Bitcoin Global News (BGN)
August 31, 2018 -- ADVFN Crypto NewsWire -- Standard Chartered
is collaborating with Siemens Financial Services and TradeIX, a
digital trade provider, to create an end-to-end blockchain-based
smart guarantees proposition in trade finance. They have an
industry-first client pilot underway that digitises the
traditionally paper intensive Bank Guarantees business from
initiation of the bank guarantee to the claim handling. The project
is part of the larger Dubai Smart City initiative.
This solution will enable Siemens
to digitise its guarantee process for customers with large
transaction volumes in the future. Unlike a letter of credit which
involves multiple parties, performance details and hundreds of
pages of documents, a commercial bank guarantee is a much simpler
instrument to digitise.
“While digitalisation is
revolutionising whole industries, incorporating digital trade
finance solution into our daily operations is an important step...
this move is part of our strategic mission of going digital in all
arenas. This will streamline our processes and make our trade
finance operations smoother, faster and more efficient.” - Michael
Bueker, CFO Siemens
R3 Corda Network
Pilot
The pilot started in March of this
year and will be fully completed by year end. The essential
function is based on automated smart contracts. The platform is
built using R3’s blockchain technology, and leverages the Corda DLT
and application layer provided by TradeIX.
Financial developments like this
will likely continue now that the technology is being proven
successful in many ways. In June an R3 Corda blockchain network was
tested Involving 39 separate banks, with branches in 19 different
countries worldwide. The test demonstrated the resilience and
elasticity that a blockchain can have, while maintaining the
security benefits inherent to all blockchain
transactions.
Universal KYC
App
The process was to streamline the
KYC (Know Your Customer) process across different banks and even
different blockchain networks. Their KYC application involved 39
participants who deployed and ran a total of 45 nodes in Microsoft
Azure, demonstrating the power of shared business logic on the
Corda network. Universal applications such as this will facilitate
wider integration of advancements being developed in more
particular areas of finance, like the new Standard Chartered
blockchain based, smart guarantees process.
Government Digital
Currencies
Another recent application of R3’s
Corda platform involves the Bank of Thailand. Just last week theri
government announced that it was using the technology to create a
central bank digital currency. Eight participating banks plan to
“collaboratively design and develop a proof-of-concept prototype
for wholesale funds transfer” built on Corda.
By: BGN Editorial Staff
News:
Blockchain