Factom to receive $192k from DHS for Beta Test Concept

The Department of Homeland Security gave Factom, a blockchain startup, $192,380 to start beta testing their concept to secure Internet of things (IoT) data
22 June 2018   835

The $192,380 prize money was except for the final phase of the Silicon Valley Innovation Program (SVIP). Factom hopes that by combining critical infrastructure like sensors and cameras with blockchain technology, it can assist to protect the authenticity and continuity of the data. When the project leverages blockchain technology, it “does not require the creation of blockchain-specific technology.”

The early phases of Factom’s work has informed architecture choices and design decisions inherent in integrating blockchain with existing technology. In Phase IV, Factom will deploy this technology in a realistic field environment with Customs and Border Protection (CBP) to understand its operational impacts.
Anil Jon
S&T Identity Management Research and Development Program Manager

With the results of the beta test Factom will be able to access its impact in an outside environment. The idea is to imitate the conditions that US Border Patrol Agents conduct in that include limited internet connectivity and differing weather conditions. 
Factom is aimed to demonstrate that IoT devices can be highly dependable from ground sensors and cameras and that the data they capture cannot be modified, spoofed or disrupted. If Factom prevails, they will produce a more commercially viable product available to the market.

Factom is not the only firm that sees a great possibility to secure data from smart devices using blockchain. In January 2017, Cisco, Bosch, the Bank of New York Mellon, Foxconn, Gemalto, and several blockchain startup companies, decided to work together to establish a similar system that leverage blockchain technology and IoT.

US Federal Reserve to Consider Digital USD Issue

If a some country or company issues digital money that is widely recognized, this could lead to the loss its status by the USD, fed official believes
17 October 2019   66

The US Federal Reserve is actively considering the possibility of issuing digital currency, fearing the dollar will lose its leading position in the global financial system. This was stated by President of the Federal Reserve Bank of Dallas Rob Kaplan, reports CoinDesk.

In his opinion, if a foreign government or company issues digital money that is widely recognized, this could lead to the loss of the status of the world's reserve currency by the dollar.

On the eve of the previous chairman of the Commodity Futures Trading Commission (CFTC), Christopher Giancarlo also expressed concern that the re-issuance by other countries of national currencies in digital form could lead to the dollar losing its dominant role in the world. He called for the release of a digital dollar on the blockchain.

Bank of England Governor Mark Carney said earlier that a digital currency like Facebook’s Libra can replace the dollar as a global reserve currency.

The emergence of an attractive and viable alternative to the dollar will reduce demand for US government securities, Kaplan said. This will lead to an increase in interest rates by 100 basis points (1%), which will increase the cost of servicing public debt by $ 200 billion per year.

I still think for the foreseeable future, the dollar will be the world reserve currency, we’re able to refinance our debt at relatively low rates, but I don’t think we should take that for granted.

Rob Kaplan

President, Federal Reserve Bank of Dallas

Kaplan noted that countries subjected to sanctions or increased trade tariffs by the United States are working most actively on the digital alternative to the dollar.