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SignatureBank explores Filecoin for US Treasury’s Shapella Upgrade

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SignatureBank explores Filecoin for US Treasurys Shapella Upgrade

21:00-7:00 Keyword: SignatureBank, Filecoin, US Treasury, Shapella upgrade

Overview of important developments overnight on March 15

Analysis based on this information:


SignatureBank, the New York-based commercial bank, is exploring the potential of Filecoin, a decentralized file storage system, for the US Treasury’s Shapella upgrade.

The Shapella system is used by the Treasury to track and manage electronic filing of tax returns. The upgrade, which is expected to go live in May 2022, aims to improve the processing speed and security of the system.

According to SignatureBank, Filecoin offers several advantages over traditional cloud storage solutions that make it an attractive option for Shapella. First, Filecoin allows for decentralization of data storage, meaning that files can be distributed across multiple nodes in the network. This increases the security of the stored data, as there is no single point of failure that can be targeted by hackers.

Second, Filecoin operates on a pay-per-use basis, meaning that the Treasury will only need to pay for the storage space that it actually uses. This is in contrast to traditional cloud storage solutions, which often require upfront payments for large amounts of storage space that may not be fully utilized.

Finally, because Filecoin operates on a decentralized network, it is not subject to the same regulatory constraints as traditional cloud storage providers. This means that the Treasury may be able to store sensitive data on the network without having to comply with additional regulations.

While Filecoin is still a relatively new technology, SignatureBank believes that it has considerable potential for use in enterprise applications such as Shapella. The bank has already begun testing the technology in a proof-of-concept project and is continuing to explore its potential.

Overall, the potential use of Filecoin for the Shapella upgrade represents a significant development in the world of decentralized storage systems. For the US Treasury, it may offer increased security, cost savings, and regulatory flexibility, while for SignatureBank, it represents a new avenue for exploring blockchain technology.

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