Puerto Rico Invests in Cannabis, Celebrities and Crypto

Puerto Rico Invests in Cannabis, Celebrities and Crypto

Hurricane Maria has had a devastating impact on Puerto Rico. Although the one-year anniversary of the hurricane is on September 20th, the island has yet to recover with full power.

One-third of the homes were damaged and 3,000 were killed in the massive storm.

But Puerto Rico's economy was already struggling prior to the hurricane.

"Puerto Rico’s gross national product contracted about 7 percent in the 12 months ended June 30," writes "Bloomberg." "The government’s free-spending ways and easy access to Wall Street money collided with the economic downturn, triggering a $74 billion bankruptcy."

In the 1990s and early 2000s, Puerto Rico was a hub for pharmaceutical companies due to an enticing federal tax provision. But when it phaseout in 2006, most of the companies left.

To help the U.S. territory bounce back, Governor Ricardo Rosselló sees potential in blockchain technology. He has formed the blockchain advisory council to help foster this type of business.

Besides financial technology, Rosselló is investing government resources also into the medical marijuana industry, along with the movie business.

The Island's craft brewing scene is also heating up. It has been the first region to adopt the Independent Craft Brewer Seal with 100 percent acceptance.

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Goodr: Solving Food Waste and Food Security with Blockchain

Goodr: Solving Food Waste and Food Security with Blockchain
  • How can you avoid food waste?

  • Blockchain technology can help show you how much food you’re wasting.

The USDA’s Economic Research Service estimates American consumers waste 133 billion pounds of food each year. Goodr, a food waste management company has a solution that utilizes blockchain technology.

The Atlanta-based company provides a service that picks up surplus food from corporations and delivers it to local charities— solving both food waste and hunger.

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This Food Supply Blockchain Between IBM, Nestlé and Walmart Aims To Improve Food Safety

This Food Supply Blockchain Between IBM, Nestlé and Walmart Aims To Improve Food Safety

Global food safety is a major concern in the world.

Retailers and food companies, like Nestlé and Walmart, have announced a blockchain collaboration with International Business Machines Corp. (IBM), one of the largest information technology companies in the world, to help address concerns and help “strengthen consumer confidence” in the foods purchased.

IBM is tasked with identifying the “most urgent areas” across the global supply chain that would benefit from the blockchain, as reported by “Forbes.” “Many of the critical issues impacting food safety such as contamination, food-borne illness, waste and the economic burden of recalls rest though on a lack of access to information and traceability.”

The blockchain will fill in the gap that currently exists since the supply chain is currently not being overseen and it is hard to trace problems to the actual source.

Data will help identify the source through this proposed blockchain.

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