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Hdac Technology Develops New Protocol, Strengthens Enterprise Solution, and “EXPANDS” into FinTech Business

Hdac Technology, a technology company of hybrid blockchain project 'Hdac', announced its business strategy and technology development roadmap at Grand Intercontinental Seoul Parnas Hotel in Seoul, Korea, on March 13. It was announced that Hdac Technology is designed as an enterprise architecture where a hybrid blockchain project 'Hdac' can reflect the needs of diverse industries. It will also revitalize DApp ecosystem with enterprise blockchain service and develop the FinTech business led by HyundaiPay. In the first quarter of 2019, Hdac Technology plans to complete the SDK(Software Development Kit) and API (Application Program Interface) development to establish an enterprise solution development environment and secure a framework. Particularly, by aiming at DevOps, the firm will support rapid and easy development, deployment, testing, and distribution of Hdac-based blockchain infrastructure. In addition, it will actively explore DApp with growth value and act as an accelerator, thereby realizing the increasing value of Hdac and building a platform that can fully cover the ecosystem. The goal is to provide a Blockchain-as-a-Service (BasS) solution that can easily and conveniently build and operate infrastructure and services based on blockchain, even if the company is not a blockchain specialist. Hdac Enterprise Blockchain Solution can be used in a variety of fields ranging from construction and real estate areas, such as smart home and P2P transactions, manufacturing areas including electronic contracts, purchases, process emergency detection, and production history management to finance and distribution areas using membership points or prepaid cards. ▲ Michael Yoon, CEO of Hdac Technology and HyundaiPay (Photo by Hdac Technology) ▲ Moon-Ok Cho, CTO of Hdac Technology (Photo by Hdac Technology) Moon-Ok Cho, CTO of Hdac Technology introduced the plans of Enterprise Blockchain Solution. “In about March or April, Bridge Node, which connects mainnet and a DApp partner’s mainnet, will be released so that DApp partners can develop smart contracts. In the mid to long term, we will evolve mainnet itself to a scalable platform for attracting more DApp partners. What’s more, we are looking into cooperation with global cloud providers to provide the best enterprise blockchain for enterprise customers and to secure global market competitiveness.” In addition, he added, “With the aim of properly packaging blockchain solutions on a framework unit to combine legacy systems that have been maintained and blockchain, we are at the stage of conducting private block chain testing and POC(Proof of Concept) in the industry domain of Hyundai. We are preparing a BasS(Blockchain-as-a-Service) solution that combines blockchain technology with global cloud providers such as Amazon and Microsoft. We expect 2019 to be the first year to lay the foundations for advancing both domestic and global business.” Smart Factory enables application and implementation of various new IT technologies such as AI, IoT, cloud, and blockchain by converting data generated at the manufacturing site into big data. Currently, the firm is in the stage of executing POC with Hyundai-affiliated manufacturing-based companies and considering Smart Factory business that controls various factory facilities and machines and collects data through combination with AI and IoT technology based on blockchain. ▲ Hdac Enterprise Blockchain Solution can be applied across a wide range of industries. ▲ Wallet Service provides a two-sided (user and biz partner) integrated service as a platform for various FinTech services. FinTech business, which is headed by HyundaiPay, is based on offering a payment service that can use cryptocurrency conveniently in daily life. Unlike Switzerland-based Hdac Technology, HyundaiPay is operated as a domestic corporation, so Michael Yoon and Moon-Ok Cho, CEO and CTO of Hdac Technology, are also CEO and CSO and HyundaiPay at the same time, respectively. As for FinTech business based on blockchain, the firm will first expand its business centered on the killer services including Prepaid Point Payment Service and Real Estate P2P Service and secure customers at the same time. After that, it will create a user-friendly Wallet Service platform for actively targeting FinTech market. Prepaid Point Payment Service, which is the core, can be used for simple remittance, on/offline merchant payment, smart home service, and simple payment after issuing a prepaid point, “H point (tentative name)”, with Hdac Coin. The “H point” will be evolved as a stable coin in the future. The charging means includes not only Hdac Coin but also various cryptocurrencies, affiliate points, and account cash transfer. By the fourth quarter of this year, the firm plans to provide gift card purchase services such as department store gift cards and Gifticon, and QR code payment service in retail stores. Moreover, by the first quarter of next year, it plans to expand its use by providing simple payment service at mobile/online shopping malls and payment service of electricity and gas bills at the luxury apartment brand, 'HERIOT', of Hyundai BS&C. Real Estate P2P (Peer-To-Peer) Service will provide profits to investors by selecting real asset products such as real estate. It is composed of investment product guide, product evaluation, credit evaluation of business operator, education, consulting, etc. It prepares FinTech product based on real assets to guarantee stable profit rate to users. In particular, it is planned to provide a blockchain-based P2P platform that enables easy management of real assets and reinvestment into various types of assets in connection with the Prepaid Point Payment Service. In the future, it will be expanded to P2P financial services based on various assets. Furthermore, Hdac Technology will showcase Wallet Service, which will be an upgraded version of the existing Hdac Wallet as a FinTech service platform for end-users and business partners. As any complicated authentication procedure has removed, it is to provide an easy and convenient blockchain-based integration service that allows the general users who do not know the blockchain to quickly register by using only their phone numbers. Wallet Service will provide multi-chain wallet, simple remittance, simple payment, point charging function including two-sided (user and biz partner) integrated service as a platform of various FinTech service as well as user's simple and friendly user experience. It will be conducted in a form of portal service that supports Prepaid Point Payment Service and Real Estate P2P Service. When the environment is created, personalization services will be prepared through AI or data analysis. On the other hand, it was announced that Prepaid Point Payment Service, Real Estate P2P Service, and Wallet Service are all in the process of launching businesses within the year. ▲ Hdac is a hybrid blockchain platform that integrates public and private blockchains. Hdac is a hybrid blockchain platform that integrates public and private blockchain and is designed as an enterprise architecture that combines blockchain and IoT to reflect the needs of various industries. Hdac blockchain core framework includes elements such as consensus algorithm, blockchain, cryptocurrency, P2P transaction, security, VM, and smart contract. Based on this, the functions for B2C business service including Wallet, Explorer, node, mining, ePOW in the mainnet, which is a public blockchain service area. In a private blockchain area, the functions for B2B business such as access and management of channels, DevOps environment for development and operation at the same time, off-chain environment linking the existing legacy data or heterogeneous systems, user membership function with access to blockchain, and operational governance function. Hdac Technology also announced that the Bridge Node, which can compose a separate side chain for the enhancement of DApp ecosystem, will be released by the end of March after finishing its development, inner integrated testing, and verification work. Bridge Node provides off-chain scaling by connecting the mainnet’s core and the side chain core of DApp partner’s mainnet and adding a layer that deals with the contract. It also includes a private key that identifies the individual, allowing the owner of the contract, which occurs on Hdac blockchain, to be clearly seen on the mainnet. This enables audit trail of contracts to ensure reliability and scalability. With the application of Bridge Node, Hdac mainnet will be able to provide three services: Token Service, Contract Service, and Scalability. Token Service can issue tokens through Bridge Node or interchange with Hdac, and record the result of the operation through the contract to Hdac mainnet while maintaining the consensus algorithm defined in each blockchain. Contract Service enables issuance and management of new tokens and provides contract functions as well as Scalability that can design various multi-chains based on Hdac mainnet into an independent governance and chain economy by using bridge node. ▲ An architecture diagram of Bridge Node-based DApp Ecosystem ▲ The private blockchain sector is also negotiating a partnership for BaaS business. Hdac Technology stated that it started the R&D of a new protocol ‘HPOS (tentative name)’ to upgrade existing ePoW, Hdac’s consensus algorithm, to PoS(Proof of Stake)-based consensus algorithm for effective network operation of Hdac mainnet. PoS is a category of consensus algorithm of public blockchain based on the economic stake of the inspectors in the network. It has an advantage of improving energy efficiency compared to a consensus algorithm with mining method, which is a consumptive competition method. In addition, because a certain punishment is possible for actions against the utility and accuracy of the network and disturbances of networks, it becomes possible to freely design about network attacks and to maintain the economically safe-network security. In order to develop this new protocol, the development team of Hdac Technology is communicating globally through the meeting with Joseph Lubin, the Co-Founder of Ethereum, as well as development team of Ethereum POS protocol. The team will pursue a comprehensive partnership such as joint R&D and business collaboration. Hdac also initiated research into issuance technology of security token according to the token specification based on the ERC-1404 standard, and announced that it is studying smart contract on token issuance, transaction, and white labeling processing under legal restrictions . “We will provide a Blockchain-as-a-Service (BaaS) solution that can easily and conveniently build and operate infrastructure and services based on blockchain, even if it is not a blockchain specialist. What’s more, we are looking into cooperation with global cloud providers to provide the best enterprise blockchain for enterprise customers and to secure global market competitiveness” said, Moon-Ok Cho, CTO of Hdac. He added, “We are currently developing a private blockchain framework based on the Enterprise Ethereal Alliance (EEA). In addition to the round-robin method, we will review and develop various consensus algorithms such as PBFT (Practical Byzantine Fault Tolerance), expand DevOps tools, and release a private framework including SDK in the first half of this year.”

China-Korea Yantai Industrial Complex Press Conference

On February 26, at 10:30 am, a Media briefing session on ‘China-Korea Yantai Industrial Complex’ was held at the Grand InterContinental Seoul Parnas Hotel. The session was attended by about 30 people from Yantai City and the industrial complex, including vice mayor of Yantai, Zhang Dailing(张代令), and people from Korean companies and media. The China-Korea Yantai Industrial Complex was constructed as two core areas and two expanded areas over a total area of 80.4㎢. In the core areas, smart manufacturing, logistics and new energy sectors are concentrated, while expansion areas are concentrated with life sciences, biotechnology and medical fields. Besides, it will actively build cooperation with Korean companies in various fields such as finance, e-commerce, and entertainment on the strength of the policy of the State Council of the People’s Republic of China. ▲ Dailing Zhang, Vice Mayor of Yantai, China ▲ Ho-yeol Bae, Director of Investment Strategy, Korea Agency for Saemangeum Development and Investment ▲ Jinsheng Gu, Minister-Counsellor of Economic and Commercial Counsellor’s Office, Embassy of the People's Republic of China in the Republic of Korea “Yantai Industrial Complex is a significant strategic hub for economic cooperation between China and Korea. In the future, we will devote our utmost efforts to make the industrial complex the cornerstone of the economic development of two countries by attracting companies and talents through active policy support and benefits,” said Zhang Dailing, Vice Mayor of Yantai, China. “While Chinese VIPs were visiting the Saemangeum site, there was an in-depth discussion about exchanging more actively between the two countries. I believe the active exchange since last year has become a stepping stone to devising a win-win strategy,” said Ho-yeol Bae, Director of Investment Strategy, Korea Agency for Saemangeum Development and Investment. “The Embassy will make efforts to realize the Xiaokang(Moderately prosperous) Society and the Chinese Dream. We will do our best for the idea of ‘Benefit all Mankind(人类共同)’ by carrying out the reform and opening up according to the ideology of the general secretary Xi Jinping(習近平). The two countries are neighboring countries facing the sea, and have achieved rapid overall achievement over the past two decades. It has achieved a lot of accomplishments with wider human exchanges. On the other hand, trade protectionism is worsening in the world and uncertainty is growing. In the midst of this, complementary characteristics between China and South Korea are emerging. We look forward to substantial cooperation in each area and hope to have more benefits for the people of both countries,” Gu Jinsheng(谷金生), Minister-Counsellor of Economic and Commercial Counsellor’s Office, Embassy of the People's Republic of China in the Republic of Korea. ▲ The plan to accelerate growth of Industrial Complex focused on by the Chinese government and Yantai city government was introduced. ▲ The specialization strategy of the development zone was introduced to the representatives from Korean companies. ▲ Major projects of ‘One Belt One Road’ in the expanded zone were introduced. Taking this opportunity, Korean companies’ entry into China is expected to be more active. If a Korean company moves into an industrial complex, it will receive a subsidy for renting industrial parks and expanding factories. There are also institutional benefits such as tax breaks and visa exemption (for maximum 144 hours). It is expected that Korean companies will capture the fast-growing Chinese domestic market and secure an economic growth engine. At the presentation, five policies for Korean companies were announced; subsidies, substantial use of land, strengthening tax support, active attracting of talented people, and providing trade and administrative support. It is expected to further boost the value of the industrial complex, which has a strategic position with the two zones and one base, including the demonstration zone, precedent zone, and new development base. In 2018, 66 new Korean projects were launched with a total value of $210 million and recorded the total turnover of about $7.47 billion (RMB 50 billion). Likewise, the upward trend in China since 2019 is expected. In particular, the Industrial Complex said they will attract more than 100 Korean companies by 2025 and will invest a total of $2 billion in these companies. Meanwhile, the Industrial Complex was established in December 2017 to explore economic cooperation between Korea and China on the basis of the Korea-China FTA agreement that entered into force in December 2015. The complex has settled down as an important base of the policy of Xi Jinping’s ‘One Belt One Road(一帶一路)’ and a bridgehead of entering China, Korea’s number one trading partner.

‘Ransomware’ and ‘Cryptojacking’ Mining Cryptocurrency Declined, While ‘Formjacking’ Stealing Credit Card Information Increased

Cybercriminals are always wondering about get-rich-quick schemes, that is, how much money they can earn quickly. Cybercriminals have been using cryptojacking to mine cryptocurrency and ransomware to demand money. Recently, however, they are turning their attention to formjacking, a method of stealing credit card information. Cryptojacking, which is the most common way for cybercriminals, is the process of mining cryptocurrency using the processing power of the target computer and cloud CPU usage. With the attention of bitcoin, the notion of cryptocurrency has attracted great popularity. In addition, cybercriminals favored the cryptojacking technique of extracting cryptocurrency by planting malicious codes. However, according to a recent ISTR report released by Symantec, the value of the cryptocurrency ‘Monero(XMR)’ has fallen to 90%, and the cryptojacking peaked at the beginning of 2018, but showed a 52% decline throughout the year. As the adoption of cloud and mobile computing has increased, both the effectiveness of attacks and the profit have fallen. However, cryptojacking should not be ignored as it is still attracting attackers with low entry barriers, minimal overhead and guaranteed anonymity. At the same time, ransomware also shows a decline in overall attack activity and in profit. The number of infections by ransomware fell 20% last year, down for the first time since 2013. However, in 2018, the number of ransomware attacks against enterprises has risen by 12%, showing a contradiction to the overall downturn, which is a constant threat to them. In fact, more than eight out of ten ransomware infections are affecting the enterprises. Furthermore, the ransomware is evolving. Ransomware is mainly targeting enterprises through e-mail with office files. The reason why enterprises are targeted is that they typically use Windows, do not back up important files well, and there will be a lot of profit when the attack succeeds. The certain ransomware families, such as a wanted SamSam, usually attack with a lot of ‘PowerShell’ scripts and mainly target medical institutions and local governments. In 2018, they already attacked at least 67 agencies, and the amount of extortion is estimated to reach $6 million. According to the latest annual report of the IBM X-Force security research, the number of cryptojacking is more than double that of ransomware, as the ransomware attacks were greatly reduced last year. While the attempts to install ransomware on devices in the fourth quarter of last year were declined 45% from the first quarter, the increasing rate of cryptojacking attacks grew to 450%. The industries that received the most cyber-attacks include finance (19%), transportation (13%), service (12%), distribution (11%), and manufacturing (10%). ▲ Cryptojacking is on the decline, but it cannot be ignored. As cryptojacking and ransomware are slowing down, a new form of crime has emerged among cybercriminals, which is ‘Formjacking’. Formjacking is a virtual ATM skimming that steals financial and personal information of individual users through card information and credit card fraud on online purchasing sites. According to Symantec’s reports, on average, over 4,800 websites appear to be infected with formjacking codes every month. It is estimated that cybercriminals will make at least tens of millions of dollars in revenue in 2018 in underground markets such as ‘Dark Web’. Information that was hijacked by formjacking is sold for up to $45 for one credit card. In the case of British Air, where more than 380,000 pieces of credit card information were leaked, the offenders are expected to earn more than $17 million. Individual users cannot know whether visited online sites are infected without using a security solution, so their risk of identity theft and personal and financial information are likely to be exposed. For companies, the risk of attacking the supply chain as well as the risk of reputation or legal liability experienced during infection is increasing. Formjacking, which is continuously on the rise, is expected to continue in 2019 and beyond. Cybercriminals are constantly intellectualizing and diversifying their methods of attack. Cryptojacking, which has been crammed with cryptocurrency, but the attack rate has fallen by 52% when the value and attack effect have fallen, and also ransomware has an attack pattern concentrated on enterprises that suffer greater than individuals. Though the attack has diminished, cybercriminals have evolved to develop more intelligent techniques and to use various other methods, such as formjacking, to launch various attacks. In addition, the number of formjacking has increased, making cybercrimes more likely to occur to ordinary users who are not related to cryptocurrency or enterprise computers. Even ordinary users who have been excluded from the target cannot easily know whether they have been infected after making a payment on their website. In the United States, the structure of online shopping is easy and fast based on JavaScript, making it easy for cybercriminals to do formjacking. Korea seems to be relatively safe because it has a different payment method and does not use JavaScript, but it has to be noted that recently cases of overseas direct purchase have increased and damage cases are increasing rapidly as well. As the attacking method is becoming more intelligent and diverse, users are advised to recognize and prevent the danger. In addition to the aforementioned cryptojacking, ransomware and formjacking, in 2019, security will be important in various aspects such as clouds, 5G and IoT devices. Users need to avoid crybercrimes as intelligent as the cyberciminals through improving their security awareness and getting more comprehensive training on threat limitations and corrective actions. ▲ Formjacking is emerging as a new information extortion method.