Leading Crypto Hardware Wallet Trezor Adds ShapeShift And Changelly Exchange Functionality

SatoshiLabs, one of the most recognized cryptocurrency-related startups in the space has unveiled a new feature for its Trezor Wallet. In a blog post released by the company on October 22, it informs that it has released ‘Exchanges to the Trezor Wallet,’ allowing the Wallet to become more versatile and useful than never before.

The service is available since today and users will be able to exchange their virtual currencies for others. The interesting thing is that users will not have to leave the Wallet site. With this improvement, the whole exchanging process can be performed directly from the Trezor Wallet.

At the moment, the Trezor wallet has multiple accounts, multi-currency, complete transaction history and many other features. Now, users can exchange their digital assets without having to operate using another platform. Everything can be performed from the wallet interface.

SatoshiLabs, the company behind Trezor, informs that it will not take responsibility for the exchanging process. This includes exchange rates, fees and functionality. According to SatoshiLabs, the exchange feature is provided by ShapeShift and Changelly.

The company wrote about it:

“The exchange feature is provided by various third parties; SaoshiLabs bears no responsibility for the process, exchange rates, fees, or functionality. In this initial release, we have decided to cooperate with ShapeShift and Changelly.”

Additionally, the company says that they will operate without KYC procedures as they were doing until today during the last years. However, if the exchange providers decide to impose KYC controls, users will have to follow these rules. The personal information will be processed by these companies and not by Trezor Wallet and SatoshiLabs.

Changelly is an important cryptocurrency swap platform in the market. It works as a mediator between cryptocurrency exchanges and users, allowing users to invest in virtual currencies in a very easy way.

Shapeshift, instead, is also a leading blockchain technology company that operates different virtual currency products such as ShapeShift.io, CoinCap, and KeepKey, among others. Users can also purchase different virtual currencies such as Ethereum (ETH), Bitcoin (BTC) and Litecoin (LTC).

Trezor is one of the most used hardware wallets in the market. It supports various virtual currencies and it features a touchscreen, a strong processor and many other features.

Canada’s Bitvo Crypto Exchange Gives XRP And Ethereum Classic (ETC) Support

The Canadian and popular virtual currency exchange Bitvo has decided to add Ethereum Classic (ETC) and XRP support on its platform. The company decided to make the announcement on October 18 through a press release.

Bitvo is one of the most important virtual currency exchanges in Canada, although small, they are growing every single day. The company decided to add these assets with the intention to increase the offering to customers in the North American country. Users will have the possibility to purchase XRP and Ethereum Classic with Canadian dollars or Bitcoin (BTC).

XRP has been growing during the last months since there was important news surrounding this virtual currency and its parent company Ripple. XRP is also being embraced by different companies in the financial world.

Pamela Draper, Bitvo’s President and CEO, said that they decided to add these virtual currencies since they received a lot of feedback from the community requesting these two virtual currency assets.

On the matter, she commented:

“The addition of XRP and Ethereum Classic is in response to feedback we are receiving from our customers. We’re excited to add these to our offering. As we continue to listen to what our customers want, we will add additional cryptocurrencies as well as optimize the user experience on our platform.”

Ethereum Classic is also a popular network for developers and that has been embraced by different companies in the space.

According to CoinMarketCap, XRP is the third largest virtual currency in the market, while Ethereum Classic is currently the 16th most valuable blockchain network. ETC is being traded close to $10 dollars and has a market capitalization of $1.05 billion dollars. At the same time, XRP has a market capitalization of $18.16 billion dollars and each coin can be bought for $0.45 dollars.

In the future, the exchange can include and support new virtual currencies on its platform. Exchanges are starting to offer more and more cryptocurrencies to their users as time passes.

Japanese Regulator to Host Regular Global Cryptocurrency Roundtable

Japanese Regulator to Host Regular Global Cryptocurrency Roundtable

Japan’s top financial regulator, the Financial Services Agency, has exclusively shared with news.Bitcoin.com the details of its first-ever roundtable on cryptocurrency oversight. Regulators from over 15 countries participated in the event to share information and discuss cryptocurrency regulatory issues.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Crypto Roundtable for Global Regulators

Japanese Regulator to Hold Regular International Cryptocurrency RoundtableThe Japanese Financial Services Agency (JFSA) recently hosted its first-ever international cryptocurrency roundtable. The event was entitled “Roundtable on supervisory oversight of crypto-assets — recent developments and challenges going forward.”

The agency described, “The roundtable brought together relevant financial supervisors and international organizations, providing a useful opportunity to share experiences and discuss issues of crypto-assets, which could contribute to strengthen international cooperation.”

The JFSA told news.Bitcoin.com on Thursday:

In the future, we want to hold this roundtable on regular basis … JFSA considers it important to share information with respective regulatory authorities and to build on supervisory cooperation in order to prevent money laundering because of the borderlessness of crypto-assets.

Japanese Regulator to Hold Regular International Cryptocurrency RoundtableAccording to the agency, participants have expressed their willingness to participate in similar roundtables in the future.

Furthermore, the agency clarified, “The purpose of this roundtable is not to reach agreements on any new laws and regulations but to share information on challenges faced by respective regulatory authorities and regulatory frameworks as well as to co-operate and work internationally.”

Sharing Information With Over 15 Countries

Japanese Regulator to Hold Regular International Cryptocurrency RoundtableFour main issues were discussed by roundtable participants, the JFSA detailed. Firstly, recent crypto-related technological developments and challenges were discussed. Secondly, the regulators shared their thoughts on the supervision of cryptocurrency trading platforms. The third topic of discussion was about “possible areas of international cooperation,” followed by the final topic of “investor protection and market integrity.”

Without identifying specific countries that participated in the first roundtable, the JFSA confirmed to news.Bitcoin.com:

More than 15 countries’ financial supervisors and international organizations have participated.

Recently, the Securities and Exchange Board of India (SEBI) wrote in its annual report that it sent officers to Japan and a few other countries to discuss cryptocurrency and initial coin offering regulations. South Korea also previously said that it had been cooperating with the Japanese regulator on crypto-related matters.

Regular Study Group Meetings

The Japanese regulator is also hosting regular study group meetings to discuss various crypto regulatory issues, particularly those concerning the regulation of cryptocurrency exchanges. The seventh study group meeting took place on Friday, Oct. 19.

Japanese Regulator to Hold Regular International Cryptocurrency RoundtableAmong the main topics of discussion was derivatives trading with cryptocurrencies as the underlying assets. According to the Japan Virtual Currency Exchange Association (Jvcea), a self-regulatory organization, margin trading accounted for about 80 percent of all total cryptocurrency transactions in Japan last year.

It was also noted at the meeting that some crypto exchanges offer 25x leverage which could lead to significant losses for investors. The association has proposed a self-regulatory measure of limiting the leverage to 4x. The association, whose members comprise all 16 regulated cryptocurrency exchanges in Japan, is currently waiting for certification from the JFSA to be able to enforce self-regulatory rules on its members.

Also discussed at the meeting was the issue of whether there should be a deadline for deemed dealers – the exchanges that have been allowed to operate while their applications are still being reviewed by the JFSA. For example, if they are not able to meet the registration requirements after three years, they may lose their deemed dealer status, according to one suggestion at the meeting. Currently, there are three deemed dealers in Japan: Coincheck, Lastroots, and Everybody’s Bitcoin.

What do you think of the Japanese regulator hosting crypto regulatory roundtables? Let us know in the comments section below.


Images courtesy of Shutterstock.


Need to calculate your bitcoin holdings? Check our tools section.

The post Japanese Regulator to Host Regular Global Cryptocurrency Roundtable appeared first on BitcoinLinux.

UK Member Of Parliament Stephen Hammond To Advise IronX Crypto Exchange

Stephen Hammond, a member of the U. K. Parliament, has joined a new crypto exchange focused on retail investors as a way to provide guidance for this company on government relations. The news, which was released via a press release, affirmed that the goal of the partnership was to advise on compliance and other government-related matters.

As a member of the Treasury Select Committee, Hammond is responsible for the government financial oversight and regulation on this industry. Because of this, his presence at the exchange, which is called IronX, is important.

IronX is a new platform that is a joint venture between two digital firms: EmurgoHK and IronFX. EmurgoHK, as there is a chance that you might have already heard, is the developer that created Cardano, one of the top coins in the crypto market. The platform will have a strong focus on bringing crypto trading and mass retail trading together in new ways.

About Stephen Hammon

Hammond has already served as the MP for the Wimbledon constituency in London since 2005 and he has 20 years of experience in the financial market, which makes him an expert in this field. While he is somewhat new to the crypto industry, his experience in the financial market and in the government is important.

He has recently affirmed that there is a steep curve to understand this new asset class called cryptocurrencies and that they will only be trusted and accepted when they are fully regulated, something that will happen soon.

To aid in the future of the crypto market, governments, regulators, policymakers and the financial industry in the United Kingdom will have to create a framework that is transparent and not too ambiguous, he believes. He endorsed the crypto industry and has affirmed that the sector has lots of potential for growth and that it can improve the current financial system over time.

Matt Hancock, a fellow Tory companion of Hammond in the government, has affirmed that the blockchain technology will certainly have a huge impact in the financial technology and that it will also make laws and regulation chance drastically, so the government have to pay attention to it.

About IronX

The CEO of IronX, Markos A. Kashiouris, believes that having regulatory approval can be key for success as the exchange will only be launched in December 2018, but having support is already a step forward to get the trust of people.

Last month, IronX was granted a license to act in Estonia by the Estonian Financial Intelligence Unit, which means that the company will serve in more than one country when it is finally launched but that it will compliant with the legislation in all of its markets.

An AMA on the Future of Blockchain and Cryptocurrency: With IBM Blockchain’s Jesse Lund

An AMA on the Future of Blockchain and Cryptocurrency: With IBM Blockchain’s Jesse Lund

On Monday, October 22, 2018, from 6:00 to 7:00 EST, we’re hosting a special livestream crypto conversation with George Tung from the CryptosRUs YouTube channel and Jesse Lund from IBM Blockchain. George and Jesse will be answering questions from the r/CryptoCurrency subreddit. Jesse will be live from Sibos, one of the world’s premiere financial services events, in Sydney, Australia. The discussion will be about this year’s theme, “Enabling the digital economy.”

Post your questions for Jesse here on r/CryptoCurrency.

Keep in touch with Jesse Lund: https://twitter.com/jesselund

What Jesse has been working on: https://ibm.co/2OY9E7T

Learn more about IBM Blockchain: https://twitter.com/IBMBlockchain

This article originally appeared on BitcoinLinux.

Samsung Begins 7nm Chip Production, Easing Miner Demand for Improved Semiconductors

Samsung Begins 7nm Chip Production, Easing Miner Demand for Improved Semiconductors

After delivering 10nm semiconductor technology, the electronics giant Samsung has announced the firm’s foundry has started production of its EUV-based 7nm LPP process. Lately, Bitcoin mining rig manufacturers have added more pressure to the significant global demand for high-performance chips. At the moment there are only a couple of foundries producing them.

Also Read: Bitmain Offers Wi-Fi Routers Mining Cryptocurrencies  

Samsung Announces Commercialization of Its 7nm Process Node

While Miners Increase Semiconductor Demand, Samsung Reveals 7nm Chip Production Samsung has announced it has completed all the processes involved with the 7-nanometer LPP (Low Power Plus) with extreme ultraviolet (EUV) lithography technology. Now the Korean company has started the wafer production for these next-generation semiconductors. 2018 has seen a lot of sophisticated semiconductor technology, as some of the world’s leading manufacturers have been producing 10nm and 7nm chips for companies worldwide. Over the last year, bitcoin mining rig manufacturers from all around the globe have been in need of these high-performance chips.

For instance, Canaan, Bitmain, Ebang, GMO and other firms have announced the production of a few sets of new mining rigs that utilize either 10nm or 7nm semiconductor technology. Some of the mining companies have revealed the firms are either working with the Taiwan Semiconductor Manufacturing Company (TSMC) or Samsung when it comes to building these new machines. This past August, Globalfoundries announced it had decided to stop its 7LP (7nm) fabrication processes. Samsung’s latest announcement should help ease demand for these chips with the commercialization of its newest process node.

Charlie Bae, the executive vice president of Samsung’s foundry sales, explained during the announcement that the production will not only help mobile and high-performance computing (HPC) technology “but also for a wide range of cutting-edge applications.”

“This fundamental shift in how wafers are manufactured gives our customers the opportunity to significantly improve their products’ time to market with superior throughput, reduced layers, and better yields,” Bae emphasized.

While Miners Increase Semiconductor Demand, Samsung Reveals 7nm Chip Production
This year bitcoin mining rig producers such as Ebang, Bitmain, GMO, Innosilicon, Canaan, and others have revealed machines that use 10nm and 7nm chips.

Two Firms Now Produce Next-Generation Chips

In addition to its 7nm production announcement, the firm also explained that the process will provide customers with confidence that Samsung’s 3nm technology is coming soon. Last June, TSMC, the world’s largest semiconductor manufacturer, announced that its “5nm Fin Field-Effect Transistor process technology” should be ready by the third quarter of 2019. Both TSMC and Samsung are working with different bitcoin mining rig manufacturers but there’s a lot of demand stemming from other technology sectors worldwide. TSMC is producing 7nm chips for the latest Huawei and Apple phones, and Samsung’s mobile phone lineup as well will be using next-generation semiconductors.

With all the demand, Samsung adding another manufacturing source for next-generation 7nm chips should help bitcoin mining rig makers get their hands on faster semiconductors. Samsung details that the initial 7nm production has started in its fabrication plant in Hwaseong, Korea. For the past nine months, the firm has been introducing its semiconductor improvements and new EUV lineup at events in Japan, Korea and China. The 7nm production announcement was revealed to Samsung’s European investors at the last 2018 Foundry Forum event held on Oct. 18 in Munich, Germany.

What do you think about Samsung announcing it has started wafer production on next-generation 7nm semiconductors? Let us know what you think about this subject in the comments section below.


Images via Shutterstock, and Samsung.


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even look up the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Samsung Begins 7nm Chip Production, Easing Miner Demand for Improved Semiconductors appeared first on BitcoinLinux.

Bitmain Launches Asicboost Firmware Support for Antminers

Bitmain Launches Asicboost Firmware Support for Antminers

On Oct. 20, Bitmain launched a new firmware upgrade for the company’s Antminer S9 mining rigs that allows for the activation of overt Asicboost. The firm also explained that in roughly one week the company will release overt Asicboost firmware for all BM1387-based models manufactured by Bitmain. The China-based company joins a slew of other cryptocurrency mining organizations that have been overtly processing blocks with the once-controversial Asicboost software.

Also read: Markets Update: A Narrowing Range of Consolidation and Lower Trade Volumes

Bitmain Miners Will Feature Overt Asicboost Technology

Bitmain Launches Firmware Containing Asicboost Support for AntminersBitmain has revealed the firm’s developers have finished creating a new version of firmware for the company’s Antminer S9 mining rigs. Now, S9s have the ability to use overt Asicboost while mining SHA265-based networks like Bitcoin Cash (BCH) and Bitcoin Core (BTC). Well over a year ago the Asicboost technology was considered controversial, because critics assumed the protocol was being used covertly in a secretive fashion. Asicboost gives mining rigs roughly 20-30 percent more efficiency processing blocks compared to mining devices not equipped with the protocol. Even though many BTC supporters accused Bitmain of using the software in a stealth manner, this has never been proven. Additionally, no other mining pools have been caught using the protocol covertly since the contentious argument against Asicboost optimization began in 2017.  

Bitmain notes in its recent announcement that the firm had detailed back in April 2017 that its ASIC chip BM1387 already had the ability to process Asicboost. However, because of possible patent infringements and other third-party IP violations, they refrained from using the protocol.

“Initially, we decided against activating this mathematical function in mining hardware produced by us, largely because of the legal uncertainty surrounding the use of Asicboost,” the Bitmain blog post details. “As an organization, we didn’t want to violate patent laws or act in any way that was untoward. Instead, we continued to focus our efforts on R&D and building the industry’s most efficient mining chips.”

Bitmain Launches Firmware Containing Asicboost Support for Antminers
According to data, Asicboost improves efficiency by 20-30 percent.

The Use of Asicboost Has Increased Significantly

Bitmain states they are now pleased to give Antminer owners the ability to utilize the Asicboost mining advantage and that the technology doesn’t give “any negative impact on the Bitcoin protocol.” Additionally, the mining manufacturer emphasizes that the use of the software is completely transparent and can be noticed on the blockheader of any ‘version-rolling boosted’ blocks. Bitmain also says the firm has sought legal advice across various jurisdictions and the company believes Asicboost technology is not currently, and may never be, officially patented.

“By activating Asicboost, our customers’ hardware will increase in effectiveness while the future hardware we make continues to be the industry gold standard — Utilizing this technology will be very beneficial for the mining,” explains the firm’s blog post.

Bitmain concludes by stating:  

Asicboost has the potential to reduce the J/TH cost and increase the total hashrate of the network — By activating this upgrade widely, we are making the Bitcoin network stronger than ever before.

Many mining pools have been mining SHA256-based blocks with the overt ‘version-rolling’ Asicboost protocol for months now. According to the data site Asicboost.dance, last week 6.65 percent of the BTC network’s blocks were mined by overt Asicboost mining. That’s roughly 67 version-rolled blocks and about 3.4 exahash a second which stems from the BTC network’s total 58EH/s hashrate. At the time of writing, there are about six pools mining with Asicboost including Slushpool, Ckpool, Poolin, F2pool, Bitclub, and an unknown pool.

Bitmain Launches Firmware Containing Asicboost Support for Antminers
Blocks processed with overt ‘version rolling’ Asicboost on the Bitcoin Core (BTC) network.

It is uncertain whether or not Bitcoin Cash network miners will be using the Asicboost technology going forward, and there is no data showing ‘version-rolled’ blocks on the BCH chain yet. According to Bitmain, in addition to the BM1387-based models getting new firmware, the mining pools Btc.com and Antpool now have the ability to utilize Asicboost.

What do you think about Bitmain adding Asicboost to the company’s mining rigs? Let us know what you think in the comments section below.


Images via Shutterstock, Asicboost.dance, Pixabay, and Bitmain Technologies. 


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The post Bitmain Launches Asicboost Firmware Support for Antminers appeared first on BitcoinLinux.

SEC Suspends Securities Trading for Nevada-Based ICO

SEC Suspends Securities Trading for Nevada-Based ICO

A press release from the US Securities and Exchange Commission (SEC) has announced the suspension of securities trading for a Nevada-based firm, which had made false claims of being “under SEC Regulations.” The company in question, American Retaili Group Inc., aka Simex Inc., had stated in two press releases to have partnered with an SEC-qualified custodian for the use of crypto transactions and a purportedly registered public offering of preferred stock, the press release explains.

“The SEC does not endorse or qualify custodians for cryptocurrency, and investors should use vigilance when considering an investment in an initial coin offering,” said Robert A. Cohen, chief of the SEC Enforcement Division’s Cyber Unit, in a statement published on October 22nd.

Simex Inc. had reportedly launched an initial coin offering (ICO) falsely claiming to be “officially registered in accordance [with] SEC requirements.”

The SEC’s Crackdown on Fraudulent ICOs

On October 11th, the SEC issued an investor alert, warning investors to be on the look-out for false claims surrounding SEC endorsements used to promote digital asset investments, reports Cointelegraph. The warning stated that, “Federal government agencies, including the SEC and CFTC [Commodity Futures Trading Commission], do not endorse or sponsor any particular securities, issuers, products, services, professional credentials, firms, or individuals.”

Federal securities law gives the SEC the right to suspend trading in a stock for 10 days, and to “prohibit a broker-dealer from soliciting investors to buy or sell the stock again until certain reporting requirements are met.”

In response to the recurring false advertisements of government-approved ICOs, the SEC’s Office of Investor Education and Advocacy has published an Investor Bulletin on initial coin offerings and a mock ICO website for educational purposes.

Government crackdowns on falsely advertised ICOs are becoming increasingly common. Earlier this month North Dakota Securities Commissioner Karen Tyler issued a cease and desist order against three firms for allegedly offering unregistered and fraudulent securities in the form of ICOs.

“The continued exploitation of the cryptocurrency ecosystem by financial criminals is a significant threat to Main Street investors,” said Tyler. “In formulaic fashion, financial criminals are cashing in on the hype and excitement around blockchain, crypto assets, and ICOs – investors should be exceedingly cautious when considering a related investment.”

Additionally, in early September, three crypto companies suspected of running fraudulent ICOs came under investigation by the Department of Regulatory Agencies (DORA). These companies had also made claims to have filed what later proved to be falsely registered ICOs with the SEC.

The post SEC Suspends Securities Trading for Nevada-Based ICO appeared first on BitcoinLinux.

Bitcoin Cash Mining Pool SVPool Opens to the Public

Bitcoin Cash Mining Pool SVPool Opens to the Public

SVPool, a mining pool targeted at Bitcoin Cash miners, has been opened to the public after nearly two weeks of private activity. The pool’s invitation-only beta brought in several users earlier this month, and the pool mined its first BCH block on October 10th. It has already accumulated 3.1% of BCH mining activity, and as of today, anyone will be able to join the pool.

The History of SVPool

SVPool was created by Craig S. Wright of nChain. The pool is relying on its own node implementation called Bitcoin SV in an attempt to prevent a hard fork planned by a leading developer, Bitcoin ABC.

Bitcoin ABC produces node implementation software that is that currently dominant across BCH mining pools. The group’s dominance would allow it to fork Bitcoin Cash next month with divisive new changes.

SVPool opposes these changes, and Bitcoin SV will introduce entirely different changes to Bitcoin Cash if it is widely adopted by miners. Notably, Bitcoin SV will improve Bitcoin Cash’s scalability by continually increasing maximum block sizes, allowing more transaction data to be stored in each block.

Suggested Reading : Learn how Bitcoin Cash differs from Bitcoin here.

Can It Win Over Users?

SVPool’s press release positions the Bitcoin SV protocol as potentially triumphant, and the changes it proposes will supposedly restore the vision laid out in the original Bitcoin whitepaper. According to Wright:

“For too long, developer groups have repeatedly tried changing Bitcoin. The original Satoshi protocol for Bitcoin … has everything BCH needs to massively scale, support tokenization, smart contracts and other advanced features, and become the only global public blockchain.”

Hundreds of miners and groups reportedly pre-registered for the new pool, and this could cause the pool to grow in size significantly over the coming weeks.

Additionally, SVPool is endorsed by CoinGeek, a major pool which accounted for 25.9% of all BCH mining over the past week. CoinGeek issued a statement in August that indicated that it would take steps to support SVPool and not Bitcoin ABC.

Meanwhile, Bitcoin ABC’s node implementation is gradually losing the support of the Bitcoin Cash community. Bitcoin ABC once accounted for two-thirds of BCH nodes, but is now responsible for just over half of those nodes.

Whether Bitcoin SV can change the direction of Bitcoin Cash is still up in the air. Bitcoin Unlimited, yet another node implementation, is mainly responsible for Bitcoin ABC’s shrinking share of the mining market:

As such, it seems that Bitcoin SV will probably chip away at Bitcoin ABC’s dominance rather than dethrone it single-handedly. Nevertheless, SVPool has several selling points that will offer direct benefits to users: SVPool will not initially take mining fees from users, for one thing.

SVPool will also divide mining profits between miners according to a pay-per-last-N-shares (PPLNS) scheme, which is one way of fairly dividing rewards based on how much a user has recently mined. A Pay Per Share Plus (PPS+) reward scheme will be added in the future, and this will allow miners to receive more stable payouts.

The post Bitcoin Cash Mining Pool SVPool Opens to the Public appeared first on BitcoinLinux.

Blockchain and Shipping: Samsung SDS Signs Deal with Largest Port in Europe

Samsung SDS, the blockchain subsidiary of the tech giant Samsung, has just announced its partnership with Europe’s largest port, the Port of Rotterdam. In addition to this agreement, the Major Dutch bank, ABN AMRO, will also be in on the blockchain and shipping deal.

quadrigacx.com

Samsung SDS: Blockchain and Shipping

The Samsung subsidiary released the news via a press release this morning. According to Samsung SDS, its trial will focus on shipping containers from an unnamed factory in Asia to the port of Rotterdam.

The Port of Rotterdam is located in the SouthWest corner of the Netherlands. The port also released its press release of the blockchain and shipping partnership, dated back to the 19th of this month. As per the Port’s release, the blockchain experiment will begin in January 2019, and the results will be released in February.

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>> Litecoin Transaction Fees will be Reduced in Next Core Release

Daphne de Kluis, ABN AMRO CEO Commercial Banking, explained:

“We will be integrating all these flows in our pilot: from workflow management combined with track & trace to the digitisation of paper documentation such as waybills and the financing of handled freight or services. The ultimate goal is to reach an open, independent and global platform that operates from the perspective of shippers. This will make the logistics chain more transparent and efficient, and millions of euros can be saved in the long term.”

Details

The infrastructure behind the blockchain and shipping project was developed by BlockLab, a Dutch Company established by the Port of Rotterdam Authority. BlockLab’s work will also include two other decentralized platforms: Samsung’s Nexledger and Corda, an open-sourced blockchain platform designed by R3.

The members of the blockchain trial expect that the pilot will show a reduction of time spent on shipments, as well as help simplify financial transactions. With the current structure, the logistics in shipping from Rotterdam to China involve at least 28 parties.

Featured Image: Depositphotos/© Fotofabrika

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