NewsRoom Articles - Page 66 of 193

MondayFeb 06, 2023 9:00 am

California DMV Plans to Use Blockchain Tech to Maintain Records

California’s Department of Motor Vehicles (DMV) has plans underway to apply blockchain technology to help in its recordkeeping, including car ownership transfers as well as licensing and registration of new cars and drivers. The DMV has collaborated with an open-source company, Tezos blockchain, to execute peer-to-peer business undertakings and be a platform used to deploy smart contracts. These sentiments were mentioned by Fortune magazine. The DMV in California, plus a blockchain software enterprise called the Oxhead Alpha and Tezos, announced a proof-of-concept program that will enable the California DMV to title vehicles as of Jan. 25, 2023, this year. Ajay…

FridayFeb 03, 2023 10:30 am

White House Reveals Plan to Combat Risks in Crypto Sector

The U.S. government has asked law enforcement to escalate efforts to keep an eye on the cryptocurrency space. Biden’s administration forwarded a meticulous plan to address the eminent crypto currency risks, a blog reported last week. This will call on authorities and Congress to summon enforcement appropriately to boost their efforts in managing the industry. The official blog mentioned last year’s major pitfalls within cryptocurrency; the collapse of an algorithmic stablecoin, which created a tsunami wave of insolvencies; and the infamous fall of a cryptocurrency giant, the renowned FTX, which caused users and investors untold investment losses in billions. In…

WednesdayFeb 01, 2023 10:30 am

Despite Carnage in Crypto Industry, Bitcoin Soared 40% This January

Bitcoin has had a great run with a near 40% rise this year, even after Genesis, a crypto lender declared bankruptcy months after FTX sunk in November. Let us decipher the driving force behind the cryptocurrency rally. Most markets have their peak sales in January as money is deployed then by fund managers, according to industry insiders. This year has seen a rise in risk assets as NASDAQ registered an 8.8% gain. Bitcoin on the other hand was massively shorted after FTX caved in last year. This January during crypto’s unexpected price rise, short sellers closed their positions to buy…

MondayJan 30, 2023 12:00 pm

Could 2023 See Blockchain Revolutionizing the Insurance industry?

Blockchain is lauded as possessing capabilities that could revolutionize the finance industry. Having a range of applications, this technology may be slated to penetrate the insurance industry in 2023. Marlene Dailey, a senior financial analyst, states that blockchain is capable of creating a trusting environment for insurers to provide a controlled access network and a means to share critical information safely. Blockchain technology can be a transformative revolution for the industry, but insurers are rather apprehensive to adopt the technology. Dailey extrapolates that the most important blockchain technology aspect lies in the parametric triggers; she notes that “if you have…

FridayJan 27, 2023 10:30 am

Five Industries Making Use of Blockchain Tech

Blockchain technology has introduced a peculiar system that seeks to solve a myriad of problems faced by various industries. Blockchain has the ability to tackle pertinent issues such as security, speed, transparency and in-between costs, enticing businesses across vast business platforms. Of the said industries, here are five that are currently in the process of implementing blockchain technology. The health industry Blockchain has been incorporated into the health sector to be able to secure health records and also increase transparency within hospital systems. The health industry has suffered security lapses where incidences of data loss or data compromise have led…

WednesdayJan 25, 2023 11:15 am

New FTX Chief Mulls Reviving the Exchange

The current chief executive of the bankrupt FTX exchange, John Ray, is looking into bringing back the defunct crypto platform. He spoke to the Wall Street Journal (WSJ) saying he intends to set up a task force to explore reviving FTX.com. FTX was valued at $32 billion before it went belly up and filed for bankruptcy protection in November last year. Presently, FTX stands at $8 billion in losses. Bankman-Fried, the founder and previous chief executive, has been under fire for allegedly defrauding FTX’s clients and investors to pay off debts in his hedge fund, the Alameda Research. Bankman- Fried…

MondayJan 23, 2023 9:00 am

California Cannabis Producer Uses Blockchain to Track Produce

A cannabis nursery based in Mendocino County, California, has adopted the use of blockchains as well as smart contracts to authenticate its medicinal herbs. Called Mendocino Clone, the nursery was mentioned in a partnership project with EMTRI and tech company Global Compliance Applications earlier this month. It now has the power to harness the blockchain capabilities of the project to be able to ratify all clones or plants from its inception stages using a batch certificate. Cannabis nursery establishments specialize in plant biology (genetics), cloning of the plants, and recording shoots and seeds for wholesale distribution purposes. This move gives…

FridayJan 20, 2023 12:00 pm

US Legislators Form First-Ever Subcommittee Focused on Digital Assets

The committee on financial services in the House has created a maiden subcommittee on digital assets, said chair Patrick McHenry. “This creates a fertile ground for a legal framework encapsulating digital assets,” commented Congressman French Hill, the leader of the digital asset committee. He also said that America has matured now to become a forerunner in this type of innovation, and he noted that the country needs to provide protection to the consumers and investors. Some of the tasks assigned to the first-ever digital assets subcommittee include the following: Creating clear rules to guide federal lawmakers regarding the assets in…

TuesdayJan 17, 2023 9:00 am

SlowMist Report Reveals Tricks Crypto Scammers Used in 2022

SlowMist, an internationally famed blockchain security company, has found that more than 300 security incidents were recorded in 2022. Of these, almost one-third were phishing attacks and scams. The security company highlighted some common phishing ways scammers used to target unsuspecting victims. Some include browser bookmarks that were malicious and dodgy sales orders as well as Trojan malware applied through Discord, a messaging app. Browser bookmarks that are malicious Scammers use bookmark managers, features present in most contemporary browsers. Scammers exploit this to eventually gain entry to an individual’s Discord account after a scammer inserts JavaScript codes into the bookmarks…

FridayJan 13, 2023 9:00 am

How Blockchain Tech Could Transform Transborder Payments

Blockchain technology has the capacity to remarkably change how multilateral payments are done. Presently, transborder payments are unhurried and costly because a series of intermediaries are involved, coupled with compounded regulatory demands. Blockchain technology can essentially regulate this process and quicken it, thereby making it cheaper, and more efficient. A way to change crossborder blockchain payments would be to decrease the number of middlemen involved. At present, transborder payments pass through several banks and a number of checkout processes among other mediators before arriving at their final destination. Each intermediary levies a service fee, which can hike the overall cost…