Dnata Taps IBM for
Air Cargo Blockchain Pilot
Dnata, provider of air and travel services in the Middle East,
has announced the completion of a proof-of-concept examining blockchain's potential in the Dubai air cargo industry. The pilot saw participation from project partners IBM, Emirates Innovation Lab and Flydubai Cargo, and looked at blockchain's potential to address issues across various aspects of airfreight, including security and operations, as well as legal aspects, a press release indicates.
The "successful" trial was conducted on a jointly developed logistics platform, utilizing blockchain for supply chain transactions, taking a purchase order from the origin to the final destination. Stating that blockchain technology and its potential is neither easy to understand or appreciate, Neetan Chopra, senior vice president for IT strategic services at
Emirates Group, said:
"It is imperative to carry out such business experiments and trials so that participants can experience the benefits of breakthrough technologies in a live environment."
The move follows the release of white paper by air transport IT firm SITA, detailing the use of smart contracts in the air transport industry. While, Air France is also testing blockchain technology for supply chain tracking.
Failed Price Breakdown a Boon
for Bitcoin Bulls?
Bitcoin has witnessed decent two-way business in the last 24 hours.
A drop below $8,000 during the Asian day was quickly undone and the world's largest cryptocurrency by market value once again approached record highs, hitting $8,333 this morning. At press time, bitcoin is changing hands at $8,228, according to CoinDesk's Bitcoin Price Index. As per CoinMarketCap, the bitcoin-U.S. dollar (BTC/USD) exchange rate has appreciated by 1.13 percent in the last 24 hours. Meanwhile, the total trading volume in the last 24 hours was $5 billion, the highest since Nov. 16. The price action analysis indicates the failed breakdown below $8,000 may be costly for the bears.
The chart would show:
- Failed breakdown: BTC witnessed a solid rebound from the upward sloping 50-MA and is back in the rising channel.
- The relative strength index (RSI) holds above 50.00 (bullish territory).
- The descending trend line seen on the chart above has been breached as well, suggesting there is scope for a rally.
The charts suggest a rally to new all-time highs around $8,600 (rising channel ceiling) is possible. The 10-day moving average (MA) is sloping upwards, suggesting dips below the same could be short-lived. Currently, the 10-day MA stands at $7,949 levels.
However, multiple 4-hour closes below $7,9