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Supply chains reimagined: Enterprise DeFi finances personal protective equipment

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Supply chain management has historically been challenging due to issues, such as increased costs, consumer demands, financial risk, volatility and much more. Unfortunately, the COVID-19 pandemic has created even bigger issues for supply chains globally. 

A recent survey conducted by Big Four firm Ernst & Young in late 2020 puts this in perspective, noting that 97% of automotive and industrial product companies found the pandemic to have negative effects on their businesses. The EY study further found that 64% of surveyors believed that the digital transformation of global supply chains will accelerate due to the pandemic.

Although this is merely a prediction, some traditional suppliers have already started to leverage blockchain technology to automate workflow verification to enable more efficient supply chains. For example, freight technology provider ConsolFreight recently formed a partnership with Centrifuge, a decentralized, asset-backed lending platform, to unlock millions of dollars in financing for personal protective equipment.

Ernesto Villa, founder of ConsolFrieght, told Cointelegraph that the company’s client, BioBX, needed to import and deliver personal protective equipment supplies to California school districts during COVID-19. Yet due to the complexity and risks involved with importing PPE, BioBX struggled to ensure this delivery. According to Villa, the collaboration between Centrifuge and ConsolFreight enabled BioBX to obtain about $800,000 in financing to ship two containers of gloves to California schools:

“Most companies don’t want to finance PPE deliveries since these orders are too large for our clients’ balance sheets. So, we technologized the entire BioBX supply chain while financing their freight forwarding (receivables) through Centrifuge’s liquidity pool called Tinlake. This is a prime example of how decentralized finance can combine with real-world assets.”

Enterprise DeFi becomes a reality

Centrifuge and ConsolFreight tokenized and then financed various business processes for BioBX, enabling the company to access financial funds that typically would have remained inaccessible for a number of days.

Kevin Yu, founder of BioBX, told Cointelegraph that with traditional letters of credit, funds remain locked up for the entire duration of the letter of credit. However, Yu mentioned that ConsolFreight allowed BioBX to quickly free up this cash flow.

To put this into perspective, Martin Quensel, co-founder of Centrifuge, told Cointelegraph that the company tokenizes real-world assets, like LCs or bills of lading, and then places those assets on a blockchain network as nonfungible tokens. These NFTs are then turned into smart contracts and placed in Centrifuge’s liquidity pool called “Tinlake,” which is connected to the MakerDAO protocol. Tinlake then retokenizes these assets to create fungible ERC-20 tokens for investors. Quensel explained:

“Investors can then invest in that pool and get an ERC-20 token in return. There is also a possibility of DeFi and tokens purchased by individuals since the Tinlake pool is connected to MakerDAO.”

The Tinlake protocol ultimately allows an asset originator, like ConsolFreight, to lock in collateral as NFTs and finance an asset in with a stablecoin, such as Dai. While this may sound like a foreign concept for traditional enterprises, Yu shared that BioBX was able to get full clarity on the supply chain and logistical happenings throughout this process.

Investing in real-world assets adds value to enterprise DeFi

In addition to the value added for enterprises engaging in DeFi mechanisms to automate supply chains, investing in real-world assets has also become appealing to retail investors.

According to Quensel, investors may find it problematic to hold only crypto assets when trying to correlate between the underlying collateral to Dai, MakerDAO’s stablecoin:

“Adding tokenized real-world assets as collateral for Dai, such as enterprise assets, is key for its long-term stability and adoption as it addresses the two main challenges the DeFi ecosystem is currently facing: stability and volume.”

Quensel further remarked that a diversified pool of assets with different risk parameters will counter some of the inefficiencies of Ether’s (ETH) over-collateralization while increasing the overall volume and value. He said that this is a good fit for “investors who want to diversify and protect their crypto wealth by moving parts of it from crypto assets into real-world assets but still investing in crypto at the same time.”

Challenges facing enterprise DeFi adoption

While enterprise decentralized finance has the potential to disrupt global supply chains, a number of challenges remain.

For instance, standards around how to finance real-world assets are still unclear. Paul Brody, global blockchain lead at Ernst & Young, previously told Cointelegraph that as soon as standards emerge, the firm hopes to allow its enterprise clients to take advantage of these DeFi markets.

Fortunately, the development of enterprise DeFi standards is well underway. For example, the Baseline Protocol is an emerging standard for efficiently automating workflow verification. John Wolpert, co-founder of Baseline Protocol and group executive for enterprise mainnet at ConsenSys, told Cointelegraph that it’s expected that such standards will drive down verification costs enough to make regular receivables financing something that small and medium-sized vendors can afford. “When vendors don’t have to worry about whether or when they will get paid, they can help keep the economy moving by putting capital to work more confidently and quickly,” he said.

Wolpert further added that enterprise DeFi standards are important for removing a profit motive that may emerge with competing platforms. According to him, this would divide a system that is better maintained as a commons:

“Essentially, if you can profit from supplying function, then others will discover that you can make a profit and try to convince others to buy their version. This is right and proper for most things. But take the internet — there, you don’t want two different versions, but rather, you want everyone contributing to the same system.”

Anaïs Ofranc, lead for the Oasis Open standards and specifications working group, also told Cointelegraph that enterprise DeFi adoption involves conceiving both enterprises and investors that their existing business needs can be addressed in a faster and more cost-efficient way while maintaining the level of security and commercial confidentiality that they are used to. As such, Ofranc noted that the key question then becomes how to convince both parties at scale:

“One answer could be standards. Both target groups operate in environments where compliance to standards provides the level of assurance and reliability they require. One assumption could be that for enterprise DeFi to go mainstream, providers of decentralized finance solutions would need to consistently and measurably provide the same or superior level of guarantee.”

Standards aside, optimism remains for the future of enterprise DeFi. Kyle Thomas, founder and CEO of Provide Technologies — a company enabling the tokenization of real-world assets — told Cointelegraph that the opportunities to improve modern treasury operations and optimize cash management using financial instruments will incentivize large organizations to participate in the enterprise DeFi ecosystem.

Echoing this, Quensel noted that decentralized technology will be a game-changer for traditional finance moving forward. “You can send millions of dollars in financing across a blockchain network. You can’t do this with traditional banking systems.”

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Source: https://cointelegraph.com/news/supply-chains-reimagined-enterprise-defi-finances-personal-protective-equipment

Blockchain

El Salvador’s historic bitcoin law will go into effect on Sept. 7.

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According to the Reuters report, El Salvador’s President Nayib Bukele announced in a national address on Thursday that the recently passed law making bitcoin legal tender will take effect on Sept. 7, noting that its use will be optional. As reported earlier, El Salvador’s Congress already approved Bukele’s proposal to embrace the world’s leading cryptocurrency, making El Salvador the first country in the world to adopt bitcoin as legal tender.

“The use of bitcoin will be optional.”

“The use of bitcoin will be optional, and nobody will receive bitcoin if they don’t want it… If someone receives payment in bitcoin, they can choose to receive it in dollars automatically,” said the 38-year old president Bukele. Salaries and pensions will continue to be paid in U.S. dollars, Bukele added, without specifying if that included salaries paid to state workers and private sector employees. Earlier, Athena Bitcoin said it plans to invest over $1 million to install some 1,500 cryptocurrency ATMs in El Salvador, especially where residents receive remittances from abroad. According to Athena Bitcoin’s website, the ATMs can be used to buy bitcoins or sell them for cash.

El Salvador’s President unveils the official digital wallet ‘Chivo.’

El Salvador has announced that it will release an official digital wallet for BTC and other currencies, according to a local media report published on June 24. The new digital wallet is called Chivo, and it will form the basis for everyday use of the currency. President Bukele, who led the effort to authorize bitcoin as legal tender, said that the government would give away $30 worth of BTC after users download the app during a conference.

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Source: https://chaintimes.com/el-salvadors-historic-bitcoin-law-will-go-into-effect-on-sept-7/

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Crypto Price Analysis & Overview June 25th: Bitcoin, Ethereum, Ripple, Cardano, and Polkadot

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This week was a complete rollercoaster in the cryptocurrency market. Unfortunately, things failed to turn out for the better and the majority is trading in the red.

friday_cryptopost

Bitcoin

Bitcoin is down a steep 11.7% this week as it currently trades beneath $34,000. The cryptocurrency started the week by dropping into support at $31,185 (downside 1.618 Fib Extension) on Monday.

On Tuesday, it took a brief dive beneath $30K for the first time since January 2021. It dropped as low as $28,800 before the buyers regrouped and quickly pushed BTC back higher. In total, BTC did not spend more than 3 hours beneath the $30k level.

Since rebounding above $30K, BTC created the first three consecutive bullish candles since the mid-May price capitulation. It did reach as high as $35,500 today. However, it was unable to close above resistance at $34,760 (downside 1.414 Fib Extension) and has since dropped.

Looking ahead, the first support lies at $33,520. This is followed by $32,465, $31,185 (downside 1.618 Fib Extension), and $30,000. Added support lies at $28,800, $27,750 (January 2021 lows), and $36,840 (downside 1.414 Fib Extension).

On the other side, if the buyers can climb above resistance at $34,760, the first resistance lies at $36,000 (20-day MA). This is followed by $38,000, $39,490 (early-June highs), $40,000 (50-day MA), and $42,000 (January 2021 highs).

btcusd-jun25
BTC/USD Daily Chart. Source: TradingView.

Ethereum

Ethereum fell by a very steep 201 over the week as it trades at $1888 – support provided by the 200-day MA and a .886 Fib. The cryptocurrency fell beneath $2200 on Monday and crashed into the $1888 support.

On the Tuesday spike lower, ETH dropped to $1710 but quickly rebounded to close the daily candle above the 200-day MA. Since then, ETH has been unable to reclaim the $2000 level and has returned to the 200-day MA.

Looking ahead, if the sellers break beneath the 200-day MA, the first support lies at $1710 (mid-March support). This is followed by $1625 (downside 1.272 Fib Extension), $1500, and $1425 (January 2021 highs).

On the other side, the first resistance lies at $2000. This is followed by $2160 (bearish .382 Fib), $2300 (bearish .5 Fib & 20-day MA), $2500 (100-day MA), and $2600.

ethusd-jun25
ETH/USD Daily Chart. Source: TradingView.

ETH is also in trouble against BTC after dropping from 0.063 BTC on Monday and heading beneath 0.06 BTC on Tuesday. It continued to run lower as it broke below support at 0.0569 BTC today.

It is currently trading at 0.056 BTC, but the bearish momentum is still likely to drag it lower in the coming days.

If the sellers push beneath 0.056 BTC, the first support lies at 0.0541 BTC (April 2018 lows & 100-day MA). This is followed by 0.0513 (downside 1.272 Fib Extension), 0.05 BTC, and 0.0473 BTC.

On the other side, the first strong resistance lies at 0.06 BTC. This is followed by 0.0628 BTC, 0.0648 BTC (20-day MA), and 0.068 BTC (50-day MA).

ethbtc-jun25
ETH/BTC Daily Chart. Source: TradingView.

Ripple

XRP fell by an even steeper 25% over the week. The cryptocurrency dropped from $0.781 resistance on Monday to reach $0.6.

It continued on Tuesday to hit the support at $0.55 provided by the 2019 highs and a long-term ascending trend line. It has since attempted to rebound but is struggling to make ground back above $0.7 as it now trades at $0.62.

Moving forward, the first strong support lies at $0.6. This is followed by $0.55 (2019 highs), $0.5, $0.478 (this week’s low), and $0.4.

On the other side, the first resistance lies between $0.7 and $0.72 (200-day MA). Above this, resistance is found at $0.781 (bearish .236 Fib), $0.8282 (2020 highs), $0.9, and $1.00.

xrpusd-jun25
XRP/USD Daily Chart. Source: TradingView.

Against bitcoin, XRP set a fresh three-month low this week as it broke beneath the 2200 SAT (100-day MA) support and plummeted beneath the July 2020 lows at 1900 SAT to reach 1760 SAT.

There, the support provided by the 200-day MA and a downside 1.618 Fib Extension allowed XRP to rebound. However, it is still struggling to sustain itself above 1900 SAT.

Looking ahead, the first strong resistance lies at 2000 SAT. This is followed by 2122 SAT (bearish .236 Fib), 2200 SAT (100-day & 20-day MA), and 2425 SAT (bearish .382 Fib).

On the other side, the first support lies at 1800 SAT. This is followed by 1660 SAT (200-day MA), 1550 SAT (November 2020 low), and 1365 SAT (.786 Fib).

xrpbtc-jun25
XRP/BTC Daily Chart. Source: TradingView.

Cardano

ADA dropped by a smaller 9% this week as it trades above $1.30. It had fallen from resistance at the 100-day MA around $1.42 on Monday and dropped as low as $1.00 on Tuesday.

There, it found support at the 200-day MA and quickly recovered back above $1.15 to close the daily candle. Since then, ADA pushed higher but was unable to break the 100-day MA yesterday. It is currently testing a descending trend line that dates back to the May peaks.

Looking ahead, the first resistance lies at $1.42 – provided by the falling trend line, the 20-day MA, and the 100-day MA. This is followed by $1.52 (bearish .382 Fib), $1.60 (50-day MA), and $1.71 (bearish .5 Fib).

On the other side, the first support lies at $1.120. This is followed by $1.15, $1.10, and $1.00 (200-day MA).

adausd-jun25
ADA/USD Daily Chart. Source: TradingView.

ADA is pretty neutral against BTC this week. It did drop beneath support at 3820 SAT (.382 Fib) on Monday and fell as low as 3440 SAT (.5 Fib) on Tuesday. However, the bulls regrouped and allowed the daily candle to close above 3540 SAT (downside 1.272 Fib Extension).

From there, it has pushed back above the 3820 SAT support but is struggling to make ground beyond 4000 SAT.

Looking ahead, the first resistance lies at 4000 SAT (20-day & 50-day MA). This is followed by 4200 SAT, 4400 SAT, 4570 SAT (1.414 Fib Extension), and 4900 SAT (1.618 Fib Extension & June highs).

On the other side, the first support lies at 3820 SAT (.382 Fib). This is followed by 3540 SAT (downside 1.414 Fib Extension), 3440 SAT (.5 Fib), 3200 SAT (100-day MA), and 3060 SAT (.618 Fib).

adabtc-jun25
ADA/BTC Daily Chart. Source: TradingView.

Polkadot

DOT is down by 32% this week as it trades around $15. The coin fell from above $20 on Monday to reach $13 on Tuesday. The buyers did manage to defend support around $14, provided by a .786 Fib Retracement.

Unfortunately, the bulls have been unable to push much past $17 since rebounding, and the market is looking like it will head lower again.

If the sellers push lower, the first support lies at $14 (.786 Fib). This is followed by $13, $10 (.886 Fib), and $6.90 (Sep 2020 highs).

On the other side, the first resistance lies at $17. This is followed by $20 (20-day MA), $22.5, and $25 (200-day MA).

dotusd-jun25
DOT/USD Daily Chart. Source: TradingView.

Dot is also struggling against BTC this week as it dropped beneath the 200-day MA around 54,500 SAT and continued lower to meet support at 45,000 SAT on Tuesday.

Since then, the market has moved sideways, unable to really push higher again.

Looking ahead, the first support beneath 45,000 SAT lies at 44,000 SAT (May lows). This is followed by 40,600 SAT, 40,000 SAT, and 35,770 SAT (.786 Fib).

On the other side, the first strong resistance lies at 50,000 SAT. This is followed by 52,700 SAT, 55,000 SAT (200-day & 20-day MA), and 60,000 SAT.

dotbtc-jun25
DOT/BTC Daily Chart. Source: TradingView.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


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Source: https://cryptopotato.com/crypto-price-analysis-overview-june-25th-bitcoin-ethereum-ripple-cardano-and-polkadot/

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MEHH Token Offering Scalable Digital Payment Solution to Merchants

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[PRESS RELEASE – Please Read Disclaimer]

Scalable solution, a blockchain company enabling cryptocurrency payments for merchants to receive or send instant payments.

Cryptocurrency is becoming a next-generation payment choice among merchants and customers. Every day, more and more people are using connected devices to make payments. The adoption of digital currency is not limited to laptops but also reaches across the industry like tablets, phones, IoT devices, and smartwatches.

The demand for digital tokens is rapidly increasing. Amalgamate of innovative and secure digital payment mode will help merchants to stay ahead in the game.

Merchants can now take advantage of MEHH Token to expand their horizons and grow their user base around the world. Just with a single integration, now merchants can add MEHH tokens to their existing application or exchange platform.

Value Proposition for Merchants and Customers

MEHH Token is built on a decentralized Ethereum Blockchain Technology. Its permissionless network allows merchants to accept digital payments. Our token delivers the following value proposition to owners:

Merchants:

  • Revise quick payment in MEHH token
  • Reduce the risk of the data breach
  • Foster customer trust
  • No debt and high liquidity
  • Low free and fast transaction speed

Customers:

  • Easy access to make payments
  • Offers smooth payment experiences
  • Secure transactions
  • Convenient to move, exchange, or withdraw
  • Extremely Low free and fast transaction speed

Our mission is to support the vision of enabling digital payments for merchants and customers. By allowing each partner to receive and send payment across the network, the MEHH token ensures instant transfer and safe transaction. We designed these capabilities to redefine the way merchants send or receive payments and transform the Fintech industry by developing a platform that makes a positive impact.

Find out more at www.mehhcoin.com

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Source: https://cryptopotato.com/mehh-token-offering-scalable-digital-payment-solution-to-merchants/

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