Vee Finance, a decentralized finance platform, has officially confirmed its hack on Avalanche. On September 20, the hacker managed to transfer funds worth $35 million. In terms of assets, it was 8804.7 ETH (around $26 million) and 213.93 BTC (around $9 million). According to the report, the stablecoin was left untouched. As for the hacker, the report confirms that they have not yet transferred or processed the funds. The team is working to provide more details of the incident. Further,…
IBM plans to develop a blockchain-powered proof-of-concept (POC) for the Food Safety and Inspection Service (FSIS). The purpose of the PoC, in this case, is to enhance the export certification process.
FSIS ensures that the US commercial supply of meat, poultry, and egg products reaches safety standards. Additionally, this agency observes the inefficiencies in a legacy system involving regulatory processes and complex multi-country documentation requirements.
Why FSIS Needs a Blockchain-based PoC
According to FSIS, its focus is on the modernization of inspection systems, policies, and the utilization of scientific strategies. The PoC will help determine the possibility of digital ledger technology to enhance documentation in the supply chain.
The agency also issues recalls and warnings concerning contaminated, compromised, or misbranded food products within its jurisdiction. For instance, last month, the FSIS alerted the public on a Swedish meatball mixup. The alert called out the misbranding of 636 pounds of ready-to-eat (RTE) Swedish meatball products. One of the products, fish, was not included in the product label, but the agency did not request a recall for the belief that the products were out of stock.
Past recalls are showing that class III violations against numerous non-life-threatening violations are uncommon. For example, in 2018, the agency recorded 97 class I recalls for foods capable of leading to acute detrimental health consequences
or death. All in all, blockchain will start by looking into the export business procedure.