Major Agriculture Companies Partner to Use Blockchain in Grain Trading

The world’s four largest agriculture companies, commonly known as ABCD, have partnered to digitize international grain trading by using blockchain and artificial intelligence (AI) technologies, Reuters reports Thursday, Oct. 25.

ABCD, composed of Archer Daniels Midland Co., Bunge Ltd., Cargill Inc., and Louis Dreyfus Co., states that blockchain implementation could make trading more efficient and transparent, as well as reduce costs. The conglomerate aims to digitize the system that has previously relied on paper contracts, invoices, and manual payments.

According to grain industry news outlet World-Grain.com, blockchain and AI will be initially used to automate grain and oilseed post-trade execution processes, which are a highly manual and costly part of the supply chain.

In the long run, ABCD plans to integrate blockchain technology on different levels of the supply chain, including shipping, storage, and customer experience.

As cited by World-Grain.com, CEO of Louis Dreyfus Co. Ian McIntosh explained how blockchain could help develop the agriculture industry, noting the technology’s “capacity to generate efficiencies and reduce the time usually spent on manual document and data processing.”

Major food giants across the world have been testing blockchain to improve the efficiency of the supply chain. Louis Dreyfus Co., along with four other parties, conducted its first blockchain-based shipment back in January 2018, sending soybeans from America to China using the Easy Trading Connect (ETC) blockchain platform.

U.S. national milk marketing cooperative Dairy Farmers of America also piloted decentralized solutions among its farmer-members in 48 states, while major Dutch supermarket chain Albert Heijn used blockchain to track orange juice production.

As per a recent study by Reportlinker, blockchain use in agriculture and food supply chains market will be worth over $400 million in the next five years.

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Unconfirmed: TRON to Partner with ‘China’s Google,’ Baidu

The team of cryptocurrency project TRON (TRX) has reportedly partnered with China’s largest Internet search provider Baidu. Crypto market news service Coinness has claimed this in a tweet Thursday, Oct. 11, citing its private correspondence with TRON’s team.

Neither TRON nor Baidu have been able to confirm the partnership to Cointelegraph as of press time.

Without specifying the details of the partnership, Coinness has claimed that the deal between TRON and China’s Internet giant Baidu will be “officially” revealed by the cloud storage service Baidu Cloud “next week.”

While Coinness claims that TRON has exclusively confirmed the partnership in private correspondence with it, the crypto platform itself has not yet officially announced any details of the partnership or even the identity of its new business partner.

TRON’s CEO Justin Sun has recently hinted on Twitter at a secret partnership with an unnamed “industry giant” that is valued at “tens of billions of dollars.” In his Tweet, posted Friday, Oct. 12, Sun has similarly provided little information:

“Finally, First time to partner with tens of billions USD valuation industry giant. Guess the name.”

As mentioned on TRON’s website, the decentralized Internet company TRON Foundation was established in Singapore in July 2017, while TRON’s open source protocol was launched in December 2017. The company has dual headquarters in Beijing and San Francisco, and a team of over 100 employees working all over the globe, with some of them being formerly employed by China’s Internet giants such as Alibaba, Tencent and Baidu.

In late September, TRON released details about its partnership with a popular torrent client BitTorrent, following the earlier acquisition of the company. A collaboration between the two companies dubbed “Project Atlas” will reportedly enable the users of the BitTorrent client to receive rewards in TRON for seeding torrent files.

Earlier in August, Baidu has joined Tencent and Alibaba in enforcing new anti-crypto policies in line with China’s overall toughened stance on the industry. The firm has shut down at least two popular crypto-related forums, with a notice to their users stating that Baidu’s measures are compliant with the “relevant laws, regulations and policies.”

On Sept. 26, Baidu has released its Baidu Blockchain White Paper V1.0, aiming to create “the independent development of the ‘Super Chain’ network system.”

TRON is currently the eleventh largest cryptocurrency by market cap, according to CoinMarketCap data. On June 25, TRON celebrated its “Independence Day,” when it migrated off the Ethereum (ETH) blockchain to its own independent public blockchain.

At press time, TRON is trading at $0.023, up 2.79% on the day. The coin saw its all-time price high of $0.217 on Jan. 5, 2018, which was followed by a fall in value of almost 90% over the rest of the year – against the backdrop of an overall declining crypto market.

TRON one-year price chart. Source: CoinMarketCap

 

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Huobi Strategic Partner HBUS Launches API for Large-Scale US Traders

HBUS, the U.S. “strategic partner” of Chinese cryptocurrency exchange Huobi, confirmed the release of its API for “experienced traders” in some U.S. states, according to a press release shared with Cointelegraph.

HBUS highlighted that the API was geared to high-volume users who required live pricing data and other tools. In addition to price tracking, the API will also offer historical price data, support for margin trade customization support, setting buy and sell limits, and retrieving trade history.

Due to the difference in regulation across the U.S. HBUS noted that residents of Alabama, Connecticut, Georgia, Louisiana, New York, North Carolina, Hawaii, Vermont, and Washington would be unable to use its services.

The move marks the latest in Huobi’s continued expansion this month, which in addition to launching HBUS has included the release of a separate platform geared to the Australian market.

Fellow Chinese operator OKEx and Hong Kong’s Binance have also recently made international commitments. Earlier this week, OKEx announced a partnership with the Malta Stock Exchange to create a new institutional grade security-tokens trading platform, and Binance revealed plans to back a decentralized, tokenized bank also in Malta.

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