Blockchain Technology Tapped to Power China-Europe Rail Trade

Blockchain Technology Tapped to Power China-Europe Rail Trade

Blockchain technology continues to find novel use-cases.

Blockchain Technology Powers China-Europe Trade

According to a report by Big News Network published on April 11, distributed ledger technology (DLT) is being leveraged to boost trade via the China-Europe train routes.

The use of the emerging technology has aided significantly to lowering logistics costs and served as a lifeline to stabilize the global trade amid the raging COVID-19 pandemic.

Earlier this month, a new version of the blockchain-powered platform Sino-Europe Trade Link 2.0 was put into operation by the Industrial and Commercial Bank of China (ICBC) at the Chengdu International Railway Port, an important port in southwest China’s Sichuan Province for China-Europe cargo trains.

Notably, the updated platform enables enterprises to raise funds directly from the bank and lowers the costs, and speeds up the cash flows of relevant foreign trade companies.

Commenting on the development, staff with ICBC’s Sichuan branch noted:

“We take advantage of blockchain’s merits, such as its tamper-proof nature and timestamps, to form reliable trade data. That can greatly improve the financing capabilities of small and medium-sized foreign trade enterprises.”

Similar sentiments were echoed by Chen Ran, Chengdu International Inland Port Operation Co. Ltd. He noted:

“Compared with 2007, we now have the support of blockchain, the Internet of Things and big data, which can help track logistics and significantly lower the risk of cargo damage. So there’s better protection for both the banks and the customers.”

With an increasing amount of data getting fed into the underlying blockchain network, it would then be ready to be used by foreign trade companies to obtain more credit.

Blockchain for Trade

Blockchain’s immutability makes it ideal for logistics and supply chain-focused use-cases as has been made evident by leading supply chain-based DLT projects such as VeChain, among others.

“In addition to cross-border trade, we can also explore the application of the intermodal transport document in domestic logistics in accordance with domestic laws, thus drafting a multimodal transport scheme that can be widely applied,” said Wei Bo with China Railway Chengdu Group Co., Ltd.

In related news, BTCManager reported on March 3 how Norwegian firm Hydro had embraced the “Tag.Trace.Trust.” traceability blockchain solution to track aluminum co-developed by VeChain and DNV GL.

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Why ADA could run hotter than Bitcoin and make 10x gains

After breaking in the crypto top 10 by market cap and with 3.597% gains over the past year, Cardano (ADA) seems to be laying low. At the time of writing, ADA trades at $1,24 with 1.7% profits in the daily chart and 6.4% in the weekly chart.

Cardano ADA ADAUSDT
ADA moving sideways in the 24-hour chart. Source: ADAUSDT Tradingview

Cardano’s native token and its platform are moving towards a major milestone. Targeting a Q3 entry into DeFi with Hard Fork Combinator Alonzo.

Bullish investors are betting on ADA’s further appreciation. Analyst Justin Bennett claims this token next rally will happen by the end of April. Around this time IOG should be stress-testing its smart contracts platform, Plutus.

A day ago, Bennet said to be building a “sizeable” ADA position and set support at $1.10 to $1.30. Over the next month’s, according to the analyst, ADA could go as high as $10.

On the Cardano’s native token recent price action, the analyst said it moving sideways is an indication of a “fair game”, a sign that ADA’s price is not overvalued. Bennet added:

ADA moving sideways for 6 weeks tells me the market doesn’t believe it’s overvalued at all. I don’t buy markets that are going vertical. I buy markets that went vertical recently and have since gone sideways for over a month. That’s a recipe for the next leg higher.

By the end of the month, ADA could target $2, as indicated by the chart below, and then could go for a higher price at $3 in the coming months.

Cardano ADA ADAUSDT
Source: Justin Bennett

In the 2017 bull run, ADA peaked at $1,18 therefore Bennet claims it could a 10x from its current price. Comparing ADA to Bitcoin, the analyst said the latter has “never done less than” a 10x profit in a bullish cycle. He added:

We know alts run hotter than Bitcoin. Translation: $10 $ADA is conservative, and $20 – $30 wouldn’t surprise me.

Smart contracts capabilities closing in on Cardano

Cardano’s next protocol upgrade is set to make it “the leading smart contract platform”, according to Olga Hryniuk from IOG. Outlining Alonzon’s roadmap and launch, Hryniuk wrote:

Throughout March and April, the IO Global team has been gradually combining the Alonzo rules with the Cardano node and ledger code (…). We expect the Alonzo upgrade (hard fork) to happen in late summer, and we will announce a firm date in April’s Cardano360 show.

In the crypto space, many believe Ethereum’s high fees are pushing users towards cheaper options. Cardano’s platform promises this with higher security for its smart contracts and EVM compatibility.

If Ethereum’s competitors, like Binance Coin (BNB), performance is any indication of where ADA could go, then investors should pay attention to BNB’s rally.

With a 70.6% increase in just one month, BNB seems pegged to smash all resistance and keep scoring all-time highs. It remains to be seen if ADA will follow and take a place amongst DeFi giants.

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Akon City 2: Akon Unveils Plan to Build Second Futuristic Cryptocurrency City in Africa

Akon City 2: Akon Unveils Plan to Build Second Futuristic Cryptocurrency City in Africa

Another futuristic cryptocurrency city will be built in Africa, Senegalese-American star Akon has announced. The government of Uganda will make land available to him for the construction of the new crypto city. The akoin cryptocurrency will be used in the city, similar to how it will be in Akon City, the $6 billion “real-life Wakanda” that is currently being constructed in Akon’s home country.

Second Akon City to Launch in Uganda

Senegalese-American star and philanthropist Akon, whose real name is Alioune Badara Thiam, announced last week his plan to build a second futuristic cryptocurrency city in Africa. Its home will be in Uganda.

His first crypto city, Akon City, which costs $6 billion, is being built in his native country of Senegal. Akon described it as a “real-life Wakanda,” comparing Akon City to the technologically advanced fictional African city in the blockbuster movie Black Panther.

Akon’s new cryptocurrency city has the backing of the Ugandan government. Isaac Musumba, Uganda’s Minister of State for Lands, Housing, and Urban Development, said at a press conference last week that the government will find suitable land of one square mile or larger for Akon to build the new crypto city. The minister elaborated:

A place suitable in Uganda that has not-less-than one square mile will be made available to him and his team so he can harness resources and investments, attract investors, manage the project, and have a city.

According to local media, the new crypto city will use Akon’s own cryptocurrency, the stellar-based akoin, similar to how it is planned for in Senegal’s Akon City.

The Akoin cryptocurrency is already being used in Mwale Medical and Technology City (MMTC) in Kenya as a pilot for Akon City. “We’re going to use exclusively akoin by the end of 2021,” Julius Mwale, the principal investor of MMTC, said in November last year.

When Akon was asked about whether Ugandans will be able to afford to live in the futuristic Akon City, the singer replied: “I know if I put it there, they’re going to find a way to afford it because it’s going to motivate them … Ultimately, when you create an opportunity, people grow with that opportunity, people learn with that opportunity, people are motivated with that opportunity.”

Akon also shared his bigger vision, emphasizing that “the continent is our goal.” The singer elaborated, “To build the continent, we need to unite as a people to make this thing happen,” adding:

My true calling is to develop Africa, whatever it takes.

As for the crypto city in Uganda, he noted that “The idea is to utilize all the resources that we built throughout the years and try to rebuild the country.”

Specifically, he detailed: “We will be having some professionals that we plan to fly into Uganda that can train the locals and I think one of the things that we miss out in major countries is the access of information and we need to be properly trained not only just in construction but also the management of the property and then the maintenance of the properties.” The construction of the crypto city in Uganda is scheduled to be completed in 2036. Akon concluded:

We’re hoping that everything works the way it’s supposed to work but as we move forward with all the support necessary, I think this is a very achievable goal.

What do you think about Akon building another crypto city in Africa? Let us know in the comments section below.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Binance Coin (BNB) market cap passes Santander and UBS — What’s next?

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Report Claims the FBI Uses Bitcoin Mixers During BTC Forfeiture Processing

Report Claims the FBI Uses Bitcoin Mixers During BTC Forfeiture Processing

Over the last eight years, U.S. law enforcement has seized a great number of bitcoins and at one time, the Federal Bureau of Investigation (FBI) held one of the largest bitcoin wallets after the Silk Road takedown. A recently published report shows the FBI has started using cryptocurrency mixing applications in recent times in order to obfuscate transactions from seized bitcoins that stem from a forfeiture.

Do as I Say, Not as I Do

The U.S. government is far from transparent and a newly published report shows just how shady the feds can be these days. The author Joshua Davis explains with great detail that the FBI has been evading “transparency and accountability” specifically when law enforcement has been handling funds from a seizure. For years now, the FBI, the United States Department of Justice (DoJ), and FinCEN have said that the use of bitcoin mixers should be criminalized.

The Feds have prosecuted operators of large centralized bitcoin mixers as well charging the operators with illegal money transmission charges and claiming that mixing facilitates crime. These days, cryptocurrency mixers are less centralized and bitcoiners can leverage bitcoin mixers that are built into a noncustodial wallet. Davis explains how “FinCEN is criminalizing Bitcoin mixers” and that anyone using them could be “accused of violating Anti-Money laundering laws.” The report also details how the FBI is “routinely” using bitcoin mixers and has been for a few years now.

Report Claims the FBI Uses Bitcoin Mixers During BTC Forfeiture Processing

The report shows that the FBI seized 39.67 BTC from a man in Tucson, Arizona, and the case involved unauthorized SIM swaps. According to Davis’ findings, the FBI sent updates to the victims and “made it seem as if the cryptocurrency had been already sold.” However, blockchain data shows this wasn’t the case and the victims were told a “clerical error” was made.

FBI Overpaid Bitcoin Miners by a Factor of 4700%

Interestingly, Davis’ findings indicate the blockchain tells a tale of how the transactions the Feds sent were sent “to themselves,” from an address that sent “more than 800,000 transactions,” and the funds derived from an address that sent more than 43 million BTC. The tell-tale signs of a bitcoin mixer being used to obfuscate bitcoin transactions.

“To be 100% clear the FBI does not need a money transmitter license to act as a lawful Bitcoin tumbler because government agencies are exempt from needing to obtain a Money Services Business (MSB) license,” Davis’ report insists. “Instead what I’d like to humbly point out is that the law requires funds to be “safeguarded against waste, loss, unauthorized use, or misappropriation.” As far as those four things to safeguard against, Davis found that “waste” seemed to have been chosen instead of transparency.

Davis assumes that the FBI could have “overpaid bitcoin miners by a factor of 4700%” and fees would be massive when you multiply that by 2x or 5x. The report concludes that Davis doesn’t have any issues or really anything against the FBI in general, but he doesn’t appreciate the hypocrisy.

“I just hate that feeling when I’m treated like a child who needs to stop complaining and trust the authority figure,” the author wrote. “Yes, we do need to trust authority figures, but those authority figures should earn our trust. Authority figures should also try their best to be as transparent as possible.”

Report Claims the FBI Uses Bitcoin Mixers During BTC Forfeiture Processing
Former U.S. law enforcement agents Shaun Bridges and Carl Force. Findings suggest that the recently seized Silk Road stash of 69,370 bitcoins taken from “Individual X” shows the unknown person was likely Shaun Bridges.

The author also noted how the former U.S. Drug Enforcement Administration agent Carl Force and the former Secret Service agent Shaun Bridges stole money from the Silk Road case. Force was able to steal 1,200 BTC and Bridges was able to snag 3,100 bitcoin. “They would have gotten away with it if they had taken one extra precaution,” Davis said. “Their downfall was failing to use a tool called a bitcoin mixer.”

Moreover, a representative from the FBI emailed the author of the report and he further explained: “The FBI has stated unequivocally in an email that the funds are still held as Bitcoin. They are required by law to hold these funds as bitcoin and not convert these funds to cash.”

What do you think about the FBI using bitcoin mixers to obfuscate transactions? Let us know what you think about this subject in the comments below.

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Image Credits: Shutterstock, Pixabay, Wiki Commons, Joshua Davis/Coinmonk

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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