US Government to Grant $800k to Blockchain Researchers

As reported, the U.S. government will help fund a distributed ledger platform being developed by researchers at the University of California-San Diego
21 August 2018   798

The US government will support a distributed registry technology developed by employees of the University of California at San Diego, CoinDesk reports.

The researcher and software developer of the Data Enabled Scientific Computing division at the San Diego Supercomputing Cente, Subhashini Sivagnanam, won a $ 818,433 National Science Foundation (NSF) grant for the development of an open scientific circuit (OSC) - a distributed registry, through which researchers can effectively access data, collected in the course of various scientific experiments, and verify it.

NSF is a scientific organization that helps to distribute federal resources in favor of various research initiatives. In recent years, it has supported several blockchain projects, including those that deal with various aspects of incentive mechanisms in cryptocurrencies and blockchain.

According to the available information, the latter project creates "a web-based cyberinfrastructure platform built using distributed ledger technologies that allows researchers to provide metadata and verification information about their scientific datasets and update this information as the datasets change and evolve over time in an auditable manner" .

In other words, the proposed network will be an up-to-date register of researchers' work, which will grow as new information is added to it. Thanks to this network, researchers will be able to trust the data with which they will have to work more.

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.