The NSC Labels Blockchain a National Security Issue

IBM Vice President for Blockchain Technologies Jerry Cuomo recently testified before the Commission on Enhancing National Cybersecurity on how the blockchain can benefit transactions, eWeek reports. Cuomo is persuaded that the technology could potentially cause a tectonic shift in the way financial systems are secured and that government, technology companies and industries should work together to advance blockchain technology to enhance national security. The Commission on Enhancing National Cybersecurity, announced in April, is tasked with making detailed recommendations on actions that....

As the world rushes to identify blockchain’s major use cases, the music industry has continued to rise to the public’s attention. Blockchain technology is simple to understand at a basic level, existing as a shared database, where different devices distributed across the network must verify the entries posted. As a result, blockchain is most well-known for decentralization, anonymity and security, all of which are evident in the first cryptocurrency, Bitcoin (BTC). While many are quick to associate Bitcoin with blockchain, this is only one of the possible use cases for the technology.One....

The Biden Administration is expected to issue an order that would make government agencies begin conducting risk analysis on cryptocurrency as a national security threat. Joe Biden’s White House is expected to issue an executive order in the coming weeks about actions the U.S. government will take regarding digital assets.A source “familiar with the White House’s plan” told Barron’s that the executive order would be issued in a national security memorandum. Biden’s memorandum would assign some government entities to study crypto, stablecoins, and nonfungible tokens (NFT) with the goal of....

The Chinese government is to use blockchain technology for social security payments such as unemployment benefits and pensions. According to China Daily, Wang Zhongmin, vice-chairman of the National Council for Social Security Fund states: “There’s no doubt that blockchain technology will be used in the social security system because of its valuable applications in the investment and management of social security funds.” The National Council for Social Security manages almost $300 billion with a budget increasing yearly by 24.6 percent. Due to blockchain’s ability to cut out middle men,....

2016 has been the ‘Year of the Blockchain,’ with corporation after corporation, even nations, touting their interest and ability to use Bitcoin’s underlying advancement in their future business models. Will 2017 be the ‘Year of the National Digital Currency?’ Ukraine looks to enter the cashless society with a plan on creating their own national digital currency based on the Blockchain technology, according to Ukrainian news site Ukrinform. Blockchain, the trend in 2016. Major corporations like IBM, and even nations, embracing the Blockchain technology is what’s happening right now, and it....