NEW TRADE-EXCHANGE MONEY * UK - BITCOIN's BLOCKCHAIN ?
* England - Blockchain makes inroads in shipping
--- Marine Transport International Ltd., a U.K.-based freight fowarder, has started using blockchain to create real-time digital ledgers of shipping data for use by port officials, cargo owners and others along global supply chains, the company said Thursday... Blockchain, the technology behind the bitcoin virtual currency, has already captured the attention of bankers and financial firms, such as Nasdaq, J.P. Morgan Chase &Co., and Bank of America Corp., who are testing its use in logging and monitoring financial transactions... Blockchain technology works by creating an online record of transactions that can be shared among a distributed network of users. By using cryptography, it allows users within a network to securely add transactions to the ledger, without the need for a central authority. Instead, network users run algorithms to verify any changes before a new “block” is approved and added to the ongoing chain... MTI, which says it made its first public blockchain transaction on Sept. 1, is among only a handful of companies outside of the financial sector to deploy blockchain within its core operations. Others include Toyota Motor, which is using the technology to monitor its supply chain... The move, it says, seeks to replace cumbersome and costly legacy systems, such as logs, spreadsheets, data intermediaries and private databases, which cause delays and prevent carriers from making timely changes to services... These companies will be keeping a close eye on the financial sector’s use of blockchain, as it seeks to establish industry-wide standards...
(Photo by Bob Riha Jr. / Reuters - Shipping containers sit at the ports of Los Angeles and Long Beach, Calif., Feb. 6, 2015) -- Woking, EN, UK - The WSJ, by ANGUS LOTEN - Sep 22, 2016