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Toyota Reveals Blockchain Lab to the Public After Almost a Year of Development

Japanese automotive company Toyota Motor Corporation, in collaboration with Toyota Financial Services Corporation announced its Blockchain Lab involving six Toyota Group companies. The Lab plans to focus on exploring the future of the automotive industry, and said it aims to become a “Mobility Company.”

One of the largest focus areas of the Lab is identity, as customers needed to verify their identities through every platform and service users, which is time-consuming and costly. The Blockchain Lab has been established in April 2019 and has been looking into the potential of distributed ledger technology in the past year.

With decentralization enabled, the verification of the identity of an individual or organization could enable the data to be securely shared in a permissioned manner. The Lab has also been looking into supply chain monitoring, the digitization of assets to diversify the range of currently available financing options.

The Toyota Blockchain Lab has also been carrying out investigative studies and has been involved in trial projects which were completed in November 2019. The organization hopes to further develop its initiatives for the implementation of strategic partnerships with external parties outside of the group, as well as to accelerate the social implementation of existing blockchain platforms in the world.

Ford test drives blockchain for energy-efficient vehicles

Ford Motors, through the chairman of its management board Gunnarr Hermann, announced in October 2019 that it would use blockchain to monitor and automatically implement fuel-efficient driving modes for a fleet of vehicles in Cologne, Germany. This is part of a stretched pilot program taking place simultaneously in London and Valencia, Spain.

Ford pilots innovative geofencing and blockchain technology to ensure vehicles operate efficiently in city center low-emission zones. This is in a move to help combat climate change and to help reduce the rate of fuel emissions into the atmosphere.

Image via Shutterstock

Verizon's New Blockchain Verification Tool 'Full Transparency' Combats Fake News

Verizon Communications Inc, a telecommunications service producer has unveiled a blockchain-based solution dubbed ‘Full Transparency’ for the verification of news and media releases.

According to Verizon’s announcement, the Full Transparency solution is an open-source newsroom product that will enable any media information to be tracked on the blockchain, giving the public a level of trust in the information being shared.

As the world embraces a greater shift to digital media as boosted by the coronavirus pandemic, the need to verify information has become more vital and a system created for information sharers particularly corporate entities to be held accountable. This is what Verizon’s Full Transparency is set to usher in.

“As a technology company that quite literally connects people to information, we are excited to bring Full Transparency to market—a product that, in its own quiet way, can help ensure corporate accountability and trust,” said Jim Gerace, Chief Communications Officer for Verizon. “We invite organizations across the world that prize transparency as much as we do to adopt blockchain-verified communication practices.”

Blockchain to The Rescue In Fighting Fake News

With the expansion of the use cases of blockchain technology, there has been significant advocacy for the use of the technology to combat fake news. Just as in the case of Verizon’s Full Transparency open-source blockchain platform, information providers will be more cautious before publishing the news or information they have as any changes or alterations will not be possible on the blockchain and if possible, it would be visible to all.

The fight to combat fake news with blockchain technology dates back to before the COVID-19 pandemic broke out as such startups including Blackbird.AI and Civil are making it easier for Internet readers to identify and discount fake and misleading news by introducing labels that evaluate content based on “credibility signals” such as who the author is, how the content was funded, and its ad quality score.

King’s College Report: Blockchain Could be Pivotal in Nuclear Disarmament

Through its new policy report dubbed ‘The Trust Machine: Blockchain in Nuclear Disarmament and Arms Control Verification,’ King’s College London discloses that blockchain technology could be pivotal in dismantling nuclear warheads reliably, securely, and safely.

Building trust in nuclear disarmament

By leveraging blockchain technology, parties involved in the Nuclear Non-Proliferation Treaty will build trust needed in arms control verification and nuclear disarmament.

King’s College London released the report through its Centre for Science and Security Studies (CSSS), noting that blockchain’s unique elements correlate with the data management requirements in disarmament procedures.

Lyndon Burford, a CSSS research associate, noted:

“Countries around the world face the critical policy challenge of reducing nuclear risks, and cooperative disarmament and arms control measures can help with that task. But governments often lack sufficient trust in each other to cooperate on such measures, partly due to strategic and legal concerns not to reveal sensitive information.”

Blockchain nicknamed ‘the trust machine’

Blockchain technology ensures data encryption, making it tamperproof. As a result, it is expected to develop a technical foundation for cooperation among non-trusting parties in the disarmament process, leading to the nickname ‘the trust machine.’

The report stated:

“Verifying the dismantlement of a nuclear warhead creates an enormous amount of sensitive data. Inspectors need to record the status and locations of warheads, the details of on-site inspections, and the status of various facilities.”

Therefore, maximal confidence is necessitated in these procedures. Blockchain is expected to spearhead this objective by acting as an international confidence-building measure by permitting third parties, including non-nuclear-weapon countries, to authenticate disarmament information without seeing it. Furthermore, blockchain is anticipated to:

“Provide a secure base layer for a private internet-of-things made up of location sensors and environmental monitors, allowing real-time monitoring at remote sites and automatically alerting participants to potential treaty violations.”

Last month, the United States National Security Council named distributed ledger technology (DLT) as one of the most critical areas that will give the nation an upper hand in the US-China tech cold war.

Australia and Singapore Authorities Completes Trial for Blockchain-based Cross-Border Document Verification

The Australian Border Force (ABF), the Infocomm Media Development Authority of Singapore (IMDA), and Singapore Customs have completed a blockchain-based trial that helps reaffirm the possibilities that trade documents can be issued and verified digitally across two independent systems, reducing cross-border transaction costs.

The trial was conducted alongside major industry stakeholders, including the Australian Chamber of Commerce and Industry, Australian Industry Group, ANZ Bank, DBS Bank, Standard Chartered and Rio Tinto. The whole action was part of the Australia-Singapore Digital Economy Agreement to boost trade opportunities between both nations.

According to the joint press release shared, the trial involves testing the interoperability features of the two digital verification systems — the ABF’s Intergovernmental Ledger and IMDA’s TradeTrust reference implementation. In the trial, the authorities inserted QR Codes with unique proofs into digital Certificates of Origin (COO), thus making it possible for the document to be scanned and its authenticity confirmed in real-time.

The trial’s success showcases the tendencies for Australian authorities and businesses to issue high integrity digital trade documents that can be instantly authenticated, provenance traced and digitally processed. This blockchain-based process will enhance trade trust and speed up transaction time and inefficiencies in a remarkable way.

“ABF is proud to pioneer cutting-edge digital verification projects in Australia. We understand this collaboration is among the first to involve multiple government agencies from two countries to achieve cross-border document interoperability,” said ABF Commissioner Michael Outram. “Digital verification and verifiable documents show promise as a ‘circuit-breaker’ to disrupt persistent paper-based evidence required by authorities.”

According to the authorities, the venture’s underlying goal is to replace paper documentation in cross-border trade transactions gradually. Exploring blockchain technology, which has gained traction in trade applications over the years, will help reinstate trust. All parties can easily verify the transactions, with no room to alter the details.

Browser Extension Reveals Twitter Blue Accounts

Twitter users have been able to verify their accounts for a monthly fee since the launch of Twitter Blue in November 2022. This has led to a flood of verified accounts, some of which are associated with spam bots and fake information. The introduction of a Know Your Customer requirement did little to deter trolls from taking advantage of the service.

To address this issue, a browser extension called “Eight Dollars” has been created. It helps users differentiate between accounts that have paid for verification and those that have earned it through the traditional process. For accounts that have paid for verification, the extension displays a “paid” text next to the blue checkmark. For others, it simply shows “verified.”

The extension provides transparency to the Twitter platform and helps identify scam accounts, as evidenced by positive reviews from users. This has been welcomed by users who are concerned about the flood of verified accounts that have made it difficult to identify legitimate accounts.

Elon Musk, the CEO of Tesla and SpaceX, was involved in the launch of Twitter Blue, which was designed to discourage spam bots and fake accounts. However, he and other tech industry leaders recently signed an open letter calling for a halt to the development of artificial intelligence. This has split opinions, with some entrepreneurs, such as Coinbase CEO Brian Armstrong, believing that every technology poses a certain amount of danger, and the goal should be to keep moving forward.

In conclusion, the “Eight Dollars” browser extension provides a useful tool for Twitter users who are concerned about the flood of verified accounts on the platform. It helps distinguish between legitimate accounts and those that have paid for verification, which has reintroduced user doubt. While there are differing opinions on the development of artificial intelligence, transparency on social media platforms is crucial in identifying scam accounts and restoring user trust.

Mastercard Launches Web3 Solution for Crypto Verification

Mastercard has launched a new Web3 solution aimed at improving the verification standards in the digital asset space. The solution, called “Mastercard Crypto Credential,” provides a unique identifier to users, enabling them to verify that an address they want to send funds to has been vetted by Mastercard and has been operating in compliance with the firm’s standards. The solution will support compliance through the exchange of metadata and help reduce the opportunities for bad actors.

As part of the solution, Mastercard has partnered with several crypto wallet providers, including Bit2Me, Lirium, Mercado Bitcoin, and Uphold. The firm has also partnered with several blockchains, including Aptos, Avalanche, Polygon, and Solana. To ensure compliance, Mastercard will tap into CipherTrace’s suite of services, including CipherTrace Traveler, to help verify addresses and support Travel Rule compliance for cross-border transactions.

The solution is designed to reduce the opportunities for bad actors and the risk of funds being lost for good. Even if bad actors slip through the cracks and obtain a unique identifier, Mastercard can quickly revoke their verification if they have engaged in nefarious activity. The firm’s long list of partners behind the solution is a testament to its commitment to enhancing the crypto sector’s standards.

Mastercard has been steadily increasing its exposure to the crypto sector over the past few years. This latest announcement comes just a few weeks after the firm launched a non-fungible token (NFT) gated musician accelerator program in collaboration with Polygon. The program offers free access to materials, unique artificial intelligence tools, and other experiences to holders of Mastercard’s Music Pass NFT.

Visa, Mastercard’s competitor, has also made a move in the crypto space by announcing a new stablecoin payments-focused project. Cuy Sheffield, the firm’s head of crypto, announced the project on Twitter and shared a job listing for the role, which notes that the company is “building the next generation of products to facilitate commerce in everyone’s digital and mobile lives.” The company is on the lookout for someone with strong experience in Web3 and blockchain tech.

In conclusion, Mastercard’s new Web3 solution, “Mastercard Crypto Credential,” is designed to enhance user verification standards and reduce the opportunities for bad actors in the digital asset space. The solution’s unique identifier will provide users with an added layer of security, allowing them to instantly verify that an address they want to send funds to has been vetted by Mastercard and has been operating in compliance with the firm’s standards. The firm’s long list of partners and its commitment to enhancing the crypto sector’s standards highlights its dedication to innovation and staying ahead of the curve.

Mastercard Launches Web3 Crypto Solution

Mastercard has launched a new Web3 solution called the “Mastercard Crypto Credential,” which aims to enhance user verification standards in the digital asset space. The solution provides users with a unique identifier, which can help verify that an address has been vetted by Mastercard and is operating in compliance with the firm’s standards. This new offering aims to reduce the risk of bad actors and the loss of funds in the space.

The solution will also support compliance through the exchange of metadata required to meet regulations. Even if bad actors manage to obtain a unique identifier, Mastercard can quickly revoke their verification if they have engaged in nefarious activity. The solution aims to reduce opportunities for bad actors and ensure compliance with regulations.

The Mastercard Crypto Credential will be issued to users to enhance verification standards set by the company. As part of the solution, Mastercard has partnered with various crypto wallet providers such as Bit2Me, Lirium, Mercado Bitcoin, and Uphold. Additionally, partnerships with blockchain platforms like Aptos, Avalanche, Polygon, and Solana were also announced.

CipherTrace’s suite of services, including CipherTrace Traveler, will also be used to verify addresses and support Travel Rule compliance for cross-border transactions. Mastercard has been increasingly involved in the crypto sector over the past few years. The company recently launched a non-fungible token (NFT) gated musician accelerator program in collaboration with Polygon.

The program offers free access to materials, unique artificial intelligence (AI) tools, and other experiences to holders of Mastercard’s Music Pass NFT. Mastercard’s competitor, Visa, has also made a crypto move with its head of crypto, Cuy Sheffield, announcing a new stablecoin payments-focused project via Twitter. The company is currently searching for a candidate with experience in Web3 and blockchain tech to work on this project.

In conclusion, Mastercard’s new Web3 solution called the “Mastercard Crypto Credential” aims to provide a secure way for Web3 and blockchain service providers to help secure transactions between users. The solution offers a unique identifier to users that verifies an address has been vetted by Mastercard and has been operating in compliance with the firm’s standards. The company has partnered with various crypto wallet providers and blockchain platforms and will be using CipherTrace’s suite of services to ensure compliance with regulations. This latest move by Mastercard shows the company’s increasing involvement and investment in the crypto sector.