Bermuda to Improve Land Registry via Blockchain

The Bermuda Government is planning to transfer its property deed system to blockchain
26 January 2018   605

Bermuda Premier David Burt said at the World Economic Forum in Davos that the country is aiming to make the government more efficient switching its property deed system to blockchain.

Bermuda has an old school, deeds-based property system. What we are going to do is transfer our registry to the blockchain. Clearly, it needs to be transparent, so people know what’s there and secure, and that way we know who owns what at any point in time.


David Burt

The Premier of Bermuda

Burt also talked about the country’s “progressive” ambitions in the blockchain space. He said Bermuda is known for high-standard regulation, anti-money laundering, know-your-customer (KYC), and compliance.

The idea to migrate its property deeds system to the blockchain has been aired in the past month in Bermuda. Last month, Stan Stalnaker, founding director of Bermudian-headquartered Hub Culture, said digital assets such as property title deeds, marriage certificates, vehicle registration documents, and ownership contracts will end up on blockchain.

In November 2017 we have reported that the government of Bermuda founded a blockchain task group to promote cryptocurrency commerce in the British overseas territory. The task force is part of the government’s initiative to advance the island’s regulatory environment as destination for cryptocurrencies and initial coin offerings (ICO).

Bitcoin Gold hit by Malicious Miner`s Double Spend Attack

An evil-minded miner efficiently made a double spend attack on the Bitcoin Gold network, making BTG at least the third altcoin to succumb to a network attack
23 May 2018   122

Edward Iskra, Bitcoin Gold director of communications first admonished clients about the attack on May 18, reporting that an evil-minded miner was using the exploit to steal means from cryptocurrency exchanges.The miner bought at least 51 percent of the network’s total hashpower, which provided them with temporary control of the blockchain. Gaining this much hashpower is extremely expensive — even on a smaller network like bitcoin gold — but it may be monetized in tandem with a double spend attack.

The attacker, after getting the control of the network, started depositing BTG at crypto  exchanges while also intending to send those same coins to a wallet under their control. Generally, the blockchain would resolve this by including only the first transaction in the block, but the attacker managed to reverse transactions as they had majority control of the network.

As a result, they were able to invest funds on exchanges and withdraw them again soon, after which they repealed the initial transaction. This way they could send the coins they had primarily deposited to another wallet. 

An address of bitcoin gold connected with the attack has got more than 388,200 BTG since May 16 (basically from transactions it sent to itself). All of those transactions were associated with the double spend exploit, the attacker could have stolen as much as $18.6 million worth of funds from exchanges. The last transaction was sent on May 18, but the attacker could resume it if they still have access to enough hashpower to reach the control of the blockchain.

Bitcoin gold’s developers recommended exchanges to resist the attack by reaching the number of confirmations acquired before they lended deposits to client accounts. Blockchain data displays that the attacker reversed transactions as far back as 22 blocks, allowing developers to advise raising confirmation requirements to 50 blocks.