India Launches a Proof to Encourage the Use of Blockchain Technology

Maria Rodríguez
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India Launches a Proof to Encourage the Use of Blockchain Technology

The process will benefit both companies and consumers, as well as it will allow a controlled evaluation of new technologies to create an adequate regulatory framework and protect its users

The Reserve Bank of India (RBI) announced, last week, the creation of a test environment for new platforms. The main objective of this public institution is to encourage the development of blockchain technology in the country, as part of the innovative moves towards the next financial technologies that the Government of India has been evaluating in recent years.

According to what the official announcement described, the test environment seeks to research, develop and apply the use of platforms and apps that use blockchain technology as part of different financial processes and also in other related uses.

In addition to this, it is emphasized that only blockchain technology will be allowed in the different tests and not the use of cryptocurrencies since these assets are not the objective this time. Therefore, any project related to the use of cryptoactives will be excluded from the test environment and subject to the corresponding regulations.

In India, as well as in other countries, applying “test environments” enables the companies which have developed something innovative to be evaluated closely and accurately by regulatory and legal bodies.

In this way, Indian companies launch their new products or services to a certain number of people, in order to provide them the novelty they have created for a limited time. This leads to a direct investigation which seeks to protect future consumers, as well as to guide legislators to create laws to regulate these activities in the country.

About this aspect, RBI representatives affirm this is a healthy practice for all the sectors. It benefits consumers to protect their assets, and also benefits the technology companies which hope to expand their projects.

For this reason, the announcement made by RBI will help companies related to blockchain technology to “prove the viability of a product without needing a larger and more expensive implementation”. It also will help the general population to “reduce costs and get better access to financial services”.

Although this project could motivate entrepreneurs, consumers, and investors, the publication also highlights that applying this idea can also imply a considerable waste of time and flexibility of movements; this is, since after entering the process it is not guaranteed that all possible sectors and alternatives to use these technologies will be tested. The test does not establish a regulatory framework that could be approved later.

In the test environment announced by RBI, not only companies linked to blockchain technology will participate. “Innovative technologies” will also be tested, inter alia, mobile payment services, digital identity software, artificial intelligence (AI), smart contracts, apps.

On the other hand, not only everything related to cryptocurrencies will be excluded. Otherwise, any cryptocurrency exchange or investment service will be left out, as well as all services and products already prohibited and regulated by the laws approved by the Government of India.

By María Victoria Rodríguez

Filament Partners with the University of Nevada to Help in the Intelligent Mobility Initiative

Andres Chavez
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Filament Partners with the University of Nevada to Help in the Intelligent Mobility Initiative

It is truly amazing how blockchain technology can serve as the backbone of the world’s future. Its versatility is changing the planet, step by step: it can be deployed as a solution to achieve process efficiency in several industries, and the transportation is certainly one of them.

A startup in the blockchain technology called Filament announced on Tuesday, April 23rd, that it is collaborating with the University of Nevada, Reno, on an ambitious project that involves autonomous vehicle research.

The initiative has set high goals: the group intends to come up with a solution to reach new standards for blockchain-based connected devices, or IoT (Internet of Things,) applied to work on self-driving vehicles.

A Blockchain-Powered Network of Vehicles

The research group is sold on the idea that the blockchain technology could be the primary factor that connects the cars to a broader network. In fact, automotive industry giants GM and BMW are also investigating the matter, as it holds enormous potential.

“We are excited to collaborate with the University’s Intelligent Mobility initiative on advancing this cutting-edge vehicle-to-infrastructure communication innovation. This is an important project for all cities preparing for autonomous vehicles as it will demonstrate how secure distributed ledger technology combined with connected, driverless cars and their surroundings can become a trusted reality,” were the words of Allison Clift-Jennings, Filament’s CEO, via a statement.

The University of Nevada is known around the industry for its work with autonomous cars and synchronized transportation. The Intelligent Mobility project is the entity working in those areas, featuring a group of minds with the set objective of developing the right infrastructure to make it all mesh.

Public and Private Sector Support

The Intelligent Mobility project has earned praise across the State of Nevada, and both the private and public sector are currently showing their support. The cities of Reno and Carson City, not to mention the state government, are among the primary contributors.

“This kind of collaboration is transformative. Things are getting done in Nevada, and it’s because organizations join together around a common goal,” were the words of Mridul Gautam, the University’s Vice President of research and innovation.

Steve Hill, the current Director of the Governor’s Office of Economic Development, stated that “this marks another important initiative in Nevada’s advanced mobility effort. The State of Nevada, through our research institutions, industry and startups, has been building an effort to operate Living Labs in Nevada’s metro areas. The Living Lab Northern Nevada will be led by the University of Nevada, Reno and the Living Lab Southern Nevada will be led by the University of Nevada, Las Vegas – making this effort an important statewide initiative for our research universities and the State’s Knowledge Fund.”

On the other hand, Filament is known for its focus on developing hardware items and products to use in blockchain-based connected device networks. The firm itself has quite a few collaborators and contributors that are confident in the success of connected vehicles in the medium and long term.

By: Andres Chavez

Hyundai Will Allow to Change the Characteristics of Its Electric Cars Using Blockchain

Maria Rodríguez
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Hyundai Will Allow to Change the Characteristics of Its Electric Cars Using Blockchain

The tool will seek to improve the experience of those who use electric cars by allowing them to customize performance and functionality features

The important South Korean automobile company, Hyundai Motor Group, has developed a new application for smartphones that will allow users of electric vehicles to modify and customize some features of their car, using blockchain technology.

As a new feature that will soon be available for people who have Hyundai electric vehicles, now it is possible to adjust key parts of the vehicle’s technical and electrical performance. These aspects include all the capabilities and possibilities of deceleration and acceleration, modify the speed limit required, the regenerative braking system, the regulation and linking between the battery and the climate, as well as the response capacity and the levels of energy saving.

About the characteristics announced by this manufacturer, it is known that it is the first tool of this type that will facilitate the handling of certain levels of performance of the electric vehicle. So the company says that due to the importance of the solution, it has decided to use a blockchain system that allows maximum security. The process is easy. The user configures his vehicle through a server that keeps the information protected by unauthorized agents.

The system works in the following way: once the user has made the performance settings, the information is uploaded by an encryption system that verifies the selected parameters through a single blockchain network enabled by the company; then, the information is protected within the data storage system and reinforces it against any unauthorized access. The idea is not only to conduct the action of personalizing the characteristics of the car but also to keep all safety at optimum levels, according to what the company explained.

It should be noted that this function of personalized and selective adjustment on performance parameters and functionality are perfectly applicable due to the compatible characteristics of electric cars that at the moment are discordant with conventional gasoline vehicles.

The Future of Electric Vehicles

In mid-2016, the International Energy Agency released a report in which it indicated that about 2 million electric vehicles existed in the world in 2016. Over the years this figure has being increasing and, according to what estimates the same report, it is believed that by 2040, there will be around 600 million electric cars.

About the future of the production of electric vehicles and the functions of the Hyundai brand, JeongSoo Eo, who is a researcher in this area, said: “As the Hyundai Motor Group plans to implement 44 ecological models by the year 2025, including 23 electric vehicles, we see the potential of the technologies and services inherent in vehicles without combustion. By developing a mobility technology that changes paradigms like this, we will continue to strive to improve the user experience for customized electric vehicles according to individual preferences”.

Thanks to these declarations, the line in which all the efforts of the company will be oriented is assured, as well as improving the individual experiences of consumers.

By María Victoria Rodríguez

Criminal Sentenced to 10 Years in Prison for SIM-Swap Crypto Thefts of more than $7 Million

Andres Chavez
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Criminal Sentenced to 10 Years in Prison for SIM-Swap Crypto Thefts of more than $7 Million

Hackers are very skilled individuals that can single-handedly take over systems and accounts, stealing passwords, money, and other valuable resources in their quest to become rich and powerful. And given cryptocurrencies’ boom in popularity, they have been the latest preferred target of cybercriminals all over the world.

Such is the case of a 21-year old American student, who had been performing SIM-swapping hacks for quite some time now and had stolen more than $7.5 million worth of cryptocurrencies with that modus operandi. Now, according to an announcement of the Santa Clara County’s District Attorney’s Office that came on Monday, April 22nd, the man has been sentenced to spend a decade in jail for his acts.

The District Attorney’s Office published that the criminal, named Joel Ortiz, had managed to violate the privacy of smartphones of no less than 40 people. The office refers to Ortiz as a “prolific” SIM swapper, and reported that one specific crime resulted in over $5.2 million taken from the phone of a crypto entrepreneur in Cupertino, California, and it was performed within “minutes.”

A Wild Lifestyle

The man certainly enjoyed the money he stole. His lifestyle was wild: he spent thousands of dollars at Los Angeles clubs, and he even hired a helicopter to arrive to a music festival. He used to buy expensive clothes and luggage, as well, as per the announcement.

The hacker was arrested in LA, specifically at the Los Angeles International Airport, in 2018. He pleaded no contest, which means he accepted the charges but without plead guilty, to ten felony theft charges in 2019.

Ortiz holds the not-so-flattering achievement of being among the first people in the United States of America to be arrested and convicted of robbing people of crypto assets by using the SIM card swapping method.

According to Judge Lee, “these are not Robin Hoods. These are crooks who use a computer instead of a gun. They are not just stealing some ethereal, experimental currency. They are stealing college funds, home mortgages, people’s financial lives.”

The Regional Enforcement Allied Computer Team (abbreviated as REACT) Task Force investigated the matter. The organization seized $400,000 from the man in question after he was taken into custody. According to the Attorney’s Office, the rest of the money has been either concealed or spent by now.

SIM Swapping: What is it?

The industry refers to SIM swapping as the activity in which the criminal clones the victim’s SIM cards with the intention of accessing online accounts. For several reasons, it is one of the most common methods used to steal crypto assets.

A similar case took place in Ohio earlier in the year, when a similarly-aged man (20 years old) was charged in a New York Supreme Court indictment for identity theft. He also stole crypto holdings from more than 50 people in America by using the same SIM swapping approach.

Near the end of last year, Silver Miller (an American law firm) filed claims against two prominent telecom companies on behalf of people that reported SIM swap attacks. One of the victims claims to have lost more than $620.000 in crypto with the practice. “By leaving holes in their security protocols and failing to properly train and monitor their employees, cellphone providers have assisted thieves in remotely taking over the SIM cards in people’s smartphones, accessing financial records and account information of the victims, and emptying the victim’s accounts of cryptocurrency and other valuable assets,” according to the law firm.

By Andres Chavez

University of Louisville Students Will Know Blockchain Technology Thanks to IBM

Maria Rodríguez
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University of Louisville Students Will Know Blockchain Technology Thanks to IBM

The creation of the IBM Skills Academy at the University of Louisville will benefit thousands of students who seek to get involved with new technologies

IBM, one of the most important technology companies in the United States, has been managing a series of important actions in order to strengthen the advances linked to blockchain technology.

To achieve its goals, the multinational company recently announced that it made a valuable partnership with the University of Louisville, in order to build a study map that allows students to become familiar with the technology, as well as to generate contributions and promote, in the future, investigations related to new technologies.

One of the plans that the company, together with the University of Louisville have to make real this project, is to create the IBM Skills Academy. There, an intense study plan will be elaborated, as well as the necessary tools will be granted.

The intention is to conduct a complete education in different subjects focused on key sectors of the new global technologies. These areas of study include, inter alia, blockchain technology, the development of artificial intelligence (AI), cloud-centric computing, data science, quantum computing. cybersecurity, and the internet of things (IoT).

As it is known about this new movement IBM is making in education, it is the first time that the company has made an alliance with a university to launch a project like this one. Another IBM plan is to implement the same concept with other universities in the United States, so this will not be the first alliance of this nature.

Students who have joined the program of this academy will obtain credits that will help them in graduation. They will also receive a certification from IBM. Moreover, they also will be able to have their studies specialized with the admission to this academy, which will support the accelerated world of innovative technologies in the near future.

Knowing the IBM Technological Support

On the technological base that will be mounted as support in this academy, IBM will install a powerful software, as well as technology in the cloud in order to facilitate studies in all the mentioned areas. It is estimated that the approximate cost of the investment to be made is 5 million dollars per year.

Neeli Bendapudi, who is the President of the University of Louisville, commented that the value of this investment goes beyond the monetary cost and that it will add an incalculable value for science. “But the value of this exceeds that figure. When you have two large institutions working together, who can tell where the opportunity is?”.

The important effort that the University of Louisville and the multinational IBM are making is partly due to the powerful fact that new technologies are in dynamic and unstoppable growth. And many companies are developing the areas destined to adopt these innovative technologies.

But the lack of qualified personnel able to occupy the different positions related to blockchain technology imposes obstacles to its evolution. As Bendapudi, concludes: “It is important for us to be agile with this, to be truly transformative, to say: We see what is coming, how can we be proactive? I am extremely grateful to IBM”.

By María Victoria Rodríguez

Volkswagen Will Sponsor a Blockchain Project for Mineral Tracking

Maria Rodríguez
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Volkswagen Will Sponsor a Blockchain Project for Mineral Tracking

The project would facilitate the usual procedures of the industry, besides allowing and verifying the origin of the minerals commercialized in the international markets

Volkswagen, the important German car manufacturer, announced on Thursday, April 18th, through a statement posted on its website, that it will officially sponsor a project which seeks to use blockchain technology to get minerals and, at the same time, the correct supply of premium material without damaging the environment excessively.

The statement says that the collaboration will be opened to the entire industry. In addition, the initiative will increase the advantages in this field to improve efficiency, transparency, and sustainability in all mineral extraction and distribution chains.

The project, which is already perfectly designed and in full development, is a platform supported by the IBM blockchain and by Linux Foundation in its Hyperledger Fabric system. Through this tool, users can know directly the origin of the mineral that was extracted. Another characteristic is that the platform will provide detailed information to all interested parties in order to easily verify the origin of the products.

Through the publication, the company confirmed its belief that blockchain technology could facilitate compliance processes, as well as ensure safety standards and procedures protocols.

Previously, in the traditional mining industry system, these processes were conducted through fairly complicated audits and manual procedures which required hiring third-party services. Thus, this new system could automate and simplify the protocols to complement the evaluation, audits and all supply standards that have been developed by the OECD (Organization for Economic Cooperation and Development).

In line with this new method in which all the usual mineral supply processes could be simplified, the company mentions in the press release its contribution to the project, expressing its concern and interest in improving industry processes reducing costs and accelerating their supply of the material needed to its operations.

“Joining the project will allow the Volkswagen Group to gain a better insight into the origin of the cobalt used in lithium-ion batteries for electric vehicles and other types of minerals used in vehicle production”, the statement said.

Volkswagen is not the only company that has decided to collaborate with this blockchain project. Huayou Cobalt, Ford Motor Company, IBM, LG Chem, inter alia, have decided to get involved in the development of the alternative solution. Similarly, the RCS Global Group, which is a solid company specialized in the effective provision of data, will provide the necessary support so that all those involved in the project will have access to the information network, in order to track and keep an effective record of the minerals through the supply chain.

Volkswagen is considered one of the largest automobile manufacturers in the world and it is recognized as one of the best. In addition, they have a lot of experience in the supply and sustainability of minerals needed for the global industry, which would make possible to achieve the purpose of its new project in an environmentally responsible way.

By María Victoria Rodríguez

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