UBS eases transactions via blockchain

The world’s largest financial services company considers blockchain to secure computer systems
05 December 2017   326

In a patent application released by the U.S. Patent and Trademark Office last Thursday, UBS unveils how it might use a distributed ledger to validate transactions.

UBS intends to create a permanent record of every action committed on the chain through blockchain. According to the application, company will use smart contracts to automatically register a record that is added to the chain. When the record is added, the user will automatically receive a notification sent by the same contract.

UBS also assumes that it could put the smart contract on the same blockchain that stores the data being added or develop two separate blockchains: one to store the data, and one to hold the smart contract monitoring data additions.

The company has long been interested in blockchain, the company had already presented a trade transaction platform built on a blockchain in partnership with IBM in 2016. Called Batavia, the project has been expanding with four major banks joining the effort near the beginning of October 2017.

Tesla's cloud account hacked to mine cryptocurrency

Independent security group discovered Tesla's cloud account being hacked and infected with a miner-virus
21 February 2018   23

Cryptocurrencies are on the rise and all sorts of shady characters are trying to get in with dubious methods. Recent string of hacking attacks is a perfect example. And now not only exchanges and users with their hard-earned coins are in danger, but also companies with large cloud infrastructure face the same threat.

RedLock, a security research firm, reports that electric car manufacturer Tesla's cloud account information has been leaked to the internet, which allowed hackers to access the company's cloud. It has been hacked and hardware infected with a miner virus called Stratum. The mining protocol masks itself with low CPU usage and obscuring the IP of the mining server.

Of course, RedLock immediately contacted Tesla with this information and the company quickly got to fixing the breach. Tesla's spokesperson assured us that customer personal information hasn't been compromised, and that the vulnerability was patched in a matter of hours. Only small test park of internally-used engineering sample cars has been impacted and no indication whatsoever discovered that actual customer cars have been compromised in any way.

It certanly looks possible, because according to the same RedLock Cloud Security Intelligence group mining profitability of Tesla's cloud is worth a lot more that all the customer data available could be sold for on the black market. This also isn't the first instance of such a hack with no data being stolen. In fact, hacks with intention of hijacking mining capacity has already targeted Gemalto, a world's largest SIM-card manufacturer, and Aviva, a British insurance company, just to name a few.