European Banking Giants Plot Blockchain Trading of Liquid Natural Gas
ING and Societe Generale, a Dutch and French bank respectively are reportedly in talks with global commodities traders to test trading of liquefied natural gas on a blockchain enabled with smart contracts. After successfully trialing crude oil cargo trade on a blockchain last month, the two European banks are now looking to enhance the trading process of liquefied natural gas (LNG). According to a Reuters report, the two banks have already spoken to several players in the LNG trading market about testing a deal on a blockchain ‘within months’. LNG is natural gas converted to its liquid....
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As global banks are increasingly experimenting with the blockchain to search for possible use-cases that they can implement in its existing banking systems, CoinTelegraph has compiled a list of some of the most notable banking giants experimenting with Bitcoin’s underlying technology. Some of the world’s most prominent banks including Citibank are even trying to create their own blockchain to facilitate transactions and settlements quickly. The following list will explore which big banks are closely studying and developing interesting use-cases for the blockchain. Santander Bank, the....
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IBM is heading an open source project called the "Open Ledger Project" that is overseen by the Linux Foundation and includes major tech and banking giants. In essence, the Open Ledger Project will ostensibly lead to the creation of a pseudo-private(?) but open-source ledger that is likely to have applications beyond its participants, according to reports. Although details are currently limited to reports by WIRED, Fortune and Bloomberg, IBM has laid the foundation for a new open-source blockchain with the Open Ledger Project that is supported by the likes of Intel and Cisco in the tech....