Venezuela Touts 30% Discount on Crypto-Crude Deals and Can Blockchain Beat Fake News?

A slight downturn overnight for both Bitcoin and Ethereum, Bitcoin teetering on the $9k mark whilst Ethereum sits at $665. A mixed 24 hours for altcoins overall.

Internet trading giant Alibaba has seen their preliminary filing for an injunction against the Alibabacoin Foundation rejected by a US judge. The initial filing by Alibaba was based on the grounds of “prominent, repeated, and intentionally misleading” use of its trademarks is designed to confuse consumers to think its products are affiliated with or endorsed by the Chinese online retailer. US District Judge Paul Oetken stated “Alibaba did not show they had jurisdiction, having failed to establish a “reasonable probability” that Alibabacoin’s interactive websites were used to transact business with customers in New York” and subsequently any suffering to Alibaba business or reputation due to any alleged trademark infringements would likely only occurred in China.

Venezuela continues its foray into the world of cryptobusiness offering India a whopping 30% discount on purchases of crude oil with just one caveat – any deals must be transacted using Venezuela’s state-backed cryptocurrency – the Petro. Venezuela is currently sat on the world’s largest oil reserves (estimated to be in the region of some 300 billion barrels) affording substantial leverage for the country to find creative solutions around trade sanctions and embargoes. Although not quite in a position to rewrite history when it comes to enforcing cryptocurrency as a primary financial mechanism yet, discount deals involving high volume/high value commodities such as oil could well enable Venezuela to reach their goal to make the Petro its official national currency by 2020.

Fake news is in the news again following a report published by the European Commission on dealing with online disinformation. The continual rise of online media and use of it to disseminate false information at scale has been a growing problem for some time with no sign yet of a realistic or practical solution. At this stage the report covers a range of possible solutions, blockchain itself mentioned in the context of preserving content integrity, validating information reliability and authenticating sources. Of course, blockchain is not a magic fix – however it does tick a significant number of boxes with respect to issues that could be eliminated in the news industry.

 

Created: Tuesday, May 1, 2018

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