According to a press release quoted by the Financial Times on Monday, HSBC, one of the largest banking institutions in the world by total assets, reported $250 billion in settled transactions in 2018, using the blockchain technology.
The press release revealed that during the last calendar year, HSBC settled over 3 million blockchain-based foreign exchange transactions. Performed through its blockchain platform, “FX Everywhere,” the bank says it has processed 150,000 payments since the platform launched in February 2018. HSBC completed its first blockchain trade finance transaction in May 2018.
At the time, the financial services group used the technology to issue a letter of credit to agriculture firm Cargill. The letter of credit covered the transportation of produce from Argentina to Malaysia. It was issued by Netherlands financier ING.
FX Everywhere Enhances HSBC
FX Everywhere helps with “orchestrating payments across HSBC’s internal balance sheets,” and the reports suggest that it saw heavy adoption over the last year. The company revealed that settlements were made easier with its proprietary blockchain-based platform. Amongst other things, platform ensured payment confirmations didn’t require additional protocols.
HSBC’s Other Blockchain Efforts
HSBC has been exploring various applications of blockchain technology over the past year. In October, it partnered with Standard Chartered, PNB Paribas and others, to finance a blockchain trade finance platform. Dubbed the “eTrade Connect,” HSBC launched the platform with the aim of improving the efficiency of international trade financing. To achieve this, the platform will cut the time required for the approval of trade loan applications from 36 to 4 hours.
Further Pans for DLT (Distributed Ledger Technology)?
Richard Bibbey, HSBC’s Acting Head of Foreign Exchange and Commodities, stated that the bank “currently hosts thousands of FX transactions.” He added that the integration of blockchain technology has made the process particularly smoother.
He said,“Following prosperous implementation inside the bank, we are now exploring how this technology could help multinational clients – who also have multiple treasury centers and cross-border supply chains – better manage foreign exchange flows within their organizations.”
Although the release didn’t cite the bank’s total payment volumes for last year, Bibbey revealed to Reuters that DLT’s $250 billion represented a small portion” of it. Nevertheless, this is a significant feat that highlights the benefits that come with the adoption of blockchain in the traditional banking sector.
TRON (TRX) Long-Term Price Forecast- February 17
TRX/USD Long-term Trend: Ranging
Supply zone: $0.0400, $0.05000, $0.0600
Demand zone: $0.01000, $0.00800, $0.00600
Tron long-term outlook remains in a range-bond market. The bears return predicted in last week analysis remained strong within the range. The two EMAs were broken as the bears continue the downward journey.
TRXUSD dropped initially to $0.02448 and later to $0.02360 in the demand area. This was the low of the week on 14th February.
With price below the two EMAs crossover and the stochastic oscillator signal in the oversold region pointing up at 8%. It suggests a minor push to the upside before downtrend continuation within the range.
TRXUSD is in consolidation and trading between $0.02881 in the upper supply area and at $0.02142 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower area followed by a retest may occur hence patience is required to allow this to happen before a position is taken.
New Ripple Insights Post Shows New Generation Of Blockchain Workers Getting Support From Fundação Getúlio Vargas In Brazil
New Generation Of Blockchain Workers Receives Necessary Support And Education From Fundação Getúlio Vargas In Brazil
Blockchain technology is growing every day, and the only way to keep up the pace is to have new developers learn the technology and seek out ways to improve it. However, before that innovation can happen, the industry needs more people that understand blockchain technology, which is what Sao Paulo’s Fundação Getúlio Vargas (FGV) is working towards.
FGV is one of the leading universities in Brazil, and they offer the University Blockchain Research Initiative, which was recently developed by Ripple. Professor Riccardo Rochman of the university spoke with Ripple on a recent issue of their Insights blog to discuss the way that their Crypto Master’s Program is readying blockchain entrepreneurs and leaders for the future.
The topics of blockchain and cryptocurrency are necessary research topics in Brazil, considering the role they play in the evolving economy. In Rochman’s opinion, blockchainhas the potential to overthrow the current protocols that exist in business and economics, ultimately empowering the people of Brazil.
Presently, the Brazilian Development Bank (BNDES) uses blockchain and a proprietary cryptocurrency as a way to fund local businesses. Considering this use case, Rochman pointed out that the new paths being made for blockchain technology will make the environmentally friendlier and needier of the new workers and entrepreneurs with a fresh take of the fintech.
A major part of this future vision is UBRI, which Rochman says is helpful in bringing in more students to the program. In fact, he has noted that there has been an increase in the number of research proposals on blockchain, along with new dissertations.
With the funding, FGV has been able to work with private firms as well. They have also been responsible for the networking that has been set up with other UBRI-funded universities. The cooperation of these networking relationships is now is what will pivot the blockchain community forward. Last year, Rochman even was part of the launch of the Master’s Degree in Crypto Finance, which had never been done before now.
When the program originally began, there were about 20 that enrolled in the first course that they made available, while 250 joined the Master’s Program. The numbers have grown exponentially since then, and there have been many new students immediately enlisting in the program. Rochman views the work that the university is doing as a way to change Brazil and eventually the rest of the world.
Glitch Goons Is The Newest And Hottest Blockchain Powered Game In Town
One of the first multi-blockchain technology supporting mobile games of its kind, Glitch Goons is a definite win when it comes to blockchain technology progressing. It features very futuristic elements such as a “vaporwave saturated atmosphere” and insane cyborg slash animal slash human characters engage in glorious battle to survive on a dying world.
The game which was released in late 2018, supports a wide variety of crypto technology. supporting a whole range of cryptocurrencies.
The premise of the game is simple. It is set on Earth in the year 2690 where nuclear war has resulted in most species being wiped off Earth. Now the survivors live underground where life is hard due to a lack of oxygen and water. In order to survive, they must battle other survivors in order to make it to a newer colony on a distant planet called Garthorix.
To make their way to the transport system called the ‘Transposition Channel that transfers human minds to a selected ‘carrier’s’ body on Garthorix.
This 80’s inspired trailer is giving us major Mortal Kombat and Street Fighter feels, very reminiscent of the popular retro gaming vibe.
The official Glitch Goons website also features a brief look into the backstory and history of the entire realm and also has comics.
This fighting game also allows players to upgrade and customize their characters through cyrpto coins and 1 GC equals around 0.005ETH. Although the game play isn’t the best, the story and the applications of blockchain inspired technology makes this game worth playing.
Other than different characters, players can also buy chests that contain 5 items each, ranging from rare and legendary gear which includes armor, boots, weapons, helmets, pants, jewelry and even modification chips.