$35k For Cotton Marks World First Interbank Blockchain Trade
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....
Related News
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....
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....
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....
The operator of China’s interbank trading system has joined the R3 blockchain consortium. The China Foreign Exchange Trade System (CFETS), founded in the early 1990s, functions directly under the auspices of the People’s Bank of China, the country’s central bank. As such, it functions as the platform for interbank trading between Chinese banks and those based abroad. As part of the consortium, CFETS officials will work with other financial institutions worldwide on blockchain development initiatives. Zaiyue Xu, executive vice president of CFETS, said in a statement: “CFETS is committed to....
The blockchain is transforming the way businesses are conducted across the world. What will be its effect on SWIFT, a legacy network for communication between banks that has lasted for 43 years? The Society for Worldwide Interbank Financial Telecommunication (SWIFT) was founded in 1973 and has provided financial institutions a means to exchange information about transactions in a secure environment. A majority of banks worldwide use the SWIFT network for international interbank messages. Why is SWIFT so successful? Prior to SWIFT, banks used telex for communications. Telex had inherent....