BUSINESS | BLOCKCHAIN


bly recorded on the Stellar blockchain for clearing. The financial services industry has been in the


vanguard of exploring blockchain and what IBM terms “programmable money” for some years. In July, for example, a number of European banks, including HSBC and Deutsche Bank, adopted their own blockchain platform – we.trade. Earlier in the year Japan’s biggest bank, Mitsubishi UFJ, an- nounced its own blockchain payment platform in partnership with US cloud provider, Akamai.


Above:


Blockchain is being touted as a means to assess and rank logistics


suppliers and create new on-demand options


chain to clear and settle international payments between banks in “near real-time”, according to IBM, via a mutually agreed digital currency. Using the new system, two financial institutions agree to use a digital asset as the bridge between any two fiat currencies. That digital asset facilitates the trade and supplies settlement instructions. Using their own payment system, the first bank


converts the fiat currency into the digital asset. IBM’s World Wire system then simultaneously converts that digital asset into the second fiat currency, completing the transaction, which is then immuta-


Linking to business This summer, Swiss B2B blockchain company Equidato Technologies announced the launch of its SophiaTX blockchain – main net. It is a decentral- ised computing system that extends traditional enterprise applications, such as enterprise resource planning (ERP), supply chain management (SCM), and customer relationship management (CRM), into the blockchain environment. The aim of main.net is to use the distributed ledger and decentralised processing structure of the Graphene blockchain to underpin enterprises’ operational and management processes “to ensure maximum transparency, traceability, and trust”,


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