Scotland-based Edinburgh Napier University declared the official release of the Blockpass Identity Lab, that is the first Blockchain identity laboratory in the world.
This presents the first research facility in Europe that will be entirely utilized merely for the research and development of Blockchain technology. The main purpose of it is to discover` different new usage cases for the technology. The goal is to find new methods of applying this for protecting personal information online.
New Achievement of Blockchain Technology:
The laboratory is a result of a mutual understanding of Edinburgh Napier University and Blockpass IDN, an identity application firm consisted on blockchain technology that originates from Hong Kong.
The two have approached a three-year partnership, which will also make sure funding for the research staff, computerized blockchain environment, as well as five Ph.D. students. Moreover, the facility decides to focus especially on some key problems regarding identity, as well as on creating new data infrastructures that would honor users’ rights and privacy. Kate Forbes, digital economy minister for Scotland, commented on the development by saying that this is an exciting move, especially since the new technology can bring much more protection to personal data on the internet.
It will not only guard data from hackers, scammers, and other cybercriminals, but it also takes on the innovative tradition of John Napier, who was a mathematician.
The facility’s celebration was first declared back in April. It came as a reaction to several data breaches and similar scandals that have announced to point out the risk of storing data in centralized locations. Now, thanks to the new facility, such risks can be eradicated through thorough research of the blockchain.
Data Breaches Are being Developing Around the World:
U.S focused over several companies which are breaking laws to deal crypto-currencies.
U.S.-based companies have strived with the problem a lot, and as time passes, the attacks on unprotected databases seem to grow more and more frequent. Even so, Europe-based firms are also not unfamiliar with the issue, and some imagines claim that as much as 17% of the population has been treated by unfair way in identity theft operations.
In 2017, the credit card which is used for deception alone was guessed to be at around £1 billion ($1.3 billion) on the continent of Europe. This has led to the cancellation of credit cards by more than five million individuals. Clearly, a new method of protecting information is desperately needed everywhere around the world, and the blockchain seems to be a perfect solution.
Mark Peter is a full-time member of the reporting team at Bitconews. He is a finance major with one five of writing experience. He has not held any value in Bitcoin or other currencies. He joins Bitconews as a freelance journalist, blogger and forex trader.
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