Higher Than Expected’: Louis Dreyfus Reports Results of First #Blockchain Agricultural #Trade
One of the leading global commodity traders Louis Dreyfus Co. (LDC) has stated that its first venture into Blockchain produced results “even higher” than expected, Financial Times reports Monday, Jan. 22.
The buoyant remarks follow completion of the the giant’s first Blockchain-powered agricultural trade, in which it sold and delivered 60,000 tons of soybeans to #China in Dec. 2017.
Several partners, namely ABN AMRO, Shandong Bohi Industry Co., Ltd, ING and Societe Generale joined Louis Dreyfus in completing the trade via LDC’s Blockchain platform.
The benefits of the Blockchain-powered trade included a claimed 80% reduction in trade processing times for LDC.
Additional reasons for a Blockchain-hosted trade revolve around security and fraud prevention, as a previous cotton shipment to China by the Wells Fargo bank demonstrated through the use of self-executing contracts.
Karin Kersten, Head of Trade & Commodity Finance at ABN AMRO said in its own release about the LDC partnership: “The blockchain technology has the potential to significantly optimise administrative processes around international trade. We are excited that this test was succesfully [sic] completed and that we can move to further exploring the added value and use of the blockchain #technology.” Within the agriculture and food supply chain spheres, various experiments have been attempted to incorporate Blockchain as a means of improving transparency, specifically for products where such transparency is in demand, such as coffee, location-tracked crops and livestock.
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Ripple Labs to Launch XRapid "Within One Month"
Remittance network Ripple has announced that its xRapid payment network will launch within the next month. Speaking to CNBC, Sagar Sarbhai said he was confident the company would hit the timeframe for the system, which is pitched as offering cross-border settlements between banks using the XRP token.
This much needed drop of good news follows several months of trouble, in which executives mixed messages to the media generated a large amount of negativity in the community. CTO David Shwartz first claimed that Ripple was 'not a distributed ledger', while last month claiming that XRP is more decentralised than BTC and ETH.
In contrast, CEO Garlinghouse has made the bold claim that major banks will be using xRapid as a liquidity tool by the end of the year. We won't know much more until the actual launch, but this is absolutely a make or break moment for the xRapid and Ripple.
Bitcoin Cash Hard Fork - Nakamoto (Bitcoin) Principles You Should Grasp
If you have been following cryptocurrency media lately, no doubt you have come across mention of the upcoming Bitcoin Cash Fork. Very likely you have also seen reports equating the upcoming election to a battle for sole custody during an acrimonious divorce. While the metaphor is not entirely unwarranted, it is fundamental to see the situation within the Bitcoin context to understand that the aim of the process is reconciliation instead of a split. The creator of Bitcoin, Satoshi Nakamoto, actually foresaw the occurrence of disputes within the community and made provision for conflict resolution within the original Bitcoin Whitepaper.
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If the huge amount of BTC locked in the wallets of long-term investors is anything to by, bitcoin’s nascent adopters are in no hurry to cash out. Many of the coins accrued and stored in the cryptocurrency’s earliest days have yet to move.Cryptocurrency attracts an eclectic mix of creatures. Bulls and bears notwithstanding, there appears to be a lot of squirrels, each in possession of acorns stashed in the cryptocurrency forest whose seeds are still taking root.
As much as 25% of all BTC is sitting in wallets that were created before the 2017 price peak and have yet to make any outgoing transactions. Diar estimates that a quarter of all BTC is taken up by long-term investments, while the lost and illiquid category (which includes unmined coins) constitutes 30% of the total pie.
Diar’s recent reckoning states that a majority of circulating bitcoins (55%) are sitting in wallets pegged above $1.3M at current prices. In fact, over 87% of bitcoins are tucked inside wallets that hold more than 10 BTC ($60K+). What’s remarkable is that these coins sit in only 0.7% of all bitcoin addresses. Similarly, wallets with over 100 coins ($640K+) that represent 62% of all outstanding bitcoins belong to under 0.1% of all addresses.
In It for the Long Haul
Aside from the tranche of coins believed to belong to Satoshi Nakamoto, the remainder would appear to be the property of astute investors who pitched their tents long ago.
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Although this is speculation, it’s also extremely fascinating. On the 3rd of January 2009, the first block of 50 Bitcoins was mined by the mysterious creator, Satoshi Nakamoto. This was the start of a cryptocurrency industry that has a market capitalisation of over 200 billion dollars. It’s still a mystery as to how it started, because nobody actually knows who created it. However, when we look back at it’s creation, it seems that the developer, or developers, has some inhuman programming skills.
In 2011, a man named Dan Kaminsky, an American security researcher, set out to find a weak spot in the Bitcoin security code. If one man was to do it, it’d be this guy. After he studied the code, he found 9 ways to compromise the system, but every time he tried to attack the system, he would get an “attack removed” message. This makes you think, how can someone create such bulletproof, perfect code? Could it be that the code wasn’t created by one highly skilled developer, but rather by Artificial Intelligence? If you think about it, Bitcoin just happened.
Artificial intelligence grows via reinforcement learning techniques. It’s feeding off everyones computers, and requires more computing power than some of the largest supercomputers in the world. Once somebody’s computer has entered it’s code into the Bitcoin platform, it will immediately start improving itself, and prevent anybody trying to take the system down.
Some might say there are some flaws in this conspiracy. However, with people falsely claiming to be Satoshi, makes you wonder who can be trusted. A man named Gavin Andresen was part of the team that helped Bitcoins rise. It’s important to note that bitcoin was created before he joined the team. Gavin claims that an Australian programmer named “Craig Wright” was the real Satoshi. However this claim is still a mystery and isn’t received well. It’s speculated that Satoshi left, in panic, after Gavin Andresen was approached by CIA, but this is also speculation.
What do you think of this conspiracy? Who is Satoshi Nakamoto?👇🏽