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VerifyUnion Blockchain ID Platform and New Zealand ASB Bank to Organize Export Trade Deals

VerifyUnion and ASB Bank have developed a new digitized and automated trade process and platform that helps exporters conduct businesses on the blockchain. Data integrity and fraud risk are among the main benefits of this platform. VerifyUnion is a decentralized identification platform and ASB Bank is a financial institution owned by the Commonwealth Bank of Australia. VerifyUnion works by providing data ownership and protects user privacy securing documents and identities. ASB Bank operates in New Zealand and provides financial services such as retail, businesses and rural banking, among other things such as funds management or insurance. The companies were able to create this digitized platform that will offer a ‘single trade window.’ All the documents, such as certificates of origin, government approvals and traceability information can be exchanged using this specific platform. In order to start exporting, the documentation process takes over 8 days. Physical papers have to be exchanged between the bank and the client. VerifyUnion CEO, AJ Smith, explains that it is necessary to trust that the physical documents haven’t been tampered with. In order to test the network, Greenlea completed New Zealand’s first blockchain export. Other institutions involved in this pilot involved the Chamber of Commerce, Ministry of Primary Industries, the New Zealand Meat Board and other insurance companies. The platform was capable of transfer documentation and cash within an hour, compared to two or four days that it could take in the past or using traditional systems. Jack Bollebregt, Greenlea chief financial officer, said that the platform will be reducing the documentation timeframe for exports in New Zealand. Additionally, he explained that risks related to cybersecurity threats are also tackled. On the matter, Vollebergt commented: “We’re exporting to 40 different countries and being able to use the ASB blockchain platform removes the weak spots and ensures the integrity of the data. We also especially like the instant translation capability which will limit any misunderstandings or human error that can come from dealing with businesses based in different countries and time zones.” ASB Bank general manager of global transaction banking, Greg Beehre, said that they are committed to start implementing blockchain systems and improve trade processes for customers. He then said that New Zealand’s export industry will remain competitive with this new platform and by using blockchain technology. There are several companies that are starting to implement blockchain systems for exports and imports. The Chinese e-commerce giant, JD.com developed a blockchain system to track meat from the farm until it reaches the customer.
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New Zealand ASB Sees First Ever “Bank Blockchain Trade” Happen by Sending Meat to Korea

New Zealand’s First Ever “Bank Blockchain Trade”: Sending Meat to Korea It has been recently revealed that an arm of New Zealand Bank, ABS has recently contributed towards what they call a “Bank Blockchain” trade. More specifically, Kiwi meat exporter Greenlea Premier Meats sent meat to a Korean importer through the use of blockchain technology. As per local news outlet, nzherald.co.nz’s report, ABS’s General Manager, Greg Beehre described this endeavor as being the first of its kind, as it implies that every paperwork required can be now transferred via digital payment methods and processing. In addition, Beehre revealed that this method promotes time efficiency considering the fact that it took them an hour to clear out payment compared to the typical range of business days otherwise. CEO of Greenlea, Tony Egan shared the reason for considering blockchain to begin with as being its feature of limited breach. In addition, he seems to have been attracted by the tech’s storage cap, as it allows exporters and importers to manage data in one place, as opposed to referring to piles of paper, which can easily get lost without proper attention. Here’s an extract on what a member of Greelea, Jack Vollebregt had to say in regard to this new milestone: “Being able to use the ABS blockchain platform removes the weak spots and ensures the integrity of the data. We also especially like the instant translation capability which will limit any misunderstandings or human error that can come from dealing with businesses based in different countries and time zones.” All this being said, details regarding the type of blockchain used was not provided in depth. However, it has been assumed to be a private and permissioned blockchain, which makes sense given that it is a business interaction – one that normally will not be disclosed publicly unless questioned.
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VerifyUnion, ASB Bank Partner On Blockchain Platform For Exporters

Decentralized identification platform VerifyUnion has teamed with New Zealand’s ASB Bank to develop a blockchain-based service used to organize export trade deals. Founded in 2017, VerifyUnion provides total ownership of the data that is stored, from the network through to the customer (end user), while protecting user privacy and securing documents and identity. Its first product was a decentralized digital identification and verification platform on blockchain. The company expanded its product range to supply chain management in June 2018 to showcase the benefit of its products used alongside a supply chain management system. ASB Bank is a bank owned by Commonwealth Bank of Australia, operating in New Zealand. It provides a range of financial services including retail, business and rural banking, funds management, as well as insurance through its Sovereign Limited subsidiary, and investment and securities services. It also operates BankDirect, a branchless banking service that provides service via phone, Internet, EFTPOS and ATMs only. The two companies have developed a digitized, automated trade process and documentation platform to help exporters conduct business, ensure data integrity, and remove fraud risk. Based on blockchain, the platform offers a “single trade window,” which means all documents including certificates of origin, government approvals, traceability information and other key documents can be exchanged through one touchpoint. “Currently the documentation process for exporting takes around 8 days because physical papers have to be couriered back and forth between bank and client,” said VerifyUnion CEO AJ Smith. “It also means we have to trust that the physical documents haven’t been tampered with.” The platform has been piloted by Kiwi meat exporter Greenlea and successfully completed New Zealand’s first blockchain export trade. The pilot also involved the Chamber of Commerce, Ministry of Primary Industries, the New Zealand Meat Board and insurance companies, including Vero, document processing company Prodoc, as well as local and international banks. The pilot shadowed a live trade from Greenlea to their large Korean importer. The platform was able to digitally transfer documentation and cash within one hour – compared to the two to four days it would take to process using traditional systems. Jack Vollebregt, Greenlea chief financial officer, said that the platform will help them reduce the documentation timeframe for New Zealand exporters and mitigate risks such as cybersecurity threats and fraud. “We’re exporting to 40 different countries and being able to use the ASB blockchain platform removes the weak spots and ensures the integrity of the data,” said Vollebregt. “We also especially like the instant translation capability which will limit any misunderstandings or human error that can come from dealing with businesses based in different countries and time zones.” Greg Beehre, ASB Bank general manager of global transaction banking, said that ASB is committed to using blockchain to improve the trade process for its customers. “ASB is helping ensure New Zealand’s export industry remains competitive through offering single trade window with enhanced cyber security, traceability across the whole supply chain ecosystem, and decreasing the time involved in doing international trades,” said Beehre. “It’s a pretty proud day for us. Plus, it offers traceability and is scalable across the whole supply chain ecosystem giving all partners in the process a competitive advantage. That was really important to us here at ASB.”
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Ripple’s RippleNet XRP Showcases Real-World Effectiveness: Mercury FX

After partnering up with the firm behind the second largest coin XRP [XRP] Ripple as one of the +200 costumers, Mercury FX announced via their official twitter handle that they transacted their largest payment across RippleNet with a positive conclusion. 1/1 We've made our largest payments across RippleNet using #XRP – 86,633.00 pesos (£3,521.67) from the U.K. to Mexico in seconds. pic.twitter.com/WsHJuZTiOy — Mercury-fx Ltd (@mercury_fx_ltd) January 17, 2019 Using XRP, the firm transferred £3,521.67 or $4,552.41 while they cited that UK based Mustard Foods was able to save £79.17 and 31 hours on the transaction. Mustard Foods could be one of the best examples of the impact of using RippleNet could have as it opened doors to cheaper expenses, quicker orders and faster payments. As covered by John P. Njui on EWN a few days ago, The Ripple company has announced via its website that 13 new financial institutions have joined RippleNet thus propelling the number of total global customers to over 200. RippleNet currently operates in 40 countries across 6 continents. Out of the 13 aforementioned financial institutions, 5 are confirmed as using XRP to source instant liquidity for their cross border payments. The are JNFX, SendFriend, Transpaygo, FTCS and Euro Exim Bank. By the end of this year [2018], major banks will use xRapid as a liquidity tool. By the end of next year [2019], I would certainly hope that we will see…in the order of magnitude…of dozens. But we also need to continue to grow that ecosystem…grow the liquidity. – Brad Garlinghouse The success behind the team from Ripple could be standing by their marketing strategy and future plans of making the financial industry a better place to be. While not displacing traditional banking systems but helping them make payments cheaper and faster, it is finding its way to take spotlight in the crypto-verse. The post Ripple’s RippleNet XRP Showcases Real-World Effectiveness: Mercury FX appeared first on Ethereum World News.
Ethereum World News

BRD Wallet Expands Crypto User Access Across Europe With Coinify Partnership

Coinify, a European-based financial platform that provides a wallet, trading and payment processing solution, has announced that they are integrating BRD Wallet into their platform to deliver BRD wallet access to users across the European region.Specifically, the partnership provides access to virtual currencies, like bitcoin, to 34 countries across the Single Euro Payments Area (SEPA). The SEPA region is a collection of member states in Europe who are part of a payment system that simplifies bank transfers denominated in EUR. The launch is also enabled largely in part by Coinify’s newly rebranded trading solution for wallet partners.Customers will now be able to use BRD Wallet to “purchase bitcoin at cost-efficient rates with SEPA bank transfers” within Coinify’s trading platform. With BRD integration, customers will also retain control over their private keys while using Coinify.Essentially, this provides a large number of users with an efficient and secure way to buy bitcoin and other cryptocurrencies, and then allows them to immediately store it in a manner where they control what happens to their money. Typically, a user will entrust the custody of their private keys to a centralized exchange while they are waiting for trades to be executed and sometimes for much longer than that.Aaron Lasher, co-founder and chief strategy officer at BRD, highlighted the advantages of the integration for security-focused users of the Coinify platform.“We like exchanges and think security will get better in the future, but by using our integrated purchase and trading solutions, you get to keep your funds under your control 99 percent of the time, and only put them at a slightly higher risk for a short period when you make the exchange,” Lasher told Bitcoin Magazine.“Using a non-custodial wallet means that you and you alone control your funds. It’s similar to having physical cash in a (highly secure) safe at home. Only in this case, we provide our customers a digital safe (the BRD wallet) that they can keep in their pocket and carry along. Nobody else in the world has access to your funds but you, and nobody can stop you from sending or receiving funds.”Integrating a wallet that allows users to own their funds and seamlessly make trades on a platform like Coinify could help to push bitcoin adoption forward."The financial industry is ripe for disruption and we see bitcoin and the other virtual currencies as the future of payments,” said Rikke Stær, chief commercial officer at Coinify, told Bitcoin Magazine. “At Coinify, we have experienced first-hand the rising adoption of bitcoin and working with BRD as a user-friendly, decentralized wallet will only encourage the global reach of the currency."“Since launching as the first iOS bitcoin wallet in the App Store over 4 years ago, we’ve grown tremendously in North America,“ Adam Traidman, CEO and co-founder of BRD, said in a statement. “Europe will be strategic in the next phase of BRD’s global growth, and the partnership with Coinify will ensure our success in this crucial endeavour.”In August 2018, Canadian-based Coinberry exchange launched a similar BRD integration, allowing users to quickly and seamlessly buy, deposit and withdraw bitcoin on the Coinberry platform, while keeping control of their keys at all times. This article originally appeared on Bitcoin Magazine.
Bitcoin Magazine

Crypto Payments Service BitPay Reports It Saw Over $1 Billion in Transactions in 2018

Crypto Payments Service BitPay Reports It Saw Over $1 Billion in Transactions in 2018 Major cryptocurrency payment service provider BitPay has reported $1 billion in transactions this past year, according to a press release Jan. 16. According to the report, the company also set a new record for itself in terms of transaction fee revenue. […] Cet article Crypto Payments Service BitPay Reports It Saw Over $1 Billion in Transactions in 2018 est apparu en premier sur Bitcoin Central.
Bitcoin Central
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