U.K.-based multinational security services company G4S has developed a new service for protecting cryptocurrency assets. G4S, formerly Group 4 Securicor runs both prisons and detention centers, as well as stores cash for “large companies,” and has released an solution for holding crypto assets in a form of high-security offline storage protecting customers from hacks. G4S is based on a foundation of “vault storage” that is inaccessible for cyber criminals and hackers, as well as “armed robbers alike.” The new security solution distrubutes crypto assets into independent components placed securely in the system’s security vaults. In June 2018, cybersecurity company Carbon Black estimated that criminals stole around $1.1 billion worth of cryptocurrencies in the first half of 2018, with 12,000 marketplaces and 34,000 offerings associated with cryptocurrency theft that hackers can take advantage of. On Oct. 10, anonymous attackers hacked the adult entertainment platform SpankChain, stole around $38,000 worth of major cryptocurrency Ethereum (ETH), as well as $4,000 worth of the platform’s native crypto token.
Natwest Bank Launches R3 Corda Blockchain-Based Syndicated Lending Platform
U.K.-based bank Natwest will integrate a new blockchain platform based on R3 Corda technology for use in the syndicated loans market. The new platform, dubbed “Fusion LenderComm,” was developed by blockchain consortium R3 and fintech enterprise Finastra, and aims to streamline the global market for syndicated loans. The platform works by enabling “financial institutions acting as agents to publish loan data to the ledger and extend self-service capabilities to lenders. Through their own portal, agents can define and then publish lender-specific deal position data to the platform, allowing individual lenders to consult the data themselves and not resort to extra phone or online communication to query positions.
Dubai – the Blockchain Oasis of the UAE: From Public to Private Sector
The first proposal for an official Dubai cryptocurrency called emCash came about in October 2017. The cryptocurrency is pluged to be used for payments for governmental and nongovernmental services – and is pegged to the UAE Dirham. The partnership was announced on October 9, which includes emCredit, a subsidiary of the Dubai Department of Economic Development, blockchain payment provider Pundi X and its partner Ebooc Fintech & Loyalty Labs LLC. Ebooc will be responsible for providing point of sale terminals in retail outlets, while Pundi X is expected to create 100,000 point of sale units over the next three years. The Central Bank of the UAE began working on legislation at the beginning of 2017 to address the use of cryptocurrencies in the country. The UAE Securities and Commodities Authority (SCA) warned the local investors about the inherent risks associated with ICOs. Given that they are not regulated in the country, investors had no means of legal protection against fraud. As Dubai and the UAE continue to explore and develop technology with the use of blockchain technology, as well as provide a guideline for the use of ICOs and cryptocurrencies, the outlook in the region seems positive.