Commonwealth Bank, Wells Fargo Test Blockchain for Cotton Trade
Commonwealth Bank and Wells Fargo have announced they are testing blockchain for use in trade finance, focusing on the global cotton market. Working alongside blockchain startup Skuchain and Australian cotton trading firm Brighann Cotton, the two banks facilitated a transaction between a cotton buyer and seller. In statements, Commonwealth said that the test enabled all parties involved "to track a shipment in real time" using a distributed ledger. Michael Eidel, executive general manager for Commonwealth Cash-flow and Transaction Services office, said in a statement: "The....
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Traditional banking has taken a wait-and-see approach when it comes to blockchain for far too long. Everyone active in the world of blockchain is well aware of how major banks take a vested interest in this technology. Up until this point, very few of those projects have created something useful. But Commonwealth Bank of Australia and Wells Fargo completed an international trade using distributed ledgers. Several different applications were used in the process. This collaboration between these two global banks and Brighann Cotton Marketing is quite an intriguing one. By using blockchain....
It wasn’t very long ago when a Blockchain was just a glimmer in a Nakamoto’s eye before it launched the transformational decentralized digital currency, Bitcoin. After several successful years of testing, through millions, if not billions of transactions through it around the globe, it seems the mainstream is impressed enough to jump into its waters. The latest example is a new partnership between Wells Fargo and the Commonwealth Bank of Australia that is using Blockchain technology as we speak. This partnership is sending physical goods across the globe, with some smart contracts thrown....
88 bales of cotton made history this week, becoming the world’s first cross-border interbank trade executed on a blockchain. Cotton Trade a ‘Truly Innovative Step’. The shipment, delivered from US-based Brighann Cotton, arrived in Qingdao, China — handled by the Commonwealth Bank of Australia and Wells Fargo. Upon arrival, staff checking in the bales....
A major factor which played a part in the Wells Fargo scam was poor and non-transparent data management. Could implementation of the Blockchain have helped in preventing the occurrence of such fraudulent activities? Bank too big to manage. The unethical behaviour by Wells Fargo has generated a lot of reaction from both the legal and the financial institutions in recent weeks. Wells Fargo employees secretly created millions of unauthorized bank and credit card accounts without their customers knowing it. The illegal accounts earned the bank unwarranted fees and allowed Wells Fargo employees....
"Rules of Engagement" are the exact words that Wells Fargo used, I can't make this stuff up guys... Even if I wanted to. As reported first in an FT article by Stephen Foley and Camilla Hall, Wells Fargo's anti-money laundering chief Jim Reynolds has launched a group to investigate how exactly Wells Fargo, and major financial institutions by extension and inclusion, might offer banking arrangements safely to Bitcoin-related services. Wells Fargo's chief executive John Stumpf further elaborated stating that it was Wells Fargo's standard bank practice to look into any financial innovations,....