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Use Case: Blockchain Technology in Transport Industry

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Companies are currently exploring ways to use blockchain technology for their companies. Blockchain is certainly a game changer for transport and logistics.

At the moment, it is estimated that 6 out of 10 large companies are currently exploring ways to use blockchain technology for their companies. An industry where blockchain technology is certainly a game changer is transport and logistics.

 

Blockchain

Blockchain, the underlying technology behind digital currencies such as bitcoin, has been praised as a global potential for industries, from healthcare and banking to production. Blockchain is a database technology built on the collaboration and sharing of data control among stakeholders.

 

Blockchain in Transport Industry

Blockchain, a technology that stores non – stop information blocks through a digital shared network, could revolutionize the future of trucking and logistics by creating a new system of transaction completion, shipment tracking, and fleet management. When it comes to the challenges and needs of the transport industry, the blockchain can become a transformative tool. For freight brokers, blockchain technology can provide solutions to some of the biggest challenges in the logistics and transport industry: commodity protection and maximum delivery efficiency.
Blockchain systems already have global financial applications, which serve as the basic technology platform for bitcoin’s digital currency.

In the world of temperature – controlled and perishable goods, significant investments in blockchain technology have been made. Blockchain technology can solve the problem by creating a decentralized network that stores all the necessary registrations of transport and freight forwarders. Smart Contracts can be the most effective blockchain feature for the freight industry.

Companies across the industry are realizing that they can use blockchain technology to streamline their business and provide better service to their customers. As the inefficiency of the logistics and transport world is growing, more and more companies are joining the burden of integrating blockchain technologies into the trucking industry.

Blockchain technology can save millions of dollars for global transport and logistics companies. Blockchain could revolutionize the transport, logistics and freight industry in the not too distant future.

For example, the blockchain in the Transport Alliance (BiTA) has become a network of hundreds of manufacturers and shippers who have to educate responsible parties on the blockchain and set standards. According to Craig Fuller, the director of BiTA blockchain technology, is ideal for use in the transport industry.
By facilitating cooperation between car manufacturers and other suppliers, state organization leaders, the group can accelerate the adoption of blockchain technologies to benefit consumers, communities, and businesses.

From solving disputes to administrative efficiency and order tracking, Blockchain solves the problems faced by the transport industry for decades.

As digital technology is shaping the transport industry, blockchain has become one of the most important priorities for most organizations. Blockchain has already been widely adopted by the financial sector and has slowly entered other sectors, including the supply chain and health care. Although the blockchain has clearly been accepted by the supply chain community, there are still no open standards to ensure successful implementation.

#Blockchain

Adoption: Courts in France adopt blockchain technology

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The NCC or National Council of Clerks of France have finally tested a blockchain technology-based solution for the courts of the country.

The NCC or National Council of Clerks of France recently made an announcement that they have finally tested a blockchain technology-based solution for the courts and are now prepared to launch it throughout France. The National Council of Clerks is a representation of the clerks of the corporate and commercial registry in around a hundred thirty-hour workplaces in France. The workplaces depend upon one another for sharing important data.

 

The goal of NCC France

The NCC is determined to streamline and position the latest information technology that capitulates something that is known as ‘the single version of the truth’. The data tracks an organization’s growth, dissolution, change of location etc. The sharing of data amongst each other was earlier a big challenge for the NCC.

 

The project based on blockchain technology had an aim of rapid cycle times and precision of information. In the pilot phase of the project, the National Council of Clerks in France was able to lessen the timing of registry operation involving a lot of days to just one day.

 

According to the president of France National Council of Clerks, Sophie Jonval, the project based on blockchain technology is an outcome of the partnership with IBM. IBM who is already an expert in blockchain technology and cryptography has been serving as a technological partner.

 

According to the NCC, the project shall be rolled out in the 1st half of 2019 and the project shall ensure a transparent and improved dynamics of the interactions between the clerks.

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HSBC Bank Looking to Expand Blockchain Platform Voltron in South Korea

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HSBC, the largest bank in Europe is searching for banks in South Korea for launching Voltron, it's blockchain platform as reported by the Korean Times.

HSBC, the largest bank in Europe is searching for banks in South Korea for launching Voltron, it’s blockchain platform as reported by the Korean Times.

 

HSBC Voltron:

The Voltron platform delivers a more quick method to process and settle invoices using by using permissioned blockchain technology. The permissioned blockchain stops the transactional data from being shared with everyone but instead, the data is shared with only consented users. The platform decreases the time that is usually required for the total process.

 

According to Joshua Kroeker, the innovation director of HSBC, the platform would mostly impact the process timing. Thus the transparency which comes with blockchain, as well as the rapid flow, would help the banks in managing their working capital as well as their cash flows. Kroeker reached out to the banks in South Korea to partner with their blockchain platform i.e. Voltron for the letters of credit.

 

HSBC’s blockchain platform was initiated in 2018 and is currently partnered with seven banks namely Standard Chartered, Bangkok Bank, BNP Paribas, ING, CTBC Holding, SEB, and NatWest. The platform is still in its pilot stage however, it shall soon be launched commercially.

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World’s biggest Blockchain ETF on London Stock Exchange

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The world's biggest blockchain ETF is scheduled to be launched by Invesco on the London Stock Exchange by Invesco, a large investment management company.

Cryptocurrency enthusiasts around the world have been curiously waiting for a bitcoin ETF to be approved by the SEC or any other potential government in the world. However, before a bitcoin ETF, the world’s biggest blockchain ETF is scheduled to be launched by Invesco on the London Stock Exchange. Invesco is a large investment management company that has more than $800 billion in assets under management.

 

World’s biggest Blockchain ETF

At the launch, the Blockchain ETF will invest in a portfolio of forty-eight companies including the CME Group, a US exchange which had earlier launched bitcoin futures on the exchange and Taiwan Semiconductor Manufacturing, a company that supplies crypto mining machines. Other companies are those that have an exposer to the blockchain technology.

 

The Blockchain ETF will be based on a proprietary scoring system made by Elwwod Asset Management LLP. According to Bin Ren, the chief executive officer at Elwood, the blockchain goes past cryptocurrencies. He mentioned that although blockchain technology is mostly being used by financial companies, it will be implemented in a vast range of industries soon.

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