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HSBC Becomes the First Bank to Finance Transaction via Hyperledger

Multinational banking giant, HSBC has reportedly become the first bank to complete a financial transaction using the blockchain trade platform, we.trade based in Europe.

Based in Dublin and established in 2017, we.trade is a blockchain trade platform that runs on the IBM Hyperledger Fabric. The platform allows clients to manage, track, and securely open account trade transactions between SMEs in Europe.

The Global Trade Review recently reported that HSBC financed a transaction on the we.trade platform within the second round of pilots that started in June of 2019. The transaction took place between HSBC’s client Beeswift, which was a company that produces protective equipment and their sale to a company in the Netherlands banked by Rabobank.

It was also stated that we.trade has been supported and backed by 12 major shareholders, including banking giants such as Deutsche Bank, Natixis, Rabobank, Santander, and HSBC.

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Belt and Road in Hong Kong: the Emergence of Digital Gold in IoT

Since President Xi Jinping’s original proposal of the Belt and Road Initiative in 2013, a major limitation that the initiative has faced is the underwhelming volume of growth of Chinese goods being traded among the Belt and Road countries and corridors. The main reason for this inability to solicit further trade are that the relevant trading parties lack substantial holdings of US dollars.

The 4th Belt and Road Summit held in Hong Kong serves as a gateway to facilitate the trade of Chinese goods along the Belt and Road countries. In this article we look at an interesting blockchain application of digital gold, which appears to be a game-changer for the ecosystem of gold trading.

The game-changer with digital gold

Belt and Road Quota Limited (BNRQ), based in Hong Kong, is a company that has been promoting ‘Goldzip’—a gold standard barter trade tool that utilizes blockchain technology. Blockchain.News was able to meet and discuss the innovative digital barter system with one of the Belt and Road Quota Limited’s founders, Ms Law Yee Ping who was in attendance at the latest Belt and Road Summit in September.On the GoldZip tool, Law said, “It’s a new product from the Chinese Gold and Silver Exchange (CGSE) that uses the latest digital gold as a pricing unit to help members trade barter and ultimately helps to reform the development of the supply side of the Belt and Road.” She continued, “If you look at the history of trade, we have gone from bartering goods, to gold and then to US dollars, and now we are moving in reverse—away from US dollars back to gold to be used for bartering.”

Ms Law illustrated, “For example, if we have a client from Kenya who is interested in buying motors from China, they would have had to go to CIPS or their Stripe account to leverage US dollars to buy a Chinese motor. For our members using our Goldzip platform, anything can be bartered based on its value in gold. So perhaps the Kenyan company does not have the necessary US dollars but has the equivalent in another product like coffee or tea, these goods can be interpreted as their gold token value and swapped for an equal converted token value—we then create a smart tender, clear the contract using digital gold settlements and add them to our partner chain.”

Law commented that leveraging a substantial and real asset such as gold inspires far more confidence in the transaction than she believes a Bitcoin based barter would yield. She explained, “Our clients prefer gold over Bitcoin—which could theoretically fall to zero at any moment. Gold has been the standard for centuries and is unlikely to ever really depreciate.”

Smart Contracts & Blockchain IoT

The BNRQ is regarded as a dedicated FinTech and blockchain company which utilizes the technology to enhance several areas of trade. Law outlined, “When a client receives a smart tender, it offers an initial price of their product. When the deal is done, there are four smart contracts that will be issued, one is in terms of gold, another is in U.S. dollars, one for RMB and another will be created for the local currency of the trading partner. Utilizing the appropriate smart contracts the risk is all but eliminated, the trade is cleared through customs and the whole process increases transparency for all parties as they can analyze and compare the relevant trading statistics.”

Blockchain IoT will also be used to ensure trades are completed within the terms of the smart contract and additionally used for factoring. Law said, “Our smart contracts may offer factoring of up to 80% of the gold necessary for the trade, which may be bought back before the completion of the contract.”

On the macroeconomic uncertainty caused by the US-China trade war, Law stated, “The trade war is one of the reasons we established this company. Through 2013-2018, the total trade volume of goods between China and countries along the BRI has exceeded USD $6 trillion but the average annual growth rate of 4% has been higher than China’s foreign trade growth rate over the same period and China’s total trade in goods accounted for only 27.4% which clearly indicated that trade was still being dominated by the US and Europe, we were moving too slowly.” She continued, “Through digital gold barter we are reforming the entire supply chain beginning with the ASEAN countries. We are leveraging the traditional international supply chain and have so far had very positive reactions from Indonesia, Myanmar, Malaysia and some African nations such as Kenya.”

On Hong Kong’s overall FinTech and blockchain market, Law concluded, “We have the historical structures in place and our FinTech and blockchain industry is starting to reach a synergy that will give us some power and an advantage in the future of financial business.”

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5200 Vendors Now Accept Bitcoin Payments For Tobacco Purchases

Keplerk, a French-based cryptocurrency startup has relaunched its Bitcoin for tobacco service in as many as 5200 outlets across France starting from October 10th, according to a report by France’s top news Channel BFM TV.

Bitcoin is undoubtedly the most dominant cryptocurrency in the cryptosphere today and it not only has the largest market cap, but it’s also the most widely accepted digital currency worldwide. Some claim that this is attributed to it being the first-ever commercialized cryptocurrency, a valid claim that may just witness Bitcoin edging into an Era of dominance serving as alternative payment systems for sellers and buyers alike as currently being modeled by Keplerk.

Image Source: chepicap.com

Keplerk launched its service first in January and suspended the service in less than two months of starting with operations with about 6 vendors. This expansion drive to 5200 though welcomed by many crypto enthusiasts is not endorsed by The Central Bank, one major factor in the business’ slow progress.

According to the report, Keplerk’s customers will be able to purchase tobacco in coupons of 50, 100 and 250 Euros.

This payment system is made available through Keplerk’s partner Bimedia that will be responsible for providing the payment channel.

With the resurgence of cryptocurrencies in France, other parts of Europe, America and the World, cryptocurrency may be on the path to establish dominance in the digital world for most transactions.

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US-China Cold War Could Benefit Bitcoin

An internal Chinese report presented to Chinese Leader Xi Jinping and his top party members on May 4, concluded that anti-China sentiment is currently at its highest since the 1989 Tiananmen Square crackdown according to Reuters.

The report was created by China’s top intelligence agency, the China Institutes of Contemporary International Relations (CICIR), a think tank affiliated with the Ministry of State Security. People close to the report’s content said that Beijing will face a US-led wave of anti-China sentiment in the aftermath of the COVID-19 pandemic and must be prepared for a worst-case scenario which could include a military showdown between the two superpowers.

China has been heavily criticized on the world stage for its alleged lack of transparency of information on the COVID-19 pandemic and now appears to be doubling down on its censorship efforts. With the US-China trade war already well underway, there are now signs that things could escalate into a full-blown Cold war.

Following the Tiananmen Square incident in 1989, China was heavily isolated and sanctioned by international powers. But China is not the poor toothless nation it once was, it has now grown to the second-largest economy and a base for the majority of manufacturing in the world, and is unlikely to yield to any foreign powers demands.

Bitcoin and the Cold War

According to an article by Forbes on May 11, a source close to the letter compared it to the Novikov telegram, a warning letter sent by a Soviet Amassodar in 1946 to the Soviet Union of American foreign policy which is reported as a major catalyst for the subsequent decades-long Cold War between the USA and the USSR.

For Bitcoin, there are some notable downsides should the US-China tensions escalate to that of a Cold War scale. A larger break in economic ties could be a catalyst for stricter China imposed capital controls on the Chinese population and an even greater acceleration into the development of its own central bank digital currency or DCEP in attempt to completely dissociate from the broader crypto industry.

But there is potential for cryptocurrencies and Bitcoin to shine. Notably there would be significant disruption and roadblocks placed in front of existing fiat gateways been China and the US which could drive further adoption of peer-to-peer transactions of Bitcoin and crypto. China’s economy is still driven largely by exports and there will be a need to build new bridges for capital to flow, and cryptocurrency was designed for such a role.

A Cold War could see China and the US effectively divide up the world economy according to their ability to economically influence them. China most likely will retrench towards the Belt and Road countries of Asia, Africa and parts of Europe while the US will follow suit with the Americas and European allies.

Both sides are expected to suffer greatly from the lack of free trade and will likely result in a further decrease in global economic growth which is already buckling under the strain of the COVID-19 disruption and lockdown.

Billionaire investor Paul Tudor Jones, has made the argument that the effects of these stimulus policies will help highlight the strength of deflationary cryptocurrency economics in contrast to the current inflationary policies of world monetary authorities.

While a Cold Trade War between the largest economies in the world is unwanted, the long term effects for Bitcoin look quite positive. Recently the Bloomberg April 2020 Crypto Outlook also revealed that the creative financial measures of the US Lawmakers and Central banks around the world appear to be accelerating the status of Bitcoin to a new type of digital gold.

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South Korea Sees Surge in New Blockchain Platforms for Trading of Unlisted Stocks

South Korea’s progressive-thinking and liberal attitude on blockchain technology and cryptocurrencies recently got another boost. Industry sources revealed the upcoming launch of two new blockchain-based exchanges to bolster the financial trading of unlisted equities.

Korea turns to blockchain

According to a report, Dunamu and PSX will see the launch of blockchain-enabled services for the traditional finance sector. The two firms currently operate trading and investment platforms for users and are backed by Korean giant Kakao’s venture arm.

The launch means three blockchain-based trading platforms will exist in Korea by 2021. Earlier in 2019, the Korean government’s KOSCOM division announced the “Be My Unicorn” project, that allowed for the listing of unlisted stock on an exchange.

“Through the Be My Unicorn platform, investors will be able to trade the unlisted stocks from professional investors such as accelerators, and stocks from venture company employees,” KOSCOM said at the time.

Together the three projects utilize traceability and ensure inclusivity. The benefits work both ways; unlisted companies – those not listed on the public stock exchange but looking to raise money – get an opportunity to raise money while retail traders can bet on companies primed for a run on their public listing.

Reportedly, Dunamu and PSX are preparing their unlisted stock trading services in collaboration with Shinhan Financial Services, a major Korean bank, and Samsung securities. The two firms are duly following Korea’s legal framework for blockchain and cryptocurrency businesses to ensure the public’s trust in their respective platforms on launch.

Finer details of the platforms

Korean startups like Vuno, Ridi Books, Blocko, and Musina will be traded on PSX. The firm secures stock from venture firms, incubators, and private funds and uses Shinhan’s services for account creation, trade execution, and liquidity.

Dunamu, which operates crypto exchange UpBit, will soon add firms to its “Securities Plus” unlisted stock exchange and use Samsung Securities as an underwriter and trade facilitator.

For the transfer of stock from venture funds to retail investors, both funds will utilize native blockchains to verify investor identity and digitally “sign” transfers.

KOSCOM has recognized the use of blockchain as essential to a country’s financial health. They note the technology helps eradicate fraud, increase transparency, and provide infrastructure for trading. In the ministry’s view, the benefits also help promote retail investments in promising startups.

Since 2019, KOSCOM is a designated member of the “DID Alliance,” a blockchain-based ID and authentication network in South Korea. Later in May 2020, the ministry is launching a blockchain-based identity application called “Initial,” making logins and singing off on digital contracts an easy, one-click process for retail investors.

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US Regulators Overreach to Protect US Dollar Supremacy with TON Decision, Will Bitcoin be next?

If the last two years have revealed anything about our global monetary system, it is that the US Federal Reserve and President Donald Trump really do not want a competitor to the US Dollar.

The value of Bitcoin, the pioneer cryptocurrency born of the 2008/2009 global financial crisis, has risen dramatically since its inception and it even appears to be maturing into a form of digital gold. In addition, market sentiment towards investment in the coin has now evolved from fringe technology users to mainstream enterprises and everyday investors.

While the general consumer public has been getting comfortable with cryptocurrency, there has always appeared to be a very deliberate effort by the US authorities to stifle any maturation that Bitcoin hopes to see. And it’s not just Bitcoin, other digital assets and projects that have even begun posturing to utilize some of their own agency have all been thrown in front of the US Securities and Exchange Commission, and the outcomes seem all but predetermined.

SEC Commissioner Dissents on Bitcoin Double-Standard

In February this year, US Securities and Exchange Commission (SEC) Commissioner Hester Peirce wrote, that “the Commission applies a unique, heightened standard under Exchange Act Section 6(b) to rule filings related to digital assets” which had never been applied to traditional market offerings.

The SEC Commissioner’s dissenting statement came in response to the rejection of Bitwise’s Bitcoin ETF application.

Peirce wrote, “This line of disapprovals leads me to conclude that this Commission is unwilling to approve the listing of any product that would provide access to the market for bitcoin and that no filing will meet the ever-shifting standards that this Commission insists on applying to bitcoin-related products—and only to bitcoin-related products.”

The SEC has rejected all previous bitcoin ETF proposals filed to date.

There Can Be Only One…Telegram Gets the Message

While it tries to keep Bitcoin under wraps, the US Government along with its European Regulator allies has also forced the much-publicized Facebook Libra project to move away from its original plan of a permissionless digital currency towards a coin that would be subject to foreign exchange controls and regulations.

But perhaps the most excessive abuse of power by the US SEC has been the manner in which it recently shot down the Telegram Open Network (TON). It is difficult to see how the US regulators have not over-reached on their ruling and what’s more alarming is the lack of backlash towards the regulators by other sovereign nations who have had their own rights encroached.

Following Telegram abandoning the TON project, the companies CEO Pavel Durov published a long explanation entitled, “What was TON and Why is it Over?” But in summary, Durov explained that the primary reason to abandon the project ultimately came down to the US regulators somehow being able to encroach on the sovereign rights of other nations and dictate where Grams could be distributed for the entire world.

Durov wrote, “Perhaps even more paradoxically, the US court declared that Grams couldn’t be distributed not only in the United States, but globally. Why? Because, it said, a US citizen might find some way of accessing the TON platform after it launched. So, to prevent this, Grams shouldn’t be allowed to be distributed anywhere in the world – even if every other country on the planet seemed to be perfectly fine with TON.”

The Telegram CEO further reiterated that the US courts are exceeding its own jurisdiction and deciding what is best for the rest of the world and believes that they are exploiting their control over the dollar.

Durov stated, “Sadly, the US judge is right about one thing: we, the people outside the US, can vote for our presidents and elect our parliaments, but we are still dependent on the United States when it comes to finance and technology (luckily not coffee). The US can use its control over the dollar and the global financial system to shut down any bank or bank account in the world.”

Trump Plays the Same, but the Game has Changed

With TON basically put down and Libra tamed, it seems only a matter of time before the decision is made to once again re-focus on Bitcoin. Especially, given that the decision will ultimately fall into the hands of US President Donald Trump.

Last year Trump was quoted in an outburst against cryptocurrencies, “We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the world, and it will always stay that way. It is called the United States dollar!”

While Trump’s state-of-play towards digital assets may be the same, perhaps the game has changed.

Following his comments last year, Trump now finds himself having to contend with the COVID market downturn as well as China’s unswerving mission to achieve the world’s first central bank digital currency (CBDC), or DCEP in their case.

Should China be able to achieve a central bank currency first, it could spell the end of US dollar dominance, particularly within those countries involved in the Belt and Road Initiative, a project spearheaded by China to digitalize the old silk road connecting Europe, Asia, and Africa.

And finally, given Trump’s push for negative interest rates, the excessive amounts of money printing stimulus, and a world shifting away from Oil consumerism and consequently the petro-dollar: how strong and stable can the US dollar even remain?

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India's Largest Shipping Port Operator Adopts Maersk-IBM Blockchain Platform

The Indian blockchain and crypto industry is looking ripe for disruption after the country’s central bank overturned a crypto ban earlier this year. Firms are adopting blockchain technology into their businesses and crypto-ventures are attracting foreign investments.

In the latest development, India’s largest port operator announced on May 27 it is adopting blockchain technology through its shipping and invoicing business.

India looks to blockchain

Adani Ports and Special Economic Zone (APSEZ) has signed up with TradeLens, a blockchain-based platform jointly developed by Maersk and IBM. Cargo facilities at several Indian ports, including major ones like Vizag, Marmagao, and Mundra, will all be integrated on the platform soon.

The move comes after ports, governments, and corporations around the world are looking to integrate distributed computing and blockchain into their coffers, presumably to ensure verifiability and maintain higher levels of trust in a post-COVID environment. The shipping industry, particularly, depends on paperwork and a lot of legal hassles, and blockchain-based systems may help greatly to ensure smoother functioning.

A port official speaking to local paper Hindu Business Line stated: “During the pandemic, we realized the price of not digitizing the industry. There will be a mindset change now and more firms will adopt the technology.”

The TradeLens partnership will enable greater ease of doing business across the supply chain by replacing manual, time consuming administrative processes with digital procedures powered by blockchain technology.

Tradelens’ open-source blockchain protocol is support by major shipping firms and over 100 ports globally. The firm promotes the efficient and secure exchange of information to encourage collaboration between shipping participants and increase trust across international ports.

Each day, the firm pulls in data from partners and shares it for participants to access, reduce average times through improved efficiency and timeliness in the creation and distribution of shared documents like commercial invoices, bills of lading and packing lists that routinely get generated and exchanged between trading partners.

Cost savings are a huge benefit to firms. Tradelens estimates supply chain visibility and improved document flow can save Indian importers like the Jawaharlal Nehru Port up to $220 million a year, courtesy of lower transport and logistics costs.

If all Indian ports adopt the platform, the firm estimates savings of up to $860 million annually.

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US Banking Giant Patents AI Fact Checker to Simplify Investing in Crypto

Capital One Services, a subsidiary of US banking giant Capital One has patented a new artificial intelligence system to guide human cryptocurrency traders through the complicated world of misinformation in the digital assets space.

Capital One Services is a subsidiary of Capital One and mainly deals in credit and car loans. According to the filing, the new patented system leverages AI technology to sort credible cryptocurrency information from misinformation for those looking to invest or trade.

The cryptocurrency market is more of a frontier than an established terrain, a frontier where human traders face unique and difficult to overcome obstacles in retrieving relevant and useful trading information.

Cryptocurrency markets operate 24 hours a day, every day, and deal with distinctive elements foreign to other markets like blockchain forks, exchange hacks, crypto airdrops, and a variety of crypto news sites as well as social media investors and advice.

The patent filing explains, “It would be impossible for human traders to track all of the above-mentioned cryptocurrency-related data and respond to that data in real-time. Further, it would also be difficult to verify the credibility of the cryptocurrency-related information in real-time. In particular, it is difficult to verify the credibility of speculation, rumors, opinions, and other information posted on social media and elsewhere.”

Three Components of AI Verification

Capital One’s AI verification system was filed with the U.S. Patent and Trademark Office under the Patent no. 10,679,229. The patent filing explains the AI tool consists of three major components.

The first major component relates to a specific algorithm that searches through a “plurality of modules” or multiple independent sources – for example different social media sites – for information it determines to be viable for crypto trading. Second, the AI then feeds the information back to a “credibility analysis engine,” which cross-references and determines whether the event is credible based on historical examples. If the info is valid the AI will check how the market responded in previous instances.

Finally, the AI verification tool then collects the information and aggregates it to make fast market trading decisions for the investor.

Additionally, the patent claims, “The machine-learning algorithm can also determine the reach … and how quickly the news spreads out, what investors said and felt … on social media as the news was spreading out.” The algorithm can determine how apprehensive or confident traders felt about the information.

While Capital One has filed the patent, it has not been launched as a product for investors yet and it is unclear if the AI system would be able to enact trades on behalf of its human investor without confirmation.

AI to Protect Investors

In the patent, Capital One reiterates its intention to protect investors from the crypto frontier. As with many US banks, Capital One initially blocked its account holders from purchasing crypto following the market implosion of early 2018.

Seemingly defending this 2018 decision, the patent filing remarked, “Many cryptocurrency investors rushed into the market without adequate knowledge and experience in either trading or cryptocurrencies. In fact, many of the cryptocurrency investors were trapped by short-term market movement and lost money quickly.”

South Korea Declares Andong City as Blockchain Free-Trade Zone to Boost Medical Hemp Production

South Korea’s national government has declared Andong (located in the Gyeongbuk province) as a “regulation-free” zone for blockchain development. The city is now a local free trade zone in which blockchain technology will be used for medical-grade hemp (cannabis) management and production.

Blockchain Helps South Korea Meet Production Goals

Lee Chul-woo, the Governor of Gyeongbuk province, said that the Andong region has become a “special free zone” to allow the industrial-grade production of hemp products. The creation of such a free zone is regarded as a significant development in boosting the region’s bio industry.

The city’s “special industrial hemp free zone” aims to develop a new business model of specialized industries by implementing high-tech bioindustry and smart farming solutions at the regional level.

In order to make the project a reality, the South Korean government has had to ease the restrictive terms of a 77-year old narcotics law, in order to allow for the industrial-level production of cannabis in particular areas. All operations will be recorded and reconciled on a blockchain platform that is expected to be unveiled after the completion of the network infrastructure in Gyeongbuk’s free trade zone.

The South Korean government aims to use blockchain technology to monitor the hemp production system for transparency and safety. The blockchain platform would offer production line tracking solutions and classifying the products by categories of origin, quality, and final destination.

In the past, the old narcotics laws restricted its use to only seeds and textiles. But the latest amendment to the 77-year old law allows the creation of a high-value biomaterials market that would facilitate the industrialization and mass production of medical hemp.

The governor of Gyeongbuk province, Lee Chul-woo, said that the special regulatory zone intends to develop a rational industrial plan for narcotic drugs and that the city would grow more and as a result write a new history of surplus production.

Blockchain Market Creates Golden Opportunity

South Korea calls the blockchain marketplace as a golden opportunity and strives to exploit the new technology. The government of South Korea has positioned itself as a key player in the country’s economic development by continuing to work hand-in-hand with private businesses to maximize the nation’s footprint in the blockchain market. The government’s budget is reported to include several blockchain-related projects. As a result, people in the financial and business world have expressed interest in blockchain. The new technology is now being utilized in several industries, like ensuring that diamonds are ethically sourced. The agriculture industry has seen a rise in the application of blockchain to track the origin of food products from farms to business stores.

China and EU Trade Talks Included the Potential Cooperation of Central Bank Digital Currencies

The European Union and China recently had trade and economic discussions regarding topics including central bank digital currencies (CBDC) and supply chain.

During the video conference, according to the Ministry of Commerce of China, the two parties discussed the strategic cooperation of the steady recovery and growth of the global economy post-pandemic.

According to the official report, “a series of fruitful results and consensus have been reached in the negotiation of China-EU investment agreement,” including the expansion of the digital economy, and other financial cooperations. The official report said:

“The two sides agreed to strengthen cooperation in green finance and promote the convergence of standards. Agreed to strengthen information sharing and exchanges and cooperation in the fields of digital currency and financial technology.”

The Chinese officials stated that the country is looking forward to singing a memorandum of understanding on bilateral supervision cooperation and to support each other in building international financial centers. The European Union, however, expressed that there will be more reciprocity needed from China before making further progress.

Executive Vice-President of the European Union Valdis Dombrovskis said:

“The current crisis gives us no other option but to work hand in hand with our global partners, including China. By pulling together we can recover more quickly economically, and make progress on areas of mutual interest such as trade and investment relations. However, we also need to address sticking points such as reciprocity in the way our companies are treated. We will need to make further progress on these and other issues ahead of the next leaders’ summit in the autumn.”

The European Commission also stated that a range of regulatory issues in the financial services sector were discussed, including cooperation on green finance, and the international role of the Euro and the Renminbi.

Experimenting with central bank digital currencies

China’s central bank has been rolling out a central bank digital currency, also known as digital currency electronic payment (DCEP). The People’s Bank of China has many times announced that its CBDC was ready, however, it is still currently being tested.

In May 2020, local government employees in the city of Suzhou have received China’s DCEP. The Suzhou municipal government employees will be receiving 50 percent of their transportation subsidies for May in DCEP. The DCEP will be issued to the employees by the nation’s four state-owned banks, including the Agricultural Bank of China, Industrial and Commercial Bank of China, Bank of China, and China Construction Bank. The employees were asked to download digital wallets developed by the banks to be able to receive their subsidies.

Earlier this year, Banque de France, the French central bank launched a program of experiments to test out the potential central bank digital money aimed for interbank settlements.

Potential participants have been invited to submit their applications to experiment with the digital euro, and Banque de France announced the 8 successful applicants: Accenture, Euroclear, HSBC, Iznes, LiquidShare, ProsperUS, Seba bank, and Société Générale Forge.

The three main objectives of the CBDC experiment includes identifying benefits, analyzing potential risks, and modeling as CBDC-based interbank settlement. The French central bank will be working closely with the 8 successful applicants to carry out the experiments in the coming months.