Turbotodd

Ruminations on IT, the digital media, and some golf thrown in for good measure.

Archive for the ‘blockchain’ Category

London Stock Exchange Group Collaborating with IBM on Blockchain Solution

leave a comment »

Borsa Italiana, part of London Stock Exchange Group (LSEG) and IBM today announced they are building a blockchain solution to digitize the issuance of securities for small and medium enterprises (SMEs) in Europe.

Designed to simplify the tracking and management of shareholding information, the new system intends to create a distributed shared registry containing a record of all shareholder transactions, helping to open up new opportunities for trading and investing. 

“Through our work with IBM on this blockchain solution, Borsa Italiana is taking the lead in transforming the way European SMEs can manage their shareholder data and at the same time expand credit access – all on a trusted digital platform,” said Raffaele Jerusalmi, CEO, Borsa Italiana.

The blockchain solution for unlisted SMEs in Europe is designed to replace the paper trading certificates that are commonly issued to private companies today.

With a more digitized, streamlined and transparent process enabled by the blockchain solution, various parties – including issuers, regulators and investors – will have increased insight into company information.

Traditionally, private SMEs lack access to public stock exchange networks or formalized credit structures. With this solution, SMEs in Europe can better access credit and link into a broader and more mature investor ecosystem, enabling them to set up new trading networks and obtain funding by sharing financial data in a security-rich and transparent public arena.

By implementing the blockchain solution, Borsa Italiana is taking the lead in transforming how private companies can exchange and bring transparency around shareholder data and expand credit access.

Built on Hyperledger Fabric version 1.0, a blockchain framework and and one of the Hyperledger projects hosted by The Linux Foundation, the system is designed to help ensure that highly sensitive securities data can be shared amongst permissioned network participants while remaining secure and gated.

This blockchain solution, developed in collaboration with IBM, is built on highly secure infrastructure technology that provides the highest levels of encryption commercially available. The solution is also built to achieve interoperability with LSEG’s existing systems, promoting efficiency and business continuity.

You can learn more about IBM Blockchain solutions here.

Written by turbotodd

July 19, 2017 at 10:15 am

IBM Completes Successful Blockchain Trial for Bank Guarantees

leave a comment »

ANZ and Westpac have teamed with IBM and shopping center operator Scentre Group and have now successfully digitized the bank guarantee process used for commercial property leasing.

The trial used Distributed Ledger Technology (DLT) to eliminate the need for current paper-based bank guarantee documents, resulting in a single source of information with reduced potential for fraud and increased efficiency.

DLT powered by Hyperledger Fabric V1.0 is a blockchain framework and one of the Hyperledger projects hosted by The Linux Foundation. DLT is part of what underpins a blockchain.

In addition to eliminating the need for physical document management, the trial also addressed other inefficiencies in the current bank guarantee process, including the challenges in tracking and reporting of a guarantee’s status through multiple changes.

This forms part of a broader plan to build a shared solution with the rest of the industry, and to invite other organizations to participate in a larger pilot.

Commenting on the successful trial, Mark Bloom, Chief Financial Officer at Scentre Group, said: “An update of the decades-old process for issuing, tracking and claiming on guarantees is long overdue. 

“With approximately 11,500 retailers across Australia and New Zealand, who use guarantees to support rental obligations, manual tracking of guarantees has been an extremely cumbersome and labour intensive process.”

The companies involved in the trial have released a whitepaper detailing how the solution worked and how it could be used in other situations that rely on bank guarantees. You can download it here.

Written by turbotodd

July 11, 2017 at 1:15 pm

Posted in 2017, banking, blockchain

AOS and IBM Developing Logistics and Transportation Solution Using IBM Blockchain, Watson IoT

leave a comment »

IBM and AOS — a Colombian company specializing in providing business solutions — today announced they are collaborating to create a solution to enhance efficiency in the logistics and transport industry throughout the country, built on IBM Blockchain and Watson IoT on the IBM Cloud.

Traditionally, supply chain transactions are completed manually, creating delays and a higher risk for recording error, which can cause differences between what was recorded and what was actually loaded.

By digitizing this process using blockchain and IoT, the relevant information is captured directly from the sensors placed on the trucks, and entered onto the blockchain, creating a single, shared repository that all authorized participants can access and which can only be altered with consensus from all parties.

With the solution, once the truck leaves the distribution point, an automatic message is sent to the customer, informing them about the load, weight and estimated time of arrival. If part of the delivery is returned, the invoicing can be automated depending on the actual load delivered.

Also, through the sensors located on the trucks, an information repository is generated using IoT and blockchain, which tracks all the exchanges, stops and transactions made by each truck and its respective load, from the distribution point to the final customer. This heightened level of transparency can help increase accountability between shippers and their customers, promoting the flow of business.

The new solution also integrates Watson IoT, designed to monitor what is happening with the trucks. For example, the solution captures the input and output weight to define available capacityas well as in which silo and which person will carry the load; and that data is also correlated to external information, such as weather, humidity, temperature and driver’s data, to estimate delivery time to customers.

You can learn more about IBM Blockchain solutions here.

Written by turbotodd

June 21, 2017 at 8:30 am

AIG, IBM, and Standard Chartered Bank Deliver First Multinational Insurance Policy Powered by Blockchain

leave a comment »

American International Group Inc., IBM and Standard Chartered Bank plc announced they have successfully piloted the first multinational, “smart contract” based insurance policy using blockchain, a distributed ledger technology.

 

The blockchain solution creates a new level of trust and transparency in the underwriting process, enabling AIG and Standard Chartered to deliver multinational insurance more efficiently. Coordinating management and placement of multiple insurance policies across multiple countries is highly complex. The pilot solution was built by IBM and is based on Hyperledger Fabric — a blockchain framework and one of the Hyperledger projects hosted by The Linux Foundation.

Working together, AIG, Standard Chartered and IBM converted a multinational, controlled master policy written in the UK, and three local policies in the US, Singapore and Kenya, into a “smart contract” that provides a shared view of policy data and documentation in real-time. This also allows visibility into coverage and premium payment at the local and master level as well as automated notifications to network participants following payment events.  

The pilot also demonstrates the ability to include third parties in the network, such as brokers, auditors and other stakeholders, giving them a customized view of policy and payment data and documentation. 

Rob Schimek, CEO of Commercial, AIG said: “Our pilot proves blockchain has a powerful role to play in the future of insurance. Any technology, including blockchain, that can increase trust and transparency for an industry whose pillars are built on that, should be fully explored. We’re excited to be delivering innovation that matters to our clients — and co-developing key components of this new technology together.”

The three parties chose to execute this initiative in one of the most complicated areas of Commercial Insurance – multinational risk transfer – to better understand blockchain’s potential to reduce friction and increase trust in other areas of the insurance value chain.

How it works:

  • Blockchain, an immutable, security rich and transparent shared digital ledger provides a single view of truth across all participants while simultaneously providing selective visibility to participants based on their credentials.
  • It provides the ability to record and track events and associated payments in each country related to the insurance policy.
  • No one party can modify, delete or even append any record without the consensus from others on the network.
  • This level of transparency helps reduce fraud and errors, as well as the need for the parties to contact each other to view policy and payment data and the status of policies. 

Emily Jenner, Head of Insurable Operational Risk at Standard Chartered, said: “As a global bank we have to ensure consistent, trustworthy and secure financial transactions, be that as part of our business or as customers ourselves. By creating a process by which we can arrange multinational insurance contracts through blockchain we not only have transaction security but contract certainty across multiple business locations.”

The multinational “master policy” is written out of London and for the pilot, three local policies were chosen that cover the US, Kenya and Singapore. These three jurisdictions were chosen because the US is a large and complex market, Singapore is a growth market for Standard Chartered, and Kenya has a specific regulatory requirement, known as “cash before cover” which means that cover must be paid for before it is valid.

“We chose these three territories because of their importance to Standard Chartered and also because of their regulatory complexity, so that we could fully test how blockchain technology might make these contracts work more efficiently,” said Standard Chartered’s Jenner.

You can learn more about IBM Blockchain solutions here.

Written by turbotodd

June 15, 2017 at 12:33 pm

Posted in 2017, blockchain, ibm, insurance

IBM Launches Blockchain Accelerator Program

leave a comment »

IBM today announced the IBM Blockchain Founder Accelerator to help enterprises and enterprise developers take blockchain networks into production faster.

The accelerator is the first program available that provides expertise and support across the technology, legal and business considerations of establishing new blockchain networks. Enterprises can join to gain exclusive access to technology and consulting expertise.

As an expansion of the blockchain ecosystem program, the IBM Blockchain Founder Accelerator is designed to address the key challenges many early adopters and enterprise developers have identified through the development of leading blockchain networks. It aims to share this collective knowledge with enterprise founders to drive the rapid adoption of production blockchains.

The program provides one-on-one mentorship and support by network founders and technologists across a range of needs such as business case development, network membership incentives, technical development, governance and legal issues.

In addition, members of the Founder Accelerator will receive early access to new prebuilt software assets, delivered via IBM Cloud, to help reduce the time and technical expertise needed for developers to write complex blockchain code.

These assets are based on IBM experience in building blockchain networks with more than 400 clients globally. Along with IBM’s established blockchain cloud services, these new capabilities will help clients rapidly create highly secure, cloud-based blockchain ecosystems.

IBM Blockchain Founder Accelerator

Eight new blockchain network founders will be selected by IBM for this fee-based accelerator across a range of industries such as banking, logistics, manufacturing and retail. The program provides organizations with guidance, support and technical expertise to get their networks up and running and supporting an ecosystem of users and partners by the end of the year. Scholarships are also available.

Program participants will gain access to:

  • Design Thinking Workshops – Based on the principles and methodologies of IBM’s global network of Bluemix Garages, network founders will get access to agile design “bootcamps” designed to help them quickly build, iterate and launch the networks, leveraging the best practices and founder experience gained from over a dozen blockchain networks in production.
  • Founder Mentorship One-on-Ones — Technical and business mentors from IBM Research team creating Blockchain solutions and assets, IBM Labs contributing to and helping maintain Hyperledger Fabric (a blockchain framework and one of the Hyperledger projects hosted by The Linux Foundation) and the IBM Bluemix Garage delivering blockchain projects, as well as major contributors to Hyperledger Fabric and early users of IBM Blockchain will work directly with the participants and provide counsel including code review and business coaching.
  • IBM Cloud Services — IBM technology resources will be available to founders, including IBM Blockchain solutions via IBM Bluemix, IBM’s cloud platform. Bluemix hosts IBM’s enterprise-ready blockchain service that supports the Hyperledger Fabric. All participants will also receive up to $120,000 worth of IBM Cloud credits to fully leverage the ecosystem, as well as access to IBM Bluemix Garage sessions for development.
  • Co-Marketing Potential –Participants will work with IBM and our blockchain ecosystem to position themselves as technology leaders through joint marketing opportunities.

“As a founder of security and privacy solutions addressing the cost and complexity of complying with regulatory requirements such as the EU’s new General Data Protection Regulation, the guidance and support that IBM provided us in bringing DataPassports to market was invaluable in accelerating the development and delivery of our blockchain based services,” said Kevin Ellison, CEO, Schedule1.

Fast-Track Development with Pre-Built Blockchain Software Assets

New software capabilities via the IBM Cloud are based on experience from IBM’s largest blockchain initiatives and experience with production blockchain networks across shipping, manufacturing, supply chain and finance. Designed to help organizations speed the deployment of code from months, to just a few days, participants in the program will have first access prior to the general availability of the code.

These assets include IBM innovations incorporated into major projects across global trade digitization, supply chain finance, transaction settlement, procurement trade finance, supply chain visibility and food safety. Initial software assets include:

  • Document Store – allows network members to store and control documents and related events in a security-rich environment. This provides a source of validation to support mission-critical business processes where the lack of proper documentation can delay outcomes and potentially void the transaction.
  • Provenance Engine– maintains a comprehensive history of industry assets, both physical and digital, throughout their lifecycle, from creation to decommission as immutable transactions. It provides the capability to track an asset’s owner, location and status, and any supporting documents relevant to the asset at each stage of the business process.
  • Process Engine – provides all workflow orchestration on the blockchain network. It provides tamper-resistant document maintenance and authorization features, and answers communication requests among network members to support each transaction’s integrity.
  • Member Management and Onboarding – enables identity management of members in the blockchain network, including the registration and authorization of member organizations and their individual users.

The software assets will complement Hyperledger Composer, a collaboration tool for building blockchain business networks, and one of the Hyperledger projects hosted by The Linux Foundation.

Hyperledger Composer is an open source tool for developing and deploying chaincode, and the efficient development of business logic in Smart Contracts.

Organizations can learn more about pricing and apply to the IBM Blockchain Founder Accelerator program by visiting http://ibm.com/blockchain/accelerator.

Written by turbotodd

May 18, 2017 at 10:00 am

IBM And Chile’s Santiago Exchange To Deliver First Securities Lending Blockchain Solution

with one comment

IBM and Chile’s Santiago Exchange, the largest in the country, today announced a partnership to introduce blockchain technology across the country’s financial sector.

The agreement makes the Santiago Exchange the first stock market in Latin America to apply IBM Blockchain technology within its short selling system for securities lending. Blockchain works as an immutable ledger that records transactions, allowing secure information exchange.

Built by IBM and Chile’s Santiago Exchange, the solution is designed to help reduce errors, possible fraud, and processing time for each transaction, while also improving transaction management and lowering costs. In the case of the Santiago Exchange, the solution will result in significant time savings for the back-office processes.

“The Stock Exchange is a technologically advanced company, which provides the infrastructure and systems for all types of securities transactions and their clearing and settlement.  The Stock Exchange also provides information services and management systems for intermediaries. Incorporating blockchain into our business processes is in line with that purpose and positions us as a forerunner in the financial market,” said the Santiago Exchange CIO, Andrés Araya.

IBM Chile General Manager, Francisco Thiermann, highlighted the fact that the Santiago Exchange is the first stock exchange in Latin America to implement a securities lending blockchain solution. “Our agreement with Santiago Exchange marks another new era of innovation in the stock market. Santiago Exchange is a pioneer in its industry, and the blockchain adoption establishes a transformational precedent in the financial market, not just in Chile but in this region and the world,” he said.

The solution developed by IBM is based on the open source Linux Foundation’s Hyperledger Fabric. The solution is expected to be widely available to support multiple parties across the financial industry ecosystem this year.

Written by turbotodd

May 17, 2017 at 11:02 am

Mizuho Bank And IBM Japan Building Trade Financial Platform With Blockchain

with 3 comments

Mizuho Financial Group, Mizuho Bank and IBM Japan today announced they are building a blockchain-based trade financing platform for trade financing. With the platform, Mizuho is aiming to streamline trading operations and improve supply chain efficiency.

The timely and highly secure exchange of trade documents is essential for stakeholders in the supply chain ecosystem. Digitizing trade information on the blockchain can help change the way information is shared, infusing greater trust into transactions to make it easier for parties involved in the supply chain, including exporters, importers, shippers, insurance companies, port operators and port authorities, to share critical shipment data in near real-time.

Mizuho Financial Group is working with IBM Japan to ultimately conduct actual trade transactions based on Hyperledger Fabric, a blockchain framework implementation and one of the Hyperledger projects hosted by The Linux Foundation.

Specifically, the project exchanges digitized letters of credit for actual trade transactions between Japan and overseas clients. As the letter of credit is digitally shared among parties including importers, exporters and their banks, it is expected to simplify the associated document creation and exchange processes, which have traditionally been time- and paper-intensive.

Also, the system will enable all parties to view the latest shipment status data, which can result in reduced trade transaction and processing costs.

“We are pleased to be the market leader in Japan in powering our processes and workflows with distributed ledger technology and continue to work aggressively towards expanding our portfolio of its implementations across the group,” said Daisuke Yamada, Managing Executive officer and Chief Digital Innovation Officer of Mizuho Financial Group. “The global expertise in digital technology of IBM complements our vision and has opened further avenues for us to tap the potential of distributed ledger in transforming our processes and workflows for better enterprise agility, transparency and regulatory reporting.”

This first phase of the project will lead to Mizuho conducting actual trade transactions using blockchain in June 2017 advancing the trade financial platform for commercialization. Mizuho continues to utilize new technologies, like blockchain, for innovative and better financial services for customers. Mizuho worked with IBM on another blockchain pilot focused on currency settlement.

IBM launched IBM Blockchain on Bluemix for organizations that require blockchain networks that are trusted, open and ready for business.

You can learn more about IBM Blockchain on Bluemix here.

Written by turbotodd

April 26, 2017 at 9:11 am

%d bloggers like this: