• Bitcoin price stays above USD 7,000
  • Blockchain is suggested as a deepfake fighting tool
  • CipherTrace says major US banks unwittingly process USD 2 billion in undetected crypto transactions annually

Bitcoin did everything it could to stay away from the USD 7,000 key support level and succeeded thus far, though as pointed out by out BitcoinNews.com technical analysis, any movement of any sort is possible at such low volumes currently recorded by traders as December pans out in a dreary mood.

It is yet another day of extremely narrow price movements, though, so even with the ease that traders could move prices, they have all so far chosen to wait on the sidelines. For the short term, long buyers will note that the momentum indicators in the RSI and MACD continue to show a downside tendency but that is weakening, so a reversal could play out before the year’s end.

Is consolidation truly building up or is this simply an indication of holiday mood among traders?

Whatever the case, blockchain continues to make waves, and according to a new report by crypto research firm Witness Media Lab, blockchain could prove to be the difference in the ongoing battle with “deepfake” realities. Deepfake videos, which gained notoriety in recent years, are fake videos created with the help of artificial intelligence (AI).

Most deepfakes use the face or image of a well-known person or celebrity, to achieve the result of fooling people with videos that show them saying something they never did. This has created confusion and sowed misinformation, so deepfakes are not seen as a threat to true information.

Blockchain, though, with its famous ability to prevent manipulation of data, could now be a potent weapon against deepfakes. Witness Media Lab, via the report e report, ‘Ticks or It Didn’t Happen’, suggests that if all data in videos — images, audio and the video feed itself — could be signed with cryptographic methods, and geotagged and timestamped, then all their origins could be immutably recorded and verified on blockchain.

Once you assign a cryptographic hash to the certain media, you can always compare the source hash to others. Any mismatch will show that the media has been compromised and manipulated. Senior coordinator at Witness Media Lab, Corin Faife, told Cointelegraph elaborated on how this could happen:

“When we buy food from a supermarket, we generally expect it to be packaged in such a way that it can’t be tampered with β€” sealed plastic, stickers over the wrapper, and so on. It doesn’t guarantee the food will be perfect: it still might not taste good, and we can’t prevent it from spoiling if you leave it out too long, but what you do know is that the package hasn’t been interfered with on its way to you.”

If true, blockchain could see wide adoption in media and even in the use of enforcement to prevent public misinformation and for creators to preserve their media. Interesting? We certainly think so.

Meanwhile, blockchain analytics firm CipherTrace has published new information that claims large banks could be unwittingly processing up to USD 2 billion in undetected cryptocurrency-related transfers every year. In researching the top 10 commercial banks in the United States, it found that all of them have been unknowingly aiding unregistered cryptocurrency businesses in using their payments networks to process funds. Among these businesses are money service businesses (MSBs) and include entities such as exchanges.

MSBs are required to be identified by all banks, to be compliant with the US Bank Secrecy Act and Financial Action Task Force (FATF) funds Travel Rules. But the failure to do so, according to CipherTrace, is not because of negligence but because of tools unable to do so. In particular, banks are not yet equipped to identify exchanges and other virtual asset service providers as MSBs. The firm notes that once revised BSA and FATF guidance come into effect, this ability will be even more important.

When the CipherTrace Cryptocurrency Travel Rule Information Sharing Architecture Conference took place last month, the US Treasury’s Financial Action Task Force (FinCEN)’s Carole House wondered if banks were truly ready for these revisions. She was quoted as saying:

“It would be interesting to know how many financial institutions operating in this space are able to identify a [crypto-business] recipient as a financial institution on the basis of its wallet reference number, or other information that it currently has available to it.”

As it is, banks are already playing catch up with crypto.

 

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