Category Archives: Ethereum based technology

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World Bank and Commonwealth Bank Team up with Blockchain

The World Bank and The Commonwealth Bank of Australia have combined to create an Ethereum-based Australian dollar blockchain bond.

The bond project has a target of between USD 50 million and USD 100 million for sustainability projects. The World Bank issues between USD 5060 billion a year for project funding around the world.

With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries.

The World bank has three priorities in working with countries to end poverty and boost prosperity for the poorest people. It helps to create sustainable economic growth, the surest path out of poverty. It also invests in people, through access to health care, education, water and sanitation, and energy, building resilience to shocks and threats that can roll back decades of progress.

The Commonwealth Bank of Australia (CBA) is one of the country’s big four banks and has been chosen to be responsible for the new blockchain bond after consulting with investors. Microsoft had carried out an independent review of the CBA’s blockchain platform which will run on the MS Azure cloud platform.

The World Bank sees blockchain as the ability to streamline its necessary processes simplifying the raising of funds and operational conditions. The banking giant issued its first global bond as far back as 1989 and the first electronic bond in 2000.

As for selecting both the CBA and Ethereum for the project, World Bank treasurer Arunma Oteh said that it had worked with the Australian bank for a year before it could launch the project. Ethereum was top of its list as it had “the largest and most active development community globally”.

The CBA has recently been very active in using blockchain for a number of its recent projects including a shipping project reported by Bitcoin News recently. The bank shipped 17 tons of almonds from Sunraysia to Hamburg, Germany using a newly-developed blockchain platform. The trial demonstrated the usefulness of blockchain technology in international supply chains by tracking the almonds every step of the way from packing in Australia to delivery in Germany.

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SAP Developing Blockchain Logistics Solutions

SAP, a leader in enterprise-level software solutions, is looking to expand into the supply chain industry by applying blockchain technology to agricultural supply chains. Its farm-to-consumer program is working alongside companies such as Johnsonville, Naturipe Farms and Maple Leaf. SAP has also partnered up with the Swiss supply chain startup modum.io.

Issues and needs around the evolving global market

Currently, there is a global push towards improving the transportation of foods and goods around the world. As much as one-third of global fresh fruits and vegetables go to waste because their quality has diminished and is deemed no longer sale-worthy. Food can often be stuck in limbo in the supply chain due to documents being delayed or even lost. With a rapidly growing population and a push for a greener future, this has become simply unacceptable for the industry.

Alongside increasing profits by reducing waste, there is also a growing need for product details among consumers. Consumers are more conscious of products and are wanting to buy in confidence knowing that the item is part of fair-trade and has been ethically sourced. Almost 75% of respondents in a Nielsen global survey said that a brand’s country of origin was one of the most important factors compared with selection or choice, price, function, and quality. When it comes to food and beverages, local brands take precedence as spoilage is a primary factor, whereas for long-life products or other goods, consumers prefer global brands.

“For many categories, a global brand name is an indicator of quality, safety, and trustworthiness in emerging markets,” noted the report.

SAP among many in a movement towards blockchain logistics

SAP isn’t the first to explore blockchain logistics solutions. Mastercard is currently working on its Blockchain and Authorization Network which sets out to provide proof of provenance for goods with the ability to track items as they are created, transferred, purchased and resold, to prevent fraud. Recently, an Ethereum-based supply chain was used to track a Yellowfin tuna from the waters off Fiji to a conference where it was served as sushi. Samsung and IBM are already investing in blockchain solutions to manage shipping to streamline imports and exports.

SAP’s project lead, Torsten Zube, believes blockchain has the ability to update current food industry production models to a more streamlined, profitable iteration.

“If enterprises can access the complete version of product history,” he explained, “this could result in a shift from a central unilateral supplier-led production to a consumer demand-led supply organized by a consortium of peers.”

 

Image source: Flicker – William Murphy – Farmers’ Market Meeting House Square

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Video Games and Blockchain Technology Continue to Merge as Leading Developer Unity Enters the Fray

Last year, social media platform Kik raised a whopping USD 98 million for its “kin” token, and now the Kin Foundation is branching out into the video game industry, specifically through leading game engine developer, Unity.

Unity has joined with Kin to develop a gaming-specific software development kit (SDK), the purpose of which is to integrate kin, which is hosted on both Ethereum and Stellar blockchains.

Worlds collide

The famed game engine developer is responsible for games such as the Rick and Morty: Virtual Rick-ality VR game, Cuphead, Hearthstone: Heroes of Warcraft and Kerbal Space programme, and is a company that is very well ahead of the times. Earlier this month, PocketGamer.biz reported that Unity had also partnered with DMarket in a move intended to bring real asset value to in-game inventories.

Theirs not the only video game focused blockchain effort in the world. BitcoinNews recently reported that an Ethereum-based tabletop video game console is making its way onto the market that has potential to share a similar premise, the monetization of video gamers in-game data, such as high-level characters or items.

Another player in the game, ImmVRse, is taking on the cutting edge of video game technology. Virtual Reality (VR) is getting attention from industries all across the globe; construction, property, medicine, advertising and of course, video games are all developing VR systems for whatever needs they have.

Once again, with ImmVRse, the idea is to decentralize VR and monetize the creative content built through on platforms through its native token.

Lidwine Sauer, director of insights and trends at publishing giant Ubisoft’s Strategic Innovation Lab, summarized the ideological pursuit in an interview with gaming news website IGN, saying:

“…finally have real digital collectibles that cannot be replicated by anyone and can be 100 percent owned by you. Thanks to the blockchain, we can now have the equivalent of a digital Picasso, with the advantage that it’s a lot more difficult to steal something on the blockchain than to steal a Picasso.”

Digital ownership
Monetization and peer-to-peer trades appear to be part of the early and decentralization of video game technology, and perhaps for some players, it redistributes some of the incredible amounts of revenue from micro-transactions and digital content made by the industry.

It seems natural for these two technologies to come together, as virtual currencies and digital cash purchases are now a norm for consumers. The gamer audience is dominantly made up of millennials already have a strong connection with blockchain technology and may treat these early efforts to control their digital assets similarly to that of the liberating move away from fiat to crypto.

 

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