Italy: Blockchain Technology Helps Develop Smart City Project

Blockchain technology is among the six major technologies in Italy that will improve the quality of life in the city. The technology is clean, secure and on-demand mobility. 2019 is just one month old and most people consider it as the turning point for the induction of tech and unfeigned nationals’ plans for the switching of urban centres to smart cities.

A comparison was made sometime back between those who dwell in the city. The challenge isn’t in the high use of technological solutions, but rather at the low level of involvement, joint operation, and the inclusion of Italian citizens in the integral strategic choices made for the digital transformation of the City Centre.

The implementation of the blockchain will enable firms to save around $50 billion annually at first, and over $500 billion annually after blockchain technology networks reach the mass market.

However, efficiency isn’t the key feature of this technology. It enables users to make the entire system less dependent on legion intermediaries and greatly ameliorate its transparency.

Human Fabric

The human framework of a city is largely characterized by cultural, economic, social and other specifics. Integrating crypto and blockchain technology into a development plan could represent an efficacious choice of each stakeholder, from the angle of massive cooperation among citizens and communities, focusing on having a marvelous future for all people.

Technological innovation such as Blockchain is an enormous resource for those who dwell in the city, since it enables them to work on a wide range of critical factors, beginning with quality of life and going on to several direct opportunities for citizens and firms.

Technological Epoch

The Internet of Things (IoT), big data, autonomous vehicles, security and distributed ledger technology (DLT) are some of the chief technologies of the digital transformation. In order to work well, a network that is much faster than the present one is necessary.

DLT, one of the most promising technologies to address issues of security and personal information. Billing, financial transactions, contracts of all sorts, service management, will be the primary field of application.

Meanwhile, Italy is planning to turn Ticino, Switzerland into a ‘Cryptovalley’ in order to boost community growth, as Coinidol reported. Particularly blockchain, online and smart contacts system collection protocol that is earmarking large space most especially in the epoch of financial transactions & exchanges of digital currencies.


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Author: Coin Idol
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JP Morgan-Backed Firm Partners with Blockchain Startup Owned By Former Deloitte Exec

JP Morgan-backed digital services firm Smartrac has partnered with SUKU Ecosystem, a blockchainstartup owned by former Deloitte exec Eric Piscini, according to a tweet on Tuesday, Jan. 22.

SUKU, which is parented by another Piscini-owned blockchain firm Citizen Reserve, will provide its platform to integrate with Smartrac’s supply chain. Smartrac is a radio-frequency identification (RFID) inlay manufacturer. Based on the public Ethereum (ETH) blockchain, Citizens Reserve’s platform is operating its own cryptocurrency, ZERV, which was developed on an ERC20 token.

Piscini, CEO at both SUKU and Citizen, said that the new partnership aims to resolve major problems related to supply chain digitization. Per Piscini the new blockchain integration will improve tracking, security, and transparency across the supply chain. Dinesh Dhamija, CTO of Citizens Reserve, said:

“The combination of Smartrac’s digital enablement capabilities along with Citizen’s Reserves’ SUKU platform will provide a unique identity for each physical product with a transparent and accessible supply chain solution.”

Netherlands-based Smartrac specializes in Internet of Things (IoT) technology, and is reportedly the world’s largest supplier of electronic passports inlays. In July 2018, global e-commerce giant AlibabaGroup acquired shares in Smartrac, while JP Morgan reportedly remained the largest shareholder.

Deloitte, a Big Four audit and consulting firm, recently included blockchain technology in its Tech Trends 2019 report, stressing its disruptive nature and outlining blockchain as “the unsung hero of our digital future.”


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Author: Helen Partz
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Ambrosus: Harnessing Blockchain and IoT for the Digital Era

Ambrosus (AMB) is a blockchain and internet of things (IoT) network that specializes in bringing end-to-end data management to physical processes in the world: from supply chains, smart cities, and smart farms, to clean energy and logistics. By combining an original catalogue of IoT devices with an industrial grade blockchain (AMB-NET), Ambrosus provides a cost-effective and secure means for enterprises to share information, manage their inventories, and demonstrate the origin, quality, and journeys of their products to the end-consumer.

While largely concentrated on food and pharmaceutical supply chains as well as smart city management, the flexible infrastructure of AMB-NET, built specifically for IoT device connectivity, categorizes all data uploaded onto the network as either an ‘Asset’ or ‘Event’. Based upon this digital model, a wide array of solutions remain to be built within the ecosystem for industries across the global economy.

To contextualize the vision for the Ambrosus Ecosystem, Ambrosus Co-Founder and CEO Angel Versetti has said the following about the future digital economy and the need for holistic data management:

“The forthcoming digitization of the global economy in the coming years indicates the need for secure and distributed solutions centered on properly managing data. Perhaps no other pair of technologies is better suited for this challenge than blockchain and the internet of things. As consumers become more concerned about the quality and origin of their products, and enterprises seek out new ways of sharing data and coordinating their production lines, entirely new business models stand to be created with the potential to transform entire industries. At Ambrosus, we believe this future is best achieved when it is decentralised, open-sourced, and easily accessible for enterprises and entrepreneurs intent on embracing the digital era.”


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Author:  Oracle Times Editor
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Bosch Doubles Down on IOTA Data Marketplace

One of the original participants of IOTA’s decentralized data marketplace, engineering and electronics monolith Bosch, has just upped the tempo with the 12th-largestcryptocurrency by market capitalization, explaining how its newfangled Internet of Things (IoT) device will play a vital role in the economy of the so-called “ambitious cryptocurrency.”

According to a post Monday by the IOT-focused arm of the German multinational, Bosch Connectivity, their Cross Domain Development Kit (XDK)—a “universal programmable sensor device” leveraging an armada of sensors to measure various ambient data including humidity, noise and light levels, and acceleration—will be now for the first time be able to simultaneously collect, upload, and sell data on IOTA’s decentralized data marketplace in fully open-source code.

Bosch Bullish on Data, Sees IOTA as Part of the Picture

Since being unveiled as a pilot program in November 2017, the Data Marketplace has been catapulted to become one of the MIOTA token’s prospective powerhouse usage cases—facilitating the purchase and on-selling of IoT data—a commodity the IOTA foundation maintains within years will become the “fuel of the future” collected by more than 75 billion devices.

Bosch, which reported $87 billion in revenues last year and has for decades nestled comfortably in the Fortune 500, seems to be equally bullish on the prospect of having a finger in the pie that is the fledgling, but burgeoning data economy.

Anticipating 20 billion connected devices by 2020, Bosch explained that it felt an affinity for IOTA’s vision of an “open and decentralized data lake that is accessible to any compensating party,” and closely mirrored the comments of the team behind the Berlin-based DAG, explaining:

Currently, data is mostly limited to the control of a few entities and not available for the broad masses. Therefore, not everyone can develop new use cases or business areas. Especially at this time when data is becoming increasingly important, IOTA presents a counterpart to the status quo with their Data Marketplace.

The German engineering heavyweight went on to shed light on how its flagship XDK IoTnode could double down on this shared vision—citing a number of potential use cases including data-monitored audit trails, and monitoring a machine’s operational status—visible to all stakeholders on IOTA’s Tangle.


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Author: Jonnie Emsley
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IOTA [MIOTA] emerges as the winner in the vehicular applications feasibility test

IOTA [MIOTA] released a research paper titled ”IOTA Feasibility and Perspectives for Enabling Vehicular Applications” on 29th August, which discusses the possibilities of using IOTA Tangle as an underlying feature to enhance privacy in vehicular applications.

The paper authored by Paulo C. Bartolomeu [DETI, IT], Emanuel Vieira [DETI], and Joaquim Ferreira [ESTGA, IT] speaks about the very interesting Automobile Industry. Over the recent years, the automotive industry has undergone a huge shapeshift from what it originally was. Lately, industries and businesses have started migrating to the ‘much-talked-about concept’, the “Internet of Things” [IoT] where all small and big things referred to as ‘smart things’ are connected through the Internet.

The concept of IoT has been significantly adopted by the automobile industry in the recent past. The adoption brought forward the idea of ‘Autonomous Vehicles’ [driverless/self-driving vehicles]. The transition has been very notable. The paper stated:

“Vehicles became autonomous and (wireless) communications have evolved to provide connectivity with quality of service and flexibility tailored to enable such applications.”

It further explained:

“The future of transport and mobility will surely be enabled by autonomous vehicles encompassing sensing capabilities that can cooperate with each other and share their sensing resources and perspective with the nearby infrastructures and neighboring vehicles.”

In the authors’ opinion, many challenges remain ahead in terms of key aspects like privacy, security, and anonymity. The authors briefly attempt to explain hackings of vehicular systems that have happened in the past. Citing an example from 2015, the authors stated:

“In 2015, Charlie Miller and Chris Valasek have demonstrated that they could take control over the Internet of a Jeep Cherokee’s entertainment system by meddling with the dashboard functions, steering, brakes, and transmission, all from a laptop that could be anywhere in the world.”

Furthermore, the emerging blockchain technology can propose as a new security solution that complements the existing ones. The authors stated:

“Over the last few years the blockchain technology has managed to attract immense attention due to its intrinsic properties such as trustless operation, immutability, transparency, easy verification, cryptographic security, auditability and independence of third parties.”

According to the research, an increasing number of applications are adopting blockchain technology. However, an increase in the use of blockchain technology has brought many concerns like the reliance on the private key, high computing power, latency, bias towards nodes. Here, the authors bring in IOTA’s Tangle as a solution.

The authors attempted to analyze IOTA’s feasibility through a globally set up analysis and then observe the result of the experiment.

The experiment used a basic test setup using two nodes [NodeA], hosted in Norway, and a private node [node B] hosted in a Virtual Private Server [VPS] in Germany. The latter was connected to the Tangle network using the CarrIOTA Nelson project. The authors aimed to identify key operational performance parameters. Parameters like latency and privacy were put to test.

The paper concluded that the IOTA Tangle exhibits smaller transaction delays than the existing public blockchain, making it an ideal candidate for vehicular applications. The authors also came to a second conclusion stating that it also supports enabling of privacy in vehicular communications with no or negligible latency overhead.

The use cases of the IoT based blockchain has spread its wings in the recent weeks. Earlier this month, the Japanese tech giant Fujitsu announced that they will be rolling out IOTA as their new protocol standard.


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Author: Anvita M V
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IoT Crypto VeChain Price Surges 50% Overnight, Factors Behind the Spike

VeChain, a China-based Internet of Things (IoT)-focused crypto, has surged by more than 50 percent in value within the past 24 hours.

Analysts have attributed the increase in the price of VeChain to the successful series of partnerships the team has been able to secure since earlier this year and the improving momentum of tokens in the global cryptocurrency market.

LIONBIT

Major Partnerships

VeChain/USD | Source: TradingView

In May, CCN reported that Pricewaterhousecoopers, a “Big Four” auditor better known as PwC, acquired stake in the Chinese cryptocurrency with the intent of utilizing the VeChain IoT network to serve multi-billion dollar clients and conglomerates that rely on the services of PwC.

At the time, Raymund Chao, the chairman of PwC Asia Pacific and Greater China, said:

“We are glad to establish a deeper relationship with VeChain, which aims to build a trusted and distributed business ecosystem to help address long-standing challenges in supply chain management, food trust and anti-counterfeiting areas. VeChain’s mission aligns with PwC’s purpose of solving important problems and building trust in society.”

The involvement of PwC has been crucial for VeChain’s performance over the past three months because it meant large-scale conglomerates have to started to demonstrate interest in the VeChain blockchain protocol.

The strategic partnership between PwC and VeChain in May was especially valuable because PwC acquired a small ownership interest in the VeChain network, with the plan of collaborating with the VeChain development team as an investor, not as a client.

It is important to acknowledge the participation of PwC in the long-term growth of VeChain because the vast majority of partnerships secured by blockchain projects in the cryptocurrency sector are often deals that state multi-billion dollar conglomerates as the beneficiaries.

TIP

For instance, many projects have claimed to have secured strategic partnerships with major firms in the technology sector such as Google and Microsoft, but the actual nature of the deal revolved around the projects paying the conglomerates for their services, not the other way around.

Since May, VeChain has aggressively expanded its services internationally, winning a contract with the government of China to develop a vaccine tracing solution.

Despite the Chinese government’s ban on cryptocurrency trading, it has allocated more than $3 billion in 2018 alone to state-funded blockchain funds, primarily to finance blockchain startups and innovative technologies.

This month, China’s Ministry of Information Technology ordered local financial authorities and agencies to speed up the development and commercial implementation of the blockchain, which will positively impact companies like VeChain that are actively cooperating with the Chinese government.

“The industry remains in a nascent stage. While the technology has brought benefits, it could also bring risks such as technical loopholes, and challenges to current systems and norms, the ministry said. The ministry also said it will work with local authorities to push for healthy and orderly development of the industry,” the report of Xinhua, a state-owned publication, read.

Other Factors

The abrupt price surge of VeChain was evidently fueled by the general recovery of the cryptocurrency market and the re-established momentum of tokens. But, the valuable partnerships the company has been able to secure since early 2018 drove its recent momentum and will likely continue to positive impact its long-term growth.


IZX

Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author: Joseph Young
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3 Features That Give IOTA An Edge In Real-World Applications

Over the last ten years, we have witnessed the rise of blockchain technology which offers peer-to-peer transactions of funds without middlemen or geographical barrier.

However, this rise has also been accompanied with unexpected trends in the blockchain ecosystem. The speed of transactions and fees associated were strong points of major blockchain projects, yet the current levels of adoption has shown that the fees can be quite substantial and transactions can be very slow due to congestion of the network. The response of most blockchain projects to this is a process known as scaling.

LIONBIT

IOTA is a blockchain-related project that tackles the scalability problem by having its own distributed ledger that’s different from the usual blockchain. IOTA is designed to empower machines and humans to participate in flourishing new permissionless economies. Learn more in our introductory article: What is IOTA?

IOTA has a number of unique features that sets it apart from other projects in the ecosystem such as high scalability, low resource requirements, secure data transfer, offline transactions, and many more.

However, there are 3 important features that gives IOTA an edge for real-world applications. They include:

  • Potential for unlimited transactions per second
  • The Tangle technology, making IOTA immune to quantum computing hacks
  • Zero fee transactions, making IOTA an effective way of moving funds

Potential for Unlimited Transactions per Second

To better understand practical application of IOTA, it is important to understand the technological trend known as Internet of Things (IoT). IoT refers to a trend whereby machines (like cars, fridges, phones, watches, and basically anything electronic and software-based) communicate and exchange data with one another without human interaction, resulting in greater efficiency and economic growth. The whole idea of IoT is to mesh the physical world with the internet world and allow technological devices to exchange data without any human asking the devices to.

In today’s world, exchange of data is often accompanied with payments. So, for IoT to become a full reality, there must be a platform that can facilitate machine-to-machine payments. This is where IOTA comes in. IOTA is theoretically designed in such a way that the more transactions there is on the network, the more transactions the network can process. This still remains an ideal situation, however. Currently, the network can process between 13 and 1,500 transactions per second. This unique scalability of IOTA makes it a prime facilitator of IoT.

IoT is not just a futuristic idea that people like to fantasize about, it is already happening. The advent of smart phones, smart homes, smart watches, and other “smart things” is the very trend of IoT. Very soon nearly everything is going to become “smart.” And the platform capable of microtransactions to make this possible is IOTA. Therefore, a future with IoT is a future with IOTA.

In the next couple of years, it is expected that the number of machines in the world will more than double over the next decade. This would ultimately create a machine economy that would be very robust.

Source: Statistica

The potential of IOTA as connected to IoT has facilitated partnerships with IoT-related organizations such as International Transportation Innovation Center (ITIC), Kontakt.io, and +cityxchange.

The Tangle Technology

IOTA uses the Tangle technology which is unlike the blockchain. Tangle has the usual blockchain features of distributed ledger and secure transactions, but it does not work with blocks. Tangle is a particular kind of directed graph that holds transactions. Instead of blocks, Tangle uses Directed Acyclic Graph (DAG).

In a regular blockchain, transactions are bundled together in blocks and then they are verified by miners. This implies that increase in transactions will mean an increase in work for miners. This also results in higher transaction fees. In Tangle, each transaction is represented as a vertex in the directed graph. To proceed with this verification, the transaction chooses (at random) two previous transactions to approve, adding new edges to the graph. As in the figure above, transaction number 6 approves transaction number 4 and 3.

TIP

The fact that users and validators on the IOTA Tangle are one, the IOTA architecture is inherently decentralized.

Sufficiently large quantum computers have been discovered that could be effective for handling problems that require trial and error to find a solution. An example includes finding a nonce in order to generate a bitcoin block. This threatens the security of bitcoin transactions due to the assumption that no single actor can mine blocks any faster than anyone else.

However, the algorithm used in the current IOTA implementation is structured such that the time to find a nonce is not much larger than the time needed for other tasks that are necessary to issue a transaction. Thus, the efficiency gain of the ideal quantum computer would not pose a security risk to Tangle. In other words, blockchains could get hacked by large quantum computers (developed in the future), but Tangle will not.

A couple of organizations that have partnered with IOTA to explore the Tangle technology include Snapask, Paragon, BitDice, Augmate, Audi Think Tank, SinoPac, DNB, and UNOPS.

Zero Fee Transactions

Due to the fact that there are no miners in the IOTA ecosystem, there are no fees associated with transactions. Users are validators. And as explained above, the higher number of users, the faster the transactions. New transactions verify previous transactions so the cost of sending funds is ultimately zero. This means if you are sent $1,000, you get $1,000—not $999.99.

Organizations that have interest in IOTA based on its financial feature include MGER, NetZ0, Monster Cleaning, and MOBI.

IOTA has also announced partnerships with big organizations and companies such as Microsoft, Bosch, Schneider Electric, Fujitsu, University of Oslo, Deutsche Telekom, and more, as detailed at the tailend of this article.

Conclusion

It is already clear that the future will be shaped by the Internet of Things. Everyday physical things are going “smart.” Also, already “smart” things are getting smarter. It is only natural that an ecosystem to power this smart economy must exist. The Tangle technology, though still in its infancy, shows tremendous potential to affect how transactions take place in the world.

Plus, we can always count on the fact that many years from now, people will still want to save or keep more of their money and hence be more attracted to cheaper ways of doing things. Zero-cost transactions are a great feature that will never grow stale.

With all these, it is highly likely that IOTA is here to stay and has the potential to be an integral part of the future.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

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Author: David Olarinoye
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