Editor’s Note: Markets are highly volatile, so stay on top of the daily news. Catch up in minutes with today’s must-read news and a quick rundown of expert opinion. Sign up here!

(Kitco News) – Taiwanese officials prepare for the official launch of a new digital ministry (MODA) on August 27 amid heightened tensions between China and the island nation on the western edge of the Pacific Ocean. We are.

Its launch is part of a multi-pronged approach designed to protect against Chinese cyberattacks. Chinese cyberattacks have increased in recent months amid visits by US officials, including Congressman Nancy Pelosi.

The new ministry will be responsible for policies related to information, telecommunications, communications, information security and the Internet at its inauguration, with information security now becoming the most pressing concern.

The InterPlanetary File System (IPFS) technology will be incorporated into its system, which will help boost the country’s cybersecurity capabilities in information warfare with China, according to the new minister-elected No-Portfolio Minister Audrey Tank.

IPFS is considered part of the Web 3.0 evolution as the protocol operates as a peer-to-peer network for storing and sharing data on distributed file systems. To accomplish this, the protocol uses content addressing to uniquely identify each file within a global namespace that connects all computing devices.

Tang emphasizes the immutable nature of the new integration, commenting: So if it can be taken down, everything from Ethereum to NFTs is unlikely to be taken down. ”

Distributed networks like IPFS have proven effective in combating distributed denial of service (DDoS) attacks. DDoS attacks have become China’s preferred method of attacking Taiwan in recent months.

Following Pelosi’s visit in early August, Tan said cyberattacks on Taiwan government agencies exceeded 15,000 gigabits. This is 23 times the previous daily record.

Several government websites, including the presidential office, have been targeted in foreign cyberattacks, some of which appear to have been initiated by China and Russia, according to officials.

Lo Ping-Cheng, a spokesperson for Taiwan’s cabinet, indicated that power plants and airports are the focus of increased security measures, with cybersecurity vigilance levels being raised at all government agencies.

MODA’s integration of IFPS technology represents one of the many beneficial applications of distributed ledger and blockchain technology, highlighting the additional security that peer-to-peer networks can provide.

From a broader perspective, so far Taiwan’s relationship with cryptocurrencies has been somewhat of a love-hate affair, with Taiwan recently embracing credit card-based cryptocurrencies after major financial regulators compared cryptocurrencies to online gambling. Indirectly prohibited the purchase of virtual currency.

On the flip side, the country continues to work hard on its own central bank digital currency, which is currently being distributed across five banks in Taiwan through a pilot program for more widespread distribution.

Disclaimer: The views expressed in this article are those of the author and may not reflect the views of the author Kikko Metals Co., Ltd. The author has made every effort to ensure the accuracy of the information provided. However, neither Kitco Metals Inc. nor the authors can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation of an exchange of commodities, securities or other financial instruments. Kitco Metals Inc. and the authors of this article accept no liability for loss and/or damage resulting from the use of this publication.


Source link


Submit a Comment

Your email address will not be published. Required fields are marked *