Blockchain News 22 January 2018

South Korea’s consumer protection agency: banning Bitcoin is illegal

South Korea’s leading consumer protection agency insists that a cryptocurrency ban is, in fact, illegal.

The agency believes that President Moon Jae-in should take charge of the situation and prevent confusion from escalating further.

Higher Than Expected: Louis Dreyfus Reports Results of First Blockchain Agricultural Trade

Louis Dreyfus has finished trialling its Blockchain-powered platform, describes results as “even higher” than the already high expectations.

One of the leading global commodity traders Louis Dreyfus Co. (LDC) has stated that its first venture into Blockchain produced results “even higher” than expected, Financial Times reports Monday, Jan. 22.

The buoyant remarks follow completion of the the giant’s first Blockchain-powered agricultural trade, in which it sold and delivered 60,000 tons of soybeans to China in Dec. 2017.

Several partners, namely ABN AMRO, Shandong Bohi Industry Co., Ltd, ING and Societe Generale joined Louis Dreyfus in completing the trade via LDC’s Blockchain platform.

The benefits of the Blockchain-powered trade included a claimed 80% reduction in trade processing times for LDC.

Additional reasons for a Blockchain-hosted trade revolve around security and fraud prevention, as a previous cotton shipment to China by the Wells Fargo bank demonstrated through the use of self-executing contracts.

Karin Kersten, Head of Trade & Commodity Finance at ABN AMRO said in its own release about the LDC partnership:

“The blockchain technology has the potential to significantly optimise administrative processes around international trade. We are excited that this test was succesfully [sic] completed and that we can move to further exploring the added value and use of the blockchain technology.”

Within the agriculture and food supply chain spheres, various experiments have been attempted to incorporate Blockchain as a means of improving transparency, specifically for products where such transparency is in demand, such as coffee, location-tracked crops and livestock.

US rating agency Weiss to issue grade on Bitcoin and other cryptocurrencies

Weiss Ratings, the nation’s leading independent rating agency of financial institutions, will issue letter grades on cryptocurrencies, including Bitcoin, and many others.

The new Weiss Cryptocurrency Ratings, to be released January 24, are the first by a financial rating agency.

They are based on a groundbreaking model that analyzes thousands of data points on each coin’s technology, usage, and trading patterns.

Weiss Ratings, which began in 1971, rates 55,000 institutions and investments. Unlike Standard & Poor’s, Moody’s, Fitch and A.M. Best, Weiss never accepts compensation of any kind from the entities it rates. Its independence and accuracy have been noted by the U.S. Government Accountability Office (GAO), Barron’s, The Wall Street Journal, and The New York Times, among others.

Coinbase hires former Twitter VP

Coinbase announced Monday that Tina Bhatnagar, former vice president of operations and user services at Twitter, is becoming vice president of operations and technology at Coinbase.

Bhatnagar plans to double the size of the support team and give all customers 24/7 telephone support by the second quarter of this year.

The news is Coinbase’s latest high-profile executive hire, and comes as at least one other digital currency exchange ramps up its team.

Blockchain News 22 January 2018

Blockchain News 22 January 2018

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