The rundown: Bitcoin and all major currencies were up in the morning; the global market for blockchain in agriculture and food is projected to grow to $1.4 billion by 2028; VeChain partners with major Chinese energy companies for the pilot implementation of a blockchain-powered LNG solution; Azerbaijan plans to use blockchain technology in the country’s legal, housing and utilities sectors; New York grants a virtual currency license to bitcoin ATM operator Coinsource; and more.
Here is what is happening in the cryptocurrency market on Friday.
In the News
According to a new report by BIS Research, the global market for blockchain in agriculture and food is projected to grow from $41.9 million in 2018 to $1.4 billion by 2028, growing at a CAGR 42.45% from 2018 to 2028. High growth in the market is expected to be driven by the need for transparency and traceability in the agriculture and food supply chain, says the report titled Global Blockchain in Agriculture & Food Market – Analysis and Forecast, 2018-2028.
VeChain has partnered with major Chinese energy companies for the pilot implementation of a liquefied natural gas (LNG) solution using blockchain. The blockchain solution is the result of a new joint initiative between VeChain and ENN Energy Holdings and Shanghai Gas (Group) Co. Ltd. VeChain will provide blockchain technology, while ENN Energy Holdings is responsible for the design and system construction of LNG-related business scenarios. Energy Holdings is providing the onsite technical team and testing locations working within their existing businesses.
Hdac Technology launched the world’s first enterprise solution combining blockchain and the Internet of Things. At the IoT Blockchain Summit 2018 in Atlanta, the company unveiled H-UMBA, a blockchain adapter that enables compatibility between heterogeneous IoT platforms for blockchain-IoT converged services. Hdac plans to offer an adapter package that supports multiple IoT platforms and blockchain in order to allow for timely development and universal usage.
Azerbaijan is planning to use blockchain technology and smart contracts in the country’s legal, housing and utilities systems, the Trend News Agency reported, citing the Azerbaijani Internet Forum Chairman Osman Gunduz. At a recent meeting, “it was announced that in the future, the smart contracts will be introduced in the field of public utilities (water, gas and electricity supply),” Gunduz told the news agency.
Bitcoin ATM operator Coinsource has been granted a virtual currency license by the New York Department of Financial Services. Coinsource owns and operates touchscreen kiosks which allow customers to buy Bitcoin with, or sell Bitcoin for, fiat currency in the form of cash. Coinsource is the first virtual currency licensee in New York to operate Bitcoin Teller Machines.
HSBC, Standard Chartered and 10 other banks launched a new blockchain-powered trade finance platform to improve efficiency in the multi-trillion-dollar funding of international trade, Reuters reported. The platform, eTrade Connect, is designed to “improve efficiency and facilitate counterparties’ ability to obtain finance by digitizing trade documents and automating trade finance processes by leveraging the blockchain technology,” according to news source.
Cryptocurrency Prices Today (As of 8:08 AM EST)
Bitcoin (BTC) is up 0.74% over the past 24 hours, trading at $6,391.22.
Ethereum (ETH) is trading at $199.45 in the morning, up 0.80% over a 24-hour period.
EOS is trading at $5.32, up 1.33% over the past 24 hours.
Ripple (XRP) is trading at $0.4613, up 2.03% over a 24-hour period.
Litecoin (LTC) is trading at $50.71, up 1.99% over a 24-hour period.
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