European Space Agency Backs Blockchain Satellite Venture

European Space Agency Backs Blockchain Satellite Venture
September 19, 2019

 

The cryptocurrency market continues to trade in a narrow range with Bitcoin (BTC) hovering around $10,000 levels. While Bitcoin (BTC) traded at $10,119, representing a loss of 0.8% in the past 24 hours, Ethereum (ETH) was trading at $207.03, reflecting a loss of 2.3% in the same period. Interestingly, over the past one week, Bitcoin has lost 0.4%, while Ethereum has gained 15.7%. This is the trend with a majority of altcoins, signaling a portfolio churn out by big investors. Many suspect that altcoins may see a big rally in the days to come as Bitcoin consolidates above $10,000 level. XRP, native crypto of Ripple, is trading flat at $0.3029. Altcoins which have lost in the past 24 hours include EOS (EOS-$4.01, -2.5%), Bitcoin Cash ($318.57, -1.7%), Huobi (HT-$4.08, -0.1%),  Ethereum Classic (ETC-$6.22, -3.8%), and Cosmos (ATOM-$3.17, -3.9%), Tron (TRX-$0.0172, -1.3%), LEO (LEO – $1.10, -0.9%).  Altcoins which have appreciated in the past 24 hours include Cardano (ADA-$0.0519, 2.2%), Binance Coin (BNB-$21.53, 0.6%), Monero (XMR-$77.14, 3.6%), Stellar (XLM-$0.0767, 16.8%), OKB (OKB-$2.79, 2.0%), IOTA (IOTA-$0.2911, 9.3%), Litecoin (LTC-$75.93, 0.7%), Dash (DASH-$96.30, 0.2%)

Government level initiatives

Germany finalizes blockchain plan to stop crypto from substituting fiat

The German government has finalized a blockchain plan that will stop stable coins from turning into a substitute to fiat currency and intimidate state sovereignty. Chancellor Angela Merkel’s cabinet cleared the plan yesterday, in an effort to negate the threats posed by the upcoming Libra cryptocurrency from social media platform provider Facebook.

Finance Minister Olaf Scholz has stated that the government is interested in further strengthening Germany’s position as a top venue for tech development and encourages blockchain innovation as a primary constituent of the next-generation internet. However, the government is worried about likely blockchain-based digital currency issuance by private sector firms.

Olaf Scholz said, “We must protect consumers and state sovereignty. A core element of state sovereignty is the issuing of a currency, we will not leave this task to private companies.”

Under the latest plan, Germany will work join forces with the European and global partners to block stable cryptos from turning into alternative currencies. The government will also deepen its communication with the Bundesbank to study likely advantages and threats of central bank digital currencies. The German government intends to pass relevant legislation in 2019 that would facilitate the launch of blockchain-based electronic bonds.

Private sector initiatives

Wells Fargo looking at trialing distributed ledger technology

Wells Fargo, the world’s fourth-largest bank with assets worth $1.895 trillion, is aiming to put on trial a distributed ledger technology (DLT) based in-house settlement system in 2020. Wells Fargo explained about a DLT-powered platform structured to carry out in-house ledger transfer of global payments within its worldwide network using digitized cash. The company asserted that it has already carried out successful testing of the idea of cash transfers between the US and Canada.

The bank was able to realize almost instantaneous money transfers without any effect on underlying account, transaction records, and reconcilement framework with cross-border trades. DLT will also supposedly assist the firm to remove the necessity for intermediates and bring down transfer time and transaction expenses.

Lisa Frazier, chief of Wells Fargo’s Innovation Group, stated that the financial institution is seeing a rise in demand for addressing issues related to conventional borders, with DLT having the potential to solve the problem.

Frazier said: “We believe DLT holds promise for a variety of use cases, and we’re energized to take this significant step in applying the technology to banking in a material and scalable way. Wells Fargo Digital Cash has the potential to enable Wells Fargo to remove barriers to real-time financial interactions across multiple accounts in multiple marketplaces around the world.”

Deloitte to allow employees to pay food bills using a mobile Bitcoin wallet

Deloitte, one of the ‘Big Four’ consulting firms, intends to permit its employees to settle food bills using a mobile Bitcoin wallet. Deloitte, which has strong business relationship with the banking sector, expects the trial to help them in assessing the use of Bitcoin for payments in the institution’s canteen.

By testing the crypto for payment in the canteen, Deloitte involved its employees and also achieved its objective without any significant risk. Laurent Collet, an associate at Deloitte’s advisory division, believes that Deloitte has made a conscious decision of including its employees. Collet said “We think it’s good to have our employees assess this new technology.”

Miscellaneous

SpaceChain receives grant to develop a satellite-powered multi-sig wallet

Blockchain firm, SpaceChain, has received €60,000 (~$66,400) as a grant from the European Space Agency (ESA) for the commercial development of satellite-powered multi-sig wallet. The latest grant has been given under ESA’s “kick-start activities” fund. SpaceChain’s venture may also receive additional financing in the future from ESA’s Business Applications and Space Solutions.

For the past two years, SpaceChain has been developing an open-source, blockchain-powered satellite network. The startup has already built its open-source operating system and also flight-trialed two blockchain nodes in outer space.

The grant will assist SpaceChain to commercially build its multi-signature satellite wallet. The wallet is being designed in such a way that it requires two of three private keys to sign in and finish transactions which strengthens security.

Of the three signatures, one is provided by a satellite-powered node. In case of connectivity issues, two ground-based signatures can be utilized to finish a transaction.

Zee Zheng, SpaceChain co-founder and CEO, highlighted the need for boosting the security of decentralized finance solutions: “The fintech industry currently suffers from low levels of security in relation to the storage and transmission of digital currency, preventing it from achieving the same level of professionalism and trust as the traditional banking industry.”

SpaceChain will possibly partner with Deimos Space UK, leveraging on the latter’s in-flight systems proficiency, space situational familiarity, ground segment mechanisms, and satellite navigation.

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.

Janine

Janine

Janine is our editor for related stock market news. Andrew and Janine will be focusing on providing the latest trends and where the next hit could be


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