Singapore's Security Tokens, Healthcare And SEC Fines EtherDelta

Volume 41, November 13, 2018

This newsletter is our weekly roundup of some of the significant blockchain news this week. Join thousands of subscribers to get your weekly news to map your blockchain strategies, be aware of regulatory announcements and get an overview of the rapidly changing blockchain landscape. 

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The Main Story | Singapore Govt's Security Token System

An automated Delivery versus Payment (DvP) platform has been jointly developed by the Monetary Authority of Singapore (MAS) and the Singapore Exchange (SGX). Its purpose is to allow the settlement of tokenized securities across various blockchain platforms. Prototypes of the DvP have already shown that settlements can be made in various digital tokens on different blockchain platforms. 

“This project has demonstrated the value of blockchain technology and the benefits it can bring to the financial industry in the short to medium term. The concept of asset tokenisation, as well as other learnings gleaned from this project, can potentially be applied to a broad spectrum of the economy, creating a whole new world of opportunities.” This is a major step in the application of blockchain to the capital markets. 

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HealthCare | 49% of Global Firms Have Embraced Blockchain

In a PwC report, A Prescription for Blockchain and Healthcare: Reinvent or be Reinvented, researchers said the 49 percent of the global 74 healthcare companies it contacted includes those developing, implementing or piloting blockchain projects. Earlier this year, in fact, both Gartner and IDC shared their own advice about blockchain. Gartner noted that CIOs should consider blockchain or risk being left behind by competitors that move first. IDC recommended beginning by accounting for the pros and cons, pushing for blockchain interoperability among providers and patients and deciding whether to use a public blockchain or opt to keep it private.

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Video: The Good, the Bad and the Legal

As organizations investigate public and private blockchains to secure transactions and facilitate peer-to-peer transactions, they must ensure they know who's responsible, what the system is doing, what the cybersecurity and legal risks are and who's managing it. "The key thing to remember is that it's an auditable, irrevocable, tamper-proof, distributed ledger, so it is much harder for people to hack into and much harder for people to change your records."

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Shipping | Expanding Blockchain Opportunities

Nine ocean carriers and terminal operators have signed an MOU to form a consortium to develop the Global Shipping Business Network (GSBN), an open digital platform based on distributed ledger technology. The new platform will connect all stakeholders, including carriers, terminal operators, customs agencies, shippers and logistics service providers to digitize their supply chain. 

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Regulations | SEC Fines EtherDelta 

The U.S. Securities and Exchange Commission (SEC) has charged Zachary Coburn, the founder of crypto token trading platform EtherDelta, with operating an unregistered securities exchange. According to the SEC, over an 18-month operating period, EtherDelta's users placed more than 3.6 million orders for tokens, including ones that are considered securities by U.S. federal laws. Under the current law, EtherDelta was obliged to register in U.S. or to apply for an exemption; however, the SEC notes that the platform failed to do so.

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Commodities | Oil Firms, Banks and Energy Trading

Major oil companies BP, Shell, and Equinor have united with large banks and trading houses to launch a blockchain-driven platform Vakt for energy commodity trading. "In 2019 we will look at ARA barges, waterborne markets and US crude pipelines. And by January we expect the first licensees will come on board, in addition to our shareholders."

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Opinion | Decentralization on the Blockchain Is a Pipe Dream

The decentralized ICO system is great because it lets regular people from all over the world participate in a process that was previously reserved for large institutions. It also allows money to flow to projects that would otherwise never see the light of day. But as the cryptocurrency market matures, cracks are beginning to show in this process, calling its’ decentralized structure into question. The numbers paint a bleak picture for decentralized fundraising in its current form. But what does the data say about centralized raises, like venture capital?

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Technology | A Breakthrough in Sharding?

Blockchain platform MultiVAC has claimed it has reached a “breakthrough” in the blockchain scaling technology sharding, According to the company’s release, MultiVAC reported achieving 30,784 transactions per second (TPS) using 64 shards. While the total amount of transactions for all shards used exceeded 30K at its peak, a single a shard was claimed to reach 533 TPS. 

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The Final Word | India's Biggest Private Firm Gets Paid on Blockchain

Reliance Industries, India’s largest private sector firm, has successfully participated in its first ever trade finance transaction powered by blockchain technology. In an industry first, Indian oil and energy conglomerate Reliance Industries completed a trade finance transaction with US-based Tricon Energy, a global chemical distributor.

The end-to-end ‘live’ transaction was executed over R3’s Corda blockchain. The Letter of Credit (LC) was issued by ING Bank for Tricon Energy USA (importer) with HSBC India as the advising and negotiating bank for Reliance Industries, India (exporter). This solution is a significant improvement for any organization involved in buying and selling goods internationally, as it truly brings together all parties on to one platform.

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About Proteum

Proteum is a global blockchain advisory firm that works with public, private and start-up companies to help them transition into the world of blockchains and decentralized applications. We help companies strategically build their capabilities so that they can own and control their future. Let's put blockchains to work for your business. |  | Twitter: @proteumio | Telegram