The Bangladesh branch of global banking firm HSBC has conducted the country’s first blockchain-based letter of credit transaction on the Contour DLT platform. The transaction was used to settle the importation of 20,000 tonnes of fuel oil from United Group’s Singapore subsidiary United Mymensingh Power. HSBC Bangaladesh’s chief executive, Md Mahbub ur Rahman, described the transaction as showcasing the bank’s commitment “to supporting cross-border trade by Bangladeshi businesses using cutting-edge technology platforms.” “I believe this will usher in a new era of routing international trade transactions as businesses and governments recognize transparency, security and swiftness in performing tasks using blockchain …
Data privacy issues have been escalating in 2020 as personal data is increasingly being used to fight COVID-19. The Linux Foundation, a non-profit technology consortium, has today announced a new data privacy project featuring dozens of cross-industry giants like Mastercard and IBM. Called the ToIP Foundation, the new data trust coalition aims to provide a trusted exchange of data over the internet and establish a global standard to ensure digital trust. Blockchain consortium R3 outlines Corda’s potential for private transactions According to a May 5 announcement, the ToIP Foundation’s participants include a wide list of companies, governments and nonprofits across …
The Marco Polo Network, a trade finance network co-developed by major enterprise blockchain firm R3, has completed its largest finance trial. Built on R3’s open-source blockchain platform Corda, Marco Polo has hosted the largest global trade finance trial that involved over 70 organizations from 25 countries including financial giants like Japanese SBI Holdings, according to an official announcement on Dec. 12. 100% of respondents in the trial believe that blockchain has the potential to improve their industries As the trial has involved more than 340 participants from multiple industries ranging from financial services to automotive, the joint initiative purportedly intends …
Austria’s Raiffeisen Bank International (RBI) has announced it will pilot R3’s Marco Polo blockchain network for trade finance, according to a press release shared with Cointelegraph on May 8. As previously reported, Marco Polo — which is powered by R3’s Corda enterprise blockchain platform — counts major international banks such as BNP Paribas, ING and Sumitomo Mitsui Banking Corporation as members. Other prominent bank members include Standard Chartered Bank and NatWest, according to today’s press release. RBI has reportedly been eyeing expansion in the Central and Eastern Europe market, after reporting a consolidated profit of 1.27 billion euros (around $142 …
Enterprise blockchain software firm R3 has announced the launch of its Corda Network, which will be operated and overseen by a newly created not-for-profit organization, the Corda Network Foundation. The announcement was made in an R3 press release published on Jan. 16. R3 has to date reportedly gathered over 300 partners from across multiple industries — both the private and public sector — to collaborate on developing Corda, its open-source blockchain platform, as well as its business-oriented offshoot Corda Enterprise. The Corda Network will reportedly serve as a base layer of identity and consensus for all participants, and allow for …