Blockchain technology remains one of the hottest trends among financial, government and commercial BitQT organisations around the world. Information about new projects and initiatives in this area is received daily. ForkLog magazine offers an overview of the most interesting recent initiatives.
The launch of the Contour trade finance block-platform took place.
The Contour global trade finance platform (formerly Voltron) was launched after beta testing was completed. Its goal is to optimise and accelerate traditional trade finance processes, primarily the issuance of letters of credit between parties.
Issuance and processing of letters of credit using traditional methods can take an average of 10 days. According to Carl Wegner, CEO of Contour, the platform reduces this time by 90% – to 24 hours.
Contour was developed since 2017 with the participation of eight shareholder banks: Bangkok Bank, BNP Paribas, CTBC, HSBC, ING, Standard Chartered, SEB and Citi.
Before moving into commercial beta as a separate legal entity with registration in Singapore, the platform underwent an extensive testing period with more than 80 banks and corporations, with trials in 17 countries and transactions covering commodities, petrochemicals, energy, metals, retail goods and textiles.
MOBI introduced a global standard for electric vehicle charging grids
The Mobility Open Blockchain Initiative (MOBI) working group on Electric Vehicle Integration (EVGI) has launched a global standard that enables the creation of decentralised charging networks for electric vehicles.
The initial specifications of the standard focus on three main areas of use: P2P applications, Tokenised Carbon Credits (TCC) and Vehicle-to-Grid (V2G) integration.
According to the organisation, electric vehicles, chargers and electricity producers can have „a secure identity, communicate using a standard messaging format and automatically record transactions“ on the block network via the EVGI standard.
By using the standard and its applications, MOBI hopes to improve road safety, reduce carbon emissions and reduce traffic congestion.
EVGI is chaired by Honda and General Motors (GM) and the working group also includes Accenture, CPChain, IBM, IOTA Foundation, Pacific Gas & Electric Company (PG&E), Turin Polytechnic University and R3.
KPMG has introduced a block solution for accounting for CO
The international audit firm KPMG introduced the Climate Accounting Infrastructure (CAI) solution for accounting and tracking greenhouse gas emissions into the atmosphere.
Through the use of a blockchain, it will ensure the safe storage of environmental data. This will help to assess climate risks that may affect the market value of assets.
The system uses Internet of Things Sensors (IoT) to collect information from external sources on CO2 emissions. This data is subsequently recorded in a block-office.
„In addition to finance, investors have begun to pay special attention to environmental factors, social issues and internal corporate relations. The initiative to reduce greenhouse gas emissions found support among investors. The Blockchain will help organisations model the impact of climate risk on business processes and financial performance. We will use real-time environmental data and its in-depth analysis,“ said Arun Ghosh, KPMG Block Manager.
Data providers Context Labs and Prescriptive Data as well as the block company Allinfra participated in the development of CAI.