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United States Finds Potential Use for Blockchain In The Energy Sector

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In a report titled Bitcoin, Blockchain, and the Energy Sector, the US Congress has released a report via its Congressional Research Service detailing potential applications of blockchain technology in the country’s energy sector.

According to the report dated 9th of August, 2019, the US legislators examined the current state of the cryptocurrency industry with emphasis on cryptocurrency mining.

The report discussed the requirements of mining cryptocurrency using Proof of Work POW consensus, saying it requires “substantial energy“. The energy is to operate the devices computing the calculations required to maintain the integrity of the blockchain and to thermally regulate the devices for optimal operation.

Quoting estimates of power consumption in 2018, it says energy usage range between 2500 MW and 7670 MW and this comparably is nearly 1% of electricity generating capacity in the United States.

On Co2 emissions impact as a result of mining cryptocurrencies, the report maintains that “opinions differ”.

As the demand for energy to mine cryptocurrency increases, the governments of the world are developing policies to respond to the growing demand for power as there has been various mention of power theft as a result of some form of restrictions owing to the burden the mining facilities are putting on the power infrastructure.

It should be recalled that few weeks ago, the Iranian government legitimize cryptocurrency mining as an industry in the country. The study highlighted States that are attractive to miners such as Canada, Georgia etc.

In spite of the energy demands of the mining of cryptocurrency in the United States, the report highlighted the government’s efforts to improve the energy efficiency of mining operations.

And despite the challenges of cryptocurrency mining to the energy sector, the report presented the opportunities for blockchain technology such as electric vehicle charging infrastructure and distributed energy resources amongst others the report said.

Image Credit: house.gov

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Adoption News

Major Mining Company BHP, Japanese Shipper NYK Deliver Biofuel Traced via Blockchain

Can this qualify as blockchain adoption at Multinational level?

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Shipping news magazine Dry Bulk on Tuesday, February 5th reports that international metal and oil mining giant BHP has successfully tested blockchain in a conjoint experiment with Japanese shipping company NYK.

BLOC — a developer of blockchain applications for the maritime industry — built the decentralized ecosystem for the trace and Sustainable biofuel company GoodFuels provided its product for the experiment.

For the testing was the GoodFuels biofuel was delivered to the BHP-chartered and NYK-owned bulk carrier Frontier Sky, while carbon dioxide (CO2) savings were verified via a blockchain fuels assurance platform.

As reported by cointelegraph Dry Bulk explained that, the sustainable biofuel used in the experiment serves as an alternative to traditional fossil-based marine gasoil, allowing for the reduction of CO2 greenhouse gas emissions equivalent to over 125,000 miles driven by a car.

According to the magazine, the joint delivery is an important step for BHP and NYK in terms of global decarbonization policy. Blockchain, in its turn, could help the industry to verify supply chains, making sure that only sustainable fuel is used during the shipping process and that the origin, emission reductions and fuel quality metrics are transparent and easy to trace.

it is no news that blockchain has gained a significant level of adoption in the maritime industry, with major ports and shipping companies using the technology to support supply chains and trace shipments.

 

Can this qualify as blockchain adoption at Multinational level? letshave your opinion on this. is blockchain adoption viable in the marine industry?

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Mining

Morocco’s Bitcoin Mining Sector Set to be Powered By  Wind

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Morocco is moving into the blockchain space confidently as the Northern African will be having a wind farm. The wind farm will be built to tackle the issue of the amount of electricity bitcoin mining consumes. Brookstone Partners, a New York-based private equity firm has proposed to build a 900-megawatt wind farm that will be structured to power a data centre that will only serve the purpose of bitcoin mining.

The firm will be raising capital for the construction of the first phase of a wind farm that will be located in Dakhla, Morocco. The idea behind the wind farm is to reduce the amount of money spent on computing power due to the surge in electricity cost. Also, the idea is to reduce the amount spent on traditional fuels such as coal that the mining sector spends money on. Renewable energy is cheaper and eco friendly and more big miners are switching to it to attract investors.

Michael Toporek, Brookstone’s Managing General Partner, revealed: “We have exclusive rights to the area for a wind farm, but the issue was there’s no real place to put. These days, what you can do with stranded power is set up a computing center, develop this as an off-grid project.”

The project will be developed by Soluna, a company founded by Brookstone Partners, Altus AG. The site Soluna has chosen is a Class I wind site. This means that the wind speed reaches higher than 22 mph, that covers 37,000 acres in southern Morocco. The company has the backing of the United States’ former ambassador to Morocco, Dwight L. Bush. The project will also be designed as off-grid operation, with the anticipation that transmission lines will reach the site by mid-2019.

Soluna is looking forward to raising $100 million through an initial coin offering (ICO) that will be used to develop 36 megawatts of turbines. The project’s whitepaper reveals that the electricity generated will be used by crypto-mining and data centres that process blockchain transactions that run on 18 megawatts of power.

John Belizaire, Chief Executive Officer of Soluna explains :
“Our power cost will be among the lowest in the world. That gives us benefits and allows us to keep participating in the ecosystem while others might not be able to sustain their businesses.”

 

What do you think about a bitcoin mining wind farm? Share your opinion with us in the comment section below.
Image credit: pixabay,

Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

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Adoption News

Imports and Exports Trade Gets Blockchain Solution

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Abu-dhabi

It’s no news that the government of Abu Dhabi has reiterated several times of moving all existing government operations to the blockchain from 2022. The latest news coming out of the Arabian country is the trading sector, as it has begun the use of blockchain to conduct its transactions.

Maqta Gateway has developed and implemented its own blockchain solution for international logistics and trade. ConstructionMaqta Gateway which is a wholly owned subsidiary of maritime industry developer Abu Dhabi Ports. This feat would be the first of its kinds as it transcends to a paperless real-time tracking which in turn would save time, efforts and paperwork.

Developed by the Digital Innovation Lab of Maqta Gateway, the blockchain was field tested with strategic customers of Abu Dhabi Ports prior to launch and will see a commercial rollout to freight forwarders and their customers initially.

The platform is designed to safely encrypt and secure all documents essential for documentation of cargo. After the technology has been tested, it will then be offered to the rest of the trade community as a ‘complementary tool’ alongside the current Maqta’s Port Community System, a move that will fast-track adoption.

[B]lockchain is a key step in the digitalization of trade,” said Dr. Noura Al Dhaheri, CEO of Maqta Gateway, adding:

The blockchain solution was developed to bridge the gap between exporters and importers in an industry that is notoriously averse to digitization and change by reducing the need for manual paperwork, communication and physical visits with faster, real-time information exchanges over a decentralized ledger.
Through Silsal, we will be offering the trade community secure and integrated access to blockchain technology, with the added value of cost and time savings through real-time track and trace, reduction in paperwork and ease in extracting vital information to receive live updates.

 

 

Would the Import and export trade sector  be able to depend on the blockchain for its cargo transportation? Share your opinion with us in the comment section below.
Image credit: Pixabay

 

Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

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Blockchain News

South African Company Introduce Blood Diamonds Tracking Platform.

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South Africa is well known for her diamonds and now the blockchain technology can now be employed in keeping track of the diamonds. South Africa’s De Beers Group, the world’s largest producer of diamonds decided to integrate the blockchain technology to a pilot project to track diamonds from the mine to retail.

The De Beers group seek to eradicate violence in diamond mines, human rights violations, worker exploitation, and environmental degradation. This led to the launch of the Blockchain platform in January,2018. The Platform Is called  called Tracr and the company has revealed that it will be open to the diamond industry as soon as it launches sometime this year. De Beers revealed in a statement, “When fully operational, Tracr will provide consumers with confidence that registered diamonds are natural and conflict-free, improve visibility and trust within the industry, and enhance efficiencies across the diamond value chain.”

The company also revealed that they  have tracked 100 high-value diamonds already across the production to delivery chain using an “immutable and secure digital trail [that] was created for a selection of rough diamonds mined by De Beers as they moved from the mine to cutter and polisher, then through to a jeweller” the company stated.
The company has already started making more plans and has partnered with five leading diamond manufacturers: Diarough, Diacore, KGK Group, Rosy Blue NV and Venus Jewel. CEO, De Beers Group, Bruce Cleaver said in a statement,
“The Tracr project team has demonstrated that it can successfully track a diamond through the value chain, providing asset-traceability assurance in a way that was not possible before.” He explained further, “This is a significant breakthrough made achievable by the close engagement of the pilot participants who share our commitment to industry progress and innovation. We look forward to sharing the platform with more partners in the coming months and capturing their insights before ultimately making this technology available to the broader industry.” The industry is anticipating the Tracr platform.

 

What do you think about the Tracr Project? Share your opinion with us in the comment section below.
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Disclaimer:
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.

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