The cryptocurrency market remains rangebound with Bitcoin (BTC) hovering around $25,000. While preparing this report, Bitcoin was trading at $24,175, an increase of 0.40% in the past 24 hours. Ethereum (ETH) inched up 0.20% to trade at $1.644. XRP had gained 1.90% to trade at $0.3922.
Major cryptos, which have gained ground in the past 24 hours, are VeChain (VET, $0.02948, 1.80%), EOS (EOS – $1.20, 1.10%), IOTA (IOTA – $0.2554, 2.50%), Stellar (XLM, $0.0925, 0.10%), Binance Coin (BNB – $311.33, 1.60%), Polkadot (DOT, $7.28, 2.70%), Bitcoin Cash (BCH, $141.85, 0.20%), Cardano (ADA, $0.3908, 1.60%), Tezos (XTZ, $1.45, 13.10%), Solana (SOL, $24.26, 0.10%), Dogecoin (DOGE – $0.0857, 2.20%), ChainLink (LINK – $7.75, 3.90%), and Shiba Inu (SHIB, $0.00001332, 4.40%)
The only major crypto, which has lost ground in the past 24 hours, is Avalanche (Avax- $20.43, -0.70%) and Internet Computer (ICP, $6.73, -0.40%).
Private sector initiatives
Blockchain for Energy Consortium Launches Permissioned Network
The Blockchain for Energy consortium has unveiled its native permissioned blockchain network. The association, which is made up of 11 members including ConocoPhillips, Chevron, Repsol, and ExxonMobil, mainly concentrates on oil and gas extraction.
Even though the consortium was established four years ago, several projects of its members are using other platforms such as Data Gumbo, BlockApps, and GuildOne.
One of the issues in setting up blockchain ventures is that the blockchain only makes up a small portion of the solution. There is a requirement to administer smart contracts, communication, identity, records, APIs, and more. This paved way for the demand for a platform.
Rebecca Hofmann, CEO and President of Blockchain for Energy, said “The B4E Network & Platform makes it possible for smart contract blockchain platform to have a production framework that is robust, secure, Web3-compliant, and future-proof.”
The initial application that became active on the platform is the B4E Commodity Transport Program which was backed by Pioneer Natural Resources.
T-Systems and Commerzbank Partner to Automate Distribution Chains with Finance
Deutsche Telekom subsidiary T-Systems has partnered with Commerzbank to build a system to automate distribution chains with the associated finance. Both enterprises have been studying a venture for over six months. The latest platform utilizes a combo of technologies including AI, IoT, blockchain, and 5G. Logistics company Nagel Group is the firm participating in the trial.
A major objective of the venture is to automate billing and payments in the distribution chain to offer the foundation for a supply chain funding network for manufacturers, their vendors, and logistics companies.
Goods moved from the warehouse by employing logistics companies are monitored utilizing IoT, and blockchain smart contracts activate several events including delivery notes and automated remittances.
Commerzbank states that the coronavirus pandemic underlined the weak linkage between distribution chains and the associated financial flows. Therefore, there is a requirement to automate the administration of inventory and invoices.
Dr. Jörg Oliveri del Castillo-Schulz, COO of Commerzbank, stated “Digitalization and integrated finance systems are accelerating the evolution of distribution chains.”
US Banks’ TassatPay Processes $1 trillion in Blockchain Transactions
TassatPay, a blockchain payment platform established by six of the US banks, has executed $1 trillion worth of transactions, with $150 billion handled in just January.
The platform, unveiled four years ago, paves the way for the tokenization of bank balances, aiding 24/7 instantaneous payments between clients of the same bank. In 2022, TassatPay also unveiled the Digital Interbank Network with three prevailing clients as partakers – Customers and Western Alliance, Cogent. Notably, all clients running on the Tassat platform are FDIC insured.
Signature Bank, which is one of the six financial institutions using TassatPay, has drawn the media’s attention because its cryptocurrency customers employ the permissioned blockchain.
Signature has revealed that cryptocurrency customers lead the transactions in terms of dollar value but cargo shippers outclass them in terms of the number of transactions executed on the blockchain network. Frequently, shipments arrive outside of banking hours, and the ability to carry out real-time payments pave way for the cargo’s release. Payroll companies take up third place in transaction volumes.
TassatPay states that it has created over 20 application cases. The applications address sectors such as logistics, mortgage warehousing, private equity capital calls, and commercial construction.
Miscellaneous
Australian Open 2023 Goes Virtual with Web3 Offerings
Last month, 900,000 sports enthusiasts took part in the Australian Open (AO) tennis tournament while remote visitors participated through the metaverse. The AO unveiled its web3 offering earlier this year with the intention of making AO the most accessed sports and entertainment event.
This year, the virtual activities included the AO ArtBall 2023 and the AO metaverse. AO Artball connected NFTs to a 19x19cm area on the tennis field, and if the winning hit from any of the Australian Open match touched the spot, the details were recorded on the NFT.
The NFT holder was also rewarded with benefits such as wearables, the tennis ball used in the winning game, and ground passes for the finals of the next year’s tournament. The AO metaverse includes a digital hosting of the game along with other virtual events in Decentraland, a 3D digital world platform.
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