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Forbes Releases List of Billion Dollar Companies Using Blockchain

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Financial news outlet Forbes has released a list of “Blockchain’s Billion Dollar Babies,” or companies implementing blockchain technology that have minimum revenues or valuations of $1 billion, on April 16.

The list includes companies in the cryptocurrency and blockchain development spaces, in addition to traditional financial firms like banks and clearing houses, food companies, supply chain management firms and others.

Most of the companies listed are household names like Amazon, Walmart, Facebook, ING, Mastercard, Microsoft and Nestle.

Cryptocurrency-related companies featured on the list include United States-based cryptocurrency exchange Coinbase, European mining and hardware firm Bitfury, and blockchain-based financial services network and XRP token creator Ripple.

In addition to noting major firms that are dabbling or full-on adopting blockchain technology, the list also includes which blockchain protocols are being adopted and by whom. Various Hyperledger protocols, blockchain consortium R3’s Corda protocol and the Ethereum network are prominently featured at a number of firms across various industries.

Forbes notes the potential for blockchain technology to simplify various business process per the example of Depository Trust & Clearing Corp (DTCC), which keeps records of 90 million transactions a day, or most of the world’s $48 trillion dollars in securities.

Per Forbes, the firm will begin switching its 50,000 accounts to a blockchain-based system, which will help eliminate duplicate procedures and reconciliations that are still prone to happen on traditional electronic clearing networks.

In mid-March, DTCC published a white paper outlining guiding principles for the post-trade processing of tokenized securities. The paper notes the unique characteristics of the nascent market for tokenized securities and proposes that global policy standards for traditional markets are often applicable, and useful for stakeholders to identify the legal responsibilities pertaining to security token platforms.

Source.cointelegraph

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Marco Polo Blockchain Network Welcomes Japan’s SMBC Bank For Trade Finance

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Marco Polo Blockchain Network Welcomes Japan’s SMBC Bank For Trade Finance

Blockchain services are being adopted by many companies nowadays, even in financial institutions and banks. The immutable ledger’s appeal helps to keep all transactions organized in a trustless way, which clearly appeals to the Sumitomo Mitsui BankCorporation (SMBC). The Japanese bank has chosen to improve trade finance with the use of R3’s Marco Polo blockchain network, according to reports from CoinDesk Japan. SMBC is presently the third-largest bank in Japan, based on assets.

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As SMBC joins the network, they have the company of BNP Paribas and ING, among others. Last much, the product managed to complete the first trade finance operations, which included German Firms and Commerzbank. The vice chairman of SMBC, Yasuyuki Kawasaki, commented that trade finance “is very complicated,” often including paper-based transactions.

Kawasaki commented that this “time-consuming process” has continued for a century, which is part of what led SMBC to the blockchain network. The lack of complications will streamline the former paper-based process. Hopefully, through this new project, new services will be available “later this year.”

Daniel Cotti, who acts as the managing director of the Centre of Excellence for Banking and Trade for Marco Polo, pointed out that this network has both the “resources and technology” to change up trade finance for the banking industry. Cotti believes that the implementation of this network with the banks will help to improve the transparency and reduce risks.

Along with the announcement from this major Japanese bank, China’s central bank announced a partnership involving one of their subsidiaries with trade finance. In France, lender Societe Generale has decided to issue bonds that are worth 100 million euros with the use of the Ethereum blockchain.

Trade finance stands to greatly benefit from the use of blockchain technology. Blockchain platform We.Trade, which focuses on trade finance, only just went live in July last year. Hopefully, through more implementation like these cases, blockchain’s reach can continue to expand.

Source:bitcoinexchangeguide

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Top 3 Japanese Bank to Roll Out Services on Marco Polo Blockchain

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Sumitomo Mitsui Banking Corporation (SMBC), Japan’s third-largest bank by total assets, will launch blockchain-based trade finance services in the second half of this year.

SMBC’s vice chairman Yasuyuki Kawasaki announced the news at a recent fintech seminar in Tokyo, saying that the bank will roll out new services for import and export companies using the Marco Polo trade finance blockchain platform, CoinDesk Japan reported Thursday.

Kawasaki said that, traditionally, trade finance is a “very complicated,” paper-based and time-consuming process. SMBC completed a proof-of-concept using the blockchain platform back in February, aiming to improve its trade operations. It said at the time that the platform “provides paperless, real-time connectivity and easier access.”

The Marco Polo network – built on blockchain software startup R3’s Corda platform – saw its first real-world transactions going live last month. The network was founded by R3 and trade finance specialist TradeIX.

The transactions took place between two German companies. One transaction involved the delivery of special hydraulic couplings from Germany to China and the other the delivery of pumps within Germany.

Since launching in 2017, the Marco Polo network has added some major financial institutions as members, including ING, BNP Paribas and Commerzbank, among others.

Announced this morning, BayernLB, Helaba and S-Servicepartner have also joined the Marco Polo network “for piloting and evaluating purposes.”

Daniel Cotti, managing director, Centre of Excellence for Banking and Trade for Marco Polo, said:

“Today, we have the resources and technology to transform the way banks serve their trade finance customers and enable easier access to credit, while minimizing risk and increasing transparency.”

Trade finance is increasingly being eyed as a beneficial use case for blockchain technology. Last July, another trade finance blockchain platform called We.Trade – built on Hyperledger Fabric and with nine banks on board – went live.

Just yesterday, China’s forex regulator and manager, the State Administration of Foreign Exchange (SAFE), said that it has developed a blockchain system aimed to address inefficiencies in cross-border trade finance. Pilots in three regions and two cities are now planned.

Yasuyuki Kawasaki image via CoinDesk Japan 

 

 

source:coindesk

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Payments Firm Wirex Launching 26 Stablecoins on the Stellar Blockchain

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Payments platform Wirex is launching 26 stablecoins on the Stellar blockchain network.

The U.K.-based firm announced the news on Thursday, saying that the stablecoins will be backed by fiat currencies including the U.S. dollar, euro, the British pound, Hong Kong dollar and the Singapore dollar.

Wirex, which is licensed by the country’s finance watchdog, the Financial Conduct Authority (FCA), added that the cryptocurrencies can be spent using its own multi-currency Visa card. Wirex’s card allows users to convert and spend cryptocurrencies wherever Visa is accepted, till now supporting 8 cryptocurrencies and 10 fiat currencies.

The stablecoins can also be “instantly” converted to other stablecoins at over-the-counter (OTC) rates, the firm said, adding that the new crypto offerings could have use cases in remittances, token issuance and redemption, and merchant settlements.

The Stellar network was chosen over other blockchains because of its better security and scalability features, as well as lower costs for real-time transactions, Wirex said. The firm will also add Stellar’s native token, lumens (XLM) to its platform.

Tech giant IBM also notably uses Stellar for its payment network World Wire. The firm signed deals with six banks to issue stablecoins on the platform just last month.

The news comes following something of a flood of new fiat-backed cryptos over the last year, with eToro most recently launching eight branded stablecoins alongside a full crypto exchange just days ago.

 

 

source:coindesk

 

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