Welcome to QX Snapshots - a weekly recap of the key news on emerging technologies. In this newsletter, you will get a "digest" of the latest info on Enterprise Blockchain, AI, Quantum Technology, and Metaverse. Hope it brings you value :)
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Every Friday we share key snapshot news on AI, Quantum Technologies, Metaverse, and Enterprise Blockchain/DLT.
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[Blockchain] Sygnum Bank & Hamilton Lane & Apex Group with Private Markets on Polygon, Rabobank pilots DLT-based Instant Settlement, and BSV Sets Legal Framework for Blockchain Nodes. Sygnum Bank, Hamilton Lane, and Apex Group are launching a new share class registered on Polygon's blockchain to expand access to private markets. By automating and integrating traditionally separate functions, it aims to increase efficiency and lower the barrier to entry. The first fund featuring this innovation will be Hamilton Lane's $3.8 billion Global Private Assets Fund, allowing smaller minimum investments while retaining the benefits of traditional shares. This strategic cross-industry project leverages Sygnum's blockchain solutions for asset tokenization and on-chain registry management by Apex to open private markets to more qualified investors in a regulated environment. Meanwhile, Rabobank has conducted over €2 billion in pilots for commercial paper transactions using Ubermorgen's blockchain-based issuance platform. By enabling T0 same-day settlement, it aims to improve the typical T2 settlement times. The pilots demonstrated efficiency gains in automation, transparency, and interoperability with existing financial infrastructure like Bloomberg and Swift. As the industry prepares for T+1 settlement in 2024, Rabobank's adoption of technologies allowing instant settlement signals a future where blockchain better secures financial transactions and adapts to evolving global demands. Also, Members of 3 Hare Court Chambers and D2 Legal Technology have collaborated with the BSV Association to craft innovative Network Access Rules governing the activities of nodes on the BSV blockchain. These rules aim to enhance security, integrity and stability in support of BSV's vision focused on scalability, instant transactions and immutability to the original Bitcoin protocol. Acting as a contract between the Association and participating nodes, the rules provide a transparent legal framework for mining, dispute resolution, and regulatory compliance. Drawing on expertise in blockchain and financial markets, the advisory team helped codify processes to ensure network efficiency, growth, and alignment with regulations paving the way for steady enterprise and government adoption.
[AI] Microsoft Unveils Copilot for Finance, Alibaba's EMO Transforms Still Images into Animated Videos, and BCG on GenAI's Banking Transformation. Microsoft has announced the public preview of Copilot for Finance, the newest AI-powered offering in Microsoft 365 designed to help finance teams by automating workflows and providing data insights. It builds on Copilot for Microsoft 365 to enhance Excel, Outlook, and other productivity apps with finance-specific features like variance analysis, reconciliation, and customer account summaries. Early adopters like Visa, Northern Trust, and Microsoft's own finance team see potential to optimize routine processes so finance staff can focus more on strategic priorities. The goal is to help companies move beyond AI experimentation and strategically empower frontline workers. Meanwhile, Alibaba has unveiled EMO, an AI video generator that creates emotive and animated portraits from still images. In demos, EMO brings photos to life by perfectly syncing facial expressions and mouthing to input audio. It made Sora's AI lady sing and dance to a Dua Lipa song. EMO seems more advanced than competitors like NVIDIA Omniverse's Audio2Face, generating photorealistic video instead of 3D animation. While impressive, it remains unclear how well EMO handles complex emotions without fine-tuning. Still, its ability to pick up phonics and facial nuances across languages hints at a future where AI-generated video worlds are highly realistic and responsive. Also, BCG has released a new whitepaper “GenAI is about to transform banks front to back” explaining how GenAI presents a major opportunity for banks to transform customer relationships, widen offerings, and reduce manual labor costs. The paper states that eventually most customer interactions will be fronted by AI, with humans focusing on exceptions, tuning, and the highest-value situations. GenAI could also democratize access to financial advice. It highlights that rather than waiting for perfection, decision-makers must act now on GenAI capabilities that are advanced and ready for widespread use.
[Quantum Technology] China Launches First Commercial Quantum Cooling Refrigerator, UK Outlines Quantum Innovation Governance and Breakthrough in Reprogrammable Photonic Quantum Processors. China has achieved mass production of the EZ-Q Fridge, the country's first commercially available dilution refrigerator for cooling superconducting quantum computer chips. Despite Western technological blockades, the fridge made by Anhui Quantum Computing Engineering Research Center can rapidly and stably cool chips down to 10mK, reaching international advanced standards. Previously dominated by Finland, the UK and the US, the refrigerator delivers ultra-low temperatures essential for quantum computing experiments. Having shown strong performance in trials and real-world use, EZ-Q Fridge exemplifies China overcoming restrictions to drive self-reliance in key technologies. Its developers aim to supply domestic needs and compete globally to lead the dilution refrigerator market. Meanwhile, the UK Department for Science, Innovation and Technology has released a report from the Regulatory Horizons Council outlining recommendations for governing quantum technology innovation. It provides a strategic blueprint for a pro-innovation regulatory environment to retain domestic talent and attract international developers seeking clarity. The report offers 14 targeted recommendations across regulatory frameworks, standards/collaboration, and funding/market development. It calls for adaptable, application-specific frameworks, a Quantum Regulatory Forum for stakeholder dialogue, utilizing foresight methods, establishing testbeds and sandboxes, and tailoring funding. The goal is to balance innovation with responsible governance, ensuring regulations enable rather than impede growth. This structured approach aims to foster a robust quantum ecosystem. Also, scientists have created the world's first reprogrammable light-based quantum processor using a photonic device. It could enable more efficient quantum computations by minimizing light loss. The processor was fully controllable and reprogrammable by applying voltages, achieving performance equivalent to 2,500 devices. This compact, scalable design could advance quantum computing and communications. The same team also developed a hybrid machine learning and modeling system to control quantum devices and mitigate noise.
[Metaverse] Workforce Management in the Industrial Metaverse, Nokia's Future Network Vision for 2030, and Saudi Arabia Unveils National Cultural Metaverse Platform. Researchers in Finland have published a paper “MetaStates: An Approach for Representing Human Workers Psychophysiological States in the Industrial Metaverse”, proposing to digital twins or "MetaHumans" in the industrial metaverse to display real-time worker physiological and emotional states. Rather than monitoring productivity metrics, future managers may oversee operations and staff through metaverse representations. The photorealistic avatars could be manipulated to show facial expressions indicating tiredness or frustration. By simulating work strategies on enriched MetaHumans, companies could optimize teams, predict output, and develop safety measures. Overall, this paper argues that this human-centered approach promises to amplify the Industrial Metaverse's benefits for daily operations and planning. Meanwhile, Nokia has unveiled its Technology Strategy 2030 report outlining plans to invest heavily in network infrastructure over the next decade to meet anticipated surge in demand from metaverse, AI and other innovations. It expects network usage to rise 22-25% by 2030 due to mainstream generative AI and VR. Nokia will focus on 6 key ecosystems including Internet of Value, metaverse, AI and cloud. In 2022-23, it set up metaverse labs and trialed industrial use cases like using AR headsets to remotely instruct aircraft technicians. Nokia is developing a future network architecture centered on digital twins - virtual replicas that can simulate real-world systems. By gamifying and optimizing operations via digital twin metaverse integrations, it aims to prepare networks for Web3, immersive and intelligent technologies. Also, Saudi Arabia's Ministry of Culture has launched the world's first national cultural metaverse platform. the immersive Saudi Heritage Metaverse offers performances, attractions and games celebrating the Kingdom's history and culture. It features a History Walk, music, art and cooking sectors, mini-games, and livestreams of events like the Founding Day Symphony. It is accessible via mobile, VR, desktops and more.
[General technology] Major Tech Users' Data Exposed by SMS Service Leak, LockBit Ransomware Aims for Comeback, and New Phishing Scam Targets Web3 Professionals. A database leaked by SMS routing company YX International exposed millions of one-time passcodes and password resets for major tech services like Facebook, Google and TikTok. YX International routes SMS text messages including time-sensitive login codes across cell networks. But they left an internal database exposed on the public internet, allowing access to sensitive data without authentication. Security researcher Anurag Sen discovered the database contained months' worth of text message contents, including 2FA verification codes and password reset links for popular apps. Though prone to interception, SMS-based 2FA is still used by many services. YX International secured the database after being alerted, but the exposure period and access logs are unknown. Meanwhile, the LockBit ransomware group, recently disrupted by an international law enforcement crackdown, is attempting a comeback by launching a new dark web site to leak stolen data. In a statement, LockBit admits being infiltrated when police agencies exploited a vulnerability to hack its previous site. But it claims backup servers were unaffected and vows to continue extorting companies by publicizing exfiltrated data. Though arrested members dent its operations, LockBit aims to rebuild trust in its ransomware-as-a-service model amongst criminal affiliates. Experts say the group still faces reputational damage and convincing associates its malware remains reliable despite the high-profile takedown. Also, hackers are targeting Web3 professionals in a new phishing scam starting with calendar invites on Calendly impersonating investors. The links provided redirect victims to run a script installing malware. Security firm SlowMist attributes similar Telegram scams to North Korean state-sponsored group BlueNoroff. The attacks leverage Calendly's workflow integration to plant authentic looking links that don't raise suspicion. Users should be wary of unsolicited contacts, verify identities, avoid installing unneeded software, and keep systems updated to mitigate threats across platforms.
Ripple and Axelar Foundation Partner to Enhance XRP Ledger’s Interoperability Across Blockchains - Axelar
Robinhood Partners With Arbitrum Blockchain - UK Investing
Chapter 13: Scaling Intelligence - Modulus Labs
Quantum Accelerated Supercomputing: Powering Tomorrow’s Breakthroughs (video) - Nvidia
Meta & LG partnering to ‘expedite’ extended reality ventures - Yahoo News
MEPs back plans for an EU-wide digital wallet - European Parliament
Brazil’s Wildly Popular Instant-Payment System Is Going Global - Bloomberg
👉 QualitaX - February 2024 - Monthly Recap #2
Our monthly recap offers a regular cadence of updates regarding our contributions to the Enterprise Blockchain community. These updates showcase QualitaX's dedication to advancing blockchain adoption in financial services. Whether collaborating on open standards, releasing open-source tools, or educating through ecosystem partnerships, we are committed to supporting the digital transformation of traditional finance.
READ: HERE.
📢'Navigating Risks in Decentralized Finance' Resource
QX DeFi Risks 101 is an open-source resource providing understanding and analysis of Decentralized Finance (DeFi) risks. It covers 1) systematic risks such as market risk, liquidity risk, compliance and legal risk, oracle risk, and bridge risk 2) unsystematic risks such as governance risk, smart contract risk, etc.
There is already a lot of content and it will be completed in 2 weeks.
FEATURED: Secure type-1 zkEVM compiled with zkLLVM & Placeholder
By: Alisa Cherniava of Nil Foundation
