IBM X-Force Red Unveils Blockchain Security Testing Tool

IBM X-Force Red Unveils Blockchain Security Testing Tool
March 7, 2019


The cryptocurrency market reversed trend yesterday as Bitcoin (BTC) rallied to break above the $3,800 level once again. On its way upwards, the bellwether of cryptocurrency sector pulled other altcoins out of the red. While Ethereum (ETH) and Ripple (XRP) gained 1.7% each to trade at $138.26 and $0.32, respectively, EOS (EOS) gained 3.5% to trade at $3.80. Other major altcoins have recorded impressive gains in the past 24 hours: Litecoin (LTC-$55.72, up 6.5%), Binance coin (BNB-$14.77, 14%), IOTA (IOTA-$0.28, 1.28%) and Ethereum Classic (ETC-$4.42, 4.45%).


Government level initiatives

Argentian to co-invest in blockchain related ventures

The government of Argentina has decided to co-invest in blockchain related ventures that are supported by Binance Labs and LatamEx, a Latin American crypto exchange. Binance Labs, the investment subsidiary of top cryptocurrency exchange Binance, has recently selected Buenos Aires, capital of Argentina, as the Latin American center for the forthcoming season of the Binance Labs Incubation Program.

Following the announcement, the Ministry of Production and Labor entered into a deal with Binance to invest up to $50,000 in each project investment. The Argentine government will finance a maximum of 10 blockchain ventures every year over a period of four years term each year. Projects will be funded via Founders Lab, a blockchain accelerator of Argentina.


Russia legalizes bill which will provide domestic crypto legislation

The State Duma (Russia’s lower legislative house) has amended the Russian Federation’s Civil Code on digital rights in the second reading.

Regarding the bill, Vyacheslav Volodin, chairman of the State Duma, said: “This is a new area for our rights because it is important for us to consolidate the basic concepts.”

The bill was quickly taken into consideration after Russia’s President Vladimir Putin insisted on taking it on a priority basis. Specifically, Putin ordered to establish crypto related regulations by July 1, 2019.

This recent step establishes the idea of digital rights. The bill says:  “Implementation, disposal, including transfer, pledge, encumbrance of a digital right by other means or restriction of disposal of digital law are possible only in the information system without recourse to a third party.”

The draft law establishes surety in the use of smart contracts or “self-fulfilling” dealings.


Private sector initiatives

IBMs X-Force Red launches a blockchain security service.

IBM’s team of cyber-security experts, named X-Force Red, have introduced a new blockchain screening facility that will assist in identifying weaknesses and enhance the security of a wide array of solutions that utilize the rapidly growing disruptive technology. Taking advantage of rigorous safety and coding expertise of X-Force Red’s vulnerability scanners, the facility will assess both the back-end mechanisms used to handle blockchain networks and the actual ledger ecosystem.

With global expenditure on blockchain remedies expected to hit $ 9.7 billion by 2021, the proportion of blockchain deployments is likely to increase dramatically across all sectors.

IBM X-Force Red has estimated that 70% of blockchain solutions depend on conventional systems for back-end procedures such as verification, information processing and application programming interfaces (APIs). The Blockchain Testing Service of X-Force Red will examine all stages of deployment such as chain code, public key framework, and hyper ledgers. X-Force Red will also trial backend procedures, software programs and hardware systems for network administration and access control.


First real estate transaction on blockchain completed in Switzerland

Blockkimo Ltd, a blockchain powered property transaction platform, proptech company Elea Labs Ltd. and digital assets service firm Swiss Crypto Tokens Ltd. have completed a blockchain based real estate transaction, the first of its kind in Switzerland.  The value of the real estate deal, which involved a restaurant and 18 apartments, was CHF 3 million ($2.98 million).

The property has supposedly been tokenized, which means the financial value of the real estate is now digitally reflected as tokens on the Ethereum (ETH) blockchain. The developers of CryptoFranc (XCHF), the stablecoin pegged to the Swiss franc, backed the dealing in order to prevent price volatility linked risks. Elea Labs offered the property information such that each property has its own distinctiveness, or “Property DNA.”

Martin Schnider, CEO of Elea Labs, said: “In the future, the Property DNA will enable a transparent digital due diligence and will also simplify, accelerate and reduce the cost of processes across the entire real estate industry.”

Blockimmo supposedly plans to sell the tokenized properties through a “public crowdsale.” Furthermore, property tokens are anticipated to be listed on a regulated exchange in the second quarter of the current year.

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.

Richard W

Richard W

Richard is the guy who know everything there is about the financial industry, working in a top firm for over 15 years, he will give the lowdown on some of the biggest companies in the world

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