Ryuk Ransomware Targets Businesses with Bitcoin Demands, Links to North Korea?

A new, highly targeted ransomware attack has been affecting large businesses. The Ryuk operation demands that victims make large Bitcoin payments for the return of their files.

Is Ryuk Ransomware Connected to North Korea’s Lazarus Group?

The Ryuk ransomware attack has been exposed by security company Check Point. In a lengthy report, the firm states that the group behind the operation has already netted over $640,000 worth of Bitcoin in the two weeks it has been live.

Check Point note that the attack is much more targeted than previous examples of ransomware.

“From the exploitation phase through to the encryption process and up to the ransom demand itself, the carefully operated Ryuk campaign is targeting enterprises that are capable of paying a lot of money in order to get back on track.”

Each campaign appears to be specifically tailored to individual businesses. This has involved extensive network mapping and the mass stealing of credentials to successfully infect systems with the Ryuk software.

Once infected, one of two ransom notes are sent to the companies. The first is a detailed, almost friendly letter, advising firms of their security weaknesses and detailing that the stated Bitcoin demand must be met within two weeks or the infected files will be automatically deleted.

It goes on to say that the ransom demands will increase for every day they are ignored. Upon delivering of the payment, those behind the attack state that they will decrypt the files and advise the company on how to patch their security holes. It reads:

“Gentlemen! Your business is at serious risk. There is a significant hole in the security of your company… You should thank the Lord for being hacked by serious people not some stupid schoolboys or dangerous punks… The final price depends on how fast you write to us. Every day of delay will cost you additional +0.5BTC… Nothing personal just business.”

The second ransom note is much more abrupt, but carries the same general message. They are both signed “Ryuk” with the message: “No system is safe.”

Despite the Ryuk attack only just emerging, it largely resembles another attack which appeared late last year. Much of the software’s coding is similar to that of the Hermes ransomware program. Hermes has previously been connected with the North Korean hacker group known as Lazarus.

The similarities between the two attacks have lead Check Point to conclude that either the Ryuk attack involves the same group who launched Hermes, or that it is the work of another group who have somehow gained access to the prior operation’s source code.

Either way, Check Point believe that more businesses will fall victim to the Ryuk attack, owing to the success it has had over a short period of time:

“After succeeding with infecting and getting paid some $640,000, we believe that this is not the end of this campaign and that additional organizations are likely to fall victim to Ryuk.”

Featured image from Shutterstock.

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DST Global Denies Investing in Bitmain IPO

DST Global Bitmain IPO Bitcoin Cash

Cryptocurrency–Just days after Softbank, one of the largest investors in Uber, denied putting money into cryptocurrency mining conglomerate Bitmain’s IPO, another company has come forth to put to rest rumors related to participation in the IPO. DST Global, an investment fund which focuses on late-stage, global ventures, has said in a written statement to CoinTelegraph that it has not been a participant in Bitmain’s $400 million funding round that occurred earlier in the year, despite reports saying otherwise.

CoinTelegraph reports receiving an anonymous tip today claiming that the investment firm had steered clear of Bitmain’s IPO, with managing partner at DST Global John Lindfors later confirming the rumor, writing in an email,

“I can confirm that DST has never invested in Bitmain.”

The bizarre twist over Bitmain IPO partnership comes just days after Cointelegraph was able to confirm reports that Softbank, a high profile investment firm that has made headlines as the largest investor in Uber, had also refrained from putting money into Bitmain’s IPO. Like DST Global, the rumor mill had proposed that Softbank was participating in cryptocurrency’s large profile IPO via Bitmain, which was confirmed to be not true following the release of a statement from Softbank, saying on August 18,

“Neither the SoftBank Group Corp. nor the SoftBank Vision Fund were in any way involved in the deal.”

In addition to the aforementioned denials, Chinese multinational investment holding Tencent has come forth to dispel any rumors related to its connection with the Bitmain IPO. Tencent, which holds the distinction of being China’s largest tech entity by market capitalization, told a Hong Kong news outlet that

“the company did not take part in the investment of Bitmain Technologies.”

While the series of investment banks and firms backing out of a rumored partnership with Bitmain is concerning, the IPO has already stumbled into controversy related to the crypto mining firm’s massive holding of Bitcoin Cash. Despite most of cryptocurrency seeing a large decline in value throughout 2018 (particularly the classification of altcoins), Bitcoin Cash has experienced an 87 percent decline in price from it’s all-time high of $4300 on December 20, 2017. In addition, Q2 sales for Bitmain were reportedly disappointing, falling in line with the rest of the crypto market decline throughout the year.

Leaked documents from the pre-ICO show that Bitmain is sitting on $600 million worth of Bitcoin Cash–a risky proposition in the current market, but one that could prove fortuitous if the price of BCH makes a turn back towards the bullish. Some even view the massive holding of BCH as an indication that Bitmain is supporting the hard fork of Bitcoin fully, and preparing to back the investment with action that further promotes the price of BCH,

However, other investors have described the proposition of a Bitmain IPO as risky in the current market conditions. Popular crypto Twitter pundit WhalePanda put his concerns over Bitmain’s IPO in a specific light,

“They purposely didn’t include the Q2 numbers for Pre-IPO buyers since they were a disaster… They told Pre-IPO buyers they would use some of the money to buy more BCH.”

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Can Rock, Paper, Scissors Save The Ethereum (ETH) DApp Landscape?

Decentralized App User Count Plummets

Decentralized applications, or DApps as they have been dubbed, has been widely touted as the future of the internet and blockchain technology for years on end. And while many innovators see the potential in decentralized systems and applications, recent statistics gathered by Diar show that DApps have yet to garner widespread interest from the common consumer.

Image Courtesy of Diar

Take the example of CryptoKitties, which saw its daily user base decline from over 14,000 to 510 within 7 months, or a dismal 96% decline. While the near-collapse of the CryptoKitties DApp is on the extreme end of ‘DApp deaths’, users counts have been dwindling with a majority, if not all of these applications, including decentralized exchanges (DEXs). Bancor, for example, saw 74% of its userbase disappear from 1747 to 457 individuals accounts. Fork Delta, another popular DEX, unarguably had it even worse, losing 90% of its active users within a similar timespan.

As a result user count declines across the board, the average monthly DApp user count has fallen by 56% since January 2018’s high at 528,000 individual accounts to just 231,000 addresses.

Is Rock, Paper, Scissors The Answer To Ethereum’s DApp Problems? 

While Diar has undoubtedly revealed that the DApp subindustry is suffering, a recently revealed DApp, albeit ever so simple, may be able to fill a growing need for fun, easy-to-use applications.

The Next Web reports that a Reddit user, going by the handle “ikirch,” has just released an Ethereum-based version of Rock, Paper, Scissors as a smart contract, coupled with a consumer-friendly graphical user interface (GUI). The game, which requires only a wallet with ETH and the MetaMask interface to play, is as simple as choosing one of the three options (Rock, Paper or Scissors [RPS]), determining a wager, and submitting a smart contract function transaction to the Ethereum network.

Image Courtesy of 0xFair

What makes this DApp so great is the open-sourced and provably fair nature of the game, with users able to verify if they won or not by viewing the immutable result of a game, via an Ethereum block explorer. Plus this DApp, which has been called 0xFair by ikirch, is not subject to the issues with “censorship, fraud, third-party interference or downtime.”

However, this new DApp has experienced a slow start, with only a select few users utilizing the smart contract to play RPS. In fact, in the past two and a half days, only 200 transactions have been directed towards the 0xFair smart contract.

But maybe it’s worth taking a step back, to realize that this is much more about a game of RPS, but rather, an easy-to-use, consumer-friendly, fair, secure, and last but not least, a blockchain-backed application that proves that decentralized technologies hold value in a simple manner.

Photo by Fancycrave on Unsplash

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Ethereum Co-Founder Joseph Lubin: Crypto Market Slump Won’t Curtail Growth

Ethereum co-founder Joseph Lubin said that he does not see the recent slump in cryptocurrency prices as a constraint to growth in the market. In a recent interview with Bloomberg, Lubin said the collapse in prices is not a new development as it has always been present in the “blockchain ecosystem since 2009 when Bitcoin

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Ethereum Most Popular Crypto Among Phishers who made $2.3 Million in Q2 2018: Kaspersky

Cybercriminals have raked in a total $2.3 million by exploiting ICOs via phishing in the second quarter of 2018, a Kaspersky study revealed. The multinational cybersecurity company in its new Spam and Phishing in Q2 2018 report found that online malefactors target crypto investors with fake ICO websites. Most of these sites belong to Ethereum-powered startups that raise

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The Ripple Drop – Episode 4

Welcome to episode four of The Ripple Drop, a web video series covering the latest news about the company’s customers, technology, products and culture.

On our first segment this week, Ripple’s Chief Market Strategist Cory Johnson shares the most significant finding in the Q2 XRP Markets Report. We also ask him what he’ll talk to Brad Garlinghouse about in his upcoming AMA later this week.

Next, we talk to Marcos Fernandez, senior manager for xRapid infrastructure partnerships. He tells us why last week’s announcement, xRapid Brings on Three New Exchange Partners, is so important for remittances from the U.S. to Mexico and the Philippines.

On our final segment, we sat down with Welly Sculley, director of business development. He discusses interesting trends he’s seeing among financial institutions on RippleNet.

We hope you enjoy this episode, and as always, let us know if there are topics you’d like to learn more about in the future.

An extended cut of this episode featuring the full interviews will also be available on Youtube. And, if you haven’t yet, make sure to catch up on episode one, two and three!

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DST Global Denies Bitmain IPO Investment Few Days After SoftBank, Tencent’s Involvement Called Into Question

DST Global has denied involvement in crypto mining giant Bitmain’s IPO in an email to Cointelegraph, just days after SoftBank did the same.

Investment firm DST Global has confirmed that it “has never invested” into the cryptocurrency mining giant Bitmain’s pre-IPO in an email to Cointelegraph August 21.

Cointelegraph received an anonymous tip today, claiming that DST Global has not participated in Bitmain’s $400 million funding round earlier this year, despite reports to the contrary.

After being asked to confirm the rumour, John Lindfors, a managing partner at DST Global, has said this in an email to Cointelegraph today:

“I can confirm that DST has never invested in Bitmain.”

The news follows days after another major player, Uber’s largest investor SoftBank, told Cointelegraph that reports about its participation in Bitmain’s initial public offering (IPO) were also false.

“Neither the SoftBank Group Corp. nor the SoftBank Vision Fund were in any way involved in the deal,” a spokesperson said August 18.

Also today, Chinese multinational Tencent has allegedly denied involvement in Bitmain’s IPO, according to a Hong Kong news outlet AAStocks.

According to the publication, China’s largest technology entity by market cap confirmed that “the company did not take part in the investment of Bitmain Technologies.”

As of press time, Tencent had not responded to requests from Cointelegraph to confirm the AAStocks report.

The news nonetheless increases the already controversial nature of Bitmain’s IPO plans, which centers on the company’s Bitcoin Cash (BCH) holdings, rumoured poor Q2 sales and the general underperformance of cryptocurrency markets this year.

Cryptocurrency industry and well-known community commentators reacted warily to a pre-IPO investor deck disclosure earlier this month, Blockstream CSO Samson Mow describing the planned flotation as “incredibly risky for any investor to buy into.”

“They purposely didn’t include the Q2 numbers for Pre-IPO buyers since they were a disaster… They told Pre-IPO buyers they would use some of the money to buy more BCH,” commentator WhalePanda meanwhile added during a Twitter debate before the SoftBank news.

As of press time, Bitmain has not responded to Cointelegraph’s request for commentary.

Crypto Startup Pundi X To Power Blockchain Payments at Ultra Music Festival in Taiwan

Leading blockchain payments provider Pundi X and its XPASS card platform will power transactions for over 30,000 XPASS holders at the annual Ultra Music Festival in Taipei, Taiwan.

Ultra Attendees Can Pay with XPASS at 35 Retail Outlets

The largest independent electronic dance music festival promotion in the world, Ultra Music Festival, will see their annual Taiwan show become the testing grounds for an exclusive partnership with Indonesia-based cryptocurrency startup Pundi X to power blockchain-based payments for attendees.

Over 30,000 XPASS cards will be available for attendees to purchase and use at Pundi X’s XPOS blockchain payment terminals found at 35 different festival shops. The cards can be used to purchase everything from food to festival merchandise such as T-shirts and other gear.

CEO and co-founder of Pundi X, Zac Cheah hopes the integration of his firm’s blockchain technology will demonstrate real-world usage of cryptocurrencies like Pundi X. He calls it a “major moment for mass adoption,” adding:

“In a little more than two weeks time these doubts can be laid to rest when 30,000 party goers against the hectic backdrop of this year’s Ultra Taiwan festival pay for drinks, food and merchandise using Pundi X technology.”

Last year’s Ultra Taiwan saw the attendance of over 27,000 people. This year is the fifth anniversary of the show, taking place at Da Jia Riverside Park, Taipei, Taiwan on September 8 and 9.  The festival features notable EDM DJs and producers DJ Snake, Marshmello, Galantis, Alan Walker, and many more as headliners.

There’s Another Music Festival on the Block(chain)

It’s not just Ultra Music Festival that’s looking to blockchain to underpin transactions.

EDM DJ, producer, and early Bitcoin investor 3LAU, whose real name is Justin Blau, is launching his own cryptocurrency token, the OMF token, at the upcoming Our Music Festival taking place on October 20 at the Greek Theatre at UC Berkeley.

Pre-sale tickets for the event were offered exclusively to crypto holders, with payments in Bitcoin, Litecoin, Bitcoin Cash, and Ethereum accepted.

Blau aims to create an OMF-based ecosystem that rewards artists and fans for attending events, buying tickets, offering feedback, and overall participation in the “experience.” Blau looked to blockchain’s trustless immutable ledger technology as a deterrent against ticket-related counterfeiting and scalpers who inflate prices. He also expects blockchain technology to “eliminate a lot of the inefficiencies” he experiences in his career in the music industry.

Blau passed on a career working for BlackRock investments to pursue a career in music. Around that time, Blau met Cameron and Tyler Winklevoss who introduced him to Bitcoin and started his love affair with the emerging technology. Nearly five years later, Blau is launching his own cryptocurrency and dipping his toes back into the world of finance, all while still surrounded by his passion in music.

Featured image from Shutterstock.

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Ethereum Scam Swindles Over $40,000 From Unsuspecting Android Users

$400 For A Logo… Woops 

For years, the cryptocurrency industry has been rife with unbridled creativity from an amassment ofindividuals. While this innovation has resulted in some unique projects, products, and services, creative and near ingenious crypto-related scams have become a common, near-daily sight for many consumers.

Lucas Stefanko, a European cybersecurity researcher, recently brought attention to a new Ethereum-centric scam on the Android Google Play store that was unique in its own right. According to Stefanko, the scam was just an app, one that costs €335 (~$390) that is, that portrayed itself as “Ethereum.”

As the image implies, the app claims to sell “just an Ethereum” for 335 Euros, or approximately $100 over the current value of a single ETH token. While the exorbitant price would be somewhat of a scam in itself if that app actually provided users with one ETH, it turns out that users who purchased the “Ethereum” app got nothing but the classic Ethereum logo, with all of its sharp vectors, minimalistic features, and dark aesthetics.

What’s even more bizarre is that in the app’s over a one-year lifespan, it has garnered over 100+ installs from unsuspecting users, racking up a minimum of $39,000 in the process.

Maybe some users were tricked by the 22 reviews (likely fraudulent), which gave the app an average rating of four out of five stars, or by the apparent firm behind the app — “Google Commerce LTD.” Obviously enough, it isn’t Google nor an affiliated subsidiary that is offering this app, as the firm wouldn’t be caught dead taking part in such a scheme. However, reports from The Next Web have speculated that including Google Commerce may have aided the app’s developers to get their scammy app listed on the Play Store. Although Google has touted its secure system, it would make sense that even some small things sneak past Google’s ‘eye of Sauron’.

While it is unclear who is behind the app, or who unfortunately bought it, the app has since been removed from the Play Store, likely in direct correlation with the security researcher’s tweet.

Google Play Store Remains A Battleground For Crypto Apps

In related news, it was recently revealed that Google’s attempts to stave off crypto mining apps have been rather unsuccessful. As reported by Ethereum World News, Google made an attempt to restrict apps that mine cryptocurrencies in late-July. Nearly one month after the firm’s announcement, mining apps, new and old alike, were still present on the Play Store.

JSEcoin, play store, mining app, cryptocurrency
Image Courtesy of TNW

One app included JSECoin, which allowed users to manage desktop mining operations remotely, while also providing users with a method of mining cryptocurrencies through a mobile device. Although this app was totally within the rules prior to the apparent ban, JSECoin somehow slipped under Google’s all-watching radar after the crackdown occurred. While the technology giant has since responded, cracking down on the app and also noting that it will give existing mining apps a thirty-day grace period, others aren’t convinced that the firm’s efforts are warranted. Nonetheless, Google has begun to show fleeting signs that it may be beginning to accept blockchain and cryptocurrencies.

Photo by Jack Sharp on Unsplash

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Major Players Use Blockchain to Streamline Agribusiness’ Creaking Supply Chain

Transparency, traceablity and everything else blockchain could provide for the agriculture.

Agriculture is proving to be one of the most promising sectors for the growth and implementation of blockchain technologies. The mammoth industry suffers from a number of endemic issues. Agricultural trade relies on complex relationships between farmers and retailers, as well as convoluted supply chain procedures which can complicate payments and product providence. As demand for agricultural trade becomes increasingly international, suppliers and innovators alike are looking to bring the trade into the twenty first century by capitalising on blockchain’s distributed ledger technology.

What blockchain can do for transparency and traceability

One of blockchain’s most commonly promoted attributes is transparency. GlobalData’s How Britain Shops survey reveals that consumers are increasingly concerned with the quality of the food they purchase from retailers. In a time where knowledge about food and nutrition is rapidly expanding, blockchain gives shoppers the ability to track the origins of store stock, helping them to guarantee purchasing a safe, quality product. Retailers and manufacturers are able to benefit from preventing flawed products from ever hitting the shelves by tracing information for individual items back to the farm where they were produced. Although this technology is in its early stages, the French retailer Carrefour has implemented blockchain to display information about their free-range chickens, the Retail Insight World reports. Customers have access to a plethora of data about their fateful chicken of choice, including the time it was laid, the hatchery and the name of the farmer.

The benefits, however, are not limited to the consumer alone. In recent years, a number of incidents regarding the quality and providence of products shook consumer faith in food suppliers, such as in 2013, when products advertised as containing beef were actually revealed to contain horse meat. Suppliers, however, appear to be learning from past industry mistakes. Kelly Registration Systems, the software unit for Kelly Products, a US based agribusiness company, announced the launch of their blockchain based platform to increase transparency in the United States meat industry.  Stuart Edmondson, chief technology officer at Kelly Registration Systems told Systems told the Verdict:

“Utilising blockchain technology for our new tracking system gives producers the opportunity to streamline their protein tracking and make it extremely accessible and transparent.”

Through radio frequency identification (RFID), customers will have access to a wealth of information, such as breed, sire, sex, vaccination details, hormones or antibiotic treatments along with data surrounding the animal’s growth, meaning it’s not only Carrefour’s chickens whose life trajectories are going public. Although this system has only been launched on a small scale, CEO Keith Kelly said the company plans to include other suppliers and expand across the region.

In 2017, food giants NESTLE, Unilever, Walmart Inc and Dole partnered with IBM to develop a blockchain system called Food Trust, based on the idea that partners and competitors should maintain a single-record keeping system. According to Nestle’s global head of supply chain, Chris Tyas, the companies agreed that blockchain can help improve safety measures on the condition that industry leaders collaborate. Failure to do so would create vast quantities of unmanageable data due to the many parties involved in the food industry supply chain. IBM is also set to release a mobile app to permit farmers to enter information into the Food Trust database, the Wall Street Journal reports.

This initiative also comes under the auspices of building consumer trust and eliminating the chances of contamination and product misinformation as a result of traceability. Scandals surrounding food supply result in lengthy investigations, such as the fatal 2017 salmonella outbreak that stemmed from a contaminated papaya farm in Mexico.The transparent, instantly available nature of Blockchain technology can reduce the investigation process to a matter of seconds, potentially halting the current precautionary measures of mass product recall and the culling of huge swathes of livestock.

Governments open the door to blockchain

The Sustainable Sugar Project has received a grant of A$2.25 million from the Australian government, Foodnavigator-Asia reports July 30.

Led by the Queensland Cane Growers Organization, the project will also use blockchain technology to track the origins of their supplies back to Australia in an industry wide effort to improve sustainability and traceability.

Minister for Agriculture David Littleproud stated that large buyers could end up paying more in the future for sustainable sugar as customer preference for sustainable products increases:

“This technology would provide assurances around the sustainability of our sugar and ensure cane farmers using sustainable practices can attract a premium for their product.”

Meanwhile, on the other side of the world, The Agricultural Bank of China (ABC) has issued its first loan on blockchain, Financial News reported July 31. ABC is the world’s fourth-largest bank by assets and is one of China’s “Big Four” lenders.

The ABC’s first loan issued on blockchain is worth around $300,000 and is backed by agricultural land in the Guizhou province.

The bank plans to “buil[d] blocks with local people, pilot land and resources bureaus, and agriculture and animal husbandry bureaus” through blockchain”.

One other avenue for future development is the creation of a transparent land registry. Blockchain technology is also being used by the bank to prevent clients applying for loans from different banks while using the same land as collateral.

Australian Supply Chain Innovation Piques Investor Interest

Square Peg Capital has invested $5.5 million into Australian blockchain startup Agridigital. The startup has built a private blockchain to improve supply chain finance, with over 1300 users and 1.6 million tonnes of grain transacted since December 2016, along with $360 million in grower payments. Square Peg Capital hopes to expand the system into the United States.

Square Peg Capital partner Tony Holt said:

“At the moment supply chains are archaic, and the opportunity for a distributed supply chain with multiple participants lends itself extraordinarily well to distributed ledger technology, but also any form of material improvement.”

According to Business Monitor Online, blockchain could also reduce the time it takes for farmers to receive payment, along with payment uncertainty. The technology has helped traders match payments with title transfers by linking them, thereby avoiding any threat of counter-party risk (i.e. the risk that the other party involved in the financial contract will default on their contractual agreement).

In the words of Adrian Turner, CEO of The Commonwealth Scientific and Industrial Research Organisation’s (CSIRO) specialist Data61 unit, blockchain has the potential to:

“Not just to integrate information exchange and improve operational efficiencies across a diverse industry, but also to improve supply chain quality, facilitate provenance of branded goods and reduce cost of regulatory approvals.”

Data61 provides a useful example of how the supply chain system could be improved through blockchain:

Diagram from CSIRO’s Data61 unit, illustrating how blockchain could revolutionise supply routes.

“The additional financing costs that suppliers incur because they aren’t being paid promptly work their way back into higher prices for consumers.” V.G. Narayanan, Chief of the accounting practice unit at Harvard Business School told the New York Times.

The use of blockchain seems set to improve efficiency in agribusiness, not only improving transparency and cutting out the middle man, but also leading to potential reductions in cost.

Several successful deals have now been carried out using blockchain, including the shipping of 17 tonnes of almonds from Australia to Germany, underpinned by the use of smart contracts and a geotracking Internet of Things (IoT) to deliver end-to-end movement of the produce.

60,000 tonnes of US soybean were sold to the Chinese government in 2017 via the use of the Easy Trading Connect blockchain prototype, Business Monitor Online reported. According to participants, the time spent processing documents thanks to the use of electronic smart documents was reduced fivefold.

The Jury is Still Out Over a Blockchain Solution

In spite of the many positive developments and promising applications of blockchain in agribusiness and food supply sectors, a number of perceived weaknesses in the technology have been pointed out.

CSIRO’s Data61 listed a number of concerns in a 2017 report. Data 61 stated that information placed into a blockchain that cannot be changed elevates the risk of “toxic data” being locked into the system. The unit also highlighted that this same flaw could lead to sensitive metadata being compromised. Though the blockchain itself might be immutable, IoT devices are not impervious to manipulation.

Data 61 also said that blockchain could be more expensive than current systems if used to carry out “smart contracts” due to the well known energy consumption of blockchain technology. The unit also expressed concern over whether blockchain was suitable for such large information databases and stressed that the technology cannot yet be implemented in isolation from other existing cloud-based or in-house systems.

While there are many benefits of transparency in terms of reducing costs and improving customer confidence, blockchain presents opportunities for previously hidden instances of poor animal welfare, sub-par producing processes and use of chemicals and pesticides to backfire for producers of low-cost products, Business Monitor Online reports. The research organisation also said that the technology is still too immature to be put in place for at least three to five years, emphasising that most trials have been limited in scope and are not capable of dealing with the intensity and global reach of 21st century agribusiness.

Concerns have also been voiced regarding the technology’s reliance on all parties to be actively involved in the supply chain for it to work, meaning that if the input of data breaks down somewhere from farmer to customer, blockchain could fail to live up to its questionable reputation as an all encompassing solution to agribusiness’ woes.

In spite of warning about the dangers of potential oversupply of competing platforms that could cause confusion if developers do not coordinate along with the current absence of overarching regulation, Data 61 CEO Adrian Turner said blockchain technology has vast economic potential and is “here to stay”.