Singapore is aiming to position itself as a hub for blockchain development in commodity trading, with start-ups looking to boost access to trade finance and eliminate the opportunity for fraud.
Several firms launching in coming months will offer digital “smart contracts,” which use blockchain rather than traditional paper agreements.
The technology offers potential cost savings, and could open up new sources of funding, such as private wealth or from investors outside the major currencies.
At the same time, proponents say the public ledgers used by blockchain will boost supply chain transparency, reducing the opportunity for the sort of warehouse fraud seen in the metals industry where parcels of metal have been sold to multiple buyers.
from Eve’s Feed http://www.stuff.co.nz/technology/97284974/Singapore-hopes-to-boost-blockchain-eyes-fintech-firms
from
https://evewilki1971.wordpress.com/2017/09/27/singapore-hopes-to-boost-blockchain-eyes-fintech-firms/
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