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Austria to Use Ethereum Blockchain Notarization Service For Federal Bond Auction

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The Dairy Farmers of America (DFA), a cooperative of 8,500 dairy farms in the United States, is launching a pilot program for using blockchain technology to improve the dairy products supply chain. The DFA aims to increase supply chain transparency and freshness of dairy products by better connecting farmers to end customers. The DFA is partnering with ripe.io for this pilot program, a company which combines blockchain technology and the internet of things (IoT) to form what they call 'The Blockchain of Food'. Apparently, the ripe.io platform is already fully developed to track food from farmers, to distributors, to customers, which is exactly what the DFA needs to ensure the freshest dairy products. The integration with IoT is particularly important for dairy products, since dairy products must be kept at a cool temperature during transport, and IoT integration with blockchain allows temperature data for the dairy products to be stored in an immutable ledger. The vice president of Sustainability and Member Services at the DFA, David Darr, says, "Consumers today want to know where their food comes from and blockchain technology, like ripe.io, gives consumers real-time data, which can really help increase trust and confidence about food production from start to finish. We know that there's a lot of application for blockchain technology within agriculture, and we ultimately want to help our dairy farmers be on the forefront. For now, our goal is to evaluate the technology and explore how it might benefit our supply chain." Blockchain technology is ideal for supply chains because it provides a transparent yet immutable and cryptographically secure ledger. A properly-built blockchain can't be hacked, so all the data stored in it can't be manipulated. This provides a secure and trustworthy record of the movement of dairy products from farm to store. Inefficiencies in the dairy supply chain can be easier recognized and eliminated with blockchain technology, which would ultimately make the dairy supply chain shorter and stronger. This will result in more profits for dairy companies once inefficiencies in the supply chain are eliminated, as well as fresher dairy products reaching customers, leading to a better experience for end users. Follow BitcoinNews.com on Twitter: @bitcoinnewscom Telegram Alerts from BitcoinNews.com: https://t.me/bconews Want to advertise or get published on BitcoinNews.com? - View our Media Kit PDF here. Image Courtesy: Pixabay

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Austria is deploying an Ethereum-based blockchain notarization service during a federal bond auction on 2 October 2018, after a series of successful tests. The bonds being auctioned include a 0.75% bond from 2018-2028 and a 0% bond from 2016-2023, totaling EUR 1.15 billion. This is the first time the Austrian government has officially used blockchain for financial transactions.

The Austrian Federal Minister of Finance, Hartwig Loger, says, “The digitization of the financial sector, also known as FinTech, has long arrived in Austria. We need to use the positive effects intelligently for the financial services sector. Blockchain technology is an economic policy focus for us. With the establishment of the FinTech Advisory Council in the Ministry of Finance, we are developing strategies to help Austria make the best possible use of these developments.”

Issuance of federal debt via bond auctions is big business for governments, and it is certainly groundbreaking that blockchain technology is now being used for bond auctions in excess of USD 1 billion. Blockchain technology can be used to make bond auctions more secure and trustworthy, by storing details of the bond auction on an immutable and unhackable ledger. Markus Stix, the Head of Oesterreichische Kontrollbank, which is a bank that conducts federal bond auctions for the Austrian government, says, “This added security contributes to a high level of confidence in the auction process of Austrian government bonds and strengthens Austria’s good standing in the market, which can also indirectly contribute to favorable financing costs.”

Essentially, Stix is saying that using blockchain technology increases investor’s trust in the bond auction, since all data is permanently stored in a ledger that can be accessed worldwide, and this could cause increased investment into bonds in the future since investors feel safer.

 

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