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Bitcoin Daily: Seagate Data Storage Firm Uses Blockchain To Fight Fraud; Brazil Citizens Must Report Crypto Transactions To RFB

Data storage firm Seagate revealed that it has moved its anti-fraud blockchain project with IBM into the pilot stage.

Launched in 2018, the project monitors products sent via several steps to the customer, including product returns, to prevent counterfeit drives from being sent back. The technology could also be used to verify that any returned drives have undergone a “certified erase” process to remove any user data.

“When a drive … comes back as part of its returns process, if we can prove that the drive was cryptographically erased, and therefore, the information is no longer on the device, then, from a risk perspective, this reverse supply chain can treat that device differently,” Manuel Offenberg, Seagate’s research group managing technologist of data security, told Forbes.

In other news, Brazil’s Tax Authority has announced that transactions involving cryptocurrencies must now be reported to the Department of Federal Revenue (RFB).

The regulation applies to individuals, companies and brokerages, and includes crypto-related activities such as buying and selling, donations, barters, deposits, withdrawals and more. Those who do not comply will face penalties ranging from 100 to 500 Brazilian reais or from $25 to $130, according to Cointelegraph.

And Malta’s Minister for Financial Services, Digital Economy and Innovation in the Government of Malta, Silvio Schembri, announced that the nation’s business registry (MBR) will adopt blockchain, which will aim to boost the system’s efficiency and decrease unneeded bureaucratic procedures.

“The decision to create a separate standalone registry is in line with the proposed changes to the MFSA which are set to strengthen the internal management structure of the Authority, allowing it to focus solely on its regulatory role, while also delving into non-traditional segments of the market,” said Schembri, according to The Malta Independent.

He added that it will become the first government agency run on a blockchain-based system and artificial intelligence.

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