As Indian authorities continue to strike down upon companies dealing with cryptocurrency in the country, the blockchain technology — backing the digital currency — is growing by leaps and bounds with various sectors adopting the tamper-proof ledger technology.
States like Andhra Pradesh and Telangana plan to use blockchain for land registry records, education certificates and vehicle records; while government think-tank NITI Aayog has tied up with Oracle, Apollo Hospitals and Strides Pharma Sciences for a pilot on supply chain management of drugs, etc.
Worldwide, the blockchain technology market is projected to surge from $315.9 Mn in 2015 to $20 Bn by the end of 2024, an October 2018 report published by Transparency Market Research (TMR) notes.
Here’s a curated rundown of important and related developments on Blockchain Ecosystem. [October 24 – 30]
Let’s take a look at this week’s block.
Important Developments In The Indian Blockchain Ecosystem
IDRBT Building Blockchain Blueprint For Fintech
Hyderabad-based Institute for Development and Research in Banking Technology (IDRBT) is reportedly developing a blueprint for blockchain technology to help regulate the blockchain and fintech sectors, ToI cited IDRBT director AS Ramasastri as saying.
The technology, called the Infinet, is being built for all the banks and financial institutions in the country, is being managed by a company called Indian Financial Technology and Allied Services (IFTAS)
“When the architecture for blockchain is developed, we will give the technology to a company that can handle it,” Ramasastri said.
Hitachi, SBI Partner To Build Digital Payments Platform Using Blockchain, IoT Tech
Hitachi Payment Services and State Bank of India (SBI) has formed a joint venture to build a digital payments platform using blockchain in supply chain management built on Lumada.
According to a report, Hitachi has agreed to accelerate the digitisation of SBI’s financial services by linking Lumada to the digital payments platform. In 2017, Hitachi had announced a proof of concept (Poc) using blockchain in supply chain management built on Lumada.
Blockchain May Enter Into Hospitality Sector: Trade Players
Blockchain technology could soon make a foray into the hospitality industry, Indian trade players noted during the recently concluded 8th Annual Convention of the HPMF (Hospitality Purchasing Managers’ Forum ), a consortium of like minded purchasing managers from the hospitality industry.
According to a report, trade players held a discussion to explore the opportunities, and stressed that the introduction of the blockchain will cut out unnecessary corruption in the industry.
Blockchain Developments From Around The World
Agribusinesses Seek To Use AI, Blockchain In Trade Commodity
Four agribusinesses — Archer Daniels Midland Company, Bunge Limited, Cargill Incorporated, and Louis Dreyfus Company — are investigating artificial intelligence (AI) and blockchain technologies to reduce resource-and time-intensive processes associated with the global agricultural commodity value chain. Initially, the agribusinesses will focus on automating grain and oilseed post-trade execution processes.
CBSA, Montreal Port To Deploy IBM’s Blockchain Tech For Shipping
The Canadian Border Services Agency (CBSA) is partnering with the country’s Port of Montreal to test a blockchain solution, TradeLens — built by IBM and Danish shipping giant AP Moller-Maersk Group — for streamlining freight shipping. According to a report, the project launched in August this year is aimed at modernising the shipping industry by digitising the paper trail with electronic scheduling, clearance and billing while tracing containers, and is expected to be fully commercial by the 2018-end.
Germany Completes Successful Trial On Blockchain Settlement
The central bank of Germany, Deutsche Bundesbank, and Frankfurt Stock Exchange-owned Deutsche Börse have announced the successful completion of a blockchain trial investigating the technology’s potential in securities settlement. According to a statement, both parties launched a project, named Blockbaster, to create a conceptual prototype for blockchain-based system to transfer and settle securities and fiat currency.
France Grants Setl License to Operate Central Securities Depository
UK settlement infrastructure provider, Setl, has been granted a license from France securities regulator, Autorité des Marchés Financiers, to operate a central securities depository system using blockchain technology. With the license, Setl will have access into TARGET2-Securities (T2S) – a pan-European system set up to unite the previously fragmented European securities settlement infrastructure. Setl describes its product as multi-asset, multi-currency institutional payment, and settlements infrastructure built on blockchain.
US Blockchain Company Algorand Raises $62 Mn
US blockchain company, Algorand, has raised $62 Mn funding from an unnamed global investment group representing venture capital, cryptocurrency and financial services communities. Algorand helps large enterprises achieve both scalability and security through its blockchain-based Algorand protocol. It plans to utilise the funding towards expanding its engineering team.
Nasdaq Wins Patent For Newswire Service Built On A Blockchain
American stock exchange, Nasdaq, has won a patent to use blockchain to release information as part of a wire service. According to a statement recently released by the US Patent and Trademark office says, “An editor may edit the document and an approver may approve the document for release to the recipients. Each modification of the document is recorded as a separate transaction on the blockchain.”
[Stay tuned for the next edition of Blockchain This Week]