KW 32: VeChain offers blockchain platform for supply chains, Blockchain for blood donations, Bitkom paper on decentralized finance


VeChain offers blockchain platform for supply chains: At this year’s IOTE 2020, an IoT trade fair in China, VeChain and Avery Dennison presented their blockchain showcases. Especially the food sector has seen new innovations. An increasing number of people want transparency and traceability of goods. Blockchain technology can be helpful here. According to a study by IBM, around 70 percent of companies still have gaps in the traceability of their products. VeChain offers companies a platform that addresses this problem, can be quickly integrated into the existing supply chain and only takes a few weeks to implement.

SOS Children’s Villages in Switzerland allows Bitcoin donation: The aid group SOS Children’s Villages in Switzerland now offers the possibility to submit donations in cryptocurrency. “As an innovative NPO, SOS Children’s Villages is constantly looking for new ways to make donation more modern. The donation by cryptocurrency is a further step in this direction,” said Derya Kilic, Head of Digital at SOS Children’s Villages. In addition, cryptocurrencies are particularly popular among young investors and e-athletes. This could encourage them to donate.

Blockchain for blood donations: The South American startup EOS Costa Rica wants to use the blockchain to combat global bottlenecks in the supply of blood. On one hand, the aim is to ensure a better supply chain, on the other hand, the goal is to use rewards to encourage people to donate. Donors who are registered via the program receive tokens which can be redeemed. The developers cite the coronavirus crisis, which resulted in significantly less blood being donated, as the reason for the development of the health solution called “Lifebank”.

Volvo invests in Circulor: Volvo Cars has made an investment in blockchain technology firm Circulor through the Volvo Cars Tech Fund, the company’s venture capital investment arm. Volvo previously used Circulor’s traceability solution to track cobalt in its batteries. Much of cobalt mining happens in Africa under questionable conditions and involves child labor. In the era where more consumers are becoming concerned with how the products they buy are produced, the ability to verify the entire supply chain may provide a competitive advantage. Volvo may also be planning to use Circulor’s solution to trace carbon emissions. The investment in Circulor by Volvo Cars allows both companies to expand their focus beyond cobalt, for example by looking at increasing traceability of mica, a mineral used as isolation material in the battery pack of electric Volvos.,

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Bitkom paper on decentralized finance: The digital association Bitkom has published a new paper called “Decentralized Finance – A new Fintech Revolution?” investigating a concept involving various building blocks that together could form a decentralized financial system. In addition to Bitcoin, Bitkom focuses in particular on the cryptocurrency Ethereum, which enables so-called smart contracts. These allow agreements to be executed and adhered to without the intervention of third parties. According to Bitcoin, these smart contracts are essential for a decentralized financial system. “The decisive difference to the existing financial system is not only that everyone can participate regardless of origin or social status. Every single transaction in this financial system is also transparent,” said Julian Grigo, Head of Digital Banking & Financial Services at Bitkom. In the final part, the report deals with the risks inherent in the technologies, for example incorrect programming.

The connection between Bitcoin and gold: Bitcoin’s value jumped at the end of July, peaking at around 11,000 euros. Some experts have referred to Bitcoin as “digital gold”. In times of crisis, some investors switch to the cryptocurrency instead of investing in the precious metal. However, the fact that Bitcoin lost around 50 percent of its value in March seems to make it less attractive at first glance. But the currency could be interesting in times of stable conditions, when investors seem to prefer investing in Bitcoin. “During the last few days we have seen a substantial increase in purchase orders from institutional customers, which confirms that the acceptance of Bitcoin has risen and that Bitcoin is increasingly being considered as an alternative asset class in the current environment,” said Stefan Lütolf, Head of Trading and Liquidity Management at Bitcoin Suisse.


“Until now, Bitcoin’s limited programming language has been the main reason why developers who want to build smart contracts and DApps on the Bitcoin blockchain have not. This is exactly why many developers preferred to build their own blockchains in the hope of establishing their own proof-of-work or proof-of-stake network, but these generally offer far less security.”
Muneeb Ali, co-founder and managing director of Blockstack, believes that Bitcoin is better suited than Ethereum for implementing smart contracts.


Twitter hacker is a millionaire: The alleged mastermind behind the Twitter hack about two weeks ago was quickly caught. He and other defendants tried to get Bitcoins through hacked accounts. It appears that the main defendant, a 17-year-old American, had already dealt with the authorities in the past. At that time, he stole 400 Bitcoins. 300 of them were reimbursed. The 17-year-old was already a bitcoin millionaire before his most recent hack.

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