The crypto market has turned slightly bearish as Bitcoin (BTC) failed to consolidate above $45,000. While preparing this report, Bitcoin was trading at $43,289, down 4.50% in the last 24 hours. Ethereum (ETH) has lost 5.10% to trade at $3,182. XRP was trading at $0.7683, a decline of 5.50% in the past 24 hours.
Major altcoins, which have lost ground in the last 24 hours, include Terra (LUNA- $108.34, -6.90%), Binance Coin (BNB- $422.84, -4.40%), Cardano (ADA, $1.06, -8.10%), EOS (EOS-$2.45, -9.10%), VeChain (VET, $ 0.0674, -9%), Polkadot (DOT, $19.98, -7.30%), Dogecoin (DOGE, $0.1420, -12.40%), Near (NEAR- $15.17, -7.50%), Internet Computer (ICP, $18.92, -8.40%). Shiba Inu (SHIB- $0.00002427, -7.5%), Avalanche (Avax- $83.23, -7.90%), ChainLink (LINK-$15.37, -6.90%), Bitcoin Cash (BCH, $331.56, -7.40%), Solana (SOL, $114.04, -9.30%), Stellar (XLM-$0.2035, -8.60%), Cosmos (ATOM, $27.08, -7%), Polygon (MATIC- $1.46, -7.50%), Uniswap (UNI, $9.98, -8.80%), Tezos (XTZ-3.31, -8.30%) and IOTA (IOTA-$0.7388, -8.10%).
Government level initiatives
BoE reveals joint research initiative with MIT on CBDCs
The Bank of England (BoE) has revealed a twelve-month joint research initiative with the Massachusetts Institute of Technology (MIT) on central bank digital currencies (CBDCs). The BoE is looking at the possibility of issuing a digital pound due to a drop in the use of banknotes and evolving payment terrain.
The BoE will be collaborating with the MIT Media Lab’s Digital Currency Initiative (DCI) to scrutinize technical strategies. Notably, the Bank of Canada (BoC) and the Federal Reserve Bank of Boston have comparable CBDC ventures with MIT’s DCI. According to the revelation by the Bank of England, a contract for CBDC research was signed in February. Interestingly, in February, the Federal Reserve Bank of Boston released a report on the initial DCI work.
The document underlined the manner in which DCI’s prior expertise in presenting code to Bitcoin might impact its work. For instance, the report dismissed the use of blockchain for CBDC because of speed issues, and its trials can attain between 170,000 and 1.70 million transactions per second. Nevertheless, it uses the same unspent transaction output (UTXO) framework used by Bitcoin.
The DCI also hands over control of personal information and privacy to users. This is crucial as fiat money allows a certain degree of anonymity, which is non-existent in digital currencies.
Private sector initiatives
SpiderOak partners with Lockheed Martin fo secure communication
SpiderOak has joined hands with Lockheed Martin to implement a blockchain system for communicating securely through the latter’s satellites. Specifically, Lockheed’s Space Mission Solutions division develops a range of satellites, including the ones for military purposes such as Intelligence, Surveillance, and Reconnaissance (ISR) activities.
OrbitSecure offers an open-source software development platform for blockchain and encryption. The application layer allows the incorporation of zero-trust security. Together the idea is to incorporate OrbitSecure into Lockheed’s satellite administration systems. OrbitSecure utilizes a permissioned blockchain to distribute access and control of surveillance and assets utilizing end-to-end encryption.
OrbitSecure offers proof of identity, authority, and integrity that all partakers in the network validate. Last year, a grant meant for small businesses was awarded by the US Airforce to SpiderOak for the development of the OrbitSecure platform.
Trade Waltz started working on a commercial basis on April 1st
Japan-based blockchain association focused on cross-border trade, Trade Waltz, has started functioning on a commercial basis on April 1. Notably, the country’s telecom firm NTT Data founded the consortium five years ago to digitize trade-related documents, and the association had 18 members before incorporation two years back.
Cross-border trade is heavily dependent on documentation. The use of blockchain solutions resolves security issues while increasing efficiencies. Trade Waltz has assessed that users realize a 44% to 60% increase in operational efficiency. The use of a blockchain platform ensures that shipping documents cannot be altered in any manner.
In 2020, an MUFG executive pointed out that the platform utilizes structured digital documents instead of pdfs, even though there is a facility to attach pdfs. A major functionality is the ability to print documents and send them to partakers who are part of the deal but do not use Trade Waltz.
For over a year, certain functionalities such as Letters of Credit were available on Trade Waltz. The commercialized platform supports a wide range of documents, including certificates of origin, delivery advice, b/l (bill of lading), and even purchase orders. The platform utilizes Hyperledger Fabric enterprise blockchain.
Miscellaneous
Bulgari enters NFT market with exclusive watch
Bulgari, which offers luxury jewels, is releasing a unique watch restricted to ten versions. Each of those watches will be engraved with a QR code, which upon scanning will provide access to a distinct non-fungible token (NFT) symbolizing digital art.
The watch, named Octo Finissimo Ultra, is being marketed as the slimmest watch with a thickness of only 1.8mm. Innovative techniques and hardware are used in the design, which emphasizes the watch’s future positioning, and is further strengthened through the use of NFTs.
Along with being a digital artwork, the NFT representing a watch through a unique QR code also functions as unalterable authentication. The watch has been priced at $440,000.
Bulgari is capitalizing on the opportunity by including creative content in the watch. In addition to the NFT artwork, the QR code also provides access to data related to history, idea, design, and production procedures that form the core of the watch production.
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.
