Connect with us

Bitcoin News

Bosch Announce Trial To Use Ethereum, One Step Closer Towards Mainstream Adoption?

Published

on

German automotive components company Bosch have disclosed they are running trials using the Ethereum network. Although a spokesperson declined to comment further, their vision for the automotive industry includes self-driving technology and IoT connectivity. Nonetheless, as Bosch already have existing relationships with IOTA and Hyperledger, it will be interesting to see how Ethereum might fit into this mix.Bosch’s Vision For The Future Of CarsBack in 2017, Bosch CEO, Volkmar Denner set forth the company’s outlook for the future. In doing so, he spoke about four key technologies in AI, cloud computing, IoT networks, and blockchain. While he acknowledged the influence of Bitcoin, he was quick to dismiss the use of blockchain as a currency. He said:“The first application of blockchain was something that had nothing to do with our IoT. It was a currency that exists only in the internet, you all know it, it’s Bitcoin. So, of course we are not interested in Bitcoins but if you understand this technology in a little bit more detail you easily recognize that it can be used for something completely different. Which is highly relevant for our IoT strategy. We can establish smart and secure contracts between individual human beings.”

Blockchain Restores Trust

The latest Bosch Connected World (BCW) conference, which took place in Berlin on 15th May 2019, saw the company share the most recent developments of their loT vision. While 2018 was about selling web-enabled products, this year is focussed on partnerships to evolve the IoT ecosystem.

As far as blockchain is concerned, Bosch sees distributed ledger systems as necessary for restoring trust in the internet by democratizing it. According to their press release:

“To build trust in digital ecosystems, we need open platforms and an internet in which users have the power to decide for themselves. If users are “captive,” a web platform provider can change its terms of use at will. By gaining independence from the big internet players, users no longer have to blindly accept such changes.”

Real World Use

From having a trusted and secure network in place, real-world applications have the foundation from which to operate. At BCW 2019, they discussed a partnership with energy supplier EnBW for customizing the process of charging electric vehicles. For example, their system will take into account information about the customer, such as having small children. As a result, the network can then tailor the customer’s experience by returning more relevant results, such as charge points near playgrounds. This concept centers around matching user’s requirements for choosing, booking, and paying for recharging services.

Similarly, in conjunction with Siemens, Bosch is looking at simplifying the process of parking your car. Their system proposes direct communication between the car and nearby parking facilities. On arrival at the chosen car park, sensors identify the vehicle and raise the barrier accordingly. On exiting, the fee will be settled automatically via a virtual transaction. This system precedes the need to carry change or worry about losing a ticket.

Can Ethereum Scale?

Bosch has laid out its plans for the “economy of things,” which showcases a world of machine to machine communication, where sensors and smart contracts operate in conjunction to give us a seamless experience. However, can Ethereum, as a second generation blockchain, play its part?

Considering the functionality of competing networks, for example, IOTA, whose tangle technology is zero fee and infinitely scalable, it’s hard to justify the implementation of Ethereum as an IoT network.

All the same, the use of Ethereum is a trial, and whether Bosch chose IOTA, Hyperledger, Ethereum, a combination, or none at all is not the primary concern. What’s more critical is the groundwork that is happening right now. The outcome of which will bring blockchain to a future near you.

Like what you read? Give us one like or share it to your friends
original post…

Continue Reading
Advertisement

Bitcoin News

NYSE files a trademark application for trading NFTs

Published

on

By

The world’s largest stock exchange may be planning to bring business into the Metaverse.

Like what you read? Give us one like or share it to your friends
original post…

Continue Reading

Bitcoin News

Traders say $4,000 Ethereum back on the cards ‘if’ this bullish chart pattern plays out

Published

on

By

Global tensions that could trigger a correction in markets abound, but traders say ETH’s current setup could result in a swift return to the $4,000 level.

Like what you read? Give us one like or share it to your friends
original post…

Continue Reading

Bitcoin News

CryptoPunks community reacts to the ongoing copyright battle between V1 and V2

Published

on

By

Although the collection is no longer deemed authentic by Larva Labs, its creators alleged sold 210 ETH worth of CryptoPunks V1 when the wrapped versions first gained traction.

Like what you read? Give us one like or share it to your friends
original post…

Continue Reading

Bitcoin News

Binance.US is under investigation from SEC over trading affiliates: Report

Published

on

By

Binance CEO Changpeng Zhao allegedly has connections to two market makers buying and selling crypto on Binance.US.

Like what you read? Give us one like or share it to your friends
original post…

Continue Reading

Bitcoin News

Boost Insurance unveils product covering against crypto theft from qualified custodians

Published

on

By

Boost Insurance, an insurance infrastructure-as-a-service platform, alongside go-to-market partner, Breach Insurance, a company that provides insurance technology and regulated insurance products for the cryptocurrency market, today announced the launch of Crypto Shield, an insurance product for cryptocurrency available to retail wallet holders.

Crypto Shield covers the theft of cryptocurrency while in the custody of a qualified custodian.

The Crypto Shield product allows individuals to purchase protection for their crypto wallets held by select custodians. In the case that the custodian is breached or suffers a social engineering attack resulting in lost assets, individuals insured under Crypto Shield can be reimbursed for the value of their policy.

Boost + Breach

While there is some commercial insurance available to cryptocurrency institutions, Breach envisioned Crypto Shield as a solution to the protection gap that currently exists for individuals holding crypto, securing a partnership with Boost to assist in bringing the Crypto Shield product to life.

Boost’s insurance infrastructure-as-a-service packages the necessary operational, technological, compliance, and capital requirements for new insurance programs into a white-label solution, enabling insurtechs like Breach to swiftly launch new lines of business.

“Boost’s deep expertise and insurance infrastructure-as-a-service platform, and Relm’s industry-leading crypto reinsurance capabilities, have positioned Breach to bring a highly complex insurance product to the market in a beautifully delivered customer experience.”
– Eyhab Aejaz, Co-Founder & CEO at Breach

To deliver that product in a seamless experience, Boost and Breach’s platforms connect via API, allowing Boost’s policy administration system to deliver back-end management for the Crypto Shield product. Breach’s customers are then able to purchase and manage every part of their policy and claims process, all from within Breach’s proprietary crypto insurance platform.

“With Boost’s infrastructure-as-a-service platform, companies like Breach can launch and deliver innovative new insurance offerings, at a fraction of the time and cost required to build a full-stack insurance program from scratch.”
– Alex Maffeo, CEO & Founder of Boost

In addition to powering the new product, Boost and Breach partnered to source and secure the necessary reinsurance backing from industry expert Relm Insurance Ltd. (Relm), underwritten by Trisura Specialty Insurance Company. Operating out of Bermuda, Relm is a capacity provider to the crypto sector with a track record of insuring companies across the ecosystem. Relm has recently been awarded an ‘A Exceptional’ Financial Stability Rating (FSR) by Demotech.

“Relm’s partnership with Boost and Breach to reinsure the US’s first cryptocurrency insurance product for retail wallet holders is a milestone in supporting the development of crypto and blockchain technologies.”
– Joe Ziolkowski, CEO at Relm

The post Boost Insurance unveils product covering against crypto theft from qualified custodians appeared first on CryptoNinjas.

Like what you read? Give us one like or share it to your friends
original post…

Continue Reading

MONSTERCHOMPERS NFTs
BREAKING NEW GROUND

You must have javascript enabled to view this plugin.

Copyright © 2022 The Crypto Report

You have not selected any currency to display