Australian beef supply is now traceable via blockchain

JD.com integrated blockchain-based tracking on premium beef import from Australia
02 March 2018   693

Today, on March 2 Chinese online retail behemoth JD.com announced its expansion into Australia's exporters market with a strategic partnership. A leading Australian meat products exporter InterAgri is now collaborating with JD to bring premium beef to Chinese consumers - the demand and interest for such high-quality food has been increasing lately. What is particularly curious about the initiative is that both companies are eager to implement a blockchain-enabled traceability system.

Such measure will surely attract positive publicity and overall consumer satisfaction because by design this tracking system will be transparent on the matters of the origin of the beef and the handling conditions at every step of the supply chain: consumers will know where and how the animal was raised and how the meat was processed and transported.

We’re excited to partner with InterAgri to deliver this level of transparency to our 266 million customer base. We’re increasingly implementing blockchain-enabled traceability solutions to give consumers confidence that they are buying safe, reliable products for their families. Consumers in China don’t just want quality imported products, they want to know that they can trust how and where their food is sourced, and blockchain helps us deliver this peace of mind.

 

Chen Zhang

CTO, JD.com

This blockchain related project is not the first in the JD's portfolio: earlier a domestic team-up with Chinese meat producer Kerchin also incorporated the novel tracking approach. Also, JD participates in Food Safety Alliance along with Walmart and IBM. The blockchain system is set be online late Spring 2018.

The demand for premium Australian beef in China has exploded over the last few years, but we are still just scratching the surface of the addressable market. By partnering with JD.com, and tapping into its reputation for quality and ability to bring fresh food to the doorsteps of hundreds of millions of potential consumers, we’re unlocking a huge opportunity for Australian beef exporters to fulfil future generations of consumers in China.

 

Adrian McCorkell

Director, InterAgri

Bitcoin to be an Asset, - Israeli Court

Judge Sh. Bornstein ruled that BTC is an asset, not a currency in a legal disput between trader and local tax authority, which wants him to pay $830k profit tax
22 May 2019   78

The central district court in Israel in the framework of the case of the founder of the blockchain-startup against the tax service identified Bitcoin as an asset subject to capital gains taxes, Globes reports.

So, in 2011, the creator of DAV.Network, Noam Kopel, acquired bitcoins, which he sold two years later, making a profit of 8.89 million new Israeli shekels ($ 2.29 million). Then Kopel entered a legal dispute with the tax service over the nature of the first cryptocurrency: he believes that it is a foreign currency, and the authorities insist that it is an asset.

Judge Shmuel Bornstein stressed that Bitcoin may cease to exist and lose to another digital currency, therefore, it cannot be considered a currency, especially in a tax context.

Thus, the court ordered Kopel to pay taxes in the amount of $ 830,600, as well as legal costs of $ 8,306. However, the defendant may still appeal to the Supreme Court.

Back in December last year, the Israeli tax service announced that it intends to fight with deviationists from the cryptocurrency sphere. Cryptocurrency holders in the country are subject to capital gains taxes (25-30%).