Asian banking giant DBS and multinational commodity trading firm Trafigura Group are tapping blockchain to facilitate global trade.
Alongside the Singapore government and the International Chamber of Commerce, these firms are looking to reduce the number of paper-based processes involved in global trade. Distributed ledger technology firm Perlin is providing the blockchain background to build the open-source platform, dubbed ICC TradeFlow.
DBS claims the new platform will connect partners from different countries, reducing end-to-end document transit time from 45 days to just 20. A $20 million trade in iron ore from Africa to China is expected to be the first transaction processed, according to a press release.
The ICC TradeFlow Platform is based on the Trade Trust network infrastructure provided by the Infocomm Media Development Authority (IMDA), which is a statutory board under the Singapore Ministry of Communications and Information.
The partners plan to add more enhancements to the platform as more countries join the new trade finance system. According to the release, the participants claim they can build a more trusted relationship between counterparties, adding more background information such as credit ratings on trade participants, vessels and couriers.
The partnership could foster new innovations that can reinforce Singapore’s position as a leading commodity trading hub, said Satvinder Singh, assistant CEO of Enterprise Singapore, an agency under the Ministry of Trade and Industry in the country.
Trade finance has been one of the frontiers for enterprise blockchain adoption. The trade finance blockchain Marco Polo has partnered with over 20 global banks, including Bank of America, ING and BNP Paribas. It has piloted its first trading arrangement between Germany and Russia in October.
A slew of Chinese state-owned banks have also launched their own blockchain trade finance platform to facilitate short-term financing between export companies and financial institutions, and the Construction Bank, one of four major commercial banks in the country, has revamped its blockchain platform with new factoring abilities as the platform’s trading volume surpasses $53 billion overall since its April 2018 launch.
Tech startup Nebula Genomics is launching DNA sequencing using blockchain, which eliminates the need for customers to reveal personal information. Per a blog post published on Sept. 19, Nebula has rolled out anonymous genetic testing, enabling clients to purchase whole-genome sequencing and provide their saliva samples without the need to share their personal data such as name, address or credit card number. Eliminating the dependence on data de-identificationTo achieve this, Nebula developed and implemented a blockchain-based product that enables transparent and controllable data sharing, and offers an option to conduct pseudo-anonymous payments using cryptocurrencies. For those customers who do not use digital currency, the company recommends using a prepaid credit card to protect their privacy. “Most importantly, enabling individuals to remain anonymous would eliminate the dependence on …
Three new models are rumored to be unveiled -- the iPhone 11 Pro, iPhone 11R and iPhone 11 Max
iPhone 11 Pro Max: 6.5-inch OLED display, 12-megapixel camera
512GB: $1,299 256GB: $1,199 128GB: $1,099 Release date: 20 September
iPhone 11 Pro: 5.8-inch OLED display, 12-megapixel camera
512GB: $1,199 256GB: $1,099 128GB: $999 Release date: 20 September
iPhone 11: 6.1-inch LCD display, 12-megapixel camera
256GB: $899 128GB: $799 64GB: $749
Rumor: Three rear-facing cameras for the 2019 iPhone Rumor: Bilateral charging coming to the iPhone 11 The biggest change coming to this year's iPhone will likely be the camera setup. Almost definite: The 2019 iPhone won't support 5G New mute button: Apart from the redesigned rear camera, the iPhone 11 is expected to closely resemble the iPhone XS, with a virtually identical steel-and-gl…
As we move into our second decade of Blockchain since its inception, it has certainly become more prevalent in recent years. Many enterprise & Fortune 500 companies have invested broadly in Blockchain, and many patents have been issued.
The intention is to decentralize data across many computers so that any involved record cannot be altered retroactively, without the alteration of all subsequent blocks. Blocks are files where data in the network are permanently recorded.
A block is a permanent store of records, which cannot be altered or removed since they are distributed among many participants on the Blockchain network. This is also called Distributed ledger technology (DLT); which Blockchain is a type of.
Discussions and commentary about how Blockchain is working through the ecosystem of tech and creating opportunity are forthcoming in this blog. We will also discuss matters of how it relates to industry, health care, commerce, a…