truthblockchain

[truthblockchain]

Detecting Money Laundering Patterns On The Blockchain

Blockchain analytics firm Elliptic said it detected potential money laundering patterns on the Bitcoin blockchain after training an artificial intelligence (AI) model using a record 200 million transactions.

The work is an extension of a program carried out back in 2019 that used a dataset of only 200,000 transactions. The much larger "Elliptic2" dataset made use of 122,000 labeled "subgraphs," groups of connected nodes and chains of transactions known to have links to illicit activity.

AI becomes more insightful the larger the dataset available to train the machine-learning algorithms, and cryptocurrencies like bitcoin offer a plentiful supply of transparent transaction data on the blockchain. Elliptic used the transactions for learning the set of "shapes" that money laundering exhibits in cryptocurrency and accurately classifying new criminal activity, Elliptic said in a paper co-authored with researchers from the MIT-IBM Watson AI Lab.

https://www.coindesk.com/tech/2024/05/01/blockchain-sleuth-elliptic-explores-ai-and-anti-money-laundering-using-200m-bitcoin-transactions/amp/

[truthblockchain]

Russia Discusses Complexity Of Creating Single BRICS Currency

After this year’s February BRICS meetings, Russia spoke about a BRICS Bridge platform for payments without mentioning digital currency. Two BRICS members, China and the UAE, are involved in mBridge the similarly named cross border central bank digital currency (CBDC) initiative. Using individual digital currencies for cross-border payments is a significantly different approach than using a common currency.

The Governor of the Bank of Russia, Elvira Nabiullina, has previously spoken about the complexity of creating a single BRICS currency. She made the comments before the BRICS membership expanded.

https://www.ledgerinsights.com/russia-gives-mixed-signals-about-common-brics-digital-currency/

[truthblockchain]

America Needs And Deserves Blockchain Regulatory Clarity

Innovation is essential to economic growth and higher living standards. Better tools and techniques that make us more productive are requirements of wealth creation. Still, innovation attracts its fair share of skeptics whose fears about where new technologies may lead are ripe for exploitation.

Helming the regulatory agencies in Washington, today, are many who seem to prey on fears about the nefarious misuse of technology or how innovation will send our jobs and way of life into obsolescence. Yet, with every new wave of technological uptake, the U.S. economy has created more and better paying jobs than existed before, owing to the increasing abundance produced and invested. Such progress would be impossible without entrepreneurs and their innovations.

[truthblockchain]

Blockchain Emerges As A Top Investment

Insurtech stocks experienced a significant surge in deal value, jumping 61% quarter-on-quarter. This impressive growth outpaced other verticals such as payments (+5%) and capital markets and wealth management tech (+4%). The crypto and blockchain sectors also attracted substantial interest, securing approximately 25% of the total financing rounds in Q1.

“The Crypto & Blockchain indice was primarily influenced by the launch of the first spot Bitcoin ETFs, generating substantial market momentum,” RPP added. “The Insurance indice was largely impacted by Root Insurance's exceptional performance, with its stock price soaring approximately 5x following the release of its‘best-ever Q4 results.”

After fintech and venture capital funding plummeted off a cliff in 2023, presenting the worst results in five years, the beginning of the new quarter shows that market activity is holding steady and offers a chance for recovery.

https://www.financemagnates.com/fintech/insurtech-crypto-and-blockchain-the-fintech-trifecta-of-q1-2024/

[truthblockchain]

University Conducts Polls On Blockchain

New Delhi: In this election season, Indian Institute of Technology, Madras witnessed an innovative stride in democracy by conducting its student body poll using blockchain technology. The initiative, led by students of 'Webops and Blockchain Club' at the Centre for Innovation (CFI), IIT-Madras, has now evolved into a startup, with both governmental and private organisations employing its software for managing land and health records.

https://timesofindia.indiatimes.com/city/chennai/iit-m-charts-new-course-uses-blockchain-for-student-body-polls/amp_articleshow/109671866.cms

[truthblockchain]

EU Pushes Blockchain As A Policy Matter

The European Union’s more than 370 million eligible voters are set to elect 720 parliamentarians this June – and while tech policy focus has shifted to artificial intelligence (AI), blockchain industry bodies are vying to prove the technology is vital to the bloc’s digitization efforts.

The EU has already established the world’s first comprehensive crypto rules alongside strict anti-money laundering measures for the sector. But with revisions to the landmark Markets in Crypto Assets (MiCA) regulation likely in the works and the legislation's two key architects’ political futures up in the air, Europe’s crypto industry is bracing itself for change.

https://www.coindesk.com/policy/2024/04/30/ahead-of-eu-elections-crypto-industry-pushes-blockchain-merits-as-policy-focus-shifts-to-ai/amp/

[truthblockchain]

Forbes Ranks Overvalued Blockchains

This list features blockchains such as Ripple, Cardano, Bitcoin Cash, Litecoin, Internet Computer, Stellar, among many others.

This controversial list highlights the issues of inflated valuations and overhyped blockchain launches. It critically addresses the persistent problems within the industry.

The Core Critique, Market Saturation, and Its Victims

Although innovative, the blockchain industry has often been plagued by absurd valuations and the emergence of overvalued chains. These do not substantively advance the technology or its practical applications. This practice not only misleads investors but also distorts the market landscape, making it challenging to distinguish viable projects from speculative bubbles. Forbes’ list brings attention to these fundamental concerns, marking a significant moment of alignment between traditional media perspectives and seasoned industry observers.

https://www.altcoinbuzz.io/cryptocurrency-news/forbes-good-for-nothing-list-targets-overvalued-blockchains/

[truthblockchain]

The Ethereum Blockchain Has The Most Trading Volume

Ethereum was the blockchain with the most trading volume, with 37.1% of all trading volume in March 2024. Its trading volume hit $69.67 billion in March 2024, representing a 92.4% month-on-month (MoM) climb, having recorded $36.22 billion in February 2024.

https://www.coingecko.com/research/publications/blockchain-trading-volume-market-share

[truthblockchain]

Verifying Human Identities On The Blockchain Using Social Media

The rise of truly powerful and accessible, Generative AI (GenAI) is beginning to shake up the social media landscape. New AI tools and even influencers are beginning to shape how we interact through platforms like TikTok and Instagram. This is not only troubling in terms of what content can be generated or spread but is also an existential threat to human creators as well. The solution to this problem lies in what blockchain technology can offer in terms of verified, human digital identities.

https://www.forbes.com/sites/digital-assets/2024/04/30/tiktok-and-instagram-have-an-ai-influencer-problem-blockchain-can-help/?sh=3503654e11a0

[truthblockchain]

Land Registry’s On The Blockchain

There are a lot of ideas about the use of blockchain technology in real estate. However, a frequently overlooked aspect is the land registry. The bold claim that real estate tokenization will disrupt the industry essentially boils down to securitization via security tokens. Although such ideas hold merit, I found them to be lacking in perspective and not as disruptive as proclaimed.

https://crypto.news/land-registries-should-shift-to-blockchain-technology-opinion/

[truthblockchain]

Blockchain Issues During Post Quantum Migration

Polecsak, an advocate for heightened awareness of imminent quantum attacks, asserts that the pseudonymity of blockchain will backfire during post-quantum migration. In written answers sent to Bitcoin.com News, Polecsak explained that this occurs because it will be impossible to distinguish legitimate crypto asset owners moving their funds and data from hackers attempting to steal the funds.

With billions of dollars likely to be lost, rendering the aforementioned public blockchains worthless, Polecsak said attempting a rescue is already a lost cause. He added that there is simply no secondary authentication mechanism to prevent this from happening in the case of already running blockchains.

[truthblockchain]

Deciding Whether The Metaverse Needs To Be On The Blockchain

While the hype surrounding the metaverse seems to have dwindled, some continue to believe in its use cases and potential for the future.

Cointelegraph reached out to Web3 professionals who argued that there are undeniable use cases for the metaverse in various industries like gaming, real estate and tourism.

https://cointelegraph.com/news/metaverse-blockchain-techology-integration-execs-weigh-in

[truthblockchain]

Searching For A Hollywood Use Case For Blockchain

Will Hollywood ever get on the blockchain?

The question of whether entertainment industry dealmakers will ever embrace cryptocurrency and blockchain technologies as a solution to the age-old problem of Hollywood accounting is discussed by two experts in the crypto realm on the latest episode of Variety podcast “Strictly Business.”

[truthblockchain]

Putting The Entire US Budget On The Blockchain

Robert F. Kennedy Jr’s recent rally in Michigan. In it, he made promises like:

He’s gonna put the entire U.S. budget on the blockchain

Any citizen can track the budget and see the spending in real time.

[truthblockchain]

Token Raising Events Are Smaller Then Before

Jamie Elkaleh, global relationships manager with crypto exchange Bitget, says that while the halving and Bitcoin ETFs have sparked bullish conditions, token-raising events are smaller than they used to be.

“Any organization that wants to fundraise through selling tokens can use transparency as a feature, and it doesn’t really matter what they call them — ICOs or token events — these are ways to engage with a community and raise money in a transparent fashion,” he says.

“The difference between 2021 and this bull market is that sums are smaller. Before, they might have raised in double or even triple digits; now it’s smaller, single-digit raises, so $4 million, not $40 [million],” he says.

[truthblockchain]

Blockchains Role In The Open Finance Revolution

The next generation of innovation in finance is dawning, and the open finance revolution has the potential to transform operations throughout many sectors.

Facilitating transactions on a global scale, enhancing customer experiences, delivering advanced financial services, and building consumer trust can all carry major ramifications for the performance of businesses within increasingly competitive landscapes.

It’s for this reason that blockchain technology is fast becoming an essential tool in leveraging transformation beyond open banking, and into the realm of open finance.

[truthblockchain]

$60M Of Ether Issued On The TON Blockchain

$60 million worth of Tether has already been issued on The Open Network (TON) since it began supporting the blockchain on April 19, making it the 11th-largest blockchain for Tether out of 16.

On April 19, the stablecoin issuer announced a collaboration with the TON Foundation at the Token2049 crypto conference in Dubai that would see Tether begin to be minted on TON.

The firm also revealed it has launched the gold-pegged Tether Gold (XAUT) stablecoin on TON as well.

The Open Network team said that cross-border payments were instant, free and as easy as sending a text message to Telegram’s 900 million users in a post on X.