The cryptocurrency market remains rangebound with Bitcoin (BTC) hovering around $27,000. While preparing this report, Bitcoin was trading at $27,100, down 2.70% in the past 24 hours. Ethereum (ETH) lost 2.50% in the same period to trade at $1,705. XRP, however, had gained 8.30% to trade at $0.4830.
The only major crypto, which has gained ground in the past 24 hours is Stellar (XLM, $0.0924, 1.30%).
Major cryptos, which have lost ground in the past 24 hours, are VeChain (VET, $0.0219, -3.50%), EOS (EOS – $1.09, -3.30%), IOTA (IOTA – $0.1993, -3.90%), Binance Coin (BNB – $311.44, -5.10%), Polkadot (DOT, $5.87, -2.40%), Avalanche (Avax- $16.48, -2.70%), Bitcoin Cash (BCH, $121.12, -2.40%), Cardano (ADA, $0.3481, -0.9%), Tezos (XTZ, $1.08, -6.20%), Solana (SOL, $19.84, -4.10%), Dogecoin (DOGE – $0.0729, -1%), ChainLink (LINK – $6.85, -4.50%), Shiba Inu (SHIB, $0.00001038, -2%) and Internet Computer (ICP, $4.73, -4.50%).
Private sector initiatives
GSBN’s Blockchain PoC Validates Special Cargo
The Global Shipping Business Network (GSBN) has carried out a proof-of-concept (PoC) utilizing blockchain to aid in the validation of special cargo, including chemical and lithium batteries. The participants in the trial are Cosco Shipping, Shanghai Research Institute of Chemical Industry Testing (SICIT), OOCL, and appliance manufacturer Midea. COSCO and OOCL are stakeholders in the non-profit GSBN.
In 2022, a cargo carrier loaded with 4,000 Volkswagens and Porsche and transiting from Germany to the US sank due to a fire accident. Lithium batteries were suspected as the cause of the fire but were not confirmed.
In general, cargo gets a safety certificate from institutions such as SICIT, highlighting how the goods can be managed securely to prevent accidents and safeguard the crew. Nevertheless, the physical document is generally offered to the exporter of the good. Therefore, there is a risk of paperwork getting amended as it changes hands from logistics firms to cargo shipping enterprises.
Employing blockchain ensures the certificate data remains safe, unaltered, and structured, paving way for verification by all parties and effortlessly distributed with permitted parties.
Swift Trials Interoperability Solution for CBDC Cross-Border Settlements
Swift has been trialing an interoperability solution that facilitates the use of domestic central bank digital currencies (CBDCs) for cross-border settlements. The firm conducted 12 weeks of successful sandbox simulations backed by the central banks of France, Singapore, and Germany, and 15 commercial banks and intends to take it forward to a beta stage.
One of the main issues with digital currencies is total segregation from other digital currency networks. Therefore, interoperability is necessary between traditional platforms and digital currencies and specifically for cross-border settlements.
Similar to Swift’s function in traditional payments, the institution offers an interlinking platform that enables sharing of information between parties. CBDCs will not move out of domestic networks. The banks involved in the trial are HSBC, Royal Bank of Canada, BNP Paribas, SMBC, Intesa Sanpaolo, Société Générale, UBS, NatWest, and Standard Chartered.
Krungthai Bank Adopts Visa’s Blockchain Payment Platform for Big Transactions
Thailand government-backed Krungthai Bank is the initial Thai bank to employ Visa B2B Connect, a blockchain technology-powered digital payment platform for big payments. Notably, the platform, integrated with FIS and Infosys, is being used by Goldman Sachs.
Whenever there is a thought about blockchain payments, instantaneous settlement is usually discussed. However, that is not the main objective of Visa B2B Connect where payments are completed within a day or two. The platform enables avoiding correspondent banks and the expenses related to third parties. Therefore, Visa B2B Connect competes with SWIFT. Also, the platform facilitates real-time tracking of payment.
Krungthai Bank has been employing blockchain technology for years, collaborating with Everex for Ethereum-powered payments for Myanmar migrants in 2019. Furthermore, the bank’s e-wallet platform was utilized for a consumer-focused blockchain government bond released in 2020.
Security Matters Partners with Sumitomo and Continental Tires Post-Nasdaq Merger
Following the completion of the Nasdaq SPAC merger, recycling-focused blockchain firm Security Matters (SMX) has revealed two major developments. One is with Sumitomo Corporation and the other one is with Continental Tires. SMX offers a range of solutions, including a covert marker to aid traceability, a related blockchain system, and recycling-related equipment.
Sumitomo will be the sole worldwide distributor of SMX products for non-ferrous metals. The deal includes metals such as nickel and aluminum, which are used in car production. Specifically, nickel is used for the production of electric vehicle batteries.
The employment of SMX technologies implies that it is possible to guarantee the ethical sourcing of metals, certified for quality, and precisely sort out the metal in the finished goods. Eventually, this aids in recycling.
The company did not reveal any specific agreement with Continental Tires, but a trial of its invisible market was concluded. This implies that Continental will be able to identify the origin of rubber in the tire and prove its ethical sourcing.
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