1. India’s Commercial Bank To Build Remittance on R3’s Corda
R3’s blockchain platform Corda has been brought up in articles on multiple occasions. India’s commercial bank Federal Bank will now use the platform to build a cross-border remittance app. Since the app will run on the blockchain Corda, it will be identified as a CorDapp. The project is being developed in collaboration with blockchain startup DigiLedge. The new system will lead to cuts in cost and processing time. One of the groups which will benefit the most from the new service is people living abroad. Expats will be able to make payments in the country while living elsewhere, for example, to help their family. The Federal Bank wants even cited a figure reported by the World Bank; $69 billion were remitted to the country only in 2017.
2. Messaging App Kakao Launches Own Blockchain Testnet
We first reported on Kakao’s blockchain subsidiary Ground X back in March. At the time, the messaging app confirmed the development of the project. Ground X has now launched a testnet (test network) ‘of its proprietary blockchain network’ called Klaytn. So far, ten partners received an invite to access the network. A white paper of the platform has also been released. In the document, it was revealed that the blockchain ‘takes a hybrid approach that adopts the concepts of consensus nodes (CNs) and ranger nodes (RNs) to achieve both scalability and transparency’. Furthermore, ten billion ‘KLAY’ tokens will be distributed to both nodes. The allocation, which will be proportionate to one’s own contribution, will serve as an incentive to participate in the testing. Klaytn’s mainnet (main network) will be launched in the first quarter of 2019 while the source code’s publishing does not have a specific date yet.
3. IBM Move To Production With IBM Food Trust
Last year, we reported on IBM forming an alliance with other entities in order to launch a blockchain-backed food safety tool. The tech company has now revealed that its own blockchain-based food-tracking has moved to the production stage. It has also enlisted French supermarket Carrefour as a client. The chain joins “Nestle, Dole Food, Tyson Foods, Kroger, Unilever and Walmart”. The new project, IBM Food Trust, will allow companies of different sizes operating in the food industry supply chain to subscribe to the network. There will be a monthly fee costing between $100 and $10,000. The French company will start with tracking branded products in ‘France, Spain and Brazil’, to then expand to other countries by 2022. The news should especially appeal to small and medium-size enterprises (SME) which will benefit the most.
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