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 Mercator Advisory Group analysts and industry professionals.

    Must Reads

    Why Businesses Need to Adopt Real-Time Payments as a Competitive Differentiator

    Why Businesses Need to Adopt Real-Time Payments as a Competitive Differentiator

    January 27, 2023
    faster payments

    Faster Payments Are Set to Revolutionize Modern Digital Payments

    January 26, 2023
    How AI can Help Manage Payments Risk in 2023

    How AI can Help Manage Payments Risk in 2023

    January 25, 2023
    cross-border payments

    How to Implement Effective and Innovative Cross-Border Payment Strategies

    January 24, 2023
    credit card experiences, digital payments, b2b payments

    Will Consumer-to-Business Payment Trends Drive B2B Global Growth in 2023?

    January 23, 2023
    Faster Payments Faster Identity Verification, connected car, payments

    2023 Predictions: Authentication, Digital Identity, and In-Car Payments

    January 20, 2023
    bank data

    Interconnectivity, Data Sharing, and Security Are Vital for Banks to Thrive

    January 19, 2023
    B2B Payments, cryptocurrency

    Crypto as a Practical Solution to B2B Payments

    January 18, 2023

    • Advertise With Us
    • About Us
    • Terms of Use
    • Privacy Policy
    • Subscribe
    ADVERTISEMENT
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • News
    • Resources

    © 2022 PaymentsJournal.com

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

      Register to download the Brighterion eBook - The power of today’s market-ready AI to reduce transaction fraud