Bitcoin Daily: Huawei Creates Blockchain System For Beijing; CryptoTrader.Tax Suffers Hack

Bitcoin Daily: Huawei Creates Blockchain System For Beijing; CryptoTrader.Tax Reportedly Suffers Hack; Blockchain Service Network To Connect Stablecoins Support Next Year

Huawei has created a technology based on the blockchain to help the Beijing government more effectively monitor and supervise citizen information, CoinDesk reported.

The effort is reportedly part of the “New Infrastructure Initiative” of the country to allow for information to be unchangeable and provided to various governmental bodies, the report stated. Moreover, the cloud services arm of Huawei has fueled the project with blockchain innovations like distributed ledgers.

Use cases for the project reportedly include assisting the government in keeping track of instances of COVID-19, locate parking spots for people, and simplify the procedure for individuals to register properties, according to CoinDesk. The project seeks to allow information to be distributed to over 50 governmental bodies.

In other news, CyptoTrader.Tax has suffered a hack in which information from over 1,000 users was taken, CoinDesk reported.

The attacker got into an account on a support platform belonging to a staffer, CoinDesk reported, citing an unnamed source.

David Kemmerer, the CEO of the site and one of its co-founders, indicated to the outlet that an attacker received access without permission in early April to the staffer’s account. He noted that the attacker could view support center information and took a file that had data with the inclusion of 1,082 email addresses.

CryptoTrader.Tax lets users put trades into its system from dozens of digital currency exchanges and automatically create tax reports that can be brought into TurboTax, according to the report.

And, the Blockchain Service Network (BSN) of China will reportedly begin enabling stablecoin support next year, Cointelegraph reported.

Red Date Technology CEO Yifan He said to Cointelegraph that the initiative would start bringing stablecoins into the network in the near future. The official noted that stablecoins will be harnessed for payment in exchange for various offerings in the project’s ecosystem.

“Only stablecoins can make it much easier, quicker and safer,” the official told the outlet.

The BSN is a program supported by the state seeking to help out medium-sized firms create blockchain applications and put them into place, Cointelegraph reported. Red Date Technology is a tech firm participating in the build-out of BSN, per the report.