Tag: trade

Despite the criticisms that the controversial Petro cryptocurrency has faced both locally and internationally since its launch in February 2018, the coin’s backers have unsuccessfully tried their best to gain relevance and seek a robust use-case. However, most countries have thwarted the idea of using a cryptocurrency for official deals. India Shuns the Petro Amongst them is India, a long-time…

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HSBC Holdings announced that it had completed its first scalable blockchain-based trade finance transaction through which it has concluded that blockchain is ready for mass adoption in the trade finance market. HSBC revealed that it concluded that blockchain is a commercially viable technology after processing a letter of credit on behalf of Cargill, a large food and agricultural conglomerate based…

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Juan Zarate’s most prominent time in the limelight was during the presidential reign of George W. Bush. Serving as the former president’s Deputy Advisor and Deputy National Security Advisor for Combatting Terrorism, Zarate led the Treasury’s efforts to undermine the funding of terrorism by way of various financial embargoes and sanctions – efforts which were given elevated significance in the…

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A seemingly routine and insignificant soybean shipment from the USA to China has been made mildly famous as the first commodity deal facilitated by blockchain technology. Feted as “the first full agricultural commodity transaction using a blockchain platform” by the consortium of banks, brokers, and vendors involved, it affirms the original value of Bitcoin and cryptocurrency overall, before the market…

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UPS recently announced their participation in a forum called Blockchain in Transport Alliance, or BITA, which looks to develop blockchain technology tailored for the freight industry, as well as educate members of the forum about the blockchain and its implications for logistics. With Freight and Logistics accounting for $1.5 trillion in the United States alone, this number is only expected…

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Since the entry of shipping containers in the 1950’s to transports goods passing different borders, international trade has not adopted any technological advances aiding the process shipments go through. Typically, there has been little change in the way goods are transferred from one location to the other. For example, the modes of transport used in this process such as sea…

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The Municipality of Rotterdam and the Port of Rotterdam Authority in the Netherlands have launched BlockLab, announced on September 21. The blockchain research lab that will focus on demonstrating the potential of blockchain technology in industries outside of finance. BlockLab and its operations will be financed by the Dutch government and the regional development corporation InnovationQuarter. In the upcoming months,…

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In a recent interview, associate professor at the Finance Academy of Social Sciences Institute of China, Zhou Ziheng, discussed China’s tough regulatory attitude, the digitization of the economy, and the two great forces of any economy; the public and the private. Cryptocurrency in Limbo Ziheng spoke with associates of Chinese press 8btc.com in regards to the recent market closure on…

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Colorado-based technology company Bext360 announced the creation of its first supply chain solution. The platform is called bextmachine and has been developed specifically for the global coffee supply chain. The announcement was made at the Massachusetts Institute of Technology (MIT) during a TechCrunch event focusing on robotics on July 17. The one-day event aimed to help innovators introduce their solutions…

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Blockchain technology has been drawing the attention of logistics companies for some while now. With the complex and incredibly cumbersome procedures involved in arranging transportation from one point to another, the blockchain seems like a long-awaited deliverance to them. The problems faced by the logistics industry are very tangible; huge amounts of paperwork, insurance and legal issues, customs clearance, cargo…

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