Commodities Trading Giant to Test Blockchain Tech with Crude Oil Cargo

Commodities Trading Giant to Test Blockchain Tech with Crude Oil Cargo

Swiss firm Mercuria, one of the largest commodities traders in the world, will put to test the first large oil trade transaction powered by blockchain technology. The trade transaction will see an oil cargo shipment containing African crude sold to ChemChina, a Chinese petrochemical giant and shareholder in Mercuria. ING and Societe Generale, a Dutch and French bank respectively will aid in the execution of the deal, a Reuters report has confirmed. The deal was announced by Mercuria co-founder and chief executive Marco Dunand during the recently concluded World Economic Forum in Davos, Switzerland. Dunand has previously stated that blockchain technology was going to usher in “a digital transformation of the oil and gas industry.” Speaking at an October 2016...

Op Ed: Bitcoin Price Rises as US President Trump Promises Power to the People

Op Ed: Bitcoin Price Rises as US President Trump Promises Power to the People

It is rare that the London sky shines so bright you can’t find one cloud, but that was the weather yesterday in the capital that once used to run an empire where the sun never sets. In Washington DC, which has in many ways taken on that banner, the weather was more somber, just slightly less rainy than during the vote for Brexit, reflecting in both cases the seriousness of a monumental task that now faces the world and the country. “We assembled here today are issuing a new decree to be heard in every city, in every foreign capital and in every hall of power. From this day forward, a new vision will govern our land.” So thundered the newly elected president, putting to rest any speculation that he might soften his tone. Instead, both implicitly and...

5,270 Bitcoin Merchants, 8900% Monthly Volume Spike; The Reason behind Japan’s Bitcoin Binge

A major factor that has pushed the trading volume of Bitcoin in Japan is the new virtual currency law which will be enforced by this spring, says the Business Development Lead of CoinCheck, the country’s top exchange.   According to Kagayaki (Kaga) Kawabata, the introduction of the proposed law made Bitcoin a darling of top media organisations in the country. He explains: “After this announcement, various large media that once negated Bitcoin started to feature Bitcoin again this time as an innovative technology (After the Mt. Gox incident, the media broadcasted Bitcoin as a tool for money laundering). Japanese national TV shows and newspapers such as NHK and NIKKEI featured about cryptocurrency expanding awareness of the general public and bringing in...

CFTC Chairman Calls for Agency to Support Blockchain and Fintech Innovation

The commissioner and acting chairman of the U.S. Commodity Futures Trading Commission (CFTC), J. Christopher Giancarlo, called on the agency to support distributed ledger technology (DLT) and fintech innovation in his keynote address before the SEFCON VI conference sponsored by the Wholesale Markets Brokers’ Association. Giancarlo said he supports the core reforms of Title VII of Dodd-Frank, the swap data reporting and central counterparty clearing and registration of swaps dealers. J. Christopher Giancarlo Giancarlo said his remarks reflect his personal views and are not necessarily those of the CFTC, his fellow commissioners or the CFTC staff. He said the CFTC’s regulatory framework must catch up to 21st Century digital markets, which is one of the...

5 Ways The Financial Times Has Referred to Bitcoin in Five Years

The first step in any recovery, even an economic or political one, is the admittance of an actual problem. In the grand scheme during our present day, this is politically or economically impossible due to the fickle nature of markets and the increasingly fast nature of the press media. Were Bitcoin or something like it to eventually, as it were, take over the economy, this would inflict both political and economic consequences on the people at large. Namely, the value of all money would rise if transactions were primarily conducted with a fixed-supply asset. Such things seem obvious to us now, having had years of experience with Bitcoin in practice. The first question of many is: is Bitcoin a store of value, a currency, or is it a digital currency? We...