Mercedes to Use Blockchain for Tracing Carbon Emissions

Mercedes to Use Blockchain for Tracing Carbon Emissions
February 4, 2020

The cryptocurrency market remains range bound with Bitcoin (BTC) continuing to hover around $9,200 levels. In the past 24 hours, Bitcoin has lost 0.7% to trade at $9,265.39. Ether (ETH) has lost 0.6% to trade at $188.28. However, XRP, the native crypto of Ripple, has gained 1.4% to trade at $0.2518. Other major altcoins, which has gaine in the past 24 hours include IOTA (IOTA-$0.3346, 6.7%), Cardano (ADA-$0.0567, 1.4%), OKB (OKB-$3.29, 0.1%) and Bitcoin Cash (BCH-$384.62, 1.0%) Monero (XMR-$76.11, 1.4%), Tezos (XTZ-1.95, 2.5%), Dash (DASH-$114.63, -0.4%) and LEO (LEO-$0.8887, -0.5%). The altcoins which have declined in the past 24 hours are Tron (TRX-$0.0191, -0.2%), Stellar (XLM-$0.0635, -0.6%), EOS (EOS-$4.18, -2.1%), Huobi (HT-$3.43, -1.2%), Cosmos (ATOM, $4.19, -4.6%),  Binance Coin (BNB-$18.43, -0.1%), Litecoin (LTC-$69.22, -2.2%), Ethereum Classic (ETC-$11.72, -1.2%) and ChainLink (LINK-$2.78, -0.9%).

 

Government level initiatives

The National Bank of Cambodia names its digital currency Bakong

Cambodia’s central bank, the National Bank of Cambodia, has named its digital currency as Bakong. The central bank digital currency (CBDC) was unveiled on a test basis across Cambodia in July. Chea Serey, director-general of the National Bank of Cambodia, stated that the platform would become functional within the current fiscal quarter. Serey explained Bakong as “the national payment gateway for Cambodia.”

Bakong will perform the primary role in drawing all partakers in the Cambodian payment industry under the aforesaid platform, making it simple for final users to transact with each other irrespective of the financial institutions they have an account with. Ultimately, the central bank intends to permit cross border payment via the Bakong system.

In contrast to other blockchain-based cryptos, Bakong is a complete system supported by banks. To interact with physical currency, a software wallet associated with each bank account is provided. The platform facilitates real-time trades, while the National Bank of Cambodia holds data in a centralized manner to track the movement of money.

 

Private sector initiatives

Mercedes and Circulor join hands to track greenhouse gas emissions

Luxury car manufacturer Mercedes Benz and blockchain firm Circulor have partnered to unveil a trial intended at monitoring greenhouse gas emissions in the supply chain related to cobalt. The venture by Mercedes and Circulor is one of the initiatives under the Startup Autobahn program intended at developing futuristic automobiles. Both firms will implement blockchain technology to track carbon emissions and the quantum of recycled materials in addition to cumbersome supply chains used by manufacturers of battery cells.

Mercedes ultimately aims to utilize information obtained during the trial to build new carbon-neutral passenger vehicles. At the outset, the venture will concentrate on the cobalt supply chain, which has created problems in the recent past due to morals and place of origin.

Cobalt is the primary commodity used for manufacturing lithium-ion batteries, with the major share of cobalt produce coming from the Democratic Republic of Congo, a country often blamed for its immoral cobalt mining environment.

In 2017, the UN assessed that 168 million children were being exploited across the world, with roughly 40,000 children in cobalt mines in the DRC. That implies its specifically essential for enterprises to understand the origin of minerals that are used in their manufacturing process.

A blockchain-based trial program will draw the movement of raw materials and their related carbon emissions, in addition to the quantum of recycled material utilized in the supply chain. This will supposedly assist Mercedes to decide whether its associate firms conform to sustainability criteria, particularly concerning human rights.

 

Xpring to launch a community web page named DevRel

Ripple’s investment division, Xpring, intends to launch a forum and community web page, named “developer relations (DevRel),” focused on developers platform. According to Xpring, a major portion of its employees are involved in programming. So, Xpring considers “DevRel as the ears and mouth of Xpring,” the post reads.

Xpring initially acted only as a pure investment division of Ripple. Only in October 2019, did Xpring come up with the developer platform, paving the way for the development of new applications. Later, in December 2019, Xpring included several features to the platform, including SDK, which ensured compatibility for apps built by programmers. Xpring has stated about interacting with builders through content, support and events.

Xpring intends to provide codes with supporting tools like sample code and educational materials. In addition, Xpring also plans to host conferences, while offering technical support in order to keep the community busy with the Xpring platform.

 

Miscellaneous

Genesis ends 4Q 2019 with record loan advancements

Genesis, the popular cryptocurrency investment firm, finished the 2019 fourth quarter with record loan advancements since the company was founded. Genesis provided more than $4.25 billion in loans since its establishment in March 2018, with its performance in Q4 being the best so far in history. In the fourth quarter, Genesis advanced over $1.10 billion in loans for its institutional clients, with total active loans of $545 million, reflecting an increase of 23% from $450 million in the earlier quarter.

In spite of a 14% drop in the price of Bitcoin (BTC), Genesis records an increase in active loan book and credit advancements. Borrowings in US dollars also increased and represented 37% of the active loan portfolio of Genesis in Q4 2019.

At the end of December 2019, the entire crypto loan sector was valued to be $4.70 billion, while the number of crypto loan platforms continue to increase at a fast pace. Even though the lenders realized revenue of only $86 million as interest since 2018, the demand for crypto loans is increasing.

Disclaimer: Any financial trading analysis offered here is our opinion and is not intended as advice or direction for investors. We cannot guarantee the success of any trades made as a consequence of this article, and we encourage traders to incorporate a strong money management strategy to limit losses when they enter the markets. Please use this article as part of your own research before formulating strategies prior to trading.

Janine

Janine

Janine is our editor for related stock market news. Andrew and Janine will be focusing on providing the latest trends and where the next hit could be


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