First Bitcoin Capital To Offer Supply Chain Management Platform Utilizing Blockchain Technology To Benefit Agricultural Industry
TEL AVIV, ISRAEL/ ACCESSWIRE / January 30, 2018 / First Bitcoin Capital Corp (OTC PINK:BITCF), a prolific generator of cryptocurrencies and developer of BlockChain technology is launching its 2nd supply chain management partnership utilizing cutting edge enterprise BlockChain platform.
Our second partnership is with Empire Blockchain Corp., a subsidiary of a major Chinese agricultural concern – Yasheng Group.
“As a major Chinese agriculture business, Yasheng Group encountered an impediment: less-than-optimal agricultural supply chain channels. Already familiar with the intricacies of diverse agricultural businesses, Yasheng quickly recognized the business opportunity at hand. In its quest for a solution to overcome difficulties associated with the industry’s supply chain inefficiencies and bottlenecks, Yasheng subsidiary is partnering with First Bitcoin Capital to develop and operate an enterprise-grade, BlockChain-based platform called Agribloq (www.agribloq.com/- website in development) that will enable agricultural companies globally to conduct more transparent and efficient business transactions.
“AgriBloq will constitute the first BlockChain-based platform devoted entirely to serving agricultural industry supply chain needs. The project is designed to address the cost constraints industry participants’ face in fluctuating commodity prices. Yasheng expects Agribloq users will realize cost and time savings while benefiting from the increased transparency offered by the BlockChain, enabling them to more easily navigate the vicissitudes of an ever-evolving global market.”
Equipped with decades of diverse agricultural experiences, Yasheng Group expects its subsidiary, Empire Blockchain, to identify practical applications of Blockchain in the agriculture sector to capitalize on a more environmentally-friendly systems that will dramatically lower the cost per acre of production and delivery, from seed to consumer.
“As a company focused on the development and implementation of proprietary technologies for environmentally friendly farming, such as drip irrigation, we understand the importance of developing new technologies, especially BlockChain-based innovations, to help companies in our parent’s industry to get competitive advantage and cost efficiency,” commented Empire’s President Qing Qin Wu. Empire Blockchain Corp. is evaluating HyperLedger as a potential platform for developing of Agribloq. The hyperledger is an open-distributed ledger system that stores encrypted “blocks” of information over a worldwide connected network of anonymous computers. Because the network stretches over many computers, the “chain” making up the system’s “blocks” is distributed, or spread, over the network in a decentralized manner, meaning that it is not under the central control of any single entity, whether government, individual or company.
As new blocks are created, they are added to the chain linearly according to chronological order, enabling the BlockChain to grow indefinitely. All information added is recorded permanently and synchronized across all of the networked computers in the chain so that retroactive editing or alteration of entries is impossible. As a result, the data is “secure by design,” providing a publicly available, verifiable history of all past transactions.
Its robust transparency and resistance to alteration makes the BlockChain a powerful tool for records management activity involving any type of information including digitized assets. Given the heavily regulated nature of the agricultural industry, with a variety of government protocols and industry specifications related to environmental impacts, animal husbandry, soil rotation, food processing, taxation, etc., the BlockChain offers a secure method for completing tasks required under that framework. These could include real-time data sharing with regulators or exchanging information with joint-venture partners, suppliers, buyers and consumers.
The block chain’s transparency also provides a company’s managers or investors with the ability to audit its history, helping to avoid contract conflicts and adding efficiency to the due diligence process. By potentially saving time and eliminating contract snafus that could lead to millions of dollars in losses, the BlockChain will revolutionize the way business is done in the agricultural industry.
Another area of impact is the ability to reduce the damage caused by hacking attacks. In the wake of attacks on major industries, all industries may be seen as highly vulnerable on a global basis. The blockchain’s nature as a system that is synchronized and distributed makes it highly resistant to hacking.
“Agriculture companies could benefit from BlockChain technology for a range of applications, from optimizing efficiency to transparency in business transactions to securely storing inventory data on the BlockChain,” First Bitcoin Capital CEO Greg Rubin stated, “In the last few years, the industry has struggled with price volatility and production levels, which has led to cost-cutting efforts, reduced outputs and layoffs. These challenges have prompted many companies to rethink how they operate and to identify new ways to optimize supply chain management and transaction processing. As such, BlockChain is slowly gaining traction and will gain broader acceptance by the agriculture industry for its potential to fundamentally change the way certain transactions are conducted.”
“Agribloq is looking forward to leveraging a collective experience in the agricultural industry and with BlockChain technology to help solve the inherent difficulties and complexities up and down the industry,” Rubin stated.
In addition to this BlockChain initiative, Yasheng, via its subsidiary, Empire is expanding its financing capacities as First Bitcoin’s is organizing a Token Generation Event that will place 800 million HERB (coins) at Yasheng’s disposal which can be utilized as a payment system for the supply chain management systems and elsewhere.
About First Bitcoin Capital Corp
First Bitcoin Capital Corp (OTCMARKETS: BITCF) (NASDAQOTH:BITCF) (COIN:BITCF) began developing digital currencies, proprietary Blockchain technologies, and the digital currency exchange – www.CoinQX.com (in Beta). In late 2013 we saw this step as a tremendous opportunity to create further shareholder value by leveraging management’s experience in developing and managing complex Blockchain technologies and in developing new types of digital assets. Being the first publicly-traded cryptocurrency and blockchain-centered company, we provide our shareholders with diversified exposure to digital cryptocurrencies and blockchain technologies.
Certain statements contained in this press release may constitute “forward-looking statements.” Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as may be disclosed in company’s filings. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company’s views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of the press release. Such forward-looking statements are risks that are detailed in the Company’s filings, which are on file at www.OTCMarkets.com.
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SOURCE: First Bitcoin Capital Corp.