G20’s Agenda in the Washington Meet is to bring back Cryptocurrency Regulation

One of the largest economies in the world, the G20 had a meeting in Washington where their topic for discussion was to build a regulatory plan for the cryptocurrency market. They followed all the discussions very closely in the Argentine Capital at the beginning of the month of March. 

There were several important discussions which took place in the capital, there was recognition by the state leaders for the importance that cryptocurrencies behold in today’s world and the role of it in revolutionizing all the banking procedure’s.

The regulators have decided that to accept or adopt the technology it is very necessary for them to construct such regulation which will prevent the crypto industry from being used in wrong ways by the malicious agents. This technology will also restrict the criminal from committing hideous crimes and will help the authorities to protect their users from the fraud commit against the crypto users.

However, the G20 has also stressed upon the proposed regulation cannot be very rigid and hard in nature which will be a hurdle in the development of the particular technology. It was also defined by the group that the first practical regulatory proposal will be presented in front of the group in the new meeting will be held by the group in Buenos Aires in the month of June this year and at the 3^rd meeting, the finance ministers and the central bank presidents will also be present. 

It also said that now all the global leaders have met on April 19-29, 2018, in Washington DC for the second summit of the G20 group the finance minister and the central bank governors where all of them together defined the specific policies and also continued to discuss their agenda items for the month. The meeting after DC was passed to be held in Buenos Aires. The result of the proposal was that now the cryptocurrency market is expecting to take the center stage alongside the other themes of the global agenda.

The meeting which is going to held in the month of June The IMF and The World Bank was also seen as the participants. The meeting is going to be delegated by 55 delegates, in which 22 will include the head of the finance ministers, 18 will be central bank governors and rest 9 will be the international organization leaders. This meeting will immediately have backed by the Third Meeting of the group G20 of the Finance Deputies. The agenda for this meeting was inclusive of the discussions based towards the future of global commerce and risks that the global economy is facing including the financial vulnerabilities.

One of the top three priorities for this year for the G20 group in Argentine was to debate on the agenda of the future of work in the world. The current and potential effect of the new technologies have on the job market, growth and employment, and with the particular focus, they have on the inclusion, fairness and gender equality. Their objective was to get consensus which could be reached in order to enable the progress and press releases of the public document in the month of June this year.

The participants of the meeting are going to evaluate the effect of the recent financial developments in order to identify the risks that the global economy is going to or will be facing in the near future. After their evaluation they are going to start making the adequate preventative measures, and necessary action which are to be taken in order to materialize this. Then it is also said that a session will also be dedicated to the compact with Africa (CWA), an initiative which was be launched by the German G20 presidency last year in 2017. This is to promote the private sector of investment in Africa.

NASA Funds an Assistant Professor for Developing a Spacecraft That Uses Blockchain: OHIO

NASA Funds an Assistant Professor for Developing a Spacecraft That Uses Blockchain

The National Aeronautics and Space Administration (NASA) has been awarded a new grant from the country authorities that supports the development of an autonomous spacecraft which could make all the using of the Blockchain technology without any human intervention, also a new space outlet named outletSpace.com was reported on April 18.

The assistant professor of the electrical and computer engineering of the University of Akron, Ohio, had received a grant of $330,000 from NASA in order to support her research.

Jin Wei Kocsis, told the media that the research program would first examine the application of Ethereum-based Blockchain technology in order to make the computing system more secure in deep space:

“In this project, the Ethereum Blockchain technology will be exploited to develop a decentralized, secure, and cognitive networking and computing infrastructure for deep space exploration… I hope to develop technology that can recognize environmental threats and avoid them, as well as complete a number of tasks automatically. I am honored that NASA recognized my work, and I am excited to continue challenging technology’s ability to think and do on its own.”

The system is likely to be used underlying the “smart contracts” technology which will help us to build a spacecraft which could “think” on itself and most likely it will be made to enable the automatic detect and dodge the floating rubbish in a timely manner. Wei Kocsis has hoped that with such a technology the spacecraft will be able to complete more tasks than it is provided with and also give the scientists more time for the information analysis and they would no longer be occupied with these anticipating environmental threats.

The University of Akron has still not disclosed the timeline for the research by the professor and when would it be sent into the space. But however, Thomas Kacpura the manager of advanced communications program at NASA’s Glenn Research Center said that it will the first time ever center which will consider the Blockchain applications in the terms of space communications and navigation.

Blockchain Coalition Will Improvise Corporate Efficiency and Liquidity

As it can be seen that the Blockchain’s are continuing to mature themselves in the market also they are increasing their field of adaptation on other cryptocurrencies. The business is already increasing its efficiency, security, and transparency.

 Prior to Blockchain

The supplying management of the product- based business has always been one of the most important parts of the logistical hurdles. Companies and users have a very long back speculated relation with the helpfulness that helps them to maintain records that indicate full life-cycle to the individual’s and their products. The events have been recorded in the product lifecycle that would make it easy as an easy ability to keep a tracking the points of failure and inefficiency. Also, these make it easy for the corporations in improving the competency of their manufacturing, delivery and maintenance processes. 

However recently due to the increase in the burden of the labor, it has become too great to track any of it also the critical supply of the data of the company. Till now the most prevalent roadblock has been but the problem of the efficiency of the workers. But now by using the current resource i.e. the planning system, the relevant data must be collected, analyzed, organized and stored. By recalling upon the data is operated at different levels by different employees at the companies. Supposing in the case of shipping, the data will only be manually accessed by the second or third-party companies till it is being delivered from its origin to its destination. Employing people do to all of these tasks is very expensive and time-consuming for the companies as in order to save their time and money limited information was currently retained, and it is rarely available and transparent to the customers.

Old World but Availability of New Technologies

In order to understand the working of the blockchain, we have to understand the working of the ledgers in the work which is in practice. At first, information was traditionally stored by manually updating the database of the companies. The records which were stored in the database was the responsibility of a centralized party which was also answerable for their accuracy, organization, and its proclamation. Such databases were manually maintained by the companies as they are prone to both human errors and machination also only due to this reason there are doubts regarding the accuracy of the records.

Speaking on the efficiency and transparency of Blockchain technology, Stefan Schmidt, the CTO of Unibright states:

“Integrating the Blockchain with existing ERP systems enables enterprises to source existing data and share it in an immutable, secure, and trusted manner. What this means for corporations and their consumers is higher quality products, sourced in exceptionally cost-effective ways, with a far greater level of accountability. The significance of Blockchain business integration cannot be understated”.

The Blockchain technology helps us to improve ourselves on the traditional model of recording our database but distributing the database to different points of failure. Not only does this helps us to make the distribution of the information transparent but also it ensures the authenticity of the records. Due to there is an easy access to the data to anyone with an internet connection and an appropriate block explorer.

Unlimited usage of the blockchain

Due to the improved transparency in the market because of the blockchain, there has been a potential increase in the no. of customers which are using it. Stefan has made it clear by declaring that there is a lot of benefit in the usage of the blockchain in the mode of trading against the traditional way of ledgers. For an instance, he mentioned how due to the transparency of the batches which are being released from the companies. Due to the easy tracking of the product, an improvement has been witnessed in the perishable goods, such as food and beverages. The customer now can also determine their high degree of certainty by checking the label of the product which the true representative of the product and the manufacturer before purchasing it. 

The problem still to be solved                                                          

It is seen that the technology is being adopted by the mass at all times for their business. The technology is free and an open source which requires a very high level of knowledge and practical experience in order to implement it successfully on the employees of one’s company and after employing being successful in it. But due to these necessities, there has been a creation of the barrier in between the corporation and the technology which is very tentative to be crossed by the corporates.  Once, the barrier is being removed from the middle it won’t be required by the people to remember them.

Advantages of ICO’s against Traditional Funding

The ICO helps the user to have easy access to the liquid market. The ICO’s give us the possibility to “digitize/tokenize” any asset and trade into the global market without much difficulty. It is most likely the unique opportunity which scales and develops new ideas and products for the user in each field of application, from consumer products to technology etc.  But in traditional funding, it is very difficult to raise money in the purest advanced research field.

The ICO is a very powerful tool which will help the “creators” in retaining more effective ways to control and have the ownership of ideas for their creation, where they will not require the help of the finance industry. 

Major advantages of ICO against Traditional Funding:

1. There is large access to the boundless worldwide market of potential investors in comparison to the small elite venture capitalists.

2. There is lack of usual barrier and restraints that make the traditional funding difficult. There are many limitations to the traditional funding such as geographical limitations, language and cultural barriers, social class barriers etc. so, VC is a high-cost funding in terms of equity share and high share capital dilution.

3. ICO provides with the boundless liquidity of money that too in the worldwide spectrum. The market consists of coins/tokens, shares, bonds, commercial papers which could be traded.

4. ICOs democratize entrepreneurship, tokens are the democratize investment.  This will do exactly the same to the investment market what the media does to the internet.

The interests of the entrepreneurs and the investors are effectively aligned by the tokens.  It would be interesting to ask Bill Gates, Elon Musk or Steve Jobs if they could go back in their early days and – having this new opportunity – if they would go again with a VC or an ICO.  Clearly, VC has its own advantages but ICO is more comfortable then VC at the end of the day.

Indian government to use Blockchain to expose Drug Racket in the country

According to India’s policy think tank which is Niti Aayog. They are reportedly seen working on the blockchain concept proof-of-concept (PoC) in order to the crackdown on the Drug Rackets in the country. Through this research of their’s, they are trying to counterfeit the drug supply in the country through illegal means.

The National Institute of Transforming India, is the first and foremost body of the country which helps the government to make policy’s which are favorable for people, as their new mission is that they have to complete by the year’s end the working of the PoC which is said to be ahead of the real-world rollout in 2019, according to a local publication i.e. Factory Daily.  

A statement was given by an official of Niti Aayog whose identity is hidden by the everyone as he was not authorized to talk to the media: - “We are all taking those medicines and I am sure people are dying. One way to reduce that is put the entire supply chain on the blockchain.” The official also stated that the pharmaceutical companies and the government will be helped by this information. As both of them will be able to restrain the illegal drug supply in the country.

In 2017, a report was released by World Health Organization which stated that 20% of medicines which are sold in India are of sub-standard and fake.  Also, 35% of the counterfeit drugs which are sold globally are exported from the country itself.

These are claiming that there will be special identification codes or numbers which will be allocated to every single medicine of the country as this will help the authorities to track the entire supply of the consignment and this will be done by using blockchain technology. So, that at every stage of supply the medicine will be checked with their unique id and this which will ensure that the authenticity of medicine.

As per this for the consumers to check their medicines authenticity there will be a smartphone app launched in which the consumer can scan the QR code or the barcode of the medicine and they can get aware of the authenticity of the medicine they will be consuming. This will also help them to verify the manufacturing sources of the medicine also its entire supply chain. 

When the medicine is sold, the unique code “gets irrevocably audited on the blockchain” to ensure that the same ID isn’t duplicated to be used with spurious drugs, the official added.

The Indian pharmaceutical industry is supposed to be investing around $28 Billion for the trial of this experiment. Though all are apprehensive about it.

“Fake drugs are a concern and if blockchain can help the industry to get rid of the problem we are up for it,” DG Shah, secretary general of industry lobby Indian Pharmaceutical Alliance said of the trial. “If the government is willing to consider it that is an additional cost and compensate it, the industry will have no objection,” he added.

According, to the recent reports the NITI officials are already negotiating themselves in a number of Blockchain PoC trials which will be held in different sectors of the country which will include education sector, healthcare, also the agriculture sector. The Indian government is trying very hard to achieve the blockchain system in the country both federally and stately, it also falls mandate in the line with the prime minister of the country who has called upon the rapid adaptation of this technology in the country.

Blockchain Industry Predominant in Business World: EU Officials

Said by Andrus Ansip, the European Commission’s Vice-President that the EU nation has decided to commit to the blockchain technology and now it will be moving out of the lab and is now going to be a mainstream.

There has been a speech which contains the central theme of the digitization by the vice president of the European Commission- the executive arm of the European Union has pinpointed in their speech that EU is ought to commit to EC’S vice-president for their technology of the blockchain. 

The official was offering the opening remarks of the European Union’s annual ‘Digital Day’ initiative held in Brussels this year when he stated:

“I would like to see EU countries make a similar commitment [as with AI] to blockchain technologies – now moving out of the lab and going mainstream. As with AI: we should make the most of this new opportunity to innovate.”

The officials present at EU have called the national government along with the private sectors of the country which have a huge contribution to the cause which was being addressed at the platform.

As per reports the EC now says it will invest €300 million in projects directly related to the use of blockchain technology. The Commission also revealed it is laying the groundwork required to establish a European Blockchain Partnership in order to promote “interoperable infrastructures”, presumably between EU nations, to enhance and foster trusted digital services.