Blockchain allows digital information to be shared but not copied, positioning blockchain as a secure, convenient system. Companies across the globe are diving into blockchain in hopes of offering customers a secure platform for payment history and storage. Blockchain may even help to reduce fraud according to Jesse Chendard, MonetaGo’s chief executive; between 1% and 2% of invoice financing globally is subject to fraud. Read on to learn more.
Free Blockchain Templates For AWS
Amazon Web Services announced the launch of its own blockchain templates for use by developers to create blockchain projects. The templates provide users with pre-set blockchain frameworks that support Ethereum and the Linux Foundation’s Hyperledger Fabric. AWS Blockchain Templates will be used as containers on Amazon Elastic Container Service (ECS) cluster, or EC2 instance running Docker. These templates are free to use for developers that already pay for AWS resources needed to run a blockchain network
“AWS Blockchain Templates provide a fast and easy way to create and deploy secure blockchain networks using open source frameworks,” said a company press release. “Blockchain is a technology that makes it possible to build applications where multiple parties can record transactions without the need for a trusted, central authority to ensure that transactions are verified and secure.”
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Quorum, a JPMorgan Chase blockchain is back up and running after rumors creation would be stopped. Last October, JPMorgan announced it would be using Quorum to create an interbank payment system with Australia and New Zealand Banking Group as well as the Royal Bank of Canada. Last week, Quorum was publicly tested issuing a $150 million, one-year, floating-rate Yankee certificate of deposit on the blockchain.
“Overall, the promise of blockchain is that you’re sharing infrastructure between participants — so issuer, dealer, investors, custodians and administrators can all see one golden source of truth of a trade or in this case a debt instrument,” said Christine Moy, program lead for JPMorgan Chase’s Blockchain Center of Excellence. “And being able to trust that golden source and then correspondingly, not having to spend as many resources reconciling deal terms, tracking and tracing wires, or agreeing on interest rate calculations.”
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In October 2017, Walmart drafted two patent applications that included a platform powered by blockchain technology for use with digital shopping and vendor payments, CoinDesk reported. Walmart seeks to give customers access to payment histories with this new application but wants to restrict third-party access. The first patent referenced a system that would “automatically process payment for a total amount due for the products and services related to obtaining and delivering … products.” The application would encrypt the data using blockchain technology.
“Many customers shop online for various reasons, [including] ease of shopping, comfort of shopping, to save time and any number of other reasons that customers have for shopping online,” Walmart said in the filing. “These online customers many times seek to purchase items that may require a controlled environment and further seek to have greater security in the shipping packaging … current shipping packaging does not provide for such desired functionality.”
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Fraud may be easier to track and deter using a new blockchain for invoice financing coming out of India. RXIL, A.TReDS, MYND Solutions, and MonetaGo announced their new blockchain network last week. The network created a marketplace where small businesses can bring invoices to obtain financing from large Indian banks, the exchanges are seen as a way to reduce fraud. Between 1 and 2% of invoice financing around the world is subject to fraud according to Jesse Chenard, MonetaGo’s chief executive, about $50 billion in fraud per year.
“Because today they don’t have a way to communicate with each other, that’s one way it’s perpetrated,” Chenard said.
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