IBM Introduces Framework for Cloud Blockchains

HOME PAGE TECH BLOCKCHAIN IBM INTRODUCES FRAMEWORK FOR CLOUD BLOCKCHAINS

The global corporation IBM presents a new blockchain solution: The product is designed to make it easier for merchants to offer their customers Bitcoin payments. With this step, IBM is taking a further step into the world of crypto currencies, after the company had already introduced its own blockchain technology in the past.
IBM Framework for Secure Blockchain

The new framework is intended to make blockchain systems that are operated via the corresponding cloud services more secure. This is intended to simplify the use of blockchain technologies for companies and retailers. One would like to achieve this among other things by the fact that the framework fulfills e.g. national regulations.

Blockchain Vice President talks about the Bitcoin news

Jerry Cuomo, Blockchain Vice President of IBM, confirmed in an Bitcoin news interview with CoinDesk about the review of onlinebetrug that they want to enable developers to use the new technologies and relieve them of the burden. This should make it easier to use the new technologies.

Cuomo is convinced that public blockchains are generally safe. Nevertheless, he sees it as difficult, especially for larger companies, to use such technologies. Although the blockchains as such are secure, special requirements would arise from consistent data storage.

IBM itself says that the framework should enable organizations to develop their own “secure cloud environments”.

The role of the cloud for Bitcoin news

Companies are currently faced with a review: Blockchain or Cloud? Both Bitcoin news offer their own advantages and disadvantages, so the decision is not always easy. IBM wants to link the two technologies by developing a hybrid model of cloud and blockchain.

A general problem is that the Internet is inherently free and restrictions are difficult to enforce. Each participant has practically total freedom. On the other hand, however, it is necessary to implement certain regulations or automate things. If one thinks, for example, of the use case of a car rental company, one could create a platform via the Internet that manages the respective uses and brings drivers together with vehicles. For this, however, it is necessary to develop a secure system that allows access rights to be managed. Authorizations, for example, to open the vehicle must be constantly issued and revoked in order to do justice to the rental operation.

If one were to use a stand-alone cloud solution for this, the provider could manage the data centrally and have full control over it. On the contrary, a blockchain would be the decentralized and largely automated solution, which unfortunately also relieves the retailer of many possibilities for manual control and intervention. A hybrid model between cloud and blockchain could help: The operator would have access to the data he also needs for organisational purposes (insurance, taxes, data protection requirements) and at the same time the daily events would be controlled via the blockchain so that the organisational effort of the car rental could be reduced.

Opinion of the author (Max):

It is pleasing to note that IBM has confirmed its recent interest in the Blockchain by further steps. As one of the few global corporations, IBM itself seems to be working on solutions to develop suitable systems. What was striking about similarly large corporations was that most of them only provided financing for start-ups, but that their own initiative was rarely on the agenda. IBM’s development in terms of blockchain remains exciting and, thanks to the power of the global corporation, is also one of the things worth pursuing.

The Blockchain landscape is very fragmented and characterized by smaller, digital start-ups. However, it is foreseeable that large corporations will also devote more attention to technologies like these in the future.

Posted on Category: IBM.

Man Group: Soon Crypto Futures “Made in UK”?

The British hedge fund Man Group wants to venture into new business territory with crypto derivatives in the future. This is announced by Managing Director Luke Ellis this week. This follows the CME Group fund from Chicago, which also announced the corresponding business expansion at the end of October. Meanwhile, however, the British financial regulator FCA is again warning against the risks of crypto currencies. In its latest publication, the agency advises consumers not to invest in crypto derivatives.

CME was followed by Man: After the American CME Group had already announced the introduction of futures contracts in the crypto sector at the end of October, the London Man Group is now also entering the business around the so-called crypto futures. This was reported by the news service Reuters on Tuesday, 14 November.

Bitcoin formula Futures are exchange-traded forward transactions

They oblige the buyer to deliver or buy a certain amount of Bitcoin at a certain future date at a fixed price or exchange rate like in this Bitcoin formula review. Futures are considered to be highly risky on the stock exchange because they allow large profits to be made in a very short time while at the same time allowing enormous Bitcoin formula losses to be made.

With the help of Man Group, such investment opportunities will soon be available in the UK as well:

“Digital currencies are an interesting concept. They are not yet part of our investment universe – but they could be. When it comes to CME futures for Bitcoin, they will be”,

said Luke Ellis, managing director of the fund, which according to its own statements manages assets of more than 100 billion US dollars for its customers, to Reuters on Tuesday.

He also gave crypto currencies credibility against all kinds of criticism. Just because they’re not controlled by governments like analogous currencies, they won’t disqualify and devalue them, Ellis said.

The US-American CME Group had paved the way for crypto currencies in the option business sector. At the end of October, the world’s largest futures exchange had announced that it would expand its business to the crypto sector, firing up current prices. According to CME CEO Terry Duffy, customers will then be able to invest in the new business models and corresponding futures contracts with Bitcoin from mid-December.

Bitcoin trader regulators again with little optimism

While the Bitcoin trader are opening up to crypto currencies, the response of the British authorities is skeptical: https://www.forexaktuell.com/en/bitcoin-trader-scam/ The independent financial regulator FCA is warning this week for the third time in recent months about the risks of crypto currencies. In an article on its website on Tuesday, 14 November, the authority also specifically addresses the options and futures transactions around Bitcoin, so-called crypto CFDs (Contracts for Difference).

Although the forward transactions are unobjectionable from a legal point of view, consumers should nevertheless consider the possible high losses.

“Crypto CFDs are an extremely risky, speculative instrument. You should be fully aware of the risks and only then decide whether crypto CFDs are suitable for you”,

is what the article says.

A chance to establish yourself?
However, these less promising tones are unlikely to discourage the Man Group. When the CME Group expands its business to crypto futures in December, its British pedant will soon follow.

This means that crypto currencies and Bitcoin will continue to establish themselves in more conventional financial market sectors. The opening of the Man Group in Great Britain and of CME in the USA shows that the expansion of the established stock exchange business does not stop at crypto currencies.

Rather, it seems possible that these will also establish themselves beyond option and other stock exchange transactions. Ultimately these days it shows up that in the future also large banks accept the alternative means of payment. Several representatives of the “old” financial world have provided corresponding food for thought in recent weeks. After Goldman Sachs CEO Lloyd Blankfein and the ECB director Benoît C?uré had stressed, one takes Bitcoin seriously, in the last week also the managing director of Citigroup, Michael Corbat, expressed itself positively to the future of crypto currencies.

ECB keeps an eye on crypto currencies, but sees no risk

The European Central Bank (ECB) is opposed to their regulation but is keeping a close eye on crypto currencies, ECB Director Benoît Cœuré stresses in an interview with Le Journal du Dimanche. As the French Sunday newspaper reports at the end of October, the central banker emphasises that crypto currencies are not a “monetary risk”. What consequences the EU’s highest monetary authority will draw from the growing importance of the crypto market in the long term remains in the dark.

In view of growing markets and a seemingly unstoppable Bitcoin exchange rate, many people may be surprised that there is still a lack of regulatory intervention in Europe.

Nevertheless, the ECB is not looking the other way, this message is emphasised by Central Bank Director Benoît Cœuré. When asked why the ECB ignores crypto currencies, he explains at the end of October: We are not ignoring them.

At the moment crypto currencies do not pose a Bitcoin trader review

Rather, digital means of Bitcoin trader review payment are a marginal phenomenon, according to the central banker and economist, who worked at the École Nationale de la Statistique et de l’Administration Économique (ENSAE) before joining the French elite university and as a director of the highest French budgetary authority https://www.geldplus.net/en/bitcoin-trader-review/, the Agence France Trésor.

The 48-year-old Cœuré continues by saying that the fact that crypto currencies still have to be kept in mind is due on the one hand to their criminal potential. On the other hand, it is also important to consider the possible use in cashless countries.

Thus the ECB, which will not have remained unconscious of their growing market penetration, seems to take crypto currencies seriously in principle, despite this concession, the highest monetary authority of the EU thus once again rejects crypto currencies.

ECB President Draghi: Bitcoin regulation not in our crypto trader review

According to BTC-ECHO, ECB President Mario Draghi last emphasised that crypto currencies are not to be regulated at the end of September. He sees reasons for this in the lack of a foundation for a concrete handling of Bitcoin and other crypto currencies. It would simply not be within the ECB’s competence to regulate or even prohibit crypto trader review altogether.

The primary task of the ECB is to ensure price stability in the euro area and thus maintain the purchasing power of the euro. According to Mario Draghis, crypto currencies do not seem to fall within this field of work. A central bank acceptance of crypto currencies within Europe is therefore excluded for the time being.

Euro or nothing
In September, for example, Draghi had met with strong opposition to Estonia’s push to create a national digital currency. Previously, Kaspar Korjus, director of the Estonian e-residency programme, had proposed using an Estcoin as the national digital currency. However, this was countered by a strong headwind from the ECB:

Because no member state of the Eurozone is allowed to introduce its own currency. According to Draghi, the euro must always remain the only valid currency in the euro zone.

Thus the institution with seat in Frankfurt pursues a completely different strategy than central banks, which wave crypto currencies with the regulation club. In addition to the US financial market supervisory authority SEC, the authorities of South Korea, the People’s Republic of China, Canada and the United Kingdom, among others, intervene regulatively in their national crypto markets.

According to Handelsblatt, the Bank for International Settlements (BIS), an organisation of central banks, only advised central bankers worldwide in mid-September not to ignore crypto currencies such as Bitcoin. IMF Director Christine Lagarde also called in September for crypto money to be taken seriously.

Exclusive insights into DD4BC’s DDoS blackmail in Germany and Austria

Currently, the cybercriminal group DD4BC (DDoS for Bitcoins) is blackmailing companies in Germany and Austria and also attacking them.Large companies in the financial sector as well as SaaS and hosting companies receive blackmail emails from anonymous mail services such as openmailbox.org and tutanote.com, in which up to 50 bitcoins (approx. 11,500 euros) are demanded within 24 hours, depending on the industry. If the payment is not made, DD4BC threatens with ongoing DDoS attacks with a volume of 400 to 500 Gbps. In addition, the demand for protection money increases to 100 Bitcoins and continues to rise at hourly intervals.

Serious DDoS threat situation

DD4BC directly supports the seriousness of its demands in the blackmail with a first DDoS attack and thus demonstrates its own cybercrime capabilities. The attack overloads the systems of companies without DDoS protection in most cases and brings web-based services and processes as well as company networks to a complete standstill. If the required Bitcoin payment is not made, the blackmailers launch the announced attack with peaks of up to 50 Gbps.

Countries in which DD4BC was already active

Jens-Philipp Jung, Managing Director of Link11 GmbH: “The number of companies put under pressure by DD4BC is alarming. Due to the unannounced first DDoS attack and the increased number of incidents in the DACH region, the danger for unprotected companies in Germany is currently very high. It was only at the beginning of May that we had to warn German e-commerce shops of the biggest blackmail wave to date. In the current incidents, money claims are directed against the financial sector and providers of online services. Every company that receives a blackmailer e-mail from DD4BC should take it seriously. Even a warning attack can hit a company network hard.”

Technical details on DD4BC’s DDoS attacks
The Link11 Security Operation Center (LSOC for short) has fended off numerous DD4BC attacks since the beginning of the blackmail wave at the end of June 215, analyzed the course of action as well as the threat and identified recurring attack patterns: At the beginning there is a UDP flood to the web servers, followed in most cases by a TCP SYN flood. In total, the attack usually lasts about an hour and reaches peak bandwidths close to 100 Gbps.

The “Link11 security analysis DDoS blackmail by DD4BC” summarizes the detailed findings at https://www.ddos-info.de/2015/link11-warnt-vor-dd4bc-ddos-erpressung-in-deutschland.html .

DD4BC are repeat offenders
DD4BC has long been known among DDoS protection experts. Since the end of 2014, the cybercrime group has repeatedly used DDoS attacks against companies to gain access to Bitcoins. They proceed country by country: USA, New Zealand, Australia, Great Britain. DD4BC was still very active in Switzerland and Great Britain in May, but attacked companies in Scandinavia just a few weeks later. Neither the anonymous e-mail addresses nor the Bitcoin accounts can be traced back.