Several banks across the globe are investing in a digital cash system using blockchain
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As blockchain technology finding new takers every day, several banks across the world are investing around $50 Mn to create a digital cash system using blockchain to carry out all their financial transactions.
The project known as “utility settlement coin,” was proposed in 2015 by Swiss bank UBS Group AG and London-based technology startup Clearmatics. The project is aimed at developing a system to ensure efficient clearing and settlement across financial markets.
Citing sources, a Reuters report said that several banks across the globe are investing in a new entity called “Fnality”, which would run the project. They also explained that the deal is yet to be finalised and the system might be launched in 2020.
Also, a research by the University of Southern California showed that a blockchain-based system can help in making ecommerce platform for digital goods “cheat proof”. It will also help in reducing the prices of the products.
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Blockchain technology To Boost Agriculture Productivity
Agriculture research organisation International Crops Research Institute for the Semi-Arid Tropics (ICRISAT) has joined hands with Eleven01 (blockchain platform) and KHETHINEXT (mobile-based agricultural solutions provider) to implement the deep technology for increasing productivity and incomes of the small farmers in India.“The idea is to deliver traceability to farmers, consumers and other agriculture value chain actors by automating trust through distributed ledger technology. This can have implications on both the input and output supply chains,” says Mr Ramkiran Dhulipala, theme leader of Digital Agriculture and Youth, and leader of the ihub, ICRISAT.