Inshorts

US Department of Defense Pentagon is looking after the profits of blockchain technology, against cybercrime. According to the Washington Times, the engineers of the Pentagon are currently experimenting the technology to use as a shield U.S. military technology, communications and purchases. Private analysts say that using blockchain could dramatically improve security across the U.S. military, preventing megahacks, tampering and cyberhijackings of vehicles, aircraft or satellites. The department is especially focusing on the decentralized digital ledger system to creating a messaging service that is secure and impenetrable to foreign attacks.

The automated payment processing system BitPay announced to support SegWit2x. As BitPay CEO Stephen Pair commented about company’s position, BitPay would remain in sync with the hash-rate majority chain of Bitcoin. Pair indicated that block size increase will occur, therefore BitPay must be prepared. He also added that block production on a minority fork of Bitcoin would be inconsistent, and it may cease to operate without emergency measures, so such a service interruption is unacceptable for us and for our users. Also, Pair announced that the Bitcoin core platform does not support SegWit2x.

Creation of a new cryptocurrency and digital payment system, dedicated to the current Prime Minister of Great Britain Theresa May. According to the official website, TheresaMayCoin is a decentralized digital currency based on an open-source software released in May 2017 and on 27th of May it has launched a new wallet v1.0.1. Theresamaycoin is the Internet of Money, the advantage of the system is that it uses P2P technology and it works without intermediaries providing transactions between users directly with no central authority or banks. Managing transactions and the issuing of Theresamaycoin is carried out collectively by the network, nobody owns or controls. Theresamaycoin has a lot of active peers in many countries. As the creators claims the new coin has numerous unique qualities that could not be covered by any previous payment system. For more information, please visit the website below the video.

Cybercrime in ethereum blockchain platform rises. As Cointelegraph cites, major cybercrime incidents, such as ponzi scheme, hacks, phishing, exploits and so on, which rises directly proportional with the worth of ethereum on market share. As of today, out of the $1.6 bln invested in ICOs this year, $150 mln have ended up in the hands of cybercriminals. Since Ethereum makes it relatively easy for developers to build complex smart contracts and decentralized autonomous apps (DApps) and given the rising price of ETH, it became the platform of choice for these token sales that became more popular than ever. On the other hand, even if this popularity attracts dark hands’ attention, the company also procreate more solutions and more secure contracts to ensure it’s users to use the platform safely.

After the bitcoin hard fork, now the ethereum hard fork upcoming. As cointelegraph mentions, the developer team of Ethereum announced that, Metropolis update will come in late September via hard fork. Many ethereum users are expecting the update as the upcoming update brings new features. The first update “zk-snarks’’ will bring ethereum more anonymity for users’ transactions. Also another new feature, masking, will allow users to specify the addresses they own with their private keys. This will increase security on the network, even against quantum computer hacking. And last, “Difficulty-Bomb’’ will cause an expanding difficulty in ethereum mining by multiplying. It will lead to change of production pattern from proof-of-work (PoW) to proof-of-stake (PoS).

Key oil-rich countries discussing the use of blockchain technology. As cointelegraph reports, world’s biggest oil producing countries have discussed the technology on the Gulf Cooperation Council (GCC). The race to adopt the technology is being led by the United Arab Emirates. Dubai, is now implementing “Dubai Blockchain Strategy’’ to make Dubai a smart city and aims to use the blockchain technology in all government-based institutions by 2020. Also the technology is planning to be used in oil supply to make the process more transparent and together smart contracts and dlt’s will ensure less requirement of paperwork.

China is going to use blockchain technology for tax collecting and electronic invoice issuance. As futurism.com cites, the usage of blockchain is appeared and came forward in China’s “Thirteenth Five-Year” National Informatization Plan from 2015. China also plan to use the technology in healthcare and tax records. Behind such decision lies growing numbers of city-based improvement of blockchain in several fields. Major cities of China, such as Hangzhou, Chengdu, and so on, have recently promulgated pro-blockchain policies and also blockchain-based industrial parks have gone up. This latest developments in China are good example of how blockchain technology can be used in a broad array of applications.

Bitcoin’s price is soaring while people googling more about bitcoin. As cointelegraph expresses, more people googling for cryptocurrencies on the internet while bitcoin’s price is growing and the first cryptocurrency becomes more popular. The high correlation between the bitcoin price and Google searches now named as ‘Satoshi Cycle’. For example, on Wednesday Bitcoin hit the highest record of $4480, meanwhile the search of bitcoin on Google was also on the top. A bitcoin expert and former blockchain analyst at ARK Invest, Christopher Burniske warned that Satoshi Cycle can be deceptive and then may happen a bubble, which will cause a crash. As already known, Bitcoin beaten the record this week and currently its price increase $4,300.

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Traders and investors trust cryptocurrencies more. As kriptoparahaber says, the statistics showed that bitcoin’s global role becomes more important, especially after the limbo of the high voltage between the US and the North Korea. According to experts, due to the economic uncertainties because of US-Korean tension already more than 5 billion dollars stocks were sold. “Traders and investors are looking for safe haven and diversify their investments’’ says Ron Chernesky, CEO of a US investment company, and adds that the traders and investors are transferring their money to digital currencies because the market turbulence does not affect crypto coins. In these days more financial institutions and analysts talk about the cryptocurrencies.