The cryptocurrency market remains slightly bullish with Bitcoin (BTC) hovering around $36,000. While preparing this report, Bitcoin was trading at $36,468, down 1.60% in the past 24 hours. Ethereum (ETH) inched up 0.10% to trade at $2.057. XRP had lost 0.20% to trade at $0.6625.
The only major cryptocurrency, which has gained ground in the past 24 hours, is Bitcoin Cash (BCH, $237.57, 0.30%).
Major cryptocurrencies, that have lost ground in the past 24 hours, are VeChain (VET, $0.0212, -4.90%), Shiba Inu (SHIB, $0.00000854, -5.40%), EOS (EOS – $0.7212, -2.70%), IOTA (IOTA – $0.1874, -5.60%), Avalanche (Avax- $16.75, -9.3%), Cardano (ADA, $0.3567, -6.50%), Polkadot (DOT, $5.35, -7.80%), Solana (SOL, $5.35, -5%), ChainLink (LINK – $14.68, -6.90%) and Binance Coin (BNB – $242.34, -2.10%).
Government Level Initiatives
Euroclear Has Accomplished The €100 Million DNN Bond Issuance
Euroclear has completed the first bond issuance through its DLT platform. The €100 million digitally native note (DNN) issuance was carried out on behalf of the World Bank’s lending division, the International Bank for Reconstruction and Development (IBRD).
The digital bond is traded on the Luxembourg Stock Exchange. Citi worked as an issuing and paying agent, while TD Securities acted as a dealer. The Euroclear Bank acted as the Central Securities Depository (CSD).
Euroclear’s Digital Financial Market Infrastructure (D-FMI) is connected to the traditional settlement platform and is CSDR-compliant. Investors have access to trading venues and liquidity administration.
For instance, SIX Digital Exchange (SDX) connected these digital and traditional CSDs for both trading and liquidity purposes. This paved the way for the issuance of a digital bond worth CHF375 million—the biggest to date—for UBS.
Notably, SDX and Euroclear use R3’s Corda blockchain technology.
Private Sector Initiatives
Circularise and GoodFuels Collaborate to Digitize Biofuel Supply Chain
Blockchain sustainability firm Circularise has joined hands with transport and marine biofuel company FincoEnergies on a venture comprising the GoodFuels brand. GoodFuels will utilize Circularise software for tracking the biofuel supply chain.
Circularise serves several blue-chip customers, including Asahi Kasei, Neste, Covestro, Domo Chemicals, Mitsubishi Chemicals, Marubeni, Philips Domestic Appliances, and Porsche. The European Union’s RED II guidelines for biofuels necessitate a considerable amount of record-keeping.
For instance, GoodFuels has to maintain sourcing records, greenhouse gas emissions (GHG), and a chain of custody. A major portion of this process is manual. Therefore, Circularise assists in digitizing the process while integrating third-party verification schemes.
Circularise has earlier worked with ISCC EU, a certification company. The startup employs the Ethereum blockchain and zero-knowledge proofs for tracking.
Furthermore, tracking fuel, which is in liquid form, is a complex process as it is composed of multiple inputs from various sources.
Autentica Car Parts Launches A Blockchain-Backed Marketplace
UK-headquartered firm Autentica Car Parts is rolling out a marketplace for NFT-based 3D-printed components for cars on November 1. Rather than delivering physical components, a 3D model is mailed to the closest 3D printing service provider, who can build the part locally. Blockchain has been in use for quite a while for validating 3D models. Nevertheless, Autentica also utilizes it to safeguard the intellectual property of the original equipment manufacturer (OEM).
Without the use of blockchain, it would be riskier to develop a part using 3D printing, as there is no guarantee that the original dimensions are not altered. Notably, in the 3D printing domain, blockchain was initially employed to validate 3D models of aircraft components. Four years ago, the US Air Force and GE Research employed blockchain to validate models.
The operational concept is fundamentally straightforward. The model possesses a digital fingerprint, commonly referred to as a ‘hash,’ which is securely stored within the blockchain. Therefore, by verifying that the model’s fingerprint corresponds to the one originally recorded by its creator on the blockchain, its authenticity can be confirmed.
Vodafone’s DAB and Chainlink Labs Achieve Blockchain Interoperability for Digital Bills
Vodafone’s Digital Asset Broker (DAB) has successfully conducted a proof of concept in collaboration with Chainlink Labs, Sumitomo Corporation, and InnoWave. This PoC facilitated blockchain interoperability in the context of digital bills of lading.
Vodafone’s DAB employed Chainlink’s Cross-Chain Interoperability Protocol (CCIP) for this PoC, which involved the exchange of messages between various blockchains, including both permissionless and permissioned ones, within a decentralized network.
Bills of lading are crucial documents for goods in transit, playing a crucial role in trade finance transactions. Therefore, they often go through multiple banking institutions and diverse systems, with many of these digital solutions relying on blockchain technology. This heterogeneity of blockchain solutions poses a big challenge for logistics firms, as they are hesitant to integrate with numerous unique blockchain platforms.
It’s worth noting that the adoption of these digital solutions remains relatively limited at present. Last year, only 2.1% of the 45 million bills of lading were digital. To resolve this issue, several top-notch shipping trade entities, including Swift, have received a commitment from the world’s largest cargo shipping carriers to shift towards digital processes, with the initial milestone set for 2025.
Disclaimer: Any financial trading analysis offered here is our opinion and is not intended as advice or direction for investors. We cannot guarantee the success of any trades made as a consequence of this article, and we encourage traders to incorporate a strong money management strategy to limit losses when they enter the markets. Please use this article as part of your own research before formulating strategies prior to trading.
