Market Update 10.27.18 – Four Agricultural Giants Interested in Blockchain

| Publish date: 10/27/2018

Market News

Four Agricultural Giants Interested in Blockchain

The four biggest agricultural corporations plan to utilize tech such as blockchain and AI to bring the global grain trade into the digital age. Archer Daniels Midland Company, Bunge, Cargill, and Louis Dreyfus announced in a joint press release that they are looking at ways to standardize and digitize international agricultural shipping transactions “for the benefit of the entire industry.”

The firms initially plan to focus on automating grain and oilseed post-trade processes, which are currently largely conducted manually and are a high-cost portion of the supply chain. Looking further ahead, the aim is to digitize other manual, paper-based processes involving contracts, invoices and payments, the release states.

One of the specific problems the companies are trying to solve is the 275 million emails being sent every year by commodity traders to process just 11,000 shipments of grain transported by sea, according to a Reuters report Friday.

Read the full report here.

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Most Central Banks To Support Crypto If DLT Improves

A new IBM research report finds most polled central banks believe they should issue a wholesale central bank digital currency (CBDC), although they remain uncertain if blockchain can provide sufficient cost and efficiency benefits. The report and conducted by IBM and OMFIF, an independent central bank think thank, examines opinions among 21 central banks between July and September on the topic of CBDCs and distributed ledger technology.

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Out of the 21 respondents, 38 percent are already testing a whole CBDC for inter-bank transactions, the research find. Although a majority of the respondents are currently not active in the field, “most survey respondents believe a wholesale CBDC should be issued by the central bank.” Moreover, by creating a digital currency equal in value to the standard unit of fiat currency, a CBDC could help remove credit risk and “ensure stability of the token’s value.”

Read the full report here.

India Supreme Court Wants Government Opinion On Crypto

The Supreme Court of India has asked the country’s government to provide an opinion on cryptocurrencies, amid legal fallout from a ruling by the central bank in April. The court reportedly held a hearing on a number of petitions filed by local cryptocurrency exchanges, as well as the Internet & Mobile Association of India (IAMAI), over the Reserve Bank of India’s (RBI) order banning domestic banks from providing services to crypto firms.

The court concluded by requesting that the government state its view on the matter within two weeks. Nischal Shetty, founder and CEO of Indian crypto exchange WazirX, said in a tweet that the court has asked the government to “file an affidavit related to the findings of the crypto committee set up by them.”

Read the full report here.

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Total Market Cap: October 27

The volume of trade in the crypto market sat at $9.56 billion. The market’s capitalization, on the other hand, reached $208.98 billion.

Bitcoin Price Analysis: October 27

In the past 24 hours, Bitcoin fell 0.19% to trade at $6,465.11. The leading cryptocurrency’s trade volume trickled to $3.32 billion, while its market slid to $112.13 billion.

Ethereum Price Analysis: October 27

Ethereum’s price jumped 0.11% to trade at $203.18. As for the altcoin’s trading volume, it reached $1.17 billion; whereas its market capitalization hit $20.89 billion.

State of the Top 10 Cryptocurrencies: October 27

In the past 24 hours, all prices were down except for Ethereum’s. Meanwhile, Monero continues to dethrone TRON at the 10th spot.

  • Bitcoin’s market price fell 0.19% to $6,465.11, and its value in the market is $112.13 billion.
  • Ethereum’s market price jumped 0.11% to $203.18, and its value in the market is $20.89 billion.
  • XRP’s market price fell 0.09% to $0.458638, and its value in the market is $18.44 billion.
  • Bitcoin Cash’s market price fell 0.95% to $437.22, and its value in the market is $7.62 billion.
  • EOS’ market price fell 0.14% to $5.38, and its value in the market is $4.87 billion.
  • Stellar’s market price fell 1.01% to $0.233133 and its value in the market is $4.40 billion.
  • Litecoin’s market price fell 0.36% to $52.12, and its value in the market is $3.07 billion.
  • Cardano market price fell 0.26% to $0.073743, and its value in the market is $1.91 billion.
  • Tether market price fell 0.12% to $0.986781, and its value in the market is $1.90 billion.
  • Monero dethroned TRON at the 10th spot, but its market price fell 0.68% to $105.31, and its value in the market is $1.74 billion.

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