Decentralized consumer food safety

 

The Bit

ZEGO snack food company is using QR codes to give consumers access to 3rd party lab results for their food stored on a blockchain.  

The Bigger Picture

The recent Monsanto lawsuit that awarded the victim $289 million involved glyphosate, a herbicide that has been receiving a lot of attention recently. This is the first demonstration of ZEGO’s “Z-CODE” system for chemical contaminants. It was originally developed for transmitting batch-level allergen and gluten cross contact lab results. When a food company, or third party company tests a product for contaminant such as glyphosate residue, they can easily mark the results with the QR code of the given product batch and input the results to the system’s blockchain database. This provides instant access to test results for consumers who have already purchased the product.   

Savvy investor make his own exchange, goes to court

 

The Bit

A 21 year old in California created a Bitcoin exchange in 2015 when his Coinbase account was shut down, selling a quarter of a million USD of BTC to 900 people. His savviness paid off in the short term, but has come back to haunt him.  

The Bigger Picture

Jacob Burrell Campos attended the first hearing in the Southern District of California for illegal money transmission, money laundering and structuring international instrument transactions. The exchange he created was not registered in any way with the U.S. government. The Bitcoin he sold was purchased through Bitfinex, where he had an unregistered account with $900,000 deposits from his U.S. bank over 30 transactions. The icing on the cake was an attempt to smuggle almost $1 million from Mexico across the U.S. border in amount below $10,000, in order to avoid the currency reporting requirements    

Venezuela seeks solution for inflation problems

 

The Bit

Venezuela is dealing with inflation of more than 1,000,000% per year. President Nicolas Maduro announced a series of drastic economic reforms, including a cryptocurrency pegged currency.  

The Bigger Picture

The government will devalue to Venezuelan bolivar by 95%, and peg it to the government's oil-linked cryptocurrency - PetroDollar (XPD). The currency exchange rate of 250,000 bolivars per US dollar will increase to around 6 million “sovereign petros.” XPD is valued by the Venezuelan government at around $60, or 3,600 sovereign bolivars. Then, to make things even more convoluted, the new sovereign dollar will also be re-denominated by removing almost five zeros the unit measurement. And for the kicker, President Maduro also announced a 3,000% increase to the minimum wage… totaling just $30 per month.     “Our Z-CODE system empowers our customers to make an informed choice over what they put in their bodies. This isn't about personal preference - chemical, allergen or gluten exposure may have major health implications for them.” - Colleen Kavanagh, CEO ZEGO