Mitsui and IBM now use blockchain for transporting

Mitsui OSK Lines and partners use blockchain with the Cross-Border Trade
14 December 2017   421

Japanese shipping firm Mitsui OSK Lines (MOL), IBM and other partners take a blockchain proof-of-concept to streamline international trade flows. Now trade transactions can use a blockchain-based application. The project includes logistics and insurance documents, trade agreements, digitized, stored and shared among participants. It will bring more benefits than traditional systems of trading.

The test is intended to verify the effectiveness of blockchain for enhancing security and reducing the time required to settle cross-border trade transactions, discrepancies among related documents and administrative cost.

 

From Mitsui OSK Lines statement

The project will use the Hyperledger Fabric blockchain framework, which is developed by the Linux Foundation-led Hyperledger blockchain consortium. IBM Japan, the Japan Research Institute, Sumitomo Mitsui Financial Group (SMFG), Sumitomo Mitsui Banking Corporation and other arms of the Mitsui Group take to participant in this MOL project. Earlier SMFG successfully tested a prototype using distributed ledger technology (DLT) to streamline international transaction agreements.

 

Wyoming Passed Bill Exempting Utility Tokens from Securities Laws

The Wyoming House of Representatives has unanimously approved a bill exempting utility tokens from securities laws  
20 February 2018   71

On Monday, House Bill (HB) 70 passed the House 60 to 0 and will now head to the Senate. The bill exempts utility tokens from securities laws. This will attracts ICO’s launches to the state and will make the state a favorable environment for blockchain startups.

According to the bill, the utility token must meet three conditions:

  1. The token’s issuer must not market it as an investment;

  2. The token must be exchangeable for goods and services, for example, startups must have a working product or service at the time the tokens are issued;

  3. The token’s issuer must not actively make efforts to create a secondary market for the token by entering into a repurchase agreement or agreeing to locate buyers for the token.

It is important to note that there are four more cryptocurrency and blockchain-related bills currently moving through the Wyoming legislature.

HB 19 passed the House of Representatives on Monday and is now awaiting introduction in the Senate. The bill exempts cryptocurrency from the state’s money transmitter act.

HB 101 has passed its second reading in the House and, if it passes its final hearing, will then go to the Senate. This bill will allow companies to create and use blockchains for the purpose of storing records and conducting inter-office communication.

HB 126 has just passed its second reading in the House. It will allow the creation of series LLCs.

Senate File (SF) 111 passed a vote to introduce on Friday and is now headed to a committee hearing. This bill will exempt cryptocurrency assets from state property taxes.