How blockchain can open up energy markets: EU DLT expert explains

Aside from the buzzing neologism of Web3, there is a bit less catchy but hardly less important concept of Industry 4.0, which includes the new and revolutionary drivers of the next generation’s industrial landscape. And, especially when it comes to the energy sector, blockchain lies at the heart of these technologies.  The authors of a recently published EUBlockchain Observatory report “Blockchain Applications in the Energy Sector” are convinced that distributed ledger technology (DLT) could become a key enabler technology and has a very high potential to influence or even disrupt…

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DLT makes diamond industry more transparent

Diamonds are some of the world’s most valued gemstones, and the global diamond industry has managed to remain afloat despite being partially eclipsed by the emergence of modern stocks and novel virtual assets. The diamond industry, however, appears to be undergoing a paradigm shift in recent times — incorporating modern technology such as blockchain to improve diamond production, tracking and ultimate sales. Leanne Kemp, CEO of independent technology company EverLedger, stressed the need for blockchain integration in the industry to improve the tracking of a stone’s provenance. Speaking on the…

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EU regulator calls for public input on DLT for trading and settlement

The European Securities and Markets Authority (ESMA) is seeking stakeholder input on the use of distributed ledger technology for securities trading and settlements.  The European Union’s securities regulator recently published a “call for evidence” to invite stakeholders to share their feedback on the regulations for regulatory technical standards (RTS) on reporting and transparency on the DLT pilot expected to be implemented next year.  Some of the main functions of ESMA include strengthening the protection for EU investors, enhancing financial markets, and fostering cooperation between members.  With the call for evidence,…

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Banco Santander exec talks up DLT utilization in finance

John Whelan, the head of Banco Santander’s blockchain lab in Madrid, recently touted the potential for increased decentralized ledger technology adoption in mainstream finance. Speaking during a webinar organized by Fintech Surge and the Future Blockchain Summit on Wednesday, Whelan remarked: “I could imagine a future where there is a global settlement network for an asset class of securities that operates in a fully controlled, private, permissioned layer-two on top of a public blockchain network.” While acknowledging that current public blockchain networks might not be optimized for high-frequency transactions, Whelan…

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Square’s $297M stake in Tidal could unlock DLT features, analyst says

Square’s majority stake in Jay-Z’s streaming service Tidal could potentially result in some blockchain-related functionalities on the platform, according to one analyst. Avivah Litan, a technology analyst at consulting company Gartner, suggested that Square’s $297 million investment could push Tidal to start taking advantage of new technologies like blockchain and cryptocurrencies, Reuters reports Friday. With Square’s help, Tidal would specifically benefit from the technology of non-fungible tokens, or NFTs, which allows artists to certify ownership for photos, videos and other digital content, the expert noted. NFT technology could easily track…

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Sweden is working with DLT for its CBDC proof-of-concept

Central Bank Digital Currencies, or CBDCs, were the talk of the town for many in crypto and banking in 2020, with Sweden’s prospective e-krona one of the frontrunners. Sweden’s central bank, Sveriges Riksbank, is investigating distributed ledger technology, or DLT, for its CBDC proof-of-concept, the bank’s deputy governor confirmed today.  “The technology we use is the DLT called Corda,” Cecilia Skingsley, the deputy governor of Sweden’s central bank, said on Wednesday during a CfC St. Moritz conference panel. She did, however, decline to turn the announcement into a full-bore advertisement…

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Bringing digitalization to the business world: A DLT adoption outlook

To date, the ever-evolving DLT landscape has brought about dramatic changes to the world of finance and businesses in multiple industries. While blockchain is a type of distributed ledger technology, there are various other applications that have emerged since the advent of Bitcoin (BTC) over a decade ago. What makes DLTs special is their capacity to cut out intermediaries in most supply chains while making it possible for stakeholders to collaborate autonomously without the need for a centralized authority figure. As the world continues to digitize its traditional workflow processes,…

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Singapore’s blockchain industry cites supply chain management as biggest DLT use case

Singapore’s burgeoning blockchain industry has identified asset tracking and traceability as the top use case for distributed ledger technology, underscoring the need for better supply chain management in a post-pandemic world. The findings were presented Monday in the “2020 Singapore Blockchain Ecosystem Report” by PwC in collaboration with OpenNodes, IBM, Ernst & Young and others. The report, which is based on a July survey of industry players, “gives a qualitative overview of the key developments and trends in Singapore’s blockchain ecosystem.” When asked about the various applications of blockchain technology,…

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The latest industry to boost DLT adoption amid COVID-19

As the coronavirus pandemic continues to push more people out of their offices, many companies across the globe are adopting decentralized ledger technology to mitigate its effects and remain operational.  Emmanuelle Ganne, senior analyst at the World Trade Organization, told Cointelegraph that “The current pandemic, which has a devastating impact on small businesses, is an opportunity to accelerate trade digitalization, to the benefit of SMEs in particular.” Ganne added: “DLTs have the potential to remove many of the inefficiencies that hinder international trade and to slash trade costs, which weigh…

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COVID-19 forces Aussie stock exchange to delay DLT overhaul to 2023

The Australian Securities Exchange, or ASX, has delayed its switch to blockchain for the third time, citing complications due to COVID-19 and additional feedback from stakeholders.  According to an Oct. 28 update from the ASX, the exchange has officially delayed the rollout of distributed ledger technology (DLT) infrastructure to replace its current system for processing equity transactions. ASX will now release the project — the replacement for the Clearing House Electronic Subregister System (CHESS) — in April 2023, a one-year push from its most recent timetable. The exchange cited a…

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