Weekly Cryptocurrency Bytes – November 11

We feel like a lesson in history today.

In the 1950s and ’60s, there was a race to launch the first man to space. The Soviet Union (USSR) became the first nation to send a human out of space on the moon. They were also the first nation to launch the first woman to space. The United States of America (USA) became the first nation to land on the moon. (This is where Neil Armstrong comes in).

The space race has partly evolved in collaboration across nations, with 10 nations having sent a crew to the International Space Station. It has also seen the commercialisation of space (enter Tesla and Virgin Galatic).

In cryptocurrency, the race to launch the first country issued cryptocurrency is on, and China appears to be leading the race. The cryptocurrency race has the potential of causing an evolution in the current financial system and a shift in power. Imagine China’s cryptocurrency becoming the world’s reserve currency.

More blockchain projects are working on tracking where every ingredient is sourced. If you are passionate about environmental sustainability this could help you ensure you purchase everyday products that source their raw materials sustainably. 

Hey China!

In the past few days, China has taken giant strides in cryptocurrency and blockchain technology. This has resulted in a ripple effect in different areas including the price of Bitcoin. China is set to release the first country-owned cryptocurrency.

In a new report from Reuters, an official from the People’s Bank of China (PBoC) made a statement on Wednesday that China’s digital currency would cause a “horse race” as soon as it goes live.

According to the head of the central bank’s digital currency research, commercial banks and other institutions will be in competition with one another to provide the best services with the Chinese digital currency.

The digital currency is expected to be issued to commercial banks who in turn will distribute it to interested persons.

China + Hong Kong + Blockchain

In a new press release, the Hong Kong Monetary Authority confirmed that it had signed a new memorandum of understanding (MoU) with a subsidiary of the People’s Bank of China (PBoC).

The MoU aims to create a connection between eTradeConnect1 and the PBoC Trade Finance Platform by first conducting a Proof-of-Concept (PoC) trial. The connection will provide firms in both places with more convenient trade finance services and enable banks in Hong Kong to expedite the expansion of their trade finance business.

In other news, Hong Kong is also taking steps towards a central bank digital currency of their own.

Coca Cola Bottlers Implement the Block

According to a Nov. 5 Business insider report, bottlers of popular soft drink Coca Cola are implementing a German software firm’s blockchain technology, SAP, to improve the complex production process.

The technology will make it easier for the firm to know the inventory of other partners and get paid faster.

Track Your Food

The blockchain platform, VeChain, has revealed a blockchain-based tracking system for food and beverages. 

The new project known as foodgates, will be the first cross-continental logistics and trades solution based on a public blockchain for the food and beverage industry.

VeChain is working alongside a food certification group called DNV GL and a supply chain specialist group called ASI Group on the project.

Eurocoin?

It appears that the European Union may seriously be considering the release of a cryptocurrency issued by the EU.

A draft document released by the European Union implies that the union needs to think about releasing its own digital currency. It encourages member states to develop a common approach towards cryptocurrencies as leaving it in the hands of private firms could pose serious risks for the finance landscape. The move is said to be in reaction to Facebook’s Libra.

Volvo + Blockchain

On Wednesday, Nov. 6, car manufacturer Volvo stated that they will make the cobalt used in their car batteries traceable via blockchain technology.

Volvo’s announcement could be as a result of increasing pressure on car manufacturers to ensure that electric vehicle batteries are sourced responsibly. The technology has already undergone a successful pilot using blockchain specialist Circulor and tech firm Oracle.

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