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Court battle between Crypto-exchange and RBI stalled
NASA plans to use blockchain technology to support air traffic
The Mexican drug cartels adopt the blockchain to recycle money
From money transfers to a secure method of data sharing, the decentralized blockchain register system has won the hearts of millions over the past decade.
In a decentralized ledger, there is no single administrator or centralized data storage. This lack of centralized registers is an important part of a school of thought that has paved the way for the early development of blockchain. However, there are always two sides of an argument. Some argue that a gatekeeper is required to operate and safely scale contracts controlled by the blockchain.
To listen to the case of centralization (advantages and pitfalls) in blockchain, Inc42 spoke with Vinay Nair of Nair Ventures who worked with the Venezuelan government in their "Petro" project in 2018 and is currently working with companies and state governments of Andhra and Kerala on blockchain implementation.
"Decentralization is a progressive game … Let's consider the case of the bitcoin itself.The first stages of growth of Bitcoin were caught by crossings between its developer community regarding its functionality and long-term scalability. a centralized body or the inability to reach a consensus has led to any conflict of interests that has caused Bitcoin to lose its value over time and find competition with its forks, and subsequently by advanced technologies such as Ethereum Blockchain, "Nair, a fan of self-confessed centralization, he said.
This could play spoilport in some cases.
"If you take into account the most successful ICOs, its centralized nature has catalyzed its growth.From the time Bitcoin was initially conceptualized by Satoshi Nakamoto in 2008, the original idea of" One-CPU-One- Vote "has lost its charm.
Now, that is, any blockchain-based idea should be promoted as a centralized, close management system, which can grow progressively in a centralized multichannel distributed system and ultimately evolve into a true and total form of decentralization "Disse Nair.
It is in the nature of any form of organization to grow from a basic level of centralization to consolidate trust over time. The more it expands, the more its control continues to be distributed fairly and gradually. – Vinay Nair
(Source of the image: a report by the British government's chief scientific advisor)
With this, here are the latest blockchain developments in India and around the world:
Blockchain News in India
The court stall on Crypto continues
The battle against the courts between Crypto-exchange and the Reserve Bank of India (RBI) on the order, which in April 2018 had prevented the banks from carrying out transactions in cryptographic activities continued. The Supreme Court should have heard the case on January 15th. However, according to reports, the hearing was postponed and legal experts and industry observers do not expect the deadlock to end soon.
In the meantime, the government has not yet disclosed its regulatory position on cryptocurrencies nor has it given any indication of the progress of a digital money proposal, which has only exacerbated legal problems.
Wages for Blockchain experts go up
With only about 5,000 developers in India having the skills to create blockchain software, the salaries of techa blockchain are growing to double, or even triple, that of a software engineer according to a ET relationship which mentioned Raandstaad's study of the subject.
Especially in the huge demand for banks, non-bank finance companies, global internal centers and other public sector companies. Three years of blockchain experience translates into a remuneration of INR 45 lakhs ($ 63.3K) or more, the report says.
Blockchain News from around the world
The Mexican drug cartels adopt Blockchain to recycle money
The Mexican drug cartels, commonly called Narcos, have been linked to the Chinese encrypted money laundering networks, revealed a recent US Senate judicial hearing on border security and immigration.
The criminal relationship has been years of work and was formed by the trade between the two parties regarding the purchase of large quantities of outlawed chemicals necessary to synthesize methamphetamine, where China was the seller and Mexico was the # 39; buyer.
Mexican narcotics are siding with Chinese suppliers as they apparently have become experts in dealing with obstacles when it comes to financial laws. The CUBS (Chinese Underground Banking System) consists of an intricate network of fiat currency and cryptocurrency mediators that transfer currency in and out of China. Chinese underground banks are said to have more than 10,000 customers and believe they are recycling more than $ 100 billion a year. Click here to see the complete hearing.
NASA takes the Blockchain
The US space agency, NASA, is planning to advance its technology adding Blockchain to ensure air traffic services and support, the media reported.
The agency will work with an open source Blockchain platform called "Hyperledger Fabric" specifically designed for business transactions that resemble typical air traffic management interactions, Ronald J. Reisman, aeronautical engineer at NASA Ames Research Center, said in a statement.
HSBC will sell blockchain transactions from $ 250 to Bn in 2018
Second Reuters, HSBC recorded $ 250 billion in transactions settled in 2018, using blockchain technology.
The report states that during the last calendar year HSBC has settled more than 3 million currency transactions with blockchain. Executed through its blockchain platform, "FX Everywhere", the bank claims to have processed 150,000 payments from the platform launched in February 2018. HSBC completed its first blockchain commercial finance transaction in May 2018.
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