Turbotodd

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

Posts Tagged ‘blockchain

IBM, Banks Collaborate to Advance an Open, Blockchain-based Trade Finance Platform

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Bank of Montreal (BMO), CaixaBank, Commerzbank and Erste Group have joined an initiative launched by UBS and IBM in 2016 to build a new global trade platform based on blockchain technology.

This new platform, called Batavia, is built to be openly accessed by organizations of all sizes anywhere in the world, and can support trade finance for transactions across all modes of trade, whether goods are being transported by air, land or sea.

Batavia advances the work initiated by UBS and IBM to develop a trade finance platform built on the IBM Blockchain Platform powered by the Hyperledger Fabric Blockchain framework.

The development work is being done collaboratively by the five banks and IBM in consultation with transportation industry experts as well as the banks’ customers to ensure that the platform is flexible and intuitive for customers and can be commercialized.

Batavia is targeting pilot transactions with customers on the network in early 2018 to test and refine the platform.

Designed to support more efficient, transparent and cost-effective transactions, the new global trade financing platform will help organizations more easily build multi-party, cross-border trading networks worldwide.

Batavia will allow transacting parties to view the progress of a shipment as it leaves the warehouse, is loaded onto a plane, truck or boat and arrives at the receiving port, automatically releasing payments incrementally along each step of the process.

The platform will help connect participants in a trading network, delivering the potential to transform global trade. The open nature of the platform, which encourages broad participation by many banks, vendors and regulators, will also help open new trade corridors, bring new players into the market and expedite processes that before were prohibitively time-consuming and expensive.

Traditionally, trading partners, including buyers, sellers, their banks, transporters, inspectors and regulators have relied on large volumes of paper-based documentation to securely conduct trade transactions. This process can take up to weeks, incurring costs, making data vulnerable to errors due to repeated manual reprocessing and tying up capital.

Delays and lack of transparency in trade can make it difficult for companies to access financing, limiting their ability to trade across borders and grow revenues. The Batavia platform will eliminate the necessity to handle and compare documents, allowing buyers, sellers and their banks to execute transactions with a high degree of efficiency and transparency.

Blockchain enables greater transparency by digitizing agreements entered into a permanent, immutable ledger that all involved parties in a trade transaction can view. The status of a contract until its fulfillment is updated automatically through IoT sensor data or user input.

Batavia will save users time and reduce costs by ensuring the integrity of data as it changes hands, reducing third-party verification processes and minimising the potential for errors, tampering or disputes. When all participants in a transaction can access a shared version of the truth, they can interact with greater trust, build larger and more distributed networks, and in turn, grow revenue.

You can learn more about the IBM Blockchain Platform here.

Written by turbotodd

October 5, 2017 at 11:22 am

IBM Leads the Blockchain

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Happy Monday.

First things first. If you’re a University of Texas football fan, my condolences on Saturday night. That was an epic football game between the ‘Horns and USC, and the last minute comeback by Texas during regulation deserved its own Emmy award for high drama. Then, to go into Double OT…well, let’s hope it’s a harbinger of continued great play.

As for the Monday morning tech world news, there’s certainly plenty to go around.

CNBC reported earlier that, according to Juniper Research, IBM far outranks Microsoft as the blockchain industry leader. The report wrote that "More than 40 percent of tech executives and leaders in the blockchain sector ranked IBM as top, with only 20 percent saying the same of Microsoft."

You can go here to learn more about IBM’s blockchain initiatives.

If you’re keeping track of the tech VC race, Slack just got a huge infusion of $250 million (largely from Softbank’s Vision Fund), valuing the firm at $5.1B.

SiliconANGLE on the infusion: "…Slack said it will use the latest funding to improve its ‘operational flexibility,’ a statement that is vague at best. The company also said it still has much of the $591 million it previously raised in the bank, which should at least give it lots of room for maneuvering in the months and years to come."

SA goes on to explain Slack may need the wiggle room, considering Microsoft has entered into the messaging space with its new Teams application.

In China, autonomous driving startup JingChi has raised a $30M angel round and is raising a $100M Series A. The company’s founder is Wang Jing, former head of Baidu Inc’s Autonomous Driving Unit, and will be HQed in Silicon Valley.

According to China Money Network, it completed a test drive in California in June, and is the 34th company to obtain a license to test autonomous vehicles on public roads there.

So next time you’re driving down the 101 and you see one car after another with nobody driving, you’ll know why.

Written by turbotodd

September 18, 2017 at 11:08 am

Sony and Sony Global Education Develop a New System on IBM Blockchain to Manage Students’ Learning Data

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IBM Japan today announced that Sony Corporation and Sony Global Education, a subsidiary of Sony that works to provide global educational services, have developed a new blockchain-based student education records platform.

With the solution, school administrators can consolidate and manage students’ educational data from several schools, as well as record and refer their learning history and digital academic transcripts with more certainty. The new platform, developed using IBM Blockchain, uses blockchain technology running on the IBM Cloud to track students’ learning progress, as well as establish transparency and accountability of scholastic achievements between students and schools.

The new system can record student data, sharing it with the network of need-to-know parties including school administrators and prospective employers. Using IBM Blockchain, student educational data on the platform is verified.

Educational institutions such as schools, colleges, and universities can use it to share data to help teachers more easily determine and implement unique teaching methods for each student, as well as help vendors target offerings based on verified needs. In addition, the platform can help manage a variety of student services offered by different parties and consolidate them in a single repository of information. It also enables parties to reliably share digital transcripts with one another.

Blockchain technology can help bring transparency and help build trust to transactions. It enables users to create networks that are permissioned and immutable; meaning they cannot be changed or altered by any one party. When a transaction takes place on the blockchain, all members of the network can see it, therefore operating from a common truth.

“Blockchain technology has the potential to impact systems in a wide variety of industries, and the educational sphere is no exception when educational data is securely stored on the blockchain and shared among permissioned users. We are pleased that we have worked together with IBM to build a new system which can help effect real change in the education sector,” said Masaaki Isozu, President of Sony Global Education.

The platform is built on IBM Blockchain, which is delivered via the IBM Cloud and powered by Hyperledger Fabric 1.0, a blockchain framework and one of the Hyperledger projects hosted by The Linux Foundation.

Sony Global Education is working with various educational institutions with the intent to launch the blockchain-based service in 2018. Beyond the education sector, blockchain can be used in a wide range of fields, including supply chain and logistics. As Sony Group, which owns a variety of business domains, continues to evaluate and develop the system, it is considering how to apply blockchain to additional products and services.

IBM is the leader in open-source blockchain solutions built for the enterprise. As an early member of Hyperledger, an open source collaborative effort created to advance cross-industry blockchain technologies, IBM is dedicated to supporting the development of openly-governed blockchains. IBM has worked with more than 400 clients across financial services, supply chains, IoT, risk management, digital rights management and healthcare to implement blockchain applications. For more information about IBM Blockchain, visit www.ibm.com/blockchain.

Todd "Turbo" Watson
Twitter:@turbotodd
Blog: www.turbotodd.com
Email: toddhttp://about.me/toddwatson

Written by turbotodd

August 9, 2017 at 11:31 am

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