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  • The food industry could boom with Blockchain technology
  • Food Industry starting to get FOMO

In keeping with our current theme, we are exploring which industries we expect to be transformed by blockchain technology in 2019. Simply put, more and more people are starting to learn about blockchain technology and it’s possibilities. Because of this, more companies are exploring how the technology can impact their services and their industry. This, comes off the back of a great deal of FOMO, given that many people believe the rise of blockchain will be on the same scale as the rise of the internet. As we know now, the companies such as Google and Amazon that managed to make the most of the internet in the early days are now some of the biggest companies in the world, therefore, nobody can really afford to miss the blockchain train if they wish to have a prosperous and technologically advanced future.

The food industry is one that really can be transformed by blockchain technology. Food is a necessity and is therefore a product that we will all, always need, therefore there is a need within the industry for it to grow and develop with new technologies too.

How can blockchain save food?

There is a problem with efficiency in the food industry. Often, food products are hard to trace from source, simply because they pass through so many gates to go from the producer, to the consumer. Using blockchain technology however can totally revamp the way this supply chain operates – in turn, improving transparency and ensuring that the producer and the consumer are kept on a level that means everyone within the supply chain is treated fairly, with integrity.

According to Tomislav Matic in The Fintech Times:

“A main perk of blockchain for businesses will be its use within the supply chain. Many column inches have been dedicated to how the technology will allow for more streamlined and efficient production processes, but the impact that it will have on the food industry is unique. Stepping away from how it will help the profit margins of a business, the benefits that it can have to human health could be great.”


“Today, few people are truly aware of the sourcing processes of their food and drink – where it was grown or created and the journey it went through to get to the aisles of your local supermarket. However, the transparency that blockchain technology offers means that this can all become visible from something as simple as scanning a barcode with your phone; all the necessary information popping up on your screen in an instant.”

As we become more tech savvy and more interested in what we consume, we want to know more about where our food comes from and how it has been handled. Blockchain technology helps satisfy this desire, and in turn also helps food suppliers to really improve the way they move food globally. The goal of the blockchain within food is to totally improve the quality of the food we all consume, and in turn, to totally improve the way food is shared around the globe.

At the moment the food industry is very un-democratic, the blockchain will eventually change that, for now then, it’s not a case of how, but more… when.

Adrian Barkley , 2019-11-15 21:30:00 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.

While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock

Nick Chong , 2019-11-10 12:00:38

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