Category Archives: International Chamber of Commerce

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Research: Blockchain in Finance Still Problematic For Operability, Integration with Enterprise Systems

Research: Blockchain in Finance Still Problematic For Operability, Integrating with Enterprise

New research from China points to several problems blockchain still faces in the finance sector, including data privacy compatibility, operability, and its integration within enterprise systems.

The conductor of this research, Wei Kai is head of blockchain research at the China Academy of Information and Communications Technology (CAICT). Wei shared his most recent findings at a 2019 meeting of the International Chamber of Commerce Banking Commission.

In addition to the three main issues listed above, Wei noted that more problems would arise in the future from uncoordinated regulatory approach between jurisdictions globally. The issue of how to control investment is prevalent also.

Overall, however, his outlook was positive on the future possibilities for blockchain, saying it may well still transform the banking industry. Its ability to benefit other industries, including medicine, transportation, and government, was also addressed.

The CAICT is a research center that operates under the Chinese Ministry of Industry and Information Technology. Last year, the blockchain research department published a whitepaper to ”promote the deep integration of Blockchain technology and the real economy.”

 

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World’s Largest Commerce Body Brings Blockchain Access to 45 Million Businesses

World’s Largest Commerce Body Brings Blockchain Access to 45 Million Businesses

The International Chamber of Commerce (ICC) has officially embraced blockchain technology, with the international organization signing an agreement with blockchain startup Perlin Net Group at a sold-out conference in Singapore yesterday.

Co-hosting the “How Blockchain is Changing Commodities Trading, Trade Finance, Anti-Counterfeiting and Traceability” conference with Perlin, the body held discussions with industry leaders on the South-east Asian island to “discuss practical real-world applications of blockchain and distributed ledger technology (DLT) to drive practical digital innovation across industry sectors”.

The blockchain deal, according to Forbes, will result in the creation of the ICC Blockchain/DLT Alliance. The companies will examine Perlin’s own blockchain platform, still in private launch, to see how cross-border trade could be simplified.

As ICC has over 45 million businesses all over the world registered as its members, this potentially opens a huge market for the use of blockchain technology in commerce thanks to economy of scale. According to Perlin project lead Dorjee Sun:

“This is a massive democratization effort of DLT, because now any company of the 45 million ICC members can give the benefits of DLT a try. Not just massive companies that can afford IBM’s services.”

The 99-year old organization’s current secretary general, John Denton, said about the potential of being able to use blockchain tech to transport goods across borders without relying on the need of troops, therefore aiding the chances of “peace and prosperity”. Denton added:

“We can trace back the ICC interventions that made a big impact on the global economy in the 20th century. We think this might be one which we can look back on in 100 years and say the ICC shifted blockchain in a way that enabled the private sector to function more effectively in a sustainable way and actually create more opportunities for people.”

 

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