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Category: bitcoin – Page 64

California Space Center announces blockchain system for space economy

California Space Center (CSC) founder Eva Blaisdell announced in a press release sent to CoinReport the launch of “Copernic,” a blockchain-based, finance-focused rights management system developed for the space industry.

Named after legendary Polish astronomer Copernicus, Copernic will provide the infrastructure for the future space economy and ecosystem to be built upon, said CSC.

After mentioning that Elon Musk, the legendary founder of SpaceX, Tesla and PayPal recently presented plans at the ICA in Guadalajara outlining the next era of space exploration and the first steps towards colonization, the press release went on to say that Copernic was designed to be a platform for the space colonization era. With a system designed to be functional both on Earth and in space, Copernic, said CSC, plans to provide the ecosystem with an effective and transparent platform for the registration of rights and transfer of value.

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If the Defense Department is looking to implement blockchain, other organizations may quickly follow suit. Blockchain technology helps guarantee that information has a timestamp and recorded whenever any change happens, ensuring data can be trusted in real time. In DARPA’s case, blockchain technology could help track attempted data breaches.

“Whenever weapons are employed … it tends to be a place where data integrity in general is incredibly important,” Booher said. “So nuclear command and control, satellite command and control, command and control in general, [information integrity] is very important.”

In September, DARPA awarded a $1.8 million contract to computer security firm Galois, asking it to verify a specific type of blockchain technology from a company called Guardtime. If the verification goes well, the military could become one of a growing number of industries and institutions using blockchain to help ensure the security of their operations.

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Since they were first theorized by the physicist Richard Feynman in 1982, quantum computers have promised to bring about a new era of computing. It is only relatively recently that theory has translated into significant real-world advances, with the likes of Google, NASA and the CIA working towards building a quantum computer. Computer scientists are now warning that the arrival of the ultra-powerful machines will cripple current encryption methods and as a result bring a close to the great bitcoin experiment—collapsing the technological foundations that bitcoin is built upon.

“Bitcoin is definitely not quantum computer proof,” Andersen Cheng, co-founder of U.K. cybersecurity firm Post Quantum, tells Newsweek. “Bitcoin will expire the very day the first quantum computer appears.”

The danger quantum computers pose to bitcoin, Cheng explains, is in the cryptography surrounding what is known as the public and private keys—a set of numbers used to facilitate transactions. Users of bitcoin have a public key and a private key. In order to receive bitcoin, the recipient shares the public key with the sender, but in order to spend it they need their private key, which only they know. If somebody else is able to learn the private key, they can spend all the bitcoin.

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Earlier this week, Canada’s electronic spy agency the Communications Security Establishment warned government agencies and businesses against quantum mechanics, which could cripple the majority of encryption methods implemented by leading corporations and agencies globally.

Governments and private companies employ a variety of cryptographic security systems and protocols to protect and store important data. Amongst these encryption methods, the most popular system is public key cryptography (PKC), which can be integrated onto a wide range of software, platforms, and applications to encrypt data.

The Communications Security Establishment and its chief Greta Bossenmaier believes that quantum computing is technically capable of targeting PKC-based encryption methods, making data vulnerable to security breaches and hacking attempts from foreign state spies and anonymous hacking groups.

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New methods to counter attack fraud.

“We have introduced the possibility of using blockchain technology to create a seamless and continued global process for the KP certification scheme,” he said.

Blockchain is one of the most significant elements of the revolution in financial technology – fintech – that has been enthusiastically adopted by the UAE. Both Dubai and Abu Dhabi are setting up centres of excellence in fintech.

Mr bin Sulayem has already had meetings with Dubai’s Blockchain Council and is working on a pilot project that would use the technology to monitor KP statistics.

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