Standard Chartered & Siemens to Put Guarantees on the DLT

As reported, if the pilot project succeeds, it  will allow companies like Siemens to serve their large customers more efficiently
30 August 2018   760

The international banking firm Standard Chartered has entered into an agreement with the financial branch of the production giant Siemens in the framework of a pilot blockhain project to issue bank guarantees in the sphere of international settlements for trading transactions.

According to IBS Intelligence, this program is aimed at eliminating the process of paperwork with the help of automated smart contracts and transferr it in digital format.

This is an industry-defining solution which we believe will transform the way guarantees are issued and processed in the UAE. Siemens Financial Services has been a key partner for us to build and develop this pilot on the distributed ledger and we believe that this technology can further be harnessed by the Dubai Smart City initiative.
 

Motasim Iqbal

Head, Transaction Banking UAE, Standard Chartered

According to the article, if the pilot project succeeds, it  will allow companies like Siemens to serve their large customers more efficiently.

While digitalisation is revolutionising whole industries, incorporating digital trade finance solution into our daily operations is an important step. Especially at Siemens, as a digitalisation pioneer, this move is part of our strategic mission of going digital in all arenas. This will streamline our processes and make our trade finance operations smoother, faster and more efficient. We are delighted to partner with Standard Chartered in leading such game-changing transformation which will help our customers go digital in their guarantee and claim processes and achieve higher efficiency.
 

Michael Bueker

Chief Financial Officer, Siemens

The test project was launched in March and should be completed in 2018.

DFINITY to Postpone Internet Computer Launch

The project is currently assessing the time frame for the completion of the MVP
14 December 2018   111

The blockchain project Dfinity reported in its blog postponing the launch of its main product.

Previously, Dfinity chief scientist Dominic Williams said that his company intends to create an “Internet computer that will become cloud 3.0”, compete with Google Cloud and Microsoft Azure, and also change the face of the blockchain industry.

According to him, the project team is developing a technology that has 150 higher performance than Ethereum blockchain and 900 times - Bitcoin. In essence, the project creates a “giant Internet computer”, whose work will be supported not by one company, but by all participants of the Dfinity protocol.

Initially, the release of a minimum viable product (MVP) was planned for the first quarter of 2019. However, according to company representatives, working on a trimmed version may slow down progress in creating a complete product.

The project is currently assessing the time frame for the completion of the MVP. Also, noted in Dfinity, before the end of the first quarter a new set of development tools (SDK) will be released, which will shed light on the future plans of the company.

In August, the Dfinity Foundation attracted $ 102 million of investments in the framework of a closed tokensale. Prior to this, at the beginning of the year, the Dfinity Foundation raised $ 61 million from Andreessen Horowitz and Polychain Capital.