Week Ending October 21,2016
Three things to know
Once again there is another full week of Blockchain news from around the world. Global financial institutions are accelerating Blockchain application and new consortiums are being formed to develop Blockchain. Outside of financial services, Blockchain is being put to use in energy, entertainment, and the military. This week our focus is on the new consortium being formed by global insurers, money transfer in the UAE, and application to commodities trading.
Starting in Munich, five insurers have joined forces to launch B3i, or the Blockchain Insurance Industry Initiative. Aegon, Allianz, Munich Re, Swiss Re, and Zurich believe Blockchain can enable digital contracts and multiple-party transactions to be done with greater transparency, more secure, and with a verifiable audit trail. To this point, insurance has generally lagged banks in developing Blockchain. Perhaps consortiums such as this can accelerate development throughout the industry.
In the United Arab Emirates (UAE), the bank Emirates NBD is piloting Blockchain with ICIC Bank in India to facilitate trade finance. The pilot is testing the potential for Blockchain to automate inter-bank processes and provide secure document transfer. Numerous times in the past month, I have talked to people who believe trade finance is among the functions that is most suitable for Blockchain. We should expect to see more announcements of trade finance pilot programs in the coming months.
Jumping to Switzerland, Mercuria, one of the world’s largest commodity traders believes Blockchain can be applied to reduce the costs of oil trading by 30.0%. CEO Marco Dunand believes the oil trading market can shift to Blockchain payments within the next 12 months. In my view, 12 months is a very aggressive time frame, but Mercuria has the resources and the will to make it happen.
Each week more initiatives are announced. Some in the industry have referred to 2016 as the “year of the proof of concept”, a description that seems appropriate. They also refer to 2017 as the year of live applications. So far, both descriptions appear to be accurate.
Insurers and reinsurers launch Blockchain initiative B3i
European Insurance Firms Launch New Blockchain Consortium
Emirates NBD pilots blockchain-based money transfers
Mercuria Chief: Blockchain Could Cut Oil Market Costs by 30%
Weekly Blockchain
Financial Services
Can Blockchain Save Banking?
Dun & Bradstreet Tests Blockchain for Trade Finance
Firms led by JPMorgan test blockchain-powered equity swaps post-trade
Banks adopt blockchain for mortgage valuation system
Blockchain Trade Group Adds First Credit Union Member
Blockchain Exchange and Wallet Lykke Raised $1 Million at ICO
Blockchain Biometrics Startup Raises $3 Million in New Funding
Only Proven Use Case for Blockchain Is Bitcoin’s Blockchain, Says Bankymoon CEO
Blockchain hit with DNS attack
Global
Westpac says RBA-issued digital currency would boost blockchain
China’s tech giants will shape international blockchain standards, with Beijing’s backing
The Chinese Government Publishes an Official Blockchain Whitepaper
In China, Two Cities Mirror Blockchain-Bitcoin Divide
Walmart and IBM will use blockchain to track pork from China
Korean Credit Card Giant to Integrate Blockchain Identity Service
Fintech: Fujitsu using blockchain to develop tech-savvy method of handling confidential data
Two More Indian Banks Conduct Blockchain Pilot Transactions
Bank Trials Show India’s Blockchain Interest on the Rise
TCS Chief Executive Bets Big On Block-Chain Technology
The Russian Government is Testing Blockchain for Document Storage
Why Russia’s Largest Bank is Worried About Blockchain’s Dark Side
RPT-European banks risk lagging Wall Street in blockchain race
Dubai and Norway to drive visitors beyond star attractions with a blockchain-based loyalty program
DarkMatter Introduces Blockchain Solutions for Governments and Enterprises in the UAE
Abu Dhabi Securities Exchange Announces Blockchain e-Voting Service
ADX launches blockchain for e-voting service, the first to its kind in MENA region financial markets
Africa’s largest banks and South Africa’s Central Securities Depository have set up a Blockchain …
Government
New Report Calls for Regulators & Lawmakers to Improve Frameworks for Blockchain
ACI is Paving the Way for Central Bank Blockchains
Central Banks Find It Hard to Ignore Blockchain Technology
Delaware Judge Pushes for Blockchain Voting
Uses and Applications
From BHP Billiton to Nasdaq, blockchain is booming
How blockchain can benefit IT outsourcing providers
What Does Disney Really Want Blockchain Technology for?
Imogen Heap Sees Blockchain as the Music Industry’s Savior
Blockchain, IoT, Artificial Intelligence Poised to Shake Up Healthcare
Babyghost and VeChain: Fashion on the Blockchain
Blockchain Can Disrupt the Disruptors in Uber and AirBnb
Blockchain Technology May Be Borrowed by DARPA to Secure Military Networks
New Blockchain Solution Dragonchain Has Been Made Open Source
Thought Leadership
Richard Branson: Blockchain Is an ‘Economic Revolution’
Blockchain could soon power stock markets, music sales, and even prevent child labor — here’s
Blockchain technology can help save the lives of millions of refugees by giving them a verified …
The blockchain revolution must be commercialized
Blockchain and open innovation: What does the future hold?
What Is ‘Blockchain’ & What Will It Mean for Your Tech Strategy?
Watch all six episodes of our series Trust Disrupted: Bitcoin and the Blockchain
Ethereum Forks but Blockchain Attacks Keep On Coming