Bitcoin points way to ‘massive change’ for commodity trading – Information Management

With assistance from Lydia Mulvany and Ryan Collins   December 15, 2017

(Bloomberg) — Blockchain is upending the world’s financial markets with the rise of bitcoin, and now the digital-ledger system is poised to do the same next year for raw materials like food and energy.

Companies including BP Plc, ABN Amro Group NV and Mercuria Energy Group Ltd. said last month they will adapt blockchain to streamline physical energy transactions. In October, four banks joined a venture started by UBS Group AG and International Business Machines Corp. to use the technology in a platform for the global goods trade. Natixis SA and Trafigura Group Ltd. announced in March they will employ the system to finance buying and selling oil.

“We’re talking about this massive change in the way that business is being done,” said Eric Ervin, the chief executive officer of Reality Shares Inc., a San Diego fund manager that created an index to track returns of companies adopting the technology. “Everything happens automatically, without a bunch of paperwork, processing and transferring.”

More at: Bitcoin points way to ‘massive change’ for commodity trading – Information Management

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Blockchain Pilot Drastically Expedites Shipping Documentation Process – CTech

By Asaf Shalev    December 6, 2017

Israel-based startup Wave partnered with BBVA to streamline trade documents submission for a deal between Mexico and Spain, reducing a process that takes 7-10 days to 2.5 hours

Spanish bank BBVA and Israel-based startup Wave Ltd. have carried out a pilot to streamline the submission of import and export documents using blockchain technology, the bank announced in a blog post last month.

BBVA tested Wave’s technology in a transaction involving the sale of 25 tons of frozen tuna from a supplier in Mazatlan, Mexico to a company in Barcelona.

A container ship (Illustration). Photo: Gidi ShaprutA container ship (Illustration). Photo: Gidi Shaprut

The documentation process for international trade—from initial transmission of trade documents to final verification and authorization—usually takes 7-10 business days, but with the pilot, it took only 2.5 hours, said the bank, whose full name is Banco Bilbao Vizcaya Argentaria, S.A.

More at: Blockchain Pilot Drastically Expedites Shipping Documentation Process – CTech

How a smart contract works in oilfield applications — FreightWaves

By Brian Straight    November 30, 2017

One of the common questions surrounding blockchain is how it will be utilized in the supply chain. Many people assume smart contracts, transparency and quicker payments will be early uses. For Rana Basu, founder and president of Consurgo, that discussion is ongoing on a daily basis.

“As we commercialize it, what blockchain is giving us is a way to sign off on a contract,” he told members attending the recent Blockchain in Transport Alliance (BiTA) meeting in Atlanta. “That fingerprint is the legal validity on the blockchain.”

Consurgo built an oil and gas consortium based in Geneva that includes BP, Shell, Vitol, Glencore, Mercuria, Trafigura, Koch Supply and Trading and three global banks. That consortium joined forces to work on reducing friction in oil logistics. Consurgo is now working to implement emerging technologies such as blockchain into the oilfield logistics sector through an organizational readiness toolkit to enable enterprise adoption.

More at: How a smart contract works in oilfield applications — FreightWaves

UPS Steers Into Blockchain Trucking Alliance – Nasdaq.com

By Michael Scott, Distributed    November 20, 2017

TruckingUPS

Since the concept of blockchain technology was first released in 2009 as the technology fabric supporting Bitcoin, numerous applications have been continually built on top of the infrastructure. The blockchain’s wide adoption as an alternative application for legacy financial systems has fueled proposed uses in numerous other industries, among them healthcare and manufacturing.

Now heightened interest around blockchain technology is emerging in the transportation industry. There has been a recent announcement that the global package delivery company United Parcel Service (UPS) has joined the Blockchain in Trucking Alliance (BiTA). UPS and Coyote Logistics – the latter a technology-driven, non-asset based truckload freight brokerage company that UPS acquired in 2015 – are a part of over 300 companies that have applied for membership to BiTA.

According to BiTA’s website, the organization’s mission is to foster “a forum for the promotion, education, and the encouragement to develop and adopt blockchain application standards in the trucking, transportation, and logistics industries.” BiTA asserts that blockchain offers the opportunity for greater clarity, transparency and trust within the supply chain space, noting that without a common set of cross industry standards, those barriers will continue to exist.

More at: UPS Steers Into Blockchain Trucking Alliance – Nasdaq.com

Vehicle Lifecycle Blockchain Can Save You From Inflated Garage Bills – The Cointelegraph

By Shivdeep Dhaliwal    November 19, 2017

Do you trust your vehicle service centre? More importantly, should you? According to comparethemarket.com, the average car owner in the UK has paid £350 or $462 on repair shop bills over last 12 months. They also figured out that 75 percent of the drivers had no clue what they were being charged for. Things are not better across the Atlantic either, with USA Today saying that the average cost for just a “check engine” light being $435.

It seems that most drivers are completely at the mercy of repair shops and service centres, as they lack the necessary know-how. Adding to the woes of the drivers is a complex and inefficient ecosystem that surrounds the automobile industry, which is made up of manufacturers, banks, insurance companies and repair shops who don’t always work well and most often not in conjunction with each other.

CarFix, which is issuing VLB tokens is now using Blockchain technology to change that scenario. The automotive industry has yet to benefit from the verifiability, immutability and clarity that Blockchain can bring with it.

More at: Vehicle Lifecycle Blockchain Can Save You From Inflated Garage Bills – The Cointelegraph

Why shipping companies are investing in blockchain – Digital Journal

By Tim Sandle    November 16, 2017
The English Channel is one of the world's busiest shipping lanes

For shipping, like other industries, blockchain holds the promise of transparency and efficiency for global trade transactions. In terms of efficiency, a report from CB Insights calculates that to transport a container by sea from Mombasa, Kenya to the Port of Rotterdam, Amsterdam, requires around 200 different communications steps involving around thirty different interested parties.

Each one of these steps takes time (which, in economic terms, represents a delay in time-to-market) and costs money, either directly in terms of fees or indirectly in terms of time wasted. Moreover, such a labyrinthine system is prone to deliberate fraud or accidental miscommunication. Fraud protection arises since no single party has the ability to modify, delete or append any record without the consensus from others within the network.


More at: Why shipping companies are investing in blockchain  – Digital  Journal

Carfix Drives Auto Repair Prices Down With Ethereum Blockchain – Forbes Tech #NewTech

By Monty Munford    November 16, 2017

Buying and servicing a vehicle has never been easier. From registration to insurance and even selling an auto has been transformed by digital solutions. Or has it?

There is still huge room for improvement in streamlining the approach to relationships in the auto sales, auto repair, auto insurance and auto finance industries.

So step forward, CarFix, issuer of the Vehicle Lifecycle Blockchain (VLB) token, a company that wants to reshape the $1.8 trillion vehicle lifecycle industry by integrating blockchain technology.

In the company’s words, it wants to ‘change the face of one of the most obsolete industries in the world’.

More at: Carfix Drives Auto Repair Prices Down With Ethereum Blockchain – Forbes Tech #NewTech