GM Creates And Shares New Workplace Safety Technologies – Pulse 2.0

General Motors Company (NYSE: GM) announced it has developed new technology to aid workplace safety during the COVID-19 pandemic. And the company is sharing its innovations with the world for potential use in job sites as diverse as manufacturing plants, offices, or even schools. The new technologies include an automated kiosk for temperature scanning and software for contact tracing and a mobile app for touchless printing.

While developing to aid the companys workplace protocols, GM made these tools available to the public for potential use in any workplace, school, or facility. GMs in-house software developers developed solutions aimed at helping employees return to work with more confidence, streamlining, and improving workplace safety protocols.

Thermal Scanning Kiosk

At GM workplaces and many other kinds of facilities today, safety protocols call for an entry process that includes a temperature evaluation, which is normally administered by another worker. GM developed new software code that integrates the operation of an infrared thermal camera with a computer and monitor, automating and streamlining the entire process.

Utilizing open-source code from the OpenCV project, the system automatically detects when someone has stepped in front of the camera and checks for an elevated skin temperature, indicating it is either safe to proceed or the entrant needs further evaluation. And the process can take as little as 1-2 seconds, thus relieving bottlenecks at workplace entry points and reducing physical contact between workers. The scanning is also effective when the worker is wearing a mask or face covering.

Kiosks are in use at a number of GM offices and plants acrossthe United Statesand will expand to other global locations soon. Even though the actual kiosk GM built is for its own facilities, the innovation that makes it work can be applied in many other kinds of workplaces. And the software is available to help any workplace or facility with similar entry scanning processes.

Workplace Contact Tracing

Developers around the world are designing technology solutions to improve contact tracing. GM had made significant improvements to Covid Watch, which is an open-source contact tracing application by adding real-time social distance alerts, boosting performance on both iOS and Android devices and adding support for Bluetooth beacons. And GM will release its open-source software soon, helping developers worldwide who are collaborating on open-source solutions to aid contact tracing.

GM is testing a mobile app that would create a record for the employee, listing other users with whom he or she has been in contact. And it can help medical staff reach employees that had contact with a worker testing positive for COVID-19 while maintaining privacy and security. The app also constantly computes the physical distance between users and can send an alert to help encourage safe behavior. GM is planning a pilot to test the application soon.

Touchless Print

The new Touchless Print mobile web application now enables employees to print documents without touching the printers control panel, which instead uses a QR code scanned through the employees mobile phone. This process is not only safer, but very quick and extremely simple.

This app is in use now at GM facilities worldwide for iOS and Android devices and exclusive to HP printers. And the open-source software for the app was released earlier this month.

These innovations are considered the latest in a series of pandemic-response actions from the company, including production of critical care ventilators and personal protective equipment like masks, face shields and N95 respirators.

KEY QUOTES:

We developed an extensive playbook for a safe return to work for our employees, and were seeing very good success. As we implemented the protocols, GM software developers started to work on how technology could make the process smoother and more precise.

GM medical director Dr.Jeffery Hess

We had to respond quickly to the challenges the COVID-19 pandemic created for our workforce. Our teams collaborated online with experts around the world to quickly innovate and support the safe return of our employees to the workplace. We know many of these challenges affect others globally. We felt it important to share our innovation so other companies, organizations, and institutions could benefit from our experience.

GM executive vice president and chief information officer Randy Mott

We believe our application advances the state of the art when it comes to mobile apps for contact tracing, which is the subject of massive software development efforts across multiple industries today.

Tony Bolton, GM chief information officer of Global Telecommunications and End-User Services

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GM Creates And Shares New Workplace Safety Technologies - Pulse 2.0

Aspire Technology Launches First Truly Secure Public Blockchain for Creation of Digital Assets – GlobeNewswire

Las Vegas, Aug. 13, 2020 (GLOBE NEWSWIRE) -- (via Blockchain Wire) -Aspire Technology, developer of digital asset creation technologies, has launched the mainnet of its first-of-a-kind digital asset creation technology, Aspire (www.aspirewallet.com). Digital assets have been a key part of the growth of the blockchain, including the rapid growth of digital collectibles and new public blockchains during the pandemic.

Simply put, the Aspire platform consists of Aspire (ASP), which is currently only available through its airdrop campaign, with the first 10,000 users receiving sufficient Aspire and Aspire Gas (GASP) to create one full-fledged digital asset, each of which can comprise up to 92 billion tokens. Aspire Gas acts like bitcoin does for Counterparty, which was the platform for 30 of the top 100 tokens by market capitalization in 2014-15.

The Aspire platform improves upon the standard Counterparty open-source code, but grafts in an automated checkpoint server to prevent 51 percent attacks that have caused many other blockchains to be attacked and lose funds, including two successful attacks on top 25 token Ethereum Classic this month, resulting in the loss of nearly $2 million. Aspire is also not subject to miner attacks, as recently happened to top 100 token Ravencoin, where an attack that exploited a weakness in the mining algorithm allowed for hackers to create and then steal nearly $6 million of Ravencoin by artificially expanding the block reward. Many other platforms have suffered one of these two common exploits that Aspire is immune from; even bitcoin can theoretically be 51 percent attacked, but it would cost an extraordinary amount of energy to pull off.

As we move into the second decade of cryptocurrency, there is still no easy solution for non-technical or technical users to create and customize a digital asset quickly and put it on a highly secure blockchain, said Jim Blasko, CEO and co-founder of Aspire Technology and core developer of the Aspire platform. Aspire solves this problem, and the Aspire Gas blockchain that it is teamed with solves the problem of excessive fees and slow throughput on most major blockchains. We believe Aspire is poised to be a leading creator of digital assets globally.

About Aspire Technology and the Aspire platformAspire Technology is a leading developer of digital asset creation technologies. It was incubated from the bCommerce Labs accelerator fund and other angel investors. The Aspire platform, which consists of the Aspire (ASP) digital asset creation platform and Aspire Gas (GASP) blockchain, is the first digital asset creation platform to resist both mining exploits and 51 percent attacks that are common to proof-of-work blockchains. For more information, contact info@aspirecrypto.com.

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IBM asked software developers to take on the wrath of Mother Nature – The Drum

IBM was highly commended in the Best Social Good Campaign category at The Drum B2B Awards 2019. Here, the team behind reveals the challenges faced and the strategies used to deliver this successful project.

The challenge

IBM had a problem. Research showed we were losing the confidence of developers.

They were consistently ranking us in the bottom 10, if at all, behind our competitors in:

Innovation

Open Source Support

Community Advocacy

Technical Prowess

Humanity had a bigger problem. Natural disasters of apocalyptic proportion are occurring at a more rapid rate than ever before.

The strategy

We decided to hand over our code patterns (AI, IOT, Blockchain, Cloud) and unleash the creativity of developers from around the world to take on humanitys greatest challenge: the wrath of Mother Nature.

With key partners, we launched a global challenge that asked developers to use technology to address natural disaster preparedness and recovery and ultimately help save lives. Hosting the biggest hackathon in the world, would put our technology in the hands of new audiences and help IBMs pioneering capabilities and ethos shine through.

We needed to connect with developers but do so by avoiding traditional marketing efforts which they would ignore. Putting our code into their hands, gave us an opportunity to celebrate their creativity, compassion and inherent need to solve problems. We could bring attention to them with authenticity by putting them front and center rather than ourselves.

In addition, a documentary would turn the spotlight on what ingenuity can achieve and reveal the hard work and unique characters of coders from around the world. It would also be a way to inspire even more engagement and involvement from developers, employees, students, volunteers and partners in 2019.

The campaign

The best way to connect with our audience (18-34 year-old coders) was to give them our code and a problem they cared about to solve. Instead of advertising our story, we told theirs. We used the entries and hackathon events as a source for casting the documentary and along the way we captured footage of disasters as they happened, making sure that we presented the challenge as a global problem that had no regard for who, what or where--Mother Nature does not discriminate.

After hundreds of hours of interviews and thousands of miles traveling to events, we found a diverse and global cast. The movie had to be cinema-worthy. We did not want to shoot a corporate brand video...so we removed the brand. It was a risk but we knew that is was true to our original strategy: this is about developersnot IBM.

We wanted to raise their profiles, so we needed to introduce them to new audiences, which meant filming a movie worthy of that larger audiences time - inclusive of beautiful photography and superior production design. These were a new set of first responders and we wanted to introduce them to audiences by creating a story that was worthy of theatrical release and eventual distribution.

The results

The film is won awards at several film festivals around the country and is now in negotiations for formal distribution.

We screened it for over 300 IT professionals at our largest annual event called Think and the film was rated 4.9 out of 5.0 (our highest-rated session ever).

In the process of making the film, we established a global platform for developers to drive positive change through the code they create for the greater good of all.

We created enough momentum that the movies name Code & Response became the name for the overall initiative IBM launched at CES in 2019: a new $25 million, four-year initiative to fortify, test and launch open source technology to help communities needing critical aid.

From Think event feedback:

Moved me to tears! So awesome! Thanks all! What an inspiring film Fantastic story and a great piece of community involvement and support. Very inspiring stories and awesome that IBM is supporting the execution of these life-saving solutions.

The project as a winner at The Drum B2B Awards 2019. To find out which Drum Awards are currently open for entries, click here.

// Featured in this article

IBM

IBM is an American multinational technology company headquartered in Armonk, New York, United States, with operations in over 170 countries.

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IBM asked software developers to take on the wrath of Mother Nature - The Drum

Introducing the CDK construct library for the serverless LAMP stack – idk.dev

In this post, you learn how the new CDK construct library for the serverless LAMP stack is helping developers build serverless PHP applications.

The AWS Cloud Development Kit (AWS CDK) is an open source software development framework for defining cloud application resources in code. It allows developers to define their infrastructure in familiar programming languages such as TypeScript, Python, C# or Java. Developers benefit from the features those languages provide such as Interfaces, Generics, Inheritance, and Method Access Modifiers. The AWS Construct Library provides a broad set of modules that expose APIs for defining AWS resources in CDK applications.

The Serverless LAMP stack blog series provides best practices, code examples and deep dives into many serverless concepts and demonstrates how these are applied to PHP applications. It also highlights valuable contributions from the community to help spark inspiration for PHP developers.

Each component of this serverless LAMP stack is explained in detail in the blog post series:

The CDK construct library for the serverless LAMP stack is an abstraction created by AWS Developer Advocate, Pahud Hsieh. It offers a single high-level component for defining all resources that make up the serverless LAMP stack.

Building complex web applications from scratch is a time-consuming process. PHP frameworks such as Laravel and Symfony provide a structured and standardized way to build web applications. Using templates and generic components helps reduce overall development effort. Using a serverless approach helps to address some of the traditional LAMP stack challenges of scalability and infrastructure management. Defining these resources with the AWS CDK construct library allows developers to apply the same framework principles to infrastructure as code.

The AWS CDK enables fast and easy onboarding for new developers. In addition to improved readability through reduced codebase size, PHP developers can use their existing skills and tools to build cloud infrastructure. Familiar concepts such as objects, loops, and conditions help to reduce cognitive overhead. Defining the LAMP stack infrastructure for your PHP application within the same codebase reduces context switching and streamlines the provisioning process. Connect CDK constructs to deploy a serverless LAMP infrastructure quickly with minimal code.

Code is a liability and with the AWS CDK you are applying the serverless first mindset to infra code by allowing others to create abstractions they maintain so you dont need to. I always love deleting code

Says Matt Coulter, creator of CDK patterns An open source resource for CDK based architecture patterns.

The cdk-serverless-lamp construct library is built with aws/jsii and published as npm and Python modules. The stack is deployed in either TypeScript or Python and includes the ServerlessLaravel construct. This makes it easier for PHP developers to deploy a serverless Laravel application.

First, follow the Working with the AWS CDK with in TypeScript steps to prepare the AWS CDK environment for TypeScript.

Deploy the serverless LAMP stack with the following steps:

The cdk-serverless-lamp construct library uses the bref-FPM custom runtime to run PHP code in a Lambda function. The bref runtime performs similar functionality to Apache or NGINX by forwarding HTTP requests through the FastCGI protocol. This process is explained in detail in The Serverless LAMP stack part 3: Replacing the web server. In addition to this, a bref package named larval-bridge automatically configures Laravel to work on Lambda. This saves the developer from having to manually implement some of the configurations detailed in The serverless LAMP stack part 4: Building a serverless Laravel application

This creates the following directory structure:

The cdk directory contains the AWS CDK resource definitions. The codebase directory contains the Laravel project.

Replace the contents of ./lib/cdk-stack.ts with:

The brefLayerVersion argument refers to the AWS Lambda layer version ARN of the Bref PHP runtime. Select the correct ARN and corresponding Region from the bref website. This example deploys the stack into the us-east-1 Region with the corresponding Lambda layer version ARN for the Region.

Once the deployment is complete, an Amazon API Gateway HTTP API endpoint is returned in the CDK output. This URL serves the Laravel application.

The application is running PHP on Lambda using brefs FPM custom runtime. This entire stack is deployed by a single instantiation of the ServerlessLaravel construct class with required properties.

The ServerlessLaravel stack is extended with the DatabaseCluster construct class to provision an Amazon Aurora database. Pass a Amazon RDS Proxy instance for this cluster to the ServerlessLaravel construct:

The output shows that a shared VPC is created for the ServerlessLaravel stack and the DatabaseCluster stack. An Amazon Aurora DB cluster with a single DB instance and a default secret from AWS Secrets Manager is also created. The cdk-serverless-lamp construct library configures Amazon RDS proxy automatically with the required AWS IAM policies and connection rules.

The ServerlessLaravel stack is running with DatabaseCluster in a single VPC. A single Lambda function is automatically configured with the RDS Proxy DB_WRITER and DB_READER stored as Lambda environment variables.

The Lambda function authenticates to RDS Proxy with the execution IAM role. RDS Proxy authenticates to the Aurora DB cluster using the credentials stored in the AWS Secrets Manager. This is a more secure alternative to embedding database credentials in the application code base. Read Introducing the serverless LAMP stack part 2 relational databases for more information on connecting to an Aurora DB cluster with Lambda using RDS Proxy.

To remove the stack, run:$ cdk destroy

The video below demonstrates a deployment with the CDK construct for the serverless LAMP stack.

This post introduces the new CDK construct library for the serverless LAMP stack. It explains how to use it to deploy a serverless Laravel application. Combining this with other CDK constructs such as DatabaseCluster gives PHP developers the building blocks to create scalable, repeatable patterns at speed with minimal coding.

With the CDK construct library for the serverless LAMP stack, PHP development teams can focus on shipping code without changing the way they build.

Start building serverless applications with PHP.

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What developers need to know about inter-blockchain communication – ComputerWeekly.com

This is a guest post for Computer Weekly Open Source Insider written by Christopher Goes in his roles as lead developer of IBC at Interchain GmbH.

Interchain GmbH is a wholly-owned subsidiary of the Interchain Foundation. As maintainers of the Tendermint project, lead architects of the Inter-Blockchain Communication (IBC) Protocol and contributors to the Cosmos SDK, the organisation has envision a more connected, open and self-sovereign world made possible through the Cosmos Network.

Goes writes as follows

While technological change has moved rapidly in the information era, the system of international payments has lagged behind. In a world where a user can order organic beetroot on AmazonFresh to be delivered to their doorstep overnight, we are still trapped by the network effects of archaic monetary systems subject to the political vagaries of fiat powers.

The protocols that power the Internet are capable of efficient information transfer but they were not designed for monetary exchange or the similar exchange of digital assets.

Enter Inter-Blockchain Communication (IBC): This is a protocol designed to enable an open, sovereign, secure network of interconnected blockchains or Internet of Blockchains if you will.

IBC is the connective substrate of the distributed interchain future the cornerstone upon which the entire structure rests. IBC enables blockchains to send & receive messages to & from other blockchains, just as computers send messages to & from each other over TCP/IP. IBC facilitates interoperability between blockchains with different consensus algorithms, state machines and design philosophies, allowing them to selectively interoperate while retaining their diversity. IBC is blockchain agnostic and does not need to be hosted on or controlled by any single project.

Goes: IBC is the connective substrate of the distributed interchain future .

Any distributed ledger which supports IBC can permissionlessly initiate a handshake to another IBC-supporting ledger.Once a handshake is complete, it opens up a channel of communication between the two ledgers. IBC packets, containing arbitrary data, can then start traveling back and forth. Should the protocol gain wide adoption, well see an organic explosion of IBC packets and the concept of an Internet of Blockchains can become a practical reality.

Currently, there are a lot of different blockchains in the world that perform different functions, for instance: providing currency in the case of Bitcoin, localised application platforms in the case of Ethereum and efficient light client verification in the case of Coda.

These blockchains are highly specialized in different tasks, but right now they are isolated from one another.

Specialisation of blockchains is beneficial because it allows these blockchains to perform a specific function expertly, instead of trying to do everything all at once. However, synergies & seamless user experiences are lost when there is no communication between them. Interoperability between these chains would allow for the benefits of specialisation without the drawbacks. For example, one could send Bitcoin over to Ethereum and use it in a smart contract or vice versa. Two pieces of software designed totally independently can now be connected and introduced to each other, without the thousands of coding hours required to build a custom interop system or bridge.

So here is what developers need to know about the upcoming release of IBC:

Interoperability is essential for decentralised networks to compete with the status quo. An ecosystem of politically independent, sovereign chains economically interacting will be able to knit all the different specialised blockchains into a single interoperable economy pulling in mainstream users and forming the foundations of a new crypto-economic system.

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What developers need to know about inter-blockchain communication - ComputerWeekly.com

Chainlink Is Rising in the Cryptocurrency WorldHere’s How It Works, and What It’s Worth – Newsweek

While Bitcoin remains the dominant force in cryptocurrency, a new offering called Chainlink is gaining steamentering the top five tokens in terms of market cap and enjoying a surge of attention in the online community.

According to CoinMarketCap, a platform that tracks the ups and downs of crypto-coins and global exchanges, Chainlink is now valued at roughly $6 billion, with a single token, known as a Link, currently worth the equivalent of around $17.

For comparison, a bitcoin is currently priced at around $11,500, and the cryptocurrency as a whole now has a market capitalization of more than $210 billion.

In 2017, the value of Bitcoin surged as hype and speculation about its potential shot into overdrive, forcing up the value of a coin to almost $20,000 before it eventually crashed. In 2020, its closest competitors include Ethereum, Ripple (XRP) and Tether.

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Chainlink has now entered the fray, with Google Trends indicating people are searching for news about the coin. A Reddit community has attracted over 20,000 members and for better or worseit has been often mentioned on 4Chan's /biz/ finance board.

On its website, Chainlink is described as a "framework for building decentralized oracle networks that give your smart contract access to secure and reliable data inputs and outputs." That's a lot to take in. So we asked a crypto expert to explain.

"Chainlink is at its core a means of bridging the gap between the world of blockchains and the outside world," Charles Hayter, the CEO and co-founder of tracking platform CryptoCompare, told Newsweek over email, explaining its purpose.

"Chainlink is a framework for creating decentralized oracle networks. Oracle networks act as a source of information bridging the real world and the world of blockchains.

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"Its architecture and design are quite complex, but in simple terms it aims to solve the problem of trust and centralization of sources by harnessing a secure and decentralized network of information providers where data is crowd-sourced, reliability and accuracy are incentivized, and bad providers of information are disregarded and punished," he added. "Powering this ecosystem and system of incentives is the Link token."

Broadly, Chainlink is used to enhance smart contracts, which are agreements including a buyer and seller online using crypto, in which the transaction stored on a blockchain. Link is based on the Ethereum blockchain, which is dedicated to those transactions.

It acts as a "bridge between cryptocurrency smart contracts and off-chain resources like data feeds, various web APIs, and traditional bank account payments," CryptoCompare says, showing Chainlink had a strong upward trajectory in the past month.

"Blockchains are by design intended to be trustless and decentralized, and many have applications running on their networks, like smart contracts," Hayter told Newsweek.

"Smart contracts, programs running on blockchains like Ethereum, are tamper-proof agreements that automatically execute when real-world conditions are met.

"But in order to get information, like the price of an asset or whether an event has taken placewhich is needed for smart contracts to functionthere needs to be a trustless, decentralized source of information to tell the blockchain that the conditions have been met," the cryptocurrency expert continued. "Without this, there may be all kinds of manipulation or falsification, particularly when financial stakes are high. Achieving this is a tricky problem, and one which Chainlink has been designed to solve."

Santiment, a platform that provides daily crypto market insights, tweeted on August 10 that Link had become a "mainstay" on its Emerging Trends platform in recent days. It suggested it could be surging due to FOMOfear of missing out.

"It doesn't necessarily mean the long-term fundamentals of a project have changed from being solid hold options, but their presence on this list has been indicative of some artificial hype caused by crowd elation," Santiment noted on Twitter.

Yesterday, Santiment noted the Link token was now up by 68.7% over the last week, but warned the recent price rally may not be here for the long-term.

"Speculative interest has exploded, and we've looked into some concerning signs for the #1 trending coin," the platform's official Twitter account elaborated.

Chainlink has existed since 2017, but officially launched in 2019 as a way to "provide external data to smart contracts on any blockchain," one of its explainers says.

As with other cryptocurrencies, most famously Bitcoin, Link's values will remain volatile, likely to fluctuate based on trading influenced by news, rumor and online chatter.

Addressing the recent swell of activity, CryptoCompare's Hayter explained: "Link has seen its price surge enormously in recent months with the ascent of DeFi [Decentralised Finance]where oracles are particularly usefuland in line with a slew of impressive partnership announcements including Google Cloud and Oracle."

"Link has seen major speculative interest. It has been one of the best-performing crypto assets of 2019 and 2020, with a year-to-date ROI of 668.65 percent," he said.

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Chainlink Is Rising in the Cryptocurrency WorldHere's How It Works, and What It's Worth - Newsweek

Ripple Aims to Become the Amazon of the Cryptocurrency World – Cointelegraph

The much-debated blockchain firm Ripple is now planning to expand its use case far beyond just streamlining cross-border payments in partnership with national and international banks.

Ripple had focused its efforts solely on cross-border payments for the past five years when Brad Garlinhouse joined the company as the chief executive officer.

Despite their unprecedented success as a software solution provider to financial entities, Ripple has seemingly come to a realization that the companys core value still lies in the associated cryptocurrency XRP and the Ripple blockchain.

While the company had mostly worked with banks and directly funded millions to blockchain and cryptocurrency startups, it is now taking a step back and revising its growth strategy.

According to a Financial Times report, Ethan Bear, the head of Ripples developer efforts said that they were moving from writing cheques to writing code, implying that the company was planning to go big on promoting the creation of new applications on the Ripple network.

Showing optimism about the move to make their blockchain platform equally worthy as the highly-rated cryptocurrency, Garlinghouse said they wanted to make Ripple the Amazon of the cryptocurrency world:

Amazon started as a bookseller and just sold books. We happen to have started with payments. Two years from now, youre going to find that Ripple is to payments as Amazon was to books.

The report also mentioned that Ripple was working on developer tools to help with the creation of blockchain-based applications that explore new use cases on the Ripple network. The company had announced its open-source developer platform back in October 2019, but it was earlier only meant for finance-related applications.

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Ripple Aims to Become the Amazon of the Cryptocurrency World - Cointelegraph

Rising Cryptocurrency Menace: Why The Government Must Urgently Formulate A Policy – Swarajya

There was a small news report in 2018, followed by another about an alleged criminal Amit Bhardwaj, said to be the mastermind of $300 million Bitcoin sale and got bail from Supreme Court in April 2019 on grounds of health.

Financial crimes, banking and currency related frauds, misappropriation to the tune of millions of rupees are so common now and huge in size; and hardly anyone has been convicted till the present government came in.

Therefore, this news on some remotely heard currency like Bitcoin and fraud perpetrated through crypto exchanges did not really stir or shock anyone.

However, if you consider that Indian economy has lost about $15 billion through Bitcoin and other digital currency routes, then the neglect of such a serious matter is at our own peril.

This indifference arises from the fact that people dont know enough about this mysterious repository of international funds. It is also shrouded in technical mumbo-jumbo like Blockchain technology that it is does not cross anybodys mind that the dark web is the route of international trade in this currency and various kinds of criminal transactions.

It is not that the current government of Prime Minister Narendra Modi is unaware of the problem.

In fact, the Reserve Bank of India (RBI) has banned trading in Bitcoin. But, it is as simple and difficult as banning porn on the Internet. You cant really ban it.

What is needed is intelligent tracking mechanism to take timely action. Bitcoin and similar digital currencies have wide ramifications for the slush fund universe and terror industry. It seems it has not been taken cognisance of it the way it should be.

There was a closed door United Nations (UN) conference with an Indian think-tank Begin India Research, specialising in cryptocurrency forensic in December 2019. A report on cryptocurrency and terror funding was released during this conference.

Interestingly, it was chaired by Dr Subramanian Swamy, who has more exposure to international finance and slush money than most of the Indian politicians due to his international connections and strong academic background. I am sure, Indian government agencies too would have been present.

The fact that UN itself has got involved in this exercise shows the international ramifications of Bitcoin and tech-backed cryptocurrencies. Sensing the invevitable march of technology, Dr Swamy said that India should have its own digital currency. According to Bitcoin.com, the RBI governor had an internal meeting to examine this possibility, but it didnt find favour. There is also a case in Supreme Court against RBI for banning Bitcoin.

Apparently, Bitcoin and similar digital currencies are very serious issues and deserve better exposure and more serious discussions than what has been done so far.

There is something amiss. It is the lack of attention from media, including media specialising in finance, to highlight the criticality of this issue and woolly understanding of Indian finance managing institutions like RBI in controlling the demon.

Why do I call digital cryptocurrencies, and their facilitating crypto exchanges as demons? Look at some startling facts

The figure of $ 15 billion drained out of Indian economy is an educated calculation by Deepak Kapoor of Begin India, a think-tank working in this domain. This money has been siphoned off online via various cryptocurrency scams away from any countrys central bank or legal jurisdiction.

A positive sign is that out of this, $7 billion has been traced online by an India-based research company, not recovered as that is in government domain. This drain is much more dangerous for the nation and safer for the players than the famous tax-havens, as of now.

It is claimed that more than 70 per cent of all the cryptocurrency held in crypto exchanges is used for illegal activities like terror funding, arms, narcotics, child trafficking and ransom calling, apart from innocuous activities like gambling.

These slush funds of the dark web can cripple and undermine central bank of any country and also that countrys currency.

For India, the big risk, apart from dangerous terror funding, is rapid growth of cryptocurrency transactions.

Reason, obviously, is its anonymity and difficult traceability in a country with lax laws and an attitude of locking the barn after the horses have bolted. This could result in large chunk of commerce shifting to online black money.

Crypto exchanges are run on the most secure networks based on latest technologies. Our Finance Ministry and all related financial institutions are generally run by generalists, mostly IAS and IRS. Their inclination towards status quo implies that they may not be fully capable nor they may have the in-depth skills to fight this menace.

It is possible that intelligence agencies too may not be fully conversant with the depth of these operations, or may not have enough muscle to take the institutions along.

The most worrying fact is that nearly 68 per cent of cryptocurrency today is in the hands of China as they are the largest cryptocurrency miners and originators of cryptocurrencies like Bitcoin and Ether etc.

To control this menace, the government may have to bring in policy legislations for which the lawmakers will have to be educated on this topic.

Generalists will not do, specialists will have to be invited by the government to help formulate such policies.

Bureaucracy will have to be realigned to the new rising threats to the nation. All the agencies involved in national security will need to be taken into confidence.

RBI and its technical arm ReBIT will need serious retraining to bring themselves up to the mark. According to specialists, we may be two years behind the world in this matter. A small country like Ukraine, seems to be much bigger knowledge hub in cryptocurrencies than a country like ours. I hope the policymakers and relevant leaders get this message and we can take the right steps to strengthen our economy.

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Rising Cryptocurrency Menace: Why The Government Must Urgently Formulate A Policy - Swarajya

Should Owners Of Cryptocurrency Include Them In Their Wills? – Today’s Wills & Probate

Research estimates that up to 3.8 million Bitcoin, worth 22.8bn has been lost as a result of the deceased not informing their beneficiaries of how to retrieve the currency.

Unsure what cryptocurrency is? See our previous article.

David Janczewski, CEO of Coin Cover, a cryptocurrency Will maker, said:

Cryptocurrency is one of those odd things which is very private for a lot of people. If you acquired yours early, you might actually have a substantial amount of money. You might be worried about your personal security.

And nobody thinks they are going to die. Nobody plans for that eventuality. And therefore, when that happens, maybe you havent told your family members exactly how they should recover it.

David King, a wills, trusts and estates lawyer at Harrison Clark Rickerbys solicitors, said an increasing number of clients currently about two in 10 count cryptocurrency among their assets.

He said:

I think we, as private client lawyers, need to step into the 21st Century now and start recording that data when we are meeting with clients.

One of the things that clients dont like is to give away the access codes for this information.

Whilst its secure and we as a firm of solicitors have a duty to the client to keep that confidential, naturally there is a hesitancy from the client to give us that information. [But] I think we need to be smarter.

In our next article we look at how testators can leave cryptocurrency in their Will and what you need to advise so their executors and beneficiaries know how to access it.

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Should Owners Of Cryptocurrency Include Them In Their Wills? - Today's Wills & Probate

Ethereum on rampage, surges to a 2-year high of $430 – Nairametrics

The most valuable and widely used crypto-asset, Bitcoin, is now the most preferred asset to own among institutional investors.

Gemini crypto exchange co-founder, Cameron Winklevoss, on his Twitter feed, wrote about the sudden rush by institutions trying to have a piece of BTC.

Publicly traded company based in America, MicroStrategy, recently adopted Bitcoin as a treasury reserve asset to hedge against fiat inflation. This is a big deal and its good to see BTCs being used as intended a hard money/savings instrument.

READ ALSO: Bitcoin thieves move 3,897 BTC worth $42 million in 1 hour

Our investment in Bitcoin is part of our new capital allocation strategy, which seeks to maximize long-term value for our shareholders, said Michael J. Saylor, CEO,MicroStrategy Incorporated.

This investment reflects our belief that Bitcoin, as the worlds most widely-adopted cryptocurrency, is a dependable store of value and an attractive investment asset with more long-term appreciation potential than holding cash, he added.

Theres never been a better time to buy Bitcoins than now that the government is involved in stimulus packages that are intended to pump money into the system.

READ: Nigeria to begin gold production in 2021 with the Segilola Gold Project

In an explanatory note to Nairametrics, Ekene Ojieh, Head of Public Relations and Corporate Strategy at Buffalo Chase, a crypto-asset custodian management firm, gave vital insights on why BTC seems to be the next safe-haven asset. She said:

In the past few weeks, gold saw a new all-time high of $2034 which is about 42.6% in the last decade.

Bitcoin has gained about 8.9 million percentages over the last decade. Security and scarcity are the topmost reasons why traders have trust in safe-haven assets like gold and bitcoin.

Bitcoin would outperform gold in a foreseeable future because its easily accessible for anyone with internet and of course a more profitable asset than gold.

READ MORE: Nigeria attracts more Bitcoin interest than any country globally

She spoke about the initial skepticism that traditional banks, and global financial regulators had on bitcoin, which looks to be changing now, saying:

The last decade has been quite challenging for bitcoin and the crypto space despite the enormous price increase. Regulators, investors, and mainstream traders were skeptical about bitcoin because of its volatility and how bitcoin works.

In recent times, we have seen growth in the adoption of bitcoin and other cryptocurrencies in general; regulators, banks, are finding an entry point into the crypto space.

In addition, the market cap of both gold and bitcoin, 9 trillion dollars, and 117.81 billion dollars respectively, shows that bitcoin still has a lot of potentials. Going by this trajectory, bitcoin is expected to gain more grounds, increase in value, and also be widely used/accepted.

Quick fact: In recent times, some emerged markets have beefed up their monetary activities, attempting to prop up a fragile economy disrupted by the raging COVID-19 pandemic.

BTC holds a maximum supply of about 21 million digital coins of which there are about 18.5 million in circulation, while over 4 million BTCs have already been lost forever. These show that its definite supply protects the asset against value dilution.

The many global economic problems around the world including inflation and the recent plunge in value for most fiat currencies have made cash an unreliable store of value, pushing some to store their value in a deflationary currency like Bitcoin which can protect.

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Ethereum on rampage, surges to a 2-year high of $430 - Nairametrics