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CryptoCann™ Report: Alibaba files blockchain patent allowing admin intervention; #CannabisBlackoutDay comes to Instagram this Saturday

Last updated: 17:44 05 Oct 2018 BST, First published: 17:26 05 Oct 2018 BST

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The Crypto Report

Chinese tech giant Alibaba Group Holding Limited (NYSE:BABA) has been racking up the blockchain patents.

The company has filed a patent application with the US Patent and Trademark Office for a blockchain-based system that allows a third-party administrator to step in if there’s illegal activity surrounding a smart contract, as per a CoinTelegraph report.

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The idea seems to be counter to the core ideas of blockchain being decentralized and unchangeable, but Alibaba said there are real-life situations that may require administrative intervention.

“In real life, however, there is a type of administrative intervention activities in the category of special transactions. For example, when a user performs illegal activities, a court order may be executed to freeze the user's account. However, this operation activity conflicts with smart contracts in existing blockchains and cannot be carried out,” stated the patent filing.

In crypto news, Yale University is putting some of its $30 billion endowment into the cryptocurrency market.

The Ivy League school is investing in Paradigm, a cryptocurrency fund set up by Coinbase co-founder Fred Ehrsam, former Sequoia Capital partner Matt Huang, and Charles Noyes, a former employee of cryptocurrency fund Pantera Capital, as per a Bloomberg report.

Yale has the second-largest US college endowment, just behind Harvard University, led by well-known investor David Swensen.

The school said that close to 60% of its assets in fiscal 2019 will go toward for alternative investments, like venture capital and hedge funds.

The Cann Report

The marijuana edibles market includes a variety of brightly-colored, fun products, like infused chocolates and gummies.

The Washington State Liquor and Cannabis Board is concerned that these products may be especially appealing to children, specifically pointing to hard candies and gummies.

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The board suggested that edibles producers should stop making gummies, saying they will not qualify, as per a Seattle Times report.

Other edibles, like chocolates and cookies, will be reviewed on a case-by-case basis, taking into consideration factors like frosting, sprinkles and coatings. Drinks, baked goods and tinctures will continue to be allowed.

Edibles companies can continue to sell their products until they run out or until April 3, whichever comes first, according to the board. The companies will have to resubmit their products to the board by January 1 for approval.

The cannabis market and its consumers are no strangers to regulation.

Cannabis photographer Bess Byers had her Instagram account shut down after amassing more than 90,000 followers over two-and-a-half years of posting, according to a Wikileaf report.

Byers had her account reinstated after a lengthy appeals process with the social media company saying it was a mistake.

“When my account came back the first time people said, ‘You did it, you beat Instagram!’,” said Byers on Instagram. “The truth is that we haven’t won until they stop deleting cannabis content.’”

She has coordinated an Instagram blackout day, or #CannabisBlackoutDay, on October 6, the founding date of Instagram, to show what the cannabis community brings to the platform.

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