The cryptocurrency market remains mostly range-bound. Bitcoin (BTC) continues to face heavy resistance at $3,800 levels. Support comes in at $3,540 levels. A decisive break of one of those technical levels will determine the trend in the days to come. While Bitcoin trades at $3,590 levels with a gain of about 0.4% in the last 24 hrs, altcoins such as Ethereum (ETH-$121.43), EOS (EOS-2.1%), Stellar (XLM-$0.10), Litecoin (LTC-$30.93) and TRON (TRON-$0.025) have gained between 0.5% and 1.5%.
Notably, Augur (REP) has surged 53% in the last 24 hours to trade at $15.70. Augur is a marketplace that enables users to build their own markets, sell shares and make bets based on any world event. Based on Augur, 0x and Ethereum, a P2P prediction and derivative platform named Veil has been launched. 0x protocol has been used to speed up trading.
Government level initiatives
Blockchain in South Korea for administrative transparency
The South Korean district of Yeongdeungpo-gu aims to improve organizational transparency and accountability through the use of Blockchain technology in its assessment system. Last summer, the region of Yeongdeungpo-gu unveiled the development of a blockchain-based assessment system to improve the neutrality, transparency, and trustworthiness of administrative protocols. The new system will prevent fake entries in tender processes. Companies bidding for public utility projects are now transparently monitored, which implies that the whole assessment process for development projects in the district is truthful and unbiased.
The latest technology will initially be utilized in the assessment process of proposals in 2019 and will then be extended to encompass the entire organization and other districts of the country.
Blockchain project trail for the captive insurance sector in Vermont
The State of Vermont in the US is initiating a new blockchain project trial for the captive insurance sector. The State Government revealed that the Office of the Vermont Secretary of State and the Vermont Department of Financial Regulation has inked a Memorandum of Understanding to perform a trial to evaluate the capability of technology in digital record keeping, registration, and regulatory procedures.
The pilot program gives captive insurers, licensed insurance companies established by one or more parent organizations, the alternative to register and publish legal documents using totally private (permission) blockchain-powered platform.
At present, the government maintains records in paper format. Vermont seeks to establish a “transparent and validated”history of dealings on blockchain and minimize costs in comparison with conventional record-keeping techniques.
Private sector initiatives
Vakt, Total, and Chevron join forces
London-based Vakt, which operates a blockchain-powered energy trading platform, stated that the oil Majors Total and Chevron had joined its platform, in addition to major Indian refiner Reliance Industries.
Vakt, which is already being used by several other major trading firms since the end of 2018, is the first of many blockchain-based commodity trading initiatives to go live.
The company was established in 2017 by a consortium comprising the BP and Royal Dutch Shell oil companies, Norway’s Equinor, the Mercuria Energy Group, the Koch Supply and Trading companies, and the Gunvor Group.
Traditionally, the purchase and sale of energy products are based on paper, which means that credit notes and invoices must be finished manually and then forwarded to the concerned parties via e-mail, fax, or even post.
The developers of VAKT claim that the use of a blockchain-based platform will make trading faster, cheaper, and secure. The original shareholders started to use the platform in November of 2017, starting with crude oil trade in the North Sea. Other shareholders include ABN Amro, ING, and Société Generale bank.
Blockchain tech tracks ethically produced cobalt
The transition from gas to electric-powered vehicles has resulted in a massive demand for cobalt, which is used in lithium-ion batteries. To manufacture an electric car battery 20 pounds of cobalt is required. Likewise, 1 ounce of cobalt is necessary to produce a laptop battery. The demand is expected to exceed eightfold by 2026, according to a report by Morgan Stanley.
The huge demand for cobalt has highlighted a significant issue of immoral and unethical mineral production. More than 60% of the global cobalt supply is from the “copper belt” of the Democratic Republic of Congo (DRC), a nation riddled by political unrest, legal complexity, and child labor in its cobalt mines.
In this regard, Ford Motor Company has collaborated with Huayou Cobalt, IBM, LG Chem, and RCS Global to utilize blockchain technology to track and assess ethically produced minerals such as industrial cobalt.
Designed and built on the IBM Blockchain Platform and powered by the Hyperledger Fabric of the Linux Foundation, the venture intends to demonstrate how raw materials in the supply chain are “produced, traded and processed safely and responsibly.”
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.
