KW 31: Germany’s Federal Network Agency supports further blockchain development, Australia milk blockchain, Experts see blockchain potential for the art market


Germany’s Federal Network Agency supports further blockchain development: The Federal Network Agency has examined the status quo of blockchain technology in different sectors in Germany. The agency’s report was recently published. Jochen Homann, President of the Federal Network Agency, summarized the results: „Despite its significant development progress in recent years, blockchain technology is still at a very early stage of development.“ The Federal Network Agency sees great potential for the network sectors telecommunications, postal services, energy and railways and would like to support the further development of the technology.

Australia milk blockchain: The Australian dairy industry plans to implement blockchain-based solutions for its struggling milk producers. Australia’s dairy farmers have experienced hardships resulting from drought, bushfires and competition from overseas in the last few years. The Australian Dairy Farmers (ADA) has been contracted by the federal government to use blockchain in an attempt to create transparency in the trading and commercialization of milk. By giving each farmer and processor their own node in a blockchain network, the information would be securely saved while allowing milk supply chain operations to be recorded on the distributed ledger, with both parties able to review them instantly.

Startup wants to make investments in forests more attractive: The German startup “Smart Forest” wants to store every tree as a token on a blockchain. The aim is to give trees a permanent value – not just as a seedling or as processed wood. With their concept, the founders of Smart Forest want to drive investments in forests. Previously, investors had to purchase shares from forest funds for high sums. Now, tokens are available for the equivalent of 20 euros. The increase in value should also attract investors.

Bitkom believes digital identity verification can only be implemented with blockchain: The digital association Bitkom has published a study that underlines that decentralized identities will only be secure with blockchain technology. „With the help of blockchain technology, decentralized digital identities can make an important contribution to more data sovereignty and data economy,“ said Patrick Hansen, head of blockchain at the association. He believes that the question of data sovereignty will become more important. With the blockchain, it would be possible for users to verify themselves decentrally without a service provider who stores their data.

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Companies are slowly opening up to blockchain: Blockchain has been a hype word for years. So far, however, it has only been practically implemented in business. The advantages are obvious: process tracking and efficient document verification increase transparency in legal proceedings and industries such as logistics. So far, however, small and medium-sized companies (SMEs) have reacted rather hesitantly to the technology – in many places there is still a need for clarification on the practical implications of blockchain. Meanwhile, an increasing number of companies are saying that they are interested in blockchain. This is also important for SMEs, since it is cheaper to gradually build technological capabilities rather than catching up on deficits later on.

Experts see blockchain potential for the art market: PwC and the Swiss blockchain investment company CV VC have jointly published a report on the use of blockchain in the art world. The art market is exclusive, lucrative and extremely dynamic – however, there are always attempts to smuggle counterfeits into art circles. It is also not exactly clear how many and where works of art are in circulation. The blockchain could provide more transparency and prevent counterfeiting.


„With Covid-19 now spreading worldwide, we had to process more information online than ever before. The additional security that blockchain offers was an enormous help in my eyes. I think developments like this are great, when resources are available and a project can potentially be greatly improved. I think more institutions should expand their projects in this way.“
Bitcoin Depot CEO Brandon Mintz sees blockchain as a building block for secure research and communication in the search for a vaccine against the coronavirus.


Germany’s financial supervisory authority loses fight against crypto: The Federal Financial Supervisory Authority (Bafin) is increasingly trying to control the crypto market. But so far, the German agency hasn’t been very successful: It banned a provider from the Bitcoin exchange business, but the provider has since simply continued on with business. Cryptocurrencies are creating new challenges for Bafin in the area of financial regulation.

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