Barclays blockchain trade finance

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Content:

• Barclays Bank invests in fintech scale-up Stenn
• Barclays leads $5.5m funding for trade finance blockchain startup Crowdz
• What does Blockchain do?
• Let’s Be Honest About The Problems With Blockchain And Finance
• Less hype and more collaboration: how Barclays is exploring blockchain technology
• Barclays Completes Blockchain Trade Finance Transaction
• BBVA follows in Barclays’ blockchain footsteps
• Barclays Africa in world first blockchain trade finance transaction
• Israeli Startup Helps Make First Ever Blockchain Trade
• Barclays and fintech start-up Wave pioneer blockchain trade finance transaction

WATCH RELATED VIDEO: 6 Ways Blockchain Can Be Used in Financial Services

Barclays Bank invests in fintech scale-up Stenn

Over the summer, more than a dozen food companies and retailers — including Walmart, Nestle and Tyson Foods, and motivated by tech giant IBM — formed a consortium dedicated to using blockchain technology to gather better information on the origin and state of food. Scant details have emerged about their intentions, but that hasn't stopped one company, Unilever, from moving forward with a year-long pilot project that will use blockchain to manage transactions within its tea supply chain.

The new taskforce, announced at a sustainability conference this week in Paris, will see Unilever, the big British supermarket chain Sainsbury and packaging company Sappi team up with three global financial services companies: BNP Paribas; Barclays; and Standard Chartered.

Together with several technology startups, the group will develop a system that will track and verify contracts for farmers in Malawi that supply tea to Unilever and Sainsbury.

This is a potentially huge deal for the impoverished African country: After tobacco, tea is Malawi's second biggest agricultural export. The United Kingdom is hands-down the biggest customer for that supply. According to the group, the initiative could reach up to 10, farmers. The idea is to provide preferential pricing for those who are focused on sustainable farming methods designed to increase harvests without using more land. That's where the banks come in: They're interested in helping finance farms that have committed to these practices, but it has been difficult to validate which ones truly are following through.

This technology has the real potential to help banks access more detailed and more reliable information about social and environmental impacts For one thing, many experts believe it could play an integral role as an enabler of peer-to-peer trading of electricity across microgrids, as a mechanism for managing renewable energy investments and myriad other applications that point to a decentralized power grid. Just as important: The blockchain is seen as another means of helping improve supply chain transparency.

The application will track two main things: the origins of some tea supplies used by Unilever its brands include Lipton and Brooke Bond and Sainsbury which recently debuted a "Fairly Traded" label ; and the sustainable wood fibers in certain Sappi packaging used for the products. One of Unilever's goals is to source all of its raw agricultural products sustainably; as of May , it had reached about 60 percent.

The system relies on technology from four startups: FOCAFET Foundation , which provides open source product identifier data; Halotrade , working on ways to use blockchain to offer incentives for ethical sourcing; Landmapp , developing a mobile app for land rights documentation; and Provenance , piloting ways of using blockchain for verifying the origin of materials and products across supply chains. Jessi Baker, founder of London-based Provenance, told GreenBiz that one goal of the pilot project is to study ways that organizations and banks can help scale the Sustainable Development Goals more systematically by better accommodating emerging new financial models, such as mobile banking, that are bubbling up in emerging economies.

The project itself had its origins in some research within the University of Cambridge Institute for Sustainability Leadership. While tea crops are the first focus — Unilever and Sainsbury's share some of the same supply chain — the hope is to expand the test into other areas during the second half of the year-long pilot, she said.

Manuel Gonzalez, North America head of startup innovation at Rabobank , described blockchain as potentially the dramatic development for food supply-chain transparency since double-entry accounting. Provenance is part of the second cohort for the bank's Terra accelerator program , which teams big companies such as Nestle and BASF with entrepreneurs to help them test their ideas "at scale.

Arc-Net : Based in Belfast, Ireland, the company was founded in One of its missions is to incorporate DNA data as part of the chain of custody. One of its latest customers is a craft beer company in Ireland, which will use the system to share ingredients information with beer drinkers. It's testing its system with local farmers in places such as Peterborough, New Hampshire, where the technology is capturing information about tomatoes.

Join the growing community of visionaries to catalyze systems change and accelerate the circular economy at Circularity 22 taking place in Atlanta, GA, May Learn more here.

Unilever teams with big banks on blockchain for supply chain By Heather Clancy December 13, Show comments for this story. View the discussion thread. Share this article Twitter Facebook Linkedin.

More by This Author. The climate risk analytics software scene is expanding. Who should be on the GreenBiz 30 Under 30 list? Whither climate tech? A new fund, plus some predictions. What corporate fleet managers want out of EVs. See all by Heather Clancy. Get articles like this delivered to your inbox Subscribe. Want to help accelerate the circular economy?

Barclays leads $5.5m funding for trade finance blockchain startup Crowdz

Barclays is one of several leading international banks that are exploring the potential for distributed ledger technology to transform a number of industry processes. In this interview, Dr. Lee Braine, one of the bank's experts on DLT, explains the bank's strategic approach to this new technology and the importance of collaboration in achieving its potential. He expects that it may take up to 10 years before DLT is deployed in complex processes such as securities clearing, but he says the potential benefits in terms of simplification, rationalization and risk reduction will be "significant and strategic. MV: Barclays has adopted a public and structured approach to fintech, and blockchain in particular.

What does Blockchain do?

Over the summer, more than a dozen food companies and retailers — including Walmart, Nestle and Tyson Foods, and motivated by tech giant IBM — formed a consortium dedicated to using blockchain technology to gather better information on the origin and state of food. Scant details have emerged about their intentions, but that hasn't stopped one company, Unilever, from moving forward with a year-long pilot project that will use blockchain to manage transactions within its tea supply chain. The new taskforce, announced at a sustainability conference this week in Paris, will see Unilever, the big British supermarket chain Sainsbury and packaging company Sappi team up with three global financial services companies: BNP Paribas; Barclays; and Standard Chartered. Together with several technology startups, the group will develop a system that will track and verify contracts for farmers in Malawi that supply tea to Unilever and Sainsbury. This is a potentially huge deal for the impoverished African country: After tobacco, tea is Malawi's second biggest agricultural export. The United Kingdom is hands-down the biggest customer for that supply. According to the group, the initiative could reach up to 10, farmers.

Let’s Be Honest About The Problems With Blockchain And Finance

Development of blockchain is set to revolutionise the supply chain and increase the flow of trade finance. Sarah Rundell ,. The third phase will be acceptance. Blockchain, or distributed ledger technology DLT , the shared record of transactions that is maintained by a network of computers on the internet, is best known for underpinning cryptocurrencies such as bitcoin.

Less hype and more collaboration: how Barclays is exploring blockchain technology

Top Stories. Barclays and innovative start-up company Wave have become the first organisations to execute a global trade transaction using blockchain technology. The letter of credit transaction between Ornua formerly the Irish Dairy Board and Seychelles Trading Company is the first to have trade documentation handled on the new Wave platform, with funds sent via Swift. It is hoped this landmark transaction could herald a new era of simpler, safer and faster trade finance. Currently trade transactions of this nature often involve a high number of participants in different jurisdictions around the world, which in turn requires a significant amount of paperwork, counter-signing and courier journeys.

Barclays Completes Blockchain Trade Finance Transaction

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BBVA follows in Barclays’ blockchain footsteps

Close panel. Press Enter. The R3 consortium is working with 12 financial institutions —including BBVA— and TradeIX in an initiative that aims to re-design the trade finance infrastructure through the use of distributed ledger technology, or DLT.

Barclays Africa in world first blockchain trade finance transaction

RELATED VIDEO: How Trade Finance and Invoice Factoring Works Using Blockchain - safe-crypto.me

Blockchain has changed the way people think about money. Our focus has been on identifying the use cases for blockchain that will change the way we do business for the better, by simplifying processes and removing inefficiencies across our industry — ultimately for the benefit of our customers and clients. The prevailing view is that blockchain will cause two main shifts in the way Barclays does business. The first is in its broad potential to bring financial institutions closer together and make global collaboration easier. The second is by creating real efficiencies in the way the bank processes data. Among other collaborations, Barclays has recently announced that it is one of the investors, along with other major financial institutions, in the creation of Utility Settlement Coin, a new digital cash instrument that is implemented on distributed ledger technology and connects commercial bank money to central bank money.

Israeli Startup Helps Make First Ever Blockchain Trade

The Israel-based startup graduated from the TechStars FinTech accelerator last fall, at the time indicating it was using custom technology on top of a blockchain to facilitate the transfer of trade documents. In statements, Barclays head of trade and working capital Baihas Baghdadi said the project confirms that adding multiple parties to a distributed ledger system can remove one of the biggest "headaches" associated with global trade, the movement of the paper documents that track and authenticate the transactions. The announcement follows news that a number of major banks are testing applications of blockchain in the global supply chain. Shipping goods via Shutterstock. The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group , which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights , which vest over a multi-year period.

Barclays and fintech start-up Wave pioneer blockchain trade finance transaction

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