Honeywell to Record Carbon Footprint of Houses on Blockchain

Honeywell to Record Carbon Footprint of Houses on Blockchain
March 24, 2020

 

The cryptocurrency market is rebounding, with Bitcoin (BTC) trading above $6,500 level again. Many analysts believe that the cryptocurrency market is now decoupling from traditional markets, which has turned bearish due to the coronavirus outbreak and its likely negative impact on the world economy. If the trend holds, then Bitcoin will prove itself to be a safe haven asset.

Bitcoin’s rally has provided the necessary impetus for other altcoins to appreciate in the past 24 hours. This includes Monero (XMR-$44.59, 14.7%), Huobi (HT-$3.37, 6.2%), Tezos (XTZ-1.68, 11.7%), Bitcoin Cash (BCH-$224.24, 8.7%), EOS (EOS-$2.33, 8.0%), Litecoin (LTC-$39.18, 8.2%), ChainLink (LINK-$2.26, 12.0%), Tron (TRX-$0.01147, 10%),  Stellar (XLM-$0.0399, 7.1%), Ethereum Classic (ETC-$5.10, 8.3%), OKB (OKB-$4.37, 7.6%), IOTA (IOTA-$0.1419, 11.8%), Cardano (ADA-$0.0297, 8.1%), Binance Coin (BNB-$12.29, 9.9%), Cosmos (ATOM, $2.17, 12.0%), Dash (DASH-$70.02, 11.7%), and LEO (LEO-$1.01, 0.1%).

Government level initiatives

FINTRAC to implement AML and CFT rules

The Financial Transactions and Reports Analysis Center of Canada (FINTRAC) is on course to implement the latest anti-money laundering (AML) and counter-terrorist financing (CTF) rules. The guidelines also cover cryptocurrencies. FINTRAC stresses that the implementation of “an enhanced AML/CTF regime” for companies working with cryptos is “a major priority in the near term.”

FINTRAC, in its report, discusses the difficulties emanating from the adoption of the latest technologies such as blockchain (& cryptos) by businesses and consumers. The association also mentions that technology has a revolutionary impact.

The regulations, approved last June, makes it compulsory for companies dealing with cryptos to document and notify high volume transactions along with data related to clients. Specifically, in case of all successful or attempted trades worth more than C$1,000, service providers have to record the nature and quantity of cryptocurrency involved, sending and receiving addresses involved in the trade and details of parties involved in the transaction. In case the value of a transaction is more than C$10,000, the service provider must compulsorily inform the details to FINTRAC.

 

Private sector initiatives

P2P offering private network for free to journalists

Orchid, the US-based P2P VPN provider, is offering a private network free of charge to journalists worldwide. As per Orchid, accredited journalists, irrespective of geographical venue, will be able to access the network after making a request to the company via email.

Dr. Steven Waterhouse, CEO and co-founder of Orchid Labs, explained the reason behind such an initiative: “In the wake of crises, freedom of the press often gets restricted. This was demonstrated this week when the Chinese government announced that they would require journalists with expiring press credentials to return them and leave the country. Due to these latest circumstances, Orchid wants to ensure journalists have the ability to access and transmit accurate information, no matter their geographic location.”

Waterhouse also cited the decentralized technology that forms the backbone of services offered by the Orchid network, which facilitates bandwidth providers to earn Orchid digital currency (OXT). Orchid Labs’ CEO explained the significance of blockchain technology in creating the VPN service, which offers better privacy to users. Particularly, the service offers great value to journalists residing in countries ruled by suppressive regimes.

 

Honeywell International to launch blockchain marketplace for plane parts

The US financial market listed company Honeywell International Inc., having a market cap of $80 billion, had earlier announced its intention to launch a blockchain-powered marketplace for aircraft parts. The company is now planning to start recording the carbon footprint of houses on a blockchain-based ledger.

Lisa Butters, general manager of Honeywell’s GoDirect Trade platform, pointed out that the company has taken an unconventional strategy for blockchain adoption: “About fourteen months ago, we knew nothing about blockchain. Then, I discovered that we have a small group in India, about six developers working on incubating new technology. That is how it started. All development was done in-house and we have been deeply involved with the Hyperledger community ever since.”

Ironically, even though Honeywell’s GoDirect Trade platform is developed on a permissioned Fabric blockchain, “anyone with a Gmail account can sign up and purchase airplane parts,” clarified Butters.

Honeywell, since its previous announcement in December 2019, has been collaborating with iTRACE on the validation of “aerospace products via blockchain.”

 

Miscellaneous

Open-source Baseline Protocol code is now available on GitHub

The open-source Baseline Protocol code facilitating private platforms to be developed on the Ethereum public blockchain is now available on GitHub. This implies that the Microsoft, EY, and ConsenSys created covenant can be accessed by the public. As trades on Ethereum blockchain can be viewed by anyone, enterprises needing data privacy have resorted to the creation of their own blockchain or use enterprise variant of Ethereum.

Nevertheless, utilizing zero-knowledge proofs, off-chain info storage, and distributed identity platforms, the Baseline Protocol permits enterprises to utilize the public Ethereum chain while holding delicate info private.

As per Consensys: “The protocol will support tokenization and decentralized financial services on the Mainnet in a way that doesn’t reveal corporate assets or activities to unauthorized parties, and it leaves enterprise data safely in traditional systems.”

So far, announcements related to the protocol were concentrated on product purchases.  So, tokenized purchase orders are handled using smart contracts, while an illustration provided with the code carries out live calculations of bulk deductions on purchases.

Nevertheless, as per records provided on GitHub, the code can be modified as required for use in other business operations. Furthermore, the code has been written: “such that it can be extended and applied to any database/workflow.”

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.

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Andrew Wright

Prior to founding tradersasset.com in 2014, Andrew worked as a proprietary trader, then as a market maker. As a market maker, he traded options in over 100 stocks, he then began trading currency pairs in 2013. Andrew still actively trades both, and prides himself on educating and informing traders on the benefits of both Binary Options and Forex.


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