LVMH purportedly considers using blockchain technology to track goods

Summary:

  • World Bank’s official warned against blockchain hype
  • LVMH purportedly considers using blockchain to track goods
  • Bitcoin rebounds to above $4000

Wednesday has brought quite interesting moves on cryptocurrencies’ charts as we could observe some rises during today’s trading so far. It is worth noting the three largest cryptocurrencies - Bitcoin, Ethereum, and Ripple - have experienced moderate increases after several days of losses. According to CoinMarketCap, the capitalization of the cryptocurrency market stands a little below the $143 billion mark whereas the largest digital currency Bitcoin accounts for roughly 50.4% of this value.

Bitcoin (BITCOIN on xStation5) experienced four consecutive days of losses, and the cryptocurrency hit nearly the $3850 handle. However, Bitcoin has managed to rebound since then and recoup a part of recent drops. Source: xStation5.

Blockchain could not resolve all problems, World Bank’s official says

The Land Administration Specialist in the Global Land and Geospatial Unit of the World Bank Aanchal Anand has produced some remarks related to blockchain technology at the 20th Annual Conference on Land and Poverty in Washington, DC, as Reuters reported. During the event, some specialists discussed how blockchain may resolve some problems related to land rights. The World Bank’s official warned against a blockchain hype. “Tech can look big and flashy, and like it can solve all our problems ... but the Big Mac burger never matches up to the one in the ad”, Anand said during the mentioned conference. “Sometimes we get lost in the fancy things, but basic tech can deliver the results”, the World Bank’s specialist said further mentioning some communities using phones to map areas, according to Reuters.

Ethereum (ETHEREUM on xStation5) was trading in the vicinity of its 50-period moving average (a light green line). However, the second largest virtual currency has experienced a rise during today’s trading, and it is moving a little below the $140 handle at press time. Source: xStation5.

Luxury goods company considers using blockchain to track goods

The luxury goods company LVMH, which owns many well-known luxury brands such as Louis Vuitton, is preparing to use a blockchain to confirm authenticity of its products, as CoinDesk reported. The blockchain-powered platform may be launched in May or June. The company’s blockchain team has been working on this platform for more than a year in cooperation with ConsenSys and Microsoft Azure, according to the CoinDesk’s sources. Moreover, the company’s blockchain-based platform has been created using Quorum, the Ethereum blockchain developed by US banking giant JPMorgan, CoinDesk said.

Ripple (RIPPLE on xStation5) saw quite a noticeable loss yesterday, but the digital currency managed to close Tuesday’s trading only a little below the opening price. Moreover, Ripple has moderately increased during Wednesday so far. Źródło: xStation5.

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