Sacramento Kings Launch Blockchain-driven Memorabilia Auction Platform

Sacramento Kings Launch Blockchain-driven Memorabilia Auction Platform

By RTTNews Staff Writer | Published: 1/22/2020 9:36 AM ET

American professional basketball team Sacramento Kings launched NBA’s first live blockchain-powered auction platform for authentic memorabilia in partnership with New York-based blockchain technology firm ConsenSys.

Sacramento Kings is using ConsenSys’ Ethereum-powered supply chain product called Treum for fans to bid on in-game sports gear that is worn during matches. During Kings home games, fans will be able to participate in a live auction of game-worn gear. Anyone from the fans watching the game in the arena to the fans watching from home can bid on any Kings live auction item.

Kings guard Buddy Hield’s game-worn jersey was the first to be auctioned off during the game with proceeds used for Hurricane Dorian relief efforts. Proceeds from future auctions will go toward the Sacramento Kings Foundation unless specified.

The total value of the U.S. sports memorabilia market has been valued at $5.4 billion annually. There are currently no industry standards for authenticating items and protecting fans from purchasing counterfeit merchandise.

The auction’s highest bidders will receive the authenticated gear, tagged and verified, along with a token, representing proof of ownership and also serves as a Certificate of Authenticity (CoA).

This partnership follows the Kings recent launch of the NBA’s first physical blockchain-powered range of crypto-collectible in professional sports.

The Sacramento Kings, one of the most tech-savvy ownership groups in the NBA, had partnered BitPay in 2014 to become the first sports team in the world to accept Bitcoin payments for match tickets and promotional products.

Recently, it teamed up with blockchain startup Blockparty to launch NBA’s first blockchain-driven reward program for the NBA’s first predictive gaming app called ‘Call the Shot.’

In July 2018, Sacramento Kings had become probably the first professional sports team to foray into cryptocurrency mining and use the funds for charity program ‘MiningForGood.’ They installed crypto-mining machines inside their arena.

In August, Dallas Mavericks became the second NBA team after Sacramento Kings to accept cryptocurrency Bitcoin (BTC) as an additional method of payment for match tickets and merchandise. It teamed up with Bitcoin payment processor BitPay to process all the payments using Bitcoin.

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Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

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World Economic Forum Forms Consortium For Digital Currency Governance

World Economic Forum Forms Consortium For Digital Currency Governance

By RTTNews Staff Writer | Published: 1/28/2020 9:31 AM ET

The World Economic Forum (WEF) formed a global consortium to be focused on designing a framework for the governance of digital currencies such as Bitcoin, including stablecoins.

This is the first initiative to bring together leading companies, financial institutions, government representatives, technical experts, academics, international organizations, NGOs and members of the Forum’s communities on a global level.

The consortium will provide solutions for a fragmented regulatory system, with efficiency, speed, inter-operability, inclusivity and transparency to be at the heart of this initiative to form the global framework.

A set of guiding principles will be co-designed to support public and private actors exploring the opportunities that digital currencies present.

The Global Consortium for Digital Currency Governance will aim to increase access to the financial system through innovative policy solutions that are inclusive and inter-operable. WEF said opportunities for financial inclusion will be only unlocked if the space is regulated properly and includes public-private cooperation across developed and high-growth markets.

Governor of the Bank of England, Mark Carney said, “It is critical that any framework on digital currencies ensures security, efficiency and legitimacy of payments while ensuring fair and open competition.”

Last week, the WEF and some of the world’s major central banks had created a central bank digital currency (CBDC) policymaker toolkit. This will enable policy-makers to understand the process of design and deployment of CBDC’s.

The WEF’s Global Technology Governance Summit will take place in San Francisco from April 21 to 22, 2020 where governance of digital currency will be a core pillar.

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Deutsche Bank: Cryptocurrencies Won’t Replace Cash Anytime Soon’

Deutsche Bank: Cryptocurrencies Won’t Replace Cash ‘Anytime Soon’


Image courtesy of CoinTelegraph

            JAN 27, 2020

Deutsche Bank’s research arm issued a report predicting that cash will be around for a long time despite the surge of digital currencies.

Cash is unlikely to disappear anytime soon despite the decline of its use as a payment method and the surge of digital currencies, Germany’s largest bank believes

Cash is unlikely to disappear anytime soon despite declining use as a payment method and the surge of digital currencies, Germany’s largest bank says.

Deutsche Bank, a German multinational investment bank that previously predicted that cryptocurrencies will replace fiat by 2030, now claims that cash “will be around for a long time” as a preferred method of payment.

Deutsche Bank Research issues three reports on the future of payments

The bank has forecast a tentative future for cash in one of its recent “The Future of Payments” reports carried out by Deutsche Bank’s research arm Deutsche Bank Research. Titled “Cash: the Dinosaur Will Survive … For Now,” the report was issued on Jan. 21 and represents the first part of a series of reports on the future of payments. The second part, called “Moving to Digital Wallets and the Extinction of Plastic Cards,” was published on Jan. 23, while the third and final part of the series, “Digital Currencies: the Ultimate Hard Power Tool,” was issued on Jan. 27.

Despite expressing its confidence that cash will remain a major payment method in the near future, Deutsche Bank admits to a growing role for the ongoing digital payment revolution. The bank wrote in its “Cash” report:

“In this report, we argue that cash is unlikely to disappear anytime soon. However, a real digital payment revolution has been underway for the past ten years. Cash is losing ground as a payment method. Several countries have recently removed large notes worth $100 or more and implemented policies to replace traditional payment methods with digital solutions. In the midst of these changes, non-sovereign cryptocurrencies pose a threat to political and financial stability.”

Over 50% of people in developed countries believe that cash will always be around

As part of the cash-focused report, Deutsche Bank Research conducted a survey indicating that a third of people in developed countries consider cash to be their favorite, while more than 50% are sure that cash will always be around. Additionally, the bank found out that Germans hold the highest average rate of cash among advanced economies, which accounts for 52 euro or about $57 at press time. According to Deutsche Bank, Germany plans to use even more cash in the coming six months.

The world’s two most populous countries encouraging greater use of digital currencies

Deutsche Bank further outlined that the future of cash will greatly depend on further developments in China and India, which are the world’s two most populous countries. Specifically, the bank emphasized that both countries have been encouraging greater use of digital currencies and blockchain. As such, China’s President called for the country to accelerate its blockchain adoption in late 2019, while India’s securities regulator recently urged on Jan. 23 that exploration of the best possible usage of blockchain in securities markets.

As China has reportedly seen progress with its government-backed digital currency, Deutsche Bank warned that the adoption of such a currency poses a serious threat to the United States dollar:

“China is working on a digital currency backed by its central bank that could be used as a soft- or hard-power tool. In fact, if companies doing business in China are forced to adopt a digital yuan, it will certainly erode the dollar’s primacy in the global financial market.”

As to the growing trend of crypto and blockchain industry, Deutsche Bank has also been actively working in the developments in this area. In September 2019, Deutsche Bank joined JPMorgan’s blockchain-based network, the Interbank Information Network to reduce the cost of processing difficult payments and offer better client services.

Original article posted on the CoinTelegraph.com site, by Helen Partz.

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Crypto Community Reacts to Ripple CEO’s Hint at Company IPO

Crypto Community Reacts to Ripple CEO’s Hint at Company IPO

Yesterday, it was revealed that the chief executive of Ripple Labs, Brad Garlinghouse, made a massive announcement during an event surrounding the World Economic Forum of 2020 in Davos, Switzerland.

At the Wall Street Journal event, Garlinghouse said that he believes in the next 12 months, “you’ll see initial public offerings in the crypto/blockchain space.”

Garlinghouse, touching on the long-held sentiment that Ripple will eventually issue shares on the public market, went on to say that “We’re not going to be the first and we’re not going to be the last, but I expect us to be on the leading side… it’s a natural evolution for our company.”

In other words, Garlinghouse thinks it is a “natural evolution” for his company to issue shares on public stock exchanges.

Of course, this comment quickly elicited a massive response from the crypto community. Some were positive, some were negative, and some were neutral.

Community Responds to Potential Ripple IPO

One of the most notable responses to this news was one from Bully, a cryptocurrency commentator who works as a lawyer. The pseudonymous commentator posted the below tweet, seemingly throwing shade at Ripple’s intent to issue shares on public exchanges, further adding to his point by publishing an image from South Park that says: 1) start up, 2) cash in, 3) sell out, and 4) bro down.

More seriously, prominent XRP and Ripple commentator GreenEggsnHam, who sports over 16,000 followers on Twitter, wrote that this news is disappointing to hear to him. The commentator specifically looked to the fact that Ripple has “half a billion dollars in cash and billions more in XRP escrow,” which would suggest that there is no need for the company to raise funds on public markets. They continued:

This is nothing but a wealth transfer mechanism and I find it utterly disgusting. There is zero reason for Ripple to become a publicly traded company – they don’t need the funds. I expected more from these guys.

This comment garnered hundreds of likes from others in the cryptocurrency community.

On the other side of things, XRP bull and eerily accurate cryptocurrency trader Credible Crypto shared an article from popular Ripple community member Hodor, in which he laid out the potential effects a public listing of shares of the fintech company could have on Ripple itself:

This influx of capital from an IPO is used by the company to expand and achieve far greater levels of growth than they otherwise would…

Hodor suggested that if his calculations of a large multi-billion-dollar IPO is correct, the company could bag big business deals, enlist powerful marketing campaigns, and acquire many companies to help push the adoption of its technology.

This potential demand might not be hearsay. Per previous reports from Ethereum World News, the company was late last year valued at $10 billion in the venture capital markets in a $200 million Series C funding round. This made it more valuable than WeWork.

Original article posted on the EthereumWorldNews.com site, by Nick Chong.

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Texas Regulator Lists Cryptocurrencies Among Top Threats To Investors

Texas Regulator Lists Cryptocurrencies Among Top Threats To Investors

By RTTNews Staff Writer | Published: 1/23/2020 10:32 AM ET

The Texas State Securities Board or TSSB listed cryptocurrencies to be among the top threats to investors. This was revealed in the 10th anniversary edition of the Texas Investor Guide published by the TSSB under the title “Strategies for Investing Wisely and Avoiding Financial Fraud.”

The regulator lists cryptocurrency offerings as a threat to investors as they are extraordinarily volatile or risky and almost impossible for a layperson to understand. Cryptocurrency prices continue to be in a constant cycle of boom and bust.

Cryptocurrencies became popular at a time when bitcoin reached a record high of $19,891 in December 2017, an increase of 1,800 percent for the year. However, the price had dropped to $6,846 in less than two months later.

Investors began looking at virtual currencies as a quick path to wealth. Even seniors and retirees got easily persuaded to invest in initial coin offerings and cryptocurrency mining pools.

This has resulted in a huge number of cryptocurrency-related cases that have and are being investigated by the TSSB. In fiscal year 2019, 30 percent of the investigations opened by the Enforcement Division involved cryptocurrency offerings.

The TSSB has been one of the most active state regulators with regard to cryptocurrencies for the well-being of investors in Texas. It was the first to enter an order against a cryptocurrency firm and has reportedly entered the most orders of any state regulator.

Since April 2018, the Texas state regulator found widespread violations of the Texas Securities Act in cryptocurrency offerings during an investigation of investment offerings that were tied to virtual currencies.

In the current publication, the regulator warned investors not to invest in cryptocurrency offerings unless they can determine some basic facts about the company, primarily the identity of principals and its physical location. Otherwise, the investor will end up transferring funds to anonymous third parties at undisclosed locations.

Additionally, the TSSB urges the potential investors to see audited records or other financial information to back up any claims of high profits. Most important, it urges investors to deal with registered parties.

The regulator states that the state of Texas’ rigorous registration requirements applies equally to traditional securities and emerging securities, including products tied to cryptocurrencies. It warns that the investor will have little or no recourse if their money is stolen.

For comments and feedback contact: editorial@rttnews.com

Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

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Here’s Why a Top Analyst Thinks XRP Is Ready to Surge 20

Here’s Why a Top Analyst Thinks XRP Is Ready to Surge 20%

XRP Preparing to Rally Higher

XRP really hasn’t done well over the past 12 months, actually posting a negative return of around -50% in 2019 in a year when Bitcoin gained 95% in and of itself and assets across the board exploded higher.

The bulls are purportedly about to push the third-largest cryptocurrency higher. Trader Galaxy noted that XRP is “looking ready” to rally 20% or so higher towards $0.28, drawing attention to the existence of a clear uptrend and the fact that the asset has flipped a number of key resistances into supports, boding well for the bullish case.

Galaxy isn’t the only bull.

Analyst CryptoWolf recently noted that per his earlier analysis, XRP has finally started to decisively break out of a falling wedge pattern that has constrained price action for the past seven months. The cryptocurrency has also surmounted a key horizontal resistance that has been important on a macro basis.

With this in mind, he suggested in the below chart that he expects for XRP to target the 0.382 Fibonacci Retracement of the entire falling wedge over the coming weeks, which suggests a 25% rally is on the horizon.

Aside from the technical and charting bull case, there are some positive fundamental factors.

Per previous reports from Ethereum World News, world’s largest crypto payment processor BitPay is now allowing “cryptocurrency consumers [to] spend XRP with BitPay merchants and clients can pay BitPay invoices with a digital asset designed for global payments.”

Although not enabled by default, global merchants using BitPay like Microsoft, NewEgg, Dish Networks, FanDuel, and Avnet will be able to activate XRP payment support without “any additional integration.”

Altcoins Won’t Survive in Long Run

Although analysts are sure of XRP’s potential to surge higher, some have expressed doubts over the long-term viability of altcoins as an investment.

A Reddit user found that by diversifying a $1,000 portfolio into the top 10 crypto assets (Bitcoin, Ethereum, XRP, etc.) at 10% for each coin, his portfolio gained 1.7% in an entire year. During that same time span, Bitcoin gained 95% in and of itself and traditional asset classes gained dozens of percent and saw near-record gains.

Not to mention, analyst Ceteris Paribus recently noted that the launch of the CME’s Bitcoin options could be bearish for altcoins: “If it isn’t obvious, the more we see products like this get offered the more bearish it is for the majority of alts,” they wrote.

Original article posted on the EthereumWorldNews.com site, by Nick Chong.

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Canadian Government to Use Blockchain to Trace Steel Supply Chain

Canadian Government to Use Blockchain to Trace Steel Supply Chain

By RTTNews Staff Writer | Published: 1/21/2020 9:22 AM ET

The Canadian Government is planning to use blockchain technology and Artificial Intelligence (AI) to track the steel industry supply chain for Canadian and possibly North American business users and government.

The Innovation, Science and Economic Development Canada (ISED), a government agency, has awarded a C$169,427 or about $130,000 worth contract to Canadian enterprise blockchain start-up Mavennet Systems, Inc. to develop the digital tracing platform by combining the two technologies.

Canada's steel industry is a major international exporter, especially to the U.S.

The solution is intended to provide real-time insights and information to users within minutes of upload on smart phone and web interface, to digitally automate steel supply chain transactions.

The use blockchain technology is expected to ensure secure, accurate and transparency of data. It will also maintain a full digital trail in case of input errors. Users must be able to rectify mistakes by "adding onto the log", rather than deleting mistakes entirely.

Meanwhile, the use of AI enabled data analytics will better capture activities across the steel supply chain. Using AI will enable information on past, current and predicted demand for any input and output and predicting downstream product volume from supply products.

The platform is also expected to provide a comprehensive digital breakdown of the component parts of steel and steel products, such as coal, iron ore, nickel, steel scrap, and finished steel products.

In November last year, the U.S. Department of Homeland Security (DHS)'s Science and Technology Directorate (S&T) awarded a grant of $182,700 to Mavennet Systems to develop a blockchain-powered solution to track cross-border oil import.

Under the terms, Mavennet is required to modify its existing oil and gas tracking platform to meet the requirements of the U.S. Custom and Border Protection (CBP) to track cross-border oil imports.

The CPB expects the new platform to track the evidence of oil flow through pipelines and refinement between the U.S. and Canada and attribute oil imports with the accurate composition and country of origin.

For comments and feedback contact: editorial@rttnews.com

 

Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

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Why Centralized Exchanges are Decentralizing

Why Centralized Exchanges are Decentralizing


Image courtesy of CoinTelegraph

            JAN 19, 2020

In an industry built on an ethos of decentralization and the empowerment of individuals, where the key idea is that each and every person should have control of their own wealth and begin acting as their own bank, we’ve seen centralized custodial exchanges lead the charge up until now. Now, as the industry continues to develop ethos, we’re seeing centralized exchanges beginning to adopt more properties of decentralization.

Decentralization advances the protection of funds, transparency, economic inclusion and regulatory clarity while empowering each individual to become the custodians of their own funds. As centralized exchanges begin to recognize the benefits of decentralizing, the end result is a stronger, more trusting consumer and industry.

Trust

Trust is the foundation on which all relationships are built — with partners, family, friends and businesses — all are rooted deeply in trust. But trust isn’t given freely, it must be earned. Trust is more than an asset, it is the lifeline that dictates the longevity of a relationship.

The loss of trust in centralized entities has given birth to blockchain, a technology based on decentralization, in the hopes of redefining the concept of trust for the next wave of financial systems.

Blockchain technology has the potential to turn financial systems upside down by redefining trust. However, we mustn’t be misinformed. Just because an organization or business claims to employ blockchain technology, this doesn’t automatically make them more trustworthy. The trustworthiness in blockchain stems from the design choices businesses make when employing them.

We are reminded from time to time of the consequences of these design choices. This includes over $4 billion in stolen funds from crypto-related cyberattacks in 2019, with some of the biggest exchanges targeted by cybercriminals. Most notable this year are the incidents on Coinbase, Binance and BitHumb. These are all reminders of how people’s trust in blockchain has been tarnished. The foundations of the technology looking to disrupt the financial systems are still fragile.

But it doesn’t have to be this way

And for this reason, leaders in the industry are making design choices that entirely change how trust is handled. These leaders are decentralizing key business functions to strengthen their foundation. This can be seen first and foremost with exchanges and custody solutions that are transitioning to non-custodial solutions. On an exchange that uses custodial solutions, users need to deposit their funds into a centrally controlled wallet in order to trade. Non-custodial solutions, however, allow users to fully interact with the exchange without requiring deposits into a centrally controlled wallet. Access and control of funds never sits with a third-party, only with the owner of the funds, and counterparty risk is completely removed.

To illustrate this point, imagine the following scenario with centralized, custodial solutions. John wants to buy one BTC with another digital currency, such as EOS. To buy this Bitcoin, John must first transfer his EOS onto an exchange. Once the EOS enters the exchange, he can then interact with the exchange and trade his EOS for the one Bitcoin. At this stage, John is essentially trusting the exchange to hold custody over his assets. During this time, his assets are exposed to several risks. His assets are vulnerable to hackers, exchange shutdowns, flight risks, insolvency or freezing of his account. In all cases, John may lose access to his funds forever.

The scenario is quite different for non-custodial solutions. Non-custodial solutions eliminate the need to trust a third-party with precious assets. Assuming again that John wants to buy one BTC with his EOS, he would go on a non-custodial exchange and initiate a trade for one Bitcoin directly from his wallet. John does this through a trustless smart contract, a transparent computer protocol which enforces the performance of a contract when certain conditions are met. In this case, John agrees to the actions being taken on his funds, and that there are no errors in the transaction. The smart contract recognizes that John has deposited enough EOS to receive one Bitcoin, and the trade is executed, resulting in one BTC being deposited directly into John’s wallet. At this stage, John can do whatever he wishes with his new Bitcoin, as it is already in his possession. He has avoided all the risks of entrusting a central intermediary with custody of his assets.

Decentralizing the element of custody — a small change in business models — ultimately leads to the decentralization of trust. By redefining how trust is handled through a trustless system, exchanges are slowly rebuilding some of the lost reputation with consumers while paving the way for new relationships, where the element of trust is no longer an obstacle in doing business.

Decentralization redistributes power and trust

As centralized entities shift their focus toward decentralization, the end result is beneficial to both consumers and the industry. Decentralization promotes security, transparency, financial inclusion and regulatory clarity, and empowers the individual.

The decentralization of custody means that we are no longer trusting a single entity to have authority over deposits, withdrawals, and the storage and security of funds. Customer funds will no longer be centrally located, giving birth to an entirely new paradigm. Institutions and exchanges will no longer be a central point of attack, eliminating the lurking fear of victimization by cybercriminals, who will no longer be in a position to engage in foul play with funds.

Decentralization redistributes power and trust back to the individual. Gone are the days where customers can’t withdraw or access their funds due to an exchange becoming hacked or insolvent. Customers can instantly interact with multiple exchanges without waiting to transfer funds from one exchange to another.

Decentralization is more secure by design, and in an industry expecting $5 trillion in losses due to cybercrime in 2021, it’s important that industry leaders innovate to meet this challenge. Losses and exchange hacks are some of the biggest concerns of regulatory authorities, but decentralization can relieve most of them.

The hurdles faced in adopting decentralized solutions

While decentralizing certain business aspects has clear benefits, there are several obstacles businesses must overcome before they can deliver the same user experience as their nondecentralized counterparts and achieve wider adoption. Three of the biggest hurdles to the widespread use of decentralized financial systems are:

  1. Liquidity: Exchanges that are based on decentralization have significantly less liquidity compared to their centralized counterparts. The widespread use of these exchanges has yet to reach the majority of users, as there is an entirely new learning curve in getting accustomed to such platforms. Users need to learn how to keep custody of their own funds while connecting their wallets to the platform. The lack of users equates to a lack of liquidity, so it’s important for exchanges to attract more users or to provide liquidity from other sources.
  2. Throughput and speed: Throughput and speed are limitations of decentralized exchanges. These exchanges often rely on a blockchain network for settling trades. So, exchanges that are built on Ethereum for example are at the mercy of Ethereum’s maximum transaction throughput of about 15 transactions per second. Even if millions of users were to switch to a decentralized exchange today, some exchanges wouldn’t be in a position to adequately handle the demand. Exchanges need to be able to handle hundreds, if not thousands, of trades their users make each second. A low transaction throughput limit can cause major delays in transactions or even prevent them from being executed and can lead to millions of dollars in losses.
  3. User experience and features: With decentralized exchanges still in the early stages of development, they are often lacking in features, putting limitations on users’ trading experience. Different order types, from basic limit orders to more advanced order types like Immediate or Cancel orders, and Fill or Kill orders are often missing on decentralized exchanges. Other users may need to margin trade or connect with the exchange’s API to get real-time financial data for analysis. The truth is, users won’t make the transition to a platform that is lacking features that are critical to their trading strategies.

Instilling trust today for the financial systems of tomorrow

The financial systems of tomorrow will be responsible for the trade of real estate, gold, money, securities, cryptocurrencies and other assets, digitally. With trillions of dollars flowing through these systems, the design choices we make today are more important than ever in instilling trust in these systems — trust that our assets are always in our possession; trust that our assets are secure; trust that the companies we do business with are being honest and fair.

Decentralization, when executed properly, results in systems that offer more transparent, secure and higher-performing solutions. It is an essential building block for systems to build trust. Successful implementation of decentralized technology means empowerment for millions of people, whereas failure will result in the loss of all its benefits.

For the greater good of financial systems and their participants, conscious steps toward decentralization need to be taken.

The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Original article posted on the CoinTelegraph.com site, by Steven Quinn.

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Why Bitcoin Price Still Has Surge Potential After Impressive 43 Monthly Gain

Why Bitcoin Price Still Has Surge Potential After Impressive 43% Monthly Gain

Bitcoin has been on an absolute tear over the past month or so. Since hitting $6,400, seemingly establishing a bottom, the leading cryptocurrency BTC has surged by 43%, recently hitting a price as high as $9,175 as reported by Ethereum World News earlier today.

This already makes BTC one of the best-performing assets of 2020 and the new decade, only being outpaced by a select few stocks and other digital assets such as the hardfork Bitcoin Satoshi's Vision, which has exploded higher off news that Craig S. Wright may be moving closer to a cryptocurrency stash he purports to have, and Ethereum Classic.

With the digital asset market already surging so far higher to start 2020, analysts have been wondering if more gains are possible.

Interestingly, the consensus is that BTC will continue higher into the block reward reduction for BTC, which will most likely activate in May of this year.

Why Bitcoin Price Still Has Upside

Analysts across the board are convinced BTC’s uptrend is not done yet.

Fundstrat Global Advisors, a top market strategy and sector research company based in New York, recently released its 2020 Crypto Outlook to its clients. The firm identified three factors that will give BTC a “strong probability” of gaining over 100% in 2020, meaning a year-end price of over $15,000, due to a confluence of three primary factors:

  1. The Bitcoin halving: The crypto-friendly firm first looked to the May 2020 so-called “halving” or “halvening,” when the block reward of Bitcoin gets cut in half, effectively resulting in a 50% decrease in the inflation rate of the leading cryptocurrency. Analysts say that this should cause a supply crunch in the cryptocurrency market that could push prices dramatically higher.
  2. Geopolitical risk: Fundstrat next looked at potential geopolitical risks. With the ongoing conflicts between the U.S. and China, the U.S. and Iran, and other spats taking place across the globe, BTC may begin to prove itself as a digital, non-sovereign store of value in these trying times.
  3. 2020's presidential election: Lastly, the firm looked to the 2020 elections. This point was not expanded upon in a sneak peek of the report, though there are notable a few candidates who are more crypto-friendly than others, such as Andrew Yang, and some uncertainty around the election that could push capital towards safe havens.

On the technical side of things, pseudonymous trader Dave the Wave, who called BTC's decline from prices above $10,000 to $6,400, said that he expects for BTC to hit $11,500 by the middle of February.

Backing this prediction, Dave looked to a confluence of factors:

  1. Bitcoin recently broke above a descending channel that has constrained price action for more than six months, marking a large win for bulls.
  2. The weekly Moving Average Convergence Divergence (MACD) is starting to trend higher once again, which was a signal seen in 2015/2016 as BTC moved from a bear market to bull.

Original article posted on the EthereumWorldNews.com site, by Nick Chong.

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CHO Group To Use IBM Blockchain For Traceability Of Olive Oil

CHO Group To Use IBM Blockchain For Traceability Of Olive Oil

By RTTNews Staff Writer | Published: 1/15/2020 9:22 AM ET

Tunisian olive oil producer CHO Group teamed up with IBM Blockchain to apply blockchain technology to provide consumers traceability for its 'Terra Delyssa extra virgin olive oil' from the olive orchards to the consumers.

Terra Delyssa extra virgin olive oil will be tracked using the blockchain-based Cloud network IBM Food Trust solution, which is based on Blockchain Hyperledger technology.

Terra Delyssa, which is claimed to be grown in CHO's pesticide-free orchards with 320 days of sun, is first cold pressed under the highest standards for quality and is made entirely from a single source.

CHO has already begun using IBM Food Trust network to manage and record traceability data for its extra virgin line, the highest grade of olive oil as classified by the International Olive Oil Council and the USDA.

Customers of Terra Delyssa global retailers will be able to scan a QR-code on each label using a smartphone to view a provenance record, starting with its most recent harvest in November last year that is now being bottled. All data about Terra Delyssa lots are being uploaded to the distributed ledger.

Consumers can track the product across eight quality assurance checkpoints, including the orchard where the olives were grown, the mill where olives were crushed, and the facilities where the oil was filtered, bottled, distributed, and more.

Terra Delyssa's fully traceable extra virgin olive oil is currently being bottled and expected to reach store shelves at major retailers in the U.S., Canada, France, Germany, Denmark and Japan by March.

Media coverage of olive oil mislabeling and illicit counterfeit olive oil operations had caused general confusion about how olive oils are blended, and was driving consumer distrust.

The use of blockchain for food provenance will help reduce food fraud, including mislabeled, diluted or substituted foodstuffs.

A recent IBM Institute for Business Value study found that 73% of consumers will pay a premium for full transparency into the products they buy.

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IBM Food Trust network connects growers, processors, distributors, shippers, retailers, regulators, and consumers through a permissioned, permanent and shared record of food system data. This will enable them to work together to trace and authenticate products or optimize supply chain processes.

CHO is the latest major food provider to join IBM Food Trust. Other firms include Carrefour, Topco Associates, Wakefern, BeefChain, Dennick Fruit Source, Scoular, and Smithfield as well as other multinational companies such as Nestlé, Kroger, Tyson Foods, and Unilever.

For comments and feedback contact: editorial@rttnews.com

Article written by an RTT News Staff Writer, and posted on the RTT News.com website.

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