Intel’s Blockchain Application Tracks Global Seafood From Ocean to Plate

As detailed in a 2016 report by Oceana, fraud is a huge problem in the seafood industry. Based on data compiled from 200 studies, the ocean conservation advocacy group found that as much as 20% of seafood is not labelled correctly in the U.S. This mislabeling has wide-reaching consequences on global health, the economy, and conservation efforts. Fortunately, that is set to change, and it’s blockchain technology that we have to thank.

Oceana’s study was limited to retail outlets, including restaurants, sushi venues, and grocery stores, so it’s not known exactly where in the supply chain seafood fraud actually takes place. The seafood mislabeling infractions detailed in the report ranged from the restaurants listing wild salmon but serving a cheaper farmed salmon instead, to sushi chefs purposely mislabeling endangered whale meat as tuna in order to smuggle it into the country.

According to the report, the problem is traceability, and a more detailed and transparent record of information about fish as they move along the supply chain could help decrease instances of mislabeling.

Seafood blockchains

As we know, the core of blockchain technology is simply a secure, transparent way to record transactions, and a number of companies are looking for ways to apply it to the seafood supply chain. In April 2017, Intel showcased how Hyperledger Sawtooth, a platform for creating and managing blockchains, could facilitate seafood supply chain traceability.

The study used IoT connected sensors to track and record information about a fish, such as its location, temperature, and other characteristics as it made the journey from ocean to plate.

More recently, in January of this year, the World Wildlife Foundation (WWF) announced their Blockchain Supply Chain Traceability Project. Similar to Intel’s, this project aims to aide the WWF and their partners in cracking down on illegal tuna fishing by recording every step along the supply chain on a blockchain.

“Through blockchain technology, soon a simple scan of tuna packaging using a smartphone app will tell the story of a tuna fish — where and when the fish was caught, by which vessel and fishing method,” WWF-New Zealand CEO Livia Esterhazy said in a press release. “Consumers will have certainty that they’re buying legally-caught, sustainable tuna with no slave labor or oppressive conditions involved.”


The difficulty with making an idea like this a reality — and one that works, is reliable, and trustworthy — is getting everyone along the supply chain to not only agree to a new recording system but properly implement one too. Welcome, Fishcoin.

According to the company’s white paper, Fishcoin is a utility token that creates an incentive for data capture in various forms, beginning with key data elements captured and communicated by fishermen and fish farmers for the purpose of traceability.

How does it work? Fishermen in developing nations send a restaurant or grocery store information on the seafood they caught. This triggers a smart contract that transfers a certain number of Fishcoins into those fisher’s crypto wallets. The fishers can then use those Fishcoins to pay bills or buy cellphone minutes. With an underlying blockchain that records all this information, Fishcoin looks to provide the incentive to make it happen.

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It is often difficult to find positive reports about Bitcoin. Too many transactions cause a spike in overall fees. Fewer transaction makes media outlets believe the interest in Bitcoin is slowing down. The uptick in SegWit adoption is indeed reducing the number of transactions, but that is a positive trend It seems a lot of people aren’t familiar with transaction batching.

The Reduction in Bitcoin Transactions

The Bitcoin network has always been a curious creature. It is impossible to find any constant features as far as this ecosystem is concerned. This is especially true when it comes to transactions over the network. In the past, an increase in Bitcoin transactions was not always a good thing. Given the low throughput of the original network, delays and increasing fees were all too common, unfortunately.

It now seems the overall number of Bitcoin transactions is decreasing. While that may seem like a worrisome sight at first, it is completely normal. Multiple factors contribute to this rather unusual phenomenon. First of all, indicates fewer people are sending Bitcoin transactions. This only represents a fractional minority of what is going on for the rest of the network, though.

The reality is how we now see more Bitcoin transactions being batched into one. As such, there are seemingly fewer individual transactions, even though that is not entirely the case either. Whenever transactions are batched into bigger groups, the outputs will drop as much as transaction count. Batched transactions create many outputs, which in theory can halve the number of outputs being created.

Batching is a Good Thing

If Bloomberg is to be believed, the current decrease in Bitcoin transactions is the beginning of the end. More specifically, their article quotes Charles Morris as saying how the hype-cycle is cooling down. While it is true the Bitcoin price is still lower than late last year, it is evident things are slowly improving once again. At the same time, this lack of understanding how Bitcoin works rears its ugly head once again.

Morris went as far as calling for a Bitcoin bear market. This is mainly based on the reducing number of Bitcoin transactions, rather than anything else. With the number effectively being cut in half, it is evident the batching solution seems to work just fine. With SegWit now becoming easier to use, it is not unlikely we will see even fewer outputs in the future. This does not mean people are using Bitcoin less often, though, as the opposite may be true.

Additionally, other factors contribute to this change as well. Batching only tells one part of the story in this regard. We also see fewer spam transactions on the Bitcoin network, which is a good thing. It is evident bathing is difficult to understand for the uninitiated, albeit it makes perfect sense to everyone else. Things are heading in the right direction for Bitcoin in every regard.

North Korea seemingly wants to bypass the sanctions imposed upon the nation by the US government. Doing so will require a very creative approach. So far, it seems the country’s government leans toward using bitcoin for this specific purpose.

North Korea and Bitcoin

It is evident there are growing rumors regarding North Korea and Bitcoin. For quite some time now, people have voiced concerns over this nation’s affinity with cryptocurrency. With the US continually imposing new sanctions on North Korea, something has to give eventually. Even though Kim Jong Un will not change his overall approach, he is considering the use of Bitcoin to bypass these sanctions.

The latest sanction comes in the form of firms and shipping companies allegedly aiding North Korea’s nuclear programs. Although it remains to be seen if there is any truth to this, the repercussions are very dire. The US government wants to cut off all revenue streams in the communist country. They fear any new capital will be used immediately to fund the nation’s weapons programs.

Whether or not these sanctions have any lasting impact, remains to be seen. So far, North Korea is not effectively suffering from the US’ actions. Instead, they look for new revenue streams to keep doing their thing. The rule of cryptocurrencies should not be underestimated in this regard. This borderless and bankless currency cannot be blocked by any government. As such, it makes perfect sense for North Korea to explore with this option.

More Hacking Attempts to Follow?

Assuming North Korea will explore the Bitcoin option, they will need a lot of cryptocurrency moving forward. One way to obtain that is by doing the same thing the country has done for years now. By targeting South Korean exchanges and effectively hacking them, a lot of currency can flow into North Korea without too many problems. Right now, it is estimated the communist nation earns up to $200 by selling cryptocurrency every year.

A report from Recorded Future shows North Korea’s keen interest in Bitcoin. More specifically, it shows how government actors purposefully target South Korean cryptocurrency exchanges for financial gain. They also go after South Korean college students interested in foreign affairs. This report seemingly indicates is also linked to the WannaCry malware in a roundabout way. Rest assured we will see more of these attacks as time progresses.

It is evident all of this momentum will further tarnish Bitcoin’s public image. Most people are Bitcoin-averse due to its ties to criminal activity. If communist nations now start to show an active interest in this currency, that situation will not improve anytime soon. For the time being, we have to wait and see how this situation evolves. It is evident cryptocurrencies open new opportunities, although not all of them are positive in this regard.

Key Points

  • Bitcoin price started a nice upside move from the $10,100 swing low against the US Dollar.
  • There is a contracting triangle pattern forming with resistance at $11,400 on the 4-hours chart of the BTC/USD pair (data feed from SimpleFX).
  • The pair may decline or correct a few points, but it remains supported above the $10,500 level.

Bitcoin price is back in an uptrend above $10,500 against the US Dollar. BTC/USD is likely to continue moving higher towards the $12,000 and $12,500 levels.

Bitcoin Price Trend

This past week, there was a fresh upside wave initiated from well below the $10,000 level in bitcoin price against the US Dollar. The price formed an intermediate low around the $10,100 low and moved higher. The most important thing is the fact that the price is now well above the $10,200 support and the 100 simple moving average (4-hours).

Recently, it moved above the $11,000 resistance and formed a high at $11,384. It is currently correcting lower and is testing the 23.6% Fib retracement level of the last wave from the $10,106 low to $11,384 high. At the moment, it seems like there is a contracting triangle pattern forming with resistance at $11,400 on the 4-hours chart of the BTC/USD pair. There is a possibility that the pair may correct lower in the near term towards $10,800 support. However, downsides are likely to find buyers near the $10,800 and $10,500 levels. Moreover, the 50% Fib retracement level of the last wave from the $10,106 low to $11,384 high at $10,745 is also a support zone.

Bitcoin Price Weekly Analysis BTC USD

Overall, the price remains in an uptrend as long as above $10,500. On the upside, it may continue to move higher towards the $12,000 and $12,500 levels.

Looking at the technical indicators:              

4-hours MACD – The MACD for BTC/USD is placed nicely in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI is currently moving lower towards the 50 level.

Major Support Level – $10,500

Major Resistance Level – $11,400


Charts courtesy – SimpleFX

Key Highlights

  • ETH price is trading above the $780 support, but with a negative bias against the US Dollar.
  • There is a major bearish trend line forming with resistance at $850 on the 4-hours chart of ETH/USD (data feed via SimpleFX).
  • The pair should break the $850 resistance and the 100 simple moving average (4-hour) for more gains.

Ethereum price is facing a tough challenge against the US Dollar and Bitcoin. ETH/USD has to gain pace above $850 to continue moving higher.

Ethereum Price Resistance

There was a slow and steady rise in ETH price this past week above $800 against the US Dollar. However, there was no upside break above the $900 resistance. Later, the price started a minor downside move towards $800 and kept forming lower low. More importantly, the price remained below the $900 pivot level and the 100 simple moving average (4-hours).

The last swing low was formed near $776 from where the price moved higher. It traded above the 23.6% Fib retracement level of the last decline from the $970 high to $776 low. However, there was no break above the $880 resistance and the 100 simple moving average (4-hour). ETH also failed near the 50% Fib retracement level of the last decline from the $970 high to $776 low. Since then, is it is slowly declining and is currently trading below $850. On the upside, there is a major bearish trend line forming with resistance at $850 on the 4-hours chart of ETH/USD.

Ethereum Price Weekly Analysis ETH USD

It looks like the price may continue to move down and it could test $800. To initiate a fresh upside move, the price must break the $850 resistance and the 100 simple moving average (4-hour). Above $850, the next resistance levels are at $880 and $900.

4-hours MACD – The MACD is mostly flat with negative signs.

4-hours RSI – The RSI is moving lower towards the 30 level.

Major Support Level – $800

Major Resistance Level – $850


Charts courtesy – SimpleFX

Key Points

  • Bitcoin cash price is trading above the $1,120 support with a neutral bias against the US Dollar.
  • There is a key bearish trend line forming with resistance at $1,295 on the 4-hours chart of the BCH/USD pair (data feed from SimpleFX).
  • The pair is trading with a neutral bias as long as it is above the $1,120 in the near term.

Bitcoin cash price is finding it hard to move higher above $1,300 against the US Dollar. BCH/USD must break the $1,300 resistance to more gains in the near term.

Bitcoin Cash Price Upside Hurdle

There was no major upside move above the $1,300 resistance in bitcoin cash price against the US Dollar. The price made a nice upside move around the $1,250 and $1,300 resistance levels. However, the price was not able to move above $1,300 and started a downside move. A low was formed $1,118 from where a minor upside correction was initiated.

It moved above the 23.6% Fib retracement level of the last drop from the $1,617 high to $1,118 low. However, the upside move faced sellers near $1,300 and the 100 simple moving average (4-hour). Moreover, there is a key bearish trend line forming with resistance at $1,295 on the 4-hours chart of the BCH/USD pair. Furthermore, the 38.2% Fib retracement level of the last drop from the $1,617 high to $1,118 low prevented gains. There are a few bearish signs and it may move down back towards the $1,150 support level. Below the $1,150 support, the next support level is around the $1,120 level.

Bitcoin Cash Price Weekly Analysis BCH USD

On the upside, the price must break the $1,300 resistance and the 100 SMA to gain bullish momentum toward $1,500.

Looking at the technical indicators:

4-hours MACD – The MACD for BCH/USD is mostly flat in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI for BTC/USD has moved below the 50 level.

Major Support Level – $1,120

Major Resistance Level – $1,300


Charts courtesy – SimpleFX