Blockchain
How DePINs are connecting farmers and businesses via blockchain
With more than 160,000 farmers already onboarded in Indonesia and Colombia, Farmsent taps the Peaq blockchain as its layer-1 backbone to revolutionize the global food commodity trade.
In a bid to revolutionize the global food commodity trade and empower farmers, farmer-centric blockchain Farmsent has revealed a new partnership with the layer-1 decentralized physical infrastructure network (DePIN)-focused blockchain, Peaq.
The collaboration, announced on April 9, marks a step forward in Farmsent’s goal of decentralizing the agricultural supply chain to enhance transparency in the global food trade and build a global Web3 marketplace that connects farmers directly with consumer-facing businesses worldwide.
By leveraging a DePIN of sensors to track product quality and provenance, Farmsent claims it can eliminate centralized intermediaries and reduce costs for all stakeholders, all while ensuring transparency across the supply chain.
Cointelegraph talked to Yog Shusti, the co-founder and CEO of Farmsent, about the use case of DePINs in the agricultural sector.
Connecting commerce
Shusti called Farmsent’s DePIN use case “particularly exciting for agriculture” because the technology is leveraged to benefit farmers and consumers.
“It provides farmers with secure digital identities for better market access but also empowers them with real-time data about their crops. This includes crucial details like soil moisture, pH content, and humidity.”
He said this information allows farmers to make “data-driven decisions” to optimize crop health and yields. Meanwhile, the DePIN system allows consumers to access information about the food they purchase:
“This could include details about the farm’s practices, the origin of the food, and how it was grown. It empowers consumers to make informed choices about the food they put on their tables.”
Scaling for the world
According to Farmsent, it plans to address this by bypassing traditional intermediaries and enabling direct transactions between farmers and consumers and already has over 160,000 farmers onboarded in Indonesia and Colombia.
The platform, currently still in beta, is being used to track coffee, avocados and palm sugar between Indonesia, Colombia, the United Arab Emirates — where it already has a license to operate — and the United States. Farmsent said it is currently working on securing three additional licenses.
Shusti said that storing large amounts of data from sensors, farms and partners can become expensive on traditional blockchains:
“As Farmsent expands its reach to new markets and connects with more farmers and consumers, the volume of data and transactions within the network will inevitably surge.”
Therefore, he said that Peaq was chosen for its ability to cost-effectively store data and scale at large. The Peaq network has been gaining traction, and it recently secured $15 million in a Series A round led by Generative Ventures and Borderless Capital.
In the past, it has worked on DePIN projects alongside major companies such as Bosch and even worked to tokenize 100 Teslas in a decentralized Web3 ride-sharing initiative across Europe.
Data and security
Handling the transactions and data of farmers and business owners worldwide is not only a big feat for scaling purposes but also in keeping all that information safe and secure.
According to the Farmsent CEO, its DePIN network gathers information from three sources. In one, it is entered by humans and then validated. Information on farm practices, harvest details and initial processing can be manually entered by authorized personnel and validated for accuracy.
It can also be collected through Internet of Things (IoT) sensors placed throughout the supply chain (farms, storage facilities, transport) that can continuously monitor conditions like temperature, humidity and freshness.
Lastly, data is procured from third-party partners like logistics companies that provide data relevant to transport and storage conditions.
To keep this data secure, Shusti told Cointelegraph that Farmsent leverages Peaq decentralized identifiers (DIDs) to enhance data privacy further:
“DIDs act like unique identifiers on the blockchain that can be linked to data without revealing the actual data itself. ”
He said that this allows for data verification and controlled access while protecting sensitive information.
Till Wendler, the co-founder of Peaq, said this use case within the agriculture industry is not just exciting but also one of the “most important ones” due to its promise to push back global food insecurity and “deliver cheaper and more quality produce to people around the world” — and in a secure manner.
Source: cointelegraph.com
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Glidelogic Corp. Announces Revolutionary AI-Generated Content Copyright Protection Solution
Blockchain
Ethereum ETFs Aren’t Blockchain But Is A Revolutionary Tech: Top 6 Amazing Reasons To Invest In Them
The financial landscape is rapidly evolving, with the integration of blockchain technology and cryptocurrencies becoming more prominent. Among these, Ethereum ETFs (Exchange-Traded Funds) have emerged as a significant investment vehicle, offering exposure to the Ethereum blockchain’s native cryptocurrency, Ether (ETH), without requiring direct ownership. However, it’s crucial to understand that Ethereum ETFs are distinct from the blockchain itself and serve different purposes in the investment world.
Understanding Ethereum and ETFs
Ethereum: A decentralized platform that enables the creation and execution of smart contracts and decentralized applications (dApps). It operates using its cryptocurrency, Ether (ETH), which fuels the network.
ETF (Exchange-Traded Fund): A type of investment fund that holds a collection of assets and is traded on stock exchanges. ETFs can include various asset classes, such as stocks, commodities, or bonds.
Ethereum ETFs: The Intersection of Traditional Finance and Cryptocurrency
An Ethereum ETF provides a way for investors to gain exposure to the price movements of Ether without directly purchasing the cryptocurrency. This is achieved through an ETF structure, where the fund holds assets linked to the value of Ether, and investors can buy shares of the ETF on traditional stock exchanges.
Key Features of Ethereum ETFs:
- Indirect Exposure: Investors gain exposure to Ether’s price changes without needing to manage or store the cryptocurrency themselves.
- Regulatory Compliance: Unlike the relatively unregulated cryptocurrency market, ETFs operate under the oversight of financial regulators, offering a layer of investor protection.
- Accessibility: Ethereum ETFs are available through traditional brokerage platforms, making them accessible to a broader range of investors.
Why Invest in an Ethereum ETF?
- Diversification: Including an Ethereum ETF in a portfolio can provide exposure to the cryptocurrency market, potentially enhancing diversification beyond traditional assets.
- Convenience and Familiarity: ETFs are a familiar investment product, simplifying the process of investing in cryptocurrencies.
- Professional Management: ETF managers handle the investment decisions, including the buying and selling of assets, which can be advantageous for those less familiar with the cryptocurrency space.
- Regulatory Oversight: ETFs are subject to regulatory scrutiny, potentially offering more safety and transparency compared to direct cryptocurrency investments.
- Potential for Growth: As the cryptocurrency market grows, ETFs linked to assets like Ether may benefit from rising prices.
Key Differences Between Ethereum and Ethereum ETFs
While both are related to the Ethereum blockchain, Ethereum itself and Ethereum ETFs represent different forms of investment:
- Ethereum (ETH):
- Direct ownership of the cryptocurrency.
- Full exposure to Ethereum’s features, including staking and network participation.
- Traded on cryptocurrency exchanges.
- Highly volatile and largely unregulated.
- Ethereum ETF:
- Indirect exposure through shares representing Ether’s value.
- Traded on traditional stock exchanges under regulatory oversight.
- Offers a more stable and familiar investment structure.
- Typically lower volatility compared to direct cryptocurrency ownership.
Future Considerations for Ethereum ETFs
The approval and launch of Ethereum ETFs mark a significant milestone in bringing cryptocurrencies closer to mainstream finance. They offer a convenient and regulated means for investors to gain exposure to the growing digital assets market. However, they also come with limitations, such as not allowing direct participation in the Ethereum ecosystem’s innovations, like dApps and smart contracts.
As the market evolves, we may see more sophisticated financial products that better capture the full potential of the Ethereum ecosystem. For now, Ethereum ETFs provide a balanced option for those interested in cryptocurrency exposure within the framework of traditional finance.
In conclusion, while Ethereum ETFs offer a gateway into the world of digital assets, they should be viewed as complementary to, rather than a replacement for, direct investment in the underlying blockchain technologies. Investors should carefully consider their investment goals, risk tolerance, and the unique attributes of both Ethereum and Ethereum ETFs when making investment decisions.
Source: blockchainmagazine.net
The post Ethereum ETFs Aren’t Blockchain But Is A Revolutionary Tech: Top 6 Amazing Reasons To Invest In Them appeared first on HIPTHER Alerts.
Nexo, a leading institution in the digital assets industry, has reinforced its commitment to data security by renewing its SOC 2 Type 2 audit and attaining a new SOC 3 Type 2 assessment without any exceptions. This rigorous audit process, conducted by A-LIGN, a respected independent auditor specializing in security compliance, confirms Nexo’s adherence to stringent Trust Service Criteria for Security and Confidentiality.
Key Achievements and Certifications
- SOC 2 and SOC 3 Compliance:
- SOC 2 Type 2: This audit evaluates and reports on the effectiveness of an organization’s controls over data security, particularly focusing on the confidentiality, integrity, and availability of systems and data.
- SOC 3 Type 2: This public-facing report provides a summary of SOC 2 findings, offering assurance to customers and stakeholders about the robustness of Nexo’s data security practices.
- Additional Trust Service Criteria:
- Nexo expanded the scope of these audits to include Confidentiality, showcasing a deep commitment to protecting user data.
- Security Certifications:
- The company also adheres to the CCSS Level 3 Cryptocurrency Security Standard, and holds ISO 27001, ISO 27017, and ISO 27018 certifications, awarded by RINA. These certifications are benchmarks for security management and data privacy.
- CSA STAR Level 1 Certification:
- This certification demonstrates Nexo’s adherence to best practices in cloud security, further solidifying its position as a trusted partner in the digital assets sector.
Impact on Customers and Industry Standards
Nexo’s rigorous approach to data protection and compliance sets a high standard in the digital assets industry. By achieving these certifications, Nexo provides its over 7 million users across more than 200 jurisdictions with confidence in the security of their data. These achievements not only emphasize the company’s dedication to maintaining top-tier security standards but also highlight its proactive stance in fostering trust and transparency in digital asset management.
Nexo’s Broader Mission
As a premier institution for digital assets, Nexo offers a comprehensive suite of services, including advanced trading solutions, liquidity aggregation, and tax-efficient credit lines backed by digital assets. Since its inception, the company has processed over $130 billion, showcasing its significant impact and reliability in the global market.
In summary, Nexo’s successful completion of SOC 2 and SOC 3 audits, along with its comprehensive suite of certifications, underscores its commitment to the highest standards of data security and operational integrity. This dedication positions Nexo as a leader in the digital assets space, offering unparalleled security and peace of mind to its users.
Source: blockchainreporter.net
The post Nexo Reaffirms Commitment to Data Protection with SOC 3 and SOC 2 Compliance appeared first on HIPTHER Alerts.
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