KW 15: Accubits plans blockchain satellite, Digital justice thanks to smart contracts, Crisis-proof Bitcoin


Nestlé uses blockchain to trace coffee beans: Nestlé has added its Zoégas coffee brand to the IBM Food Trust blockchain and partnered with the Rainforest Alliance to bolster the coffee’s data traceability. It will add QR codes to Zoégas’ “Summer 2020” coffee product packaging, sold in Sweden. When scanned, these codes will show consumers their beans’ journey from harvest to shelf, with documentation stored on IBM’s food tracing blockchain. Rainforest Alliance has experience tracing coffee products with blockchain systems as a client of the supply chain software firm ChainPoint.

Accubits plans blockchain satellite: US and India-based blockchain startup Accubits Technologies has announced plans to launch the world’s first enterprise blockchain satellite under a mission titled Chainsat. The entire project will cost around $1.2 Mn. Chainsat will facilitate an off-grid network for blockchain transactions that bypasses the terrestrial internet. Chainsat aims to establish communication with the satellite, based on UHF telemetry with 115 Kbps data and S-Band payload transmitter with up to 5 Mbps data and an experimental X-band transmitter with up to 150 Mbps data.

Digital justice thanks to smart contracts: Researchers from the University of Tokyo in Japan and the University of British Columbia in Canada have created a blockchain-based digital court. The court will initially target cases involving contracts, sales, auctions and other civil cases. It will identify and punish those who deviate from legal obligations. Professor Hitoshi Matsushima from the University of Tokyo explained that the new system could be activated right away, due to it relying on technology already available. The new digital court could eliminate the costs attributed to the conventional legal process, while delivering justice all the same. Most of the processes involved will occur away from the blockchain, the researchers stated. The blockchain will only be used to maintain records of the parties’ involvement with an agreement. This is to minimize costs, as increasing the number of interactions with a blockchain system can drive up the associated costs.,

Bitkom calls for EU regulation: The digital association Bitkom welcomes the conclusion of the EU consultation on the regulation of crypto values. Bitkom expert Patrick Hansen said: “The current corona crisis shows that Europe has to push digitalization much faster than before. Blockchain technology offers tremendous opportunities for the financial industry if we set the course now.” Bitkom rejects an EU guideline for handling crypto assets and instead calls for binding EU regulation. “Due to the different implementation in EU member states, an EU directive leads to a patchwork that ultimately leads to uncertainty among companies and consumers,” said Hansen.

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100,000 people use the Stuttgart Stock Exchange’s Bison app. In the first quarter of this year, the number of users rose by 40 percent.


GitHub stores Bitcoin core for the future: A snapshot of the Bitcoin codebase will be encoded onto film reels and stored for a thousand years under the arctic ice in Svalbard, Norway. The move is part of the GitHub Archive Program, with a mission to preserve open-source software, for future generations to learn about the culture of today. The program has adopted a pace layers strategy, to maximize both flexibility and durability. Every push to GitHub triggers the replication of data to multiple global data centers, and all of this data is available live and in real-time. This comprises the most active “hot” layer. The “warm” layers include solutions such as the Internet Archive’s Wayback Machine, which update archived copies somewhere between a monthly and annual basis. These also archive across multiple geographical locations. The “cold” storage layers will only be updated every five or more years. These will be encoded onto 3,500-foot film reels by a Norwegian company called Piql, which specializes in very-long-term data storage.

Crisis-proof Bitcoin: The idea to create Bitcoin sprang from the uncertainty of the global financial system and the desire for a safe alternative that could be influenced by a lot of different people. But this narrative could have been shaken up by the coronavirus pandemic. Bitcoin collapsed in early March, along with all other markets. While the price of the cryptocurrency has fluctuated several times in the past, the rate of losses in the crisis surprised even crypto experts. Cyrus de la Rubia, chief economist at Hamburg Commercial Bank, explained the drop in prices by pointing out that no asset class can escape severe crises. In times of need, people sell stocks, gold, and even Bitcoin for liquidity. The course decline is therefore not a technical problem of Bitcoin. For many people who invest in the cryptocurrency, the idea behind the blockchain could be more important than the actual value anyway. According to a recent analysis, the people who have had their Bitcoins for a long time kept them even during the corona crisis. Most of the bitcoins that were sold were bought just before the crisis. This could suggest that trust in Bitcoin grows the longer someone deals with it.


“A lot of people would not be able to understand Libra’s model. They would give good money for it and it would be a great deal for Facebook because they would get money for nothing.”
Economist Peter Bofinger talks about consumer protection in regard to Facebook’s planned cryptocurrency Libra.


Binance suspected of embezzlement: Crypto exchange Binance has been accused of freezing an account worth around $1 million. According to HackControl, Binance blocked an account that had over $850,000 worth of crypto funds in November 2018. The owner claimed that the exchange stole the money. The user said that Binance had been in continuous contact with him since November 2018, but the money had not been returned. According to reports, Binance had the suspicion that the money may have been unlawfully acquired.,

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