Food companies implement blockchain in production

Cargill and Nestle are planning to prove quality by using cryptographic methods
23 November 2017   448

Since recently Cargill’s Honeysuckle White turkeys have a special code on their tags, which helps to identify farms from which birds have come. It was made possible by using a blockchain, where all the information about turkeys is ciphered with the help of cryptography.

It should be noted that the company decided to use a blockchain platform to show their belief in respectableness of family farmers. The blockchain includes information about farm, diet of the birds and conditions of turkey operations. Buyers can get not much information about the data, which the blockchain contains, only about the farm. But they in any case have an opportunity to surf and discover more about the particular independent family farmer.

Cargill wasn’t the first company to use such technology. In August representatives of Nestle, Dole and Tyson Food made a declaration that they would use RFDI-based systems to prove freshness and quality of their food and drinks. Mentioned companies collaborate with IBM for this purpose.

Wyoming Passed Bill Exempting Utility Tokens from Securities Laws

The Wyoming House of Representatives has unanimously approved a bill exempting utility tokens from securities laws  
20 February 2018   71

On Monday, House Bill (HB) 70 passed the House 60 to 0 and will now head to the Senate. The bill exempts utility tokens from securities laws. This will attracts ICO’s launches to the state and will make the state a favorable environment for blockchain startups.

According to the bill, the utility token must meet three conditions:

  1. The token’s issuer must not market it as an investment;

  2. The token must be exchangeable for goods and services, for example, startups must have a working product or service at the time the tokens are issued;

  3. The token’s issuer must not actively make efforts to create a secondary market for the token by entering into a repurchase agreement or agreeing to locate buyers for the token.

It is important to note that there are four more cryptocurrency and blockchain-related bills currently moving through the Wyoming legislature.

HB 19 passed the House of Representatives on Monday and is now awaiting introduction in the Senate. The bill exempts cryptocurrency from the state’s money transmitter act.

HB 101 has passed its second reading in the House and, if it passes its final hearing, will then go to the Senate. This bill will allow companies to create and use blockchains for the purpose of storing records and conducting inter-office communication.

HB 126 has just passed its second reading in the House. It will allow the creation of series LLCs.

Senate File (SF) 111 passed a vote to introduce on Friday and is now headed to a committee hearing. This bill will exempt cryptocurrency assets from state property taxes.