Blockchain and business
Currently, blockchain technology has gone far beyond IT-sphere. Many large corporations of various economy spheres use blockchain in order to optimize their operations. You may get acquainted with the most interesting examples of blockchain’s usage in our mini review.
The bank is developing Utility Settlement Coin (USC) project, which will allow central banks to use digital money instead of their own currencies in order to transfer funds between themselves. If the project proves successful and central banks start using cryptocurrency for large transfers between themselves, it may force them to transfer national currencies to blockchain.
The company in association with IBM is developing Food Trust project, in which blockchain is used for tracking the origin and quality of many products’ ingredients. The service is expected to be available in Europe at the end of this year.
Spanish banking conglomerate organized the first syndicated loan using blockchain. Syndicated loan is a loan that is offered by group of lenders to one borrower, and they relate to sending large amounts of documentation between parties of the deal. Using private blockchain, which independently arranges the documentation, BBVA provided a $ 150 million loan for Red Electrica along with co-lenders MUFG and BNP Paribas.
American logistics corporation together with e-commerce company Inxeption are developing Inxeption Zippy blockchain platform for buyers and sellers in B2B sector. With its help, the entire parcel’s path from order to delivery will be fully automated. At the same time, complete protection of confidential data will be guaranteed, it will be encrypted for everyone, including UBS, except for seller and buyer.