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Blockchain Technology and Government Sector.

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blockchain technology is welcomed with open hands by the government of the various countries around the world because of its amazing working methodology.

Countries which have embraced Blockchain in the Government sector.

Introduction

The cryptocurrencies in this modern world have become one of the primary means to undertake all the financial transactions. It has incentivized the whole financial economy around the corner globe which has rendered it to become a staunch enemy of the centralized banks of various countries. This automatically follows that the government of different countries are eagerly looking for an opportunity to get the cryptocurrencies and blockchain technology under their control and if they aren’t able to do so, would at least try to completely void its usage in their respective countries.

 

Prominent Countries which have adopted Blockchain Technology

In a nutshell, there are many countries around the world which try to restrict the usage of cryptocurrencies but on the other hand, the underlying Technology for the cryptocurrencies which is the blockchain technology is welcomed with open hands by the government of the various countries around the world because of its amazing working methodology. Some of the countries like Sweden, Denmark, United States, United Arab Emirates, Malta, Singapore, etc have initiated Blockchain research and development industries, in order to explore its use cases. According to reports, it is estimated that there are more than 200 government ventures, under collaboration with the Blockchain Technology in 45 different countries around the world.

 

Major areas of interest

Most of the Blockchain development in the public sector is with respect to Research, Identity credentials like attestation or licensing, land title ownership, personal records like Healthcare, economic, as well as the financial structure. Although most of the ventures are in their developmental stages, or rather technically known to be in the form of Pilot projects, there is also a number of nations which has conducted their Senate election process on the Blockchain Technology in an easy and a transparent way. Below are insights on some of the prominent Blockchain initiatives by various countries.

 

Denmark

The Government of Denmark has initiated a Blockchain project named, Vehicle wallet. It is nothing but powering the Supply Chain Management process of a vehicle with the Blockchain Technology, under which a Proof of Work concept is being implemented on the digital assets to handle the complete lifecycle of the vehicle.

Estonia

The European country Estonia has been concentrating on the Blockchain research and development since 2008 and is currently been able to deploy the Blockchain based solutions for Healthcare, the judicial system, security, as well as the legislation domains.  

Georgia

Land titling has been one of the longest unsolved problems, for which the Blockchain Technology provides an effective answer. The Government of Georgia through the joint venture of the IT service company, The Bitfury group along with National Agency of Public Registry (NAPR) has been experimenting with the land titling project with respect to the Blockchain Technology. The blockchain concepts have been successfully implemented within the digital record system of NAPR. The Distributed Ledger along with the Time Stamping Technology has rendered NAPR for an efficient land titling process, which was earlier used to take a lot of time and also was expensive.  The online and digitized nature of the Blockchain technology has made the land titling process available to a number of unprivileged and illiterate citizens who are restricted from the land titling system.

Singapore

Even the Central bank of Singapore, popularly known as The Monetary Authority of Singapore, has consistently been working on Project Ubin. The main goal of the project is to develop a Blockchain based solution to track all the transactions of the Singapore Dollars. The bank has collaborated with a major firm like R3, which itself is a collaboration if more than 200 financial firms, vesting with the research and development of the distributed ledger. This project would enable the transactions to be undertaken all the time and the decentralized nature would automatically deploy trust within the system.

 

Bottlenecks in implementation

Regardless of all the developments in the field, the governments are still struggling to successfully implement them into their operational processes. With illicit activities like money laundering, hacks, and scams, the cyber security experts of the government are speculative about the disruptive side of the technology too. In some of the cases, the key members in the government sector, fail to understand the Blockchain technology completely and hence are uncertain about future results of its adoption. In a nutshell, they would rather be slow in adopting the technology even though they possess a greater potential. After all, it is self-evident from the fluctuating cryptocurrency market, that how vulnerable the technology can be, to the market conditions.

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#Bitcoin

Can Bitcoin be Traced?

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Earlier it was challenging to trace Bitcoins, but current technology has led to practical ways of tracking stolen bitcoins.

Earlier it was challenging to trace Bitcoins, but current technology has led to practical ways of tracking stolen bitcoins.

To track the person who received the bitcoin, the address owner must be aware of it.

However, governments do not want bitcoin owners to be unknown, and they are trying to regulate bitcoin in a way that can be monitored.

It’s nothing new since people have been doing blockchain analysis and bitcoin tracking since bitcoin was used to exchange stuff on the internet.

 

Is Bitcoin Anonymous?

As Bitcoin has become more popular and some criminal activity has been disclosed on the Bitcoin network, many people have wondered whether their Bitcoin transactions are anonymous or whether there are some essential complexities that they should be aware of.

Bitcoin tumblers allow many different users to put their cryptocurrency in a “bucket” and then return the same bitcoin value to each user, but with bitcoins put into a bucket by other users.

Bitcoin is not entirely untraceable, but it is a common misunderstanding, as Bitcoin is well known for masking user identity.

 

Users who rely on bitcoin exchanges ( such as Bitfinex, Binance or Kraken ) to exchange money for bitcoin must disclose their personal information to such an account.

However, governments are beginning to introduce new rules that could force an anonymous Bitcoin exchange to verify the identity of a new user before allowing them to purchase Bitcoin with fiat currency.

Create multiple addresses so that bitcoin can be randomly distributed, making blockchain analysis more difficult and anonymous.

 

Bitcoin is often presented as an untraceable payment method that facilitates illegal activities by allowing criminals to make and receive payments without being monitored.

There are many ways in which the identity of a person can be exposed to bitcoin transactions.

 

Now you have your bitcoin clean; you don’t want to waste all the hard work of using it in a trackable transaction.

As such, if you can pay with bitcoin and rely on the trader not to keep any PII records, the purchase may be anonymous.

If you prefer to spend your bitcoin on other cryptocurrencies or cash, the easiest thing to do would be to go to the exchange.

Portfolios, currency exchanges, mixing companies, and P2P sites have all been used to cheat bitcoin users.

Keep in mind that bitcoin is still the most widely accepted cryptocurrency.

 

Bitcoin is the only virtual currency with enough people who want to buy it to become moldy.

Cybercriminals use the creation and monitoring of Bitcoin portfolios, which can be done automatically, helping them find out which victims have paid.

Bitcoin transactions are public and contain all the information we need to track ransom payments, provided that we know which wallets to look at.

In most cases, payment tracking is not as easy as cybercriminals move bitcoins through multiple wallets to avoid payment tracking.

 

So, if you’re still thinking about using Bitcoin for your transaction gateway, be careful that you can track it as well.

Most users use online bitcoin exchanges to exchange bitcoins for real currency, such as bitpay, coinbase, localbitcoins, etc.

As the number of pro traders is slightly lower in online markets, it is easy to look at the bitcoin transaction by going to their bitcoin address.

 

Oaktar can be used to collect much more than the information needed to identify and link someone to specific Bitcoin addresses and transactions and can do so without relying on cryptocurrencies.

As alarming as oaktar and its activities, no new information has recently emerged to indicate that the NSA has expanded its Bitcoin monitoring efforts to other cryptocurrencies.

These protocols include CoinJoin, Dark Wallet, bestmixer, io, sharecoin, and coinwap, all of which also offer Bitcoin and other cryptocurrencies the possibility of anonymizing their transactions.

In the meantime, the more direct and intrusive methods of the NSA are also based on the fact that crypto users unconsciously compromise their internet connections, which could not be expected to monitor all cryptocurrency transactions in mass.

 

Bitcoin, the Internet currency loved by computer scientists, libertarians and criminals, is no longer vulnerable.

But Bitcoin ‘anonymity is also a powerful tool for criminal financing: virtual money can keep shady transactions secret.

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#Blockchain

Forbes releases top 50 blockchain companies list

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Forbes has released top 50 blockchain companies using blockchain technology list and these are almost all household names of the world's largest companies.

Forbes has released a new top 50 blockchain companies using blockchain technology list and these are almost all household names of the world’s largest companies. In fact, they are all billion dollar plus companies such as Amazon, Citi Group, Foxconn, Comcast and a whole host of others and unsurprisingly the bulk majority of these companies are using Ethereum.

 

Although, outside of Ethereum which is, of course, the number 1 blockchain for these companies, we do see others like Hyperledger and Quorum for example, although much rarer on the list in terms of mentions are blockchains such as Stellar Lumens or Cardano. Blockchains such as TRON, EOS, NEM, and others are not mentioned in the list of top 50 companies.

 

Companies choosing Ethereum according to Forbes:

Big businesses really like what Ethereum is doing. Ethereum has also worked very hard to make these relationships happen over the last few years and those relationships are now paying dividends big time.

 

All the top 10 companies are located in China or the United States.

The Top 10 (Forbes List):

10. Ping An Insurance Company: China

9. Bank of China: China

8. Apple: United States

7. Wells Fargo & Company: United States

6. Bank of America: United States

5. Agricultural Bank of China: China

4. Berkshire Hathaway Inc: United States

3. JPMorgan Chase & Co: United States

2. China Construction Bank Corporation: China

1. Industrial and Commercial Bank of China: China

 

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#Blockchain

JPMorgan expanding itself into the blockchain and crypto space

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JPMorgan Chase has been posting a lot of job opportunities in the blockchain and cryptocurrency industry on Indeed.com, the job listing portal.

JPMorgan Chase, the American multinational investment bank and financial services company has been posting a lot of job opportunities in the blockchain and cryptocurrency industry on Indeed.com, a job listing site. According to the data from Indeed.com, the overall job openings for the cryptocurrency industry also seems to be on a rise.

 

JPMorgan Entering the Cryptocurrency Space:

Though the CEO of JPMorgan, Jamie Dimon has always been a strong opponent of Bitcoin and other cryptocurrencies, his company has been interestingly expanding its operations in the field of blockchain and cryptocurrency.

 

Last month, JPMorgan launched its own cryptocurrency known as the JPM Coin, which will serve the bank’s precious customers in order to make transactions between them more swift and steady.

 

Back in 2018, JPMorgan had launched a blockchain powered platform known as Quorum which might be seen quite homogeneous to bitcoin and ethereum, however, it is almost fully centralized in nature.

 

Large companies entering the Blockchain Space:

In recent times, a lot of huge companies worldwide have been entering into the blockchain and cryptocurrency space. According to a recent publication by the Forbes, large organizations such as IBM, Deloitte, Cisco, Microsoft, Consensus, and others have been curiously hiring employees that are experts in the field of blockchain technology.

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