Blockchain, like many other emerging technologies, is enthusiastically touted as a solution to many of the world’s problems. Perhaps because of its relation to cryptocurrency or the narrative prophecies that surround them both, blockchain draws both criticism and praise from a staggering array of sectors. However, with the big blockchain push from Chinese President Xi Jinping along with many tech, finance and industry giants piloting blockchain implementation, the number of use cases grows with each passing day. While cryptocurrency more often draws ire from the mainstream financial world, it seems that for blockchain, the sky’s the limit — but not …

The Singaporean government-backed blockchain platform Tribe has helped raise another $15.7 million for participating companies through its ecosystem. In a press release shared with Cointelegraph on Dec. 2, Tribe Accelerator revealed that a total of $28 million had been raised to date to support start-ups from around the world attempting to solve real-world problems with blockchain technology. The first group of startups reportedly raised over $12.2 million within three months. Managing partner of Tribe Accelerator Ng Yi Ming commented: “Another successful round of fundraising underscores the relevance of blockchain technology in solving real-world problems. Every idea or solution shared during …

The food industry could save up to $31 billion in global fraud savings by tracking food on its way from farms to consumers via the blockchain. A Nov. 25 study by Juniper Research reveals that blockchain technology, in combination with Internet of Things (IoT) sensors and trackers, will greatly reduce retailers’ costs by streamlining supply chains, while simplifying regulatory compliance, offering more efficient food recalls, and tackling fraud. The study points out that the increased adoption of blockchain and IoT in the supply chain industry will add significant value to the food business’s supply chain. By stacking these innovative technologies, …

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 …

Salmon farming company Cermaq and smoked salmon producer Labeyrie began using IBM’s cloud blockchain technology to trace their product supply chains. Cermaq announced the development in a Nov. 20 press release, revealing that it cooperated with Labeyrie and IBM’s blockchain platform IBM Food Trust to enable customers to get information about the salmon value chain. All Cermaq salmon products now come with a CV and QR-code, so consumers can check details such as: “... [fish] origin, when it was hatched, which fresh water facility it came from, how big it was when it was transferred to seawater, at which sea …

Retail giants Carrefour and Nestlé are now using IBM’s Food Trust blockchain platform to track the supply chain of milk-based formula for infants, according to a Nov. 14 announcement. By using the platform, the firms aim to advance consumer confidence in the products’ quality by ensuring more transparency of the entire supply chain of formulas produced by Laboratoires Guigoz. The system aims to improve supply chain transparency and conduct checks of infant nutrition products’ origins. Implementation of blockchain-based tracking systems by retail giants Both Carrefour and Nestlé are not new to the application of blockchain in their internal processes. The …

Automaker Volvo announced on Nov. 6 that it will use cobalt tracked on a blockchain for its car batteries following the unveiling of its fully electric XC40 Recharge model last month. “Transparent and reliable shared data network” Volvo has reached an agreement with its two battery suppliers, namely China-based CATL and South Korea-based LG Chem. Volvo explains: “Blockchain technology, which establishes a transparent and reliable shared data network, significantly boosts transparency of the raw material supply chain as the information about the material’s origin cannot be changed undetected.” As part of the deal, the two suppliers will cover Volvo’s battery …

Blockchain technology is reshaping the face of our global financial system, and it goes far beyond cryptocurrencies alone. Since Bitcoin’s arrival, the conventional finance world has been intrigued by blockchain, Bitcoin’s underlying disruptive technology. Now we are seeing that intrigue being transformed into a full-fledged and active public interest, and the potential onset of popular mass adoption. But why is the white-collar financial world interested in adopting the very technology that holds profound implications for permanently altering “business as usual?” We headed to London in attendance of a conference called Sibos 2019 to find out. Sibos is the premiere financial …

The value of Business-to-Business (B2B) cross-border payments carried out on a blockchain will exceed $4.4 trillion by 2024, after reaching $171 billion this year. According to a press release published by Juniper Research on Nov. 5, the firm’s new report revealed that financial institutions will save $7 billion by 2024 thanks to the advantages of blockchain-based systems. More precisely, the report cites the lower cost, higher transparency, real-time settlement of blockchain transactions and automated Know Your Client checks based on self-sovereign identity. The author of the research, Morgane Kimmich, said: “The implementation of blockchain is part of a wider strategy …

The Token Taxonomy Initiative (TTI) has unveiled a framework to standardize the construction of tokens. The initiative has made its Token Taxonomy Framework (TTF) available to the public, according to a press release shared with Cointelegraph on Nov. 4. The platform-neutral framework will purportedly provide a set of definitions for tokens in various implementations. The TTI includes a common set of concepts, definitions of tokens and their use-cases across industries, a classification hierarchy, a composition framework and other standards. The TTI’s members include major tech, financial, software and blockchain firms including Microsoft, Intel, IBM, ConsenSys, EY, R3 and JPMorgan. The …

73% of leading global banks have claimed that central bank digital currencies (CBDC) should be available “under all circumstances” in a new study. “CBDC will substitute much more easily for cash” According to a joint report conducted by tech giant IBM and the Official Monetary and Financial Institutions Forum (OMFIF), global central banks now admit that CBDCs would be a good substitute for cash in some use cases such as point of sale merchants with a network connection. Released on Oct. 29, the study “Retail CBDCs: The next payments frontier” involves banks from 13 advanced economies and 10 emerging markets …

The Spanish-speaking world has seen major cryptocurrency and blockchain developments with a former Bolivian intelligence director claiming that Venezuela is full of secret crypto mining farms, extortionists who request Bitcoin (BTC) finding their way into Spain, and the Fintech Alliance of Latin America preparing a white paper on digital identity. Here is the past week of crypto and blockchain news in review, as originally reported by Cointelegraph en Español. Former intelligence director: Venezuela is full of secret government-led mining farms Manuel Figuera, a former director of the Bolivarian National Intelligence Service, said that the Venezuelan government is secretly running crypto …