atans1

Practical uses of blockchain

In Uncategorized on 04/03/2018 at 11:02 am

Blockchains are electronic databases of transactions, whereby new deals are added to the chain and then stamped and protected with a mathematical equation.

Chain gang

Blockchain projects have the potential to reduce, and possibly eliminate, settlement times due to their digital nature, ensuring the timely and secure processing of these operations. Other uses for bank-backed blockchain projects would include secured global currency exchange rate speeds and increased transaction security,eventually allowing for an overhaul of the banking industry, replacing traditional back-office clearing houses and other outdated mediums that exist between asset sellers and buyers, reports Tec.

FT

S&P Global Platts has deployed a blockchain network for reporting oil storage data in the UAE, a first in the energy sector

Commodity players have been hoping that technology could ease the cumbersome process of exchanging contracts, letters of credit, inspection and other paperwork by email or fax when one company sells raw materials to another.

Louis Dreyfus has teamed up with ING and ABN Amro of the Netherlands and Société Générale of France to create a blockchain platform for agricultural trading. (Bloomberg)

And finally

It’s being used to verify the authenticity of baby formula, medicines and even to help reduce the harmful trade in blood diamonds. It’s also being used to help keep our fish supply fresh.

http://www.bbc.com/news/business-42152892

 

 

  1. It’s basically a banker, remeisier, accountant, lawyer, auditor, govt licensor rolled into 1, in real time.

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