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Blockchain Will Revolutionize Agriculture and Food Supply Chain

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Speaking at the launch of Belfrics Kenya’s Bitcoin Exchange on Saturday at the Villa Rosa Kempinski, in Nairobi, Kenya, he explained that even though there has been little talk of blockchain in agriculture, the sector stands to benefits immensely from the technology.

Mr Kimani Mbugua, CEO of Greenspec, a Kenya Agro-Processing company has stated that the blockchain technology has the potential to transform agriculture tremendously.

Speaking at the launch of Belfrics Kenya’s Bitcoin Exchange on Saturday at the Villa Rosa Kempinski, in Nairobi, Kenya, he explained that even though there has been little talk of blockchain in agriculture, the sector stands to benefits immensely from the technology.

Kimani, who is also well known in Kenya for promoting soya and conservation agriculture outlined sectors that can be transformed by the blockchain.

He said:

The blockchain application has huge potential in three key areas of Agriculture which consist of Real Time Management, Supply Chain and Mobile Payment and Financing.

Mr. Kimani Mbugua Speaking At The Launch Of Belfrics Kenya

Food Chain Supply

He elaborated that consumer demand for clean food and radical transparency in the food chain including organic, which many people are moving onto these days, are skyrocketing. However, producers and manufacturers are often struggling to verify the exact accuracy of data from the farm to the table.

He remarked:

But with the blockchain, you’ll be able to know from the label what and how they used to produce the food when you buy it and they can never shortcut you.

He decried the current phenomenon where there are no easier and accurate means to verify the exact origin of commodities by manufacturers and issues like slave labour and pollution.

The agriculture expert holds that irrespective of the shortfall, consumers within rich markets like organic food are increasingly prepared to pay for products that provide such information. He was of the view that today’s solutions that revolve around certification and regulation which add cost are tedious to enforce and confusing to customers.

He added:

The value of the blockchain here is its ability to make the supply chain entirely transparent and rich with the immutable provision of data from farm to the dining table. The blockchain will ensure that participants along the supply chain can’t temper with this information.

Ultimately, Kimani maintains the process provide confidence to manufacturers and consumers where the food comes from and how it is produced. He was therefore upbeat about the role of the blockchain in agriculture.

Belfrics in Africa

Addressing the bitcoin community at the function, Praveen Kumar, CEO of Belfrics Global, revealed that the company will be opening bitcoin exchanges across the African continent in the coming months. According to Praveen, his outfit has been convinced to make that decision as the result of the volumes that came out of the trial test in the Kenyan market.

The company, which is based in Malaysia, but with bitcoin exchanges in India, Singapore and now Kenya will enter the Nigeria, Ghana and Botswana market in the coming months. This is a good omen for adoption in Africa since the so-called dark continent lacks infrastructure like this to enable buying and selling of the cryptocurrency.

The post Blockchain Will Revolutionize Agriculture and Food Supply Chain appeared first on Belfrics India.

Source: https://india.belfrics.com/press-articles/blockchain-will-revolutionize-agriculture-and-food-supply-chain/

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Dharma Domination Drive Thwarted as Uniswap Vote Concludes

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DeFi protocol Uniswap has concluded its first governance vote with a failure to come to quorum by a minuscule margin. The good news is that it keeps the platform relatively decentralized … for now.

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The first governance vote for automated market maker Uniswap concluded on October 20 with 98% of the votes in favour of the proposal, but that wasn’t enough to secure it.

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Image – uniswap

As previously reported by CoinGape, the highly-contentious proposal raised a number of centralization concerns as it would effectively grant the most voting power to the largest couple of UNI holders, which were Dharma and Gauntlet at the time.

Crypto trading platform Dharma proposed a reduction of the thresholds for voting and quorum from 1% of the total supply to 0.3%, and 4% of the total to just 3% respectively. It has been reported that Dharma was not happy with the airdrop and distribution of UNI tokens and felt that their users should have got more.

Winning this vote would have enabled Dharma to have more control over the distribution process through subsequent proposals, which it would have won with collaboration from Gauntlet.

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A Whisker Short of Winning

In order to seal the proposal, 40 million votes were required but it fell just short with just below 39,600. The majority of those came from just three accounts held by Dharma, Gauntlet, and Yuni.Finance, which is managed by other DeFi whales and big bag holders.

Naturally, the Dharma CEO and co-founder was disappointed with the outcome, almost calling it ‘undemocratic’;

While other industry observers hailed it a victory for ‘everyday users’ and against centralization;

DeFi Watch’s Blec added;

“The vote didn’t pass because users learned about the issue and decided not to vote for it. This is how tokenized governance is *supposed* to work. Votes shouldn’t just pass by default.”

Many simply abstained from voting either not wanting to spend the gas or seeing little point in going against the whales which had the majority.

UNI Price Reaction

UNI prices have retreated around 4% over the past few hours as news of the failed proposal circulates. As with the voting, the largest bagholders have the greatest influence over markets and price action should they decide to sell.

Currently, UNI prices are down over 60% from their peak on September 19. Prices may descend further when yield farming pools expire on November 17 and rewarded tokens flood the markets.

To keep track of DeFi updates in real time, check out our DeFi news feed Here.

Author: Martin Young




Martin has been writing on cyber security and infotech for two decades. He has previous forex trading experience and has been covering the blockchain and crypto industry since 2017.

Source: https://coingape.com/dharma-domination-drive-thwarted-as-uniswap-vote-concludes/

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Bitcoin Price Eyes $12,000 Following US Fed Chair Powell Talks

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  • Bitcoin’s price finally made a worthwhile move after surging to $11,840 on Bitstamp following days of stagnation.
btcusdh_chart
BTC/USD. Source: TradingView
  • The price has since retraced a bit to trade at its current level of around $11,780. Nevertheless, this is a move in the right direction as concerns started crippling up that we might be in for a fill of the CME gap down at $11,100.
  • Bitcoin is trading approximately only $700 away from the $12,500 area – the 2020 highest level that was reached on August 17. The next major resistance for BTC now lies at $12,000 – $12,100.
  • The move came soon after the Chairman of the US Federal Reserve, Jerome Powell, spoke on a panel hosted by the International Monetary Fund (IMF).
  • During the event, he said that the US is “committed to carefully and thoughtfully evaluating the potential costs and benefits of a CBDC (Centra Bank Digital Currency) for the US economy and payments system.”
  • He also said that it’s better to be right than be first on CBDCs.
  • Interestingly enough, BTC’s move appears to be uncorrelated to the US stock market. At the time of this writing, the S&P 500 is down about 0.4%, while the Dow Jones Industrial Average (DJI) is down about 0.3%.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/bitcoin-price-eyes-12000-following-us-fed-chair-powell-talks/

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33 Years Since Wall Street’s Black Monday: Have We Learnt Nothing? (Opinion)

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They say that to see the future, one should only learn history. Oftentimes, though, we tend to ignore history altogether.

Exactly 33 years ago, on this day, October 19th, 1987, Wall Street and global markets tumbled in a massive selloff that saw the S&P 500 lose about 20% and the DJIA about 22%.

One might think that this is something that we don’t want happening again and that the economic policies would be structured in a way where massive national debt doesn’t mount up. Here we are, 33 years later, and the US national debt has increased by roughly 12 times.

But it doesn’t matter, right? The Fed can always just “print more money,” as the former Chairman of the US Federal Reserve has said.

Rolling Back to 1987: What Happened and Why it Matters?

The year is 1985. The United States policymakers and economists decided that the time is ripe for a shift in the direction. As such, they moved to a slower expansion approach, unlike the state of rapid recovery from the recession in the early 1980s.

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Fast forward a few years when on October 14th, 1987, the House Committee on Ways and Means introduced a tax bill that was aimed at reducing the benefits associated with financing leveraged buyouts and mergers.

October 19th comes, and traders, analysts, and economists found themselves dismayed as markets took a beating. The S&P dropped by over 20%, while the DJIA was down 22% in a single session. Additionally, markets from across the world were also bleeding out, making this into a global downturn.

black_monday
Dow Jones during Black Monday of 1987. Source: Wikipedia

Back then, Nobel-winning economist Robert Shiller surveyed 889 investors right after the drops to find the reason, according to them. Most of them said that it was perhaps brought on by “too much indebtedness.”

Looking at historical data, the US national debt in 1987 was around $2.3 trillion, representing 48% of the country’s GDP.

Learn From History, or You’re Destined to Repeat It… Right

The year is now 2020, and we just saw the third quarter closing down. In March, there was another Black Swan event that saw global markets tumble in response to the outbreak of the novel coronavirus COVID-19. Countries were literally locked down, and economies suffered as a consequence.

The US was no exception. In fact, it’s the current leader in terms of total cases of COVID-19. However, it’s worth noting that this year, unlike back in 1987, there was an obvious trigger as global economies were virtually shut down in response to the outbreak.

Their response, however, was criticized by many. Data shows that the US national debt has grown to $26.5 trillion at the end of the second quarter of 2020. This represents 136% of the country’s GDP. In fact, the debt increased by around $4 trillion this year alone. For reference, it grew with that much from 2015 to 2019 combined.

When there’s an obvious uncertainty of how the world will handle the pandemic, US stock markets are charting all-time highs. And all of this was made possible by the trillions of dollars printed to bail out huge corporations.

This Time Could Be Different… But Will It?

Of course, this time, we have Bitcoin – a scarce digital asset that comes with pre-programmed inflation that will, eventually, disperse.

However, it also challenges the very essence of what banks are created for. It’s the first real attempt to separate money from state and … well, that’s scary for some.

Bitcoin’s censorship resistance, immutability, actual transparency, and, most of all, digital scarcity are just some of its inherent qualities that could make a change. However, it’s definitely questionable if and when that will happen.

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Source: https://cryptopotato.com/33-years-since-wall-streets-black-monday-have-we-learnt-nothing-opinion/

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