Blockchain News 25.09.2018

Japan issues “Business Improvement Order” to crypto exchange after $60M hack

Japan’s Ministry of Finance struck Osaka-based Tech Bureau, operator of the licensed cryptocurrency exchange Zaif, with “administrative penalties” including a number of enforced mandates in the aftermath of last week’s hack.

Specifically, the company is now required to determine the facts and the cause behind the theft, as well as formulate and execute measures to prevent another hack. Pointedly, the company is also tasked to determine the attackers behind the hack. Further, the exchange operator will also need to respond to customers to assess damages in an adequate manner. This is Tech Bureau’s second business improvement order in the last three months.

Walmart’s produce suppliers to use a blockchain tracking system

Walmart plans to sell leafy greens that are tracked using blockchain technology within the next year. The world’s largest retailer both by revenue and by employee count announced that it told its suppliers for leafy green produce to integrate a blockchain-based tracking system built in collaboration with IBM by September 2019.

Any company working with Walmart must work with the IBM Food Trust network to create end-to-end traceability. The move comes in the wake of an E. coli outbreak that originated in Arizona earlier this year. Walmart vice president of food safety Frank Yiannas said “None of the bags of salad had ‘Yuma, Arizona’ on them. In the future, using the technology we’re requiring, a customer could potentially scan a bag of salad and know with certainty where it came from.”

Malaysia looks to blockchain to boost its 3 largest industries

The Malaysian government is seeking to explore blockchain solutions in the nation’s three largest industries: renewable energy, palm oil, and Islamic finance. A task force named the Malaysian Industry-Government Group for High Technology (MIGHT) will be spearheading the move to adopt blockchain in each industry in order to increase transparency, sustainability, and logistical efficiency according to a report published last week.

MIGHT is holding talks with energy companies in Malaysia to evaluate the ways they could be using blockchain to increase renewable energy adoption. Regarding Palm Oil, blockchain adoption can help identify certified palm oil operations with ethical practices and allow buyers to identify the source of their palm oil before making a purchase. Malaysia is also looking into how blockchain could help offset the costs of Islamic financial law while remaining compliant with Sharia law, such as the tangle asset requirement for backing debt. Already in the Middle East banks have begun pegging debts to units of gold and representing the debt as a smart contract on the blockchain, as Forbes has reported. Crypto firms in Dubai and Malaysia have also pegged sums of gold to cryptocurrency units to allow debt creation compliant with Sharia law.

Kraken Daily Market Report for 24.09.2018


$117M traded across all markets today

Blockchain News 25.09.2018

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