legal agreements, and Deloitte supported Mashreq with governance and program management.

“The program aligns with the United Arab Emirates Blockchain Strategy 2021, earmarking the beginning of a journey towards a broader vision of forming a Consortium of Banks, Government Bodies as well as other Licensing Authorities, for sharing customer KYC data without problems, thus leading to increased transparency, added security, and a better customer experience”, Ahmed Abdelaal, CEO of Mashreq, explained.

The DIFC is one of Dubai’s independent free-zones. It offers companies 100 % ownership of their businesses without the need for a local partner. Among other benefits for companies is that the DIFC’s legal framework emphasizes on data protection whilst maintaining practices that are consistent with all European Union (EU) regulations and the Organization for Economic Co-operation and Development (OECD) guidelines.

The United Arab Emirates is taking advantage of different blockchain projects such as the digitized trade project known as the “Digital Silk Road”, or a document exchange platform known as the “Bank Trust Network”.

Now it has this new platform to store information and facilitate international trade so this would bring more benefits for the country.

By María Rodríguez

Clockchain, a Tool That Uses Blockchain ​​Technology to Register Work Schedules

Maria Rodríguez
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Clockchain, a Tool That Uses Blockchain ​​Technology to Register Work Schedules

The Lucentia LAB Company proposes the use of this blockchain platform to be implemented in the labor registers in Spain.

Recently, Spanish media informed that Lucentia LAB, a consulting service in Business Intelligence projects of the Alicante University (Spain), developed a tool that uses blockchain technology to measure work schedules. Clockchain is the name of the tool and it would control the entry and exit of workers, as well as the hours worked by the employee. It is known that the company that developed the initiative is part of the Science Park of the University of Alicante.

According to the spokesmen of the company that developed the tool, the system could ensure compliance with the rules and legal regulations that are governed in Spain. In this way, a press report indicates that Clockchain “allows complying with the demanding Spanish labor legislation”.

In the press text, comments of the representatives of Lucentia LAB are cited. They highlighted that this initiative arises as a response to problems with these records and also affirms that using the blockchain technology could give “greater transparency and efficiency”.

Regarding the system that the company used to create the tool, it was known that this software works using Alastria, which is a platform supported by Ethereum. This is not a surprise since Lucentia LAB is a partner of Alastria like many other companies in the country, as highlighted by local media.

On the other hand, during an official presentation, Lucentia LAB explained that this tool not only allows us to count and control the hours of work but also helps to tokenize the hours worked. Thus, suggests that there would be the possibility of rewarding workers for overtime or punctuality. They clarify that the last one would be at the discretion of each company.

As the presentation of the project indicated, the company or employee can access through the official website or make use of the app that was designed for smartphones, which is currently available in the Google Play and App Store.

The creation of this initiative would help to strictly comply with the labor law established since August 2019. The regulations establish as mandatory that companies working in the Spanish territory comply with a record of the hours performed by their workers, preventing them from working overtime or not being paid for the extension in their schedule. It is known that not complying with this law can cause heavy fines to the company.

Use of Blockchain ​​Technology Grows In Spain

Spain is a country that is in a process of proliferation of new technologies. Among these technologies is blockchain. An example of this is the approval of a regulatory sandbox, which has among its main objectives to promote the development of Financial Technology (FinTech) companies that are established in the territory.

Other sectors in Spain have also benefited from the use of blockchain tools. One case is the use of this platform to improve social management in the electricity sector. This undoubtedly helps the industry that sells energy and citizens who can now have more active participation, preserve their information securely and finish processes quickly.

By María Rodríguez

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