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

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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.

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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

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Taking the Booming Cosplay Industry to the Next Level with Tokenization

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In the past couple of decades, some aspects of Japanese culture have begun to spread like wildfire through the rest of the world. Foremost among them is the fascinating and thought-provoking world of Japanese comics and animation.

At the same time, it’s become increasingly popular for fans to interact with each other and express their enthusiasm for manga and anime through cosplay, where people dress up as their favorite fictional characters or even create their own.

In fact, cosplay has grown to be a jaw-dropping $45 billion industry, with no signs of slowing down anytime soon. However, the industry and its participants aren’t without problems.

At the top of the list of issues holding the cosplay industry back are those associated with copyright and revenue sharing. As with most any global industry, there is inefficiency due to language barriers, different currencies, and varying regulatory guidelines for intellectual property.

So, how can blockchain technology help? There are a handful of answers to that question, actually. A few are:

  • An immutable blockchain can be used to store records such that there is no longer any doubt about a piece of content’s original creator.
  • A blockchain can securely store and track user’s digital IDs in order to discourage harassment and other nastiness that prevails on online media forums.
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The race for No. 2: Ripple’s XRP is growing, and Ethereum is shrinking. Why?

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Over the last three weeks, Ripple’s XRP cryptocurrency has been raising in price slowly but steadily. As we write this article, it’s trading in green numbers at $0.422 even during the current bearish run of the market, which means despite regular market dips, it’s doubled its price in a relatively short time.

Moreover, for some days during the recent period, it’s been the world’s second coin, beating Ethereum. But will that be consistent? Should Ethereum be worried? Well, maybe. Ripple advancements and XRP’s massive growth is undoubtedly putting Ethereum’s dominance in question.

Ethereum came live in 2015, and it quickly became the most crucial blockchain in the world, second only to Bitcoin. It became the dominant platform for smart-contracts and many of today’s most exciting blockchain technologies came to life using Ethereum’s operating system (Tron and EOS are the primary examples).

But now, Ripple (XRP) grows while Ethereum is shrinking

Before this September 18th, the gap between ETH and XRP was huge. Ethereum’s market value more than doubled that of Ripple’s. As we write this article, the difference among both assets is around three billion (17 vs. 20 billion). If things keep moving in the current direction, this gap could close down, and even reverse in the next few weeks, if not sooner.

The recent XRP bullish run is the highest it’s ever had. It went up by 200% in fewer than four days just a couple of weeks…

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Just In: Ripple partner Santander expands its reach using SWIFT GPI

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There is a lot of buzz around Ripple and SWIFT concerning a possible partnership. However, this buzz around them has become more intense as Ripple’s partner, Santander, partnered with SWIFT to launch its services in countries such as Argentina, Poland, Spain, and the United Kingdom. The announcement came in today. The Spanish banking giant also plans to expand its services to further countries in 2019.

It is also important to know that there are high anticipations that Ripple may announce a breathtaking announcement during the forthcoming SIBOS 2018 Conference which is held by SWIFT, and set to take place in Australia.

The event is slated to hold on the 22nd to 25th of October. The main reason for the speculation that Ripple and SWIFT will be partners is since many FinTech companies – including banks – are using SWIFT for global cross-border remittances, and on the other hand, Ripple’s technology is becoming predominant to aid cross-border payments.

As a result of the partnership between Santander and SWIFT, Ripple’s community now see the opportunity that there may be a probable connection between Ripple (XRP) and SWIFT. This can also be attributed to the fact that Santander itself is in close partnership with Ripple, as it created OpenFx, which runs on Ripple’s blockchain protocol.

Santander believes that its partnership with SWIFT will help it deliver “rapid and frictionless cross-border with fast payment tracking.”

Eva Bueno Velayos, the GTB Head of…

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