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Retail giant Target takes its first steps in the blockchain space; announces its use for supply chain tracking

Sahana Kiran

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Source: Pixabay

U.S-based retail giant, Target, is the latest to wade into the blockchain space. The company’s VP of Architecture, Joel Crabb, announced the creation of an open source blockchain project for supply chain tracking in a blogpost.

Target Corporation has however, been using this technology since 2018, as part of its pilot program. The blockchain created over the test period recently made an open source on GitHub and this digital ledger for supply chain management is called ConsenSource.

Crabb wrote,

“The largest obstacle to implementing a distributed ledger is getting multiple companies to agree on which data are stored in the blockchain and how the system will be operated and governed.To achieve this close interaction among corporate entities, many companies — including Target — see the most potential for enterprise blockchain initiatives as open source.”

The company previously used Hyperledger Grid, a supply chain framework on which ConsenSource was built on. The ConsenSource project will focus on the certification of suppliers for the company’s paper manufacturing.

Target is reportedly looking for system developers and blockchain engineers to work on Hyperledger Grid and ConsenSource.

Crabb added,

“I’m proud that Target will support the Hyperledger Grid project, and that we’re committing dedicated engineering resources to build out components in the Grid architecture.”





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Bitcoin

Bitcoin falls by over 5% in an hour as major correction ensues; altcoins follow suit

Namrata Shukla

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Source: Pixabay

Bitcoin [BTC], the largest cryptocurrency in the world, revisited its glorious highs over the past few weeks. However, it would seem that Bitcoin is falling back to earth since the coin was falling by 5.88% in an hour, at press time.

The coin while falling by 5.88% over the hour, was being traded at $12,251 on Bitstamp exchange. The market cap of the coin was reported to be $224 billion and the 24-hour trading volume was $41.813 billion. Over the past 24 hours, BTC fell by 9.55%, while noting a growth of 35.78% over the week.

Source: Trading view

Source: Trading view

The Bitcoin community was rooting for the coin to cross $14k and after the strong bullish momentum showcased by the coin, the target was not a far fetched one. However, the crash suddenly pulled its price below $13k. Twitter user, @aquinastheory, explained the trend,

“First MA/EMA cross to the downside since June 2nd and the time before May 4th. Either new distribution/accumulation is gonna occur here within the next few days, weeks or we’re going down for sure. #bitcoin $btc #crypto #forexsignals”

Source: Twitter

Source: Twitter

The coin was highly traded on Binance with BTC/USDT pair, reporting a trading volume of $1.881 billion. BW.com followed Binance, noting a volume of $1.686 billion with BTC/USDT pair. The third place was taken by Huobi Global with BTC/USDT pair, with the volume reported to be $1.578 billion.





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