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On March 10, after days of uncertainty spurred on by $1.8 billion in surprise bond losses, Silicon Valley Bank (SVB) collapsed, sending a tidal waves worth of ripple effects throughout the financial industry. The event quickly prompted the U.S. Treasury, Federal Reserve, and the FDIC to step in to effectively circumvent catastrophe and assure depositors of access to all of their funds, whether insured or not.

While the situation is still developing, the seeming fiasco has left those in traditional finance to shudder in remembrance of the 2008 financial crisis. Yet, the context of the collapse that SVB was a significantly popular choice for venture capitalists and tech startups has urged more contemporary investors (like those in Web3) to remark about the potential of decentralization in eschewing central bank issues.

But even so, in the days since the debacle, its become clear that the NFT space mightve actually dodged a bullet itself with help from regulators. Because while Web3 staunchly purports to be decentralized, some of the most prominent players seemingly only narrowly escaped being caught up in the debacle.

How did the 16th largest bank in the United States become the second-biggest bank failure in U.S. history? To summarize, the collapse came down to two major factors.

The first is that, within the last year, the Federal Reserve has raised the Federal funds rate by nearly five percentage points in an attempt to tame inflation. These higher interest rates significantly chipped away at the value of long-term bonds that SVB and many other banks took on previously when interest rates were next to nothing.

The second factor concerns the quick and broad decline in tech revenue and venture capital experienced within the U.S. In response to the wane, startups had opted to withdraw funds held in SVB, meaning that the bank was facing significant unrealized losses in bonds while simultaneously, customer withdrawals were escalating. This, in turn, caused a run on the bank where customers panicked and all attempted to withdraw their money at once.

Only two days after the SVB closure, the Department of the Treasury, Federal Reserve, and FDIC released a joint statement saying that depositors will have access to all of their money starting Monday, March 13, and that no losses associated with the resolution of SVB would come from taxpayer dollars.

The statement also mentioned that regulators took these unusual steps because SVB presented a significant risk for the U.S. economy. While regulators continue to look for a buyer for SVB and the uncertainty for what comes next is mounting, HSBC has acquired SVB UK for a symbolic 1.

Outside the traditional finance world, those in the blockchain industry are doing their best to understand how the situation might have, and could still, affect their stomping grounds.

Not to be confused with the fall of FTX, this latest three-letter acronymous fiasco had a significantly less detrimental effect on the NFT space than the aforementioned failed crypto exchange. Thanks to the actions of the Federal Reserve and FDIC, the many accounts housed under SVB which included consumer accounts as well as those of high-profile companies like Roblox, Buzzfeed, Etsy, and more were made whole as of March 13.

But the fact remains that the SVB collapse couldve very significantly affected the blockchain industry. Because apart from crypto companies like Avalanche, BlockFi, Ripple, Pantera, and others that had funds locked up in the SVB debacle, numerous NFT adjacent entities wouldve been in for a world of hurt as well. Here are a few examples.

One of the most immediate and impactful concerns arose from the untethering of the USDC stablecoin. USDC lost its 1/1 peg to the U.S. dollar only hours after SVB was closed, and Circles $3.3 billion cash reserves (about eight percent of the funds backing USDC) went into limbo. Although the situation has since been rectified, USDC has yet to return to the $1 peg as Signature Bank (another institution critical to USDC holdings) was seized in the wake of a similar bank run.

The Proof Collective which has grown increasingly in popularity over the past few years thanks to the success of projects like Moonbirds,Oddities,and Grails became an immediate concern for the NFT community in the aftermath of the SVB news. Addressing the Proof community via Twitter, the project team confirmed that Proof held cash in SVB, although they didnt state how much. Further, they noted that they had diversified assets across ETH, stablecoins, and fiat.

When word first came down about SVB, many also looked to the popular PFP project Azuki (helmed by ex-big tech entrepreneur Zagabond) to see if it was affected. Yet, Zagabond quickly dispelled worry, stating to the projects thousands of Discord members that SVB was only one of their many banking partners and that the bank held less than five percent of project funds.

NFT community members also quickly voiced concern for Yuga Labs following SVBs closure. Yet, similar to Azuki, the brand made it clear that the fiasco wouldnt affect their business or plan in any way. Yuga founder Greg Solano announced via Discord that the company had super limited financial exposure to the situation.

Memeland, the Web3 venture studio created by Hong Kong-based meme-centric entertainment website 9GAG, was similarly minimally affected by the SVB collapse. Taking to Twitter, Ray Chan, CEO and Co-founder of 9GAG, shared that Memeland had only around $40,000 held in the bank, with no plans of withdrawing. He went on to voice his lack of concern about the fiasco as well, stating, when SVB falls down as quickly as FTX did, crypto and NFT dont look so risky at all.

Its no stretch to say that the implications of the SVB closure mightve been significantly worse had regulators not stepped in to guarantee deposits. Even considering the minimal exposure that most major NFT players had to the bank, Web3 wouldve surely felt ripples from the Circle situation alone, as USDC is a highly popular stablecoin to those in the NFT space.

Yet, a few key takeaways have emerged in response to the near-catastrophic experience. The most prominent of which has everything to do with the already widely held Web3 ethos: decentralization. Of course, this goes far beyond advocating for decentralization and keeping funds out of the central banking system (as many already do). Because the major lesson learned from the SVB fiasco is that to mitigate crypto and NFT risk, users should absolutely not keep all their assets in one place.

Surely, NFT-native users will have heard this warning time and time again. Aside from following the best practices in Web3 security, locking up assets for safekeeping or even simply spreading assets throughout multiple secure wallets and accounts could help mitigate risk significantly.

So goes the adage: Dont put all your eggs in one basket.

The rest is here:

A Web3 Cautionary Tale: The Biggest NFT Brands Had Funds in SVB - nft now

We have had three decades of decentralized local governments. Next month will mark the 30th anniversary of panchayati raj, when the 73rd and 74th amendments gave Constitutional status to rural panchayats and urban municipal councils. The conventional wisdom is that panchayati raj is a great idea, the amendments were faulty and while local government has created tens of thousands of local politicians, improvements in local governance itself have been marginal.

We have had three decades of decentralized local governments. Next month will mark the 30th anniversary of panchayati raj, when the 73rd and 74th amendments gave Constitutional status to rural panchayats and urban municipal councils. The conventional wisdom is that panchayati raj is a great idea, the amendments were faulty and while local government has created tens of thousands of local politicians, improvements in local governance itself have been marginal.

The idea of decentralizing power and situating it close to citizens has appeal. Yet, whatever political theory advertises, it must pass the empirical test. The crop might be bounteous, but it must grow on Indian soil. After 30 years, can we really claim that we are better off with panchayati raj than without it? Even its most fervent proponents will argue that this barrel is half-full. Only if you scrape the bottom, I would add.

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The idea of decentralizing power and situating it close to citizens has appeal. Yet, whatever political theory advertises, it must pass the empirical test. The crop might be bounteous, but it must grow on Indian soil. After 30 years, can we really claim that we are better off with panchayati raj than without it? Even its most fervent proponents will argue that this barrel is half-full. Only if you scrape the bottom, I would add.

The argument that the amendments had flaws or its implementation was undermined by Indias political economy avoids confronting more fundamental issues. In any case, as Ambedkar said, However good a constitution may be, if those who are implementing it are not good, it will prove to be bad. However bad a constitution may be, if those implementing it are good, it will prove to be good." So we are back to the question of whether the crop of panchayati raj can grow well in the soil of Indian society. There are four broad reasons to challenge the assumption that grassroots democracy delivers.

First, as Ambedkar argued, there is an absence of fraternity at all levels of Indian society. People of an Indian village or town do not have a shared sense of civic community. There is, instead, an intense inter-group competition for resources, status, power and opportunities. Politics is primarily devoted to pursuing and managing this competition and, as a consequence, is poorly equipped to manage common resources or delivering quality public services. Can panchayati raj create the fraternity that is essential to its success? The empirical evidence suggests it does not: on the contrary, to the extent that caste and community identities are poles around which political mobilization takes place, it has perhaps created the opposite.

Second, the claim that local politics will lead to better governance must contend with the reality that Indian voters do not connect their electoral decisions with the delivery of better public services or economic development. The number of politicians who have been re-elected based on their track record of improving law-and-order, building infrastructure and raising growth is small. Populism, corruption, caste and communal mobilization are far more effective in winning elections at the state and national levels. Why should it be any different at panchayats or municipalities? After all, its the same electorates.

Third, people dont expect panchayati raj institutions to be accountable because the link between paying them direct taxes and receiving public services is weak. If you pay a part of your income to the local council to pay for schools, roads and hospitals, and if you are convinced that there is a connection between them, you are likely to hold the councillors accountable. This happens, to some extent, in urban resident welfare associations, where the payer-to-voter ratio is high. But it does not happen in panchayats and municipalities, as the direct taxpayer-to-voter ratio is very low.

Local governments can raise more revenues under various heads under their purview. But they dont. Their own revenues as a share of their total budget have been declining over the last decade. We can blame centrally sponsored schemes and non-decentralization of state finances for this, but how do you explain lack of interest in collecting property and other taxes that municipalities ought to? As Arvind Subramanian told me, The closer the government is to the people, the more unwilling it is to raise taxes." The downshot is that broadening the tax base is tantamount to narrowing the electoral base. Why would panchayati raj be more accountable for its governance responsibilities?

Finally, the lack of a republican consciousness among our citizens cannot be ignored. Democratic institutions are about role-playing: mayors, officials and magistrates are not exemplary individuals parachuted from another planet. They are ordinary citizens given constitutionally ring-fenced roles to play. It is not that we are incapable of playing these roles, but rather, nobody spends any effort educating citizens on their roles and responsibilities. Civic education is woefully short of demographic growth.

Indias raucous public sphere is filled with demands for a lot of things: one that is conspicuously missing is demand for decentralization. When was the last time there was a public agitation for more power to the panchayat"? Why, Bengaluru has not had a municipal corporation for over two years and people are going about their daily lives as usual.

Like they say about democracy, we could argue that panchayati raj is the worst form of government except for all the alternatives. I think thats a cop-out. Instead of worshipping at its altar, we should be thinking of more effective models that can improve grassroots governance in Indian conditions in the information age.

Nitin Pai is co-founder and director of The Takshashila Institution, an independent centre for research and education in public policy

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It is time to ask if the panchayati raj model really works for India | Mint - Mint

Primary.Health

The public health platform meets security, privacy, and compliance requirements for preeminent industry certification

SAN FRANCISCO, March 16, 2023 (GLOBE NEWSWIRE) -- Primary.Health, a software platform for public health and digital diagnostics outside the clinic, announced today that its systems and platform have earned HITRUST Risk-based, 2-year Certification, the highest level of information protection and compliance assurance. Specifically, HITRUST certifies that Primary.Healths systems residing at Amazon Web Services comply with all U.S. HIPAA security regulations and PCI, ISO 27001 and NIST security standards. Primary.Healths diagnostic technology and data have been recognized as meeting key healthcare regulations and requirements for protecting and securing sensitive private healthcare information.

According to HITRUST, this milestone puts Primary.Health in a select group of organizations worldwide that have earned HITRUST certification. It validates that Primary.Health is meeting critical compliance requirements across a wide range of industry standards and frameworks, as well as federal and state regulations.

Technology gives us power through information, but that means nothing if data is not secure. Our HITRUST Certification validates our system to protect customer data. Secure data enables us to provide diagnostic solutions for large public and private organizations committed to protecting their populations, noted Toni Nandwana, CISO at Primary.Health.

The HITRUST Assurance Program helps organizations address security and data protection challenges through a comprehensive and flexible framework of prescriptive and scalable security controls by including federal and state regulations, standards, and frameworks, and incorporating a risk-based approach.

HITRUST certification provides the highest level of assurance for the healthcare industry, which has greater risk exposure for patient data and systems due to protected health information, data volumes, regulatory compliance, and other risk factors.

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In todays ever-changing threat landscape, HITRUST is continually innovating to find new and creative approaches to address challenges, said Jeremy Huval, Chief Innovation Officer, HITRUST. Primary.Healths HITRUST Risk-based, 2-year Certification is evidence that they are at the forefront of industry best practices for information risk management and compliance.

HITRUST certification required a comprehensive review of Primary.Healths platform, data storage environments, and software in conjunction with their Information Security Management Program (ISMP), policies and procedures, and continuous training requirements for all staff.

Primary.Health is committed to the highest level of security for our data and broader software, Nandwana said. This HITRUST certification assures our partners that Primary.Health is committed to leading in info risk management, compliance and data protection.

About Primary.Health

Primary.Health is powering the decentralization of care in public health. With access to easy and affordable diagnostics, Primary.Health is helping community leaders to reduce administrative burden, automate clinical workflows and integrate with the healthcare ecosystem. Primary.Health provides program management software and program design services enabling schools, public health, pharmacies, employers, and communities to remain safe and healthy. Primary.Health powers 10,000 sites across the U.S. and has helped to administer over 13 million tests and over 1.5 million vaccines. Through our work with the largest, most complex organizations at the height of the pandemic, Primary has earned the experience and trust to provide superior diagnostic testing for flu, COVID-19, STI, HIV, RSV and other conditions that threaten population health. Contact us today to learn more at https://primary.health/.

Media:Ali NixPrimary.HealthPrimary.health@highwirepr.com

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Primary.Health Achieves HITRUST Certification, the Highest ... - Yahoo Finance

Where is the blockchain stored? This is not the first time someone asked this question. Blockchain technology has significantly transformed the way we store and manage data, providing a secure and decentralized approach to storing sensitive information. Blockchain storage is based on a distributed ledger system, where a network of nodes maintains a full copy of the blockchain. This innovative system results in an extremely resilient and tamper-proof storage solution that is highly resistant to cyber attacks and hacking attempts.

In this article, we will explore the concept of blockchain storage in more detail, looking at how it works, its benefits, risks, and challenges. We will also discuss the relationship between blockchain storage and cryptocurrency and examine some of the key factors that are likely to shape the future of blockchain storage. Whether you are a business owner, an IT professional, or simply interested in the latest developments in technology, this article will provide you with a comprehensive overview of the world of blockchain storage.

Blockchain is a digital ledger technology that allows for secure and transparent transactions without the need for a central authority. It is essentially a decentralized database that enables users to store and share information in a tamper-proof and immutable manner. The technology was initially introduced in 2008 as the underlying technology behind Bitcoin, the first cryptocurrency, and has since gained widespread adoption in various industries.

The blockchain works by creating a distributed network of computers (nodes) that work together to verify and validate transactions. Here are the basic steps involved in the process:

Each block in the blockchain is linked to the previous block, creating a chain of blocks (hence the name blockchain). This ensures that any attempts to alter or tamper with a transaction in a block would require the modification of all subsequent blocks, which is virtually impossible. This makes the blockchain a highly secure and tamper-proof technology.

The blockchain is stored on a network of computers (nodes) that participate in the validation and verification of transactions. Each node maintains a copy of the entire blockchain, which is continually updated as new transactions are added to the network. The blockchain can be stored in a decentralized or centralized manner, depending on the type of network and the storage system used.

Decentralized storage refers to a system in which the data is distributed across multiple nodes in a network, with each node maintaining a copy of the data. In a decentralized blockchain network, each node stores a copy of the blockchain, creating a distributed ledger that is highly resistant to tampering and hacking. Decentralized storage is a key feature of blockchain technology, as it enables the creation of a transparent, secure, and immutable ledger that is not controlled by a single entity.

Why data redundancy is worth the extra storage space?

Centralized storage, on the other hand, refers to a system in which the data is stored on a single server or a group of servers controlled by a central authority. This type of storage is commonly used in traditional databases and information systems, where data is accessed and managed by a single entity. However, in the context of blockchain technology, centralized storage is not ideal, as it creates a single point of failure and makes the system vulnerable to hacking and cyber-attacks.

Public and private blockchains differ in terms of their storage systems. Public blockchains, such as Bitcoin and Ethereum, are decentralized and use a distributed network of nodes to store the blockchain. Anyone can join the network and participate in the validation and verification of transactions. Private blockchains, on the other hand, are typically used by organizations and enterprises and are controlled by a central authority. The storage system used in private blockchains can be either centralized or decentralized, depending on the specific needs of the organization.

As the adoption of blockchain technology continues to grow, the future of blockchain storage is expected to evolve and improve in a number of ways. Here are some possible developments that may shape the future of blockchain storage:

One of the major challenges facing blockchain technology is its limited scalability. As more transactions are added to the blockchain, the size of the network increases, making it more difficult for nodes to validate and store the data. In the future, new solutions such as sharding and off-chain scaling may help to address this issue, enabling the blockchain to handle more transactions and become more scalable.

As the number of blockchain networks continues to grow, there is a need for greater interoperability between different blockchains. This would enable users to transfer assets and data between different networks, creating a more seamless and interconnected blockchain ecosystem.

As blockchain technology continues to mature, new storage solutions are likely to emerge that will make it easier and more cost-effective to store data on the blockchain. For example, new decentralized storage platforms such as IPFS and Filecoin may provide more efficient and secure storage solutions for blockchain data.

While public blockchains such as Bitcoin and Ethereum are well-known, private blockchains are also becoming increasingly popular. Private blockchains offer a more controlled and secure environment for businesses and organizations to store data and conduct transactions, and their adoption is likely to increase in the future.

Blockchain technology offers a number of benefits when it comes to storing data, including:

While blockchain technology offers a number of benefits when it comes to storing data, there are also some risks that need to be considered, including:

Blockchain storage is known for its high level of security due to its decentralized, tamper-proof nature. Here are some of the ways that blockchain technology ensures the security of data storage:

How to become a blockchain maestro?

While blockchain technology is inherently secure, there are steps that can be taken to ensure that data stored on the blockchain remains secure. Here are some best practices for ensuring secure blockchain storage:

Access to the blockchain should be restricted to authorized users only, and strong access controls should be implemented to ensure that users are who they claim to be. This can be achieved through the use of secure authentication methods, such as two-factor authentication, biometrics, or digital certificates.

All data stored on the blockchain should be encrypted to prevent unauthorized access. This can be achieved through the use of strong encryption algorithms, such as AES or RSA.

The blockchain network should be regularly monitored for signs of suspicious activity or attempted breaches. This can be achieved through the use of network monitoring tools or security information and event management (SIEM) systems.

The software used to run the blockchain network should be kept up-to-date with the latest security patches and updates to ensure that any known security vulnerabilities are addressed.

When using third-party service providers to store data on the blockchain, it is important to choose reputable providers with a track record of security and reliability.

All employees with access to the blockchain should receive regular training on how to use the technology securely and how to recognize and respond to potential security threats.

Cryptocurrency is one of the most well-known use cases for blockchain technology, as it relies on the blockchain to securely store and manage transactions. Here are some key points about the relationship between blockchain storage and cryptocurrency:

Blockchain storage is an essential component of cryptocurrency, as it provides the security and transparency needed to create a decentralized and trustworthy system for managing transactions. As the adoption of cryptocurrency continues to grow, the importance of secure and reliable blockchain storage solutions is likely to become even more critical.

Back to our original question: Where is the blockchain stored? Well, the blockchain is stored on a network of computers (nodes) that participate in the validation and verification of transactions. Each node maintains a copy of the entire blockchain, creating a distributed and decentralized ledger that is highly resistant to tampering and hacking.

One of the key tricks of blockchain storage is its use of cryptography and consensus algorithms to ensure the security and integrity of the data stored on the network. This makes it highly secure and tamper-proof, creating a transparent and immutable ledger that is ideal for storing sensitive and important data.

Additionally, blockchain storage offers a range of benefits, including decentralization, transparency, and efficiency. While there are also some risks and challenges associated with blockchain storage, these can be addressed through the use of appropriate security measures and best practices.

As the adoption of blockchain technology continues to grow, we can expect to see new and innovative solutions emerge that will enable blockchain to become an even more powerful and transformative technology for data storage and management.

Blockchain can be stored in the cloud, but it is not limited to this storage solution. The blockchain is essentially a distributed ledger that is stored on a network of computers (nodes) that work together to verify and validate transactions. The nodes can be located anywhere in the world, and the blockchain can be stored on a combination of cloud-based and on-premises storage solutions.

Yes, blockchain technology is essentially a type of database, but it differs from traditional databases in a number of ways. Unlike traditional databases, which are typically centralized and controlled by a single entity, the blockchain is decentralized and distributed across a network of nodes. Additionally, the blockchain is designed to be highly secure and tamper-proof, using cryptography and consensus algorithms to ensure the integrity of the data stored on the network.

How data engineers tame Big Data?

The data stored on the blockchain is maintained by a network of nodes, which are responsible for validating and verifying transactions. Each node in the network maintains a copy of the entire blockchain, creating a distributed ledger that is highly resistant to tampering and hacking. The data stored on the blockchain is secured using cryptography and consensus algorithms and can only be modified with the agreement of the nodes in the network.

Yes, every node in the blockchain network maintains a copy of the entire blockchain, creating a distributed and decentralized ledger that is highly secure and resistant to tampering. This means that the blockchain is stored on every computer that participates in the network, creating a highly redundant and fault-tolerant storage solution. The use of multiple nodes ensures that the blockchain remains accessible even if one or more nodes go offline or become compromised.

More here:

Where Is The Blockchain Stored? - Dataconomy