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


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 …


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