Category: Commodities

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Australia Commodities Cryptocurrency Law

Australian University Detects GDPR Conflict With Blockchain

A recent finding by the University of South Australia casts doubt on the legality of blockchain transactions when met with European privacy standards.

According to the new research, blockchain can violate important European Union laws that are part of the well known GDPR agreement – due to the fact that blockchain stores all information about a buyer, or a seller.

Dr. Kirsten Wahlstrom, a researcher working in the field of cryptocurrency technology weighed in on the resurgence of blockchain technology, comparing it to the anonymous wild west the Internet was 20 years ago.

“We’re at a really delicate point with this because, increasingly, societies and economies are organised around data, and that has huge implications for privacy. The main problem is, we’re still struggling to understand what ‘privacy’ actually means in an online world. It’s not the same as data security and protection, it’s about how individuals control their whole online identity, and expectations around that change from person to person and situation to situation.”

Dr. Kirsten noted the fact that the definition of privacy is changing – and more so due to the mainstream adopting of blockchain, which makes it impossible for a blockchain contributor to hide their identity if previously revealed.

The European Union’s “Right To Be Forgotten” has been a relief for privacy buffs worldwide – yet Dr. Kirsten states that as long as the EU GDPR stays the way it is, blockchain technologies may not see widespread adoption within the EU. If information is permanently stored within a blockchain, EU laws would, at the moment, prevent the information necessary to catch a bad actor from being used in an international court case.

Dr. Kirsten is in favour of delving deep into the ethics regarding the privacy owed to each human being. Optimistic about the future of blockchain, she nevertheless admits it might take a while until the technology is properly regulated by all relevant bodies.

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Australia Blockchain Commodities

Australian Food & Wine Supply Chain Combats Fraud with Blockchain Tech

Australian Government and supply chain industry experts are pushing blockchain technology as a solution to widespread fraud in the food and wine industry, which currently costs Aussie businesses over $1.7 billion every year.

New collaborative efforts between the Australian Government, blockchain roadmap working groups, and supply chain industry experts has seen government officials advocate for the use of blockchain in eliminating fraud within one of Australia’s most profitable produce and export sectors. 

An online panel discussion on September 4, moderated by Blockchain Australia deputy chair Rob Allen, saw over 150 industry and government attendees meet to discuss potential use cases of blockchain technology in order to combat widespread fraud throughout multiple industries. 

Blockchain technology holds the potential to establish an immutable provenance chain by tokenizing and tracking every Australian-made product. Provenance fraud is widespread both within Australia and throughout export markets, with Australian agricultural businesses struggling to ensure that their products can be verified internationally. 

Blockchains Set to Lock Down Supply Chains

Speaking at the online forum, Department of Industry National Blockchain Lead Chloe White highlighted the importance of blockchain technology in minimizing the $1.7 billion annual cost of agricultural product provenance fraud. 

AgTech Capital AL Fullerton reinforced White’s perspective on blockchain implementation from a private sector position, noting that blockchain can be used in product authentication in order to prevent the spread of forged paper certificates. 

Investigative reports published by Food Innovation Australia indicates that food fraud costs the global food industry over $50 billion every year — the transparent, immutable nature of blockchain technology would allow Australian businesses to create unforgeable digital certificates in order to protect their products and brand. In addition to discussing the potential use cases of blockchain technology in Australian supply chain applications, the online panel also hosted the announcement of Australia’s first blockchain-based Cooperative Research Center, which has raised over $60 million in order to push blockchain adoption through Australian startups.

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Bitcoin Commodities Gold

Bitcoin Flirts With Price Surge as Gold Hits 9-Year High, Investors Hedge Against Inflation

The global economic impact of the COVID-19 pandemic stalled traditional markets and weighed down Bitcoin volume, contributing to months of price stagnation. With gold reaching values not seen in over a decade and investor capital flooding crypto markets, however, a BTC price surge could be just around the corner.

The financial consequences of the COVID-19 pandemic has seen governments and central banks around the world print billions in fiat currency in order to bolster economic activity — to date, the US Government has printed over $3 trillion USD, while the UK Government has executed a £100 billion quantitative easing plan.

While these measures are argued as a necessity in order to maintain economic stability, the issuance of new fiat currency inevitably presents the possibility of inflation. Large-scale quantitative easing efforts as executed by international governments throughout the first half of 2020 will have a profound impact on the global economy — a fact that cautious investors are aware of.

Inflation Fear Drives Capital to BTC Market

The threat of inflation presented by qualitative easing-induced inflation has catalyzed renewed interest in gold markets, driving the value of gold to a nine-year high of over $1,800 per ounce. Macro analyst Holger Holger Zschaepitz cites a decline in real inflation adjusted yields offered by US bonds, with investors shifting capital into gold as an inflation hedge.

While Bitcoin has yet to demonstrate a concrete return to a bullish trend, the shift toward assets that resist inflation has driven attention, once again, toward Bitcoin. 

Earlier this month Argentinian Bitcoin traders pushed over $1.4 million USD into the Bitcoin market, doubling trade volumes on a weekly basis ahead of an economic crisis in the country driven by political turbulence and inflation approaching 50 percent.

The ongoing stability of Bitcoin — which has not strayed from the $9,000 to $10,000 range for several months — is redefining the market perception of digital assets, strengthening the position of Bitcoin as a hedging asset among traditional finance investors and placing Bitcoin in a secure position to challenge the $10,000 ceiling.