Tag: BlockchainBased

Japan’s Number Two Bank by Assets Completes R3 Blockchain-Based Trade Finance Trial

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Japan’s second-largest bank by assets, Sumitomo Mitsui Banking Corporation (SMBC), has completed a proof-of-concept (PoC) using blockchain consortium R3’s Marco Polo trade finance platform. A press release confirmed the PoC completion on Feb. 18. SMBC, which is the only Japanese bank participating in Marco Polo, said it had partnered with Japanese multinational Mitsui & Co. to enhance efficiency in trade processes. “[The] PoC was conducted between SMBC and Mitsui & Co. which aims to improve productivity in its trade operations, by testing modules such as Receivable Finance and Payment Commitment…

Guangdong Province to Use Blockchain-Based Electronic Tax Invoices for E-Commerce

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The Guangdong Municipal Taxation Bureau will implement an electronic invoice platform based on blockchain for the e-commerce industry, local Chinese news outlet Southern News Network reported on Feb. 18. Guangdong Province, one the most populated region in China, has opened the first blockchain electronic invoice service for customers and merchants, planning to extend their experience to the large-scale e-commerce field. By using a blockchain-based electronic invoice platform, the taxation authority will reportedly improve the efficiency and transparency of the invoice services, the publication underlines. The news outlet then states: “Blockchain…

Former JPMorgan Exec Becomes New CEO of Blockchain-Based Commodity Trading Platform Vakt

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Former JPMorgan Chase executive Etienne Amic has been appointed as new CEO at Vakt, a blockchain-based commodity post-trade platform, according to a press release shared with Cointelegraph on Feb. 13. Having served as a managing director at both JPMorgan Chase and Mercuria Energy Trading S.A., Amic is expected to bring direct experience in commodities trading to the Vakt platform, which is designed to digitize physical commodities trading by cutting out paperwork. The new Vakt CEO has most recently served as co-founder and chairman of Vortexa, a cargo and analytics firm…

Payment Processor Netpay to Integrate Blockchain-Based Tool: Report

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Major global online payments firm Netpay International has partnered with Israeli firm BNC LedgerTech to integrate blockchain into its services, Finance Magnates reported on Feb. 12. Netpay International will reportedly become the fourth fintech firm to use BNC LedgerTech’s digital, blockchain-based banking solution “Ubanker.” By using the blockchain-based tool, Netpay International will reportedly cut operation costs. According to the report, BNC LedgerTech charges a fixed minimum fee, whereas banks generally charge a percentage of the total transferred amount. According to Finance Magnates, Ubanker complies with European Union central bank regulations,…

Bitfury’s New Partnership to Build Blockchain-Based Medical Imaging Platform

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Blockchain tech company Bitfury is partnering with radiology blockchain marketplace Medical Diagnostic Web (MDW) to create a blockchain-based medical imaging ecosystem. The partnership was announced by the Bitfury Group in a blog post on Feb. 11. Established in 2011, the Bitfury Group operates as a software manufacturer and provider of security and infrastructure for the Bitcoin (BTC) blockchain. The company raised $500 million in revenue in 2018. MDW is a radiology blockchain platform that allows radiologists to contact with imaging facilities and share patient data and medical images. Within the…

Blockchain-Based Digital ID Systems Are Increasingly Finding Real-World Use

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According to the latest estimates, we generate around 2.5 quintillion bytes of data every day. That’s 2.5 followed by 17 zeros — or rather 2.5 trillion million — a number that’s impossible to visualize intuitively, but nonetheless has massive implications for our privacy online, our security and our ability to keep our digital identities within our own personal control. Indeed, recent surveys indicate that as many as 89 percent of consumers believe that corporations currently aren’t doing enough to protect their data, while over half of all CEOs and C-suite executives admit…

Harvard and Levi Strauss Collaborate to Develop Blockchain-Based Factory Safety System

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Harvard University and American clothing company Levi Strauss & Co announced a collaboration with the New America think tank to develop a blockchain factory safety system, Reuters reported on Jan. 24. The new system aims to eventually replace external factory health and safety auditors with a self-reporting infrastructure by the workers. Dr. Eileen McNeely, director of Harvard T.H. Chan’s Sustainability and Health Initiative for NetPositive Enterprise said, “For the last 25 years, work in supply chains has been monitored mainly by audits… A distributed system of inquiry on the blockchain…

71+ Million User Volunteer Platform to Launch Blockchain-Based DApp

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Chinese non-profit Zhiyuan Hui — reportedly the world’s largest volunteer service platform — has announced its partnership with token economy infrastructure firm EveriToken. The news was announced Jan. 12 in an official EveriToken blog post. As of December 2018, Zhiyuan Hui reportedly serves over 430,000 non-profits, and its 71 million users are reported to have worked over 100 million service hours via its platform. According to the blog post, the United Nations-issued China Volunteer Service Economic Value Measurement Report has valued the platform at over $500 million. In order to…

Bitcoin Giant Bitfury Enters Music Industry with Its New Blockchain-Based Platform

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Photo: Bitfury Surround Games, shopping, healthcare, and other spheres of our life have already adopted blockchain, but the music industry is something new. Some companies attempted to make waves there, but the most significant initiative has been introduced by a major player in the blockchain world. BitFury, the largest private Bitcoin Blockchain infrastructure provider and transaction processing company, has announced it will enter the notoriously opaque music industry to decentralize it. The company is planning to launch Bitfury Surround, a music entertainment division that will create an open-source music platform secured by the…

Tech Firm IBM and MineHub Join to Build Blockchain-Based Platform for More Efficient Metals & Mining Supply Chain Solution

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MineHub Technologies, Inc. and IBM announced a collaboration to use blockchain technology to help improve operational efficiencies, logistics and financing and reduce costs in the high-value mineral concentrates supply chain — from mine to end buyer. The $1.8 trillion* global mining and metals market has traditionally suffered from inefficiencies due to manual, paper-based processes and a lack of transparency between supply chain participants. Blockchain technology helps address this problem. advertisement Goldcorp Inc., ING Bank, Kutcho Copper Corp., Ocean Partners USA Inc. and Wheaton Precious Metals Corp. are all working with…