Tag Archives: blockchain

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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Samsung And Syniverse To Simplify Mobile Payment System

Samsung And Syniverse To Simplify Mobile Payment System

By RTTNews Staff Writer | Published: 1/10/2020 9:02 AM ET

Samsung SDS America, the IT arm of South Korean conglomerate Samsung, and U.S.-based Syniverse are combining their mobile and blockchain technologies to develop a common payment platform that makes the users' mobile phone the easiest payment means. A memorandum of understanding to this effect was signed at the 2020 International CES.

Under the partnership, Samsung SDS's Nexledger Universal blockchain platform will be integrated with Syniverse's industry-leading blockchain solution, Universal Commerce, and market-aware Mobile Engagement platform.

This will enable development of a mobile payment platform for cross-region transactions, and that comply with regulations. This will particularly help mobile operators and companies dealing in logistics, financial, travel and hospitality, media and entertainment, and retail.

The use of blockchain along with the scalability and flexibility of Nexledger Universal, and Syniverse's decades of payment and settlement experience, is expected to deliver a frictionless phone-to-phone or phone-to-merchant payment engine for secure, simple exchange of value. It will also addressing the ever-increasing regulatory requirements.

The common payment platform will work with any mobile operator and allow any mobile user to send money, loyalty points, or other digital currencies to other mobile users or merchants across the globe.

The Nexledger platform allows enterprises to take control of distributed transactions, securely and conveniently. It also offers a flexible application programming interface that can be applied to different blockchains like Ethereum, Hyperledger Fabric and Samsung's own Nexledger Consensus Algorithm.

Meanwhile, Syniverse's mobile technology products and services provide a secure instant-access platform for seamless, customizable multi-channel messaging and connectivity. The platform connects more than 7 billion mobile devices in 158 countries and annually processes more than $35 billion in transactions for mobile operators and enterprises.

Syniverse's Universal Commerce blockchain service simplifies, accelerates, and secures multiparty agreements by replacing manual processes with smart contracts, unifying data records, and providing encryption.

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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Blockchain Startup Settles Charges With SEC For Running Unregistered ICO

Blockchain Startup Settles Charges With SEC For Running Unregistered ICO

By RTTNews Staff Writer | Published: 12/19/2019 9:29 AM ET

Blockchain startup Blockchain of Things Inc. or BCoT, reached a settlement with the U.S. Securities and Exchange Commission (SEC) for charges of conducting an unregistered initial coin offering (ICO) of digital tokens, according to a statement released by the SEC.

The settlement requires New York-based BCoT to pay a penalty of $250,000 and also to stop violating any federal securities laws.

The SEC order also requires BCoT to return the funds raised from the investors who purchased tokens in the ICO and have requested a return of the funds. BCoT raised nearly $13 million to develop and implement its business plans, including developing its blockchain-based technology and platform.

The SEC settlement order states that BCoT claimed that its platform was intended to allow third-party developers to build applications for message transmission and logging, digital asset generation, and digital asset transfer.

The SEC found in its investigations that BCoT did not register its ICO pursuant to the federal securities laws, nor did it qualify for an exemption from the registration requirements. It conducted the ICO starting in December 2017.

The regulator also said BCoT sold its digital tokens to U.S. investors and engaged four "resellers" to serve as the exclusive sellers of BCoT's digital tokens in certain foreign countries without restrictions on resale of those tokens to U.S. investors.

The company has now also agreed with the SEC to register its tokens as securities pursuant to the Securities Exchange Act of 1934 and file required periodic reports with the SEC. BCoT consented to the order without admitting or denying the findings.

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

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UN Agency To Use Blockchain To Prevent Illegal Fees Charging

UN Agency To Use Blockchain To Prevent Illegal Fees Charging

By RTTNews Staff Writer | Published: 12/17/2019 9:31 AM ET

International Organization for Migration or IOM, the United Nations Migration Agency, decided to use blockchain technology to prevent the exploitation of migrant domestic workers in Hong Kong SAR, China.

The agency developed and launched a blockchain-based tool called IRIS-SAFER in partnership with blockchain solutions company Diginex. IRIS-SAFER is an acronym for the International Recruitment Integrity System (IRIS)- Self-Assessment for Ethical Recruitment (SAFER).

The tool is being initially designed for use by representatives from the about 1,500 Hong Kong-based migrant domestic worker recruitment agencies, as well as select associated agencies in worker-sending countries.

IOM will initially invite recruitment agencies to use the tool to assess the current level of adherence to global ethical recruitment principles as set forth by the IRIS Standard.

"Ethical recruitment practices are essential to improve protection of workers, employers and recruitment intermediaries," said Giuseppe Crocetti, Chief of Mission, IOM China.

The use of blockchain technology will strengthen data management and enforce data integrity, which allows for a higher level of transparency and visibility.

According to the Hong Kong Census and Statistics Department, there are almost 390,000 migrant domestic workers in Hong Kong, nearly 1 in 10 of all workers in the city, with almost 98 percent of these being women.

More than half or 56 percent of domestic migrant workers were charged illegal fees by recruitment agencies, a recent survey by the International Labor Organization (ILO) shows.

Hong Kong-based Diginex said the tool can help to eradicate these unethical practices of charging illegal fees . In Hong Kong, foreign domestic workers are forced to pay about HK$700,000,000 each year in placement/recruitment fees as they are some of the most economically vulnerable people.

Diginex and IOM plan to launch IRIS-SAFER to recruitment agencies in other jurisdictions globally after the successful roll-out of the tool in Hong Kong SAR and select countries of origin for migrant domestic workers.

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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How Blockchain Is Changing Banking and Financial Services

How Blockchain Is Changing Banking and Financial Services

It won't just "disrupt," it will transform

BY JUSTIN PRITCHARD Updated December 02, 2019

Dong Wenjie / Getty Images

Blockchain technology makes transactions fast and easy, and it can do more than just support Bitcoin. Blockchain is already transforming payments, and you may see more mainstream banking services that rely on blockchain soon.

What Is Blockchain?

Blockchain is a technology that facilitates trust between trading partners. If you’re familiar with Bitcoin, blockchain is the underlying technology that makes it possible to transfer currency and have confidence that transactions are successfully completed. But banking and other industries are using blockchain (with or without Bitcoin) in a variety of ways.

A blockchain is a secure “ledger” or a list of transactions. The benefits of blockchain come from two key features:


There are numerous copies of the ledger. A public blockchain, like the Bitcoin blockchain, gets published and copied in multiple places. New transactions get broadcast to a broad network of participants, who add those transactions to the ledger. Nobody controls the ledger, but the system is designed so that everybody’s ledger contains identical information.


A blockchain should maintain an accurate history of transactions. Because there are multiple copies of the ledger, it’s hard to alter or delete transactions (or add new information that’s false). To do so, you’d need to change every copy of the ledger in every location. That would require successfully hacking thousands (or more) of computers simultaneously—which is believed to be impossible.

So, how will this affect you? Most people don’t care about the technical details—but you should expect a transformation in banking and other financial services.

Money Transfers

Sending money to another country is an area ripe for improvement, and banks are already using blockchain for remittances. Consumers and businesses transmit hundreds of billions of dollars internationally every year, and the process has traditionally been cumbersome and expensive.

Bitcoin provided an “alternative” way to move money, but mainstream banks and service providers are also using blockchain technology to improve remittances and minimize exposure to cryptocurrency. For example, several major banks have partnered with Ripple to facilitate cross-border payments using blockchain technology, and other service providers are busy developing solutions.

Blockchain-based transfers save banks time and money, but consumers can also benefit. For example, assume a worker in the U.S. wants to send funds to her home country. In the past, she’d have to travel to a money transfer office, wait in line for an agent, pay cash, and pay fees of 7 to 10 percent to complete a transfer. The recipient might follow a similar process. But with blockchain technology, both parties can complete an electronic transfer with mobile phones—and pay far less.

Inexpensive Direct Payments

When you send or receive a payment, the funds typically move through banks, credit card processing networks, and other intermediaries. Each step adds complexity, and every service provider expects to earn a fee for the part they play in your payment.

Merchants can benefit from blockchain technology in several ways:

Swipe fees

When customers pay with plastic, merchants pay processing fees, and those fees eat into profits. Less-expensive blockchain payment networks may be an option for some merchants. If nothing else, more competition should lower prices.

Insufficient funds

Customers who pay by check may bounce checks, causing losses and fees for merchants. Electronic payments from customer checking accounts may also fail. But blockchain-based payments can provide merchants with certainty within a few minutes (or less).

Individuals also enjoy receiving payments with confidence. Online “buyers” may try to scam you, but blockchain-based payments should be quick and irreversible. Plus, they’ll likely be easier and less expensive than bank products. For example, if you’re selling a high-priced item like a vehicle, it’s critical to receive payment before handing over the keys. The safest ways to get paid currently include cash, wire transfers, or cashier’s checks. But cash is dangerous, wire transfers are labor-intensive, and cashier’s checks can be faked.

Transaction Details

Banks can use blockchain for more than moving money. The technology is excellent for keeping track of transactions, and that may be useful in several areas.

Title details

Because ledgers are hard to tamper with, they can make it easier and more efficient to track ownership. Each transfer of ownership (as well as liens and other events) can go in the ledger, resulting in a trustworthy source of information about almost any type of property.

Smart Contracts

It may be possible to automate activities that previously added cost, complexity, and delays to transactions. One such method is with the creation of smart contracts. These computer protocol contracts can monitor when a buyer makes a payment, when a seller delivers on her end of the deal, and handle a variety of problems that may arise. Plus, they don’t take vacations or make mistakes—assuming they are programmed correctly. Smart contracts can be as simple as an indifferent third-party between a buyer and seller (like the escrow providers we know today), and they can get substantially more complicated. Combined with open banking, encrypted smart contracts could lead to faster, automated lending decisions in a marketplace of bidders.

Financial Inclusion

By keeping costs low and allowing startups to compete against big banks, blockchain, and other technologies can promote financial inclusion. Blockchain-based solutions may better serve those who avoid bank accounts because of high fees, minimum balance requirements, and lack of access. Instead of needing assets and regular income for banks, they need a mobile device. In situations where it’s traditionally hard to identify individuals, digital IDs can provide a large-scale solution.

Reduced Fraud

Blockchain technology resists hacking, DDOS attacks, and other forms of fraud. It can also help banks and others identify individuals quickly and accurately through a blockchain-enabled digital ID. With less fraud, the costs of doing business decrease, and presumably, the savings benefit everybody.

What We Don’t Know

Blockchain is still relatively new, although banks and other industries are already innovating with blockchain technology. At this point, the technology is probably ahead of regulations, and it’s not always clear what to expect in terms of protection, privacy, potential risks, and dispute resolution. Those issues can all be solved, but it’s critical to research and understand what problems may arise before using blockchain for significant transactions.

Original article written by Justin Pritchard, and posted on the TheBalance.com website.

Article reposted on Markethive by Jeffrey Sloe

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Spacechain Launches Blockchain Into Space

Spacechain Launches Blockchain Into Space

By RTTNews Staff Writer | Published: 12/9/2019 9:38 AM ET

Blockchain startup Spacechain announced that its blockchain hardware wallet technology is on its way to the International Space Station (ISS), aboard a SpaceX Falcon 9 rocket as part of the CRS-19 commercial resupply service mission.

The bitcoin wallet is reportedly orbiting the earth at 5 miles per second.

SpaceChain expects the testing of the hardware wallet to be completed by early 2020.

As part of its vision of an open-source blockchain-based satellite network, this is the third blockchain payload launched into space by SpaceChain in the past two years. It is the first launch of blockchain from the U.S.

Earlier, the startup had successfully tested its second blockchain node in space in January, which was launched into orbit in October 2018 by a CZ-4B Y34 rocket from Taiyuan Satellite Launch Centre, Xinzhou, China.

The first blockchain node that SpaceChain launched into orbit was in February 2018, again from China, that was equipped with a Raspberry Pi hardware board and blockchain software.

Founded in 2017, SpaceChain is a community-based space platform that combines space and blockchain technologies to build the world's first open-source blockchain-based satellite network, allowing users to develop and run applications in space by adopting space-as-a-service.

SpaceChain's open-source operating system (SpaceChain OS) provides the main blockchain application sandbox for developers to utilize for rapid and secure development, testing and deployment of space-based applications.

It will be the first blockchain hardware installed on the ISS, to be installed on Nanoracks' commercial platform on Station.

Once activated, the payload will demonstrate the receipt, authorization, and retransmission of blockchain transactions, creating "multisig" transactions which require multiple signatures or approvals to complete, increasing the security of the operation.

All data will be both uplinked and downlinked directly through Nanoracks' commercial platform.

Earlier this year, SpaceChain was awarded a 60,000 euro grant by the European Space Agency (ESA) under its Kick-start Activity program, to further develop and identify commercial use-cases for its satellite blockchain technology.

Blockchain is the next major disruptor in space. SpaceChain addresses security vulnerabilities for financial systems and digital assets in the growing digital economy.

For comments and feedback contact: editorial@rttnews.com

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

Article reposted on Markethive by Jeffrey Sloe

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European Investment Fund Unveils 400M Blockchain AI Initiative

European Investment Fund Unveils €400M Blockchain, AI Initiative

Image courtesy of CoinTelegraph

                                                                                        NOV 22, 2019

The European Commission and European Investment Fund (EIF) has launched a new investment scheme for artificial intelligence (AI) and blockchain in Europe, the organization announced in a Nov. 20 blog post. The announcement reads:

“With the European Commission, we are launching a dedicated investment scheme that will make EUR 100m available to venture capital funds or other investors that support AI and blockchain-based products and services. Because these are cornerstone investments, we expect a total of EUR 300m to be generated for AI and blockchain from other private investors ‘crowding in.’”

The project will focus on development and growth beyond the research and proof of concept stage.

Investment focused on research, not development

Western Europe is expected to spend $674 million on blockchain technology in 2019, making it the second highest-spending region in the world. This would put it behind the United States ($1.1 billion), but ahead of China ($319 million), according to the data.

However, much of this is directed towards research and proof-of-concept stages, with little going to further development and growth. The organization notes:

“The blockchain and AI ‘financing gap’ in Europe presents an opportunity for the EIF to support these new technologies through its existing and future venture capital networks.”

New fund to keep technologies in Europe

Few closed venture capital funds invest in the blockchain space in Europe, meaning that ultimately, many entrepreneurs receive U.S. financing. This often leads to the opportunities and economic growth associated with these technologies leaving the region.

Starting from 2020, the scheme will make €100 million available to support AI and blockchain-based products and services. This is expected to attract a further €300 million from private investors.

Co-investments with national promotional banks should increase the available capital further still.

As Cointelegraph reported earlier this month, the European Central Bank is reportedly considering issuing a digital Eurocoin.

Original article posted on the CoinTelegraph.com site, by Jack Martin.

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IBM Files a Blockchain Patent for Fighting Package Theft by Drone

IBM Files a Blockchain Patent for Fighting Package Theft by Drone

Image courtesy of CoinTelegraph

IBM has filed for a patent of a system that uses blockchain technology to prevent drone-enabled package theft.

According to a filing published by the United States Patent and Trademark Office (USPTO) on Nov. 12, IBM will track drone altitude using an Internet of Things (IoT) altimeter, while continuously uploading that data to a blockchain secure platform.

Drones might be a thief’s perfect tool

It might become ordinary for drones to be used for stealing packages in the future. The idea is that packages will be outfitted with an altitude sensor that is set to trigger an alarm if a significant altitude change is measured outside of the preset criteria. Once the alarm is triggered, the GPS-enabled IoT device will transmit its exact location data to a tracking module. It’s like giving your Amazon packages a way to call SOS when something goes wrong en route to your house.

IBM’s patent describes unattended delivery of packages that can leave items vulnerable to theft and other destructive behaviors after the package is delivered and before it is received. The patent goes on:

“The confluence of the increase in drone use and the increase in online shopping provides a situation in which a drone may be used with nefarious intent to anonymously take a package that is left on a doorstep after delivery.”

Blockchain patent to tackle drone privacy and security concerns

IBM filed a related patent in September for a system that would use blockchain technology to tackle privacy and security concerns regarding unmanned aerial vehicles, more commonly known as drones. The filing suggested that blockchain can provide effective techniques for managing data related to drones, particularly when a security risk level is considered to be relatively high.

Original article posted on the CoinTelegraph.com site, by Joeri Cant.

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BNY Mellon Joins DLT-based Trade Finance Network Marco Polo

BNY Mellon Joins DLT-based Trade Finance Network Marco Polo

By RTTNews Staff Writer | Published: 11/27/2019 9:46 AM ET

Bank of New York Mellon or BNY Mellon joined the Marco Polo trade finance network to use the platform's distributed ledger technology (DLT) to conduct an evaluation program for developing improved international trade finance solutions for its customers.

The U.S.-based bank intends to transform its essential trade finance processes to make them more efficient and secure. It will look to replace the costly and inefficient paper-based systems to conduct trade with the blockchain-powered trade financing platform Marco Polo.

The addition of BNY Mellon will expand Marco Polo's presence in the U.S., while it continues to have a strong presence in Europe, Asia and the Middle East.

The Marco Polo Network offers its members access to risk mitigations solutions such as receivables discounting, payment commitment and payables finance programs.

The network connects banks, corporates and third party service providers, powered by enterprise software firm R3's Corda blockchain platform and the distributed trade finance platform from Irish technology firm TradeIX.

BNY Mellon joins other global banks and financial institutions on the network including Bank of America, ING, BNP Paribas, NatWest, Standard Chartered Bank, Natixis, National Australia Bank and Commerzbank.

Launched in 2017, Marco Polo is a bank focused network of platforms offering ERP-embedded trade and working capital finance applications to their corporate clients. It is powered by open Application Programming Interfaces (APIs) and Corda blockchain technology.

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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F1 Delta Time Blockchain Game To Auction 10 Official F1 Team Cars

F1 Delta Time Blockchain Game To Auction 10 Official F1 Team Cars

By RTTNews Staff Writer | Published: 11/25/2019 9:46 AM ET

Blockchain-based game F1 Delta Time is conducting the first ever auction of the ten digital official Formula 1 or F1 team cars, with the cars being represented by F1 non-fungible tokens or NFTs.

NFTs for all the ten official F1 team cars will go on auction at the same time on November 28, which is called the Pole Position Auction.

NFTs are pieces of tokenized content that are verifiably unique, with the authenticity, rarity, scarcity, and other properties of NFTs independently guaranteed, verified, and secured on blockchain.

Each NFT will be wholly owned by a player, with that player having the ultimate permission to use, trade or sell it. They can sell it for real money, collect them, or use them in F1 Delta Time when the racing component of the game launches.

The auctions will be held in descending Dutch format, with a starting price of 30 ether (ETH). The performance indices of the ten F1 team cars are similar and will be disclosed next week.

The ten F1 team cars involved in the auction are Mercedes AMG W10, Ferrari SF90, Red Bull Racing RB15, McLaren MCL34, Renault R.S. 19, Racing Point RP19, Toro Rosso STR14, Alfa Romeo Racing C38, Haas VF-19 and Williams FW42.

Meanwhile, F1 Delta Time is currently conducting Pole Position Contest running from now until November 27, which will enable the fans to predict the order of sale in the auction to win ETH and licensed F1 digital car gear collectibles in NFTs.

F1 Delta Time auctioned the first virtual F1 racing car (1-1-1) for 415.9 ETH or $110,600 in May to an unknown user "09E282" after 31 bids. The 1-1-1 digital collectible was the very first official F1 NFT and is the first car to be released for F1 Delta Time for auction.

In late March, blockchain startup Animoca Brands struck a deal with F1 to develop and publish the F1 Delta Time blockchain game based on NFTs. The game is based on the world-famous annual F1 racing series. The NFT collectible component is available now in the first phase, launched in May, and the racing component will be launched in early 2020.

To participate in the auction for the NFTs, one requires a web browser that supports Ethereum wallets, as well as an Ethereum wallet, with bids to be made in ether.

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

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