UBS Reveals Blockchain Prototype for Streamlining Global Trade
Swiss banking giant UBS has unveiled a project designed to replicate the entire lifecycle of an international trade transaction on Hyperledger's Fabric blockchain. The project is being built in collaboration with IBM and it is still in its earliest stages. Beat Bannwart, UBS's head of product and market development for transaction banking stated:
"We looked at it from a transaction banking point of view, so we involved people from trade, from supply chain finance. But the aim was actually to combine all these different steps into one single solution, where the entire business flow is covered."
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BitFury Lightning Network Successfully Tested
French Bitcoin technology company ACINQ has successfully tested and implemented Bitfury’s Lightning Network-based algorithm solution, Flare. Bitfury’s algorithm solution for instant payments was introduced in July 2016 in collaboration with the Lightning Network team, with the vision to deploy a hybrid routing algorithm. Valery Vavilov, CEO of The Bitfury Group said:
“This success exemplifies why The Bitfury Group is committed to research and to supporting the implementation of Lightning Network. Our dedicated engineers as well as our fellow Blockchain companies are committed to the success of Lightning.”
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Ethereum-Based Investment Fund ICONOMI Raises Over $8.9 Million In ICO
The Ethereum based fund management platform, ICONOMI has raised over $8.9 million in an operational capital and equity through an Initial Coin Offering (ICO). Developed by Cashila as a disintermediated alternative to the traditional fund management industry, ICONOMI’s capitalization makes it the 20th most successful crowdfunding project ever. Tim M. Zagar, co-founder and director of operations and business said:
“ICONOMI’s success is proving that the idea of ‘uberization’ is best for far more than consumer-level services, there is tremendous demand for a platform like ICONOMI to cut out the middleman, lowering the barrier to entry for investment into cryptocurrencies.”
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