The cryptocurrency market remains range-bound with a slight bullish bias. Bitcoin (BTC) remains trapped between $3,400 and $3,500 due to a lack of any overwhelmingly positive or negative news. Major altcoins such as Ripple (XRP-$0.30), Ethereum (ETH-$107.61), EOS (EOS-$2.40), IOTA (IOTA-$0.26) and Tron (TRON-$0.03) are trading in positive territory for the past week. Notably, BitTorrent coin (BTT), which was offered to investors through ICO last week, rose from $0.00012 to $0.000748, representing a gain of about 600%.
Public sector initiatives
Wyoming passes bill acknowledging crypto as a currency
The state of Wyoming’s official website confirms the passing of a law that recognizes cryptocurrencies as money. Wyoming legislature presented the proposal that would assist in the clarification of cryptocurrency on January the 18th.
The Wyoming bill mentioned above places cryptos under three categories namely: digital securities, digital consumer assets, and virtual currencies. If digital assets are listed under any of these categories, then it will be considered as intangible personal property. Under such a scenario, virtual currencies will receive a similar treatment as fiat money.
The bill also permits banks to “provide custodial services for digital assets consistent with this section upon providing sixty (60) days written notice to the commissioner.” The Wyoming legislature website also reveals that the bill goes effective on March 1st.
Chongqing Yuzhong District employs blockchain
The Food and Drug Administration of China’s Chongqing Yuzhong District intends to deploy blockchain to improve the supervision process of food and drug quality assurance with superior traceability of a product throughout its life cycle and anti-counterfeiting measures.
The blockchain platform was developed by PrimeNumber Chain Technology Chengdu Co., Ltd. The company’s CEO, Deng Ke, said the system would also improve the regulatory measures of the government, in addition to the furtherance of supervision efficiency. The traceability system based on blockchain will facilitate the centralized administration of essential information while allowing queries regarding products.
Private sector initiatives
Go-Ahead Group to launch a tokenized reward system for rail users
Go-Ahead Group Plc., a primary provider of public transport facilities in the UK, is collaborating with blockchain startup DOVU to launch a tokenized rewards system for rail customers.
Go-Ahead is a component of the FTSE 250 index, which is made up of London Stock Exchange-listed companies with a ranking (market cap) in between 101 and 350. The company facilitates more than one billion bus and rail journeys in the UK every year. Furthermore, in addition to being the largest bus operator in London, it accounts for nearly 30% of all the UK train passenger journeys.
DOVU is preparing to launch its blockchain-based rewards platform that uses a tailor-made ERC-20 token, represented by the ticker symbol DOV. The rewards are offered to customers using Thameslink and Southern Rail services. The crypto token-based incentivization program will reward its customers for sharing their travel information with a focus on the initial and final phase of journeys made by commuters.
Itochu Corp. trials a blockchain-based transaction traceability platform
Itochu Corporation, one of the top five trading companies of Japan, has started trialing a blockchain-based transaction traceability platform that will permit buyers and sellers to save the date, location, time, and other transaction details on the blockchain through a smartphone app.
The PoC will be done through the rubber supply chain of Indonesia-based firm Pt. Aneka Bumi Pratama, a subsidiary of Itochu that produces and processes crumb rubber.
The media release highlights that the beginning of new PoC is paving the way for “the achievement of the 17 Sustainable Development Goals listed in ‘The 2030 Agenda for Sustainable Development’ adopted by the United Nations.”
The news release further states: “The aim of developing a blockchain traceability system [is to ensure] stable procurement and supply of raw material for our investment companies and trading parties, improving the traceability of its distribution.”
IBM completes blockchain trial relating to orange shipments to Singapore
IBM continues to make headway in blockchain-based trade administration by completing a new trial involving the shipment of 108,000 (28 ton) mandarin oranges to Singapore. The software giant is concentrating on enhancing efficiency in several trade environments. Recently, it has applied the technology to minimize paperwork handling and costs related to shipments, which originated in China. Notably, Singapore is importing considerable quantities of mandarins just before the beginning of the New Year. The shipment was managed by Pacific International Lines (PIL) using a digital version of the Bill of Lading (e-BL), a crucial trade document, processed on the blockchain.
Commenting on the pilot project, Harriet Green, CEO and Chairman of IBM Asia Pacific said: “A blockchain-based trade network will be a game-changer, and we have a great opportunity here with our partner PIL to revolutionize the documentation processes in a way that benefits the entire industry.”
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