IBM Unveils Multi-cloud Supporting Blockchain Platform

IBM Unveils Multi-cloud Supporting Blockchain Platform
June 20, 2019


The cryptocurrency market continues to gain ground steadily against the greenback. Bitcoin (BTC) has gained 1.9% in the last 24 hours to trade at $9,337.  Similarly, Litecoin (LTC), which will undergo halving of mining reward in August, has inched upwards by 1.1% to trade at $136.51. Monero (XMR), the privacy-focused cryptocurrency, has rallied 3.5% to trade at $101.28. Other major altcoins which have gained between 0.5% and 2% include IOTA (MIOTA-$0.4387, 0.6%), BinanceBinance Coin (BNB-$35.20, 1.2%), Ripple (XRP-$0.4350, 0.9%), Monero ($101.29, 3.5%), Tron (TRX-$0.0334, 1.1%) and EOS (EOS-$6.89, 0.7%).  As usual, the two cryptos which are trending in the opposite direction are Stellar (XLM-$0.1244, -0.3%) and Cardano (ADA-$0.0891, -1.1%).


Government level initiatives

Russia moving forward on legalizing DFA (Digital Financial Assets)

Russian Duma is anticipated to legalize “On Digital Financial Assets” (DFA), a crypto bill, in the next two weeks, according to the information provided by Alexei Moiseev, Russia’s deputy finance minister. This will be the second reading for the DFA bill and Moiseev anticipates the bill to be approved without any amendments. Furthermore, Moiseev stated that the authority had cleared the way for distinct legislation for initial coin offerings through a separate section on crowdfunding law. To sum it up, within a month, Russia will have two crypto legislations: the DFA and crowdfunding bill.


Private sector initiatives

Euroclear intends to develop a trial blockchain platform

Securities depository firm, Euroclear, has announced its intention to develop a trial blockchain platform for the disbursement and settlement of European commercial paper (ECP). The value of securities transactions settled by Euroclear in 2018 was €791 trillion ($885.48 trillion) while holding assets worth €28.8 trillion ($32.24 trillion) on an average.

The settlement service provider also disclosed that it has successfully finished a proof-of-value study for a blockchain platform centered on ECP. Other participants in the project are “Big Four” auditor EY, European Investment Bank, and Spain’s Santander.

The blockchain platform will assist through the entire process of issuing and settling ECPs, which are basically unsecured short-term debt vehicles sold by banks or enterprises. The market for ECP is estimated to be worth $1.20 trillion.

The news release further states that “based on the initiative’s success, Euroclear intends to move on to pilot phase soon.”

The blockchain platform is expected to save time by avoiding complex settlement processes between market participants using a combined system.

Euroclear has further elaborated that: “Other key benefits of this blockchain solution would be full transparency and traceability of ECP issuance related activities […] making ECP same day issuance a new market standard.”


IBM upgrades its blockchain platform to run on AWS and Azure

IBM has successfully updated its blockchain Platform to run on several cloud networks, including Amazon Web Services (AWS) and Microsoft’s Azure. The previous version was available only for IBM cloud users. The multi-cloud platform will be offered through Kubernetes, a software facilitating scalability of blockchain networks.

The biggest change in the latest multi-cloud framework is that IBM Blockchain Platform 2.0 supports interoperability. The multi-cloud platform permits the blockchain enabled users to administer across several cloud networks, including the ones with huge differences in privacy levels.

Regarding the interoperability, IBM Blockchain CTO Gari Singh said: “We want to bring on XYZ company, but XYZ has a contract with Azure or AWS or Oracle,” he said. “How do we allow those guys to connect up a peer [node] to join the network and how can you support that?” […] We can now actually leverage all the great things that are in Hypeledger Fabric, and we can support you wherever you need to be. And we can also help to support networks that want to work with IBM, but they have other members that don’t.”

IBM’s blockchain platform can be considered as a different version of Hyperledger Fabric, an open source project hosted by The Linux Foundation. Fundamentally, both platforms are the same. However, IBM’s platform offers additional tools, which can be easily accessed. The tools simplify the process of setting up a permissioned network, aiding with suitable tasks such as the establishment of consensus procedures and assigning control.


Italian banks to implement DLT tech from March 2020 to run recons

Beginning in March 2020, Italian banks will employ blockchain solutions to run reconciliations. The Italian Banking Association (ABI) has stated that Italy’s banks will incorporate distributed ledger technology (DLT) into in-house processes to improve settlement mechanism. The employment of blockchain is also expected to enhance clarity in dealings between banks and the effectiveness of correspondence between counterparties.

The plan to implement blockchain is part of a large initiative named the Spunta Project, which is a blockchain interbank platform based on R3 consortium’s enterprise level open-source distributed ledger platform. The Spunta Project is managed by ABU Lab, which started trialing Spunta in February. In the same month, Spunta underwent a trial by 18 banks that account for 78% of the Italian banking sector based on employee count.

ABI’s blockchain-backed interbank platform completed its trial phase in October 2018, with the involvement of 14 domestic banks. The blockchain application id also anticipated aiding in particular facets of banking activities that usually includes several complicated disparities such as saving data on several nodes shared between banks with the employment of smart contracts.

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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