Connect with us

Cryptocurreny

IBM To Launch New Physical Infra For Blockchain Tech In Sydney

Published

on

IBM To Launch New Physical Infra For Blockchain Tech In Sydney

As the popularity of blockchain technology and cryptocurrencies rise, more corporations are adopting digital money to their portfolio. As this industry grows bigger, one thing runs them all – internet servers.

Just recently, IBM released its blockchain main net out of its data center located in Melbourne, Australia to allow customers to run their applications on the company’s cloud.

The IBM platform was built by HyperledgerFabric, a project that seeks to improve cross-industry blockchain technologies that are hosted by the Linux Foundation.

According to reports, a Sydney-based IBM data center is set to open towards the end of March, joining the other centers in Tokyo, London, Dallas, São Paulo, and Toronto.

Rupert Colchester, head of the blockchain for IBM in Australia and New Zealand, said in an interview with ZDNet that the second center would help in making the technology more widely available and in providing redundancy.

Additionally, the establishment of physical infrastructure in Sydney will enable customers to transact without having to cross borders and that it would provide security for regulated applications in government and financial services.

“Customers who are deploying blockchain applications have reached a maturity of projects that require the data to be stored in Australia,” Colchester said.

He also noted that blockchain technology is widely applied and cryptocurrencies are “pretty much active” across all industries in Australia. “I do very few education sessions nowadays, but there is a lot of discussions whereby clients are trying to understand how best they can apply it to the business problems they have.”

For the last few years, IBM has been actively exploring and expanding its use of blockchain technology. On Jan 31, the tech company has completed a blockchain-based trial in which it shipped 108,000 mandarin oranges from China to Singapore. The results of the test revealed that the said technology has reduced paperwork handling and costs for the shipment.

Furthermore, on February 8th, the multinational tech giant announced a project using blockchain and the Internet of Things (IoT) to fight and combat drought in California. The project partnered with SweetSense and the University of Colorado Boulder and the non-profit Freshwater Trust to use blockchain and IoT to manage the use of groundwater. (Read:

On Feb. 8, IBM announced that a project to combat drought in the United States state of California is underway. IBM Research and sensor tech provider SweetSense partnered with the University of Colorado Boulder and the non-profit Freshwater Trust to use blockchain and IoT to manage the use of groundwater. /apr

A Consumer Tech and Cybersecurity journalist who does content marketing while daydreaming about having unlimited coffee for life and getting a pet llama.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Cryptocurreny

Facebook Opens A Swiss Company To Develop Own Virtual Currency, Report Suggests

Facebook may have its own currency soon but no confirmation has been made yet. Reports revealed that Facebook opened a Swiss company to focus on developing its own cryptocurrency. Click To Tweet

Published

on

Reports revealed that Facebook opened a Swiss company to focus on developing its own cryptocurrency.
Facebook may have its own currency soon but no confirmation has been made yet. Photo: Esther Vargas | Flickr | CC BY-SA 2.0

There is no denying that cryptocurrency is slowly becoming the most used currency in the world. The future is bright for virtual money as people started to become a lot more dependent on the internet on almost all aspects of their daily lives. And when a technology thrives, Facebook does not falter to offer the same thing. Reports suggest that Facebook has set up a company overseas to develop its virtual currency that users can send to their friends and contacts.

The social networking giant reportedly opened up a company in Switzerland to focus on payment and blockchain technology, similar to the technology that powers bitcoins and other cryptocurrencies.

According to a Swiss publication, Handelszeitung, the Facebook cryptocurrency would be tied to the US dollar and therefore will remain stable unlike bitcoin, which started crashing since 2017.

The report also revealed that Facebook has already set up a company called Libra Networks in Geneva several weeks ago. They noted that Libra is the tech giant’s internal project name for Facebook money.

Owned by Facebook Global Holding II in Ireland, the Swiss company will focus on developing the software and hardware for crypto-related functions like payments, blockchain, analytics, big data, and identity management.

Facebook is hesitant to comment regarding their plans for the digital currency and did not confirm nor denied the reports of its existence. Nonetheless, the news is consistent with an earlier report that Facebook created a team of 50 individuals to develop their cryptocurrency and blockchain technology to be used across the network and on its WhatsApp messaging services.

That design would be geared toward avoiding a speculative frenzy like the one that caused the value of the primary cryptocurrency, bitcoin, to soar and then crash. While Facebook also did not confirm anything related to the leaked project at the time, the California-based company confirmed that they are interested in blockchain technology.

“Like many other companies, Facebook is exploring ways to leverage the power of blockchain technology,” the company said in a statement. “This new small team is exploring many different applications.”

Blockchain technology serves as the virtual ledger for every transaction using a cryptocurrency like bitcoin, and it builds up a set of data blocks recording transactions and who made them.

Meanwhile, existing crypto companies still face a huge problem in the banking system, and Facebook may face a similar obstacle in case the reports on its own crypto money turns out to be true. Earlier reports suggest that crypto companies around the world are having trouble in opening bank accounts for their operations.

The report followed the complaint filed by Sam Bankman-Fried, Chief Executive Officer of the quantitative crypto company, Alameda Research that “the standard answer of ‘just go to your local Chase branch’ doesn’t work in crypto.” Bankman-Fried also added that it is not illegal for banks to serve crypto businesses, but “it’s a massive compliance headache that they don’t want to put the resources in to solve.’’

The report pointed out that while larger banks avoid getting into a transaction with crypto and blockchain corporations, smaller banks are getting hold of the unserved market.

Silver Bank in San Diego said in its November 2018 filing for an initial offering that cryptocurrencies companies have a total of $40 billion to deposit and larger banks are letting go of it.

Blockchain investment, trading, and advisory firm NKB group have also struggled with establishing banking relationships with a lot of major banks. According to NKB Group’s head of Brokerage Ben Sebley, “denying basic banking is madness, impedes sector growth and forces companies to get creative to solve the problem […] The banks are being overly prudent.”

The facilitation of cryptocurrency in banking has been an ongoing debate after major banking giants like JPM, and other American banks have banned the purchase of cryptocurrency using their debit and credit cards. However, supporters have argued that this ban is a step back for the banking industry.

“If they are policing digital currency transactions by de-risking the activity on the basis of protecting customers from market changes, they are going to be on the hook for market changes where their financial products are used where they did not intervene and de-risk to protect consumers,” said attorney Christine Duhaime, founder of the Digital Finance Institute.

Continue Reading

Cryptocurreny

Hacked Crypto Exchange ‘Cryptopia’ Is Selling Their Assets

Published

on

The hacked company is going into liquidation.

The barely regulated world of cryptocurrencies has undeniably has its risks, and people are only realizing it when their crypto deals go sour or when the crypto exchange becomes bankrupt. The lesson was learned the hard way by the user of the hacked crypto exchange company Cryptopia when the company announced this week that they are selling their assets for them to recover from the significant loss they experience after their system was attacked earlier this year.

The news was announced Wednesday by the company’s assigned liquidator, professional services firm Grant Thornton New Zealand. The company confirmed the news through a post on their Twitter account as well as on its website.

The announcement follows the unexpected shutting down of Cryptopia’s website on Tuesday for being “under maintenance” without any warning to their users or the public on its social media accounts. A Redditor noticed the downtime in the company ‘s website and asked whether hackers once again targeted them.

The unfortunate incident started when Cryptopia went offline on January without any warning only to notify the public after a few weeks saying that the exchange had “suffered a security breach which resulted in significant losses.”

According to a blockchain data analytics firm, their investigation allowed them to estimate the loss caused by the cyber attack to be as much as $16 million in ether and ERC-20 tokens. While the company has restarted their trading services in March, no one is still certain of the actual damages that the cyber attacked caused the company. Until now, the company is still recovering from the aftermath of the breach and still having banking issues.

According to the liquidation firm, Grant Thornton, since the damages caused by the hacking was too “severe” and has impacted the company massively in terms of trade, and amidst the effort of its management to regain composure by reducing costs and returning the business to profitability, they have decided that liquidation is the best option for the company and all stakeholders moving forward.

David Ruscoe and Russell Moore from Grant Thornton will help Cryptopia secure its assets “for the benefit of all stakeholders,” according to today’s announcement.

“While this process and investigations take place, trading on the exchange is suspended,” Grant Thornton said, adding that the complex investigation will take “months rather than weeks.”

Understandably, Cryptopia’s customers have expressed frustration over the fact that they were still not able to withdraw from their accounts since the hacking occurred. Some of them are even calling for creditors to organize and take legal actions against Cryptopia.

As a response, Ruscoe promised that his firm would conduct an investigation and do their best to come up with the best solution for all stakeholders.

“We realize Cryptopia’s customers will want to have this matter resolved as soon as possible. We will conduct a thorough investigation, working with several different stakeholders, including management and shareholders, to find the solution that is in the best interests of customers and stakeholders.”

What happened to Cryptopia is only one of many instances that highlighted the critical sentiments against cryptocurrency. Another crypto exchange company, Quadriga CX, has been in hot water in the past few months when the company could not pay $200 million – worth of funds to their customers following the death of their Chief Executive Officer.

CEO Gerard Cotten died last December and brought with him all the digital assets of the company including passwords and encryption keys of the cold and hot storages where the funds were supposedly kept for safety. However, the investigation by the monitor appointed by the court, Ernst & Young, revealed that the company owes more money than it owns.

The report reveals that Quadriga CX only has $20 million plus in assets while it owes more than $200 million. While the company maintains that there are more assets in cold storages or offline “wallets,” EY was still not able to verify the claim except when some of the Quadriga funds were questionably transferred from one hot wallet to several addresses.

Until now, the company is still trying to figure out how to repay 115,000 of their customers, and they are currently in the brink of bankruptcy.

Meanwhile, Grant Thorton is expected to file an initial report on the case next week on the New Zealand Companies Office website.

Continue Reading

Cryptocurreny

Ernst & Young Report: Quadriga CX Owes More Than It Owns

Published

on

EY said that Quadriga has more debts than assets.

The interesting tale involving that Canada-based crypto exchange company, Quadriga CX, continues after the government-nominated monitor Ernst and Young (EY) has published a report on the assets and liabilities of the company saying that it owes much more money than it actually has.

According to the recent report by the monitor, which was dated May 1st but only published a few days ago, there are three different sources of assets and independent entities that the Quadriga CX’s fund are connected – Quadriga Fintech Solutions Corp., Whiteside Capital Corporation and 0984750 B.C. Ltd. The three companies are each presented as its bankrupt firm, which means each of the company has its list of assets and liability, notwithstanding any form of overlap.

The data produced by EY as of April 12th shows that Quadriga Fintech Solutions had CAD 254,180 (USD 189,345) in total assets, but the firm owes a total of CAD 214,873,113 (USD 160,051,461). In Quadriga Fintech Solutions alone, the company has a total deficit of $214,618,933 CAD ($159,862,116 USD).

While some may hope that there are still two other business entities that could cover up the deficit, one is mistaken as the scenario does not go far from Quadriga Fintech Solutions. Whiteside Capital corporations has no assets at all but owed $214,618,937 CAD ($159,875,011 USD) and 0984750 B.C. Ltd had $28,649,542 CAD ($21,343,192 USD) and owed $215,697,147 CAD ($160,688,982 USD).

In total, the company has a deficit of $616,285,475 CAD ($459,082,917 USD).

According to George Kinsman, the EY employee acting as the monitor and trustee, the fact that there are numerous estates, creditors, and known assets, causes a “material discrepancy between the reported fiat and cryptocurrency obligations.” He also noted that the careless bookkeeping posed a challenge in pulling together the said numbers.

It can be remembered that Quadriga CX was previously put into the limelight when its founder and Chief Executive Officer (CEO), Gerald Cotten, died last year under mysterious circumstances leaving the company with mountains of debts from its customers. On January, Quadriga entered a civil rehabilitation process when Jennifer Robertson, the widow of Cotten, wrote in an affidavit that the company could not access the cold crypto wallets of Quadriga because Cotten brought all the digital assets with him to the grave.

Nonetheless, the Ernst and Young, through the course of its investigation was still unable to find the said cold wallets listed by Quadriga in a document submitted to them. Interestingly, 103 bitcoin was accidentally transferred from a hot wallet that was allegedly part of the original Quadriga fund.

“A complete and fulsome review of Quadriga’s financial affairs will take considerable time and effort to pursue and may not be possible or cost-effective to complete given the lack of available information, the volume of transactions processed and the number of [third-party payment processors] and cryptocurrency exchanges involved, many of whom to date, have not fully cooperated with the Monitor’s investigation,” said Kinsman as his explanation why EY was not able to locate the funds in the given cold wallet addresses.

Even so, Ernst and Young hold about $500,000 in cryptocurrency recovered from Quadriga’s hot wallets and “various other sources.” EY holds 61 bitcoin, 33 bitcoin cash, 2,661 bitcoin gold, 851 litecoin, and 960 ether. The report did not address what progress, if any, EY has made in locating the exchange’s other missing cryptos.

Whether or not the funds will be returned to the clients of Quadriga remains a question. Initially, through the assistance of Robertson, authorities were able to approximate more than 115,000 claimants; however, only 76,319 claims were validated by Miller Thomson, the court-appointed legal counsel to help the victims in litigation purposes and to recover their lost funds.

Aside from the independent users of the crypto exchange, other claimants go after the funds of Quadriga. According to Robertson, the company also owes a secured creditor CAD 300,000 (USD 223,500), and Costodian, a payment processing company for Quadriga is also claiming CAD 774,214 (USD 557,200) in unpaid processing fees, though this claim is yet to be resolved in court.

While EY is hopeful that they can also go after the assets from Cotten’s estate that he left to his widow, the “preserving parties” of the estate estimate that only CAD 12 million (about USD 9 million) is left, and even if they were able to collect all of it successfully, it would still be insufficient to cover up the deficit.

Continue Reading

Today’s Latest

Our Voices

Silicon Valley Silicon Valley
Our Voice15 hours ago

How Tech Companies Affect Communities In Places They Call ‘Home’

Tech companies are today’s driving forces in the economic world, mostly because of the introduction of the Internet. It allows...

We reviewed RingCentral's VoIP offers We reviewed RingCentral's VoIP offers
Our Voice5 days ago

RingCentral VoIP Review

VoIP has had a significant shift from a technology exclusively used by the early adopters or hobbyist to a widely...

April Fools April Fools
Our Voice2 months ago

April Fools Jokes Aren’t Just “Jokes”

April Fools is undoubtedly a fun day, exceptionally if you have crafted the most elaborate prank on your friends and...

Facebook Facebook
Facebook2 months ago

Facebook Should Do Better At Processing Community Standard Violations, And They Should Do It Fast

A few months ago, I saw a photo of myself used by another Facebook account with a “R.I.P. (Rest in...

With reports of artists committing harassments, should you separate the art from the artist? With reports of artists committing harassments, should you separate the art from the artist?
Our Voice2 months ago

Supporting Problematic Artists And Their Arts, An Opinion

As the world becomes swarmed by reports of famous artists – musicians, comedians, actors, painters – being alleged or in...

How to regulate facial recognition without possible risks How to regulate facial recognition without possible risks
Our Voice2 months ago

Ethical Regulation Of ‘Facial Recognition’ Is A Shared Responsibility

There is an ongoing discussion both in online and offline spaces regarding the growth of facial recognition technology and its...

Solving Data Breachs, must focus on SMBs Solving Data Breachs, must focus on SMBs
Cybersecurity2 months ago

Data Breach Epidemic: Solving The Problem In SMBs Will Solve The Problem For All

In the last two weeks, we’ve witnessed a vast amount of data breaches and information leaks, and the issue has...

Here's why we agree to Jacinda Ardern, New Zealand Prime Minister words of not naming mass shooter suspects Here's why we agree to Jacinda Ardern, New Zealand Prime Minister words of not naming mass shooter suspects
Our Voice2 months ago

We Agree To PM Ardern Of Keeping Christchurch Murderer Nameless, And The Media Should Listen

In the wake of Christchurch mosques shooting in New Zealand that killed 50 people at two mosques, the shooter is...

Apple Anti-Snooping Paten Apple Anti-Snooping Paten
Apple2 months ago

Apple vs. Police Authorities; A Cold War Against iPhone’s Anti-Snooping Patent

To protect its customers from hackers and illegal surveillance, Apple is developing an anti-snooping technology that would impede police and...

Fighting misinformation over measles outbreak Fighting misinformation over measles outbreak
Our Voice2 months ago

An Epidemic: Measles Or Misinformation?

2018 was the year when people started asking the question: ‘should I get my child vaccinated?’ Most people answered yes,...

Join us as we delve into the future of the VoIP industry Join us as we delve into the future of the VoIP industry
Our Voice3 months ago

Take A Look At The Predicted Future Of The VoIP Industry

For the past 20 years, VoIP has become an integral part of the lives of millions of people around the...

Contact Center Solutions Contact Center Solutions
Business3 months ago

Choose The Right Call Center And The Best Contact Center Solutions of 2019

The Ins And Outs Of Business Communication Management For your business to exist in today’s world, you must know how...

Instagram poses as a threat to some of the world's most famous location Instagram poses as a threat to some of the world's most famous location
Our Voice3 months ago

How Instagram Corrupts Famous Locations In The World

Is Instagram corrupting the beauty of breathtakingly beautiful locations and sucking all the joy out of traveling? With the era...

How one can earn crypto How one can earn crypto
Our Voice4 months ago

Ways To Earn Cryptocurrency

Cryptocurrency is one of the growing medium for exchange in most countries as it offers a more convenient and safer...

Ending Payday Loans Ending Payday Loans
Our Voice4 months ago

Can We End Payday Loans?

We can’t neglect the fact that debt is one of the pressing problems in the country, especially in today’s economy....

How will 5G change our lives -- Our Voice How will 5G change our lives -- Our Voice
Our Voice4 months ago

Jumping From 4G To 5G: Here’s What 5G Can Do For You

One of the most awaited advancements in technology is the cellular industry. With its monthly updates on software, model and...

VoIP vs Traditional Telephones: Cost Factors to consider VoIP vs Traditional Telephones: Cost Factors to consider
Our Voice4 months ago

What are the cost factors of VoIP?

In the next few years, we might be saying goodbye to traditional telephone systems in exchange for Voice over Internet...

Manufacturing Firms Investment on Technology Manufacturing Firms Investment on Technology
Our Voice5 months ago

Manufacturing Firms are Investing More on Technology

Based on the recent research on how manufacturing companies are coming up in the market industry, they have been increasing...

How to properly take Technology Innovation in companies How to properly take Technology Innovation in companies
Our Voice5 months ago

Technology innovation in companies—for the better or the worse?

Technology has significantly impacted both homes and workplaces in the last years. As much as we want to keep our...

Trending