Tag: Blockchain Technology

Categories
Crypto News

IBM And CLS Group To Develop Blockchain Technology Platform For Banking And Financial Operations

On July 30th, the financial institution CLS Group and the multinational technology company IBM announced the launch of a market for blockchain applications and services for banking operations.

The online store will be called LedgerConnect, and will be a private blockchain-based technology on the IBM Blockchain platform and Hyperledger Fabric technology. In turn, this platform will offer a variety of distributed ledger technology (DLT) options for financial institutions, FinTech companies, and software vendors.

Among the purposes of the applications, there is the management of customer and market data, the management of guarantees, the control of sanctions, and the monitoring of financial product negotiations, among others.

It should be noted that the CLS Group publication does not mention that these are solutions that include cryptocurrencies so they would only be blockchain applications aimed at facilitating traditional banking operations.

IBM and CLS Group to develop LedgerConnect based on blockchain technology for banking operations

The promoters of this initiative, both IBM, and CLS, will carry out a proof of concept of this platform with the participation of banking institutions such as Citigroup and Barclays. It should be noted that, following this proof of concept and the approval of relevant regulations, IBM and CLS plan to offer LedgerConnect to the industry.

LedgerConnect is part of CLS’s strategy to explore how we can provide secure and robust solutions that create efficiencies and reduce the risk for a wide range of companies operating in the financial markets. We expect LedgerConnect to deliver better efficiencies and economies of scale over distributed, single-purpose accounting networks.

Alan Marquard, the CLS Director of Strategy and Development

Marie Wieck, CEO of IBM Blockchain, said that “LedgerConnect has a unique position as a blockchain technology solution for the financial services industry,” which will help drive innovation in the industry.

Without a doubt, IBM has been one of the pioneers in the development of blockchain technology for different industries. One of its latest initiatives was the creation of a blockchain research center towards data transparency. On the other hand, banks around the world have conducted tests to determine the efficiency of the distributed ledger technology in their services.

Categories
Crypto News

Bank of England (BoE) To Use Blockchain Technology To Optimize Payments Systems

The Bank of England (BoE), the highest monetary authority in the UK, said its payment system could use distributed ledger technology (DLT), better known as blockchain technology, to interconnect with FinTech companies and protect itself from cyber attacks.

In a statement released recently, the BoE said a revamped Real Time Gross Settlement System (RTGS) should be able to link to Financial Technology (FinTech) firms using distributed ledger technology (DLT), also known as blockchain technology.

At the end of March this year, the British Central Bank announced the launch of a Proof of Concept (PoC), supported by Baton Systems, Clearmatics Technologies Ltd, R3, and Token. The purpose of the test was to discover ways in which the use of blockchain or DLT technology could facilitate a renewal of the RTGS system so that a diverse and flexible range of settlement models could be offered.

According to the document summarising the objectives and results of the PoC, “all participants confirmed that the functionality offered by the enhanced RTGS service would allow their systems to connect and achieve settlement of central bank money.”

Once the objectives of the PoC have been met, the Bank of England intends to investigate whether the RTGS service could acceptably record crypto evidence.

The Bank of England (BoE) to employ blockchain technology (distributed ledger technology) for payments

The crypto tests mentioned above, as explained in the BoE publication, are about functions that allow authentication of a user’s identity and protection of valuable information located on the network.

According to Reuter, the RTGS underpins British banking and commerce in the City of London. Through this system, there is a money supply of around 500 billion GBP, equivalent to almost a third of Britain’s economic output. The news agency said the system is expected to be ready for renewal in 2020, “to strengthen defenses against cyber-attacks and expand the number of companies that can use it.”

On the other hand, the BoE has carried out other concept tests related to blockchain technology, which it has been researching since 2016. In April of this year, the results of a study conducted by this financial institution were released, which verified the feasibility of a decentralized distributed ledger technology (DLT) platform with sufficient privacy for sensitive data.

The integration of traditional payment systems and blockchain technology, which supports cryptocurrencies, is in the interest of the financial sector globally. Recently, Mastercard registered a patent on a system that would allow the banking network of fiat currency payments to be interconnected with cryptocurrencies, through the blockchain technology.

Categories
Crypto News

Lufthansa Teamed Up With SAP To Sponsor Blockchain Technology Contest To Revolutionize Aviation Industry

Two of Germany’s leading global companies, Lufthansa Airlines and SAP software developer, have teamed up to develop and implement blockchain technologies and other related innovations to add value to the commercial aviation industry. In this regard, Lufthansa Innovation Hub and SAP.iO Foundry launched the “Aviation Blockchain Challenge,” a competition to draw attention to the potential of blockchain in the industry and to discover projects aimed at improving processes in different areas.

According to a statement published by SAP, the proceeding emerged from the belief that blockchain technologies can transform processes and increase the value of the aviation industry, in this case.

The impact of blockchain technologies on the aviation sector is not yet felt. We want to change that along with SAP and see substantial potential in our industry to use blockchain and other decentralized networking systems.

Gleb Tritus, Managing Director at Lufthansa Innovation Hub

Regarding the partnership between Lufthansa and SAP, Tritus said the collaboration of the two multinationals with a strong culture of innovation provides the best possible framework for attracting talent on a global scale.

Lufthansa and SAP teamed up to sponsor a blockchain technology project to revolutionize the aviation industry

Deepak Krishnamurthy, chief strategy officer and executive vice president of SAP, said participants would compete in three categories in which to focus solutions. These include user-focused ideas, with the goal of achieving a more optimal travel experience for travelers. The relationship with the airline, where they will evaluate projects focused on operations, and, finally, proposals focused on maintenance of the supply chain in the aviation industry.

The winning idea could become a pilot project of the Lufthansa Group, and the team would have up to 3 months to work on its development in Berlin, Germany. Also, they will be able to access SAP’s Blockchain-as-a-Service platform to build or improve their project.

The possible applications of blockchain technology in the aviation industry have been under discussion since 2017. In late-2017, the Accenture consulting firm pointed out in an article that areas such as maintenance, ticketing and security would be susceptible to optimization through a blockchain technology.

Air France KLM Group also discussed the possibility of applying blockchain technology for tracking aircraft spare parts. More recently, it became known that specialist security controls and supply chain companies in the aviation industry, such as Moog, Rolls Royce, Sabre and Air Bus, are exploring the application of blockchain in supply chains.

Categories
Crypto News

China Plans To Lead IoT And Blockchain Technology Standardization

China will lead an international research group to standardize the Internet of Things (IoT) and blockchain technology, the local news portal Science and Technology Daily reported recently.

The joint technical committee, consisting of the International Organization for Standardization (ISO) and the International Electrotechnical Commission (IEC), adopted the proposal to form this international research group after a one-month discussion of the committee members.

China promotes the industrialization of IoT and blockchain

Science and Technology Daily, the official newspaper of the Chinese Ministry of Science and Technology, writes that the creation of this group means that China has gained “discourse power” over blockchain technology integration.

It is of great importance for China’s industries, which are linked to leading global development and promoting the integration of Fiat and the digital economy.

The international research group chaired by Dr. Shen Jie will promote fiat digital integration by providing a variety of industrial application scenarios and developing a mechanism to promote the international standardization of IoT and blockchain technologies.

The new group will be made of analysts of ten countries, such as the US, the UK, and Germany, among others

China has recently made progress in the acceptance of blockchain technology. Last month, the Digital Currency Research Lab of the People’s Bank of China (PBoC) filed a patent for a digital wallet that would allow users to track their transaction history. Also in June PBoC unveiled a blockchain-operated system for digitizing paper cheques.

Earlier this week, as reported by Cointelegraph, the deputy director of the Chinese Ministry of Industry and Information Technology (MIIT) had called on the country to “unite” its forces to promote the Blockchain as the “core” technology for the new digital economy.

The new research group will consist of experts from over ten countries, including the United States, the United Kingdom, Germany, and France.

Categories
Crypto News

Large Credit Union Coalition Of Canada Teamed Up With R3 Consortium

The Large Credit Union Coalition (LCUC), a consortium of chief information officers (CIOs) from the 16 major credit unions in Canada, has teamed up with the R3, the New York-based blockchain consortium, as announced on July 17th, yesterday.

The LCUC, whose core members consist of over 3 million institutions and account for more than $125 billion in total assets, is now part of the R3 blockchain consortium of over 200 financial organizations, trade unions, and technology businesses to pursue and incorporate Corda. Corda is an open source distributed general ledger platform architected to operate within the financial sector to handle difficult transactions and limit the access to transactional data for increased security.

The LCUC is delighted to work with R3 and explore the space for general ledger technology more closely distributed, building on some of our members’ successes with technology.

Yves Auger, CIO of Servus Credit Union, member of the Large Credit Union Coalition of Canada

The Large Credit Union Coalition (LCUC) of Canada teamed up with R3 Consortium of the blockchain technology

The LCUC aims to create new technologies which would make Canadian credit unions more effective and competitive. The alliance has formerly focused on a number of projects, including remote check deposits and mobile payments. The LCUC is also targeting the areas of artificial intelligence, cloud computing, and payment upgrading, as reported by the official statement.

On the other hand, earlier in July, R3 Consortium reported that it had introduced a build of its Corda blockchain platform focused on enterprises use. Corda Enterprise, purportedly, is “optimized to meet the demands of modern enterprises.”

The Large Credit Union Coalition (LCUC) of Canada teamed up with R3 Consortium of blockchain technology-based companies to implement Corda. By doing so, LCUC members plan to improve their effectiveness and become more competitive in the modern economy.

Exit mobile version