From Industrial 4.0 to Finance 4.0


 

MOST people are somewhat aware about the Fourth Industrial Revolution.

The first industrial revolution occurred with the rise of steam power and manufacturing using iron and steel. The second revolution started with the assembly line which allowed specialisation of skills, represented by the Ford motor assembly line at the turn of the 20th century.

The third industrial revolution came with Japanese quality controls and use of telecommunication technology.

The Fourth Industrial Revolution, or first called by the Europeans Industry 4.0, is all about the use of artificial intelligence, robotics, genomics and process, creative design and high speed computing capability to revolutionise production, distribution and consumption. Finance is a derivative of the real economy – its purpose is to serve real production. Early finance was all about the finance of trade and governments to engage in war.
It is no coincidence that the first central banks (Sweden and England) were established in the 17th century at the start of the First Industrial Revolution. Industrialisation became much more sophisticated as Finance 2.0 brought the rise of credit and equity markets in the 18th and 19th centuries. Industrialisation and colonisation came about at the same time as the globalisation of banks, stocks and bond markets.

Again, with the invention of first the fax machine, then Internet that speeded up information storage and transmission in the 1980s, finance and industry took a quantum leap into the age of information technology. Finance 3.0 was the age of financial derivatives, in which very complex (and highly leveraged) derivatives became so opaque that investors and regulators realised they became what Warren Buffett called “weapons of mass destruction”. Finance 3.0 stalled in 2007 with the Global Financial Crisis and was only propped up with massive central bank intervention in terms of unconventional monetary policy with historically unprecedented interest rates.

We are now on the verge of Finance 4.0 and it may be useful to explore what it really means.

The common definition of Industry 4.0 is the rise of the Internet of Things, in which cloud computing, artificial intelligence and global connectivity means that cyber-physical systems can interact with each other to produce, distribute and trade across the world in a massively distributed system of production.

But what does Finance 4.0 really mean?

What truly differentiates Finance 4.0 from the earlier version is the arrival of Blockchain or distributed ledger technology. The best way to think about the difference is the architecture of the two different systems.

Finance 3.0 and earlier versions were all about a top-down or hierarchical ledger system, like a pyramid, in which trade and settlements between two parties are settled across a higher ledger.

A simple example is payment from Joe in bank A to Jim in bank B is finally settled across the books of the central bank in local currency. But in international trade and payments, the final settlements (at least more than 60%) are settled in US dollar finally across the ledgers of the Federal Reserve bank system.

Finance 3.0 was not perfect and those who wanted to avoid regulation, taxation or any official oversight basically moved trading and transactions off-balance sheet and also off-shore. This was the “shadow banking” system that financial regulators and central banks conveniently blamed on their failure to see or stop the last global financial crisis.

Although technically the shadow banking system is the non-bank financial system, which would include bond, stock and commodity markets, the bulk of illegal, illicit transactions traditionally was done in cash.

Welcome to the technical innovation called cyber-currencies, which was made possible for peer-to-peer (P2P) transactions across a distributed ledger system (commonly known as blockchain). In architectural terms, this is a bottom-up system which technically can avoid any official oversight. Indeed, cyber-currencies or tokens were invented precisely because the users do not trust the official system.

As the populist philosopher Stephen Bannon said, “central banks are in the business of debasing the currency”. Hence, those who want to avoid the debasement of their savings prefer to deal with either cash or cyber-tokens like bitcoin (pic).

What is happening in the rapidly evolving Finance 4.0 is that as the world moves from a unipolar order to a multi-polar world in which other reserve currencies also contend for trade and store of value, the top-down architecture is fusing (or merging) with a bottom-up architecture in which trade, transactions and stores of value are shifting towards the P2P shadow system.

Why this is taking place is not hard to understand. Post-global financial crisis, the amount of financial regulations have tripled in terms of number of rules and complexity on what the official sector can regulate, which is mostly the banking system. It is therefore not surprising that all the innovation, talent and money are moving to outside the banking system into the asset management industry, which is much more lightly regulated.

No talented banker, however dedicated to the values of banking probity, can resist the temptations of working in asset management, away from the heavily regulated environment where he or she is 24×7 under regulatory internal and external oversight.

Another reason why the cyber-P2P business is flourishing is because the official sector is worried that further regulation would hinder innovation. But those who want to increase the complexity of regulation must remember that for every 50 foot wall, someone will invent a 51 foot ladder.

So competition in the 21st century has already moved from the physical and financial space into cyber-space.

If there is one thing I learnt as a former regulator, it is that if the banks are behind the curve in terms of technology, the regulators are even further behind, since they learn mostly from those whom they regulate. But if financial regulators deal with financial innovation through “regulatory sandboxes” where they allow their regulated banks to experiment in sandboxes, they are treating their regulated institutions as kids in an adult game of ruthless technology.

Time for the official sector to make their stand clear or else Finance 4.0 promises to be very different from the orderly world that they are used to imaging. Nothing says this clearer than a recent survey by the Chartered Financial Analyst Institute, which showed that 54% of institutional investors surveyed and 38% of retail believe that a financial crisis in the next one-three years is likely or very likely.

You have been warned.

– Tan Sri Andrew Sheng writes on global issues from an Asian perspective.

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American Ban on ZTE offers much food for thought & pain together with ZTE


This photo taken on April 19, 2018 shows the ZTE logo on a building in Nanjing in China’s eastern Jiangsu province.AFP/Getty Images
Video

//players.brightcove.net/2111767321001/default_default/index.html?videoId=5764045273001
 

Ban on ZTE offers much food for thought

The US ban on sales of chips and components to China’s telecommunications company ZTE shocked Chinese society. Some Chinese people are furious at US behavior, others think ZTE deserves it, while some advocate Beijing take it as a warning and boost the country’s domestic semiconductor industry. Some are more pessimistic and feel China cannot beat the US in a trade war.

The ZTE case can be argued as a show of high-tech hegemony by the US. It is absurd for Washington to pull this maneuver at the eleventh hour simply because ZTE failed to cut bonuses for its 35 employees as promised. The logic works for US society and the West is watching the case for fun. But certain Chinese people are also taking pleasure in it.  This is the reality.

It must be admitted that the US is powerful and it has started to punch China hard. The rise of China has reached a juncture where Beijing has prompted Washington to ponder its status as the world’s No.1 and provided a somewhat disjointed West with a reason to strengthen its solidarity. The impulse to contain China’s rise is emerging among Western elites. Radical and even risky policies toward China are gaining increasing support.

China needs a strong will, an open mind and the capacity to fight back. Through political solidarity and a robust economy, Beijing should be tough enough to withstand the slings and arrows. China needs to incubate and shape strategic technology research and development.

The reason why chip technology has experienced such limited progress despite years of advocacy is that the Chinese system has not yet formed a key driving force for it.

Beijing must develop its “nuclear weapons” in the field of economics to make the outside world fear strategic confrontation with China.

China should also make friends worldwide, including Western nations, so as to unite all the forces that can be united. It must not overly focus on gains and losses in friction with others. Beijing must protect its interests, but in the meantime it cannot isolate itself doing so.

China needs to accept diverse opinions on the internet, governing them but also adapting to them so as to prevent online opinions from impacting on society’s overall judgment and confidence.

It is hoped that China will develop a greater core competitiveness which other countries cannot match. This is an expectation of all Chinese people.

American business to pain together in ZTE case

The US government sales ban of American components to the ZTE Corporation will surely inflict significant damage to the company. However, the pattern of globalization shows that not only will the US not secure a victory, it will also suffer a harsh blowback. The US stock market came to a similar conclusion, and media from around the world calculated that the US’ future losses will be significant.

Qualcomm is a major mobile chip supplier for ZTE mobile phones. According to Reuters, Qualcomm will be harmed during this strike because ZTE is an important client, and its competitors could benefit from ZTE choosing alternative manufacturers. Furthermore, Qualcomm might suffer more setbacks when China retaliates on the US for this ban.

According to studies by various media organizations, the full implementation of the seven-year sales ban on ZTE will amount to combined loss of $6.8 billion for Qualcomm, Acacia Communications, and Oclaro Inc. It will also affect more than 32,000 employees. Due to this estimation, Acacia Communications stocks dropped 35.95 percent this week. Additionally, Intel and Microsoft will be hit by shockwaves in the tech industry.

Over the years, China has grown to become the largest sales market for US electronic chips, providing US companies with substantial funds for research and development. Losing the Chinese market might cause these US companies to decline in quality, which could result in a bleak financial future.US semiconductor companies are facing real threats as they will likely be taken over by their opponents.

The US will also be hurt from increasing suspicions to its business environment. The US government ended ZTE’s business dealings with American companies by force, due to “35 employees’ bonuses issues” for the company with 80,000 employees. Is the American business environment still trustworthy? Does this not imply that the US government can bully whoever it wishes? Cooperation with American companies is already difficult and being reviewed by the US government for political correctness will not make matters easier.

Some Westerners criticize the risks of doing business with Chinese companies, but not one multinational company has experienced the same mistreatment ZTE has been subjected to. The proper name for ZTE’s case could be called “35 people bonus crisis” and if this is what starts the cooperation breakdown between the US and China, or globalization in general, it will be one of the most bizarre jokes in history.

China will hit back in the best way it knows and inflict losses for American companies in China. Washington should not have any delusions of tolerance from China after causing such damage to its businesses.

With China and the US trading blows in this situation, the US economy and trade relations will delve into chaos. Investments of American companies in China far exceed Chinese companies in the US, meaning that the US has more to lose since these investments will not be spared during this fight.

Most importantly, Chinese society will lose faith in cooperation with American high-tech companies. The “35 people bonus crisis” will also serve as a push for China determination to develop its semiconductor industry to replace America’s components.

China will endure a sting in the high-tech sector confrontation, but the US will suffer lasting pain. China has been slow to develop its semiconductor technology because it is cheaper to purchase American products in the past. Developing chips and operating systems will require massive market support and China’s yearly import of $200 billion can definitely cover the funding for this research.

The consequences of punishing ZTE is now out of Washington’s control. The intertwined economies of China and the US are like “conjoined twins” and separation will cause major pain for both sides. Washington’s thinking that this is a unilateral punishment is naïve, and this short-sighted judgement will be paid at the expense of American companies and enterprises. – – Global Times
Related  

Why China cannot concede in trade war

Washington has unrealistic fantasies about “balancing
China-US trade.” It tries to solve US economic issues with sticks and
threats rather than painstaking reforms. Simply put, it attempts to make
a hard sell. The world is required to buy whatever the US produces at
its convenience, and developing countries like China cannot make
technological progress in the process.

China to open wider: How will US react?

If Washington thinks China’s upgrade of its opening-up
was triggered by US menaces, it is making a historic mistake in its
relationship with Beijing. Whether the Sino-US trade war is aggravated
depends on Washington. It is hoped US actions accord with Trump’s
pleasant tweets rather than more old carrot-and-stick

Opening-up China’s future growth path

The community with shared future for mankind is a goal of
China to lead the world forward into the future. The Belt and Road
initiative is one of the paths toward it. The world has never seen a
major power emerging with a peaceful and cooperative manner. Some people
say that China is only pretending to rise peacefully. After Beijing’s
new measures were announced at Tuesday’s forum, the world should have
gained a better understanding of China.

Trump’s car tariff tweet distorts truth

With the development of China’s economic growth and
strength of science and technology, further opening-up and lowering of
tariffs will be the future trend. But how China will do this will be
decided based on WTO rules and China’s own interests. This is China’s
sovereignty. Beijing will never listen to the command of Washington.

 

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What parents need to know about VR ?


The hottest tech in videogames is virtual reality. Find out its potential effects on kids before buying a headset.

 

VR can make you think and feel things you know aren’t real. —Dreamstime/TNS
EVERYONE who’s tried it agrees: virtual reality is mind-blowing. Once you strap on that headset, you truly believe you’re strolling on a Parisian street, careening on a roller coaster, or immersed in the human body exploring the inner workings of the oesophagus.

But for all its coolness – and its potential uses, from education to medicine – not a lot is known about how VR affects kids. Common sense Media’s new report, Virtual Reality 101: What You Need to Know About Kids and VR, co-authored by the founding director of stanford University’s virtual Human Interaction Lab, offers a first-of-its-kind overview of the expanding uses for the technology and its potential effects on kids.

Now that VR devices from inexpensive viewers to game consoles to full-scale gaming arcades are finally here – with lots more coming soon – it’s a good idea to start thinking about how to manage VR when it comes knocking at your door.

VR can make you think and feel things you know aren’t real. Other media can give you the sense of “being there” – what’s called psychological presence – but not to the extent that VR can. This unique ability is what makes it so important to understand more about the short- and long-term effects of the technology on kids. Here are some of the key findings from the report.

Even though we don’t yet have all the answers to how vR affects kids, we know enough to consider some pros and cons. And whether kids are using vR through a mobile device like Google Cardboard, on a console like the Playstation vR, on a fully tricked-out desktop rig like the Oculus Rift, or at a mall arcade, these guidelines can help you keep any vR experience your kids have safe and fun.

Pay attention to age ratings. Check the recommended age on the headset package and don’t let younger kids use products designed for older kids. The minimum age isn’t based on medical proof of adverse effects on the brain and vision, but it’s the manufacturer’s best guess as to who the product is safest for.

Choose games wisely. Because the vR game experience can be more intense than that of regular games, it’s even more important to check reviews to make sure the gameplay, the content and the subject matter are appropriate for your kid.

Keep it safe. A few precautions: Once you have the goggles on, orient yourself to the room by touching the walls; stick to short sessions until you know how you’re affected by vR; stay seated if possible; move furniture out of the way; and have a second person as a spotter.

Pay attention to feelings – both physical and emotional. If you’re feeling sick to your stomach, dizzy, drained, or sad, angry, or anxious – give it a rest for a while.

Talk about experiences. since vR feels so real, it’s an excellent time to talk through what your kid has experienced in a game. Ask what it felt like, what the differences are between vR and regular games, and how vR helps you connect to other people’s experiences by putting you in someone else’s shoes.

Find opportunities; avoid pitfalls. Don’t let your kids play vR games that mimic experiences you wouldn’t want them to have in real life, such as using violent weapons. On the other hand, take advantage of vR that exposes kids to things they wouldn’t normally get to see, feel, and learn, such as visiting a foreign country.

Keep privacy in mind. Devices that can track your movements – including eye movements – could store that data for purposes that haven’t yet been invented. — Common sense Media/Tribune news service.

Star2 Technology  by Caroline Knorr

5,000 Malaysians are illegals in South Korea, lured by higher pay, living underground !


A tough life: Malaysians seen working at a vegetable farm near Seoul. 

SEOUL: An estimated 5,000 Malay­sians are working and staying illegally in South Korea, with the less fortunate ones forced to live like refugees and always on the run from the authorities.

Lured by job advertisements that claimed they could make money hand over fist in the land of K-pop and Descendants of the Sun, they paid recruitment agents thousands of ringgit in fees and entered the country on tourist visas.

Unfortunately, many of them have been left in dire straits after finding out that reality did not match up with the promises.

Star Media Group’s Bahasa Malaysia news portal mStar Online sent a team to South Korea to look into their plight and found many of these Malaysians stranded and destitute.
These 5,000, based on figures that volunteer aid workers pieced together from Malaysians and recruitment agents, are part of an estimated 251,000 illegal foreign workers in the country as reported by The Korea Herald.

Their problems, first highlighted by the portal in a series of special reports in association with The Korea Herald in January, ranged from suffering permanent disability after workplace accidents to being left broke and homeless when they were fired by their employers.

Among the locations the team visited were Itaewon in the central region and Daeso and Muguk in Eumseoung district, about 80km from Seoul.

A Malaysian who wanted to be known only as Farhan said he and two of his friends have been homeless for more than two months since they were fired without pay after working at a seaweed processing company for just one week.

“I was fired because I came down with fever a week after starting work. We have to rely on our friends for food,” he said, adding that sometimes they only had biscuits to eat.

The 24-year-old said that on weekends, they would sleep at the Seoul Central Mosque, while on weekdays, they would stay at a friend’s house.

Visiting the mosque, the mStar Online team found several bags in the corridors, believed to belong to the foreign workers who sleep there.

Another Malaysian, who did not want to be named, said she had to live in one house with 18 others.

The woman, who works on an onion and sweet potato farm, said the house is so overcrowded that some of them have to sleep in front of the toilet or on the kitchen floor.

She and her housemates said there had been cases of Malaysians being physically abused if they did not work fast enough.

Their story was echoed by others the team interviewed, as well as those who came forward in the earlier reports in January, and because of their illegal status, they are often exploited, made to work long hours without rest and barred from talking to their colleagues.

The risk of accidents is also great because they are seldom given briefings or safety equipment and protective gear.

After such hardship, their labour sometimes even goes unrewarded because of employers who, taking advantage of their workers’ illegal status, hold back their pay in the belief that they would not dare report it to the authorities.

As a result, many suffer in silence for fear of being detained by the authorities, and are ignorant of their rights as workers.

Winter in South Korea will come to an end later this month. Without money, shelter or a way home, these stranded Malaysians can only wait it out, and hope for new job opportunities that will be available in the spring.

Source: The Star by nadia shaiful bahari

Malaysian workers ‘living underground’ 

Some of them are forced to live on the streets.

SEOUL: The 5,000 Malaysians working and staying illegally in South Korea may be grouped into six categories, based on the findings of the mStar Online team that visited South Korea and spoke to some of those affected.

The lucky ones

These are the “successful” ones who entered the country on tourist visas, have the funds to return home or travel to other countries after these visas expire. They then return to South Korea on new tourist visas and take up jobs here again.

Those in this category are considered fortunate because they have responsible employers who pay them as promised. They have also managed to evade the authorities.

Those who overstay

There are also Malaysians who took the risk of overstaying. They are either working or waiting for other job opportunities. They can get by as long as they are not caught or face workplace issues such as accidents or exploitation by their employers.

Generally, it can be said that those who belong to the first two groups managed to realise their dream, have a place to stay, and are living comfortably in a foreign land.


• The unemployed and homeless

On the other hand, there are those who have been made homeless and forced to sleep in mosques or rely on the kindness of friends.

Their situation is caused by several factors: they may have been cheated by recruitment agents, had their salaries withheld, or had their contracts terminated, leaving them with nowhere to live and no funds to return to Malaysia.

• Waiting for spring

Job opportunities drop considerably during winter. Those without work are forced to endure the cold and wait for spring, which brings more job openings with it.

Those who have the money would not find the winter months a problem, but the unemployed have to depend on others for food and shelter.


• Accident victims

There are also those who overstay because of workplace accidents. They have to remain behind while waiting for their cases to be heard at the Labour Office so that they can claim compensation from their employers.


• Those on medical visas

Some of those hurt in workplace accidents are fortunate enough to be granted medical visas by the authorities, enabling them to stay in South Korea until their treatment is completed.

The specific reasons for not returning home vary from one individual to the next. Some may be victims of circumstance, while others are just determined to achieve their goals and earn as much as they can before coming back.

And with each new job opportunity that comes along, a new set of risks and hazards arises.

Malaysians lured by higher pay

Getting the story: Nadia speaking to an agent about the risks of illegal employment in South Korea.
Getting the story: Nadia speaking to an agent about the risks of illegal employment in South Korea.

PETALING JAYA: The Malaysians who brave the perils of working and staying illegally in South Korea do so because of monthly salaries advertised in the range of RM6,000 to RM12,000.

In fact, recruitment agents say, they choose to go even after being told of the risks involved.

It is estimated that as many as 5,000 Malaysians have gone there since 2016, to work in factories producing kimchi, cosmetics, calendars, furniture, auto spare parts and aluminium, among other items.

When the big pay they expected does not materialise, usually because of workplace accidents or exploitation by unscrupulous employers, they often find themselves homeless and broke.

An mStar Online team probing their plight spoke to one agent who said about 800 Malaysians had used his services last year alone.

The agent, who asked to be known only as Nasir, said he charged each customer RM2,800.

The amount covers securing the job, a return air ticket and a South Korean job agency’s fees.

According to The Korea Herald, there are about 251,000 illegal workers from various countries working in South Korea.

This group is highly exposed to occupational hazards and is at risk of being duped or exploited by employers because of their immigration status.

Local agents as well as aid volunteers in Seoul said Malaysians made up about 5,000 of the overall figure.

Taufik, another agent, said he knew of about 20 others who were in the same line.

“I personally handled trips for almost 100 Malaysians to South Korea since 2016,” he added.

He said not all agents were responsible enough to inform their clients of the risks.

Taufik said he was honest in his dealings and made sure those who used his services were fully aware of the risks they faced as illegals working in South Korea.

However, he was surprised to see that all these potential problems did not deter a single one of his clients from going to South Korea, which reportedly had the highest household income in Asia.

“There are agents who do not give clear information, but I tell my customers about the real situation and ask them to think carefully before going.

“Among the most important things they must have is a strong spirit.

“This is just my side job. I have my own business. I don’t depend on their money,” he told mStar Online.

Taufik claimed he only pocketed RM500 to RM600 of the RM2,500 fee he charged clients.

Based on surveys and from talking to agents and their clients, the team learned that an agent stood to make up to RM15,000 for every batch of recruits – ranging from 10 to 30 per group – sent to South Korea.

Another agent, Azhar, said it was easy to get through immigration checks there as the job seekers posed as tourists.

To prove they were just visiting, Azhar said he would provide them with fake return tickets to show to South Korean immigration officials.

His package, priced at RM2,500, includes one night’s accommodation, a prepaid T-Money payment card, job arrangement charges and transport to the workplace.

Source:Star by nadia shaiful bahari

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In a knot after going to South Korea to earn wedding expenses

 

Demanding conditions: Workers labouring at a construction site in Seoul. Malaysians, using tourist visas to work as illegal labourers, take up tough jobs in the manufacturing, construction and plantation sectors in South Korea. — AP Malaysians Lured by high pay and benefits – Nation | The Star Online

Demanding conditions: Workers labouring at a
construction site in Seoul. Malaysians, using tourist visas to work as
illegal labourers, take up tough jobs in the manufacturing, construction
and plantation sectors in South Korea. — AP

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Lift-off in space plane race as China tests hypersonic drone model


China launched a scaled-down model of a multipurpose, reusable space plane from a test site in the Gobi Desert late last month, part of its race to develop space travel technology.

The hypersonic space drone lifted off from the Jiuquan Satellite Launch Centre in Inner Mongolia, accelerated to more than five times the speed of sound and reached orbital altitude before returning safely to ground, according to a researcher with knowledge of the experiment.

China’s goal was to develop a space plane for both military and civilian missions, capable of travelling fast enough to penetrate missile defence systems and with the heft to help rebuild satellite networks or lift tourists to space, the researcher said.

Development of the prototype was led by the China Aerodynamics Research and Development Centre in Mianyang, Sichuan province. Also known as Base 29, the military-run facility has some of the most advanced wind tunnels for hypersonic research in the country.

China fires up advanced hypersonic missile challenge to US defences

Ye Youda, a senior hypersonic vehicle researcher working at the base, confirmed the test took place but said he could not give details because the project was classified for defence purposes.

Without revealing the nature of the vehicle, state-run Science and Technology Daily said on February 23 that the test was a “breakthrough”, with the vehicle landing precisely as planned.

Lead scientist Liu Gang was quoted as saying it was the first time China had conducted this kind of test.

Liu said the mission would help China acquire critical technology for engineering and scientific research in space.

“It signals … a historic breakthrough in speed, altitude and applications,” he was quoted as saying.

Meanwhile, China Aerospace Science and Industry Corporation, a major defence contractor in Beijing, confirmed on Tuesday that it was also working on space plane technology.

Zhang Hongwen, director of the company’s Third Research Academy, said China’s space plane would be very different from the reusable rocket developed by California-based SpaceX.

“It will be able to take off from a normal airport and take spacecraft into orbit. It will be a revolution for space transport,” Zhang told state broadcaster China Central Television.

He said Tengyun, a civilian version of the space plane, would be able to carry both passengers and cargo into orbit or to a space station.

The vehicle would be reusable – bringing down launch costs – and be driven by a hybrid engine that could take in air in the atmosphere and burn rocket fuel once in space.

Space planes are expected to be more attractive than rockets for tourists because they allow for smoother flight.

Beijing to New York in 2 hours? Chinese team reveal hypersonic plane ambition

Li Junwei, a professor from Beijing Institute of Technology’s school of aerospace engineering, said it was extremely difficult to building an engine that would work both in space and air.

“The aircraft can lose control while going through the boundary of different environments,” he said.

Other nations are developing similar technology. The US military has teamed up with Boeing to develop XS-1, a hypersonic space plane that would launch vertically as a rocket and return to ground as a plane.

Also known as the Phantom Express, the vehicle would be as large as a commercial airliner and be able to put a medium-size satellite to lower-Earth orbit.

The US project was launched last year with the first flight scheduled for 2020.

Stephen Chen
South China Morning Post

Stephen Chen http://www.scmp.com/news

 

More on this story

Researchers say the I-plane’s two layers of wings will mean it can handle significantly heavier payload than existing hypersonic vehicles. Photo: Science China Press


Beijing to New York in 2 hours? Hypersonic plane ambition revealed

More on this story

Weapons under development by China and Russia – as well as by the United States – can fly at many times the speed of sound and are designed to beat regular anti-missile defence systems.

East Asia

Why the US falls behind China in the hypersonic weapons race

CHINA’S Claims it has ‘QUANTUM’ Radar may leave $17 Billion F-35 Naked

 

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Singing and dancing to world domination

Jack Ma’s Alibaba to take on Kuala Lumpur’s traffic Artificial Intellligence project


Alibaba Cloud, which set up a datacentre in Malaysia last year, is considering a second one to further develop a local ecosystem, its president Simon Hu said. — Reuters

 

Jack Ma’s Life Advice Will Change Your Life (MUST WATCH) 

 

KUALA LUMPUR: Alibaba Group will set up a traffic control system harnessing artificial intelligence for Malaysia’s capital Kuala Lumpur, its first such service outside China, as the e-commerce giant pushes to grow its cloud computing business.

Alibaba Cloud, the cloud computing arm of Alibaba Group, said on Monday it plans to make live traffic predictions and recommendations to increase traffic efficiency in Kuala Lumpur by crunching data gathered from video footage, traffic bureaus, public transportation systems and mapping apps.

It is partnering with state agency Malaysia Digital Economy Corporation (MDEC) and the Kuala Lumpur city council to roll out the technology, which would be localised and integrated with 500 inner city cameras by May.

The partnership comes after Alibaba founder Jack Ma and Malaysian Prime Minister Najib Razak launched an “e-hub” facility last year, part of an initiative aimed at removing trade barriers for smaller firms and emerging nations.

Alibaba Cloud, which set up a data centre in Malaysia last year, is considering a second one to further develop a local ecosystem, its president Simon Hu said on Jan 29.

He declined to elaborate on the company’s total investments made and planned for in Malaysia, but said it was “no small amount” and that the investments would continue if there was demand for cloud computing technologies.

MDEC’s chief executive officer Yasmin Mahmood said there was no estimate of City Brain’s impact on traffic in Kuala Lumpur yet. The traffic management system in the Chinese city of Hangzhou had resulted in reports of traffic violations with up to 92% accuracy, emergency vehicles reaching their destinations in half the time and overall increase in traffic speed by 15%.

Najib has forged close ties with China in recent years. Last year, the Malaysian leader announced a slew of infrastructure projects, many funded by China, as he worked up momentum towards a general election he must call by the middle of this year. — Reuters

Related Alibaba To Take On Kuala Lumpur’s Traffic In First Foreign Artificial
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Protect your IoT devices


The Internet of Things is a big, juicy target for criminals. — Dreamstime/TNS

 

As more and more devices connect to the Internet, the risk of them being targeted by criminals is also increasing.

Internet-connected devices are nearly ubiquitous, with ­computer circuitry now found in a variety of common appliances. They can include security cameras, DVRs, printers, cars, baby monitors, and refrigerators – even “smart” lightbulbs and clothing. Collectively those devices are called the Internet of Things.

The Internet of Things is a big, juicy target for criminals. Up to a million devices were hijacked to create the Mirai botnet which was used to extort companies and bring a university computer system in New Jersey to its knees. The botnet was later exploited to bring down vast swaths of the Internet in a ­sustained attack on Oct 21, 2016.

Paras Jha, a former Rutgers University student, pleaded guilty Dec 8 with two other men who admitted they wrote the Mirai code. Named after an obscure anime film character, Mirai scoured the Internet for unsecured devices and easily found them.

Once discovered, the Internet of Things devices were hijacked by the Mirai malware and became part of a botnet that launched assaults on Internet service providers and scores of websites. Jha, 21, allegedly monetised the botnet by demanding ransom to call off the attacks, using it to inflate the number of advertising clicks on websites, and renting it out to other hackers for their own nefarious ends.

The attacks on Rutgers’ computer system may have cost the school US$9mil (RM36.70mil), prosecutors said. Rutgers officials told NJ.com the cost of enhancing security was one of the reasons the school hiked tuition in 2016.

When Jha discovered federal investigators were closing in, he released the Mirai source code to the world to cover his tracks. The code is still circulating online and causing damage, according to Brian Krebs, of KrebsOnSecurity.com.

Krebs advises taking these precautions to keep your Internet of Things devices protected:

– Avoid connecting your devices directly to the Internet.

– Change the default credentials to a complex password that only you will know and can remember.

– Check the defaults, and make sure things like UPnP (Universal Plug and Play – which can easily poke holes in your fire wall without you knowing it) are disabled.

– Avoid Internet of Things devices that advertise built-in Peer-to-Peer (P2P) capabilities. P2P Internet of things devices are notoriously difficult to secure, and research repeatedly has shown that they can be reachable even through a fire wall remotely over the internet. That’s because they’re configured to continuously find ways to connect to a global, shared network so that people can access them remotely.

– When it comes to Internet of things devices, cheaper is definitely not better. There is no direct correlation between price and security, but history has shown that less expensive devices tend to have the most vulnerabilities.

The US Department of Justice also offers these tips to protect Internet-connected devices.

– Do your research. Consider the security features of your Internet of things devices before buying. If the device uses a password, make sure it allows you to change it.

– Update firmware when available. Internet of Things devices can be susceptible if not regularly patched. Only install updates from known and reputable sites.

– Disconnect your insecure Internet of Things devices. Outdated security? Can’t update passwords? Then unplug it.

– Turn off Internet of Things devices when not in use, or periodically if otherwise always on. Malware is stored in memory and can often be erased by turning the device off and back on.

– Protect routers and WiFi networks. Use your router’s built-in fire wall, confirm it’s enabled.

– Avoid using public WiFi to check Internet of things devices from a smartphone.

– Use antivirus and intrusion-detection products.

– Ask for help, or hire help, if you can’t figure out fire walls or how to “segment” your network of Internet of things devices.

Some free online resources can help determine whether your devices are susceptible to being accessed by Mirai or other malware. Be cautious and use only well-known sources.

If you suspect your Internet of things device is infected, turn it off and on again to purge the device’s memory. Change the password. — The Philadelphia Inquirer/Tribune News Services

Source: By Sam Wood Tech News

 

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