Major banks trade cotton using blockchain in a move that could transform a major industry

  • Earlier this year, Barclays trialed the use of smart contracts to trade derivatives , while a number of other major lenders have tested the use of blockchain technology to carry out cross-border payments .
  • Blockchain works like a huge, decentralized ledger for the digital currency bitcoin, recording every transaction and storing this information on a global network so it cannot be tampered with.
  • Wells Fargo and the Commonwealth Bank of Australia (CBA) have used blockchain – the technology that drives bitcoin – to process and execute a shipment of cotton from the U.S. to China, in a move that could provide a big breakthrough for the future of international trade.
  • Major banks trade cotton using blockchain in a move that could transform a major industry
  • Blockchain and so-called “smart contracts” can remove the need for all of this.

Wells Fargo and the Commonwealth Bank of Australia (CBA) have used blockchain – the technology that drives bitcoin – to process and execute a shipment of cotton from the U.S. to China, in a move that could provide a big breakthrough for the future of international trade.

Continue reading “Major banks trade cotton using blockchain in a move that could transform a major industry”

Major banks mark first-ever international trade using blockchain tech

Major banks mark first-ever international trade using #blockchain tech

  • The blockchain trade, for 88 bales, totaled $35,000, Commonwealth Bank told Reuters.
  • One of its benefits is removing people from transaction processing.
  • The logo of Australia’s Commonwealth Bank adorns an automatic teller machine (ATM) in central Sydney, Australia, October 18, 2016.
  • SYDNEY (Reuters) – The first cross-border transaction between banks using multiple blockchain applications has taken place, Commonwealth Bank of Australia and Wells Fargo & Co said on Monday, resulting in a shipment of cotton to China from the United States.
  • Brighann Cotton was not available for comment when contacted by Reuters.

The first cross-border transaction between banks using multiple blockchain applications has taken place, Commonwealth Bank of Australia and Wells Fargo & Co said on Monday, resulting in a shipment of cotton to China from the United States. Australian cotton trader Brighann Cotton Marketing bought the
Continue reading “Major banks mark first-ever international trade using blockchain tech”

Major banks mark first-ever international trade using blockchain tech

  • Group member Ivan Emke said that saying goodbye was hard, but it’s important to remember that people in Corner Brook succeeded in giving a Syrian family a chance to start over.
  • The blockchain trade, for 88 bales, totalled $35,000, Commonwealth Bank told Reuters.
  • The trick is keeping deposits small, because banks are required to report cash deposits of $10,000 or more to the government.
  • The bank also said that R3 – of which it and Wells Fargo are members – did not play a part in the trade.
  • Australian cotton trader Brighann Cotton Marketing bought the shipment bound for the port city Qingdao from U.S. division Brighann Cotton in Texas, the companies and their banks said in a joint statement.

By Byron Kaye SYDNEY (Reuters) – The first cross-border transaction between banks using multiple blockchain applications has taken place, Commonwealth Bank of Australia and Wells Fargo & Co said on Monday, resulting in a shipment of cotton to China from the United States. Australian cotton trader Brighann
Continue reading “Major banks mark first-ever international trade using blockchain tech”

Major banks mark first-ever international trade using blockchain tech

  • Group member Ivan Emke said that saying goodbye was hard, but it’s important to remember that people in Corner Brook succeeded in giving a Syrian family a chance to start over.
  • The blockchain trade, for 88 bales, totalled $35,000, Commonwealth Bank told Reuters.
  • The trick is keeping deposits small, because banks are required to report cash deposits of $10,000 or more to the government.
  • The bank also said that R3 – of which it and Wells Fargo are members – did not play a part in the trade.
  • Australian cotton trader Brighann Cotton Marketing bought the shipment bound for the port city Qingdao from U.S. division Brighann Cotton in Texas, the companies and their banks said in a joint statement.

By Byron Kaye SYDNEY (Reuters) – The first cross-border transaction between banks using multiple blockchain applications has taken place, Commonwealth Bank of Australia and Wells Fargo & Co said on Monday, resulting in a shipment of cotton to China from the United States. Australian cotton trader Brighann
Continue reading “Major banks mark first-ever international trade using blockchain tech”

Major banks mark first-ever international trade using blockchain tech

Major banks mark first-ever international trade using #blockchain tech

  • The blockchain trade, for 88 bales, totaled $35,000, Commonwealth Bank told Reuters.
  • One of its benefits is removing people from transaction processing.
  • The logo of Australia’s Commonwealth Bank adorns an automatic teller machine (ATM) in central Sydney, Australia, October 18, 2016.
  • SYDNEY (Reuters) – The first cross-border transaction between banks using multiple blockchain applications has taken place, Commonwealth Bank of Australia and Wells Fargo & Co said on Monday, resulting in a shipment of cotton to China from the United States.
  • Brighann Cotton was not available for comment when contacted by Reuters.

The first cross-border transaction between banks using multiple blockchain applications has taken place, Commonwealth Bank of Australia and Wells Fargo & Co said on Monday, resulting in a shipment of cotton to China from the United States. Australian cotton trader Brighann Cotton Marketing bought the
Continue reading “Major banks mark first-ever international trade using blockchain tech”

Major banks mark first-ever international trade using blockchain tech

Major banks mark first-ever international trade using #blockchain tech

  • The blockchain trade, for 88 bales, totaled $35,000, Commonwealth Bank told Reuters.
  • One of its benefits is removing people from transaction processing.
  • The logo of Australia’s Commonwealth Bank adorns an automatic teller machine (ATM) in central Sydney, Australia, October 18, 2016.
  • SYDNEY (Reuters) – The first cross-border transaction between banks using multiple blockchain applications has taken place, Commonwealth Bank of Australia and Wells Fargo & Co said on Monday, resulting in a shipment of cotton to China from the United States.
  • Brighann Cotton was not available for comment when contacted by Reuters.

The first cross-border transaction between banks using multiple blockchain applications has taken place, Commonwealth Bank of Australia and Wells Fargo & Co said on Monday, resulting in a shipment of cotton to China from the United States. Australian cotton trader Brighann Cotton Marketing bought the
Continue reading “Major banks mark first-ever international trade using blockchain tech”

Major banks mark first-ever international trade using blockchain tech

  • Group member Ivan Emke said that saying goodbye was hard, but it’s important to remember that people in Corner Brook succeeded in giving a Syrian family a chance to start over.
  • The blockchain trade, for 88 bales, totalled $35,000, Commonwealth Bank told Reuters.
  • The trick is keeping deposits small, because banks are required to report cash deposits of $10,000 or more to the government.
  • The bank also said that R3 – of which it and Wells Fargo are members – did not play a part in the trade.
  • Australian cotton trader Brighann Cotton Marketing bought the shipment bound for the port city Qingdao from U.S. division Brighann Cotton in Texas, the companies and their banks said in a joint statement.

By Byron Kaye SYDNEY (Reuters) – The first cross-border transaction between banks using multiple blockchain applications has taken place, Commonwealth Bank of Australia and Wells Fargo & Co said on Monday, resulting in a shipment of cotton to China from the United States. Australian cotton trader Brighann
Continue reading “Major banks mark first-ever international trade using blockchain tech”