Blockchain
VeChain And Avery Dennison Intelligent Labels Showcase The Joint Blockchain Enabled Food Supply Chain Solution on IOTE 2020
From July 29 to July 31 2020, VeChain proudly joined hands with Avery Dennison Intelligent Labels to attend the 14th International Internet of Things Exhibition (hereafter referred to as IOTE 2020) held in Shenzhen, China.
As the largest and most comprehensive IoT expo in Asia, IOTE 2020 gathered more than 800 professionals from enterprises, and more than 130,000 professional visitors and purchasers in various industries including but not limited to food, retail and automobile.
VeChain, together with Avery Dennison Intelligent Labels, showcased various advanced “Blockchain + IoT” solutions in front of enterprise attendees around the globe.
The Challenge Of Food Industry In COVID19 Era
Behavioral changes that have arisen due to COVID19 have brought higher demand for safe and traceable food on ecommerce platforms and raised public awareness of health and safety in general. According to an IBM study, 71% of consumers are willing to pay an additional average premium of 37% for companies offering full transparency and traceability. While the food supply chain is one of the most complex and fragmented supply chains, 70% of firms have “visibility gaps” between the initial supplier and internal clients’ systems.
Under such conditions, end-to-end visibility within the supply chain should be a top priority for businesses seeking to build trust with consumers, where blockchain and IoT will make a major impact. According to a recent report by Cointelegrah Consulting, “Blockchain + IoT” solutions could save more than $100 billion for the global food industry annually.
Blockchain is expected to support 10% of the total food industry products tracked globally by 2023.. Real-time traceability could be achieved with the combination of data from IoT devices and blockchain technology.
Avery Dennison + VeChain Showcasing ToolChain Enabled Solution
Guided by the vision to solve real business needs, VeChain has developed the capability to provide business-oriented technology for enterprises of any size or scale. Through built-in food traceability templates and customizable tools, the one-stop data BaaS platform VeChain ToolChainTM can be implemented almost immediately into existing supply chains of all types of food manufacturers, suppliers and retailers.
Products that include fresh produce, dairy products, vegetables, imported food and more can be tracked using the VeChainThor public blockchain with minimal technical development and implementation efforts.
As one of the largest global packaging solution providers, Avery Dennison pioneers in IoT solutions that connect the real products with digital identities.
By integrating Avery Dennison’s smart label products and solutions with VeChain ToolChainTM, the advanced Blockchain + IoT combination can effectively enable the food company to realize transparent end-to-end digital lifecycle management for products. This in turn makes the food supply chain smarter allowing for more valuable connections to be cultivated and increased trust between consumers and brands.
Moving Forward With Value-Driven Digitalization Using Blockchain
The silver lining to the new normal in the COVID19 world is that it brings new opportunities and demand for more transparent and efficient solutions, accelerating the need for digitalization. Disruptive technology like blockchain and IoT will be the most critical “accelerator” for the food industry.
VeChain, together with Avery Dennison Intelligent Labels will be committed to collaborating with partners to provide full value chain digital solutions from assessment, consulting, integration and implementation to optimization services, helping food enterprises of different development stages and sizes to easily commence their digital transformation.
Blockchain
P2 Ventures Commits $50M Via Hadron FC to Startup Founders in Polygon Ecosystem
Last year, P2 Ventures emerged as a distinct entity from Polygon Labs, with a focus on blockchain investments. Now, it’s earmarking funds and providing mentorship to bolster project founders, particularly those concentrated on the Polygon blockchain ecosystem. A contributor from Hadron FC remarked that the community offered the perfect blend of “capital and vibes.”
P2 Ventures, a venture capital firm with a blockchain emphasis, was established late last year as a separate entity from developer Polygon Labs. It has pledged $50 million to support startup founders, potentially igniting fresh initiatives within the Polygon ecosystem.
The investment from P2 Ventures will be channeled to founders via Hadron FC, a program tailored for founders with hubs in Dubai and New York, according to a press release. This program encompasses mentorship, legal and regulatory guidance, networking opportunities, and “comprehensive assistance in navigating the complexities of startup development and fundraising,” the release stated. Among the initial 36 projects onboarded, several participated in a week of collaborative efforts at the Dubai facility. Shreyansh Singh, head of investments at P2 Ventures, expressed confidence in Hadron Club’s unparalleled capacity to nurture the aspirations of forward-thinking founders within the Polygon ecosystem.
Ajit Tripathi, a core contributor at Hadron FC, noted that the community provided the ideal mix of “support, capital, and ambiance.”
Initially part of Polygon Labs, the principal developer of various Polygon layer-2 networks built on Ethereum, P2 Ventures transitioned into an independent unit with its own 10-person team late last year, rebranding itself as P2 Ventures.
Source: coindesk.com
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Blockchain
Blockchain sleuth uncovers identity of PrismaFi’s hacker, who stole $11m
Blockchain investigator ZachXBT uncovered the purported perpetrator behind the PrismaFi breach, which resulted in the protocol losing $11.1 million worth of cryptocurrency. Through a series of posts, ZachXBT disclosed that the individual behind the attack, identified as 0x77 (or Trung), may be connected to several other breaches.
The Prisma team initially detected a sequence of transactions on the MigrateTroveZap contract in March, ultimately resulting in a loss of 3,257 ETH (equivalent to $11.1 million at the time). Initially, the attacker communicated with the Prisma deployer, claiming the attack was a white-hat initiative. However, all funds were subsequently transferred to Tornado Cash, a sanctioned cryptocurrency mixer.
The attacker then made audacious demands, including a $3.8 million (34%) white-hat bounty, significantly higher than the industry standard of 10%, as noted by ZachXBT, who highlighted that this demand was essentially extortion, given the insufficient assets in the treasury to reimburse users.
Further investigation revealed that the attacker’s address received funds via FixedFloat and was subsequently traced to Arbitrum, a layer-2 solution on Ethereum. By analyzing timing, ZachXBT determined that the attacker’s address was linked to withdrawals on TRON, including those from the Bybit cryptocurrency exchange.
The investigation also unveiled connections to prior breaches, such as the Arcade_xyz breach from March 2023 and the Pine Protocol breach from February of the current year. The attacker, utilizing the alias 0x77 on Telegram, remained active and had ties to the deployer of @modulusprotocol, further solidifying the connection between each incident.
Furthermore, the investigator disclosed conducting an analysis of the attacker’s personal information, including phone numbers and emails, which indicated a proficient technical background. All collected personal data has been forwarded to the Prisma team, who are pursuing legal action against the hacker in Vietnam and Australia, ZachXBT added.
Source: crypto.news
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Blockchain
Bybit CEO: “Institutions Driving Today’s Crypto Bull Market” – At Blockchain Life 2024 Dubai
During a discussion among industry leaders at the Blockchain Life conference in Dubai, Bybit CEO Ben Zhou emphasized the preparedness and sophistication of contemporary cryptocurrency exchanges (CEXs). Zhou, who co-founded Bybit in 2018, now stands at the helm of one of the world’s top three exchanges by trading volume.
At the event, Zhou shed light on various facets that underscore the current era of crypto maturity. “From Bybit’s standpoint, this ongoing bull market has been primarily propelled by institutional involvement… Our collaboration with third-party custodians like Copper and Fireblocks led to a 186% increase in institutional capital flows last year,” Zhou noted. He highlighted the pivotal role of enhanced infrastructure and the approval of Bitcoin spot ETFs in facilitating institutional participation in the crypto market.
Zhou has overseen meticulous upgrades to Bybit since the previous crypto bull run in 2021, enabling institutional investors to deploy larger capital pools. “Bybit boasts a highly versatile trading system that accommodates trading of any token against any other,” Zhou remarked during his live address on the main stage. “This affords our institutional clients a plethora of tools, enabling them to engage in spread trades, arbitrage funding rates, and various sophisticated trading strategies. This capability has facilitated the influx of new capital into the crypto space.”
Furthermore, Zhou highlighted the evolution of service reliability amidst market volatility. “Our risk management and system resilience have undergone continuous enhancements,” he affirmed. “Even during turbulent market conditions, Bybit maintains its stability.” This stability serves as a testament to the advanced infrastructure supporting both institutional investors and the exchange’s 25 million retail users.
Zhou also emphasized Bybit’s efforts to empower retail clients with access to products that simplify sophisticated trading strategies. “We offer a unique product known as perpetual protect, which utilizes options contracts to safeguard perpetual positions from losses,” Zhou explained. “Additionally, our advanced Unified Trading Account (UTA) design provides traders with a competitive edge in the market.” These initiatives aim to demystify derivatives and options, making complex financial instruments more accessible and comprehensible to a broader audience.
As the crypto market continues to mature, Bybit remains at the forefront, spearheading innovations that align with evolving market trends and regulatory standards. This proactive stance not only signifies a significant milestone for Bybit but also underscores the overall advancement of the crypto exchange industry.
Source: prnewswire.com
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