Tag: BlockchainBased

Abu Dhabi Global Market Concludes First Phase of Blockchain-Based KYC Project

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An international financial free zone within the capital of the United Arab Emirates (UAE) has concluded the first phase of its blockchain-based Know Your Customer (KYC) utility project, according to an ADGM press release Dec. 4. The Abu Dhabi Global Market’s (ADGM) regulatory body, the Financial Services Regulatory Authority (FSRA) along with “Big Four” audit firm KPMG have published a review of the project’s “successful” first phase in order to provide key takeaways for members of the financial industry. The review outlines the project’s development over a period of four…

26 French Companies, Five Banks Complete Blockchain-Based KYC Trial Based on R3’s Corda

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26 French companies and five major banks have completed a Know Your Customer (KYC) test based on blockchain, according to a press release by the entrant firm RCI Bank and Services released Dec. 3. RCI Bank and Services, a French automotive financing and insurance firm unveiled details of a customer knowledge-focused blockchain solution trialed in partnership with blockchain consortium R3. According to the press release, the Proof-of-Concept (PoC) test has been conducted in cooperation with the Association Française des Trésoriers d’Entreprise (AFTE), a local network of treasury and finance professionals.…

Indian State to Launch Blockchain-Based IP Marketplace in Bengaluru

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Indian State to Launch Blockchain-Based IP Marketplace in Bengaluru December 2, 2018 by Akshay Makadiya The Indian state of Karnataka, home to the country’s own Silicon Valley, is contemplating establishing a blockchain-based Intellectual Property (IP) marketplace based in Bengaluru (Bangalore)–a platform where innovators can patent ideas and then trade them to investors. Also read: New Dawn: Treasury Dept. Levies Bitcoin Address Sanctions Subscribe to the Bitsonline YouTube channel for great videos featuring industry insiders & experts Blockchain to Power Intellectual Property Trading Speaking at the 21st edition of Karnataka’s flagship technology event, the Bengaluru…

Sberbank and Interros Group Conclude Blockchain-Based Foreign Exchange Repo Deal

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Sberbank and Interros Group have carried out an over-the-counter OTC foreign exchange repurchase agreement (repo) transaction employing smart contracts on a blockchain, Reuters Russia reports Nov. 30. The Interros Group is a Moscow-based private equity firm founded by Russian oligarch Vladimir Potanin in 1990, with stakes in Norilsk Nickel, pharmaceutical company Petrovax Pharm, and ski resort development firm Rosa Khutor. Head of global markets department and vice president at Sberbank, Andrei Shemetov, informed Reuters that the transaction is real, legally binding, and has been “concluded in electronic format using a…

BP And Shell’s Blockchain-Based Oil Trading Platform Goes Live

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Twitter Facebook LinkedIn CCN is expanding. Are you our next full-time journalist from the West Coast USA? Send us your CV and examples here. A blockchain-based trading platform that could assist oil majors and trading firms to drastically reduce costs is now operational. Known as Vakt, the platform which was created last year by a consortium consisting of Anglo-Dutch oil giant Shell and British Petroleum (BP), went live on Wednesday, according to Reuters. Other members of the consortium include global commodity trading firm Gunvor Group, Norwegian energy firm Equinor and energy…

blockchain-based voting system; South Korea’s NEC is trialling the solution

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South Korea is among the few countries that are seriously engaging blockchain technology. According to a news release, the country’s elections authority is trialing a blockchain-based voting system. The move involves the Ministry of Science and ICT and the National Election Commission (NEC). The country’s Ministry of Science and ICT is working diligently to help the NEC hold better elections. Further, the agency will add artificial intelligence, big data, and IoT technology for more efficiency and service delivery. A blockchain-based voting system to uphold democracy Interestingly, the move comes just…

South Korea to Test Blockchain-based Voting Prior to Integration with Online Voting

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Twitter Facebook LinkedIn CCN is expanding. Are you our next full-time journalist from the West Coast USA? Send us your CV and examples here. Blockchain voting could soon be a reality in South Korea if the trial on a system based on distributed ledger technology turns out successfully. According to The Korea Times, the development of the blockchain-based voting system will be completed in December. The system which is the brainchild of South Korea’s National Election Commission and the Ministry of Science and ICT is aimed at enhancing the security…

Abu Dhabi Bank Reports ‘First’ Blockchain-based Transaction of ‘Sharia-Compliant Bonds’

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Al Hilal Bank, based in Abu Dhabi, the United Arab Emirates (UAE), has announced it has completed “the world’s first sukuk transaction” with the use of blockchain technology, Reuters reports Nov. 26. Sukuk, a legal instrument also known as “sharia compliant” bonds, allows investors to generate returns without infringing on Islamic law. Reuters notes that Abu Dhabi’s Al Hilal Bank has used the distributed ledger technology (DLT) to “to sell and settle in the secondary market a small portion of its $500 million five-year sukuk,” adding: “Al Hilal Bank is…

Major Russian Art Gallery Tretyakov Launches Blockchain-Based Art Patronage Project

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The prestigious State Tretyakov Gallery in Moscow, Russia, is launching a blockchain-based art patronage scheme, Russian news agency TASS reports Nov. 15. The project, dubbed “My Tretyakov,” allows individuals or enterprises to make a private donation to contribute to the digitization of an item from the gallery’s collection, thereby become the artwork’s patron. The system, developed with business innovation collective RDI Digital, uses blockchain technology to assign and manage the patronage structure. According to a press statement from the gallery: “The donation amount is still under discussion. The system randomly…

$5 Trln FX Settlement Giant CLS to Launch Blockchain-Based Netting Service ‘Within Days’

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Forex exchange (FX) settlement giant CLS will launch its IBM blockchain-powered netting service within “a matter of days,” according to Chief Strategy Officer (CSO) Alan Manquard. The CSO made the announcement at the IBM Think Tank conference in London Nov. 14, as reported by tech news source Computer Business Review (CBR). CLS Group, which reportedly settles on average $5 trillion in payment instructions daily, is a U.S. FX settlement service supplier with high-profile members that include Goldman Sachs, JPMorgan, Barclays, and Citigroup. A netting service entails offsetting and determining the…