Industry News

The Oldest Thai Bank Reduces Cross Border Processing Time From 2 Days to 1 Minute Using Ripple Technology

Using the technology of Ripple, Siam Trading Bank of Thailand (SCB) said that it reduced the processing time from 2 days to 1 minute, and that they are performing cross-border payment transfers with this technology.

In the official announcement,

In order to optimize operational efficiency, SCB and PTTEP, since mid-2018, launched a program of cooperation for a research and development study on adopting Blockchain technology for B2B payments beyond the border. Earlier this year, the project was able to make pilot payments through Blockchain reaching targets within one minute compared to one to two days with traditional methods.

Although Ripple is not named here, it has documented that SCB works with Ripple's technology to promote faster cross-border payments.

SCB and PPT Research and Production Public Limited Company (PTTEP) signed a co-operation agreement focusing on the establishment of a cross-border payment system to support the transfer of PTTEP's B2B funds between partners and service providers. B SCB invested in Ripple, a global and corporate block chain solution, Rip said Phimonpha Santichok, Executive Vice President responsible for Commercial Banking Solutions.

Ripple has published its own blog post about SCB's participation and said it would be the first financial partner to use the “multi-jump Rip feature.

Siam Trading Bank (SCB) will be the first financial institution to lead a key feature called kilit multi-hop ülük in RippleNet, which allows them to make payments on behalf of other financial institutions in the network. This will eliminate the need for one-to-one link (or bilateral relationship) between financial institutions to make payments. Using multi-hop, the SCB will be able to receive and transmit a payment without a bilateral relationship between the recipient and the beneficiary institutions.

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Industry News

SEC Accuses 5 Insiders of BitConnect for Illegal Promotion

SEC, Yasadışı Tanıtım’dan BitConnect İçerisinden 5 Kişiyi Suçladı

About the five people at BitConnect SECIt said it “violated Federal Securities laws.”

The SEC's complaint is that “persons who support the BitConnect Program are sold without registering the Securities with the Commission and registering as a broker-dealer with the Commission as required by law.” BitConnect's lending program is said to encourage people to invest in potential investors, including Trevon Brown, Craig Grant, Ryan Maasen, and Michael Noble, by creating promotional-style videos and posting them on YouTube. It is also claimed that some YouTube channels that make promotions are paid on a commission basis in return for their promotional efforts.

Shortly after his release, Trevon Brown (better known as Trevon James) posted a tweet saying he didn't deny the charges and said the community would "rally" around him.

Real crypto OG's will rally around me.

The real ones that know the truth, and what happened from day 1.

Talk to you guys soon.⏳#FreeTrevon

— Trevon James, Founder of our.glass Crypto (@BitcoinTre) May 28, 2021

Lara Shalov Mehraban, Deputy Regional Director of the SEC's New York Regional Office,

“We will try to hold accountable those who make illegal profits by taking advantage of the public's interest in digital assets”

said.

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Blockchain News

National Fisheries Institute and IBM's Blockchain Tracking System Food Trust

Ulusal Balıkçılık Enstitüsü ve IBM’in Blockchain Takibi Sistemi Food Trust

The United States seafood trade association, the National Fisheries Institute (NFI), is working with Food Trust, IBM's blockchain supply chain solution, to monitor FoodOnline's reports on June 11 seafood and food-related news.

In the report, they mentioned the new system for monitoring the type of seafood jointly carried out by multiple companies. In addition, NFI members representing harvesters, importers, cold storage, food service restaurants and retail sales were also included in the program.

IBM's Blockchain Tracking System Food TrustSIRF President's Statement

The project is funded by the Seafood Industry Research Fund (SIRF), whose chairman Sean O'Scannlain said in a statement on developments:

“The tracking system is nothing new to the seafood industry, but we'll test how blockchain is a new concept, with IBM's Food Tracking system, helping seafood businesses earn revenue and reduce costs to customers from harvest to distribution.”

The system also states who can access and how long companies can control data, and who will retain control after the chain is loaded. Raj Rao, IBM Food Trust general manager Food Food Trust can change any sector, especially when we have large ecosystems, businesses and organizations ” He said.

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Source: Cointelegraph

Blockchain News

Visa Launches Global Cross-Border Payment Network for Some Aspects of Blockchain

Visa, Blockchain'in Bazı Yönlerine Yönelik Global Sınır Ötesi Ağı Başlattı

Visa, the US payment giant, has launched a cross-border payment network derived from some aspects of Blockchain technology.

“Visa B2B Connect” The network is designed to facilitate international exchanges by global financial institutions, enabling direct interbank payments between businesses.

Visa's Global Cross-Border Payment Network

According to the report, the network already includes 30 trade channels worldwide to enable faster and cheaper cross-border payments and is expected to expand to 90 markets by the end of 2019.

Visa B2B Connect includes elements of the open source distributed accounting technology (DLT) Hyperledger, which was developed in part by a group led by the Linux Foundation. blockchain technology.

Kevin Phalen, managing director of Visa Business Solutions, reported in particular that some aspects of blockchain technology are used because of the ability to transfer more data on a payment than any existing payment system.

The network is a collaboration with e-payment operator Bottomline Technologies and fintech, FIS, as well as collaboration with the world-class IBM. It was reported that Visa initially worked with a cryptographic notebook systems manufacturer to improve the product.

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Source: Cointelegraph