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Ambrosus Aims to Prove Kik CEO wrong about blockchain with its Trustless Supply Chain Solutions

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Ambrosus' objective to falsify Kik CEO's recent comments about blockchain: Here's why
Source: Ambrosus

The founder and CEO of Kik made some controversial statements about blockchain this month at a tech conference in Canada – comments that would normally have been just another voice in the energetic debate that surrounds blockchain.

However, this wasn’t just another voice or an outsider to the blockchain. Kik CEO Ted Livingston questioned the relevance of blockchain after raising $100M USD in a cryptocurrency ICO for his app. That provides significant interest, and scrutiny, on his comments.

Here’s the key quote from Livingston:

“What does blockchain do at the end of the day? It allows you to have a database that’s trustless. That can be applied in a bunch of ways, but most of those ways, you still need trust”

Those quotes attracted attention, and in the subsequent reporting, technology journalists gave examples of why this matters. Take the Financial Post’s James MacLeod:

Blockchain can create an indelible public ledger that tells customers, say, every stage along the way from the point a fish is caught to when it arrives on your table at a restaurant. But that’s not much good if the fisherman lies about where he caught it.”

The remarkable thing is that Livingston and MacLeod are right. And Ambrosus agrees with both sets of comments.

That’s why their team is doing something about the issue of trust, starting not only with blockchain.

Ambrosus is building the world’s first universally-verifiable ecosystem on blockchain to ensure the quality, safety, and origins of a variety of consumer and valuable products. Think about how important that can be for items like the food and pharmaceuticals we consume. And, in the age of amazing fakes and frauds, a true record of ownership and production of high-value items like aviation, electronics, or military parts, along with valuables and commodities such as precious metals, stones, and jewelry, add significant value.

The European Union Intellectual Property Office estimates more than 20 billion EUR is lost annually on counterfeit food and medicine alone.

This isn’t a new problem, but the supply-chain industry currently runs on barcodes, stickers, and IR scanners. Ambrosus is going to the next level to incorporate more data via sensors and measurements at each step of the supply chain.

It’s ambitious, it’s demanding, and it’s going to build additional trust back into elements like food and pharmaceuticals that matter. Using a decentralized, scalable, and multi-layered blockchain built on open-source infrastructure makes Ambrosus a world leader and gets to the very heart of the supply chain problem: quality data.

The Ambrosus model also uses its own token known as Amber. This is not just another unique coin or token but a data-bonded token which offers real utility. An Amber token is associated with each item in the supply chain, even physical items, and underpins all transactions on the Ambrosus network. It also provides incentives for stakeholders, and is locked in Smart Contracts along each step of the supply chain:

All of this means that Ambrosus can’t use Ethereum or Bitcoin or some other well-known cryptocurrency – instead, it’s unique ERC-20 compliant token built-for-purpose, and not just another coin by another name.

Ambrosus isn’t just building the software for the system and leaving the rest up to third-parties. From the unique Innovation Lab, in Zug, Switzerland, the team has deep roots in technology and core blockchain experience, sensors, and hardware, along with an experienced Advisory team.

The first glimpse at an early 3D-printed prototype was provided just last month, with the Ambrosus mobile sensor hub revealed for the first time. Built on top of Raspberry Pi framework, with huge IoT connectivity capabilities, the hub can power and communicate with any sensor on the market today. The platform is also developer friendly, to connect other legacy systems, or integrate other physical devices such as barcode scanners to the platform.

This hardware allows Ambrosus to develop Events on the Ambrosus blockchain, known as AMB-Net. A single data Event could contain readings of temperature, humidity and location. Nothing is left to a single sensor – smart contracts almost immediately cross-check the data for real-time quality control, unlike anything seen before. This is where a cost to suppliers comes in, and the Ambrosus economic model proves out.

Ambrosus is already testing out these techniques with large corporate stakeholders in the food and pharma sector, working hard on Proofs-of-Concept and Pilot Projects with corporate stakeholders.

With all of that background, and with the Ambrosus project moving forward rapidly, we can get back to the original problem. What if a company tries to sell coffee beans as arabica, when they’re robusta?

Or, to the point, what if the fisherman can’t be trusted?

Vlad Trifa, Chief Product Officer at Ambrosus, explained that there has always been this battle between producers and wholesalers, let alone fishermen and seafood wholesalers who need a quality product.

But incentives for providing data along with a catch might be one answer to this problem.

“Of course it’s an effort in multiple parts. What Ambrosus can do is incentivize fishermen to be guaranteed to purchase 10-20% more from a seller if he can provide data as early as possible. Maybe that’s GPS location data, maybe that is installing a camera on his boat that can provide guarantees for his catch. Maybe if the fish that is caught is placed in a proprietary box that monitors and compares temperatures to a smart contract, rather than in a general hold.”

“Of course, he doesn’t have to do all of these things or may choose to do none of them, but if he earns a premium by collecting early data and supplying that data, that starts to be an option.”

Knowing where your fish is caught (and what the fish actually is!) beyond what a handwritten label at a fishmonger might say is just one small example of game-changing technology being developed by Ambrosus, the world’s leading blockchain and IoT platform for quality assurance in food and pharmaceutical supply chains.

To know more, click here!

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Facebook’s Libra is a double edged-sword, but will benefit Bitcoin, says Caitlin Long





Facebook's cryptocurrency Libra is a double edged-sword, but will benefit Bitcoin [BTC], says Caitlin Long
Source: Unsplash

On 18 June, the world’s biggest social media platform, Facebook, introduced its new cryptocurrency, Libra, set to launch in the first half of 2020. The coin that would have its own blockchain will be backed by several sovereign currencies, and these reserves would be managed by the Libra Association. The association will also be engaged in several other key activities, which would focus solely on the development of the Libra ecosystem.

Notably, the coin has brought together major players in both the financial and technology industry including, MasterCard, Paypal, and Coinbase. Despite such strong backing however, the concept of the coin was soon shot down by several influencers and government authorities.

The French Minister of Finance and Economy, Bruno Le Maire, released a statement asserting that Facebook’s digital currency becoming a sovereign currency was “out of question,” adding that “it can’t and must not happen.” Along with this statement, the Finance Minister also raised concerns about money laundering and terrorism funding and urged G-7 countries Central Bank Governors to draft a report on the new “global currency” for their meeting in July.

Further, Facebook’s cryptocurrency is also facing hurdles in its native country. Maxine Waters, Chair of the House Financial Services, has requested the social media giant to hit the pause button on the development of Libra, until Congress and regulatory authorities hold a discussion on the digital currency. This request was put forth mainly because of the firm’s “troubled past.”

In an interview with WhatBitcoinDid, Caitlin Long, Co-founder of the Wyoming Blockchain Coalition, stated that Libra had its pros and cons, adding that it was a “double-edged sword.” However, the blockchain evangelist continued to assert that this was going to benefit Bitcoin, stating that the social networking platform was “making cryptocurrency a mainstream word.” She added that Facebook would introduce the concept of digitally scarce money to people and that these people would look for the best cryptos that would retain the most value over time. That crypto was going to be Bitcoin, she said.

Long stated,

“This is a detour kind of like Andreas analogy, it’s the intranet before internet. We’ve even seen it in this industry, it’s blockchain not Bitcoin but people are coming full circle back around to Bitcoin. These are detours that are ultimately helpful to gaining adoption and wider support, but they’re not where we end up and I think we will end up in Bitcoin.”

Further, Long was asked whether Libra was going to be its own currency, considering it will not be pegged to a specific currency, but several fiat currencies. To this, she stated that Libra was indeed going to be a currency of its own, similar to Bitcoin. She stated that it was going to function like a “central bank,” remarking that it would be a “private version of a central bank.” Long went on to add,

“They’re going to be managing reserves against the liability. For them it will be the people who own the coins and they will be managing the reserves against that […] they are going to be marketing this in the developing world, this is going to be a developing world concept probably more than a developed world concepts […] so my guess is this is mostly an emerging market phenomenon secondarily a European phenomenon and lastly a U.S. phenomenon.”

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