NASA – the National Aeronautics and Space Administration – is examining blockchain technology as a means to ensure the privacy and security of aircraft flight data.
Ronald Reisman, an aero-computer engineer at NASA Ames Research Center, published a paper on Monday, suggesting that blockchain networks and smart contracts can help mitigate some security issues.
Starting Jan. 1, 2020, the U.S. has been mandated by the Federal Aviation Administration (FAA) to use a new surveillance system – Automatic Dependent Surveillance Broadcast (ADS-B) – which will publicly broadcast aircrafts’ identity, position and other information.
That has raised security concerns among stakeholders, Reisman said in his paper, explaining that the ADS-B system “does not include provisions for maintaining these same aircraft-privacy options, nor does it address the potential for spoofing, denial of service, and other well-documented risk factors.”
Civil aircraft companies would prefer to keep some data private, he writes, for example, to counter tracking executives as part of corporate espionage operations.
Military aircraft traffic data, meanwhile, is defined by the Department of Defense as “Information that, if disclosed, would reveal vulnerabilities in the DoD critical infrastructure and, if exploited, would likely result in the significant disruption, destruction, or damage of or to DoD operations, property, or facilities.”
Considering the sensitivity of related air traffic data, the military need for confidentiality “is likely to remain decisive in their adoption and use of ADS-B,” Reisman writes.
To address these and other issues, the researcher presents a prototype in the paper, dubbed the Aviation Blockchain Infrastructure (ABI), based on Hyperledger Fabric and smart contracts, which allows control over what data is shared publicly or privately with authorized entities.
For instance, aircraft “state information,” such as altitude, indicated airspeed, heading, etc., could be kept secure via a private channel, while flight-plan information, such as aircraft type, origin, destination, filed route, etc., can be published on a public channel for access to approved members.
“We propose to use a ‘lightly permissioned’ blockchain framework to enable the ADS-B systems to meet or exceed the same levels of privacy and security currently provided by radar-based systems in the NAS [National Airspace System].”
This is not the first time that the NASA has set out to explore blockchain seeking technological improvements. Back in February, the agency granted $330,000 to a professor at the University of Akron, to support research on ethereum blockchain technology to automatically detect floating debris.
KPMG joins hand with techies for blockchain solutions
KPMG, part of the big four accounting companies is now collaborating with tech companies including Tomia, Microsoft, and R3 to provide a blockchain-based solution for 5G network services. Hard data issues to be resolved.
KPMG officially announced in a blog post that it will be joining hands with Tomia, Microsoft, and R3 to create a blockchain-based settlements solution for the telecom industry. This is seen due to the anticipation of upcoming 5G services.
The blockchain system will utilize smart contracts to reduce conflicts between carriers and mobile operators. This contracts would carry critical information like correct rates, destination, and bilateral deal information. These blockchain-based solutions would result in faster and cheaper arrangements and cut down the need to outsource settlements.
Blockchain over manual
Arun Ghosh, Blockchain Leader at KPMG, addressed in a blog post, ” While we will be able to consume more data more quickly and across more locations than ever before in this next wave of telecom advancement, it is becoming increasingly complex for telecom companies to track and settle interchange fees.”
As per the current situation, settlements and reconciliations are currently handled manually and can take up to a month to complete as a huge amount of data is generated is around mobile devices including the metadata.
$31 billion revenue
As per the blogpost international mobile data roaming revenues are expected to reach $31 billion in 2022, with an average annual growth rate of 8%. Ghosh elaborated, ”While we will be able to consume more data more quickly and across more locations than ever before in this next wave of telecom advancement, it is becoming increasingly complex for telecom companies to track and settle interchange fees.”
In the proposed business setup, KPMG would handle the design and execution lead, Microsoft would be the primary architect, while R3’s Corda acts as the backbone of the operation, and TOMIA brings a layer of telecom expertise through representing 40-odd global operators.
ETH/USD technical analysis: Ethereum bleeds below $200 as US senate frowns at Facebook’Libra
- The cryto market is bleeding as Facebook’s libra may face legal issues.
- ETH is under strong selling pressure now below the $200 mark
Breaking: Bitcoin tumbles under $10,000 as U.S. Senate mulls Facebook’s Libra
ETH/USD daily chart
The July’s selloff keeps going as the market trades below the $200 mark and the 50 and 100 SMAs. Cryptocurrencies are dropping on the back of potential legal and privacy issues with Facebook’s Libra.
ETH/USD 4-hour chart
The market is seen as weak below 220 resistance and its main SMAs. The level to beat for bears is 180 followed by 120 on the way down.
Additional key levels
|Today last price||198.54|
|Today Daily Change||-29.55|
|Today Daily Change %||-12.96|
|Today daily open||228.09|
|Previous Daily High||235.48|
|Previous Daily Low||202.87|
|Previous Weekly High||318.46|
|Previous Weekly Low||262|
|Previous Monthly High||363.54|
|Previous Monthly Low||226.48|
|Daily Fibonacci 38.2%||223.02|
|Daily Fibonacci 61.8%||215.32|
|Daily Pivot Point S1||208.81|
|Daily Pivot Point S2||189.53|
|Daily Pivot Point S3||176.2|
|Daily Pivot Point R1||241.42|
|Daily Pivot Point R2||254.76|
|Daily Pivot Point R3||274.03|
Facebook’s Libra Should Be Regulated Like a Security, Says Former CFTC Chair
Libra is a security, says a former Commodity Futures Trading Commission (CFTC) chairman in prepared remarks to the U.S. House of Representatives.
Gary Gensler, who chaired the CFTC from 2009 to 2014 and previously held leadership roles at the U.S. Treasury Department, says in written testimony that Facebook’s new cryptocurrency project looks like an investment vehicle and that Libra may even resemble some banking structures.
Gensler will testify before the House Financial Services Committee on Wednesday, as part of a panel of expert witnesses on the potential implications of Libra. He will join Public Citizen president Robert Weissman, Columbia University law professor Katharina Pistor and Georgetown University law professor Chris Brummer.
In Gensler’s remarks, obtained by CoinDesk, he describes how the Libra cryptocurrency might be classified as a security.
At the heart of his argument is Libra’s structure: Libra itself is intended to act as a kind of stablecoin, with its value pegged to a basket of sovereign currencies and government bonds. Members of the Libra Association, the governing council charged with overseeing the cryptocurrency’s ongoing development after it launches, will receive a Libra investment token – a security token, as Facebook has acknowledged.
Collateral earned on the basket of currencies backing Libra (referred to as the Libra Reserve) will go to holders of the investment token, according to documentation Facebook published about the project last month.
Gensler argues this means Libra itself looks like a security, saying:
“As currently proposed, the Libra Reserve, in essence, is a pooled investment vehicle that should at a minimum, be regulated by the Securities and Exchange Commission (SEC), with the Libra Association registering as an investment advisor.”
‘Pooled investment vehicle’
According to Gensler, Libra is a security for the same reasons that the Libra Investment Token is a security.
There may be debates on whether and how Libra qualifies as a security under the Investment Company Act of 1940, the Howey Test, or the “Reves Family Resemblance Test,” but none of these are strictly important for this analysis, he argues, explaining:
“It’s unambiguous that [the Libra Investment Token] is a security as it will receive a net return based upon interest on the Libra Reserve.”
In Gensler’s view, the actual Libra token is “part of the same pooled investment vehicle,” and therefore faces the same market risks as the investment token.
The SEC is already considering whether Libra could be considered a security, and therefore falls under its purview, according to a Wall Street Journal report.
“Further, investor protection will be just as important for the proposed Libra token as it is for investors in international bond funds or in commodity ETFs such as gold, silver, or oil ETFs,” Gensler says. “I also believe that each Authorized Reseller of the Libra token would need to be a registered broker dealer.”
He describes holders of Libra as a “2nd class of investors” in the Libra Reserve.
Securities concerns aside, aspects of Libra’s setup also may fall under banking regulations, Gensler adds.
The Libra Reserve is effectively proposing “a private form of money” which can be used for payments, storing value and lending “the proceeds to banks (as deposits) and governments (as debt securities),” he says.
These applications are similar to services offered by banks.
“Thus, there is some basis to consider the Libra Reserve as a bank or to apply bank-like regulation to it,” Gensler proposes. “At a minimum there should be restrictions on Libra Reserve’s investments and prohibition on its ability to lend or operate as a fractional bank.”
(It’s worth noting there’s actually precedent for a stablecoin issuer operating as a fractional bank: Tether.)