Author: Yana Vyblova

Australian IOT Group “to recommission coal-fired plant for cryptocurrency mining”

Australian technology company IOT Group plans to resume the operation of the old coal-fired power plant in order to use the electricity it generates for cryptocurrency mining. IOT Group began to cooperate with Hunter Energy in order to recommission the Redbank power plant which was closed in 2014 иусфгыу ща non-profitability. The above companies have found a solution and plan to increase the profitability of Redbank by 20%. According to the company, the decision taken by IOT Group is based on the cryptocurrency trend. Cryptocurrency mining, such as bitcoin and etherium, consumes colossal amounts of electricity, which will compensate...

Read More

Bank of England developing secure private DLT system

The Bank of England  (BofE) has published an official Proof of Concept(PoC), which describes the possibility of providing users with access to data in an absolutely secure network. Over this concept, the Central Bank works together with blockchain startup Chain. Before the document was published, both companies tried to solve the problems arose in the development of a distributed ledger system. For example, participants who perform transactions in the blockchain system remotely had a risk of their data security, even though cryptographic encryption. “In this cryptographic approach to privacy, an attacker would need to obtain the private keys to every...

Read More

European Blockchain Partnership established by 22 states

22 European countries have signed a Declaration on the establishment of a European Blockchain Partnership. Among them Austria, Belgium, Bulgaria, Czech Republic, Estonia, Finland, France, Germany, Ireland, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, UK. The Partnership can help “avoiding fragmented approaches and can ensure interoperability and wider deployment of blockchain-based services.” The cooperation provides experience exchange and “expertise in technical and regulatory fields”. The Member States prepares to launch blockchain applications across the Digital Single Market in EU. Such an initiative should benefit the public and private sector and left EU on leading positions...

Read More

EU agencies offer monetary prize at Blockchain Hackathon

The European Commission has partnered with the European Union Intellectual Property Office (EUIPO) and its Observatory on Infringements of Intellectual Property Rights to launch the Brussels-based hackathon, in which competitors will aim to develop a blockchain-based “integrated solution to combat counterfeiting.” The statement said the most successful team who proposed the best solution will win an about $124,000. The European Commission stated that existing preventative systems “are scattered, often working in silos, and criminal networks use this to their advantage.” In 2017 around 43 million EU citizens unknowingly purchased counterfeit products. “The EUIPO is determined to explore the potential of...

Read More

Australia “becoming cryptocurrency continent” with new law

Australia on its way to becoming cryptocurrency continent with strong regulations for digital currency exchange providers. New law has just been implemented by AUSTRAC, Australia’s financial intelligence agency and anti-money laundering and counter-terrorism financing (AML/CTF) regulator. “The new laws cover for the first time regulation of service providers of cryptocurrencies, including bitcoin,” said in the statement. According to AUSTRAC CEO Nicole Rose “the new laws will strengthen the agency’s compliance and intelligence capabilities” and “controls that can minimise the risk of criminals using them for money laundering, terrorism financing and cybercrime.” “It’s recognised that this reform will help protect their business...

Read More