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Indian Defense Minister Talks About the Role of Blockchain in Warfare

Indian Defense Minister Talks Blockchain in Warfare

Indian Defense Minister Talks About the Role of Blockchain in Warfare

Indian defense minister Rajnath Singh believes that blockchain will play a significant role in modern warfare. In an address to envoys of more than 80 countries before the country’s DefExpo 2020 conference next February, Singh said that Blockchain, Artificial Intelligence (AI) and big data will be required for the next generation of warfare.

Rajnath Singh said:

“The role of AI, big data and blockchain technologies has already revolutionized the existing paradigm of warfighting. The defence industry is undergoing a churning to cope and employ these technologies, in order to safeguard the safety and security of critical infrastructure.“

Considering the shift in the pattern of warfare techniques from land, sea and air to cyberspace and outer space, digital means of combat could potentially play a huge role. The defense minister emphasized the dual goal of preparing for contingencies and the threat from various sources, and at the same time have the ability to respond proactively if necessary.

As reported earlier, the concept of using blockchain in the defense sector is not the first, with the US Defence Advanced Research Projects Agency (DARPA) examining the scope of blockchain in the defense strategy. Last year, the US overseas military personnel announced a voting system via a blockchain mobile app so that servicemen could vote in midterm elections. 144 military personnel stationed overseas from 24 counties cast their ballots on a mobile, blockchain-based platform called Voatz.

 

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South Korea Aims to Put Trade Finance on the Blockchain by 2021

South Korea to Use Blockchain for Trade Finance

South Korea Aims to Put Trade Finance on the Blockchain by 2021

South Korea is planning to embark on the blockchain trail for trading. As per local media reports, the complete digitization of the trade process is headed towards achieving low cost trading benefits and is anticipated to be completed by 2021.

Finance Minister Hong Nam-ki introduced the Development Plan for Digital Trade which highlights the utilization of cutting-edge technologies such as artificial intelligence, blockchain and big data for furnishing customized trading information to the companies which will reduce the time and cost related to trade finance by more than 90%. These technologies will also be used to devise a digital trading platform to boost e-commerce exports.

Hong Nam-ki said:

“We will build a digital trading platform that can be easily and conveniently used in all stages of export, such as contracts, customs and logistics.”

The plan also stated the utilization of blockchain in the u-Trade-Hub 2.0 (uHT 2.0) initiative to garner information pertaining to exports, foreign investment and international projects.

Chung Seung-il, Vice Minister of Commerce and Industry, said that the scheme is driven towards improving the Korean export support foundation by furnishing trade information and export support services of the government and other enterprises.

In June 2019, as reported by BitcoinNews.com, the government of South Korea committed to revising laws so as to allow for more flexibility in fintech startups in the country to create new business models. Prime Minister Lee Nak-yon said that the consideration of such sweeping changes represented the state’s desire to give a boost to its fintech sector, hoping to spur innovation and the creation of new industries through deregulation.

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JD.com Establishes Blockchain & AI ‘Smart City’ Research Institute

Chinese e-commerce company JD.com’s finance division has launched a blockchain and artificial intelligence (AI) focused research institute to concentrate on building so-called ‘smart cities and societies.’

The Nanjing-based Smart City Research Institute will attempt to find the most cost-effective and efficient ways of building tech-savvy cities through the utilization of blockchain, AI and big data solutions. It will collaborate with industrial construction operations; focused on China’s eastern region for the foreseeable future.

The Institute will research advanced intelligent solutions in the areas of urban environment, transportation, planning, energy consumption, commerce, security, healthcare, and e-government.

Jingdong Group, known more widely as JD.com, has been keen to make its mark in the blockchain sphere. Currently, it’s investing significant amounts of capital into a range of solutions, including logistics and supply chain, as well as launching its own blockchain-as-a-service platform. The company has focused its efforts roundly on e-commerce, finance, and logistics.

Smart Cities

Last month China-based insurance company Ping An Insurance released its own whitepaper dedicated to the infrastructure of smart cities, endorsing the use of blockchain alongside big data, AI, and cloud computing. The authors of “White Paper on Smart Cities” have said that it is dedicated to helping the Chinese government realize a new model where cities act as a service to the residents.

It boasts of proposing a plan which is both comprehensive and systematic, serving the needs of the country, society and people’s livelihood. Local news outlet People’s Daily reported on the paper describing it as a ”milestone significance” since the first smart city was officially proposed in 2008.

Ping An Insurance is one of the largest of its kind, in May this year being ranked as the third most valuable global financial services company in the world.

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