Hapag-Lloyd To Use Blockchain Tracking Platform TradeLens

Hapag-Lloyd To Use Blockchain Tracking Platform TradeLens
July 4, 2019

 

The cryptocurrency market reversed trend yesterday after remaining in a correction mode for nearly five trading sessions. Bitcoin (BTC), as usual, was the main driver behind the price recovery. Bitcoin has gained 6.7% in the past 24 hours to trade at $11,958 at the time of writing this article. However, the cryptocurrency is still 8.1% below the price level at which it traded last week. Similarly, Ethereum (ETH) has gained 2.2% in the past 24 hours to trade at $300.34. Litecoin (LTC), however, trades at $120.36, representing a daily loss of 0.7% and week loss of 8.2%. EOS (EOS) and Cardano (ADA) is down 0.7% and 1.1% to trade at $5.95 and $0.0817, respectively. IOTA (MIOTA) trades at $0.4009, down 0.7% in the past 24 hours. Altcoins which have rebounded in the last 24 hours include Bitcoin Cash (BCH-$416.89, +0.8%), Binance Coin (BNB-$32.60, 0.9%), TRON (TRX-$0.03254, 0.6%), Stellar (XLM-$0.1053, 1.1%), Dash (DASH-$159.36, 2.9%), Neo (NEO-$17.85, 0.4%) and Tezos (XTZ-$1.20, 12.3%).

 

Government level initiatives

Cuba investigating the use of cryptos to avoid US sanctions

Cuba has joined the list of nations which are looking at the option of using cryptocurrency to evade the US sanctions. Cuba’s President Migual Diaz-Canel, while addressing people on local television, has opined that the strategy would generate capital for almost 25% of the population and assist in spending on reforms. The Venezuela crisis continues to hurt Cuba’s economy as the former was a significant source of financial assistance for the country in the past.

The country’s economy minister Alejandro Gil Fernandez said: “We are studying the potential use of cryptocurrency… in our national and international commercial transactions, and we are working on that together with academics.”

 

Private sector initiatives

Shipping container tracked using an interoperable blockchain platform

A container shipped from South Korea to the Netherlands was traced using a custom designed interoperable blockchain platform. The proof of concept (PoC) was performed through a collaboration between Samsung SDS, the Port of Rotterdam and Dutch bank ABN AMRO.

The container was tracked through the blockchain platform, named “DELIVER,” which also facilitated instant financing of the shipment, in addition to thorough tracking and paperless dealing.

Paul Smits, CFO of Port of Rotterdam, has stated that the conventional process of shipping is generally cumbersome with a lot of paperwork and inefficiency.

“Currently, payments, administration and the physical transportation of containers still take place entirely via separate circuits […] This results in inefficiency, as many parties are involved, and everything is organized via paper documentation. For instance, an average of 28 parties are involved in container transport from China to Rotterdam.”

The three organizations have put their efforts to develop DELIVER, which supports applications based on Ethereum blockchain and Hyperledger. As the platform supports multiple blockchains, document notarization, asset transfer, and double payment prevention features can be easily incorporated.

 

Hapag-Lloyd and Ocean Network Express become members of TradeLens

Germany-based Hapag-Lloyd and Japan-based Ocean Network Express have become a member of the blockchain powered tracking platform TradeLens, which was launched by A.P.Moller-Maersk, Danish logistics conglomerate, and software giant IBM.

Notably, back in May, the world’s second-largest shipping enterprise Mediterranean Shipping Co (MSC) and fourth-largest container shipping company CMA CGM, have signed up to use TradeLens.

The platform intends to minimize paperwork and related costs and time in the logistics sector, which supposedly accounts for $4 trillion. The ocean shipping industry carries more than 80% of the goods.

Martin Gnass, managing director of information technology at Hapag-Lloyd, highlighted the significance of the platform: “Now, with five of the world’s six largest carriers committed to the platform, we can accelerate that transformation to provide greater trust, transparency, and collaboration across supply chains and help promote global trade.”

 

Miscellaneous

UN considering blockchain to ensure urban development in Afghanistan

To ensure long-lasting urban development in Afghanistan, the UN is looking at blockchain based systems as a solution. The spokesperson for the UN Secretary-General, Stephane Dujarric, has stated that the UN Office of Communication and Information Technologies (UN-OICT) is creating blockchain powered systems for maintaining land titles and ensure transparency in services under the UN’s “City for All” program.

The UN’s “City for All” program was initiated in 2016, with a charter established to continue until the end of 2020. The program intends to work for the development of 12 Afghanistan’s cities, including Kabul, the country’s capital. The program expects Afghanistan’s population to become predominantly urban in the next 15 years. The country’s top priorities are strategic urban planning, effective land administration, and efficient municipal finance.

The blockchain initiative started to address Afghanistan’s infrastructure issues is the outcome of a memorandum of understanding (MoU) signed between the UN-OICT and UN-Habitat, the organization that takes care of technical support related to “City for All” program.

According to the memorandum, two UN offices are striving to broaden their partnership across South Asia and to work on “the development of emerging technology tools and digital platforms for urban design and planning.”

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.

Richard W

Richard W

Richard is the guy who know everything there is about the financial industry, working in a top firm for over 15 years, he will give the lowdown on some of the biggest companies in the world


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