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Aug 1

👉Issue #77 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. 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] California DMV Digitizes 42 Million Vehicle Titles on Avalanche Blockchain; UBS and CIBC’s Intraday FX Swap via DLT; BIS and Bank of England Develop Stablecoin Monitoring Solution. The California Department of Motor Vehicles (DMV) has successfully digitized 42 million vehicle titles on the Avalanche blockchain network. This initiative is part of a broader digitization push aiming to enhance security, reduce fraud, and streamline title transfers. The project, developed in collaboration with Ava Labs and blockchain software firm Oxhead Alpha, marks a significant step in the adoption of blockchain technology by government agencies. Meanwhile, UBS and CIBC have successfully executed an intraday FX swap using distributed ledger technology (DLT) via Finteum (also acting as an arranger) and executed on the TP ICAP UK MTF. This is a first milestone in potentially impacting the $7.5 trillion daily FX market. Also, the Bank for International Settlements (BIS) Innovation Hub and the Bank of England have successfully developed a prototype data analytics pipeline called Project Pyxtrial to monitor asset-backed stablecoin balance sheets in near real-time. The project demonstrates that stablecoin balance sheets can be effectively supervised using technology solutions, potentially enhancing regulators' ability to detect and respond to risks in the stablecoin market. And, Ripple has announced a $10 million allocation to tokenized U.S. Treasury bills on the XRP Ledger, marking a significant step in the blockchain company's exploration of real-world asset (RWA) tokenization. Also, Franklin Templeton and SBI Holdings have announced a joint venture to develop digital asset management solutions for institutional investors in Japan. The partnership aims to leverage Franklin Templeton's global asset management expertise and SBI's strong presence in the Japanese financial market to create innovative products in the rapidly growing digital asset space.


[AI] GitHub Unveils Interactive AI Model Sandbox with Access to Top AI Tools; Meta Launches Real-Time Video Object Segmentation; Stability AI's New Model Transforms Images into 3D Assets Instantly. GitHub has introduced a limited public beta of GitHub Models, an interactive sandbox environment offering developers free access to leading AI models like Meta's Llama 3.1, OpenAI's GPT-4o, and Mistral AI's Mistral Large 2. This platform allows developers to test, compare, and deploy AI models directly within their existing GitHub workflow, streamlining the process of experimenting with and integrating AI into applications without the need for local machine resources or cloud costs. Meanwhile, LlamaIndex has launched Workflows Beta, a new feature designed to simplify the creation of complex AI applications. This tool allows developers to chain together multiple LlamaIndex modules, including data connectors, indexes, retrievers, and query engines, into a single cohesive workflow. By offering a visual interface and programmatic API, Workflows Beta aims to streamline the development process, making it easier for users to build and deploy sophisticated AI systems without getting bogged down in implementation details. Also, Meta has introduced Segment Anything Model 2 (SAM 2), an AI model capable of segmenting and tracking objects across video frames in real-time. Building on the success of its predecessor in image segmentation, SAM 2 overcomes challenges unique to video, such as fast-moving objects and occlusions. This advancement could revolutionize video editing, mixed reality experiences, and data annotation for computer vision systems, including those used in autonomous vehicles. And, Stability AI has launched Stable Fast 3D, a groundbreaking model that generates high-quality 3D assets from single images in just 0.5 seconds. Built on TripoSR, the model offers significant improvements in speed and quality, making it ideal for game developers, VR creators, and professionals in retail and design. Stable Fast 3D is available on Hugging Face under the Stability AI Community License, with easy access through the Stability AI API and Stable Assistant chatbot.


[Quantum Technology] Quera Launches Global Quantum Alliance to Accelerate Neutral Atom Computing; UK Invests £106M in Quantum Tech Hubs; BTQ and ID Quantique Forge Partnership for Quantum-Safe Security. Quera, a leader in neutral atom quantum computing, has announced the formation of the Quera Quantum Alliance, a global initiative aimed at accelerating the deployment of neutral atom quantum computers. The alliance brings together industry partners, academic institutions, and government organizations to collaborate on advancing quantum technology. This strategic move is expected to significantly boost the development and practical applications of quantum computing, potentially revolutionizing fields such as drug discovery, financial modeling, and complex system optimization. Meanwhile, the Quantum Economic Development Consortium (QED-C) has released a report on quantum technology's role in securing financial messaging. The report emphasizes federal support for post-quantum cryptography implementation, in-house quantum expertise development, and a combined approach using quantum key distribution and PQC for enhanced security. A workshop identified high-impact use cases for quantum-resistant technologies, including secure cross-border transactions and post-quantum transport layer security, offering insights to mitigate quantum threats in the financial sector. Also, BTQ, a quantum technology company, and ID Quantique, a leader in quantum-safe security solutions, have signed a Memorandum of Understanding to collaborate on developing advanced authentication systems. The partnership aims to integrate BTQ's post-quantum cryptography expertise with ID Quantique's quantum random number generation technology. This collaboration is expected to result in highly secure authentication solutions for various industries, including finance, healthcare, and government sectors, addressing the growing need for robust security measures in the face of advancing quantum computing threats. And, the UK government has announced a £106 million investment in five quantum technology hubs. Based at universities in Glasgow, Edinburgh, Birmingham, Oxford, and London, these hubs will collaborate with industry partners to develop practical applications in healthcare, cybersecurity, and infrastructure. 


[General technology] IBM Report: Data Breach Costs Surge 10%; Fortune 50 company paid $75 million ransom; OneBlood Hit by Ransomware, Disrupting Blood Supply; Meta Settles for $1.4B Over Biometric Data Misuse. IBM's 2024 Cost of a Data Breach report reveals a 10% increase in average breach costs. The study, analyzing 604 global organizations, found 70% of breaches caused significant disruption. Cybersecurity staffing shortages rose 26%, adding $1.76 million to breach costs. AI security tools reduced costs by $2.2 million on average. Healthcare faced the highest costs at $9.77 million, while stolen credentials were the most common attack vector. Meanwhile, a ransomware attack on OneBlood, a nonprofit blood donation organization serving over 250 hospitals across Florida, Georgia, North Carolina, and South Carolina, has significantly impacted its ability to collect, test, and distribute blood. The organization has implemented manual processes, causing delays and inventory issues. Hospitals have been asked to activate critical blood shortage protocols, with an urgent need for O Positive, O Negative, and platelet donations. The incident's full extent, including potential data breaches, remains unclear as investigations continue. Also, a Fortune 50 company paid an unprecedented $75 million ransom to the Dark Angels ransomware gang in early 2024, as reported by Zscaler ThreatLabz and confirmed by Chainalysis. This surpasses the previous record of $40 million paid by CNA Insurance. Dark Angels, known for targeting high-value companies, uses a Linux encryptor and operates a data leak site called 'Dunghill Leaks' for extortion. The group's "Big Game Hunting" strategy focuses on fewer, more lucrative targets, contrasting with typical ransomware operations. And, Meta has agreed to pay a record $1.4 billion settlement to Texas for illegally collecting biometric data from millions of users without consent. The lawsuit, filed over two years ago, accused Meta of violating Texas' Capture or Use of Biometric Identifier Act and Deceptive Trade Practices Act through its facial recognition feature. 






👀To be released next week!





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