Fujitsu Solves Lack of Auditing of Ethereum Smart Contracts 177

Blockchain technology is a great technological innovation. Any features built on top of blockchain are also of great interest. More specifically, smart contracts are quite popular as of right now. Fujitsu has come up with a new technology to assess any issues or risks associated with smart contracts in their current form.

Smart Contracts are Great but Risky

No one will deny the potential of smart contracts is certainly there. They allow for automating many different aspects of business models being used today. However, there are also some risks associated with this new technology. As we have seen in the past, these contracts can be manipulated by hackers if the code is not secure.

Unfortunately, most of these contracts are not audited in the slightest. That causes a big problem and concern for anyone working with this technology. Addressing such problems at an early stage is of the utmost importance. Surprisingly, it seems Fujitsu has a viable solution in this regard. The Japanese ICT company wants to address risks associated with smart contracts at an early stage.

This is a pretty positive development for the blockchain industry as a whole. With these contracts automating transactions and data sharing on blockchain platforms the potential is virtually unlimited. At the same time, addressing reliability concerns with smart contracts is not easy by any means. The new in-house developed algorithms by Fujitsu will identify risks on the Ethereum blockchain. It is unclear if other blockchain systems will be supported in the future.

A Foolproof Solution is Born?

According to Fujitsu, their new algorithms can detect 100% of the risks associated with Ethereum-based contracts. There are a few exceptions though, but those will be ironed out eventually. So far the solution’s overall accuracy is close to 88%, which is more than respectable. Improving this percentile will be a challenge, but Fujitsu is confident they can keep refining this solution. The company explained their train of thought as follows:

“Because over-identification of risk is rare, this technology will enable more efficient smart contract development, and combined with the risk location identification technology, it is also expected to reduce the workload involved in tasks such as specification comprehension, code evaluation, and fixing the code. This technology will contribute to the efficient application of blockchain technology to a wide variety of fields.”

For now, the plan is to further develop these verification technologies. Fujitsu will continue to focus on Ethereum, but Hyperledger Fabric is also of great interest. It is possible the detection algorithm will be commercialized at some point. Building a more secure blockchain and smart contract environment is a positive development for everyone. Doing so will take a lot of time and effort, though.

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KuCoin Doubles Down on Its Commitment to Compliance and Security with Chainalysis Partnership 3917

KuCoin, an IDG-backed crypto exchange, today announced that it has partnered with Chainalysis, the blockchain analysis company, further deepening its commitment to compliance and security and jointly promoting compliance-first business practices in the crypto industry. KuCoin will use Chainalysis KYT (Know-Your-Transaction) software to detect and prevent money laundering and illicit activity in real-time and Chainalysis Reactor to conduct further investigations into suspicious activity.

In addition to leveraging Chainalysis KYT for compliance, KuCoin has also built its own fraud monitoring system to identify early warnings of abnormal behavior to protect the security of users’ digital assets.

“We teamed up with Chainalysis to create a safe and compliant trading environment. Through KuCoin’s efforts, the crypto world will combat illegal activities, such as laundering money and financing terrorism,” KuCoin Global CEO Johnny Lyu said. “Although KuCoin has already deployed in this aspect, we hope to further strengthen our technical expansion into compliance with our cooperation with Chainalysis. Not only does it provide infrastructure to the blockchain ecosystem, but it also meets regulatory compliance requirements across different countries and regions.”

“Chainalysis is thrilled to partner with exchanges like KuCoin that prioritize compliance and the safety of its users,” said Jason Bonds, Chief Revenue Officer, Chainalysis. “Our relationship with KuCoin is also an example of our continued commitment to working with leading exchanges in the Asia Pacific region, an important hub of cryptocurrency activity.”

Founded in September 2017, KuCoin has grown into one of the most popular crypto exchanges. Now, KuCoin offers financial services including fiat-to-crypto, crypto-to-crypto, futures, staking, borrowing, token launch and more to its 5 million users across 207 countries and regions around the world.

Chainalysis serves as a strategic partner to financial institutions, governments, and cryptocurrency businesses like KuCoin around the world, providing expertise on sophisticated cryptocurrency crime and money laundering tactics, techniques, and procedures. Chainalysis KYT (Know Your Transaction) enables compliance teams to monitor large volumes of cryptocurrency activity and identify high risk transactions on a continuous basis by applying global AML standards to each transaction across all users within an organization’s user base. Chainalysis Reactor, the company’s cryptocurrency investigation software, helps identify and stop bad actors using cryptocurrencies for illicit activities such as fraud, extortion, and money laundering.

OK Group Launches OK Recruit, A Blockchain Talent Development Scheme 4062

OK Group, the world’s leading blockchain enterprise, announced the launch of the blockchain talent recruitment and training plan, called OK Recruit, which is expected to create hundreds of job opportunities in the blockchain industry, including positions on research, development and applications. OK Group will also train more than 1,000 blockchain elites within 3 years through partnerships with major universities and scientific research institutions in China.

As the COVID-19 epidemic continues to spread globally, many technology companies have been severely affected and even started to lay off employees. Given that, it’s unusual for companies to conduct such large-scale recruitment at this moment, which also implied a strong development momentum of the blockchain industry.

According to the announcement, OK Recruit consists of three parts, including recruitment, training and recommendation. In terms of talent recruitment, OK Group will offer hundreds of positions, among which, the main ones are in the blockchain research and application field, such as Blockchain Development Engineer, Senior Java Engineer (Blockchain), and Senior iOS Development Engineer. Others positions like marketing and operations are also open for applications as well.

In addition, OK Group will set up a special fund for blockchain personnel training, to encourage potential talent to join in blockchain industry. At the same time, OK Group will continue to strengthen cooperation with local universities and scientific research institutions to promote the construction of talent echelon.

As one of the earliest blockchain companies established in China, OK Group has been committed to promoting the research, development, and commercial adoption of blockchain technology, and is always standing at the forefront of talent development and training programs.

In recent years, OK Group has established a number of blockchain technology research institutions, among which, the Blockchain Business School has been promoting the spread of blockchain knowledge and talents through the development of courses and special lectures. Besides, OK Group also established a blockchain engineering institute focusing on the research and development of underlying technologies and public chains.

About OK Group
OK Group focuses on the R&D and application of blockchain technology. The company provides blockchain services and applications, including stablecoin, blockchain explorer, blockchain big data, blockchain asset custodian services, and blockchain training institutions. OK Group owns LEAP Holdings Group Limited (1499.HK), a listed company in Hong Kong.

Klaytn Partners with Chainlink 3966

Chainlink

Klaytn, the public blockchain project of Korea’s Internet giant Kakao, today announced a partnership with Chainlink, the market-leading decentralized oracle. Chainlink is a decentralized open-source oracle network that gives smart contracts secure and reliable access to data providers, web APIs, IoT devices, payment systems, etc. By integrating the Chainlink network, Klaytn’s smart contracts can connect with resources outside the blockchain, enabling the creation of applications that are connected with real-world data and systems. Such connections can be utilized across a variety of markets including decentralized finance, non-fungible tokens, and more.

“Chainlink can provide Klaytn with a secure oracle framework for building blockchain applications that interoperate with traditional infrastructure, increasing our capacity to develop more advanced products across a more diverse set of markets,” said Sangmin Seo, the Head of Platform Group at Ground X, heading the development of Klaytn.

“We look forward to providing the Klaytn ecosystem with secure and reliable oracles to enable the development of next-generation decentralized applications,” said Sergey Nazarov, the Co-Founder of Chainlink. “Klaytn can accelerate towards its goal of blockchain mass adoption with the addition of real-world connectivity made possible by Chainlink oracles.”

Klaytn is a global public blockchain platform developed by Ground X, the blockchain affiliate of the leading South Korean Internet company, Kakao. Klaytn is a service-centric blockchain platform providing an intuitive development environment and a friendly end-user experience. It is built upon solid reliability and significant stability with substantial service development for mass adoption. The platform allows real world applications of large scale to be produced right away so that our end-users can make full use of services without much expertise in blockchain or cryptocurrency.

Digital Assets: Concept and Approaches to Regulating Them 3700

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The development of the field of information technologies contributed to the emergence of digital assets. This term is defined differently therefore causing the misrepresentation of information and terminological confusion. That is why we first need to sort out the existing definitions and identify the difference.

In the wide sense, a digital asset is any electronic resource that has value, in particular, images, files, videos, accounts, etc. The term “cryptocurrency” that emerged with the development of blockchain is often used to define digital assets.

So what is a digital asset? According to the definition formed while researching the essence of the term “digital asset” in the economic and legal aspects, it is “an information resource derivative of the right to a value and circulating in the distributed ledger in the form of a unique identifier”. The concept contains the following components:

· Economic characterized by having a unique identifier in the financial field;
· Legal that characterizes an asset as “derivative of the right” in the legal field;
· Information, which is represented by an information resource of a distributed ledger;
· Value that characterizes the “value” of a digital asset in the field of tangible and intangible benefits.

It is incorrect to equate the terms “digital asset” and “cryptocurrency”. Let’s look at the unique features that differentiate digital assets from cryptocurrencies:
· Cryptocurrencies are limited in terms of supply, whereas digital assets can, in theory, be created infinitely (Buntinx, 2017);
· Cryptocurrencies are characterized by complete decentralization (Arianova T., 2018);
· Cryptocurrencies are not backed by real assets, whereas digital assets contain property rights;
· Cryptocurrencies are limited in the areas of their application, whereas digital assets are not.
· Essentially, a digital asset is a digital copy of a real asset. That is why the ownership of a digital asset is confirmed and can always be checked by the property right to it recorded in the blockchain.
· A digital asset functions based on a protocol and has the mechanisms for restoring access and guaranteeing the security of a real asset.

The main issue is the absence of clear criteria for classifying a token as a digital asset. Because of that, some states have developed special tests to determine the features of digital assets. For example, the Howey Test, Maltese Financial Instrument Test, Guidelines of the Swiss regulatory body (FINMA) for evaluating ICOs (Initial Coin Offering), the Digital Asset Test from Simcord and others.

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The Howey Test is used within the legal system of the USA and is now being applied in the field of ICOs. The test analyzes the main characteristics of a token for correspondence to the features of securities. The Howey Test defines a transaction as an investment contract if “an individual invests money in a joint venture and must wait for profit exclusively from the actions of a promoter or a third party”. Thus, if the United States Securities Commission defines an asset as a security, the profit from which depends exclusively on a third party, the token falls under regulation of the Commission as a security.

The financial regulator of Malta also developed a test that defines the features of a digital asset. First, the test determines whether an asset is a virtual one (or a utility token). Such token does not have its own value and can’t exist outside of its blockchain platform or be exchanged for other assets. If it is already circulating on an exchange, a second stage of analysis takes place ¾ determining the correspondence of the financial asset’s definition to the European legislation.

In the FINMA Guidelines, tokens are classified as a) payment tokens; b) utility tokens; c) asset tokens.

The Digital Asset Test from Simcord is the most relevant one that accounts for all aspects and allows determining the level of correspondence of a blockchain token to the features of a digital asset. The methodology of the test includes a questionnaire that tests the features of a blockchain token in accordance with specific criteria, as well as a mathematical formalization of the process.

Therefore, the ambiguity of the concept of a digital asset causes the need to develop the tools and criteria to test the correspondence of a resource to the category of a digital asset. The methodology of the Digital Asset Test allows establishing the level of correspondence of a blockchain token to the features of a digital asset in the most effective way.

A recent survey by CHILDLY finds that 66% support digital asset taxation as it becomes the norm 3932

In the midst of continuously arising questions and confusion surrounding digital assets taxation, a recent survey polled over 5,750 users worldwide by CHILDLY’s Dove Wallet has found that 66 % of all respondents were in support of it. In particular, nearly half of the respondents expressed a strong support view, considered it as an obligation & duty.

On the contrary, 20% of survey participants have dissented with their disapproval. Among those dissents, 11% of respondents expressed their strong opposition to digital asset taxation, insisting that a completely new & different framework & tax rules are needed. 9% also showed the opposing opinion with concern that taxing digital assets is premature and too early with very little or no understanding.

While taxation rules in many countries are taking shape rapidly, some of the survey results from countries such as Korea, now drawing up its tax proposal, also showed still remaining discontented feelings about digital assets taxation interestingly. According to the survey, more than 53% of users from Korea expressed a dissenting opinion.

Overall, such a high approval rating for digital asset taxation can be interpreted as a reflection of expectations for full-fledged regulation & legalization, which means a bigger digital assets market with the inflow of financial opportunities.

“Although many countries have already begun its taxation on digital assets, voices of those asking for the more judicious approach to applying tax rules should be heard at all levels,” said Euntai Kim, CEO of Childly.

Visiongain Launches Report Examining the Potential in the $3bn Aviation Blockchain Market 3730

Forecasts by Vertical (Commercial, Military), End User (Airlines, MRO, OEMs, Airports, Lessors), Application (Cargo and Baggage Tracking, Passenger Identity Management, Flight and Crew Data Management, Frequent Flyers Program, Smart Contracts, Supply Chain Management, Aircraft Maintenance), Function (Record Keeping, Transaction) PLUS Profiles of Leading Companies and Regional and Leading National Market Analysis

• Do you need definitive Aviation Blockchain market data?
• Succinct Aviation Blockchain market analysis?
• Technological insight?
• Clear competitor analysis?
• Actionable business recommendations?

The recent developments in Aviation Blockchain technologies, has led Visiongain to publish this timely report. The $503.8 million Aviation Blockchain market is expected to flourish in the next few years because of increasing use of blockchain in supply chain management. If you want to be part of this growing industry, then read on to discover how you can maximise your investment potential.

Report highlights

• More than 200 quantitative tables, charts, and graphs

Analysis of key players in Aviation Blockchain market players
• IBM
• Microsoft
• Infosys
• Accenture
• Aeron Labs
• Winding Tree
• Skybuys
• Avinoc Ltd
• 14bis Supply Tracking
• Moog

To request sample pages from this report please contact Sara Peerun at sara.peerun@visiongain.com or refer to our website: https://www.visiongain.com/report/aviation-blockchain-market-report-2020-2030/#download_sampe_div

• Global Aviation Blockchain market outlook and analysis from 2020-2030

Aviation Blockchain forecasts and analysis from 2020-2030
• Vertical including Commercial and military
• End user including airlines, MRO, OEMs, airports and lessors
• Application including cargo and baggage tracking, passenger identity management, flight and crew data management, frequent flyers program, smart contracts, supply chain management, aircraft maintenance
• Function including record keeping and transaction

Regional Aviation Blockchain market forecasts from 2020-2030
• North America forecast 2019-2029
• Asia Pacific forecast 2019-2029
• Europe forecast 2019-2029
• Rest of the world forecast 2019-2029

Key questions answered
• What does the future hold for the Aviation Blockchain industry?
• Where should you target your business strategy?
• Which applications should you focus upon?
• Which disruptive technologies should you invest in?
• Which companies should you form strategic alliances with?
• Which company is likely to success and why?
• What business models should you adopt?
• What industry trends should you be aware of?