Commerceblock is not a new project – it has been here for a couple of years now. However, it is featured in our blockchain news today because it is a startup to watch out for in 2020, with huge potential to implement the technology in the real world enterprise applications.
In other words, CommerceBlock is a complete infrastructure that can decentralize finance over public blockchains. The blockchain behind this network is promised to eliminate the middleman. With its smart digital trade ledger, not even currency risk management will pass by a bank desk.
CommerceBlock is bringing crypto to the mainstream in a suite which includes smart contract templates, making it easy for businesses to enter contracts. Also, there is an escrow service, trade flow management, asset issuance, dispute resolution, currency hedging, and trade data analysis tools which are facilitated through the Bitcoin Lighting Network, a payment protocol allowing for a near-infinite number of transactions without actually broadcasting them on the blockchain.
Nicholas Gregory was the person behind CommerceBlock in its 2016 launch, when banks were scrambling to sign up to blockchain alliances in order to find out how they could cut through front-middle-back office IT clutter. As a lead architect, Gregory had spent his career building real-time trading systems and derivatives platforms. In 2015, he was inspired by all of this and started investigating how the blockchain could be used in real businesses which is how CommerceBlock was born.
The token sale, which was conducted on the CommerceBlock issuance platform, is also an opportunity to test out the system.
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Around 40% of one million CBT (ERC-20 tokens) will be available for public sale, with a fundraising target of $25 million.
CommerceBlock is still hoping for the day when big banks such as JPMorgan will advise their institutional clients to build on top of the CommerceBlock network. This way, the money (whether in crypto or fiat currency) will reach the investment bank and other areas of the economy in a faster way. All of this will result in faster trade velocity and good promotion for CommerceBlock which has been through a lot over the past couple of years and is still improving.
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