Supply Chain
Blockchain-based fintech company prepares to enter $500B freight settlement market
The world is quick to blame inflation for the rising prices at grocery stores and retailers. This was the #1 political issue for recent Election Day voters in the United States. For example, media sources recently reported poll data that 85% of Americans could not afford to spend $200 on a Thanksgiving meal in November 2022, and only 25% could afford $100. However, few recognize inflation is only part of the problem. Higher costs for products and services are also directly attributable to settlement fees paid by transportation providers who are forced to take out the equivalent of payday loans against their freight invoices. Shipper payment terms in the transportation industry are known to be egregious, and most transportation carriers cannot afford to wait 30–180 days to get paid. Wh...
How blockchain technology is used in supply chain management?
To trace the activities along the supply chain more efficiently, concerned parties can access price, date, origin, quality, certification, destination and other pertinent information using blockchain. Traceability, as used in the supply chain sector, is the capacity to pinpoint the previous and current locations of inventory and a record of product custody. It involves tracking products as they move through a convoluted process, from raw materials to merchants and customers, after passing through many geographic zones. Traceability is one of the significant benefits of blockchain-driven supply chain innovations. As blockchain consists of decentralized open-source ledgers recording data, which is replicable among users, transactions happen in real-time. As a result, the blockchain can build...
ETH Merge will change the way enterprises view Ethereum for business
A recent report from the Ethereum Enterprise Alliance (EEA) highlights how the Ethereum ecosystem has matured to a point where the network can be used by businesses to solve real-world problems. From supply chain management use cases to payment solutions utilized by companies like Visa and PayPal, the report demonstrates how the Ethereum network has grown to become one of the most valued public blockchains. Although notable, the EEA report also points out that the rapid growth of the Ethereum ecosystem has created a number of challenges for companies, specifically regarding energy consumption, scalability and privacy. For example, the document states that “sustainability was cited as one of the main concerns, along with transaction fees, in relation to using the Ethereum Mainnet.” Th...
How blockchain technology can revolutionize international trade
Since time immemorial, technological innovations have shaped the structure of commerce and trade. The discovery of electricity encouraged mass production and the advent of steam engines ushered in an era of mechanized production. From information to communication, technology has been used everywhere to make life easier. For this reason, blockchain technology has been tapped by many as the next big thing, considering its use cases which cut across numerous industry verticles. Mainly used in keeping records of transactions, blockchain technology is a type of distributed ledger technology. Blockchain makes a difference According to Statista, blockchain makes keeping data records easier, more transparent, and even more secure. Owing mostly to its resistance to alteration, blockchain offe...
Nomanini Launches New App for Retailers in Africa
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ANZ’s stablecoin used to buy tokenized carbon credits
ANZ’s stablecoin A$DC has been used to buy Australian tokenized carbon credits, marking another critical test of the asset’s use cases in the local economy. In March, the “Big Four” bank became the first major Australian financial institution to mint its own stablecoin after overseeing a pilot transaction worth 30 million AUD ($20.76 million) between Victor Smorgon Group and digital asset manager Zerocap. ANZ’s stablecoin is fully collateralized by Australian dollars (AUD) held in the bank’s managed reserved account. So far, A$DC transactions have primarily been conducted over the Ethereum blockchain. According to a June 27 report from the Australian Financial Review (AFR), the latest transaction saw its long-time institutional partner Victor Smorgon use A$DC to purchase Australian C...
Shoprite Group Launches New Division to Support SMMEs in SA
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US Air Force taps SIMBA Chain to develop budgeting and accounting system
For many years, the United States Military has been experimenting with blockchain in a number of settings to enhance its operations. Now, the U.S. Air Force (USAF) is adopting blockchain into its budgeting and accounting processes. According to a Thursday press release, the USAF has enlisted SIMBA Chain, a blockchain-as-a-service platform, to develop a blockchain-based system for tracking and monitoring the military’s cash flow and supply chain quality and management. The goal of the project, dubbed Digital Blockchain Budgeting Accountability and Tracking (DiBaT), is to tokenize all dollars within the USAF supply chain budget, as well as track fund movement across billing centers, purchasing teams and suppliers. DiBaT, as per the release, uses SIMBA Blocks to track and audit funds in...
Benefits of Early Engagement in Engineering
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MakerDAO price rebounds as DAI holds its peg and investors search for stablecoin security
Its been a rough couple of weeks for the cryptocurrency market. Bitcoin (BTC) price is nowhere near the price estimates of most analysts, multiple stablecoins lost their peg and the demise of one of the top decentralized finance (DeFi) platforms sparked an event that resulted in $900 billion vanishing from the total crypto market capitalization. In the midst of the widespread fallout, MakerDAO (MKR) managed to turn crisis into opportunity and the collapse of TerraUSD (UST) has brought renewed attention to DAI, the longest-running decentralized stablecoin. Data from Cointelegraph Markets Pro and TradingView shows that as the collapse of Terra (LUNA) price accelerated from May 9 to May 12, MKR climbed 66.2% from a low of $952 on May 12 to its current value of $1,587. MKR/USDT 1-da...
Gold industry taps blockchain for supply chain management and fraud prevention
Some of the most prominent organizations in the gold industry have joined forces to launch a new “integrity program” that utilizes blockchain technology for supply chain management — a move that’s intended to help market participants verify the authenticity of their bullion. London Bullion Market Association (LBMA) and the World Gold Council (WGC) announced Monday that they are collaborating to develop an “international system of gold bar integrity, chain of custody and provenance” that’s based on blockchain technology developed by companies aXedras and Peer Ledger. The ledger will be used to register and track gold bars at each stage of the production and distribution cycle, including mining, vaulting and purchase by jewelry manufacturers. The so-called Gold Bar Integrity Programme ...
Why SA Consumers Are Worried About Empty Shelves This Festive Season
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