Blockchain Report — 11/14/2018
Summary: Commonwealth Bank of Australia Demonstrates Welfare Payments On Ethereum; 25,000 Metric Tons Of Russian Wheat Sold On The Blockchain; XRP Is Legal And Endorsed In Thailand, Says CEO Of Ripple
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Commonwealth Bank of Australia Demonstrates Welfare Payments On Ethereum
According to ZDNet, the Commonwealth Bank of Australia (CBA) has announced that it is running a trial that will help manage a portion of Australia’s welfare payments using a permissioned Ethereum network. The welfare payments will be for Australia’s National Disability Insurance Scheme (NDIS).
CBA’s head of government Julie Hunter had this to say about the trial:
“We’re excited by the potential to enable NDIS participants to exercise greater choice and control over their disability support services, while streamlining budget management and removing the need for paperwork”
Hunter also stated that the blockchain trial has shown that blockchain technology has a wide range of applications for government, non-profit, and business organizations.
CBA compared the trial blockchain system to a centralized database and found that the blockchain system offered higher confidentiality, but it offered no benefit to users in terms of accessibility or simplicity. Also, because of blockchain’s immutability “Any erroneous or fraudulent payments that were made would be easier to reverse with a centralised database.”
25,000 Metric Tons Of Russian Wheat Sold On The Blockchain
According to Coingeek, 25,000 metric tons of Russian milling wheat were sold using a smart contract on the Cerealia grain trading platform. This is an especially large amount considering that Cerealia was launched last October 19.
A blog post from the CEO of Cerealia, Andrei Grigorov, states that this was the first-ever transaction for Black Sea grains recorded on the blockchain. Grigorov clarified that although this was the first time a smart contract was used to buy wheat, Bitcoin futures were used last December to pay for 3,000 tons of wheat.
Grigorov also said, “The next stage is to support emerging market traders in their local domestic currencies using fintech.” Along with trading wheat, the Cerealia platform currently allows traders to trade barley, corn, millet, oats, rye, and rice. The next version of the platform will be released in the first quarter of 2019.
XRP Is Legal And Endorsed In Thailand, Says CEO Of Ripple
According to AMBCrypto, the CEO of Ripple, Brad Garlinghouse, stated at a Singapore Fintech conference that Singapore has put in effort to be a leader in the cryptocurrency field. Garlinghouse also praised other countries, stating:
“Thailand would be another country that we’ve seen that is expressly and explicitly legalized and endorsed digital assets including XRP. We’ve seen some of that same activity in the Philippines.”
Garlinghouse believes that more regulatory certainty will allow for more innovation and adoption of cryptocurrencies to occur. The primary benefit that Asia has in the blockchain and cryptocurrency industry is that they offer regulatory certainty for businesses. Garlinghouse said:
“Ripple now sees 50 percent of all of our global customers here in the Asian markets, our Singapore office has grown dramatically about 200 percent last year.”
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