US Air Force To Use Blockchain To Secure Its Supply Chain

US Air Force To Use Blockchain To Secure Its Supply Chain
August 29, 2019

 

The cryptocurrency market remains bearish with all the top altcoins, barring stable coin Tether (USDT), in the red. Even Bitcoin (BTC) succumbed to pressure and fell below the psychological level of $10,000 again. At the time of writing this article, Bitcoin (BTC) was trading at $9,595.58, down 5.4% in the past 24 hours. The cryptocurrency has a market cap of $171.64 billion. Ethereum (ETH) has lost 8.5% to trade at $169.52. Likewise, XRP, the native crypto of Ripple has lost 5% to trade at $0.2528. Other major altcoins which have lost ground in the past 24 hours include Litecoin (LTC-$65.83, -8.3%), EOS (EOS-$3.21, -8.7%), Cardano (ADA-$0.0442, -10.30%), Tron (TRX-$0.0154, -11.6%),  LEO (LEO-$1.14, -3.7%), Monero (XMR-$70.67, -8.6%), Bitcoin Cash (BCH-$286.23, -6.4%), OKB (OKB-$2.49, -10.8%), Dash (DASH-$81.57, -9.1%), Huobi (HT-$4.10, -9.7%) and  Stellar (XLM-$0.0643, -8.3%).

Government level initiatives

Libra venture documents ‘vague’ says Swiss National Bank Vice-Chairman

Swiss National Bank (SNB), the central bank of Switzerland, is in touch with Facebook’s executives regarding its Geneva-based crypto endeavor Libra. The news was revealed by SNB vice-chairman Fritz Zurbruegg who expressed difficulty in thoroughly analyzing the Libra venture due to the vague nature of documents published by the company. Zurbruegg further complained that some crucial info is missing in the documents.

Notably, the US legislators visited Switzerland earlier this month to get an idea of how the Swiss regulators intend to regulate Libra and also learn more about the venture. Following the meeting, the US authorities stated that they have concerns about Facebook’s crypto venture. Maxine Waters, Republican and Chair of the US House of Representatives Financial Services Committee, revealed last week that the committee would continue to validate Libra and Facebook’s planned digital wallet Calibra.

US Air Force takes up contract offered by blockchain company SIMBA Chain

To safeguard the defense supply chain, the US Air Force (USAF) has opted for the smart contract offered by blockchain firm SIMBA Chain. Interestingly, the technology developed by SIMBA chain can be used both on the battlefield and on the home front. The blockchain enterprise elaborated that supply chain security is “critical in military applications, where hostile entities would attempt to obtain or modify critical data.”

The venture aims to organize distributed production on the field using blockchain technology. Presently, SIMBA Chain will develop a blockchain-based prototype for registration and tracking of components throughout their lifecycle. The startup uses Microsoft’s Azure cloud platform to guarantee “trust and reliability, which are key factors when providing support on the battlefield.”

SIMBA Chain aims to decentralize portions of manufacturing on the battlefield while ensuring data integrity so that “repairs to vehicles can’t be tampered with by a third party, as top-secret 3D printing plans could be transmitted to forward forces without unwanted surveillance.”

Private sector initiatives

Telegram to launch Gram cryptocurrency in October

Telegram, an encrypted messaging app, is planning to introduce its Gram cryptocurrency in October. Three unnamed investors who participated in Telegram’s $1.70 billion private initial coin offering (ICO) stated that the company had affirmed that it would remit the first tokens in a span of two months.

The long-term objective of Telegram is to ensure that Gram is available to all of its approximately 300 million users. If this turns out to be a reality, Telegram will outrival Facebook’s Libra in introducing a public cryptocurrency of worldwide reputation. However, technically, not much is known about Gram and regulators, so far, have not reacted much to the project.

HSBC the first financial institution to complete funding deal using we.trade

HSBC, the global banking giant, has turned out to be the first financial institution to finish a funding deal using blockchain trade platform we.trade, which has been under development since 2017.  The parties involved in the deal are protective equipment manufacturer Beeswift, a client of HSBC, and a Dutch firm having Rabobank as their banker.

The Dublin based we.trade offers a Hyperledger Fabric-powered tool for administering, monitoring and safeguarding open account trade deals between SMEs in Europe. The platform aims to facilitate three crucial processes in SME trade, including access to reliable counterparties for straightforward online dealings, also referred to as bank payment undertaking, which is comparable to letter of credit, and funding request.

As of date, we.trade has 12 stakeholders, including Deutsche Bank, Natixis, Société Générale, Santander, Rabobank, CaixaBank, Nordea and also HSBC.

All shareholders had inked license deals to utilize the platform by January 2019.

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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