• Latest
Marco Polo Blockchain Built on R3’s Corda Sees First Live Trades

R3’s Marco Polo Trade Blockchain Takes Another Step Toward Production

August 14, 2019
ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
nfts: the next musical revolution

NFTs: The Next Musical Revolution

April 24, 2022
things you should know before investing in nfts

Things You Should Know Before Investing in NFTs

April 24, 2022
what are wrapped tokens?

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?

What is the future of Ethereum (ETH)?

April 22, 2022
green gaming

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
$ape going bananas as rumors of upcoming land sale of bayc metaverse gather momentum

$APE Going Bananas As Rumors of Upcoming Land Sale of BAYC Metaverse Gather Momentum

April 21, 2022
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
CoinNewsDaily
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Business

R3’s Marco Polo Trade Blockchain Takes Another Step Toward Production

coinnewsdaily by coinnewsdaily
August 14, 2019
in Business
0
Marco Polo Blockchain Built on R3’s Corda Sees First Live Trades
190
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022

Marco Polo, the trade finance blockchain network launched in 2017 by R3 and TradeIX, is moving slowly but surely toward production.

The latest milestone in the 22-bank blockchain consortium’s methodical piloting process allows a third party to a trade (in this case a logistics provider) to trigger a payment to a supplier in real-time at the moment the goods are on their way to their destination. 

This work builds on the first Marco Polo test transactions carried out in March of this year between two member banks – LBBW and Commerzbank – which executed a trade transaction between engineering technology firm Voith and KSB SE, a pump and valve manufacturer. This time, besides the two companies involved, logistics provider Logwin AG added data to the blockchain and initiated the payment obligation.

Gerald Böhm, head of guarantees and trade finance at Voith, said in a statement:

“For the first time, we have processed the purchase and delivery of special hydraulic couplings from Germany to Taiwan using blockchain technology. We executed this transaction with KSB, the leading pump and valve manufacturer, via the Marco Polo network.”

Ralf van Velzen, head of export financing at KSB SE & Co, added: “As a buyer, together with our bank we can ensure that the payment commitment becomes effective only if the goods are actually in the hands of the logistics provider, and on their way to the delivery destination” 

Global trade and its transactional banking arrangements are hampered by data being locked in silos and in some cases paper-based processes. Getting participants on the same page and working together in real-time removes risk from trade networks. Or, as elegantly stated in a recent report by TradeIX, up until now, trading parties have simply been sending and receiving messages that are reflections of the past, not the present.

Busy space

Because of the obvious efficiency gains, blockchain-based trade finance is now a busy space. There are some 30 consortia working in this area, including Voltron which also runs on R3’s Corda network; ethereum-based CargoX; and Asia-focused eTrade Connect, which works on Hyperledger Fabric. 

In terms of how this race is being run, first out the blocks into live production was we.trade, the IBM Blockchain partnered European SME-focused trade consortium, which also runs on Hyperledger Fabric. There are clear interoperability plays on the side of the Corda and Fabric networks, and there are also some banks involved in multiple projects running on different flavors of DLT.

Things look promising in the long run for firms running on R3’s open-source Corda, which is growing into a vibrant network. So while we.trade forges onward (and it may be some time in 2020 before Marco Polo sees the full light of day) there are some tantalizing possibilities ahead for Corda users, such as enabling instant of settlement of trades settlement via “cash on the ledger.”

In a recent interview showcasing Corda-based Digital Asset Shared Ledger (DASL), Richard Crook, CEO of Lab577 predicted that goods and services would soon be able to flow one way across the ledger and the payment for those goods and services to flow the other way on the same ledger.

“In the case of trade finance, you want to have stores of value on-chain which the Marco Polos and the TradeIXs of the world can use,” he said, referring to a Corda-based trade finance consortium.

Marco Polo travels image via Shutterstock

Credit: Source link

Tags: BusinessCryptoCrypto Business
Share76Tweet48
Previous Post

Former Coinbase CTO Balaji Srinivasan Joins DeFi Blockchain Project Findora

Next Post

Blockchain Firm Settles With SEC Over Unregistered $6.3 Million SAFT Sale

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

ygg sea surpasses 10,000 scholarships in just six months of launch
Alt Coin

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin
Alt Coin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications
Alt Coin

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin
Alt Coin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
what are wrapped tokens?
Bitcoin

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?
Alt Coin

What is the future of Ethereum (ETH)?

April 22, 2022
Load More
Next Post
US SEC Seeking Big Data Tool for Major Blockchains

Blockchain Firm Settles With SEC Over Unregistered $6.3 Million SAFT Sale

Categories

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • NFT
  • Ripple
  • Tech
  • Trading

What New here?

  • YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch
  • Mintable Launches Industry Changing Gas Free Minting Service on Ethereum
  • 5 Projects Enabling Smart Contract Development on Bitcoin

Subscribe to Get More!

Loading
  • About Us
  • Contact Us
  • Privacy & Policy

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

  • bitcoinBitcoin(BTC)$23,164.002.01%
  • ethereumEthereum(ETH)$1,603.042.83%
  • tetherTether(USDT)$1.000.02%
  • binancecoinBNB(BNB)$311.372.02%
  • rippleXRP(XRP)$0.4074253.70%
  • cardanoCardano(ADA)$0.3891215.01%
  • dogecoinDogecoin(DOGE)$0.09607410.82%
  • matic-networkPolygon(MATIC)$1.113.18%
  • okbOKB(OKB)$37.491.46%
  • solanaSolana(SOL)$24.181.98%
  • polkadotPolkadot(DOT)$6.281.84%
  • shiba-inuShiba Inu(SHIB)$0.0000123.14%
  • litecoinLitecoin(LTC)$93.813.89%
  • tronTRON(TRX)$0.0622590.21%
  • daiDai(DAI)$1.000.03%
  • cosmosCosmos Hub(ATOM)$13.372.49%
  • chainlinkChainlink(LINK)$6.941.22%
  • leo-tokenLEO Token(LEO)$3.53-1.60%
  • moneroMonero(XMR)$177.110.82%
  • ethereum-classicEthereum Classic(ETC)$21.843.10%
  • bitcoin-cashBitcoin Cash(BCH)$132.412.18%
  • stellarStellar(XLM)$0.0907631.22%
  • crypto-com-chainCronos(CRO)$0.0791712.34%
  • filecoinFilecoin(FIL)$5.243.81%
  • algorandAlgorand(ALGO)$0.2420811.48%
  • vechainVeChain(VET)$0.0231841.15%
  • internet-computerInternet Computer(ICP)$5.912.91%
  • aaveAave(AAVE)$83.183.18%
  • eosEOS(EOS)$1.061.97%
  • elrond-erd-2MultiversX(EGLD)$43.083.03%
  • theta-tokenTheta Network(THETA)$1.021.10%
  • tezosTezos(XTZ)$1.071.61%
  • paxos-standardPax Dollar(USDP)$0.99-0.36%
  • huobi-tokenHuobi(HT)$5.110.55%
  • bitcoin-cash-svBitcoin SV(BSV)$42.720.99%
  • havvenSynthetix Network(SNX)$2.292.22%
  • pancakeswap-tokenPancakeSwap(CAKE)$4.031.81%
  • dashDash(DASH)$59.722.08%
  • iotaIOTA(MIOTA)$0.2279282.81%
  • makerMaker(MKR)$651.263.47%
  • zcashZcash(ZEC)$45.101.92%
  • neoNEO(NEO)$8.212.61%
  • zilliqaZilliqa(ZIL)$0.0271121.92%
  • basic-attention-tokenBasic Attention(BAT)$0.2527713.55%
  • compound-governance-tokenCompound(COMP)$52.181.69%
  • Elrond ERDElrond ERD(ERD)$0.0259290.00%
  • nemNEM(XEM)$0.0369400.94%
  • kusamaKusama(KSM)$35.294.17%
  • bitcoin-goldBitcoin Gold(BTG)$16.782.59%
  • qtumQtum(QTUM)$2.67-2.28%
  • ftx-tokenFTX(FTT)$1.89-21.50%
  • wavesWaves(WAVES)$2.481.85%
  • sushiSushi(SUSHI)$1.262.40%
  • yearn-financeyearn.finance(YFI)$7,240.391.47%
  • golemGolem(GLM)$0.2356552.15%
  • omisegoOMG Network(OMG)$1.401.89%
  • ontologyOntology(ONT)$0.206660-0.05%
  • digibyteDigiByte(DGB)$0.0103852.13%
  • umaUMA(UMA)$2.044.26%
  • ethlendAave [OLD](LEND)$0.53-3.08%
  • UniswapUniswap(UNI)$2.4438.80%