IBM Partners with Abu Dhabi National Oil Company for Blockchain Supply Chain System
The Abu Dhabi National Oil Company (ADNOC) has successfully collaborated with IBM to pilot a blockchain supply chain system. The release notes that ADNOC — a state-owned oil company in the United Arab Emirates (UAE) — is reportedly among the world’s leading energy and petrochemical groups, with a daily output of about 3 million barrels of oil and 10.5 cubic feet of natural gas. The pilot project has “provided a single platform that tracks the quantities and financial values of each bilateral transaction” between the involved companies automating the accounting, the release reports. Arabian Gazette also added that in the future, customers and investors will be given access to the data providing seamless integration among stakeholders.
More Chinese Miners Selling Short Following Crypto Market Slump
Chinese miners are reportedly becoming the biggest short sellers both locally and internationally, following an increased number of hedging operations in the current bear market. The severe cryptocurrency market decline in the last month has reportedly caused new generation miners to start hedging their coins to avoid market risks. At the same time, frequent hedging operations make miners the biggest short sellers of Bitcoin (BTC). In late November, cryptocurrency mining operators in China were reportedly selling mining equipment by weight, as opposed to price per unit, as the market slump had resulted in a large drop in mining profitability. Crypto miners were reportedly especially eager to sell the older models, including Antminer S7, Antminer T9, and Avalon A741, as these have reached their “shutdown price.”
Bipartisan Bitcoin Bills to Step up Consumer Protection in the U.S.
Two United States congressmen have introduced two pieces of legislation to help prevent alleged cryptocurrency price manipulation while aiming to position the U.S. at the forefront of innovation within the digital asset industry. In a joint statement, congressmen Darren Soto, a democrat, and republican Ted Budd approvingly noted the potential of virtual currencies, and the technology that powers them, to facilitate economic growth as well as the need for security guarantees for users. In terms of the two bills, the U.S. Commodity Futures Trading Commission (CFTC), which regulates futures and option markets, as well as other financial regulators will make critical recommendations on fine-tuning the regulatory environment for consumers and businesses.