Dubai government, companies team up with IBM on blockchain project

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Dubai, one of the world’s largest trading hubs, has linked up with IBM to launch a scheme using blockchain computing technology to process transactions and keep track of goods being shipped, IBM said on Tuesday. The initiative will provide real-time information about the state of goods and the status
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Microsoft and BAML team up on blockchain-based trade finance project

  • “The underlying nature of trade finance in its current form is highly manual, it’s highly time-consuming and it’s paper-based, so we thought this would be a good opportunity to streamline the way trade transactions are processed,” BAML’s head of global trade and supply chain finance, Percy Batliwalla, told Reuters.
  • LONDON (Reuters) – Microsoft and Bank of America Merrill Lynch have joined forces on a project to use blockchain technology to make trade finance transactions faster, cheaper, safer and more transparent, the companies said on Tuesday.
  • Trade transactions using the existing process typically take between seven and 10 days to complete and involve a complicated paper trail that is vulnerable to document fraud.
  • Microsoft’s cloud-based Azure platform will be used for the project.
  • Barclays and an Israel-based start-up said this month that they had carried out the first real-word trade deal using the technology.

Microsoft and Bank of America Merrill Lynch have joined forces on a project to use blockchain technology to make trade finance transactions faster, cheaper, safer and more transparent, the companies said on Tuesday. The two multinationals said at the Sibos financial services conference in Geneva that
Continue reading “Microsoft and BAML team up on blockchain-based trade finance project”

Microsoft and BAML team up on blockchain-based trade finance project

Microsoft and BAML team up on #blockchain-based trade finance project #tech #news

  • Trade transactions using the existing process typically take between seven and 10 days to complete and involve a complicated paper trail that is vulnerable to document fraud.
  • LONDON (Reuters) – Microsoft and Bank of America Merrill Lynch have joined forces on a project to use blockchain technology to make trade finance transactions faster, cheaper, safer and more transparent, the companies said on Tuesday.
  • Barclays and an Israel-based start-up said this month that they had carried out the first real-word trade deal using the technology.
  • “The underlying nature of trade finance in its current form is highly manual, it’s highly time-consuming and it’s paper-based, so we thought this would be a good opportunity to streamline the way trade transactions are processed,” BAML’s head of global trade and supply chain finance, Percy Batliwalla, told Reuters.
  • Proponents of the technology, which originates from digital currency bitcoin, say that it will make all kinds of transactions faster, more reliable and easier to audit because it does not require manual processing, nor authentication through intermediaries.

Microsoft and Bank of America Merrill Lynch have joined forces on a project to use blockchain technology to make trade finance transactions faster, cheaper, safer and more transparent, the companies said on Tuesday. The two multinationals said at the Sibos financial services conference in Geneva that
Continue reading “Microsoft and BAML team up on blockchain-based trade finance project”