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Dragonchain Partnership With Hurify | IoT and Blockchain Merger

A Dragonchain partnership was announced earlier today. The blockchain leader is partnering with Hurify Digital Markets to revolutionize decentralized IoT and blockchain development.

Dragonchain Partnership

The US’s Dragonchain is a blockchain developer that works across four business areas: enterprise services, entertainment, education, and project incubation/acceleration. The company wants to empower businesses with an enterprise-grade blockchain solution.

Hurify, at its core, is a “global ecosystem for developer communities, entrepreneurs, and IoT solution vendors.” Its members span the globe.

Hurify Digital Markets, then, is an IoT project development platform that uses smart contracts to “support IoT project development and deployment supply chain.” The platform essentially brings together in one place the talent, hardware, and services necessary to enhance IoT development and adoption.

The Technicals

But how will the Dragonchain partnership help its case?

Hurify will use Dragonchain’s smart contracts to provide a safe, blockchain-enabled global database of IoT developers. These developers will have the ability to connect with each other through the blockchain. In this way, Hurify will be able to build and maintain its dynamic global ecosystem.

>> Ripple Update: XRP Private Keys at Risk but CEO Optimistic

Innovation

By paring blockchain with IoT, the businesses are merging two of today’s most forward-moving and innovative technologies. As Filip Hantson, VP of Business Development at Dragonchain, puts it:

“We’re looking forward to working with Hurify on our Dragonchain platform […] Like blockchain, IoT is a young technology that has a massive potential to take the market by storm.”

First of its Kind

The Hurify and Dragonchain partnership will mean a first-of-its-kind launch of the Hurify IoT Marketplace blockchain platform.

According to Mouli Srini, CEO and President of Hurify Digital Markets, the new service has the power to take down barriers that have blocked the development of IoT:

“Dragonchain will enable Hurify to take advanced, multi-level private and public blockchains to the IoT community […] We now have a versatile solution for a range of IoT operational challenges, such as access control, securing data, and scalability; which Dragonchain overcomes with remarkable ease of use for developers.”

What are your thoughts on this? Do you think a Hurify/Dragonchain partnership is a match made in heaven? Let us know!

Featured image: DepositPhotos © monsit

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A Passwordless Future | Is Blockchain the Answer?

We live in a time of rapidly advancing technology. Interconnectivity has brought the world closer than it’s ever been before, however, it’s also made our personal information far more vulnerable as a result.

Passwords have long been seen as the cornerstone of online security. Whenever we indulge in internet shopping, or access work emails, or log in to our online banking, we’re protected by a network of passwords that are designed to keep our data safe.

But do passwords really bring peace of mind and security at a time when hackers have so many tools at their disposal that can force breaches?

In 2017, Centrify, a leading digital security organization, found that 81% of data breaches involved compromised credentials. This, according to Verizon’s Data Breach Investigations Report (DBIR), represents an alarming increase from 50%, to 60% to over four-fifths of breaches coming down to stolen or weak passwords over the past three years, especially when you consider the fact that a lot of passwords are repeated:

Safety not Guaranteed

The fundamental problem with passwords often has roots in human error. Many organizations advise employees to change their codes repeatedly throughout the year and to keep hackers guessing by only opting for passwords that are longer than eight characters which include numbers and symbols.

This may seem like an obvious way of ensuring safety, but when people can expect to create dozens of password restricted accounts online every year, the chances of them keeping on top of their passwords decreases.

The notion of remembering such an unnatural combination of special characters and numbers within a long code is so difficult to some, that they instead opt for utilizing simpler passwords. Fortune published a list of the world’s most common passwords of 2017, and coming in at first place was ‘123456’, with ‘Password’ a close second, overtaking “Password1” in 2014, according to Statista.

Picking such generic passwords may seem like users are asking for trouble, but the reality is that for many, the task of remembering elaborate phrases and character combinations is simply too difficult. When customers are prompted to create passwords that they feel they won’t remember, oftentimes the solution is to record their new password somewhere, sometimes in their phone and sometimes physically, for future reference – but then this act only leads to increasing the chances of the code falling into the wrong hands.

Time for an Alternative?

Biometrics has long been touted as a successor to the flawed password system, but with Jonathan LeBlanc, Paypal’s Ex-Global Head of Developer Advocacy, already declaring the widespread fingerprint identification technology as obsolete, there’s something of a race emerging between companies searching for an even more reliable way of protecting private information with the help of our bodies.

A Toronto-based startup, Nymi, has recently developed a wearable wristband that utilizes its user’s ‘unique cardiac signature’ as a form of identification, while Paypal itself has been working on developing ‘wearable computer tattoos’ that’s capable of providing biometric confirmation of its wearer’s identity.

Another approach has been adopted by companies like Remme, which ditches passwords for SSL certificates and integrated devices coupled with blockchain technology to keep delicate information secure without the need for passwords. Alex Momot, Co-Founder and CEO of Remme explains “The new process of logging in without passwords can be compared with the airport registration. You show your passport, and if there’s no record (negative record), you’re good to go.

Because of the immutable power of blockchain, a business’ information can be kept safe with zero prospect of a brute force attack manipulating or stealing the data stored.

Is the Future Passwordless?

Passwords have been increasingly the subject of compromises in recent years. A survey by Kaspersky Lab found that 59% of people fail to store their passwords securely, while 63% use ‘easy-to-guess’ codes that are easy for hackers to interpret, and a further 39% select the same passwords for all of their accounts.

This evidence points towards frailty among password protected systems on a stage as large as the world wide web. They may make for an effective way of keeping information protected in a closed circuit intranet-based system, but at this time of unprecedented interconnectivity, a more intricate way of ensuring security needs to be devised.

Fortunately, as the tools at the disposal of hackers develop, so too does the technology that can be utilized to keep our information safe.

Blockchain is designed to flummox even the most persistent of codebreakers, with its “untamperable” chain of information spread across a series of networks, while the reliability of biometric encryption has proven popular enough for leading banks to adopt the form to provide enhanced security for mobile banking customers. 

IBM estimates that the average cost for a UK company to remediate a data breach is around £2.5m. This coupled with the collective fear at the effect a loss of data could cause to a company’s image necessitates a need for change within the old-fashioned framework of online security. A wholesale overhaul of passwords as we’ve come to know them today will be inevitable if businesses are to guarantee protection for its customers and values.

Featured Image: DepositPhotos/ pn_photo

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Orbs Blockchain | Raises $15 Million With Kakao’s Help

South Korean app provider, Kakao, has helped to raise over $15 million in cryptocurrency for Orbs, a hybrid blockchain platform.

Orbs Blockchain Raises $15 Million

Kakao joined the fundraising venture through its investment arm because it “always seeks to invest and support innovative startups and Orbs is a good example.

It also builds on the pair’s existing partnership; Orb already partners with Kakao’s blockchain subsidiary, Ground X. The two companies develop blockchain applications, along with researching and developing projects.

The latest investment will “focus on helping Orbs further the protocol’s development and growth.”

On the investment, Daniel Peled, Orbs CEO and Co-Founder said:

“With Kakao’s consumer applications counting more than 50 million active users worldwide, the investment in Orbs represents a significant endorsement of the long-term potential of our technology.”

About Orbs Blockchain

But what exactly is Orbs doing? How is it innovative?

According to its website Orbs is “a public blockchain to complement base-layer protocols.”

Describing itself as a “universal and scalable second layer for decentralized applications with the liquidity of a base layer,” Orbs is a hybrid public blockchain that proves performance without compromising security.

Raising Funds

The startup raised approximately 139,000 Ether and 892 Bitcoin. This amounts to around $15.4 million USD at the time of writing.

>> Is Bitcoin ABC the Real Bitcoin Cash? OKEx Thinks So!

Orbs is planning on putting the cash into further research and development of its core technology.

Peled explained further:

“A lot of the funds have been used for R&D and research, and one of the other verticals that are very important is obviously to enable the growth of the ecosystem around the infrastructure […] The test product is already live, and people can use the APIs and we’ve released a testnet version.”

The fundraiser has been running throughout 2018, and the company has been clever with its raised cryptocurrency. To avoid market decline (and 2018 has been one big decline!) Orbs has been converting some of its cryptos along the way into fiat currencies.

Orbs’ mainnet is scheduled to go live in April 2019.

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Blockchain Phone | Will Samsung Enter the Ring? Trademarks Say Yes!

The excitement of late in blockchain has centered around a particular blockchain phone. A first of its kind, this phone has crypto nerds alike beaming with joy; the idea of decentralized apps running on your phone is exciting, and that’s before we consider all the crypto possibilities.

Blockchain Phone

It started with Sirin Labs, whose pioneering phone ‘Finney,’ let people store and use digital currencies without transaction fees. Then HTC came to the party with the world’s second blockchain phone called Exodus 1. This phone boasts a “Social Key Recovery” function that lets a user use a select number of trusted contacts to regain access to their funds, should they lose their private key. Kinda cool.

But now… Samsung is about to join the battle. Yes, one of the world’s biggest phone makers is reportedly on the verge of creating its own blockchain smartphone.

But how do we know this? Well, we don’t know it for definite, but there’s something cooking in the kitchen.

European Trademarks

Earlier in the week, Samsung submitted three European trademark requests for blockchain-based smartphone features. They are named as the following:

  • Blockchain KeyStore
  • Blockchain Key Box
  • Blockchain Core

So while it’s not necessarily definite, its pretty obvious.

>> State Farm is Now Testing Blockchain Technology for Auto Insurance Claims

So the news has enthusiasts’ brains ticking over. Is Samsung working on a form of hardware wallet that will be implemented into future devices? Do these names allude to forms of private or public key storage?

One particular clue is that the document states that the trademarks will apply to “Smartphones; Software applications for use with mobile devices; Computer software platforms; Application software.”

But that’s all we know.

Advocate

Samsung has been an advocate for storing cryptocurrency on its phones, stating “smartphones have the best security for blockchain and cryptocurrency.” However, many security experts have disputed this statement.

Further, with $761 million in cryptocurrency thefts this year alone, security is not something you want to take lightly. Perhaps it is time for Samsung to create a blockchain phone made for cryptocurrency storage and then it can truly back up its own statements.

Featured Image: Depositphotos/© TKKurikawa

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State Farm | Testing Blockchain Technology for Auto Insurance Claims

US automotive and life insurance group State Farm is now testing blockchain technology to potentially speed up auto claims. The company announced the new pilot for its blockchain-based subrogation platform on its website yesterday.

State Farm Testing Blockchain Technology

According to the company’s website, the company processes just over 38,000 claims per day and has 519,000 accounts in mutual funds.

“Today, subrogation is a relatively manual, time-consuming process often requiring physical checks to be mailed on a claim-by-claim basis between insurers,” said Mike Fields, innovation executive of State Farm. “You can imagine the time and resources required to complete these transactions.”

If you’ve ever been in a car accident, you know how long the grueling process of filing claims and bringing those claims to completion can take. State Farm is trying to keep up with new technology to speed up that process and in turn, save themselves time and money.

In the cycle of the claims process, State Farm is applying blockchain to the very last part of the cycle that tends to take the longest. Subrogation is where the insurance company recovers claim costs it paid to its customer for damages from the at-fault party.

>> Major Brands are Now Using Blockchain Tech for Customer Loyalty

“The blockchain solution we are working on has many potential benefits,” says Fields. “It helps us automate a manual process securely and creates a permanent transaction record of each payment which can easily be verified for accuracy. It also has the potential to decrease the amount of time for consumers to receive their deductible reimbursement.”

Insurance Companies on the Move

State Farm isn’t the only insurance company to attempt to make a transition to the blockchain. Last month, Japan-based Sompo partnered with BitPesa and the partnership focused of the “digitalization of global remittance services.” Back in September, the People’s Insurance Company of China (PICC) partnered with VeChain to improve fraud and Know Your Customer (KYC) practices.

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