Blockchain could make its way into disaster relief operations from the United States Department of Defense, the organization revealed in a press release Dec. 21.

During a presentation hosted by the Defense Logistics Agency Troop Support’s Continuous Process Improvement (CPI) office in Philadelphia earlier this month, officials reviewed how blockchain technology could help emergencies responses.

Efforts to provide aid following Hurricane Maria in Puerto Rico were used as a case study.

“We think there’s a lot of potential [in blockchain],” CPI management analyst Elijah Londo commented, quoted in the press release:

“Where do we want to be as an organization in shaping and influencing where the [Department of Defense] goes with blockchain?”

The technological improvements would target centralized aspects of the current system, notably areas of logistics that depend on multiple centralized entities. Data sharing under such circumstances is an area ripe for innovation.

Also under review are “transaction processing and in-transit visibility of shipments.”

“This is where I can see where blockchain would have been a big help,” Construction and Equipment deputy director Marko Graham continued:

“Flowing [materiel [sic’ specifications and tracking data] from the manufacturer buying the raw materials to…getting the transportation and getting it on the barges.”

The broader U.S. defense setup has targeted blockchain’s benefits for several years, involving everything from blockchain workshops to a cryptographic chat platform.

*This post is credited to CoinTelegraph

On November 2, Taiwan officially tightened anti-money laundering (AML) policies targeted at crypto exchanges, requesting exchanges to monitor and prevent any illegal transaction processed using digital assets.

According to the newly drafted Money Laundering Control Act and Terrorism Financing Prevention Act approved by the Legislative Yuan, one of the five branches of the Taiwanese government, the country’s Financial Supervisory Commission (FSC) now has authority over cryptoexchanges to ban transactions suspected of being tied to fraudulent operations.

Taiwan’s Ministry of Justice (MoJ) released a statementfollowing the approval of the new AML bill, emphasizing that the government is working towards meeting international AML standards by encouraging businesses to foster a “compliance culture and mindset.”

Until this year, the government of Taiwan was skepticaltowards regulating the local cryptocurrency exchange market and blockchain sector.

South Korea, the third largest cryptocurrency exchange market, also refrained from implementing practical and efficient regulations to govern its local digital asset market until 2018, because it feared that investors would recognize it as a move to legitimize the cryptocurrency industry.

Based on its recently passed AML bill and the stance of the country’s main financial watchdog towards the cryptocurrency sector, Taiwan is likely leaning towards regulating its local cryptocurrency and blockchain space to prevent fraudulent operations and criminal activities using cryptocurrencies.

China’s complex relationship with Taiwan

For decades, Taiwan has had a complicated relationship with China. The official name of Taiwan is the Republic of China (RoC) and since the RoC’s loss of the mainland to the People’s Republic of China (PRC) governed by the Communist Party of China, the PRC has consistently claimed sovereignty over Taiwan and said that the ROC is no longer in legal existence.

Although Taiwan has claimed to be the legitimate government of China, the loss of Hainan in 1950 has limited the jurisdiction of the Taiwanese government to Taiwan and its two outlying islands Quemoy and Matsu.

In recent years, mostly due to the increasing support of the U.S., the tension between Taiwan and China has continued to increase. On October 22, reports revealed that Taiwan is preparing to pitch for more U.S. arms and weaponry, after the U.S. approved the purchase of $330 million of arms sales to Taiwan in September.

Representatives of Taiwan, the  U.S., and China had drastically contrasting viewpoints on the increasing arms sales from the U.S. to Taiwan.

Lo Chih-cheng, a ruling-party lawmaker on the parliament’s defense committee, said that regardless of the relationship between Taiwan and China, the government of Taiwan must possess credible defense and sufficient weapons to defend the region from potential attacks:

“In the worst case, we have only ourselves to rely on. We should not be so dependent on the U.S. in the long term. But we still need to buy weapons from the U.S. to secure our defenses while we are building our capabilities.”

The Institute for National Defense and Security Research, an organization funded by Taiwan’s defense ministry, notedthat the established conflict between the U.S. and China was “a strategic window of opportunity for Taiwan” to build a strong defense system to protect the region.

However, the government of China fiercely opposed the arms sales of the U.S. to Taiwan. The foreign ministry in Beijing said in June of last year that the $1.4 billion deal had “severely damaged China’s security and sovereignty,” describing Taiwan as an “indispensable part of China’s territory.”

At the time, Michael Kovrig of International Crisis Group said, “if this is, in fact, intentional timing, this does represent a change of tone. The Americans would clearly be aware that this is going to irritate the Chinese. It’s not leaving room for the Chinese to save face,” adding that any additional arms sales to Taiwan could worsen the relationship between the U.S. and Taiwan.

Did China have any impact on the new AML bill?

In a period in which the Chinese mainstream media and state-backed publications are accusing U.S. President Donald Trump of playing a high-stakes game backing Taiwan, any activity to fuel the already intensified tension among the U.S., Taiwan, and China could lead to serious international conflicts and what the Chinese government call, “dire consequences.” The China Daily editorial reported on October 24:

“Military hawks in Washington have tried hard to scare Beijing and console Taipei. But they should consider the dire consequences of their country being dragged into a costly confrontation that would in the first place be both unnecessary and avoidable.”

One of the few common areas the government of Taiwan and China agree on is the prevention of money laundering through the utilization of electronic payment systems including cryptocurrencies.

Recently, in an attempt to completely ban money laundering efforts and fraudulent activities in the global cryptocurrency sector, the government of Japan also called for the establishment of standardized AML regulations regarding cryptocurrencies, specifically concerning anonymous cryptocurrencies like Monero, Zcash, and Dash. An FSA official said on October 24:

“It should be seriously discussed as to whether any registered cryptocurrency exchange should be allowed to use such currencies. It’s nearly impossible for Japan to handle the problem alone. Even if trade is restricted to only domestic transfers or monitoring is enhanced, it’s still not enough to counter money laundering. It would be best if all the group of 20 industrial and emerging nations and regions (G20) would take the same steps toward prevention.”

Over the past several months, led by Taiwan legislator and congressman Jason Hsu, the government of Taiwan has demonstrated a more proactive and open-minded approach towards regulating the local cryptocurrency market.

In an interview, Hsu explained that a parliamentary coalition had been formed in Taiwan to focus on regulating blockchain and crypto with a set of guidelines targeted at cryptocurrency exchanges. He added that Taiwan is set to cooperate with Japan, South Korea, Singapore, Hong Kong, and other Asian countries to facilitate the growth of the local cryptocurrency space.

Hence, rather than China’s direct impact on Taiwan, a collective effort by the lawmakers and Congress of Taiwan to regulate the country’s cryptocurrency space most likely led to the changes in the new AML bill.

“We have set up a parliamentary coalition in Taiwan’s parliament for blockchain, which is a bipartisan alliance designed to help support the industry. I have also launched self-regulatory organizations for blockchain and crypto, where we are working together to come up with a set of guidelines to regulate exchanges. These guidelines will provide basic parameters as to how crypto exchanges and other taxations are defined. When we announce the guidelines in the coming weeks, it will be a regional consensus with Taiwan, Japan and Korea, Singapore, Hong Kong as well as other Asian countries.”

Taiwan legislator and congressman Jason Hsu

Even China is protective of crypto to a certain extent

China officially banned cryptocurrency trading in September 2017, expressing concerns towards money laundering and capital controls. The government has limited the outflow of the Chinese yuan to overseas markets for decades, and through exchanges, investors were able to bring capital outside of the local market prior to the ban.

As Cointelegraph extensively reported, the government actively banned nearly every area in the cryptocurrency sector including events, media, and over-the-counter (OTC) trading, requesting AliPay, the country’s most widely utilized fintech application to block any transaction that is suspected of being connected to cryptocurrency exchanges.

However, on Oct.r 25, 2018 the Shenzhen Court of International Arbitration officially stated that under local regulations, cryptocurrencies like Bitcoin and Ethereum are considered properties and as such, holding or transferring Bitcoin is not illegal in China.

“Chinese court confirms Bitcoin is protected by law. Shenzhen Court of International Arbitration ruled a case involving cryptos. Inside the verdict: China law does not forbid owning and transferring Bitcoin, which should be protected by law because of its property nature and economic value.”

The ruling from the Shenzhen Court of International Arbitration essentially provided merchants with a green light to accept cryptocurrencies as a payment method without being in conflict with existing regulations.

As of November, China’s oldest technology publication, Beijing Sci-Tech Report (BSTR), and several hotels and restaurants accept cryptocurrencies.

Beginning January, BSTR will officially sell its yearly subscription in Bitcoin at a fixed price of 0.01 BTC. But, the publication reaffirmed that the purpose of the integration is to demonstrate the real-world potential and use case of the blockchain, and that if the price of BTC rises substantially, the publication will refund the buyers.

Hence, while cryptocurrency trading remains prohibited in China, technically, owning or transferring cryptocurrencies is not illegal. As such, it can be argued that China, to a certain extent, is not wholly dismissive of crypto, given the government’s optimism towards blockchain technology as a core pillar of the fourth industrial revolution.

The Xiongan government, tasked to build Chinese President Xi Jinping’s dream city, the Xiongan New Area, has made blockchain technology a key component of the project, working with Ethereum-related institutions, including ConsenSys, the largest blockchain software studio in the global sector, led by Ethereum co-creator Joseph Lubin, to develop blockchain-based tools for the government .Lubin said in July:

“As one of our first major projects in the People’s Republic of China, we are excited to help define the many ‘use cases’ that could benefit from the trust infrastructure enabled by ethereum technology.”

Can Taiwan be the next crypto Hub?

Singapore, Hong Kong, South Korea, and Japan, the four regions congressman Jason Hsu mentioned, have already evolved into major markets.

Upbit, South Korea’s second largest cryptocurrency exchange and Binance, the world’s largest digital asset trading platform, according to the Blockchain Transparency Institute, have already established offices in Singaporeand entered beta testing of their trading platforms with banking partners secured.

Japan and South Korea, as two of the largest cryptocurrency markets, have demonstrated significant progress in terms of regulation and industry growth.

To compete against the four markets, Taiwan would have to establish a strong selling point to attract cryptocurrency exchanges and blockchain-related businesses.

Recently, the FSC of South Korea declared that banks are free to work with crypto exchanges and the Seoul Central District Court ruled a case between local cryptocurrency exchange Coinis, and major commercial bank Nonghyup, in favor of Coinis, establishing a precedent for the industry.

Attorney Kim Tae-rim, who represented Coinis, said that the case is a milestone for the cryptocurrency sector as it would encourage banks to refrain from unfairly treating digital asset exchanges.

“Cryptocurrency exchanges, by default, have the right to freely deposit and withdraw funds to and from major banks in South Korea, and an abrupt termination of partnership and services by the bank [in this case Nonghyup] without sufficient evidence or reasoning falls under the breach of contract.”

So far, Taiwan has not led sufficient initiatives to lure in some of the biggest cryptocurrency and blockchain-related businesses from other major markets. But, if Hsu and the coalition continue to drive the adoption of crypto in Taiwan, in the mid-term, companies enter the market given that stable banking services and support from the government are guaranteed.

*This post is credited to Cointelegraph 

U.S. fast-casual salad chain Sweetgreen has announced a second funding round to raise $200 million, mentioning blockchain among its key development areas, according to a press release published Tuesday, Nov. 13.

Throughout the first round, closed late October, the company managed to raise $200 million, becoming valued at over $1 billion. During the second round led by major asset management company Fidelity Investments, the salad chain aims to raise an equal amount.

The сapital raised, in particular, will enable Sweetgreen to focus on technology and supply chain development, the release states, with blockchain mentioned as the “most viable solution available” to increase transparency in food supply chains. Sweetgreen, which owns 90 restaurants in the U.S., is planning to use decentralized solutions to track food from its supplier to the counter.

Blockchain is widely used in agriculture, especially in food supply chains. A recent report titled, “Blockchain: Agriculture Market Forecast until 2023,” estimates that the blockchain sector in the agriculature industry will grow from its current worth of $60.8 million to $429.7 million in the next five years.

As the evidence of these claims, the world’s four largest agriculture companies, known as ABCD, have recently partnered to digitize international grain trading by using blockchain and artificial intelligence (AI). The technologies will be initially used to automate grain and oilseed post-trade execution processes, with further plans to extend the experiment to shipping, storage, and customer experience areas.

Moreover, supermarket networks also use blockchain to track food. Albert Heijn, the largest supermarket chain in the Netherlands, revealed in September that it is using blockchain to make its orange juice production history transparent.

*This post is credited Cointelegraph

Europe is slowly becoming the largest and most influential cryptocurrency hub as evident from the millions of dollars pumped into various cryptocurrency projects. According to News BTC, the total value of token sales in Europe is almost exceeding that of the United States and Asia combined.

Fabric Ventures carried out a study that revealed some of the plausible causes of the current surge in European Initial Coin Offering in 2018. Note that Fabric Ventures is a venture capital fund firm that is well known for investing thousands of dollars in decentralized network projects and blockchain.

Some of the reasons highlighted in Fabric Venture’s report include separation of economies in the European Union and increasing rate of development activities. In 2018, initial coin offering in the region is estimated to be $4.1 billion. This figure is almost two times that of the $2.3 billion recorded in Asia and $2.6 billion recorded in the United States.

Friendly Cryptocurrency Regulations in Europe

Europe financial regulators have begun to develop cryptocurrency regulations that are friendly to the industry thanks to the do-no-harm approach. The stringent regulatory authorities hamper ICO funding in Asia in Singapore and Hong Kong. It is important to note that Hong Kong and Singapore are considered the two main cryptocurrency hubs in the region. The financial regulators consider cryptocurrencies as security products, and so they are subject to more regulatory scrutiny that discourages potential investors.

In Europe, the do-no-harm approach has significantly helped the financial regulators to come up with policies that are friendly to the industry. The non-restrictive regulations encourage investors to spend more money on new initial coin offerings.

European Nations Significant Funding of ICOs

Malta and Gibraltar are two of the smallest nations in Europe that have put in place policies that promote growth and development of the cryptocurrency industry. Recent reports indicate that the two have drawn more than $300 million in ICO Funding and the figure is expected to skyrocket as more people become aware of how cryptocurrency and blockchain technology works.

The report also shows that the United Kingdom has managed to raise $490 million to fund various cryptocurrency projects while Switzerland has raised approximately $556 million this year alone. Lithuania has also shown serious interest in cryptocurrency and has raised $271 million to support ICOs.

Strong project foundation and national support for cryptocurrency could also be one of the primary causes of the increased European ICO fundraising. Cryptocurrency founding teams are aware of this fact; and have set up offices in major cities such as London, Berlin, and Zug.

Conclusion

2018 has being a successful year for ICO fundraising despite the challenges in the market. It is reported that more than 889 ICO projects have already managed to raise three times more funds than what was raised in 2017. Financial regulators continued support for this industry will significantly help to boost its growth and promote adoption of this new technology, especially in the developing countries.

*This post is credited to CoinRevolution

North Korea is “increasingly” using cryptocurrencies to evade sanctions imposed by the U.S., according to two Washington-based experts cited by news site Asia Times on September 24.

Lourdes Miranda and Ross Delston sent a joint response to an Asia Times’ inquiry regarding the use of crypto by the government of North Korea (DPRK). Miranda is an independent financial analyst and a financial crimes investigator, and Delston is an independent attorney and expert witness in money laundering cases.

Both experts have claimed that the country is successfully trading existing cryptocurrencies, and is attempting to create one of its own, despite current restrictions imposed on fiat assets:

“International criminals everywhere prefer crypto-currencies and the DPRK is no exception. Crypto-currencies have the added advantage to the DPRK of giving them more ways to circumvent U.S. sanctions. They can do so by using multiple international exchangers, mixing and shifting services — mirroring the money laundering cycle.”

Miranda and Delston further explain the scheme that they allege is in use by North Korean authorities.

Initially, the government hires people who have convenient personal identifiable information (PII) to open a crypto wallet that can be used to trade cryptocurrencies. Then local miners transfer crypto into “multiple” European wallets, where they are mixed and shifted in order to confuse anti-money laundering and know-your-customer (AML/KYC) systems.

The process ends with North Korean nominees buying bitcoins, which are later converted into other popular cryptocurrencies, such as Ethereum or Litecoin, to break the “linear pattern of transactions.”

As the crypto asset’s point of origin is concealed, the North Korean government then has a chance to exchange “laundered” coins to fiat, thus receiving dollars without any sanctions attached, the experts concluded.

Miranda and Delston did not specify the approximate volume of the operations they described, nor did they reveal the source of their information.

As Cointelegraph reported in August, an earlier report by a South Korean bank revealed that North Korea had attempted to mine Bitcoin between May and July 2017. However, the test was then reported as unsuccessful. The report also contained data on attempts to create a North Korean crypto exchange.

Countries pressed by U.S. economic sanctions are often reported as experimenting with crypto. For instance, Venezuela launched its controversial “oil-backed” Petro coin, which some experts claim barely exists.

Iran is reportedly preparing to create its own national cryptocurrency, which is expected to facilitate international transactions for the country sanctioned by the U.S. for launching a national nuclear program, among other things.

*This post is credited to CoinTelegraph.

A number of defense officials and armed forces across the globe are starting to look into blockchain’s potential in areas related to military activity.

Militaries across the world are always looking for cutting-edge technologies to get a leg up on the competition. Blockchain is certainly not escaping scrutiny.

Officials inside of defense agencies are particularly interested the technology’s distributed consensus and anonymity capabilities.

NATO has been looking into blockchain’s use cases in regards to military logistics and procurement, and are also studying how it could mesh together with other cutting-edge concepts like the IoT.

So far, the United States, Russia, and China seem to express the most interest in researching how blockchain can be used for purposes related to the military, general national defense, and for cyber-related endeavors.

A Changing Military Landscape

In the United States, entities related to the military have been looking into blockchain for a while. The 2018 National Defense Authorization Act, Section 1646 calls for the assessment of blockchain for military employment purposes.

Recently, the U.S. Naval Air Systems Command said they were looking into blockchain to help keep tabs on aviation parts, which could help lower the costs of operating and maintaining military aircraft.

Others speculate the technology could be rolled out by the Department of Defense (DoD) to manage nearly $100 billion dollars’ worth of inventory.

A Government Accountability Office report from 2015 specifically highlighted issues with the DoD’s systems for tracking and delivering supplies, something which blockchain has partially helped solve in other (non-military) areas, like the palm oil industry.

Besides the United States, Russian military officials have also been exploring use cases for blockchain.

Russian news sources in June wrote about the creation of a military research lab inside of the country dedicated to studying how blockchain can be used to detect and possibly counter cyber attacks.

About two months later, Russian news outlet TASS reported on how blockchain might find its way into the Russian Defense Ministry if they manage to:

Quickly introduce Russian cryptographic algorithms into the international standard of blockchain.

The Rise Of Blockchain In China

Chinese officials are well-known for their ‘Blockchain not Bitcoin’ mantra, having gone to great efforts to stifle the cryptocurrency market while keeping a more optimistic eye on blockchain.

So far, the number of authoritative material linking Chinese military officials with blockchain-related research is slim, but there have been some articles pointing out why officials should pay attention to the technology.

One, published in 2016, advocated for blockchain to be used by Chinese defense and security officials for a variety of tasks, including for the storage of weapons lifecycle information and for general logistical improvements.

One of the article’s researchers, Dr. Zhu Qichao, is a Director at the National University of Defense Technology and a colonel in the People’s Liberation Army (PLA).

*This post is credited to Inside Bitcoins

U.S. Rep. Tom Emmer (R-MN) is planning to introduce three bills to support blockchain technology and cryptocurrencies, according to a press release published September 21.

The three upcoming bills are entitled the “Resolution Supporting Digital Currencies and Blockchain Technology,” the “Blockchain Regulatory Certainty Act,” and the “Safe Harbor for Taxpayers with Forked Assets Act.”

The legislation is focused on the support and development of blockchain technology, as well as the establishment of a safe harbor for taxpayers with “forked” digital assets.

The bills would prompt the federal government to provide a “simple legal environment,” and restrict fines against individuals who report “forked” digital assets until the Internal Revenue Service (IRS) presents formal guidance on the appropriate means of reporting. According to Emmer, “taxpayers can only comply with the law when the law is clear.” The representative further commented on the initiative:

“The United States should prioritize accelerating the development of blockchain technology and create an environment that enables the American private sector to lead on innovation and further growth, which is why I am introducing these bills.”

Moreover, Emmer has taken up the position of co-chairman of the Congressional Blockchain Caucus, a platform for the industry and government collaboration to examine the implications of blockchain and digital currencies. According to the announcement, “the Caucus believes in a hands-off regulatory approach to allow this technology to evolve the same way the Internet did; on its own.”

Earlier this week, U.S. lawmakers called on the IRS to issue clarified and “comprehensive” crypto taxation guidance. The lawmakers argue that while the IRS has proactively continued to remind taxpayers of the penalties for non-compliance with its guidance, its failure to introduce a more robust taxation framework “severely hinders taxpayers’ ability” to meet their obligations.

Also this week, Cointelegraph reported that the American National Standards Institute is going to discuss blockchain and Artificial Intelligence (AI) issues at its next Legal Issues and Joint Member Forum. The attendees will reportedly focus on legal and ethical concerns and explore concrete applications of blockchain technology and AI.

*This post is credited to CoinTelegraph

New York University (NYU) has reportedly become the “first” university in the U.S. to offer students a major in blockchain technology, CBS New York reported September 18.

The program will reportedly be provided by the NYU Stern School of Business, which was also a pioneer in offering undergraduate courses in cryptocurrencies and blockchain. Professor Andrew Hinkes commented on the new program:

“We hope to establish a groundwork so that the students can understand what’s really happening under the hood, so that they can understand both the legal and the business implications, and prepare them to go out and tackle this new market.”

According to associate professor Kathleen Derose, the educational establishment is expecting large companies to partner within the training program, while “the startups in [fintech] will likely invent the new cool stuff.” Following the increasing number of students interested in the new offer, NYU reportedly doubled its course offerings this school year.

Adam White from cryptocurrency exchange Coinbase said that students “see the development, the birth of a new industry,” adding that “in many ways, we look at things like Bitcoin (BTC) and Ethereum (ETH) and blockchain as the internet 3.0.”

Last month, Coinbase released a study, showing that 42 percent of the world’s top 50 universities have at least one class on cryptocurrencies and blockchain. Of the 172 classes reviewed in the study, 15 percent were offered by economics, finance, law and business departments, while 4 percent were in social science departments. The study found that blockchain and crypto-related courses are most popular in the U.S. among other countries.

U.S. students’ interest in crypto is reflected not only in educational programs, but in investing in digital currency as well. As a study conducted by Student Loan Report in March shows, 21.2 percent of college students used loan money to fund a crypto investment, hoping that the upward price volatility in crypto would help pay their debts faster.

*This post is credited to CoinTelegraph

A group of U.S.-based blockchain and crypto companies have announced they will form the Blockchain Association, the “first” lobbying group representing the blockchain industry in Washington D.C., the Washington Post reported September 11.

The Blockchain Association is comprised of industry leaders such as crypto exchange Coinbase, technology startup Protocol Labs, as well as the Digital Currency Group and Polychain Capital. The lobbying organization will reportedly be located in Washington, representing entrepreneurs and investors who are engaged in blockchain-powered projects.

The Blockchain Association will represent mainstream companies that look to operate within the political system, primarily addressing policy issues and the treatment of cryptocurrency by U.S. tax law.

At the same time, the group will work closely with lawmakers on anti-money laundering (AML) and Know Your Customer (KYC) policy development within the industry. Mike Lempres, Coinbase’s Chief Legal and Risk Officer, further explained:

“The Blockchain Association is an effort to get the preeminent companies in the space together so [policymakers] know they’re hearing from companies that welcome regulation when it’s appropriate. We’re not companies looking to game the system, but trying to develop a legal and regulatory system that’ll stand the test of time.”

Jerry Brito, executive director of the non-profit research and advocacy group Coin Center, reportedly said that the rise of a purpose-specific trade group shows the industry is maturing.

In July, Coinbase created its own political action committee (PAC) to raise money to spend on U.S. elections. In the U.S., PACs are organizations that pool campaign contributions from members with similar policy and political goals and subsequently donate them to political campaigns for or against candidates, legislation, or ballot initiatives.

*This post is credited to Coinbase.

One of the largest law enforcement agencies in the U.S., Customs and Border Protection (CBP), will launch a live test of a blockchain-based shipment tracking system, tech news and media agency GSN reports August 24.

In the upcoming test, the CBP will reportedly combine two separate systems: the CPB’s legacy application and a blockchain-powered platform developed by the agency’s parent body — and the country’s primary border control organization — the Department of Homeland Security (DHS).

The test results will determine how the distributed ledger technology (DLT) is able to enhance the verification process of certificates of origin from the partners of the North American Free Trade Agreement and the Central America Free Trade Agreement, as well as reduce the time-consuming procedure of the resubmission of shipping data.

While testing, the agency also intends to establish standards of interaction between different blockchains in order to ensure that all firms and software will be easily connected to customs without the need for additional customization.

Vincent Annunziato, director of CBP’s Transformation & Innovation Division, commented that at the moment various blockchain platforms are not compatible enough, stressing that ensuring data security is “of the upmost [sic] importance.”

The CBP is also reportedly developing a proof-of-concept scheme for dealing with intellectual property rights. At this point, Annunziato stressed that the successful testing of the blockchain project will enable consumers to define if a certain product is authentic or not.

According to GSN, the CBP is also now collaborating with blockchain startups such as Factom and the DHS Science and Technology Directorate (S&T) on another blockchain project to combat the interception of data from sensors and cameras on the border. The project is reportedly at the stage of a six-month field test in Texas.

The DHS had previously announced that it is preparing to implement blockchain technology in securing the sharing and storage of data collected by security cameras, sensors, and internal data bases in early 2017, in a move to prevent manipulation of data and potential hacking attacks on devices operating on the borders and airports.

Earlier this month, tech giant IBM and Danish transport and logistics giant Maersk launched a joint blockchain-based shipping project, “TradeLens,” with 95 organizations involved and 154 million shipping events shipping events already captured.

*This post is credited to Cointelegraph