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US Department Of Energy Is Exploring Blockchain As A Way To Defend Against Cyberattacks

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The US Department of Energy is in the latest cryptocurrency news for its attempt to explore blockchain technology – seeing it as its first line of defense against cyberattacks on its power plans.

According to an announcement which was published by the department’s National Energy Technology Laboratory (NETL) unit, the phase two of an electric grid security project has been launched in partnership with the decentralized cybersecurity startup Taeklon (formerly Grid7).

In addition to this, the laboratory provided a grant of $1 million to Taeklon last year. Now, during the second phase of the project, the startup will research on how blockchain technology can be used to secure a power plant – by keeping all sensor, actuator and device transactions on a distributed ledger.

The announcement said:

“Accurate information on the status of power plant operations is critical for electric grid security. When the storage of key information is decentralized, “there is no single point of failure.”

For those of you wondering how could a cyberattack occur on a power plant, the lab was confident that such a system could be compromised so that it appears operational when it is actually shut down by hackers, “leaving millions without power” as the lab said.

“The applications being developed in the NETL-managed project have the potential to thwart such attacks by preventing hackers from altering the plant’s operational information,” NETL concluded.

Right now, Taekion is also looking to work on other applications that would help and secure the energy transactions to protect process data at power generation facilities, increase the grid reliability and integrate to a more decentralized energy infrastructure.

This project is part of the energy department’s Office of Fossil Energy Sensors and Controls program and is funded through the department’s Small Business Innovation Research program.

The department also recently announced federal funding of up to $4.8 million for universities working on R&D projects including the ones related to blockchain.

Interested in reading more news? Check out how we made it in the best cryptocurrency news sites!

 

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Blockchain News

Legal Blockchain Experts Are In High Demand: Report

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The demand for legal blockchain experts is constantly increasing, according to a new report issued by the managing director of Major, Lindsey & Africa, Brian Burlant. The director recruits for law firms and in-house legal departments. Officially published by a lot of legal news and best cryptocurrency news sites as well as the information site Law.com on April 17th, the report shows that a lot of law firms are having difficulty keeping up with cryptocurrency and blockchain industry demands for lawyers because of a current lack of candidates who really understand the technology. Burlant also mentioned that a lot of lawyers enter the space from various regulatory practices or directly from the government, where they were previously engaged in similar practices related to cryptocurrencies. According to Burlant:
“For law students and those early in their legal careers, coupling a practical business approach with a working understanding of the technology is a good way to go.”
The need for legal blockchain experts need to have a background in blockchain, which is definitely increasing according to Burlant. As he advised, new law students focus on blockchain, and not on cryptocurrencies, as blockchain “will be a game changer.” As part of the latest cryptocurrency news, the director also noted:
“I think that the blockchain space was extremely popular for lawyers toward the end of 2017, and then the cryptocurrency crash happened, and a lot of lawyers who were working in crypto or blockchain went back quietly to whatever they were doing before, like Silicon Valley in the ’90s.”
Young also said that the privacy law has grown substantially and that most global and national companies have added capabilities in privacy and data security sectors in the course of the last five years. According to the published forecasts, the global spending for legal blockchain experts could amount for almost $2.9 billion in 2019 which is a 88.7% increase from 2018. The financial industry is expected to lead the industry in terms of spending in blockchain development this year - especially in sectors such as banking, securities, investment services and insurance. As reports show, these sub-sectors are forecasted to invest more than $1.1 billion out of the total global blockchain spending.
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Blockchain News

Gemini Crypto Exchange Includes SegWit Support To Its Updated Wallet

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Gemini crypto exchange, one of the most popular ones on the crypto market, has included SegWit support to its new wallet infrastructure. The Winklevoss twins revealed the new bitcoin address in an official blog post that we have in our latest cryptocurrency news below. The Gemini crypto exchange was founded by the Winklevoss twins and they announced the support for Segregated Witness on their blog post two days ago. SegWit is basically a scalability solution meant for the bitcoin network that was first launched in 2017. SegWit helps with the increasing block size and moving the ‘’witness’’ signature data to a whole another location. This way the malleability of the transactions in solved and the Gemini crypto exchange is among the first to use the solution. The author of the blog post, Brian KimJonson explained that the developer team will enable SegWit addresses to be easily used for both BTC withdrawals and deposits. The Gemini crypto exchange also announced the support for transaction batching and according to Brian; they are the first to launch a full SegWit Support. KimJohnson also pointed out that the Winklevoss twins didn’t make the decision quickly without considering it twice. He pointed out that the choice to use the native addresses was based on saving the block space as well as to follow safety measures. The arguments go on further to promote SegWit since the segregation of digital signatures from all the transaction data will decrease about 30-40 percent less. This way the block space occupation will be decreased thus the fees will also be dramatically lower. The Gemini crypto exchange blog post also explains that the support will enable a working ground for solutions such as the Lightning Network’s second-layer solution for the bitcoin scalability issues. As previously reported in our altcoin news, San Francisco-based Coinbase and Global Digital Asset Exchange GDAX or better yet Coinbase Pro, also provided SegWit support for BTC transactions at the start of 2018. Both the Gemini crypto exchange and Coinbase pro are included in the new index for 10 crypto exchanges from the Messari crypto analytics company. The Index is better known as ‘’Real 10 Volumes’’ was initially created in order to spread awareness over the fraudulent trading volume that is constantly reported by unregulated exchanges.
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Altcoin News

eToro Blockchain Division Launches A Crypto Exchange, Issuing 8 Stablecoins

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The blockchain division of the global social trading platform eToro is in the latest cryptocurrency news for launching a cryptocurrency exchange for pro traders. According to an official press release on April 16, eToro is taking a big leap forward in the crypto market. Named eToroX, the new exchange launched by the eToro blockchain division claims to be a secure and regulated trading venue. Currently, there are 37 trading pairs and pro traders can convert six cryptocurrencies to fiat - including US dollars, Euros and Swiss francs. Leading the coming altcoin news section, eToro also decided to allow users to trade Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Dash (DASH), Bitcoin Cash (BCH) and Litecoin (LTC). As the managing director of eToroX named Doron Rosenblum stated, more pairs will be launched in the coming months. https://twitter.com/eTorox/status/1118130082399379456 More importantly, the eToro blockchain division eToroX has launched eight stablecoins that are backed by the New Zealand dollar (NZDX), Japanese yen (JPYX), Swiss franc (CHFX), United States dollar (USDEX), euro (EURX), UK pound sterling (GBPX), Australian dollar (AUDX), and Canadian dollar (CADX). All of them will be issued and controlled by eToroX. The CEO of eToro, Yoni Assia, also said that the platform is ready to bring the crypto world to a larger pool of investors, stating:
“We want to bring crypto and tokenized assets to a wider audience, allowing them to trade with confidence. This is the future of finance. Blockchain will eventually 'eat' traditional financial services through tokenization.”
The eToro blockchain division will be led by professionals. According to Assia, the financial services will be transferred to blockchain since the tech brings a new paradigm for asset ownership. He believes that right now, traditional asset classes need to be explored and act as a property that needs to be tokenized. From an altcoin news perspective, it is also important to mention that in March this year, eToro officially launched the platform and crypto asset wallet - when it also announced that it has acquired the smart contracts development company Firmo so that it can explore and add more tokenized assets. A lot of best cryptocurrency news sites have reported the new eToro blockchain division, noting that it is definitely something that the market needed right now.
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Blockchain News

New Forbes Report Lists Number Of Billion Dollar Companies Using Blockchain

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The number of billion dollar companies using blockchain is increasing, according to the financial outlet Forbes and its recent report which made the latest cryptocurrency news on our site. The blockchain news show multiple billion dollar companies using blockchain and businesses that are actively implementing the blockchain technology. What's interesting is that Forbes listed only the ones which have minimum revenues or valuations that go from $1 billion upwards, naming them “Blockchain’s Billion Dollar Babies.” In addition to traditional financial firms such as banks and clearing houses, food companies, supply chain management firms and others, Forbes also featured companies that are active in the cryptocurrency and blockchain space. For those of you who are wondering, the big companies using blockchain include the names of Amazon, Walmart, Facebook, ING, MasterCard, Microsoft and Nestle as only some of the names. The news went viral on many best cryptocurrency news sites, mostly because of the big names in the industry. The crypto-related companies featured in the “Blockchain’s Billion Dollar Babies" list included the names of the leading exchange Coinbase, the European mining and hardware firm BitFury as well as the blockchain-based financial services network and XRP token issuer Ripple. Aside from the full list of billion dollar worth companies using blockchain, Forbes has also noted major firms that are in negotiations or talks to adopt blockchain technology - as well as companies which use blockchain protocols only. Some of these include Hyperledger protocols, blockchain consortium R3's Corda protocol as well as the Ethereum network as featured in the list of firms in various industries. Forbes has noted that the potential for blockchain technology is big now, and the main aim is to simplify the various business processes, following the example of the Depository Trust & Clearing Corp (DTCC) which keeps records of 90 million transactions recorded per day, or the record high $48 trillion dollars in securities. According to Forbes, the firm will supposedly start switching its 50,000 accounts to a blockchain-based system which will definitely help and eliminate duplicate procedures as well as reconciliations that are still prone to happen when linked to traditional electronic clearing networks. For all of you interested to see the Forbes “Blockchain’s Billion Dollar Babies" report , visit this link.  
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