To date, the ever-evolving DLT landscape has brought about dramatic changes to the world of finance and businesses in multiple industries. While blockchain is a type of distributed ledger technology, there are various other applications that have emerged since the advent of Bitcoin (BTC) over a decade ago. What makes DLTs special is their capacity to cut out intermediaries in most supply chains while making it possible for stakeholders to collaborate autonomously without the need for a centralized authority figure. As the world continues to digitize its traditional workflow processes, the significance of DLTs increases. Now, DLTs, in combination with …

Blockchain technology in general, and smart contracts in particular, can “unlock the hidden values of legacy digital systems,” according to a report co-authored by representatives of the World Economic Forum and Chainlink. To understand how, look no further than India’s Crop Insurance Scheme. In a 40-page white paper released on Wednesday, the Geneva-based organization promotes the importance of interoperability between legacy systems and distributed ledger technologies – but only for specific use cases that are suitable for blockchains. “Once readers have already established that blockchain is desirable for their specific use case and business processes, this paper aims to spotlight …

The Australian government is trialing the use of blockchain technology for intergovernmental document exchanges with Singapore as the latest action in a series of pro-blockchain efforts. It follows hot on the heels of the establishment of a new network promoting blockchain to public servants. On Nov. 23, the Australia Border Force launched a blockchain trade trial in collaboration with Singapore Customs and Singapore Infocomm Media Development Authority to test digital verification systems. ABF Commissioner Michael Outram explained that the trial will help digitize trade and compliance records, adding: “This initiative will incorporate paperless trading and secure, digital exchange of trade …

Many financial institutions are poised to increase their blockchain spending in 2021, according to an upcoming survey from Deloitte titled "Financial Services Industry Outlooks 2020." Preliminary results shared with Cointelegraph indicate that 27% of the institutions surveyed expect a “slight increase in spend” for blockchain and distributed ledger technology, while 14% are expecting a large increase. A further 33% expect no change, with the remaining 27% looking to cut their expenditure slightly. The survey was held between July and August 2020. Respondents included 800 senior executives at financial institutions — banks, payments companies, insurance companies, hedge funds, and other investment …

Facebook’s proposal for its digital currency, Libra, was a wake-up call for international regulatory agencies, finance ministries and central bankers. All these actors recognized that the company’s reach across its three platforms had the potential to accelerate adoption of a global stablecoin to an unprecedented extent. In a new paper from the Bank of International Settlements, three analysts have proposed that the novelty of Libra and other proposed global stablecoins demand that regulators reimagine the possibilities for monitoring and supervising their issuance and circulation. Libra’s potential for rapid mass adoption across multiple jurisdictions would require authorities to develop dynamic and …

Until recently, the use of blockchain in elections was perceived as nothing more than an experiment. However, during the recent United States presidential election, some tried to turn the public's perception of the possibilities of blockchain technology. For example, the Associated Press, one of the largest U.S. media outlets, published the election results on the Ethereum and EOS blockchains. Does this results call, however, suggest that the time to use blockchain in elections has come, and does it make sense to use the technology if the information source is centralized? Being on a blockchain doesn’t make data trustworthy Criticizing the …

As the coronavirus pandemic continues to push more people out of their offices, many companies across the globe are adopting decentralized ledger technology to mitigate its effects and remain operational. Emmanuelle Ganne, senior analyst at the World Trade Organization, told Cointelegraph that “The current pandemic, which has a devastating impact on small businesses, is an opportunity to accelerate trade digitalization, to the benefit of SMEs in particular.” Ganne added: “DLTs have the potential to remove many of the inefficiencies that hinder international trade and to slash trade costs, which weigh more heavily on small firms, a fortiori in times of …

Regulation is sometimes positioned as the enemy of innovation, an antagonistic force that reduces progress in the name of bureaucracy. However, when implemented sensitively and proportionately, regulation can strengthen a private sector’s reputation by creating the conditions necessary for businesses to focus on and enhance innovation. Getting this right means working with entrepreneurs and providing them the opportunity to innovate and experiment while also enforcing standards that promote proper corporate governance and prevent illegal activity. Through ensuring robust controls, today’s evils such as money laundering and terrorist financing can be aptly combated. An open dialogue between regulators and businesses makes …

American market research company Forrester recently released its blockchain predictions for 2021. The report reveals interesting findings, noting that 2020 has been an important year for growth in the enterprise blockchain and distributed ledger technology space. Martha Bennett, principal analyst at Forrester and a co-author of the report, told Cointelegraph that the firm’s blockchain predictions are based on inflection points that show definite changes rather than the continuation of trends. For instance, the report predicts that 30% of global projects will make it into production next year. This is partly due to the impact of the COVID-19 pandemic. According to …

The director-general for Nigeria’s National Information Technology Development Agency, or NITDA, has said that the country could potentially expect a revenue stream between $6 billion to 10 billion from blockchain technology in the next ten years. According to a Nov. 5 announcement from the NITDA, Director-General Kashifu Inuwa spoke at a stakeholders meeting in the Nigerian capital of Abuja to review the agency’s National Blockchain Adoption Strategy Framework. A draft of the strategy was first released in October and stated that blockchain and decentralized ledger technology (DLT) would “facilitate the development of the Nigerian digital economy.” “We want Nigeria to …

In an interview with Cointelegraph, Hedera Hashgraph CTO Leemon Baird said that while interest in blockchain greatly increased in 2020, he expects much bigger things to come in 2021. Baird, who holds a doctorate in computer science from Carnegie Mellon University, explained that “the world as a whole looks at this industry as blockchain or DLT and says, ‘wow, there's really something there.’" He continued, “This year I saw a rapid increase in interest throughout the world. And I think next year we will see an even bigger increase.” Elaborating on his optimistic forecast for 2021, Baird said “I am …

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 …