Researchers have found, what they claim is, a way to attack the bitcoin network using a weakness in the way the Internet operates.
The exploit, created by researchers at Swiss university for science and technology ETH Zurich, relies on the fact that a key piece of the Internet’s underlying technology, called the Border Gateway Protocol (BGP), is broken.
The Internet is a network of networks, known as autonomous systems (AS). BGP is used to route traffic between them. Most users will never need to use it, but your ISP needs it to tell traffic where to go.
This all works well, assuming your ISP is trustworthy. But, what happens if it isn’t? Like much of the rest of the Internet, BGP was developed by trusting souls; collegial types, interested in solving technical problems, but operating back then in a rarified environment largely devoid of criminal activity.
More at: Internet routing weakness could cost Bitcoin users – Naked Security
When it comes to most technologies, we know about the basic function that they perform. But, a sizeable portion of the users never express any interest in understanding the technology in depth.
For example, when we talk about sending an email, we all know that the data we send is received by the recipient unless the transfer fails, which leaves us with the obvious option of clicking the “Retry” button. But how many of us know about the various protocols and the technicalities involved?
Similar is the case with Blockchain. We all know that the data is immutable, transparent and the entire system is very tough to hack. But how many of us know the reason why Blockchain is so secure?
In today’s world, as the number of cyber attacks is constantly on the rise, security is paramount as most of our data is digitally stored. Now let’s try and understand some of the features that make Blockchain an extremely secure option of storing your data.
More at: Blockchain Secures Your Data Like No Other Technology Ever Did – The Cointelegraph
How the technology behind Bitcoin can facilitate trusted data sharing and unlock innovation in healthcare through distributed ledgers.
A major barrier to healthcare innovation is the question of whether industry should be allowed to access patient data. No matter how much governance is in place, and how careful we are with anonymisation, pseudonymisation and aggregation, there always seems to be some argument about how industry should not be trusted, despite the incredible potential for public-private partnerships in this area.
For example, look at how the Royal Free NHS Foundation Trust was attacked for its data partnership with Google Deepmind.
Block chain technology could hold the key to this issue. Block chain was invented to enable the cryptocurrency, Bitcoin. Its algorithms mean transactions can be aggregated into blocks and then added to a chain of other blocks (hence ‘block chain’) in a ledger relying on a cryptographic signature.
Bitcoin is only one example of this kind of ledger (others include Ethereum and Ripple), but the focus here is on how to modify the basic block chain approach to incorporate rules, smart contracts, digital signatures and an array of other new tools for a distributed ledger in healthcare.
Source: Healthcare innovation needs block chain – Pharmaphorum
The Smart Dubai Office, a government-backed initiative led by the Crown Prince of Dubai has partnered a FinTech specialist firm to implement a citywide payments platform based on blockchain technology.
The government initiative has entered a memorandum of understanding (MoU) with FinTech consulting and development firm Avanza Solutions, signed in the presence of Hamdan bin Mohammed, the hereditary Prince to the crown of Dubai.
Announced by Avanza quietly last week, the sweeping citywide project planned by the Smart Dubai Office will see a rollout of the blockchain payments platform to all existing 38 partner government entities, financial institutions and other departments in the city of Dubai.
Avanza’s proprietary blockchain ‘Cipher’ is the chosen platform selected by the smart city initiative. Cipher was picked for a pilot project under the Dubai Future Accelerators program earlier in February this year. The pilot, launched in collaboration with Dubai’s largest bank Emirates NBD and the Dubai Smart Government, proved successful. Emirates NBD has notably conducted blockchain-based international remittance trails with an Indian partner last year.
More at: Dubai Government Greenlights Citywide Blockchain Payments System – CryptoCoinsNews
Blockchain company ripe.io that provides a distributed, shared system for food supply chain, announced that it has been selected for the first cohort of startups for Terra, the Food + Ag Tech Accelerator.
Terra Accelerator brings the industry’s most disruptive startups and progressive corporations to fuel cross-industry innovation as well as set a new standard for food and agriculture. Terra combines the global tech ecosystem of RocketSpace and startup network with Rabobank’s food and agribusiness leadership and expertise.
“We are honored and thrilled to be a part of the Terra Food and Ag Accelerator. We are looking forward to working with such a strong group of corporate collaborators and driving positive changes in the food supply chain. We believe the application of blockchain technology will have a profound impact on the agriculture and food industry,” Raja Ramachandran, Founder, and CEO of ripe.io, said.
Source: Terra Food and Agriculture Tech Accelerator selects blockchain firm ripe.io for first cohort – EconoTimes
Chain, Inc., a U.S.-based blockchain startup, has announced that Goldman Sachs Managing Director Tom Jessop is joining the company as President, effective immediately.
Prior to Chain, Jessop served as the Managing Director, Technology Business Development and Chief Financial Officer of the Technology Division, at Goldman Sachs. He will report to Adam Ludwin, CEO at Chain, and be responsible for leading all facets of Chain’s commercial efforts.
“Blockchain technology is market technology, re-imagined,” said Ludwin. “Commercializing this breakthrough model requires forging deep partnerships across a market and driving change that benefits every participant. Tom has done exactly that, repeatedly, over his tenure leading business development and strategic investments at Goldman Sachs. He is an accomplished leader who brings an impressive combination of operational expertise coupled with widespread recognition as a strategic thinker in the financial technology, capital markets, and blockchain industries. We are thrilled to have him join our management team.”
More at: Blockchain startup Chain appoints Goldman Sachs Managing Director as President – EconoTimes
We’ve reported previously on how Bitcoin was having a positive impact on the cannabis industry, as growers were registering their exclusive strains on the Bitcoin block chain with the idea that doing so could help protect the intellectual property rights of breeders and entrepreneurs. A Seattle Bitcoin merchant is now progressing the local cannabis forward from cash-only customer payments by using the digital currency.
POSaBIT is a financial technology company that creates an easy way for consumers to acquire Bitcoin at the point of sale. They can then use the digital currency to make purchases at that store through the POSaBIT system, or make purchases anywhere that accepts Bitcoin as a form of payment. POSaBIT is currently installed at six outlets in the Washington State capital, and more should follow suit.
“I saw an industry that was in dire need of a credit solution,” CEO and co-founder Ryan Hamlin, an ex-Microsoft executive, told local news resource Seattle Weekly. “I said, ‘Software has got to be able to solve this problem.’”
More at: Tech Company Offers Solutions to Cash-Only Cannabis Using Bitcoin | The Marijuana Times