South Korea’s Lotte Global Logistics, a major Seoul-headquartered logistics and shipping firm, has joined the Blockchain in Transport Alliance (BiTA), FreightWaves reported Monday, July 9. The BiTA trade association was formed in 2017 to popularize and develop blockchain applications in the transport and logistics industries, as well as to establish industry standards for adoption of the technology. The alliance uses OriginTrail, a purpose-built protocol for supply chains based on blockchain, and counts around 400 participants as members. Lotte Global, for its part, is a full-service logistics provider, overseeing warehouse management, intermodal import/export terminals and customs clearance, parcel delivery, and moving …

A new study has found that cryptocurrencies like Bitcoin (BTC) have the potential to become a mainstream means of payment and already meet one of the three main criteria of money, according to an eToro press release July 9. The study mentioned in the press release was a joint effort by Imperial College and U.K. trading platform eToro. The report dubbed “Cryptocurrencies: Overcoming Barriers to Trust and Adoption,” written by professor William Knottenbelt from Imperial College London and Dr. Zeynep Gurguc from Imperial College Business School, states that cryptocurrencies are the “natural next step” for money and can become a …

In the short space of nine years, Bitcoin has thrust cryptocurrencies into mainstream consciousness by shaking up the financial world. Since its inception in 2009, the preeminent cryptocurrency has thrown a spanner in the works of traditional banking and financial institutions and has paved the way for the creation of a plethora of industry-shaping virtual currencies and blockchain-based innovations. With that being said, it’s been far from smooth sailing for Bitcoin or any other cryptocurrency. Dramatic highs and soul-shattering lows have been part and parcel of the past nine years. The volatility of cryptocurrencies has created more than a few …

Cryptocurrency users are venting frustration June 11 after mainstream media outlets reported the crypto market had fallen namely due to the hacking of a small South Korean exchange Coinrail. As both Bitcoin and altcoins fell June 10, sources including Bloomberg, the Wall Street Journal (WSJ), Reuters, the Guardian and others claimed that Coinrail’s hack – which local media reported as causing $37 mln in losses – had crashed markets. The exchange confirmed the “cyber intrusion” in a tweet Sunday, and in a post on its site, but has yet to specify the value of losses. “Enthusiasm for virtual currencies has …

US transport giant Norfolk Southern Corp. (NSC) revealed it is joining the Blockchain in Transport Alliance (BiTA) in a company announcement yesterday, May 24. The BiTA trade association formed in 2017 to popularize and develop blockchain applications in the transport and logistics industries, as well as to establish industry standards for adoption of the technology. It now has over 250 participants. NSC, for its part, operates the most extensive intermodal network in the eastern US and is a major transporter of coal, automotive, and industrial products. Its railway subsidiary runs 19,500 route miles across 22 eastern US states and serves …

Ubanx, a crypto startup, plans to bring digital currencies to the real world and accelerate their mass adoption by opening brick-and-mortar stores in cities around the world, in order to give everybody an opportunity to understand and embrace the emerging world of crypto. Even before it opens its first retail store, Ubanx is setting a lofty goal to become “the Apple Store of crypto” - with a focus on ease of use and quality of service. To anybody who walks into its retail stores – known as Ubanx Spaces – the company will offer quick access to Ubanx’s mobile app …

Facebook is reportedly “exploring” the creation of its own cryptocurrency, news media outlet Cheddar reported May 11. According to Cheddar’s anonymous sources, people “familiar with Facebook’s plans,” the social media giant is “very serious” about plans to launch an in-app virtual coin. The unconfirmed information comes the same week the platform announced that David Marcus, head of its Messenger app, would transfer to heading a dedicated blockchain research group. Marcus’ appointment to Blockchain operations was immediately conspicuous, the executive previously having worked in the finance sphere for PayPal and subsequently joining US cryptocurrency exchange Coinbase’s board in December 2017. At …

An Iranian government minister has confirmed that an experimental model of a domestic digital currency is now ready, Reuters reported Saturday, April 28. The move closely follows the country’s recent banking blockade on cryptocurrency trading. Information and Communications Technology (ICT) Minister Mohammad Javad Azari-Jahromi was quoted by state news agency IRNA as saying; “The central bank’s [ban] does not mean the prohibition or restriction of the use of the digital currency in domestic development […] Last week, at a joint meeting to review the progress of the [domestic cryptocurrency] project, it was announced that the experimental model was ready.” Minister …

Unofficial investigations into money laundering at defunct cryptocurrency exchange Mt. Gox alleged that a UK “shell” company was involved in laundering 650,000 BTC (equal to about $6.9 bln at press time) March 7. According to an expose by File On 4, a program on the BBC’s news and current affairs radio station Radio 4, the Always Efficient LLP company participated in processing the funds hacked from the Tokyo exchange. Also the subject of the ongoing official FBI operation, Always Efficient LLP purports to be based in London, yet its address is “shared by several other companies” and is “likely to …

Hip Hop artist Young Dirty Bastard, the son of late rapper and producer Ol’ Dirty Bastard of the Wu-Tang Clan, is launching his own cryptocurrency in an Initial Coin Offering (ICO), he announced in an interview with Yahoo Finance Tuesday, March 6. Bar-Sun Unique Jones, originally from Brooklyn and better known by his stage name Young Dirty Bastard, claimed in the interview that he decided to launch his Dirty Coin (ODB) to fund his next album and to support music projects and other ventures, including books and video games. Dirty added that he plans to use ODB coins as payment …

GE Transportation, a global supplier of railroad, mining, marine, drilling, and energy generation equipment, announced that it joined the Blockchain in Transport Alliance (BiTA) in a press release published March 1. The trade association consists of more than 230 participants including UPS, FedEx, Penske Logistics, and Warren Buffet’s BNSF Railway, with a collective revenue exceeding $1 trillion, according to the GE Transportation blog post. According to their website, BiTA formed in 2017 to implement and develop Blockchain technology in the transport and logistics industries. Craig Fuller, Managing Director of BiTA noted that GE Transportation has always been “on the forefront …

Australian cryptocurrency exchange Bitcoin.com.au has made buying Bitcoin (BTC) and Ethereum (ETH) for fiat possible in more than 1,200 newsstands across Australia starting Thursday, March 1, local news outlet 9Finance reports. Bitcoin.com.au, which has been in operation for around 18 months, describes itself on its website as “one of the first independent Bitcoin exchange networks in Australia.” Today, March 1, is the first time the exchange has offered purchases of ETH, having previously only hosted BTC transactions on its site. Rupert Hackett, CEO of Bitcoin.com.au, sees introducing BTC and ETH for purchase in more in familiar retail environments as a …