Warren Buffet: BNSF Railway Can Be Improved with Blockchain

BNSF Railway, owned by Buffett's Berkshire Group will use the blockchain in Transport Alliance along with over 200 other logistics companies
06 February 2018   416

Transportation industry sees benefits in the blockchain. At the moment, the alliance examines ways to use the blockchain in order to improve the maintenance, control quality and prevent fraud in the industry. The transport and logistics industries are examining blockchain technology to streamline and improve information flow and security.

Warren Buffet, who was an outspoken critic of cryptocurrency and blockchain in the past, believes that this technology has benefits, which will help to manage complicated logistics.

According to the alliance website, BNSF Railway will join market standards including FedEx Corp and United Parcel Service Inc, German software company SAP SE, Bridgestone Corp and some banks.

BNSF operates in 28 U.S. states and Canada and is among the largest of Berkshire’s business units. It generated $2.84 billion of profit in the first nine months of 2017. BNSF Railway is one of the most important transportation networks in North America that is why it is necessary to improve it with the help of fast-developing technology.

Warren Buffet hopes that BNSF Railway will attract more transport industries and inspire them to exam blockchain technology together.

Japan to Tighten Regulation Due to Zaif Hack

$ 62 000 000 worth cryptocurrency was stolen from the Zaif exchange few weeks ago
25 September 2018   82

Hacking of Zaif exchange is the reason for toughening control over the market by the financial regulator of Japan, Reuters reports.

The first measure taken was administrative sanctions against the exchange and its operator Tech Bureau Corp. The Financial Services Agency (FSA) has expanded the list of requirements for the latter, pointing out the need to identify preventive measures and search for the organizers of the theft.

Shortly before that, researchers of the Japanese financial company Tech Bureau Corp could not provide details of the theft of $ 62 million from the Zaif crypto exchange at the request of the FSA. The Osaka-based operator had to investigate the causes, consequences of the theft and options for compensating the victims. According to the Agency, the financial company could not cope with the task.

According to the Tech Bureau, the exchange was hacked on September 14 within a few hours. The problem with the server was discovered by the site staff on 17 September. Official confirmation of the incident and notification of the authorities was made only a day later.

Recall, the theft of $ 60 million from the Japanese stock exchange Zaif caused a surge of volatility of bitcoin. For a short time the price was able to overcome the distance of $ 400.