• A pump jack in a canola field (via Shutterstock)
    Technology

    With Vakt investment, five of the biggest energy companies bet on blockchain

    The oil and gas industry is embracing blockchain technology for everything from tracking products to financing sales

    With the announcement on Jan. 16 that three major oil and gas firms including Chevron, Total, and Reliance Industries have joined Vakt, the energy-industry enterprise blockchain company now has five of the 10 largest oil firms by market capitalization on board.

  • car wreck
    Innovators,  Technology

    As industry contemplates DLT, State Farm test drives blockchain technology for auto insurance

    Streamlining complex policies and processes, as well as fraud prevention, are also prime insurance uses

    On Dec. 10, insurance giant State Farm announced that it is testing a blockchain-based solution to improve the speed and accuracy with which auto insurance claims are settled. In testing the solution, the largest provider of auto insurance in the United States is following up on several years of study and interest by the insurance industry in ways the distributed ledger technology underlying blockchain and cryptocurrencies can benefit various lines of coverage offered by the multi-trillion-dollar industry. Specifically, State Farm is looking into blockchain’s use in subrogation, the process by which the at-fault insurer compensates the injured party’s insurer for costs paid to settle a damages claim. “Today, subrogation is…

  • E. coli
    Cryptocurrencies,  Innovators

    Using blockchain to battle E. coli and blood diamonds

    Retailers like Walmart are using IBM blockchain technology to trace produce from the farm to the table

    2018 has not been a kind year to Romaine lettuce. Just before Thanksgiving, the popular salad mix began its second major recall in the United States this year due to contamination by E. coli bacteria. And on Dec. 6, while the U. S. Centers for Disease Control reiterated its Romaine warning, the U.S. Department of Agriculture added another 2,500 tons of ground beef to the 3,500-ton recall issued on Tuesday over a salmonella outbreak. In fact, salmonella has forced the destruction of turkey, pork, chicken, eggs, tahini sauce, and even Kellogg’s Honey Smacks cereal this year, according to the U.S. Centers for Disease Control. There are a lot of ways…

  • Alt coins,  Bitcoin,  Canada,  Cryptocurrencies,  Ethereum,  Media

    Must-reads for September 13, 2018: Diamonds, Dimon, schmucks, and a trillion dollars worth of stories

    Here are the crypto stories you should be watching today

    Morgan Stanley Plans to Offer Bitcoin Swap Trading for Clients (Bloomberg) Morgan Stanley is joining the ranks of institutions by offering swaps to its clients, according to a report by Bloomberg’s Alastair Marsh. A source at the bank told Marsh that a swap product would launch once there’s enough institutional demand and after it gets through internal approvals. For the unfamiliar, a swap would essentially “swap” exposures of one asset with another. Let’s say fund has $1 billion in the S&P 500. They would then enter into an agreement with someone who has $1 billion in Bitcoin to trade returns. Thus if after the first three months the S&P 500…