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.
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First Legally Registered DAO Created By Blockchain Devs dOrg
“dOrg asked us to help design a DAO legal wrapper after discovering the potential of BBLLCs. We believe that dOrg is now the first legal entity that directly references blockchain code as its source of governance. Its material operations and ownership interests are managed entirely on-chain.”The dOrg group also noted that the BBLLC registration process should become much easier:
“We want to make what we just did accessible to anyone in the world. Ultimately, the process of configuring and deploying a legally registered DAO will be as easy as creating a social media account.”The ConsenSys-backed ‘’smart legal contracts’’ as previously explained in the coming altcoin news, project OpenLaw proposed a new Ethereum dapp called Incomshare.me which helps students to tokenize income share contracts and to take participation in secondary markets with them. The contracts help the students commit negotiated portions of future salaries. The Incomeshare.me platform uses the ethereum blockchain to host these contracts. OpenLaw community member Josh Ma noted
“As this alternative model for funding higher-education becomes more popular, enabling a secondary market would accelerate its adoption by providing liquidity and opportunities to mitigate risk, both attractive qualities for investors.”
Bitcoin Futures Trading Testing By Bakkt Officially Starts In July
“On July 22, two days after Apollo 11’s 50th anniversary, Bakkt will initiate user acceptance testing for its bitcoin futures listed and traded at ICE Futures U.S. and cleared at ICE Clear US.’’The announcement was expected for a long time now. Bakkt which has named itself as the game-changing crypto ecosystem for all of the institutional investors faced multiple delays in the past. They announced the first testing in August 2018. The biggest issue for Bakkt’s team was the regulatory uncertainty and it still remains the most important problem to solve. Bitcoin futures trading will represent the first of many offerings but it still unknown when a total rollout of the service will be delivered. Setting the date on the pilot phase is coming in a good period but the coming week the rival provider CME Group announced a new record volume for its product. As previously reported in the coming altcoin news, the CME futures passed more than $500 million in implied USD value. Also, a few days ago the new crypto index Cryptoindex was launched which allows traders using TradingView, Bloomberg and Reuters to access information on Bitcoin and other major digital currencies and tokens. At the same time, CBOE which is the first bitcoin futures provider in the world will stop all operations later this month. The executives blamed the poor market performance and announced their decision just weeks before the BTC markets went into bull run mode reaching $9,000. White noted:
“Bakkt may be a form of moonshot, but it’s grounded in an earthbound endeavor to support the future of finance and the adoption of blockchain technology.’’Bakkt’s effort to help institutional investors and institutions, in general, to launch safely on the market is a very important element for the future. There are currently many new regulations and recommendations coming from the Financial Action Task Force (FATF) which will put stringent new requirements on all the crypto-related businesses.
Square Crypto Announces Its First Hire Of Ex-Google Director
“@moneyball is amazing. Can’t think of anyone better for this role. Congratulations @sqcrypto and @moneyball!!!”Square Crypto is going on with the strategy to the vest since coming to the social media platforms in March. Since then, they have shown us multiple times that they are working on something that will be groundbreaking even for crypto. While they have the name ‘’crypto’’ in the company’s name, they are mainly focused on Bitcoin which make sense since Dorsey is expecting for the number one cryptocurrency to become the ‘’native currency’’ of the World Wide Web. The company stated:
“We are close to making our first hire. So let’s set some expectations. True to @jack’s founding tweets, we are building open source projects that will make mass adoption not just possible but inevitable. Our goal isn’t to make money, but to improve it.”As it was explained previously in the latest cryptocurrency news, Dorsey’s team knows how to hype the community on Twitter after they even brought Tesla’s CEO Elon Musk into the heart of the conversations sometimes. Twitter, on the other hand, is at the totally opposite way of the crypto spectrum without indicating that they will ever integrate crypto.
Spring Labs Blockchain Startup Raises $23M, Backed By General Motors
“As the captive finance arm for General Motors and one of the world’s largest auto finance providers, we are continually innovating and evolving our fraud prevention and detection capabilities to better serve and protect our customers and dealers.”
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