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What is Bitcoin?

Bitcoin is a digital crypto-currency with no single point of failure due to its decentralized peer-to-peer architecture. The source code is publicly available and changes to the reference Bitcoin client are made via concensus within the community. Advantages of Bitcoin include irreversible transactions (i.e. no possibility of chargebacks as with credit cards), pseudo-anonymous, limited and fixed inflation, near instant transactions, multi-platform, no double-spend and little to no barriers to entry and more. It was created by an anonymous person known as Satoshi Nakamoto. Find out more at WeUseCoins.com.

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Posted on 18 October 2018 | 10:22 pm

Bitcoin price SLUMP continues as traders SPOOKED by HACKING and money-laundering fears - Express.co.uk


Express.co.uk

Bitcoin price SLUMP continues as traders SPOOKED by HACKING and money-laundering fears
Express.co.uk
Bitcoin's surge in popularity and the appearance of more than 1,600 other digital coins or token have attracted an abundance of hackers into the digital currency market, the report stated. Dave Jevans, chief executive officer of CipherTrace, told ...

Posted on 18 October 2018 | 7:53 pm

SEC Sets Up Open Line of Communication for Fintech Projects With FinHub

SEC Sets Up Open Line of Communication for Crypto Projects With FinHub

The U.S. Securities and Exchange Commission (SEC) has launched a new office to engage with cryptocurrency and blockchain startups. Called the Strategic Hub for Innovation and Financial Technology (FinHub), the division will make it easier for fintech startups to interact with the regulator on related issues and the legal implications of products before they launch them.

Announced Thursday, October 18, 2018, FinHub will serve as the central point for entrepreneurs in the fintech world, especially groups focusing on new technologies such as blockchains, artificial intelligence, digital marketplace financing and more.

With the number of subpoenas being sent out by the agency and the expansion of its clampdown on blockchain startups that it claims have violated federal securities law, the FinHub can direct entrepreneurs and provide the much-needed clarity on the requirements needed to build compliant platforms and products.

Entrepreneurs and developers will be able to ask questions from the Hub as well as have access to the regulator's views and actions about the fintech space. Startups can also use the portal to request for meetings with the regulator.

The Hub will be led by Valerie A. Szczepanik, the Senior Advisor for Digital Asset and Innovation in the SEC's Division of Corporation Finance, and will be staffed with agency officials with expertise in fintech related issues.

Szczepanik said the SEC has been educating entrepreneurs for a while now but the portal will centralize the process.

“SEC staff across the agency have been engaged for some time in efforts to understand emerging technologies, communicate the agency's stance on new issues, and facilitate beneficial innovations in the securities industry.”

SEC Chairman Jay Clayton believes the portal will provide a "central point of focus" for the agency's "efforts to monitor and engage on innovations in the securities market."

"The SEC is committed to working with investors and market participants on new approaches to capital formation, market structure, and financial services, with an eye toward enhancing, and in no way reducing, investor protection."

The number of cases being pursued by the SEC and its sister agencies has increased over the years. Just last month, the SEC and the Commodity Futures Trading Commission (CFTC) filed charges against securities broker 1pool Ltd for offering security-based swaps funded with Bitcoin, which the agency says violates federal securities law.

The regulator also went after the owners of PlexCoin and issued a cease and desist order to Hedge Fund Crypto Asset Management and its founder Timothy Enneking for misrepresenting the company as the "first regulated crypto asset fund in the United States." 

This article originally appeared on Bitcoin Magazine.

Posted on 18 October 2018 | 4:51 pm

Decentralization Gains Traction: Go-Ethereum Fifth Most Active on Github

Go Ethereum Github

Bear markets refine industries. Overall sentiment becomes negative from all angles, and naysayers proclaim that crypto is “dead.”

Underneath all the fear, uncertainty and doubt, though, developers are still building.

Case in point, Go-Ethereum (or geth), a command-line interface for running an Ethereum node using the Go programming language, is now the fifth fastest growing open-source project in GitHub

https://octoverse.github.com/projects#repositories

. The other projects above go-ethereum on the list are azure-docs from Microsoft Azure, pytorch from Facebook, godot from the GoDot Gaming Engine and nuxt.js, a Javascript framework.

For the uninitiated, geth is the official Go implementation of the Ethereum protocol. At the time of writing, go-ethereum has over 10,000 commits on GitHub as well as over 21,000 stars, indicating the amount of developer interest for the project in this iteration is high.

Why Geth Over Eth and Pyethapp?

Go, commonly referred to as Golang, was developed by Google engineers Robert Griesemer, Rob Pike and Ken Thompson. Per the golang.org website, “Go was born out of frustration with existing languages and environments for the work we were doing at Google.”

The language enables higher productivity than languages in an era of complex processors and large computer networks. Consequently, it has been adopted by developers around the world.

Go-ethereum is by far the most active project in the Ethereum ecosystem, but there are several important projects that are not far behind. There are other client languages including eth, a C++ client and pyethapp, a python-friendly client.

“Aleth,” Ethereum’s official C++ client, and “EIPs,” the official Ethereum Improvement Proposal repository, are two of the most active repositories behind go-ethereum when looking at indicators like commits, forks, stars and contributors. Solidity, Ethereum’s smart contract programming language, is also highly active. Activity can be difficult to measure sometimes, so it is important to understand what these indicators mean.

Commits are defined as a moment when a developer saves their work at a specific point. Therefore, it can be misleading when a project is showing lots of commits, as it may just mean someone has been tediously saving their work every step of the way.

Forks, in GitHub, are copies of code made so that a developer can freely make edits to the code without affecting the original implementation. They are generally used for implementing future changes that will be proposed to the original code.

Stars can be viewed as a “favorite” button, used simply as a means of keeping tabs with a certain project as it develops, and contributors are a measure of how many individual GitHub accounts have, well, contributed in any way.

Go-ethereum currently has 10,200 commits, 7,332 forks, 21,229 stars and 345 contributors.

At the time of writing, aleth has 32,939 commits, 2,109 forks, 3,404 stars and 138 contributors. EIPs has 1,302 commits, 1,125 forks, 3,858 stars and 149 contributors. Solidity has 11,635 commits, 1,641 forks, 6,130 stars and 276 contributors.


This article originally appeared on Bitcoin Magazine.

Posted on 18 October 2018 | 4:17 pm

Judge Orders Trading Firm, CEO to Pay $2.5 Million in Bitcoin Ponzi Case

The CFTC has won a legal battle against a New York resident and his company for running a Ponzi scheme centered around bitcoin.

Posted on 18 October 2018 | 3:03 pm

World's Largest Crypto Exchange Binance Looks to Add New Stablecoins

Binance sees stablecoins like tether, and potentially the Gemini Dollar, as "critical for our ecosystem," the exchange's chief financial officer says.

Posted on 18 October 2018 | 2:50 pm

New BitConnect Class Action Combines All Former Suits — And Targets Youtube

BitConnect Lawsuit

According to recent court documents, an Amended Consolidated Class Action Complaint has been filed at a U.S. District Court for the Southern District of Florida against BitConnect. The new suit combines all the lawsuits previously filed against the now-defunct pyramid scheme.

The new class action names the law firm Silver Miller as the "Class Counsel" and BitConnect owners and promoters as defendants in the suit. Silver Miller has become famous for its efforts in handling cryptocurrency-related cases, representing aggrieved clients who have lost funds to crypto businesses and going head-to-head against companies such as Coinbase, Kraken, BitConnect and Tezos.

The consolidated lawsuit names BitConnect International PLC, BitConnect Ltd., BitConnect Public Limited, BitConnect Trading Ltd., individuals affiliated with the scheme including Senior BitConnect India promoter Divyesh Darji. It also names YouTube as a defendant, which was sued earlier this year, for allowing BitConnect promoters and affiliates to publish "over 70,000 hours of unedited content, generating 58,000,000 views," luring "thousands, if not hundreds of thousands of victims" into BitConnect's Ponzi scheme.

The new lawsuit cites over 22 legal violations including selling of unregistered securities under controlling federal law, breach of contract, fraudulent inducement and more. The suit also provides a complete overview of BitConnect and the allegations leveled against it.

The consolidated suit reads in part:

"This is a class action on behalf of a class of investors consisting of all individuals and entities who transferred to BITCONNECT any fiat currency or cryptocurrency to invest in BCC and/or the BitConnect Investment Programs(Defined Below) and who suffered financial injury as a result thereof."

BitConnect's history was short and fraught with controversies and drama. The company, which was suspected of running a ponzi scam, solicited funds from investors who lent money to the business in exchange for a 40 percent return per month and 1 percent per day, regardless of the conditions in the market.

Investors who wanted to be a part of the scheme had to convert their fiat or bitcoin into the platform's native token, the BCC.

As investor demand in the token grew, so did the value of the digital asset, reaching an all-time high price of $430 with a market cap of over $2.6 billion. When the company announced it was shutting down its lending scheme, the value of the asset was wiped out. Crypto exchanges also delisted the coin, leaving investors with losses.

The company shut down operations on January 17, 2018, citing bad press as well as two cease-and-desist orders from state securities regulators in Texas and North Carolina which claimed the company was selling unregistered securities and Distributed Denial of Service (DDoS) attacks which, it claims, shook investor confidence in their program.

This article originally appeared on Bitcoin Magazine.

Posted on 18 October 2018 | 1:58 pm

Braiins OS: An Open Source Alternative to Bitcoin Mining Firmware

Braiins OS

Braiins wants to redefine open-source mining software.

The company behind Slush Pool recently rolled out the initial release of its ASIC miner firmware: Braiins OS. The operating system is advertised as “the very first fully open-source, Linux-based system for cryptocurrency embedded devices,” an alternative to the factory-default firmware that comes with most popular mining hardware.

Upon visiting the project’s website, visitors are greeted with a clear message, a mantra that resonates with its related industry’s ethos: “Take back control.”

Rethinking Open Source in an Open Source Space

Further down on its website, the project invites community members to “[say] goodbye to backdoors, closed systems and hidden features.” This promise of transparency is an implicit reference to the contrasting opacity of its biggest competitor’s mining software.

Bitmain advertises its software as open source. But Jan Čapek, CEO of Braiins, the company behind the eponymous OS and Slush Pool, explained to Bitcoin Magazine that too many features of Bitmain’s code are covertly closed off, making it impossible to provide a proper software image — a record of the state of the mining system at a given time.

Essentially, Čapek indicates that a few key components are missing to make Bitmain’s code full open source, such as the FPGA code. Without these pieces, users cannot parse together a full image of the mining client.

“The problem is that most of the people out there are not able to build a complete S9 image as it is not quite obvious that all the components are provided by Bitmain. To build a complete system you need the first stage bootloader (sometimes called SPL), u-boot, Linux kernel, Linux system (buildroot/openwrt?), FPGA bitstream (+ sources) and cgminer sources. So, there is quite more things that are to be reviewed that are still closed source and open quite a few questions,” he said, “For example, why is the FPGA code still closed?”

Even without these closed systems, other softwares may include “backdoors” or “hidden features” — a practice that Braiins OS rejects as well.

In Bitmain’s case, there was a backdoor baked into the code.

Known as Antbleed, the feature was introduced in July of 2016, and it gave Bitmain the ability to remotely shutdown most of its active Antminer hardware, most notably the S9. Bitmain claimed that the backdoor was there so that it could police stolen or hijacked hardware, telling Bitcoin Magazine that the company “never intended to use this feature on any Antminer without authorization from its owner.”

Regardless of its purposes, stated or otherwise, Antbleed was the primary motivation behind Braiins OS, Čapek said.

A Bid For Transparency, Flexibility

Braiins OS’s initial release leverages OpenWrt, “a generic embedded Linux distribution that allows [it] a great deal of flexibility,” Čapek said, and its central meta project is open to developers on GitHub.

Per Čapek’s earlier statement, the software offers a more complete, customizable kit than the factory defaults that companies like Bitmain provide with their hardware. “None of the manufacturers provide an easy, documented or central way of building an image and running it on their hardware,” he said in our interview, chalking this up to “probably [a] lack of transparency.”

As an alternative, Braiins OS “can be used to build the entire firmware image,” he continued. This includes a tool to configure and run this firmware for specified hardware, something its competitors currently don’t offer.

For its rollout, Braiins OS will only be compatible with the Antminer S9 and DragonMint TI, as those are the most commonly used mining rigs currently in use. Going forward, the team plans to open up integration for other devices as well, including the Whatsminer M10.

The project will also look to integrate with more mining pools as it gains traction among developers. Currently, “Slush Pool is one of the few pools that supports the version rolling extension of stratum protocol (BIP310),” Čapek said.

This is in part due to caution. Čapek told us that Braiins OS didn’t want to have too many different images installed for the rollout “just in case there were any serious issues with transitions from factory firmware.” Seeing as this is “an alpha release,” he continued, “massive deployment was not desirable.”

In the meantime, the team looks forward to the community enriching its project, and Čapek indicated that they’ll be taking notes on developer activity in order to improve the project in future releases.

“Currently, we are already gathering feedback from the community. The next release with regards to S9 will bring additional features like per hashboard frequency and voltage configuration.”

An earlier version of this article incorrectly indicated that Braiins is an offshoot of Satoshi Labs. The article has since been corrected.


This article originally appeared on Bitcoin Magazine.

Posted on 18 October 2018 | 1:50 pm

The SEC Is Setting Up a New Division to Talk to ICO Startups

The SEC's new FinHub is being launched with the aim of facilitating interactions with fintech startups, including ICO issuers.

Posted on 18 October 2018 | 12:30 pm

Report: Despite Price Volatility Blockchain and Crypto Jobs Are In Demand

Glassdoor Jobs

Glassdoor Economic Research is delivering much needed good news to the crypto community saying that despite extreme price volatility and regulatory uncertainty, the number of crypto jobs in the blockchain and cryptocurrency sector has risen by 300 percent since the same time last year.

Saying that “the professionalism of the space has accelerated,” the report notes that “continued growth in job openings suggests that blockchain employers remain confident in the market opportunity and continue to make long-term investments in their teams.”

Using their substantial job search site to search out blockchain and cryptocurrencies jobs, Glassdoor Research learned that, in August 2018, there were 1,775 unique blockchain-related job openings in the U.S. By comparison, in August last year, there were only 446 similar job listings, representing a 300 percent year-over-year increase.

Glassdoor report

“Hiring and jobs is a much more stable metric to observe when looking at the health of an industry, compared to the stock market or currency values that can, and do, fluctuate daily,” Glassdoor economist Daniel Zhao, who worked on the study, told Bitcoin Magazine:

“What the strong surge in job growth that we see on Glassdoor shows is that there is a clear interest in investing in workers with skills related to Bitcoin and other digital currencies.”

"Bitcoin-Related" Skills Are in Demand

One of the report’s surprises is that more cryptocurrency jobs were created than blockchain jobs, as what Zhao referred to as "Bitcoin-related" skills were the most in demand, despite recent price volatility.

“There’s been a lot of Bitcoin buzz among financial investors as well as the general public that’s grown quickly over the last few years. What our research found was a 300 percent growth in online job postings for Bitcoin-related jobs compared to the previous year, which is a significant surge.

“Although we’ll continue to watch and see where Bitcoin is headed, for employers to make these investments is a sign that they see it as a growing industry,” he stated.

Who's Looking and What For

As far as job occupations listed, engineering, technology and science jobs made up 55 percent of the jobs posted.

Software engineers were most in demand, accounting for almost 20 percent of the technical job listings.

Others on the list included analyst relations manager, product manager, risk analyst and marketing manager.

As can be seen in the following chart from the report, IBM and ConsenSys had the most blockchain- and cryptocurrency-related job listings, while other companies like Coinbase and Kraken were also hiring.

Top 15 Employers Hiring for Blockchain-Related Jobs

Glassdoor report

The report notes that some consulting or professional services firms like Accenture and KPMG are hiring people specifically to advise their clients on how to apply new blockchain technologies.

Better Pay for Blockchain Jobs

Likely due in part to a competitive market where growing demand is outstrippng the supply of trained workers, companies hiring are offering higher than average compensation. The median salary for crypto jobs is $84,884, well above the median salary for all U.S. jobs.

Zhao added: “Our data found that not only is there a growing interest for Bitcoin-related talent among companies both large and small and at companies across the country, but these roles often pay more than the U.S. median salaries. We found Bitcoin roles pay $84,884 per year, which is about 62 percent more than the U.S. median salary.”

Cities With the Greatest Demand

New York City and San Francisco represent a disproportionate share of blockchain-related jobs at 24 percent and 21 percent of total job openings. San Jose (6 percent), Chicago (4 percent) and Seattle (4 percent) round out the top five cities for blockchain job openings.

“I also found it interesting to see the spread of Bitcoin-related opportunities across the United States. Although it’s no surprise to see that most job opportunities reside in the financial hub of New York, our data shows that companies across the U.S. and even several mid-sized cities are looking for this type of talent. What we’ve seen is that in some of these mid-sized cities, local organizations have established initiatives to help put them on the map for Bitcoin and cryptocurrency talent,” said Zhao.

Internationally, London topped the list with 189 blockchain-related job openings, followed by Singapore, Toronto and Hong Kong.

Is Bitcoin Here to Stay?

Asked if he thinks this growth in jobs is unusual compared to other sectors, Zhao said:

“The growth in the blockchain industry has looked like the broader tech boom. Similar to the technology industry, Bitcoin-related jobs are concentrated in certain talent hubs, with higher than average salaries for workers as investment pours in. Plus, both startups and larger companies alike are investing in this sector — all things we’ve seen shape the tech job market.”

With continuing market volatility and uncertainty around what regulators plan to do, it’s a legitimate question to ask if the cryptocurrency industry is here to stay for the long haul.

Zhao is confident that it is, conveying that investing in jobs is an excellent indicator:

“Although there’s often news about the fluctuating prices of digital currencies, hiring is a long-term decision that an organization sees a true business value in hiring people with specific skill sets that can contribute to the business. It’s a decision not made on a whim.”



This article originally appeared on Bitcoin Magazine.

Posted on 18 October 2018 | 12:27 pm

U.S. Marshals to Auction Off $4.3 Million in Bitcoin

U.S. Marshals to Auction Off $4.3 Million in Bitcoin

The U.S. Marshals agency has announced plans to auction $4.3 million worth of bitcoin (BTC) in November 2018. The sealed bid auction is for nearly 660 bitcoins which were seized in a series of federal criminal, administrative and civil cases over the years.

The haul comes from cases against convicts like Thomas Mario Costanzo and Theresa Tetley, both sentenced to jail in 2018 on money-laundering charges. At the time, the agency seized 80 BTC from Costanzo and 40 BTC from Tetley. The U.S. Marshals, however, didn't reveal how much of the forfeited assets from the two would be sold next month.

Founded in 1789, the U.S. Marshals Service is a federal law-enforcement agency within the U.S. Department of Justice and the enforcement arm of federal courts.

Starting next month, bidders will be able to participate in the auction, which consists of two series: Series A and Series B, according to the agency. Series A consists of six blocks of 100 bitcoins each, while Series B has just one block with 60 bitcoins. Participating bidders will not be able to view other bids or modify their bid, once submitted, the agency warned.

To be part of the auction, a potential bidder needs to register with the agency on or before October 31, 2018.

The registration process includes a signed copy of the Bidder Registration Form, copy of government-issued photo ID of the bidder, a $200,000 deposit (about 30 BTC) sent by Electronic Funds Transfer (EFT) from a bank within the U.S. and a copy of the EFT receipt.

This is the third major Bitcoin auction by the U.S. Marshals this year, and it might not be the last. In January 2018, the agency sold 3,600 BTC, and it followed it up with the sale of 2,170 BTC in March. Its biggest bitcoin sale to date was in 2013, when Silk Road was shut down and Ross Ulbricht was sentenced to life imprisonment. The agency seized 144,341 BTC from Ulbricht and 29,656 BTC from Silk Road's servers, which it sold for around $48 million in the following years.

This article originally appeared on Bitcoin Magazine.

Posted on 18 October 2018 | 11:51 am

'It's only a matter of time' until bitcoin breaks out, analyst says - MarketWatch


CCN

'It's only a matter of time' until bitcoin breaks out, analyst says
MarketWatch
But one analyst said bitcoin's lull may be coming to an end. “It's only a matter of time now,” said Mati Greenspan, senior market analyst at eToro, speaking about a potential breakout for bitcoin. “Of course, the flat-line pattern could easily remain ...
Bitcoin Breakout 'Only a Matter of Time': AnalystCCN
Bitcoin Bull Rally: CEO, Traders, & Analysts, Everyone is “Freakn Bullish” Right NowCoingape

all 8 news articles »

Posted on 18 October 2018 | 11:44 am

Crypto Exchange Coinbase Open-Sources Its Security Scaling Tool

U.S.-based cryptocurrency exchange Coinbase is making a recently developed security scaling tool available to the public.

Posted on 18 October 2018 | 11:00 am

Crypto M&A is on a tear as deal-makers see opportunity in bitcoin's price slump - CNBC


CNBC

Crypto M&A is on a tear as deal-makers see opportunity in bitcoin's price slump
CNBC
Deal-makers seem to be anything but deterred by bitcoin's price pain this year — they're actually using it as an excuse to go bargain hunting. Despite the ongoing bear market in the sector, merger and acquisition activity by cryptocurrency companies ...

and more »

Posted on 18 October 2018 | 9:30 am

Mt Gox's Bitcoin Creditors Have 4 Days to Submit Rehabilitation Claims - CoinDesk


CoinDesk

Mt Gox's Bitcoin Creditors Have 4 Days to Submit Rehabilitation Claims
CoinDesk
Clients of the defunct crypto exchange Mt. Gox must submit claims for trapped funds by Oct. 22. As previously reported by CoinDesk, the exchange first opened up the claims process in August, following a protracted bankruptcy battle. In June ...

and more »

Posted on 18 October 2018 | 9:05 am

Gates Foundation Partners With Former Ripple CTO's Blockchain Project

The Bill and Melinda Gates Foundation has partnered with Coil, a startup founded by Ripple's former CTO, to provide payment services for the unbanked.

Posted on 18 October 2018 | 8:05 am

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Security firm G4S Has Launched a Crypto Custody Service

U.K.-based security services company G4S now offers a crypto custody service aimed to protect investors' digital assets from hacks and theft.

Posted on 18 October 2018 | 6:30 am

Bitcoin And Blockchain Jobs In The US Are Surging - Forbes


Forbes

Bitcoin And Blockchain Jobs In The US Are Surging
Forbes
The U.S. jobs boom, which saw a record 7.14 million unfilled positions in August — coupled with last year's bitcoin mania — has resulted in a 300% increase in the number of jobs related to bitcoin, cryptocurrencies, and blockchain over the last 12 ...

and more »

Posted on 18 October 2018 | 6:25 am

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Bitcoin Price Eyes Triangle Breakout Above $6.4K

Bitcoin is again restricted in a narrowing price range, but technical studies indicate scope for a bullish breakout.

Posted on 18 October 2018 | 5:15 am

Asian Development Bank Paper Touts Blockchain in Government Procurement

A consultation paper for the Asian Development Bank proposes a blockchain network to boost efficiency in government procurement systems worldwide.

Posted on 18 October 2018 | 4:50 am

How the Electric Vehicle Industry Provides a Roadmap for Bitcoin and Cryptocurrency Startups - Forbes


Forbes

How the Electric Vehicle Industry Provides a Roadmap for Bitcoin and Cryptocurrency Startups
Forbes
Executives who are approached to work for these startups have usually heard of Bitcoin, the most well-known cryptocurrency, and they may vaguely know blockchain has something to do with securing digital currency. However, they often have a fleeting ...

Posted on 18 October 2018 | 4:00 am

Japanese Government Working to Simplify Cryptocurrency Tax Filings

Japan's Tax Commission is planning to introduce a new system to make it easier for crypto traders and investors to calculate their profits.

Posted on 18 October 2018 | 2:15 am

US Marshals to Auction $4.3 Million in Bitcoin Next Month

The U.S. Marshals are set to auction off about 660 bitcoin forfeited in federal criminal, civil and administrative cases, worth about $4.3 million.

Posted on 17 October 2018 | 9:00 pm

New BitConnect Lawsuit Combines Previous Efforts Against Crypto Scam

BitConnect investors hoping to recoup their losses have consolidated all existing lawsuits against the startup into one.

Posted on 17 October 2018 | 8:04 pm

'Voldemort' Strikes Again? A New Crypto White Paper Has His Name On It

A new crypto paper arrived today bearing a familiar (and mysterious) pseudonym.

Posted on 17 October 2018 | 6:35 pm

Huobi's US Exchange Sees 30% Boost in Trading for Tether Alternative

A spokesperson for HBUS says the exchange has seen a massive increase in USDT/TUSD trading this week after tether broke the proverbial buck.

Posted on 17 October 2018 | 2:45 pm

Gemini Stablecoin Volume Doubles on Top 10 Exchange Amid Tether Turmoil

The Bibox exchange dominates trading in the Gemini Dollar, the Winklevoss twins' month-old stablecoin. Its volume surged when tether's peg broke.

Posted on 17 October 2018 | 12:00 pm

Canadian Blockchain Company Sees Opportunity in Newly Legalized Cannabis

DMG Cannabis

Like Walmart with pork from China and Maersk with shipping containers, DMG Blockchain Solutions (DMG) is hoping to be the first global supply chain company to manage cannabis products on the blockchain, initially in Canada — and then around the world.

Canada’s legalization of cannabis came into effect today on October 17, 2018, and Vancouver-based DMG Blockchain Solutions is poised to launch its platform built on the Hyperledger permissioned blockchain to provide what it calls “legal and safe” marijuana.

DMG Blockchain Solutions CEO Dan Reitzik told Bitcoin Magazine in an interview:

“The legal cannabis industry is brand new and, as such, producers, distributors, retailers and regulators are waiting for a solution and don't have years of experience with existing technology.”

In an effort to ensure that individual information and privacy will be protected, DMG is using the Hyperledger permissioned blockchain in conjunction with its own proprietary technology.

“This is one of the reasons we have partnered with a globally known, respected and trusted technology partner, as they have the experience integrating platforms with existing systems and software,” said Reitzik.

Medical marijuana has been legal in Canada for medical purposes since 2011, and, to this end, existing cannabis regulation calls for tight licensing and compliance measures. As pot goes recreational in the country, DMG’s solutions will leverage blockchain technology to enforce and streamline these processes.

This mainly involves verifying and tracking products — anything from cannabis, including edibles, oils and other derivatives — using a combination of the blockchain’s immutable distributed ledger and monitoring hardware. Keeping tabs on the flow of products with more certainty than existing systems will make it easier for companies to demonstrate that they’re falling in line with regulatory mandates, as federal departments responsible for regulating and taxing cannabis will have access to the DMG platform.

“[Companies] have been approved by the Canadian Government to cultivate and sell product, and our intention is to have ALL industry participants on this blockchain … [the government] will want assurances that product is from legal sources (elimination of black market) and that the products are safe for consumers. This is why all stakeholders will want to participate on our blockchain — to access these markets,” Reitzik said.

Canada: Fertile Market for Growing Cannabis Demand

According to DMG, cannabis represents a $23 billion industry in Canada alone. Some reports estimate that the global cannabis market could exceed $500 billion.

“Canada is being positioned to be the global supplier of cannabis, and our blockchain platform can help enable this by way of product traceability for rapid recalls, ensuring a legal source of product, and enhancing product safety, as well as facilitating and automating legal and taxation compliance,” DMG noted in a public statement.

“Canada has set up a network of more than 100 Licensed Producers (LPs), some of which have market caps in excess of $5 billion,” claimed Reitzik.

DMG is currently in discussions with cannabis industry players, including major licensed producers, quality assurance labs, retail distributors and government regulators.

The Blockchain Prescription

DMG’s goal is to have a global platform that will provide immediate product traceability, as well as the ability to automate transactions and information flow among licensed producers, licensed distributors, regulators, retailers, shippers, and reporting and auditing systems.

To DMG, there are many clearcut benefits to using a permissioned blockchain to manage cannabis logistics.

It can integrate the licensed accreditation of producers, distributors, retailers, shippers, as well as manage reporting and auditing systems. For an industry that is still federally illegal in the neighboring U.S., such rigid control mechanisms are essential to keeping product flow within regulatory confines and preventing it from illegally jumping across the border.

Within the supply chain itself, smart contracts will detect events such as defective products and product recalls, which will allow distributors and retailers to react to issues in real time.

For all other operations, interfaces are being developed between the blockchain and traditional systems to facilitate faster and more efficient information flow. The same systems will ensure that employee and client onboarding is frictionless and fast and that cooperation between industry entities is painless and efficient.

“This global blockchain initiative is a collaboration among industry stakeholders and is being tailored to meet industry players’ specific requirements. DMG intends to onboard significant industry participants as it launches its cannabis supply chain solution,” said Reitzik.

“This project is not simply DMG building a platform, it is a collaboration between many industry participants. Just as there's one global blockchain that manages bitcoin globally, we intend for this to be the single blockchain to manage the entire supply chain for cannabis globally,” added Reitzik.


This article originally appeared on Bitcoin Magazine.

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Bitcoin News (press release)

Draconian Digital Search Laws Threaten Bitcoiners Passing Through Customs
Bitcoin News (press release)
News.Bitcoin.com has previously published guides on protecting your privacy and concealing your affinity for cryptocurrency when traveling abroad to avoid scrutiny. While owning cryptocurrency is not illegal, it may be enough to invite an enhanced search.
Customs and Excise Act 2018 No 4 (as at 01 October 2018), Public Act – New Zealand Legislation - NZ LegislationNZ Legislation
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Media release: Customs new powers an unjustified invasion of privacy | NZ Council for Civil LibertiesNZ Council for Civil Liberties
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October 18, 2018 -
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