Distributed energy resources, or DERs, have the potential to disrupt traditional electricity markets. Therefore, it shouldn’t come as a surprise that innovative countries are looking toward emerging technologies that will allow DERs to transform entire energy economies. Germany in particular is interested in using DERs to drive its digital energy economy while also complying with the European Green Deal. As such, the Deutsche Energie-Agentur, also known as DENA — the main governmental group responsible for energy innovation in Germany — announced plans to trial a blockchain-based solution to construct a…
Day: October 16, 2020
OKEx founder reportedly under investigation as exchange suspends withdrawals
The founder of major global cryptocurrency exchange OKEx has been reportedly questioned by authorities previous to OKEx suspending cryptocurrency withdrawals. OKEx founder Mingxing Xu, also known as Star Xu, has reportedly been questioned by the police, Chinese news agency Caixin reported on Oct. 16. According to the report, the exec was investigated “at least a week ago” and has also been absent from work for a while. When approached for comment on Xu’s participation in a police inquiry, OKEx told Cointelegraph that the exchange is no longer affiliated with OK…
Top Chinese chemical firm uses blockchain to cut trade financing costs
One of China’s largest chemical producers has launched a new Blockchain Warehouse Receipt Platform to help the industry combat the rising costs of operations and trade financing. An increased demand for more environmental and safety measures amid the pandemic has further driven costs up in China’s petrochemical trade. Small enterprises were already struggling to meet the credit conditions of financial lenders, as a lack of effective risk control and difficulties in securely tracking transaction processes of bulk commodities have led financial institutions to tighten lending on warehouse financing. Major players…
Korean blockchain lobby calls for crypto tax plan to be put on ice
The Korea Blockchain Association has called for the government’s new 20% crypto trading tax plan to be delayed for another two years. According to an Oct. 14 report from News1 Korea, the Korea Blockchain Association, or KBA, is requesting regulators postpone the South Korean government’s implementation of its long awaited new tax strategy until Jan. 1, 2023. The KBA doesn’t explicitly state it is against the 20% tax rate but said that crypto exchanges and companies in the industry need a “reasonable period” to prepare for the Income Tax Act.…
Agriculture giants team up on blockchain platform to track grains in Brazil
The world’s largest grains and oilseeds companies, American giants Bunge and Cargill, have joined together to create the joint venture Covantis, which will use blockchain technology in the agricultural sector in Brazil. The unprecedented project foresees the exchange of information between all members of Covantis, which also includes the participation of other agribusiness giants such as the French Louis Dreyfus Company (LDC), the Chinese state-owned company Cofco International and the Dutch multinational Glencore Agriculture. Together the companies that make up Covantis move around 550 million tons of grains and oilseeds…