PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

Blockchain Is “No Longer in Proof of Concept” Phase

Steve Murphy by Steve Murphy
December 22, 2017
in Analysts Coverage
0
Database Technology Remains Competitive with Blockchains for Many Applications

Database Technology Remains Competitive with Blockchains for Many Applications

2
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

An appropriate subject from the GTR postings, highlighting the increasing visibility of blockchain-related technology across the industrial landscape as 2017 comes to a close. This particular piece is about a number of live transactions using BCT that are now starting to emanate from China and Australia. These cases relate to insurance, trade services and risk, where distributed ledger has a relatively natural fit.

In the past days, a number of trade and non-trade-related blockchain programmes have gone live, showing the functionality of the technology and feeding the widely-held view that 2018 will be the year in which it takes root commercially.“There are six to 10 blockchain projects in production in China. They’re just not announcing them yet. I can assure you that blockchain is no longer in proof of concept – many projects are in production,” says Paul Sin, Deloitte’s fintech consulting partner in Hong Kong.

A UK based startup, ModulTrade, is mentioned as being active in expanded use of BCT their trade platform, which uses a smart contract system and an Ethereum-based altcoin (MTRc).  Mercator Advisory Group recently released a blockchain topical Viewpoint research briefing about the appearance and expected wider scale adoption of BCT during the next two years, specifically related to use cases in the corporate banking space.  Certainly trade services is a primary use case for BCT, and an expected lynchpin for banks to collaborate on industrial strength commercial platforms.

Using ModulTrade’s platform, Guangzhou Fuilie Trading sold a 3D printer to a counterparty in Russia. The goods were shipped by China Post once the seller saw the funds had been launched on the smart contract. Upon successful delivery of the goods, the funds were automatically released to the seller.

 This piece also mentions the use of BCT for purpose of trade settlement through an Oz-based startup named AgriDigital.   This is another another point or use case that we make in the mentioned Viewpoint, more along the lines of cross-border payments. In this case it was not altcoin (cryptocurrency) used for the settlement, just plain old digital currency and automated cash release for direct goods; nor was it cross border, but the process of smart contract verification and auto-execution is applicable.

AgriDigital has successfully completed another proof of concept that brings its blockchain solution for commodities closer to production. The company teamed up with Rabobank to complete an inventory financing transaction on the blockchain that resulted in a real-time payment for farmers. The exercise tested whether the blockchain-based solution could facilitate a commodity purchase and sale transaction, with automated settlement.

So indeed we are moving forward and 2018 should bring some scalable commercial solutions in BCT.

Overview by Steve Murphy, Director, Commercial and Enterprise Payments Advisory Service at Mercator Advisory Group

Read the quoted story here

Tags: BlockchainCommercial Payments
2
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    deposit fraud

    Early Warning’s Verify Deposit Risk Leverages Predictive Intelligence to Stop Deposit Fraud

    November 28, 2023
    financial management

    How Intuit QuickBooks is Providing Tools for More Effective Financial Management at Every Stage of Small Business Growth

    November 27, 2023
    credit cards

    Credit Card Industry Remains Robust but Must Brace for Economic Instability

    November 22, 2023
    Complaints About Empty Gift Cards Continue into the Holiday Season

    Complaints About Empty Gift Cards Continue into the Holiday Season

    November 21, 2023
    Virtual Cards Are Gaining Ground in B2B Payments

    Virtual Cards Are Gaining Ground in B2B Payments

    November 20, 2023
    API and UI Intersection Accelerates Digital Banking

    API and UI Intersection Accelerates Digital Banking

    November 17, 2023
    fraud AI

    How Turnkey AI Solutions Can Help Payments Stakeholders Mitigate Fraud

    November 16, 2023
    New Mastercard Launch Allows Fast and Secure Cross-Border Payments

    Central Banks and Fintechs Compete to Shape Cross-Border Payments Mobility

    November 15, 2023

    Linkedin-in Twitter

    Advertise With Us | About Us | Terms of Use | Privacy Policy | Subscribe
    ©2023 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    Menu
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • Recent News
    • Resources
    Menu
    • Industry Opinions
    • Recent News
    • Resources
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result