Connect with us

Don't Miss

Exclusive: Singapore to develop Ripple (XRP)-powered invoice trading platform

Published

on

Ripple
READ LATER - DOWNLOAD THIS POST AS PDF

According to a recent report by Global Market Insights, the blockchain market in the Asian Pacific region has seen significant progressed, thanks to the upsurge in the number of investments in blockchain-based firms. The report also made revelations that the market is expected to hit over 16 billion US dollars in the next few years, likely by 2025.

Back in 2016, the number of investments that were made in blockchain-based startups (including Ripple as it got in the game in 2013) was approximately over 130 deals. At the time, those deals brought over 545 million US dollars to the market, laying a good foundation for the market to grow by over 50 percent the following year, which saw the market gaining over 1 billion US dollars from such deals.

The increase in funds is a sign of the acceptance and continuous development of new technologies, that strive to retain and grow the number of investors in the blockchain. As a result of this, blockchain technology continues to witness a significant increase in adoption, even from traditional industries. Take the fruity relationships of Ripple (XRP) with giant financial institutions such as Banco Santander, for example.

One of the products that are keen not to be left behind in the front of innovation is the Digital Ledger Technology, which has been experiencing large growths in adoption levels. This does include not only large firms but also some of the upcoming SMEs in the world of business. Some of the giant companies that are embracing digital ledger technology into their operations include IBM, Amazon, Abra, Microsoft, Earthport, Blockstream, Asta Salotions, Bacoor, Coinbase, Blockstream, Bloq, Digital Asset Holding, BTL Group, Chain, SAP, BitSE, R3, and Ripple among many other companies.

Invoice Financing

Invoice financing is a well-known business function in both small and medium companies that are in burning need of cash. For those who might not be aware, invoice financing is the process that involves businesses trading off their invoices to third-party financers in exchange for instant funds. These invoices are traded off to financers at discounted figures which allows them to later cash with the debtors to get the full amount. It has been a different idea from Ripple blockchain as of now, but a good one, we must agree.

For example, a person who is running their business is supposed to be paid 15,000 US dollars from its debtors, but the date of payment is about a month away, but the person urgently needs cash to purchase a new machine. The person can sell off the 15,000 US dollars’ worth of invoices to a financer to get an instant 10,000 US dollars in cash. The financer can later claim the entire sum of 15,000 US dollars from the debtor creating a win-win situation for both parties. Invoice financing is big in the European Union and the US but is steadily growing in the Asian Pacific region.

Singapore Authorities Considering Ripple Blockchain-based Invoice Trading Platform

Singapore authorities Ripple blockchain based platform

Singapore authorities in discussions to develop a Ripple-based invoice trading platform for tracking invoices | Image/Snapshot source: GlobalTradeReview

Throughout the world, blockchain technology is making data management more efficient while ensuring security and interoperability is core in their operations. Governments of countries such as Singapore are making headways in adopting this new technology by making numerous policy changes and initiatives to gain a better understanding of blockchain technology and to benefit from it maximally.

In Singapore, DBS Bank, Infocomm Development Authority of Singapore (IDA), and Standard Chartered Bank developed a proof of concept for their blockchain-based invoice trading platform. The platform uses distributed ledger technology of Ripple (XRP) to support the project for tracking invoices, reducing invoice duplication risks, backing loans to suppliers while maintaining the confidentiality of their customers.

Subsequently, the authority intends to develop a platform that will allow banks and financial institutions to convert invoices into virtual assets on a distributed ledger (of course on Ripple blockchain). Considering that participants are allocated a cryptographic identity, privacy is maintained, while the information concerning the status of the invoices seeking funds is accessible to all concerned users.

The Ripple-based project by Singapore authorities, which is yet to be given a name is predicted to be an open ecosystem that is going to allow neutral third parties to participate and verify the legitimacy of a trade document being financed.

For the global insights every crypto trader must have, apply for Elite membership!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Jsouth/Pixabay

Don't Miss

How Cryptocurrencies Will Change Online Gambling in the Future

Published

on

online gambling
READ LATER - DOWNLOAD THIS POST AS PDF

Anyone who has followed online gambling since the beginning can tell you that things don’t stay the same for long. One of the reasons for this is that technology improves at such a ridiculously fast pace, and innovators in this industry are able to match up with those technological changes pretty quickly.

An innovation in technology that the Internet gambling industry has really learned from is cryptocurrency, with bitcoin in particular leading the way. We’ve seen it emerge as an alternative banking method, but it’s going to change the industry as a whole in ways that people can’t quite understand yet.

A Post-Legality Era

Something that has eluded online gambling since its inception is the idea of a global governing body. As it stands right now, each individual country (and smaller units of jurisdiction) have their own governing bodies that oversee in the industry. A lot of these laws are tied to banking laws, and that’s where the legality of playing in bitcoin casinos becomes such an interesting topic.

In the present, we’re seeing country-based regulatory bodies from places like Malta, Gibraltar and the United Kingdom start to work together and recognize each other’s licenses more and more. That’s taking serious steps towards having a global governing entity, and once that happens, the role of bitcoin is going to be even larger than it is now because it’ll…

Continue Reading

Don't Miss

VOLUM (VLM) Announces Commencement of Token Generation Event

Published

on

READ LATER - DOWNLOAD THIS POST AS PDF

ESTONIA, May 4, 2019 – VOLUM (the “Company”), a multi-dimensional blockchain technology holding company, is thrilled to announce the commencement of the Volum (VLM) Token Generation Event (“TGE”) beginning on Saturday, May 4. The VLM utility token is the native cryptocurrency powering the VOLUM supply chain and logistics management platform.

Driven by algorithmically intelligent software tailored to logistics and supply chain management, along with Internet-of-Things (“IoT”) integrated functionality, and a backbone of hybrid public and consortium blockchain architecture, the platform is organized around the Volum (VLM) token. The VOLUM TGE will be managed by deploying ERC20 tokens on Ethereum Mainnet to maximize future access to cryptocurrency exchanges.

The VOLUM platform operates as a comprehensive control center for supply chain and logistics management operations. Companies who use this platform will be able to carry out a wide range of blockchain transactions including: Payments, Rewards, Purchase Orders, Legal Contracts, Regulatory Compliance, Taxation, Shipment Management, Letters of Origin, Customs Documents, Inputs/Outputs and Inventory Ordering, Delivery/Parcel Tracking, IoT Monitoring and Reporting, Big Data Analytics, and Inputs and End-Product Tracking/Traceability.

“The total addressable market for a blockchain-based supply chain solution is nearly $54 trillion globally, with the majority of the world’s workers playing some part of this equation” noted Arnaldo A. Detrés, CEO of Bengala Technologies, LLC, the principle blockchain developer working to build the VOLUM platform. “However, blockchain solutions have been unable to…

Continue Reading

Don't Miss

How to Secure Yourself in Relation to Bitcoin: Top VPN Services

Published

on

Bitcoin
READ LATER - DOWNLOAD THIS POST AS PDF

Nowadays, more frequently people opt to use cryptocurrency such as Bitcoin while dealing with financial transactions for its convenience, so its increasing prevalence isn’t round-of-the-mill phenomenon but still, its users need to create fully protected cooltechzone to secure their data.

Recently, a great abundance of VPNs have started to accept it as a way of payment and it definitely makes sense: one buys VPN to retain anonymity on the Web, so why not to use the privacy-focused payment method? Paying for a VPN service with Bitcoins or any other cryptocurrency secures personal data from curious eyes leaving no traces.

What is a VPN?

Virtual Private Network (VPN) is generally presented by the group of linked to each other computers via the Internet. VPN boosts protection and provides a high level of anonymity to all types of Internet connections.

Security

While the connection to the ordinary Wi-Fi networks, a user usually gets access to the Internet directly, thus he becomes vulnerable to the hackers and the malware attempting to steal his personal data. On the other hand, applying VPN one transmits and gets data in encrypted form which makes it protected.

Anonymity

Generally, isn’t hard to trace an Ip-address of any user and to identify his location with sufficient accuracy. With the help of VPN, the attacker will only get the address of the removed computer. Undoubtedly, the safeguard…

Continue Reading

Elite