News Roundup — Blockchain Security Developments
What are some of the latest innovations in blockchain security? Here are some recent headlines:
IIoT-focussed Xage wins funding to expand security fabric
Xage, a Palo Alto-based startup focused on using blockchain for industrial internet of things (IIoT) security, raised $12m in funding on 23 July to help further develop and implement its platform. Led by March Capital Partners, the funding also saw participation from GE Ventures, City Light Capital and NexStar Partners. “The company is working with companies like NTT Communications, GE Renewables, and GlobaLogix to reshape and improve international industries and critical infrastructure with secure IoT technology,” GE Ventures said in an announcement about the Series A funding. “This investment will enable Xage to improve and expand the scope of its technology as the company supports innovations such as decentralised energy production, 5G networking, and smart cities.” Since launching its security fabric in December, Xage has updated its offering with technology for tamper-proofing across IIoT operations.
Crypto wallet firm Blockchain hires US Secret Service vet for global security
London-based cryptocurrency wallet provider Blockchain announced on 19 July it has hired George Sax, a veteran of the US Secret Service, as its global head of security. Sax was formerly deputy assistant director of the Secret Service and “was responsible for combating cyber-related financial crimes and developing comprehensive programs to protect the United States’ financial infrastructure,” according to a Blockchain blog post. “In his new role, George will draw on his experience to further develop our security philosophy, focusing on operations, infrastructure, and product security.”
India’s Uttar Pradesh to secure land-related data with blockchain
The Indian state of Uttar Pradesh could become the first in the country to use blockchain to secure land-related data, according to a report in India’s Business Today on 23 July. The report stated that the UP government plans to begin using blockchain technology within the next six months to protect documents related to land ownership, which is particularly important in a state where 67 per cent of citizens depend upon the land for their livelihood. It added the technology could also help to eliminate fraud and reduce corruption. “So far, only four states — Gujarat, Maharashtra, Andhra Pradesh, and Karnataka — are focussing on working towards blockchain, an open, distributed ledger that can record transactions between two parties efficiently,” Business Today reported. “But unlike the UP government, which has decided to fully adopt the technology, all are still running blockchain pilot projects.”
Korea’s KT unveils ‘more secure’ blockchain-based network
KT, Korea’s telecom giant, unveiled on 24 July what it said was a world first: a blockchain-based commercial telecommunications network. “KT has overlaid blockchain nodes to the layer of its high-speed commercial network established nationwide in order to make the existing network more secure and transparent,” according to a report in the Korea Herald. The report said the KT network blockchain can currently handle 2,500 transactions per second and is expected to achieve a transaction rate of 100,000 per second by the end of 2019. It added that Seo Young-il, head of the KT Blockchain Centre at KT’s Institute of Convergence Technology, said: “The whole point of applying blockchain to networks is to address security and transaction issues by making the current networks more secure and trusted.”
Dusk Network eyes decentralised, secure and anonymous data transmission
The Dusk Foundation, based in Amsterdam, recently launched the Dusk Network, which it says is “a decentralised infrastructure that enables fast, anonymous and secure bi-directional transmission of data among equipotent peers, paid for by a privacy-oriented cryptocurrency: DUSK”. The Dusk Network can be used for media-on-demand services, video and audio conferencing, online file transfers and data storage, and communications for the IoT and mission-critical applications, according to the company’s website. “Our targets are third-party developers to deploy their own applications in the realm of payment, communication, anonymous storage, and asset ownership transfer,” Dusk chair and lead developer Emanuele Francioni told Venture Beat. “Additionally, we are working on a new standard for the KYC-enabled transfer of tokenised securities. We aim to use this to launch the first security token platform for any organisation to execute security token offerings (STOs) with the power to protect investor privacy while complying with regulatory frameworks.”
