UBS Bullish on Blockchain, Brussels Airport Cargo Tracking App & BIS Miss The Mark on BC Tech
A very positive night in the world of cryptocurrency, the global cryptocurrency market cap is up $11 billion to $287 billion, Bitcoin up $253 to $6708 and Ethereum also making gains, up by $25 to $519. The gains seen are likely as a result of the announcement of payment service provider Square gaining a BitLicense from the New York State Department of Financial Services which permits New York residents to use the Bitcoin trading feature within their “Cash” app.
The CEO of Swiss banking giant UBS Sergio Ermotti has gone on the record with some very positive comments on blockchain stating "It's almost a must. The freeing up of resources to become more efficient will come through technology and blockchain is a great way to allow us to … reduce costs". Although the bank has not been so positive on cryptocurrencies themselves, having warned in October last year that Bitcoin was in a “speculative bubble”, it would certainly appear we now see a clear case of a highly respected traditional banker finally grasping the fact that blockchain technology is capable of vastly improving the banking system in a myriad of ways – without being blinkered by Bitcoin or cryptocurrency volatility in general.
At the other end of the scale, the Bank of International Settlements (BIS) issued a report on their assessment of cryptocurrencies and their potential to replace conventional FIAT. Long story short, poorly made claims are rife such as bringing the internet to a grinding halt, environmental concerns, lack of throughput (transaction processing speed) and which cryptocurrency of the thousands should, could or would be used. Whilst the report does make some valid points, overall it has not been thought through. Anyone with more than a passing interest in the industry is all too aware that scaling is an issue which, funnily enough is being addressed by many blockchains in development currently (for example the million TPS platform from MUFG). No-one has suggested a specific cryptocurrency be used – there is no point until the scaling side is dealt with making the BIS point moot at the moment. As for blockchain “bringing the internet to a halt” – to put that statement into context it’s not dissimilar to when Stevenson demonstrated the first train – critics at the time said it would be deadly to travel in a contraption that moved faster than a horse. A sad state of affairs when the equivalent of the “central bank for central banks” doesn’t quite understand what the future technology of its business does or how it works.
Brussels Airport has announced the launch of a blockchain based app to track cargo movements between ground handlers and freight forwarders. Designed to function within BRUcloud – a supply chain B2B platform launched in 2016 to aid the airports cargo community. The system has been created to enable further expansion and the inclusion of further apps handling other parts of the logistics process as they are developed. DHL, one of the major companies supporting the project stated “We firmly believe that an increasing transparency and reliability will decrease the overall supply chain costs in the future. We support initiatives as the community platform BRUcloud, to support the industry in creating innovative tools to improve the logistic chain”.
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Created: Tuesday, June 19, 2018
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