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Ripple Forms New Blockchain Alliance With Indian Institute Of Technology, Bombay (IIT-B)

Ripple's Partnership with IIT Bombay Will Help Tackle Some Of Today’s Global Remittance-Related Issues Many of Ripple’s cross-border payment solutions have been gaining traction across the globe over the past few years— especially in nations such as India, Thailand, and Vietnam. In this regard, it is worth noting that the firm’s University Blockchain Research Initiative [UBRI] project has just partnered with the Indian Institute of Technology, Bombay [IIT-B] so as to help students and young entrepreneurs learn about blockchain as well as devise novel crypto-based digital offerings. In a recent interview with Ripple’s Navin Gupta (MD for South Asia and MENA), he mentioned that moving forward, Ripple was looking to partner with more and more established universities so as to create the “next generation of visionary students and entrepreneurs.” More On The Matter As mentioned earlier, the primary objective of the UBRI is to provide students with a plethora of opportunities related to blockchain R&D. This could have a direct impact on the growth of the global blockchain ecosystem as well as the fin-tech industries of various countries. In addition to all this, it is also worth reporting that an anonymous source from IIT-B has stated that the Indian government is currently looking to deploy an all-new blockchain solution to streamline governance associated with things like digital certification of educational degrees. In this regard, the source has said that pilot trials have already commenced and that the new technology will be rolled out as soon as some other issues with the program are ironed out. It is also being reported that the new blockchain program will be called “IndiaChain” and tests are currently being carried out by NITI Aayog— the government’s policy think tank. Other Key Points Worth Noting The new blockchain system will also list out entries related to land titles and deeds. However, since many such records within India are yet to be digitized, the entire process could take some time. IndiaChain could possibly help the government save “billions of dollars,” according to Gupta. This is because a recent World Bank study shows that India currently receives remittances worth $80 billion, only to be followed by China (a nation that rakes in an annual remittance of about $67 billion). Final Take If successful, NITI Aayog and Oracle also plan on implementing a blockchain-based ledger system within the nation’s drug supply ecosystem. This is because India currently faces a huge problem of counterfeit drug circulation and thus such a platform could help the government save on billions of dollars. Bitcoin (BTC), Ethereum (ETH), XRP (Ripple), and BCH Price Analysis Watch (Feb 18th)
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Ripple’s UBRI partners with IIT Bombay and other universities to solve the world’s remittance problem

Ripple’s business of cross-border payments using blockchain technology has spread throughout the world, including India. Ripple’s University Blockchain Research Initiative [UBRI] had added the Indian Institute of Technology, Bombay [IIT-B] to its list of universities back in 2018. Ripple’s Managing Director for South Asia and MENA (Middle East and North Africa), Navin Gupta, mentioned that Ripple had more plans for these universities. He said, “The idea is to create the next generation of students and entrepreneurs.” Partnerships with universities under the UBRI focus on enabling students with the opportunities for research and development into blockchain technology and by extension, cryptocurrencies. This in turn, could add value to the global blockchain ecosystem, such as the fin-tech industry, said Director of IIT-B, Professor Devag V. Khakar. According to Factor Daily, an anonymous source from IIT-B has said that the Indian government is planning on implementing a blockchain-based solution in governance with digital certification of educational degrees. The pilot trials for the aforementioned project are to begin soon and once these are successful, there are plans to issue digital certificates on the blockchain named, “IndiaChain.” The trials are reportedly being done under NITI Aayog which is the government’s policy think tank. Furthermore, land titles are also on the list which could be implemented on the blockchain but, this would take a lot of time since most of the land records in many states are yet to be digitized. The main aim however, of the partnership with IIT-B is to work on reducing the remittance coming into India, which could save India, “billions of dollars,” said Gupta. Additionally, Gupta even mentioned that all of these universities could possibly team up together on blockchain and eventually “solve problems in other countries too.” As per World Bank reports, India receives remittances worth $80 billion, making it the top target, followed by China with a total of $67 billion. With Ripple’s UBRI and its other blockchain based payment technologies, every country including India could potentially save billions of dollars. Further, NITI Aayog and Oracle plan to start a drug supply chain blockchain ledger which is aimed at fighting the counterfeit drug problem in India. The post Ripple’s UBRI partners with IIT Bombay and other universities to solve the world’s remittance problem appeared first on AMBCrypto.

Indian Institute of Tech (IIT) Professor: A 51% Blockchain Attack on Bitcoin Isn’t Advantageous or Profitable

It seems that it might be more difficult than expected to perform a 51% attack on Bitcoin’s network. According to Professor Saravanan Vijayakumaran, an Associate professor at the Indian Institute of Technology (IIT) Bombay, a 51% attack on Bitcoin’s network would require ‘significant expenditure’ and would provide ‘little financial returns.’ This information was released in a research paper titled ‘The Security of the Bitcoin Protocol.’ and was sponsored by the cryptocurrency exchange Zebpay. The main three points analysed in this research were related to stealing Bitcoin, tampering confirmed and unconfirmed transactions and how to disrupt the normal operations of the network. First of all, a 51% attack happens when there is one entity or a group of entities that own the majority of the hash rate and want to prevent transactions from confirming or revise transaction history. For example, earlier this year, Bitcoin Gold experienced a 51% attack. According to Mr Vijayakumaran, performing a 51% attack on the network would require a massive amount of computational power, which is not easy to get. Moreover, the results would not be financially considerable. Additionally, the study shows that it would not be possible for an attacker to steal Bitcoin, instead, it would only be possible to insert or remove transactions. The professor wrote about it: “While launching a 51% attack requires significant expenditure with little financial returns, it is not out of reach of a hostile nation-state. Until an adversary of that stature emerges, the Bitcoin protocol can be considered secure.” Zebpay CEO Ajeet Khurana commented about this research explaining that Bitcoin is moving toward the financial mainstream. In the research, the professor investigated the security of the Bitcoin protocol. Zebpay is an important and recognized cryptocurrency exchange in the market. At the time of writing, Zebpay is the 201 largest exchange in the market in terms of trading volume.
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Landmark Research from IIT Bombay Professor Declares Bitcoin Secure

One of the most in-depth studies conducted into the security of Bitcoin has concluded the cryptocurrency is safe from a feared “51% attack”. Zebpay, the cryptocurrency service provider, commissioned Associate Professor Saravanan Vijayakumaran of the Indian Institute of Technology (IIT) Bombay to deep dive into the functioning of the Bitcoin blockchain after a decade in existence. The research concluded that a 51% attack – in which a party assumes control of the majority of the computing power on the Bitcoin network to steal funds – would require huge expenditure and could only possibly yield relatively little in terms of financial returns. In theory, only a nation state prepared to fritter away vast sums could possibly muster the resources to disrupt the network in such a way, the study concluded. “As Bitcoin reaches 10 years of existence and cryptocurrencies move further into the financial mainstream, this white paper investigating the security of the first cryptocurrency is timely and important research,” said Ajeet Khurana, CEO, Zebpay. “This paper underlines the security of this revolutionary protocol at a time of wider cryptocurrency adoption,” added Khurana. The Associate Professor’s work covers the challenges involved in building a decentralised virtual currency, as well as various elements of Bitcoin’s design. It goes on to look at the security of the Bitcoin protocol by first comparing it to the existing banking system, then looking at preventing theft and transaction tampering, and finally investigating its security against protocol disruption. It focused on three questions relating to Bitcoin security. These are: – How difficult is it for an adversary to steal another user’s Bitcoins? – How difficult is it for an adversary to modify Bitcoin transactions, both transactions already recorded on the blockchain and transactions waiting to be added to the blockchain? – How difficult is it for an adversary to disrupt the operation of the Bitcoin network? Zebpay CEO Ajeet Khurana further said: “Zebpay is proud to have enabled this in-depth research that is a source of empowerment and education for the entire ecosystem including blockchain developers, governments, think tanks, academics, regulators, law enforcement, researchers, students and finance professionals..”   The post Landmark Research from IIT Bombay Professor Declares Bitcoin Secure appeared first on The Fintech Times.
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Updates on Shift Card, Bank of Lithuania and ETF rules in Indonesia, police to tackle some crimes in Canada India and Turkey, IIT Bombay to join Ripple's UBRI, UAE waste permit portal on blockchain, Germany's interest and Spain's skepticism, Oracle for Czech SDK.finance

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High ETH Prices Are (Finally) Good For Ethereum

Things are looking pretty bullish for Ethereum (ETH). The Ether price has surged by over ten percent in the past couple of days, and crossed above the psychological $200 barrier earlier this afternoon. That could be a strong buy signal for technical traders, as Crypto Briefing analysts reported yesterday.   Source: CoinMarketCap How High ETH Prices Harm Ethereum But what does a high Ether price mean for the smart contract network? There’s an obvious benefit for speculators and miners. But past experience has shown that anyone seeking to build dApps or just use the network could be severely hampered when markets turn bullish. That’s because the higher ETH prices get, the more expensive it is to use the platform. Users have to pay for everything they do on the network, from smart contract computations to token transfers. Rising gas fees could push end-users onto cheaper alternatives, like EOS or TRON, which offer similar functionality with lower fees. At least, that’s the received wisdom, which so far seems to be supported by experience. And it’s still technically true today: when it comes to using the ETH network, the downsides of a high Ether price tend to outweigh the advantages. Does Expensive ETH Mean A Stronger Network? However, Ethereum is (eventually) transitioning towards a Proof-of-Stake consensus model, which will require a financial commitment in order to participate. Instead of mining blocks through proof-of-work, block-producing nodes will have to stake ETH tokens as collateral in order to validate the network. That could have a significant impact on Ether’s market dynamics. Stakeholders will risk losing their hodlings if they fail to maintain connected and up-to-date node software. An expensive ETH would provide a strong disincentive to malicious or careless actors on the network. “If the chain is going to be secure, then there are inherent benefits from having high-valued Ethereum,” explained Nic Carter, Partner at Castle Island Ventures, in an interview with Laura Shin. A high Ether price, he added, would also provide “high-powered collateral, for DeFi applications for instance.”  Carter also pointed out that most networks have become too preoccupied with one or two “glamour metrics,” which may burnish their credentials but do not represent credible advantages. EOS, for example, has focused solely on scalability at the expense of decentralization. One tradeoff of those high speeds is that EOS relies on a small group of validators, which could present a systemic risk if they decided to collude or otherwise abuse their privileged positions. Ethereum’s key advantage is that it is the only platform with a vibrant community, Carter added, which comes with an “organic groundswell of usage and development.” Because of that organic usage, investors may be attracted to hold ETH for the long-term. “I think we noticed a little bit of a recalibration where initially [Ether] was computational gas,” Carter went on to say. “More recently, certain high-profile Ethereans have been saying, ‘well actually Ethereum itself is money.'” A strong Ether price could still push people off the network, but the community has been exceptionally resilient to market volatility and rival platforms over the past two years. The burgeoning DeFi space, and the added security after transitioning to Proof-of-Stake, could make high prices a net positive for the Ethereum network. The post High ETH Prices Are (Finally) Good For Ethereum appeared first on Crypto Briefing.
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