DETROIT REVS ITS BLOCKCHAIN ENGINES
At the Forbes 30 Under 30 Summit in Detroit last weekend, executives from Ford, BMWand the Mobility Open Blockchain Initiative (MOBI) took the stage to talk about blockchain’s potential to transform the auto industry. While the technology is being explored by manufacturers around the world, perhaps no auto center has more to gain than Detroit, Michigan, whose auto industry was knocked to its knees in the early 2000s as production of U.S. vehicles gradually shifted abroad.
For example: a vehicle identity proof-of-concept that tracks the entire life of a car is being built by Detroit giants Ford and GM in a rare partnership with fellow international competitors BMW, Groupe Renault, Honda and other members of MOBI.
CRYPTO MARKETS
Bitcoin saw a major jolt last week after Chinese president Xi Jinping expressed his support for blockchain, saying the country needs to take advantage of the opportunities the technology provides. Bitcoin soared from $7,500 to $10,500 in just a few hours following Xi’s remarks.
Plus: Genesis Capital, a subsidiary of crypto investment firm Digital Currency Group(DCG), has reported a 38% increase in stablecoin loans in the third quarter of 2019. advantage of the opportunities that are equivalent in value to the U.S. dollar indicates positive business sentiment in the crypto sector following a two-fold increase in the price of bitcoin year-to-date.
