How blockchain helps farmers?

Grass Roots uses Ethereum blockchain technology to become more open for their customers
05 August 2017   637

Grass Roots, a farm cooperative, now uses tracking app, based on the Ethereum blockchain. This is reported by the ETHNews.

The application is developed by the British technology company Provenance. It gives buyers the opportunity to trace the products route by scanning the QR code. It shows whole products way - from the farm to the supermarket.

In an age where skepticism may very well be at its peak, Grass Roots is working to improve access to information so that customers feel empowered by their choices, not encumbered by them. We hope that by verifying our foods on the blockchain, we establish trust that allows our customers to eat with confidence.
 

Cody Hopkins
General Manager, Grass Roots

According to the Jessi Baker, CEO of Provenance, his team is aiming to enable proving the great things about products in a trusted way.

German Financial Regulator Clarifies Stance on ICOs

The Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) has clarified its position on ICOs
22 February 2018   52

German financial regulator admitted it was receiving many inquiries about the status of tokens and cryptocurrencies. According to an advisory letter, BaFin provides some basic definitions of ICOs and related terms. It is important because the results of a new survey showed that more than two-thirds of Germans know about bitcoin.

In this letter, BaFin educates the public and explains how tokens are typically generated, how blockchain works and that ICOs are used to raise funds for startup projects. The note states that for regulatory purposes, ICOs, tokens, coins, and cryptocurrencies are subject to the existing provisions in the field of securities supervision and other relevant national and EU laws.

The authority advises participants in ICOs to check and follow rules applicable to regulated financial instruments, such as securities. If businesses or individuals have any doubts about regulations, they should approach BaFin.

According to BaFin, companies should fulfill any obligations under the Banking Act and the Capital Investment Code, the Insurance Supervision Act and the Payment Services Supervision Act. The transactions may be prohibited if relevant regulatory requirements are not met.

The authority also states that legal classification of tokens requires precise examination. It will determine their status on a case-by-case basis after studying their features. The token should be transferable and tradable on cryptocurrency trading platforms in order to be classified as a security.