Day: October 18, 2018

DMG to Build Blockchain-Powered Supply Management System for Cannabis Industry

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DMG Blockchain Solutions (TSX-V: DMGI) plans to build a global supply chain management for the legal cannabis industry using blockchain technology. In a statement, DMG said that it is working with an undisclosed technology partner to build the cannabis supply chain solution. The company plans to first launch the platform in Canada, and subsequently expand globally. Currently, DMG is in talks with cannabis industry players, including major licensed producers, quality assurance labs, retail distributors, and government regulators, according to the company. Blockchain Perfect For Building Cannabis Supply Chain Management System…

Natwest Bank Launches R3 Corda Blockchain-Based Syndicated Lending Platform

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U.K.-based bank Natwest will integrate a new blockchain platform based on R3 Corda technology for use in the syndicated loans market, financial news platform Mondovisione reports today, October 18. The new platform, dubbed “Fusion LenderComm,” was developed by blockchain consortium R3 and fintech enterprise Finastra, and aims to streamline the global market for syndicated loans — loans whose size or degree of risk means that more than one lender underwrites them, as part of a “syndicate” of two or more financial institutions. Natwest’s move comes roughly a year after a…

Cryptocurrency Loans Company Genesis Processes $550 Million in First Six Months

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Institutional cryptocurrency over-the-counter (OTC) broker Genesis Global Trading revealed its loans spin-off processed over half a billion dollars in its first six months in a new report Thursday, Oct. 18. Genesis, which began its digital asset lending activities in March, revealed its current order book consists of $130 million in outstanding loans, a figure which has “steadily grown” since inception, it says. Total cash flow reached $553 million for all supported assets. “Over the past year, through client feedback and the rise of derivative marketplaces, we saw a meaningful increase…

Mt Gox’s Bitcoin Creditors Have 4 Days to Submit Rehabilitation Claims

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Clients of the long-defunct crypto exchange Mt. Gox must submit any claims for trapped funds by Oct. 22. As previously reported by CoinDesk, the exchange first opened up the claims process in August, following a protracted bankruptcy battle. In June, petitioners asking for their bitcoin back won a major victory, as the Japanese bankruptcy court overseeing the proceedings shifted the case to one of civil rehabilitation, meaning creditors could file for their cryptocurrency holdings, rather than a fiat equivalent based on cryptocurrency prices in 2014. Bitcoin was worth less than $600 at…

Accenture Works With Thailand’s Oldest Bank to Release Blockchain Supply Chain Tool

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Global management consultancy firm Accenture announced it had partnered with a subsidiary of Thailand’s oldest bank on a new blockchain tool aimed at supply chains in a press release Wednesday, Oct. 17. In the latest implementation of the technology for Accenture, the company partnered with Siam Commercial Bank’s fintech subsidiary Digital Ventures Co. Ltd on the blockchain solution, which has already gone live with its first clients. Known as Procure-to-Pay or B2P, it leverages R3’s Corda technology as its basis, the release confirms. Divyesh Vithlani, head of Accenture’s Financial Services…

Toronto-Based Clothing Charity Relies Solely on Bitcoin Cash

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Last February, a bitcoin cash-centric charity based out of Canada had announced the launch of an organization called Coins 4 Clothes. The group started accepting BCH to purchase clothing from wholesalers and then distributed the garments to various Toronto-based charities. Since then the organization has donated over 3,000 articles of clothing to those in need, while at the same time helping people learn about the benefits of a peer-to-peer electronic cash system. Also read: Blockchain Surveillance Firm Partners With Cryptocurrency Exchange Binance Clothes for Those Who Need It Most A little…

US Marshals Put Up More Than 600 Confiscated Bitcoins at Auction

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A federal law enforcement agency within the U.S. Department of Justice has recently announced a bid auction for approximately 660 confiscated Bitcoins (BTC), the U.S. Marshals Service (USMS) reports Thursday, Oct.18. The bid, held by the USMS, will take place on Nov. 5, but the participants have to register themselves no later than Oct. 31 and deposit $200,000 in order to take part. The auction is divided in two parts: the first is made up of six sets of 100 BTC, and the second with 60 BTC. Once a bid…

Gates Foundation Partners With Former Ripple CTO’s Blockchain Project

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The Bill and Melinda Gates Foundation has partnered with blockchain startup Coil as part of its mission to provide payment services for the unbanked. The news comes via a tweet from Miller Abel, the foundation’s deputy director and principal technologist, on Oct. 17. Abel indicated that the organization and Coil will work together to implement the Interledger Protocol and explore ways to support “pro-poor payment systems.” Interledger is an interoperability protocol that allows payments across different crypto networks. The technology was initially co-developed by former Ripple CTO Stefan Thomas while…

Blockchain E-Commerce Platform Allows Shoppers to Purchase Directly From Manufacturers

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A new decentralized e-commerce platform aims to allow online shoppers and e-commerce stores to combine purchasing power and microdistribution to access bulk pricing and discounts. Buying.com says that they have multiple solutions to the many issues faced by customers, describing themselves as ‘e-commerce reinvented’. According to the company, the four key elements of their project are MicroDistribution, purchasing power, storefront creation, and fragmentation. MicroDistribution are channels powered by decentralized networks and distribution ledgers. Purchasing power, means manipulating wholesale pricing advantages by offering customers ‘direct to consumer’ pricing via peer to…

Bitcoin Breakout ‘Only a Matter of Time’: Analyst

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Bolstered by stable trading volume, growing network activity, and increasing validation on Wall Street, the bitcoin price could be on the brink of a major move to the upside. Writing in daily market commentary made available to CCN, eToro senior market analyst Mati Greenspan said that the stars continue to align for a potential bitcoin rally, making it increasingly likely that the most prominent cryptocurrency will soon break out of its holding pattern. “It’s only a matter of time now,” he said of a potential bitcoin breakout. “Of course, the…