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Urban Clouds
    • Jul 12

👉Issue #74 of QX Snapshots is out!





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.


Join our +450 trusted readers at U.S Bank, Eurasian Development Bank, EY, Morgan Stanley, BNY Mellon, Microsoft, Verizon, Facebook, ServiceNow, ConsenSys, Polygon Labs, Duke University, Sky, Informa, Freshfields Bruckhaus Deringer, Santander, and others.





[Blockchain] Goldman Sachs to Launch Tokenization Marketplaces; Sygnum Debuts 24/7 Settlement Network; Spark subDAO $1 billion tokenized assets competition. Goldman Sachs is set to introduce three tokenization projects by year-end, focusing on U.S. and European markets. Led by Digital Assets Global Head Mathew McDermott, the bank aims to create marketplaces for tokenized assets. This move follows similar initiatives by BlackRock, Franklin Templeton, and Fidelity in the real-world asset tokenization space. Unlike competitors using public blockchains, Goldman seems to prefer permissioned networks. Meanwhile, Sygnum, a global digital asset banking group, has launched Sygnum Connect, a 24/7 multi-asset instant settlement network for institutional investors. The network offers free instant settlement for fiat, digital assets, and stablecoins, addressing the industry's need for capital efficiency and on-demand liquidity. It launches with partners including AsiaNext, Hidden Road, and B2C2, connecting over 200 of Sygnum's high-volume trading clients. Also, DekaBank, a German bank, has issued a a digital bearer bond without the use of a central securities depository or other intermediaries. The bond was bought by Melzer Bank using central bank money, as part of the European Central Bank's (ECB) wholesale DLT settlement trials. The Bundesbank's trigger solution enabled the delivery versus payment transaction. And, Spark SubDAO has announced the Spark Tokenization Grand Prix, a competition aiming to onboard up to $1 billion in tokenized assets. Set to open applications on August 12, 2024, the contest focuses on short-duration US T-Bills and similar products. Proposals will be evaluated based on pricing, liquidity, and strategic alignment with SparkDAO's vision. The initiative positions Spark Protocol as a central hub for Real World Assets (RWAs) on Maker and Ethereum. And, Singapore's DBS Digital Exchange (DDEx) has reported a significant increase in trading volumes and active clients during the first five months of 2024. The bank says digital assets trading volumes have tripled, while active clients are up 36%. Digital assets under custody have also risen 80% in Singapore dollar terms. 


[AI] Andreessen Horowitz Builds Massive GPU Cluster; Microsoft and Apple Distance from OpenAI Amid Regulatory Pressure; MIT GenSQL. Andreessen Horowitz is building a cluster of over 20,000 GPUs, rivaling Elon Musk's xAI, in an initiative called "oxygen." The firm began providing GPU access to select startups earlier this year in exchange for equity, with startups renting chips at discounted rates. This move comes as GPU shortages ease, prompting shifts in strategy among investors. For instance, Conviction, an early-stage venture firm, has reduced its GPU orders and is selling some on chip marketplaces as availability improves. Meanwhile, Microsoft, despite its $13 billion investment in OpenAI, is withdrawing from the board, as detailed in a letter to the AI company. Apple, previously considering a board position, has also declined. This move comes amid increasing regulatory scrutiny in Europe and the US over Big Tech's influence on AI development. Regulators have successfully lobbied for Microsoft to maintain an arm's length relationship with OpenAI. Also, Anthropic CEO Dario Amodei revealed that AI models currently in development could cost up to $1 billion to train, with future models potentially reaching $10 to $100 billion by 2027. This increase is due to growing hardware needs and advancements in AI technology. For instance, training ChatGPT-4 cost around $100 million. And, MIT researchers have developed GenSQL, a new generative AI system that makes it easier for database users to perform complex statistical analyses of tabular data without needing to understand the underlying mechanics. GenSQL automatically integrates a dataset with a generative probabilistic AI model, allowing users to make predictions, detect anomalies, fix errors, and generate synthetic data with just a few keystrokes. Compared to popular AI-based data analysis approaches, GenSQL is faster and more accurate, while providing explainable probabilistic models that can capture subtle data dependencies. The researchers aim to eventually enable natural language querying of databases using a ChatGPT-like AI expert powered by GenSQL.


[Quantum Technology] NIST Launches Quantum-Resistant Encryption, EDF Leads €6.1M Quantum Energy Efficiency Project, and planqc Raises €50M for Quantum Expansion. The National Institute of Standards and Technology (NIST) is set to release its first round of quantum-resistant encryption algorithms. Experts advise organizations to conduct thorough cryptographic inventories before implementation. Matthew Scholl of NIST emphasizes the importance of understanding current encryption methods and prioritizing changes. IBM's Scott Crowder estimates that 20% of the transformation involves internal code, while 80% relies on ensuring proper implementation by vendors. NIST will release three algorithms initially (ML-KEM, CRYSTALS-Dilithium, and Sphinx Plus), with Falcon to follow later in the year. Meanwhile, EDF, Quandela, Alice & Bob, and CNRS have launched a €6.1 million ($6.54M USD) project called "Energy Optimization of Quantum Circuits" (OECQ), backed by a €4.5 million ($4.87M USD) grant from France 2030 through Bpifrance. The project aims to 1) Evaluate and improve quantum computing energy efficiency versus traditional HPC methods 2) Quantify energy requirements of quantum processors in real-world applications 3) Achieve a "quantum energy advantage" in computational speed and energy efficiency. Also, planqc, a Munich-based digital atom-based quantum computing company, has secured €50 million ($54.167M USD) in Series A funding. Notable achievements include deploying a 1,000-qubit quantum computer at Leibniz Supercomputing Centre, securing a contract with the German Aerospace Center, and scaling qubits to 1,200. This funding aims to accelerate planqc's development of fault-tolerant quantum computers and expand their quantum computing capabilities. And, Quantinuum and the STFC Hartree Centre have formed a strategic partnership to accelerate quantum innovation in the UK. Key aspects include plans to deploy Quantinuum's next-gen Helios quantum computer on-premise in 2025 and alignment with Hartree Centre's five-year plan for leveraging advanced digital technologies This collaboration aims to drive breakthroughs in materials development, drug discovery, machine learning, and financial services, leveraging Quantinuum's high-performance quantum computers.


[General technology] Japan-UK Team Sets 402 Tbps Data Transmission Record, Xiaomi Opens Fully Automated Smartphone Factory, and Evolve Bank Major Ransomware Breach. A team of researchers in Japan and the UK have achieved a new world record for fiber optic communications, transmitting data at 402 terabits per second (Tbps) through commercial-grade fiber. This is four times faster than existing commercial systems and 33% better than the previous record. The breakthrough demonstrates the potential to dramatically increase internet speeds and capacity without digging up cables. Meanwhile, Xiaomi has launched a 100% automated "Smart Factory" in Beijing, capable of producing over 10 million smartphones annually. The 80,000-square-meter facility features 11 production lines with all key processes automated. The facility will manufacture Xiaomi's upcoming foldable phones, producing one device every three seconds. Also, Evolve Bank & Trust, a U.S. banking-as-a-service provider, reported a ransomware attack that compromised personal data of at least 7.6 million customers. The breach, carried out by the Russia-linked LockBit gang in February, affected names, Social Security numbers, bank account details, and contact information. Several fintech partners, including Affirm, Mercury, and Wise, confirmed their customers were impacted. Evolve discovered the intrusion in May and refused to pay the ransom, leading to data publication on the dark web. The bank is still investigating the full extent of the breach, which may affect more customers. And, the Mekotio banking trojan is targeting financial institutions in Latin America, particularly in Brazil, Chile, Mexico, Peru, but also in Spain and Portugal. It spreads through tax-themed phishing emails, using MSI installers and AutoHotKey scripts. Mekotio steals banking credentials, captures screenshots, logs keystrokes, and maintains persistence on infected systems. Despite law enforcement efforts, it remains a persistent threat. Additionally, a new Latin American banking trojan called Red Mongoose Daemon has been identified, targeting Brazilian users with similar tactics to steal banking information.






🔊 New case study by the Enterprise Ethereum Alliance showcasing implementation of its DLT interoperability specification and featuring Fnality International, HQLAᵡ, and Adhara.


✅This case study demonstrates how the EEA DLT Interoperability Specification enables seamless communication between distinct blockchain networks, focusing on a crosschain Delivery versus Payment (DvP) use case in the financial sector.


✅ It highlights the critical importance of open standards and interoperability in unlocking the full potential of blockchain technology in enterprise applications.


✅ As the co-chair of the EEA DLT Interoperability Working Group, QualitaX has co-authored the EEA DLT Interoperability specification. It is a great achievement to see the specification implemented in a real-world use case, contributing to enabling blockchain interoperability in regulated settings.


The full case study is available for download here: https://docsend.com/view/w2n94cxcadufq8ze 





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