The cryptocurrency market remains bearish, with Bitcoin (BTC) struggling to hold above $55,000. While writing this article, Bitcoin was trading at $56,772, down 1.40% in the last 24 hours. Ether (ETH) has lost 1.10% to trade at $4,135. XRP was trading at $1.05, an increase of 0.90% in the same period.
Major altcoins, which have gained ground in the last 24 hours, include Tezos (XTZ-5.05, 0.3%), Cosmos (ATOM, $32.19, 6.20%), Uniswap (UNI, $21.29, 1.10%), EOS (EOS-$4.17, 1%) and IOTA (IOTA-$1.40, 4.40%).
Dash (DASH-$189.99, -0.60%). The major altcoins, which have lost ground in the last 24 hours, are Solana (SOL, $218.93, -1.60%), Stellar (XLM-$0.3355, -1.30%), Bitcoin Cash (BCH, $559.97, -0.7%), Cardano (ADA, $1.79, -0.6%), Polkadot (DOT, $39.28, -2.90%), Bitcoin SV (BSV-$153.34, -1.9%), Internet Computer (ICP, $41.95, -1.90%), VeChain (VET, $0.1282, -1.30%), Dogecoin (DOGE, $0.2207, -1.1%) and ChainLink (LINK-$26.75, -3.80%).
Private sector initiatives
Indra adopts blockchain tech to run its Mova Collect payment platform
Spain headquartered consulting firm Indra has adopted blockchain technology for running its Mova Collect payment platform used for road toll collection. The intention is to minimize cheating and improve cybersecurity. Specifically, Indra has joined hands with infrastructure firm ROADIS to conduct a trial on one of the Mexican highways.
Road toll systems are often defrauded through the utilization of duplicate fuel and credit cards for payment. They also get hacked sometimes. The entity managing the road or the contracted intermediate loses heavily because of such malpractices. Even rigged toll default notices affect the road operator/intermediate. Indra’s platform is solely focused on the aforesaid problems.
Utilizing blockchain should make tampering of records harder, at the point of origin or for hackers. The platform also avoids future disagreements between any third party and the road owner. The blockchain platform also prevents cyber-attacks and facilitates settlement and auditing.
The platform development was partly financed by the EU Horizon 2020 Program, via the European Critical-Chains R+D+I project. Notably, the platform uses enterprise-level blockchain Quorum to guarantee transparency and privacy (permission can be set for access by relevant institutions).
Chiliz partners with the Italian Football Federation
Chiliz has entered into collaboration with the Italian Football Federation (FIGC – Federazione Italiana Giuoco Calcio) to unveil a blockchain fan token for the country’s team on the fan token marketplace, Socios.com, and also on reward app. Notably, the current UEFA Euro 2020 champion is the Italian team.
A fan token is comparable to a cryptocurrency in the sense that it is not unique, unlike non-fungible tokens. Interestingly, Socios has aided the release of fan tokens representing several popular soccer clubs, including Paris Saint-Germain (PSG), Manchester City, and FC Barcelona. Furthermore, a portion of Lionel Messi’s contract with PSG was settled through fan tokens. As per Chiliz, in 2021 alone, Socios.com has amassed over $150 million in revenue through token sales.
In addition to likely value appreciation, fan tokens also provide the gateway to voting, promotions, and rewards. The Italian federation intends to spend the money generated through partnerships on enhancing sports facilities across the country. For the forthcoming two years, Socios will also remain the title sponsor for the Women’s Italian Cup.
Commenting on the initiative, President of the FIGC Gabriele Gravina, said: “This partnership will allow us to expand our relationship with our fans, providing new engagement opportunities and the chance for fans to be rewarded.”
TrustFlight developing a unique digital aircraft maintenance platform
TrustFlight revealed the development of a unique digital aircraft maintenance platform in partnership with Boeing, the University of British Columbia (UBC), and Canada’s RaceRocks. The university will offer its blockchain technology for the venture.
The Digital Aircraft Record System (DARS) will be built in Canada, with financing and other kinds of assistance from the Canadian Digital Technology Supercluster. There are now various blockchain systems in the market that tries to fix two specific business challenges, such as making sure aircraft components are not fake. Secondly, in such a strictly regulated business, it is necessary to ensure that the parts used are legitimate.
Karl Steeves, CEO at TrustFlight, explained the disadvantage of existing systems used for documentation of aircraft maintenance: “Most systems that manage and record aircraft maintenance are either paper-based or operator specific software solutions that are often unable to communicate with one another, meaning data has to be input and transferred manually. We knew there was a better way to work, concluding that a consolidated digital platform like DARS could improve airline maintenance productivity and efficiency by up to 25 per cent, potentially saving the industry $3.5 billion a year.”
TrustFlight has in-depth software experience related to the aviation industry, specifically with respect to the digital workflow.
SITA can now validate pilot licenses offline
The air transport industry-owned technology provider, SITA, has created a blockchain-based platform facilitating airlines to validate pilot licenses offline. The platform offers digital electronic personnel licenses (EPLs), which cannot be tampered with. Furthermore, the digital license can be issued in a matter of a few days, compared with a paper-based license which generally takes several weeks. Also, the pilot has to physically collect a paper-based document, which may not be comfortable for everyone. The aforesaid platform enables credential verification even without internet connectivity.
The licenses are not recorded on a blockchain. On the contrary, the licensor would provide an EPL, a verifiable credential, which can be stored in a digital wallet. This will ensure privacy. The platform utilizes a self-sovereign identity solution, named Hyperledger Aries, which enables p2p (peer-to-peer) dealing between the issuer of the license, pilot, and the verifier.
With the grant of the license, the issuer utilizes its private key to offer a digital signature. The related public key, which is used to validate the credential, is retained on the blockchain. Furthermore, SITA’s platform holds a copy of all public keys utilized to validate the credentials in the app of the verifier. Therefore, the system will work without access to an internet connection by verifying whether the key utilized to sign the license matches with the locally stored key.
Disclaimer: Any financial trading analysis offered here is our opinion and is not intended as advice or direction for investors. We cannot guarantee the success of any trades made as a consequence of this article, and we encourage traders to incorporate a strong money management strategy to limit losses when they enter the markets. Please use this article as part of your own research before formulating strategies prior to trading.
