Bitcoin

Bitcoin Daily: US Navy Exploring Blockchain To Track Aviation Parts; California Bans Crypto Donations For Candidates

The Naval Air Systems Command (NAVAIR) announced that it is exploring the use of blockchain to help track aviation parts.

The current method uses a pen and paper to track parts once they are delivered to the user, with the information written on a Scheduled Removal Component Card and then manually entered into a database. In hopes of switching to a permissioned blockchain, NAVAIR’s Fleet Readiness Center Southwest (FRCSW) advanced technologies team has partnered with Indiana Technology and Manufacturing Companies (ITAMCO), developers of SIMBA Chain. As part of the agreement, the Navy will gain access to cutting-edge chain code, as well as protocols that can quickly and securely recall large data sets.

In other news, Venezuela’s President Nicolas Maduro announced the adoption of its state-created petro cryptocurrency in international trade starting next month.

“The petro enters … as a currency of exchange, purchase and convertible currencies for the world,” he said during his speech, according to CoinDesk.

In February, the country reportedly sold $735 million of petro during day one of its presale. But not all of Venezuela’s leaders or other governments support the launch. Opposition leaders have said the sale is an issuance of illegal debt that doesn’t go through the country’s majority-opposition legislature. In addition, the U.S. Treasury Department has said the crypto sale might violate sanctions.

And a new California law has banned candidates who are running for public office in the state from receiving donations in cryptocurrencies.

According to Associated Press, the Fair Political Practices Commission voted 3-1 last week to ban the donations because the origin of crypto can be hard to track, leading to questions about transparency.

California isn’t the only state to make the move: South Carolina has also banned crypto contributions, while Colorado and Montana allow them with restrictions.

The Federal Elections Commission, however, allows bitcoin donations to federal candidates.

——————————–

Latest Insights: 

Facebook is a giant in the ad game, with 2.3 billion active monthly users and $16.6 billion in quarterly advertising revenue. However, its omnipresence makes it a honeypot for fraudsters. In this month’s Digital Fraud Report, PYMNTS talks with Rob Leathern, Facebook’s director of product management, on how the site deploys automated systems and thorough advertiser vetting to close the lid on fraudster attempts.

TRENDING RIGHT NOW

To Top