Things Need to Be Done Right before Launching Libra

Willmen Blanco
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Things Need to Be Done Right before Launching Libra

Facebook’s cryptocurrency may not be launched by 2020. Mark Zuckerberg says that it will take some time to consult and evaluate the project.

After several big scandals that eroded user trust in Facebook, the company, famous for its spirit of “moving fast and breaking things,” is looking carefully before leaping into the use of new technologies, mainly those related to virtual reality and cryptocurrencies, according to statements by the social network’s CEO, Mark Zuckerberg.

In an interview with Asian Nikkei at Facebook’s Silicon Valley headquarters, Zuckerberg said that many important social issues have made Facebook and other major Internet companies the center of social debate in recent years.

Zuckerberg readily acknowledged that his company fell behind on the work that it was supposed to do in areas such as protecting privacy, ensuring users’ well-being and avoiding electoral interference.

The social networking giant has been struggling with the consequences of its unprecedented growth and booming data economy. As a result, issues such as the Cambridge Analytica data leak and the spread of fake news that threaten democracy have caused outrage and mistrust among many users.

Whilst wearing his trademark T-shirt, Zuckerberg struggled to show that he and Facebook have matured and learned from these challenges. The company has undergone a major shift in approach to address risks more proactively, in the CEO’s opinion.

In the past, they focused on blocking the tools that were being used improperly. However, so many people are now using these tools that they cannot wait to start working on mitigating misuses. In other words, they have to stay one step ahead of them.

In that sense, the executive had some artificial intelligence systems built to help identify and eliminate potentially dangerous content, instead of waiting for users to report it. He added that he wants to ensure innovation and advancement in the state of the art of technology, even as these big social issues are being addressed.

He also spoke widely about his vision of using virtual and augmented reality (VR/AR) to transform communication, which is part of Facebook’s stated mission to help people connect.

He considers that these tools will have a profound equalizing effect on society and will be very important to the economy as a whole. However, there are concerns about the large amount of data that VR systems can generate in users’ body and eye movements.

Zuckerberg sought to dispel some of these concerns by saying that Facebook’s privacy model for hardware such as oculus rift VR headsets is different from the service model, with much of the information stored on the device rather than online.

Dialogue with Regulators

Facebook’s plans to create its own crypto currency, Libra, have also drawn the attention of authorities in many countries to its possible effect on the worldwide financial system.

Zuckerberg, who thinks that cryptocurrencies can help people in emerging economies participate in the financial system, emphasized the need for dialogue with regulators to address this concern.

Regarding Facebook’s stated plans for a 2020 launch, the CEO explained that they want to move forward soon, which should not take many years, but ensuring that things are done right first.

He explained that this is a very different approach from what they could have taken five years ago. He concluded that it is the right way to do it, on their current operational scale.

By Willmen Blanco

Small Business in Argentina Use Blockchain to Pay International Providers

Maria Rodríguez
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Small Business in Argentina Use Blockchain to Pay International Providers

This technology makes it possible to pay the international seller directly in his local currency in a safe and fast way

Linos del Pacifico, an Argentine company dedicated to the commercialization of fabrics, used Bitcoin to pay for an import that came directly from its suppliers located in European territory, specifically in Spain and Belgium. The transaction was made thanks to the intermediation of the South American exchange Bitex.

According to the information, the transaction was made for a value of 50 thousand euros and began with a transfer from a local bank in Argentina. Bitex was responsible for conducting the process and, as mentioned, the entire operation was completed in less than 24 hours.

According to what they explain from Bitex, they have a process designed for import processes. First, the importer puts Argentine pesos or dollars and they, through the purchase and sale of Bitcoin within the markets, manage to pay the international seller directly in his local currency. In Bitex they argue that these transactions are kept at a very low cost, with speed and with the highest level of security.

Juan Brie, Director of Linos del Pacifico, mentioned that the service offered by Bitex was quite useful for Small and Medium Enterprise (SME) in the Argentine sector since it was cheaper than the transactions offered from the banking sector to make cross-border transfers between different FIAT currencies.

In addition, he mentioned that with this type of transactions users can transfer any amount they want and to whoever needs it, a task that is really complicated with the traditional banking system.

About the costs, Bitex mentions that there is a variable commission which reaches a maximum of 1 % of the amount to be transferred. The exchange mentions that this percentage is lower than the costs in the Swift network used by traditional banks to make cross-border transfers.

Advantages of Blockchain for SMEs

Blockchain technology is nothing more than a system with a database which recognizes, interconnects and intertwines blocks of information, allowing it to be shared and verified that it has not undergone any modification in the process.

By using blockchain technology, huge data transfers can be conducted efficiently and in real time. This makes cost savings possible and this is what makes the difference between the traditional market and the possibility of making more transfers quickly and safely.

For this reason, blockchain technology would be very important for SMEs today and also in the future, especially in fields such as financial transactions, asset management or business operability.

By improving the payment systems and their security, it would also help to improve the control of their companies’ treasury or the analysis of their investments.

Another area where blockchain technology will have a notable impact for SMEs will be in the security sector. The possibility that a company’s information is decentralized while security protocols increase will allow data protection to be much greater. Thus, the amount of theft could be reduced.

Currently, there is only a need for more legal regulation on the issue and also the development of specific Apps for SMEs, something that would come when the use of blockchain technology is extended.

By María Rodríguez

NASA Looks for a Scientist Specialist in Blockchain Technology

Maria Rodríguez
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NASA Looks for a Scientist Specialist in Blockchain Technology

The specialist that the US Space Agency is looking for must have an advanced academic level and experience related to blockchain technology management

NASA made public its job offer for experts in blockchain and cryptocurrency technology. The ideal candidate to occupy the job must have experience that proves his handling in new technologies.

According to official sources, the jobs will be located at the NASA section in Pasadera, California. Specialists in the crypto ecosystem will work at the Jet Propulsion Laboratory; a department responsible for improving the expulsion of energy for spacecrafts.

It is also known that the center is dedicated to the development of unmanned spacecrafts that are used by the US Space Agency to orbit satellites and space missions, so the intention is to deep in this and also in new projects.

The publication details the type of specialist that is required by the agency; giving special interest to scientists with good management of Internet of Things (IoT), data intelligence (Big Data), Distributed Ledger Technology (DLT), and machine learning. The experts will perform tasks in the Laboratory specialized in robotics, a sub-department within the facilities in Pasadera.

Those responsible for technological employment will have the main task of developing apps that help facilitate processes and improve activities in specific areas such as Artificial Intelligence (AI), cloud computing, new generation flight hardware, and applied robotics.

Among the requirements demanded by the International Space Agency is a level of advanced university education and other similar skills. For this reason, the publication details that applicants must be graduated in Computing, Engineering, Information Systems or any other career of that area.

Participants should also be experts not only in cloud computing, but also in databases, advanced analytics, communication systems and statistics. For this reason, the applicant must possess advanced skills and management of mathematics as an indispensable resource.

In the statement, the agency mentions that the occupant of the workplace will use all the skills mentioned for programming systems that help analyze the set of heavy and complex data used, usually for research, predictive analysis, and data mining.

In this way, it is clear that NASA is taking into account the technological advance that blockchain represents. As an example of this, there is another project that is included within the agency, since earlier this year; it was proposed to use blockchain technology for the control of landing and air traffic through a private communications system, anonymous, and safe. This was also suggested by NASA.

In addition, in mid-2018, NASA approves the granting of a budget that would help develop a blockchain-based system capable of facilitating decision-making in autonomous spacecraft that are not managed by humans.

The innovation team of the US Space Agency ensures that they are developing increasingly ambitious ideas and projects where blockchain technology can participate in large scales. These new projects will always seek to inspire future generations to continue with the scientific legacy that NASA has instilled in young people.

By María Rodríguez

Payment With Cryptocurrencies Arrives to The Biggest Mall in The US

Maria Rodríguez
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Payment With Cryptocurrencies Arrives to The Biggest Mall in The US

Using a system developed by the Flexa startup, instant payments can be made within the Mall of America

Mall of America, the biggest mall in the United States will now have a store that will accept payments with cryptocurrencies, using an application developed by one startup for instant payments with digital coins, called Flexa.

The shopping center located on the outskirts of Minneapolis – Minn, enabled a store where Flexa can demonstrate its product to visitors. It is known that the system will operate in a place under the name of Modern Retail Collective, which will seek as a central objective to improve sales to retail stores.

The strategic consulting company McKinsey will take control of the problems that may arise during operations, this in order to quickly resolve the conflicts and prevent customer escape. In addition, it will be responsible for organizing the space and the strategies to be used to improve sales with this system.

On the other hand, Tyler Spalding, who is CEO of Flexa, commented that the use of instant payment systems with cryptocurrency represents the latest in immediate payments, adding that it is part of the fastest and safest method to make purchases. “The most important thing for us is to demonstrate that cryptocurrency is an extremely legitimate, if not the best, form of digital payment”.

In this way, the CEO of Flexa argued that the project is a clear example of determination and will demonstrate that the crypto industry has the right potential to be adopted by customers and small and large merchants. “This is going to show the legitimacy of how these things work”.

Last Friday, September 27th, the company started operations inside the store. Added to this, it presented a report that determines that at the beginning of its operations it will seek to achieve objectives, which highlights that it shows to potential clients how this technology works in retail markets.

The Modern Rentail Collective report was accompanied by statements issued by Praveen Adhi, executive member of McKinsey, who added that “through this project, we will produce cutting-edge data and analysis to help retailers define their own vision for their store future”.

Flexa, since its recent creation, has encouraged its programmers to firmly believe that their system can gain the trust of customers and also promote the use of cryptocurrencies as a reliable method of payment and transaction.

For this reason, managers sought a direct alliance with McKinsey, because he could add to this system a strong reason to rely on their services, in addition to the guidance that the consultant can offer them so that their project grows over time.

It is known that the Flexa company will not only dedicate to the cryptocurrency business, but that it will seek to carry out parallel projects Artificial Intelligence (AI), Augmented Reality and Digital Signage.

By María Rodríguez

IBM Would be Willing to Work with Facebook’s Project, Libra

Maria Rodríguez
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IBM Would be Willing to Work with Facebook’s Project, Libra

IBM executives mention that the future of the industry could be in tokenization.

IBM, one of the world’s leading technology companies, issued a statement where it explains they are willing to collaborate with Libra, the cryptocurrency that will be launched by Facebook in the middle of 2020.

The announcement about this new project of Facebook generated a “wave of reactions” that mostly turned out to be negative. Moreover, during some months a strong tension was generated within the company, so the decision about launching or not the cryptocurrency was discussed.

However, IBM said it was willing to work “hand in hand” with the social media giant in order to develop its crypto project.

With the intention to strengthen the announcement, IBM blockchain Services General Manager, Jason Kelley decided to accompany the friendly atmosphere by mentioning that he considers the crypto industry as an innovative group that supports each other. “Blockchain is a sport for teams”, he said.

In this way, Kelley mentioned that they are prepared to approach the project. He also said they would serve as a “bridge” to involve clients that help to join more people to the initiative. “Our clients are ready to work with Facebook and we are ready to work with all of them to gather them”.

It is not a big surprise that IBM seeks to get more and more involved in the crypto world since during some time it decided to direct many of its projects to this area. One of the most prominent projects is the implementation of its own blockchain system, which provides greater transparency to supply chains and banks.

This news demonstrates the interest of IBM to get involved with new technologies, and although it was not mentioned at any time that the company would be looking to partner with Libra, it is a clear clue that some movements could be managed so that this can be a reality.

Something clear is that Kelley believes that the incorporation of Facebook into the crypto market is a positive step for the industry that would bring a new level of confidence to investors around the world.

Jason Kelley stressed that IBM’s greatest interest in the industry is the “tokenization” process, which allows digitizing any possible asset in order to facilitate marketing using blockchain technology as a medium.

He explained: “We talk about Libra and people say it’s just another cryptocurrency (…) put aside cryptography and talk about tokenization, because that’s what we’re talking about”.

A possible alliance between these giants could boost the reach of the services that Libra would offer once the project enters the global market. However, Facebook has not yet revealed all the details about the characteristics of Libra, imposing many doubts and questions about it.

IBM’s interest in Libra may be a warning about the directions the company will take in the future. In this way, the company keeps its interest in cryptocurrencies and blockchain technology as new and important tools for the industry.

By María Rodríguez

Blockchain Reaches Agencies and Large Media in Spain to Fight against Fake News

Maria Rodríguez
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Blockchain Reaches Agencies and Large Media in Spain to Fight against Fake News

The idea seeks not only to store unalterable data, but also to “monetize” that information and journalism

The founder of El País newspaper, Juan Luis Cebrián, The Washington Post, the Associated Press (AP) news agency, and other media are interested in using technology such as blockchain to compare stored data, dates, and avoid fake news.

On October 17th, engineers, journalists, editors and innovators will meet in Madrid, Spain, to exchange ideas related to blockchain and journalism. In a world of data, where hundreds of pieces of information are disseminated on the Internet, corroborating information becomes something vital.

Recover control of digital content, store unaltered data, the dates on which something happened, making it clear who was the first to say something, what happened, how, when and where, would help to check if a story is real or not, if someone already said it before and if it happened like that or not.

That is the difference that blockchain could make; this is because one of its characteristics is precisely to store data in a secure, unalterable and verifiable way in the future.

Therefore, Úrsula O’kuinghttons, of the New York Civil startup, will be present at the meeting with Juan Luis Cebrián. She works with more than 100 newsrooms from different countries of the world that begin to use blockchain technology.

Computers, human beings and artificial intelligence face each other on a battlefield that is just beginning. This could be more frequent due to “deepfakes”, an Artificial Intelligence (AI) program that tricks images and voice notes.

O’kuinghttons knows all about media and new technological trends for the industry.

“The collapse in advertising revenue joins the chaos caused by fake news, which have only worsened the already deteriorated business of the press, stripping thousands of journalists of their work”, said the organizers of the event.

Identity System

In 2018, started the idea of ​​Civil, under the ideal of ConsenSys; this is an international community of journalists and other citizens interested in the area participate in this project.

This platform seeks to build a “trusted network” which is based on a universal identity system in blockchain. There, consumers, publishers and advertisers participate.

One of the characteristics is that it not only helps to store data, but also seeks that people and companies “monetize” the data, stop misinformation and, at the same time, “monetize” journalism.

How Can Bockchain Help?

The block system leaves a trace of traceable information that cannot be changed. It is only possible to “amend” the information, but always leaving a trace of all the changes made. This is how data is protected.

Blockchain works with decentralized storage technologies, which allows protecting, in this case, the originality of each written paragraph.

The added value is that blockchain technology allows not only the exchange of information, but also the exchange of virtual currencies or cryptocurrencies.

On the other hand, smart contracts, which are part of blockchain technology, allow clear agreements to be established between those who wish to send and receive information securely and under the parameters they establish.

In addition, blockchain would allow tracking the mentions online, with the aim of verifying that those who click are real people and not bots.

Blockchain promises to offer much more than only crypto-transactions. For this reason, in the event is expected that participants discuss possible new uses that benefit consumers.

By María Rodríguez

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