Olive Oil Producer CHO to Fight Fraud Using IBM Blockchain

Olive Oil Producer CHO to Fight Fraud Using IBM Blockchain
January 16, 2020


The cryptocurrency market remains slightly bullish, with Bitcoin (BTC) trading above the crucial level of $8,300. At the time of writing this article, the cryptocurrency with a market dominance rate of 66.8% is trading at $8,632, representing a small gain of 0.5% in the past 24 hours. Ether (ETH), however, has lost 0.2% in the same time period to trade at $160.10. Similarly, XRP has lost 0.4% to trade at $0.2259. Other major altcoins, which has gained in the past 24 hours include Tron (TRX-$0.0165, 0.3%),  Stellar (XLM-$0.0528, 1.2%),  Dash (DASH-$118.67, 12.2%),  IOTA (IOTA-$0.2227, 6.4%),  Cardano (ADA-$0.0408, 2.4%),  EOS (EOS-$3.61, 0.2%),  Huobi (HT-$3.16, 1.2%), Monero (XMR-$63.09, 1.2%),  Cosmos (ATOM, $4.26, 2.4%), Ethereum Classic (ETC-$7.57, 11.3%), Tezos (XTZ-1.31, 1.20%), Binance Coin (BNB-$16.65, 1.6%) and LEO (LEO-$0.8934, 0.7%). The altcoins which have lost in the past 24 hours are Litecoin (LTC-$55.71, -0.2%), Bitcoin Cash (BCH-$318.88, -1.0%), OKB (OKB-$3.03, -1.1%) and ChainLink (LINK-$2.33, -2.5%).

Government level initiatives

Japan’s FSA orders crypto exchanges to lower leverage against amounts held in trading accounts

Japan’s FSA (Financial Services Agency), the country’s financial watchdog, has ordered cryptocurrency exchanges to decrease the leverage offered to 2x the amount held in a trading account, rather than the current level of 4x. The legal order was issued by the country’s Cabinet Office. The implementation of the order would mark the first-ever regulation of leverage by the Japanese government. Earlier, the government had no say in the leverage. The FSA intends to implement the order in April when an amended version of the Financial Instruments and Exchange Act becomes effective. Until February 13th, the FSA will be accepting public opinion about the ordinance.

Margin trading permits traders to utilize short-term credit offered by a broker to open large positions, thereby increasing the chances of generating a higher profit. However, leverage trading is a double-edged sword. Leveraged trading could result in losing all the money in a trading account if there is a huge price swing against a trader’s position in the market. The FSA has decided to minimize leverage to safeguard investors from “an excessive amount of speculation and the risk of loss due to volatility.”


Private sector initiatives

CHO now using IBM’s blockchain tech to trace its Terra Delyssa

One of the renowned olive oil producer CHO, operating in the Southern Mediterranean, has started utilizing IBM’s blockchain technology to enable tracing of its Terra Delyssa extra virgin olive oil. The enterprise is the recent top food provider to become a member of IBM’s Food Trust Network.

Using blockchain permits CHO to monitor Terra Delyssa throughout eight checkpoints that guarantee the quality, including the orchard farm, orchard crushing mill, and oil filtering, bottling, and distribution facilities.

Ramesh Gopinath, Vice President of IBM Blockchain Supply Chain Solutions, has stated that the use of blockchain results in the creation of ascertainable records about the origin of CHO olive oil in each bottle, in addition to keeping a record of all the processes it went through. Gopinath further detailed about the blockchain as follows: “The best part of the IBM Food Trust network is its ability to connect members of the supply chain together, like the end consumer with the farmer. CHO has done just this, as every entity involved can share data, which not only provides traceability and food information, but also shows where food trust is heading in general.”


IBM Sterling Logistics incorporates additional features

The IBM Sterling logistics platform will now incorporate additional features built by Publicis Sapient, IBM Services, Salesforce, and others. The latest integrations will permit blockchain and AI-powered tools to solve cross-channel supply chain challenges faster.

IBM Services and Bluewolf are collaborating to build a link service to bring together Salesforce Commerce, Service, and Marketing Clouds with IBM Sterling. The combo will assist vendors in combining offline and online shopping experiences.

The platform intends to minimize shopping-related issues via better organization for vendors, mainly by improving back and front-office connectivity and return of products.

On the contrary, Publicis Sapient mainly concentrates on the optimization of returns. It intends to increase IBM Sterling AI abilities with a control tower mechanism. This would ease the process of handling product returns and the necessity to draw products to the precise location.

Likewise, project44 removes inadequacies in the carrier networks. Its Advanced Visibility Platform enhances the precision of shipment ETAs, determines crucial obstacles in the logistics, and assists in reacting to various situations faster.


Travala adds Tether as a supported crypto payment method

Travala, which recently started facilitating hotel room booking using cryptocurrencies, has added stable coin Tether (USDT) as one of the supported cryptos. Tether, which is pegged to the US dollar on 1:1 ratio, was launched in 2017. The Hong Kong-based stable coin enables crypto investors from protecting their wealth during times of volatility. With this announcement, a traveller will be able to book room in any of the two million properties offered by Travala platform. Travala CEO Matt Luczynski explained the reason behind the inclusion of Tether as one of the supported mode of payment.

“Part of our mission is to provide our users with a wide choice of the most well-known and used cryptocurrencies, so it made perfect sense for us to integrate USDT as a payment option on Travala.com.”

Along with Tether, Travala has also started supporting Bitcoin, XRP, Ethereum, Litecoin, Bitcoin Cash, Binance Coin, Cardano, Stellar, and its own native crypto AVA.

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.


Andrew Wright

Prior to founding tradersasset.com in 2014, Andrew worked as a proprietary trader, then as a market maker. As a market maker, he traded options in over 100 stocks, he then began trading currency pairs in 2013. Andrew still actively trades both, and prides himself on educating and informing traders on the benefits of both Binary Options and Forex.

Related Articles

The Leading Cryptocurrency Stories for 12th March 2018

After staying range bound for over two weeks, the cryptocurrency market started declining last Wednesday. The main reason for this

The Leading Cryptocurrency Stories for 18th June 2018

After remaining in the red for the most part of last week, the cryptocurrency market has started showing some signs

The Leading Cryptocurrency Stories for 21st May 2018

The cryptocurrency market remained mostly in red last week. However, numerous blockchain projects were initiated by governments across the world.