The oil and gas conglomerate named Reliance Industries, that is owned by Mukes Ambani who is the richest person in India, has officially announced the use of blockchain in order to conduct its first trade finance transaction. This topic went viral in our blockchain news section and is now among the most popular articles on our DC Forecasts crypto news site.
As the news release from HSBC India noted, Reliance Industries has recently executed a “live” blockchain-powered trade finance transaction in collaboration with the US-based global chemical distributor named Tricon Energy.
The end-to-end transaction was carried through the banking majors HSBC India and ING Bank Brussels, and was put on enterprise consortium R3’s Corda blockchain platform, as the release officially noted.
A letter of credit was issued by ING Bank for Tricon Energy USA (the importer) with HSBC India as the advising and negotiating bank for Reliance Industries, the release explains. Following this, the head for global banking and markets at HSBC India, Hitendra Dave, officially stated:
“The use of blockchain is a significant step towards digitising trade. The overall efficiency it brings to trade finance ensures cost effectiveness, quicker turnaround and potentially unlocks liquidity for businesses.”
Currently, the traditional method to underpin transaction between importers and exporters is through paper-based letters of credit, with each party sending documents by post or fax. This is a manual process that is greatly revolutionized through blockchain and the blockchain-powered trade finance platform, which is meant to digitize the entire process and save time and cost.
“The use of blockchain offers significant potential to reduce the timelines involved in exchange of export documentation from the extant 7 to 10 days to less than a day,” according to Srikanth Venkatachari who is the joint chief financial officer at Reliance Industries.
Deloitte Features Blockchain In Its Annual Tech Trends Report
“Today, blockchain is to trust what the web was to communication: a profoundly disruptive technology that transforms not only business but the way humans transact and engage," the report notes.Deloitte also agrees that blockchain is viral, saying that the technology is “capturing both mindshare and investment is remarkable considering that a few years ago the word blockchain was known only through its relationship to cryptocurrencies. One of the areas where blockchain is likely to develop in the coming year, according to Deloitte, is the technology that includes "gateways, integration layers and common standards." However, Deloitte also shared the obstacles of implementing the technology, mainly related to the time-consuming operations, lack of standardization, high costs and complex applications.
Stellar’s XLM Token Added To Greyscale’s Crypto Investment Trust Fund
“I think the theory is a sound one,” he said about Stellar’s business proposition for bridging crypto to fiat currency conversions. An American bank may be keeping large amounts of currencies in foreign banks, and to be able to bring those balances of foreign currencies onto a balance sheet as working capital is valuable. Financial institutions won’t be required to hold balances all over the place. This will improve efficiency and shore up balance sheets for other uses.”Stellar had amazing performance especially in Q4 after striking a deal with crypto wallet provider Blockchain.com in order to start distributing XLM that is worth $125 million in an airdrop, hoping to increase bigger awareness and adoption. In the meantime, Greyscale had a mixed year in 2018 after bitcoin dropped to its 15-month low at $3,130. The company’s Bitcoin Trust was worth less than $1 billion for the first time in 2018. According to the crypto industry newsletter Diar’s research, Greyscale in the same apparently had holdings just over one percent of the total BTC in circulation. After the announcement, Stellar increased up by 1.22 percent.
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Bitcoin ATM Operator Coinme To Start Selling BTC At Coinstar Counting Machines
“Bitcoin is now accessible at your local grocery store via Coinstar kiosks, and this offering will make it even easier for consumers to participate in this dynamic new economy.”Coinstar, on the other hand, offers coin-to-cash conversion in their kiosks in multiple countries around the world but it still remains unknown whether the Bitcoin feature will expand just as quickly as it did in the US. Coinstar’s CEO Jim Gaherty noted: Coinstar offers coin-to-cash conversion kiosks in various countries throughout the world. It remains unknown whether the Bitcoin feature will expand beyond the U.S., while the company did not provide figures on how many machines will offer it.
“Coinstar is always looking for new ways to offer value to our consumers when they visit our kiosks.’’According to CoinATMRadar industry monitoring resource, there are more than 4187 Bitcoin ATMs worldwide and more than 60 percent or 2516 are in the United States. The market has grown plenty over the years and many operators are trying to get control of what they think to become a fairly popular trend for crypto usage.
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