Huobi Bitcoin price rises as blockchain technology is used for national defense

Source: China Jiangsu Network

According to the market data of Huobi.com, a safe and reliable Bitcoin trading platform in China, the price of Bitcoin was RMB 4,072 as of 8:00 am Beijing time on September 19. Today, the opening price of Bitcoin on Huobi.com was RMB 4,072, the lowest price was RMB 4,058, and the current highest price was RMB 4,077.

Huobi Bitcoin climbed from the lowest price of 4031 yuan to the highest price of 4086 yuan yesterday, and then slightly adjusted to the lowest price of 4058 yuan. The current price has been sideways around 4070 for five hours. The highest price of the last rebound was 4213 yuan. If this rebound can break through 4213 yuan, the market is expected to continue to rise.

This is the daily chart of Bitcoin price on Huobi.com today.

(Bitcoin market screenshot from Huobi.com)

Let's take a look at what's happening in the industry.

Blockchain technology for national defense

The Defense Advanced Research Projects Agency (DARPA) of the United States Department of Defense wants to develop a platform for secure communication transactions through the Internet or independent built-in applications for the Department of Defense. Because blockchain distributed digital ledger technology can ensure the security of all transactions, when direct communication is hindered, blockchain technology will safely publish information through all nodes, so that even the military can contact the command system under very difficult circumstances.

The U.S. Defense Advanced Research Projects Agency (DARPA) is touting its efforts to use distributed ledger technology to build a secure communications application for the Department of Defense.

Regarding this publicity, the Defense Business Department said:

“The Department of Defense needs to develop a platform that can conduct secure communication transactions either over the web or as a standalone built-in application.”

The platform will be required to provide independent information protection from the time the information is sent to the time it is received.

While providing transparent protocols and encrypted information, DARPA specifically states that all of this must occur on a “custom blockchain technology (i.e., information splitting and reassembly) and decentralized ledger.”

DARPA describes its requirements as follows: "Through this information platform, the business logic of the DoD ecosystem will be distributed to a network of known entities using a distributed ledger. By doing so, the DoD logistics infrastructure will be decentralized and can continuously and securely receive 'smart documents and contracts', thereby reducing hacker attacks and unnecessary delays in DoD logistics communications. For example, Military Interagency Purchase Requests (MIPRs) can be implemented using a secure distributed ledger. Regulators with access to the ledger can see the communication information and verify that MIPR transactions do not violate Federal Acquisition Regulations (FAR)."

The project has several phases. The first phase is to build the platform within the existing blockchain architecture. The second phase is to implement the blockchain with a decentralized backend. The third phase is to fully commercialize the platform, including beta testing and “industrializing the decentralized ledger architecture and blockchain backend.”

DARPA wants to build a completely secure communication transmission platform by using blockchain technology. The US government and its law enforcement agencies are opposing the legislation of encrypted information transmission platform in the Senate. At this time, the FBI is opposing Apple. This is a perfect time.

Australia to lead in setting international blockchain standards

Standards Australia will lead the creation of global blockchain standards. The association's CEO Dr. Bronwyn Evans mentioned that the organization will be responsible for supporting interoperability between systems. It will also focus on privacy, terminology, and most importantly, security.

The CEO of Standards Australia said: “Leading the ISO blockchain committee will better position Australia to help inform, shape and influence the future direction of international standards organizations to support the development of blockchain technology. This exciting initiative will position Australia as a global hub for innovation and digital transformation.”

People around the world believe that blockchain will revolutionize the financial industry. Its use cases extend far beyond banking and payments. International standards organizations can help with development across different industries. However, creating these guidelines requires a lot of international collaboration.

Australia wants to become a leading global player in the development of blockchain standards. But they are not the first to want to take on this role, there are also other organizations that want to do so. Currently, 36 countries have agreed to become members of the committee. The countries that have not joined include the United States, Estonia, Japan and South Korea.

These international blockchain standards will enable greater market certainty and confidence. They will also support regulation of financial transactions, asset transfers, and commodity exchanges. Unified guidelines will be able to promote innovation in global distributed ledgers. However, these rules are difficult to implement on public blockchains such as Bitcoin and Ethereum.

The details of the international committee will be released in the coming months. Australia is well known for implementing a goods and services tax on cryptocurrencies. That decision also indirectly recognized cryptocurrencies as a means of payment in Australia.

Source: China Jiangsu Network