US Customs and Border to Trial Blockchain Shipping Proof-of-Concept

The Commercial Customs Operations Advisory Committee (COAC) will run its tests from late August to late September, per a report published on the CBP’s website. The COAC advises the Secretaries of the Department of the Treasury and Department of Homeland Security. 

A United States Customs and Border Protection (CBP) advisory committee, is planning to launch a live test of its blockchain-based intellectual property rights proof of concept.

The announcement specifically comes by way of COAC’s Next Generation Facilitation Subcommittee, an entity comprised of four working groups that aim to improve trade and government within the CBP.

Currently, the subcommittee is involved in three ongoing proof-of-concept projects involving blockchain technology. One of these is called the “Intellectual Property Rights Proof of Concept”, which is an attempt to run shipments via blockchain, relying on pre-existing licensor and sublicensee relationships.

According to the COAC’s most recent report, this particular proof of concept will undergo live testing starting in August:

“The working group has been active with the current POC on IPR. Since the last in person meeting in March, the working group has progressed through the overall project design, implementation of the initial engineering plan, and integration of Trade and CBP systems. Live testing of the system will start at the end of August and conclude late September.”

Prior blockchain shipment testing

As previously reported by Cointelegraph, the CBP ran a live test for a blockchain-based shipping project back in 2018. This project tested a blockchain-based system for tracking shipments. The system itself reportedly was a combination of CBP’s legacy application and a blockchain-based platform developed by the Department of Homeland Security.

Vincent Annunziato, the director of the CBP’s Transformation & Innovation Division, remarked that he believed blockchain platforms were insufficiently compatible with each other. As part of the testing, the CBP reportedly intended to set standards of interactions between different blockchains, so that all firms and software could easily connect to customs in the future.

US Court Dismisses Lawsuit Over Riot Blockchain’s Crypto Pivot

A New Jersey judge ruled last week that Riot Blockchain’s decision to change its name was not, by itself, tantamount to securities fraud.

U.S. District Judge Freda Wolfson of the District Court of New Jersey dismissed a lawsuit Thursday which tried to argue that the Colorado-based firm had changed its name to “Riot Blockchain” in an effort to boost its share price.

Riot Blockchain changed its name from Bioptix in October 2017, after announcing a move from biotechnology into bitcoin mining. The share price soon rocketed up from $8 to a high of $38 by December 2017. The original complaint – filed in February 2018 when the share price plunged back down to $10 – argued the company misled investors by capitalizing on public interest in blockchain to drive up the share price.

But in Thursday’s filing, complaints against Riot Blockchain, its CEO John O’Rourke, former CEO Michael Beeghley, and chairman Jeffery G. McGonegal were all dismissed on the basis that plaintiffs had not proven the company had changed its name to pump the share price.

Complaints against Riot Blockchain directors Andrew Kaplan, Jason Les, and Eric So; employees Catherine DeFrancesco, Mike Dai; and three private investors: Barry Honig, John Stetson, and Martin Groussman, for their alleged involvement, were all dismissed Thursday as well.

The plaintiffs can file a request to produce an amended complaint within 30 days.

In February, the Securities and Exchange Commission (SEC) told Riot Blockchain it, too, was dropping its investigation into allegations of securities fraud.

On the same day the New Jersey suit was dismissed, Riot Blockchain announced the purchase of 1,000 of the latest S19 Bitmain mining rigs, for a reported $2.4 million.

The company did not return a request for comment by press time.

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